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Myanmar Real Estate & Construction Brief

Market Updates

EXCLUSIVE: Mawrawady Condo targets H1 2020 handover

As of December, 75% of units have been sold, with only 11 of 44 units remaining Thu Khi Tar affordable housing units handed over

YCDC to prioritize sales for 40 families affected by a 2017 fire near the project site Platinum Pathein phase 1 complete

Phase 1 spans 15 acres of government-owned land and includes residential villas and a two-storey plaza IMF notes sluggish real estate market

Opening ceremony held for Bo Ba Htoo Affordable Housing project phase 2

YCDC to relocate Kyimyindaing Fish market

Fortune International presents Mindhama Complex project to YRG

Local, Chinese companies propose Yangon landscaping projects

This week’s data, company, and project updates

This Week’s Tenders

Construction works for Department of Highway Building constructions for GTI in Insein Building constructions in Kyauktan Building construction in Myingyan Stadium constructions in Magway Building construction for DUHD in Yangon Constructions in Thingangyun Education College Building constructions at Middle Paunglaung Hydropower project Constructions in Yangon University of Economics Ywar Thar Gyi Stage construction at West Yangon University

Issue 106| 3 January 2020

NEWS ANALYSIS PROJECTS TENDERS COMPANIES DATA

Company of the Week

Fortune International presents Mindhama

Complex project to YRG

Project of the Week

Opening ceremony held

for Bo Ba Htoo Affordable Housing project phase 2

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Residential EXCLUSIVE: Mawrawady Condo targets H1 2020 handover Mawrawady Condo units are to be handed over to buyers in March and May 2020, a sales executive told Myanmar Real Estate & Construction Monitor. As of December, 75% of units had been sold, with only 11 of 44 units remaining. Unit prices are currently Ks220,000 ($148) per sq ft up to the 7th floor and Ks230,000 ($155) per sq ft for the 8th floor and above. Payment terms vary dependent on a 30% to 50% down payment. However, units will only be handed over when 90% of the payment has been made. The condo offers three unit sizes – 1,300 sq ft and 1,425 sq ft three bedroom units and 1,100 sq ft penthouses. All the units are ready to move in and feature interior decoration, water heaters and four air conditioners. Amenities include a car park, swimming pool, generator backup and security. Mawrawady Condo is a 12.5-storey building with four basements, located at the 8th mile of Pyay Road in Mayangone Township. The project kicked off in H2 2014 and is now moving forward with exterior and interior work. The project has faced delays as it was originally expected to be completed in 2018. Developer Mawrawady Development is a local company, the parent company of which is Advance Unity Development, and it is affiliated with Grand Glory Company, KJK & Associates and Lux Myanmar Hotels & Resorts.

Project progress as of December 2019

Residential Thu Khi Tar affordable housing units handed over A ceremony was held on 24 December for the handover of Thu Khi Tar affordable housing units in Mayangone Township, according to a Yangon Region Government (YRG) press release. The housing was developed by a JV comprising Sun Myat Tun (SMT) Construction and the Yangon City Development Committee (YCDC). Forty units in four buildings of phase 1 have been handed over to the YCDC. The YCDC will prioritize sales for 40 families affected by a 2017 fire near the project site. Phase 2 comprising 50 units in three buildings will be completed in March 2020. An SMT sales executive told Myanmar Real Estate & Construction Monitor that 700 sq ft units are available for sale on the ground, first and fourth floors of building A, priced at Ks60m ($40,700), Ks48m ($32,560) and Ks38m ($25,777) per unit respectively.

Myanmar Real Estate and Construction Brief | 27 Dec 2019 — 3 Jan 2020 2

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Building B has 629 sq ft units available on the ground and first floor priced at Ks55m ($37,309) and Ks43m ($29,168) respectively. Payment terms comprise a 15% down payment, 15% during construction, and the rest to be paid via bank loan. Units will be handed over in mid-2020. All units include an entry hall and balcony. Buyers will need to make their own arrangements for the flooring. Thu Khi Tar affordable housing project The Thu Ki Tar affordable housing project is located on Zay Yar Khay Mar Street (5) in Mayangone Township, near the 8-mile Junction and Thamine Junction. SMT Construction started work on the project in September 2018. The project includes seven buildings and 90 residential units across 0.6 acres. Total investment in the project was Ks1.5bn ($1m). SMT launched sales in September 2018 for phase 2 through the Mingalar Parami Business Centre. According to previous sales figures, about 40 units were available for sale at prices between Ks24m ($16,000) and Ks60m ($40,000). SMT Construction SMT Construction is a Yangon-based real estate developer that mainly develops affordable mini-condos and mid-end apartments. The company is developing several mid-range apartments in Kyimyindaing, Sanchaung, Kamayut, North Dagon, Thaketa, Bahan, Hlain, Mingalar Taungnyunt, Dawbon, South Okkalapa and North Okkalapa townships. SMT is also the developer of the new Mingalar Market in Mingalar Taung Nyunt Township.

