Vietnam investor to fund Myanmar mall
Vietnam’s Hoang Anh Gia Lai Group (HAGL) is partnering with operator City Mart Holdings to build a mixed use development in Yangon, incorporating a new Myanmar mall.
The project, to be called Ocean Supercenter, will be opened by 2019, the two parties confirmed, in the suburb of Yankin, in the city’s north-central area.
The development will be the second phase of the Myanmar Plaza development, featuring 94,000 sqm of space including a shopping centre, two office towers and five residential buildings. It will be built in stages.
“We believe this new development will be a phenomenal success just as the first phase was,” said City Mart CEO U Soe Moe Thu at a signing ceremony this week.
Stage one of the HAGL Myanmar Plaza development opened in December 2015. It is anchored by City Mart’s boutique supermarket brand Marketplace.