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HAGL Center underway in Yangon

Released at: 12:32, 24/06/2015

HAGL Center underway in Yangon

Complex a cultural-economic center and new landmark in Myanmar's largest city.

by Hoai An

Prime Minister Nguyen Tan Dung was present at a ceremony on June 23 in Yangon, Myanmar, on checking and taking over the first phase of the Hoang Anh Gia Lai (HAGL) Center, during his visit to the country to attend the 7th Cambodia - Laos - Myanmar - Vietnam Summit (CLMV 7) and the 6th Ayeyawady - Chao Phraya - Mekong Economic Cooperation Strategy Summit (ACMECS 6).

“Upon completion the project will provide high-end real estate in Yangon, meeting the growing needs of businesses and international businesspeople seeking to expand their operations in Myanmar,” said Chairman of HAGL, Mr. Doan Nguyen Duc. 

The project received investment capital of $440 million and is the largest foreign direct investment in Myanmar’s real estate sector and a symbol of cooperation between the two countries. The center covers on an area of over 73,000 sq m, will create more than 2,500 jobs, and will contribute millions of dollars each year to Yangon’s budget.

In the first phase the project includes a trade center, two 27-storey Grade-A office blocks with floor space of more than 161,000 sq m, and the 23-storey, five-star Melia Yangon hotel, with 429 rooms.

Phase 2 will be implemented to the second quarter of 2017 and include four 28-storey serviced apartment blocks with 1,800 units and office space for lease totaling more than 63,800 sq m.

Addressing the event, PM Dung lauded the efforts and performance of HAGL after nearly five years in the country as well as the endeavors of the Vietnamese business community in general.

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