The joint property development between Shwe Taung Group and Yangon City Development Committee has kicked off. The development, known as Junction City Project, will comprise two phases – the construction of five-star hotel, shopping mall and office tower for the first phase followed by serviced apartments and banquet hall.
Shwe Taung Group said the first phase will commence this year and complete by 2016. The construction of 25-floor hotel with 348 rooms has started. It also stated that the project will boast 23-floor office tower, the 28-floor serviced apartment building and the six-floor shopping mall, including a Cineplex and a parking lot.
Its past property projects included Junction 8 in Yangon in 1999, Zawana Shopping Centre in 2007, Junction Mawtin in 2010 and Junction Square in 2012. It developed Junction Centre in Nay Pyi Taw in 2009. With investment capital of US$500 million, its business empire encompasses energy, construction, engineering, housing and hotels.