Singapore bakery giant BreadTalk is moving into Myanmar, signing a master franchise agreement with Myanmar Bakery.

The first BreadTalk Myanmar outlet is expected to open in Yangon early next year in a shopping centre owned by the Shwe Taung Group. Myanmar Bakery is part of the conglomerate, which has an extensive real estate interests. BreadTalk is the group’s first F&B venture.

“With a growing middle class and rising retail consumption, there are immense growth opportunities in Myanmar,” says BreadTalk bakery division CEO Tan Aik Peng. “The Singapore team is working closely with the Shwe Taung Group to understand the market.”

He says the company is confident it will introduce a “new lifestyle of bread appreciation” to Myanmar.

BreadTalk has nearly 800 outlets across Singapore, China, Hong Kong, Indonesia, Vietnam and Thailand.

The Shwe Taung group of companies is involved in real estate, construction and engineering, infrastructure, hotels, entertainment, trading and investment. It also runs the Junction Centre group of shopping centres, which includes malls in Yangon and Naypyitaw.

The group is also behind the upcoming Junction City, an integrated development in downtown Yangon to comprise a lifestyle shopping mall, an office tower and a five-star hotel, scheduled to open early next year.