Hoang Anh Gia Lai (HAGL) Group began construction of a 440 million USD trade centre, hotel and service office complex in the Myanmar city of Yangon on June 5.

The 8-ha Hoang Anh Gia Lai Myanmar Centre is the company’s largest investment project at present. It was financed by the Bank for Investment and Development of Vietnam (BIDV), Eximbank and Sacombank.
Company chairman Doan Nguyen Duc said the project will be completed within six to seven years. He predicted that when operational, it will help meet the city’s demand for property, which has become “very hot” since Myanmar opened its doors to foreign investment in 2011.

Office spaces in Yangon are being rented at 75-150 USD per sq.m per month, while a night in a hotel costs around 300 USD, according to domestic press.

Myanmar Minister of Hotel and Tourism U Htay Aung said that the nation plans to hold many major events in the next few years, including ASEAN summits and tourism forums, so investment in hotels and other travel-related business has significant potential.

Last year, about one million international tourists visited Myanmar, an increase of 20 percent over the previous year. The number is expected to reach 1.5 million this year, the minister said.

According to U Htay Aung, HAGL’s investment represents 26 percent of the total foreign direct investment capital poured into Myanmar ’s hotels and trade centres.

The company’s total overseas investment amounts to about 1.5 billion USD.-VNA