YCDC handover ceremony for units at the Thu Khi Tar project. Source: YRG

A completed building at the Thu Khi Tar project. Source: YRG

Commercial and Industrial Platinum Pathein phase 1 complete Phase 1 of the of the Platinum Pathein mixed-use development in Ayeyarwady Region is complete, according to Fortumax Business Development Director Daw Le Le Maw as quoted in Myanmar Times. Phase 1 includes residential villas and a two-storey plaza. It began in 2015 across 15 acres of government-owned land. Myanmar Real Estate & Construction Monitor notes the two-storey plaza comprises 35 units of 1,800 sq ft each, while the villas range between 2,400 and 6,000 sq ft.

Phase 2, which will include a 155 room hotel, three condominium buildings comprising 410 units, restaurants and recreational parks, will commence in March.

Myanmar Real Estate and Construction Brief | 27 Dec 2019 — 3 Jan 2020 3

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The government will offer a 30-year land grant to property buyers with the option to extend for another 30, said Mya Bay Development Company executive Daw Nan Simontic.

Platinum Pathein is being developed by local company Mya Bay Development beside the Yangon-Pathein-Chaungtha-Ngwe Saung road. One of the rationales for the project is that it will serve as a rest stop on the route from Yangon to the beach towns of Chaungtha and Ngwe Saung, as Platinum Pathein will also include petrol stations, souvenir shops and banks. The role of Fortumax in the development is unclear, however, it is likely marketing the residential properties to potential buyers.

Government and Local Authorities IMF notes sluggish real estate market The IMF has noted subdued domestic demand in the national economy partly due to a correction in the real estate market in its preliminary findings of a December consultation visit. Other reasons highlighted were slowing credit growth and falling investment. Click here for the full report on its preliminary findings.

The IMF further said FDI inflows and project approvals were lower than in recent years as large projects had been completed and foreign investors were cautious ahead of the 2020 elections. Myanmar Real Estate & Construction Monitor notes the Yangon City Development Committee issued 116 construction permits in November, 71 fewer than the 187 issued in October. November saw the lowest number of permits issued this year, and was lower than the 210 permits granted in November 2018.

Medium-term growth was described as likely to remain below potential, with FY2019/20 to see pre-election uncertainty and weaker private demand, with risks therefore tilted to the downside. The findings concluded with the recommendation that reforms be continued to improve governance and reduce the cost of doing business, which in turn would help attract investment. MRECM further notes two of the large real estate projects that have been recently completed are Skysuites Condominium and The Leaf Residence. Skysuites Condominium is a 23-storey mixed-use development mainly comprising residential units on Yan Shin Street, Yankin Township. In late October 2019, Skysuites received the Best High End Condo Award at the country’s first National Real Estate Awards. The $45m Leaf Residence in Hlaing Township will comprise four 12-storey towers housing 345 residential units.

Residential Opening ceremony held for Bo Ba Htoo Affordable Housing project phase 2

The Bo Ba Htoo Affordable Housing project phase 2 has been officially launched through an opening ceremony, according to a Yangon Region Government (YRG) press release. It was attended by Yangon Region Chief Minister U Phyo Min Thein, Yangon City Development Committee (YCDC) Deputy Mayor U Soe Lwin and Myanmar V-Pile representatives. The project is located on a 114-acre site on Bo Mhu Bo Ba Htoo Road in North Dagon Myothit Township. Eight eight-storey buildings comprising four units per floor have already been completed.

Myanmar Real Estate and Construction Brief | 27 Dec 2019 — 3 Jan 2020 4

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Myanmar V-Pile is developing phase 2 under the management of the YCDC. Units are priced at Ks28.5m ($19,322) for a 614 sq ft U 600 type and Ks37m ($25,098) for a 900 sq ft U 900 type. Units are available for Myanmar citizens to purchase under an instalment plan, and bank loans are available for a minimum of four years. For instalments, a 30% down payment must be made, followed by 15% of the unit price on four occasions, namely when the second, fourth, sixth floor and roofing is complete. The remaining 10% is to be paid when the unit is handed over. To qualify for a bank loan, the buyer will have to pay 40% of the unit price, which comprises a 30% down payment, 1% bank commission and 9% in interest for the first year. The loan terms following the first year were not disclosed.

Opening celebration for the Bo Ba Htoo Affordable Housing phase 2. Source: YRG

Completed buildings at the project. Source: YRG

Ongoing constructions at the Bo Ba Htoo Housing project. Source: YRG

Bo Ba Htoo Affordable Housing project and Myanmar V-Pile Phase 1 comprising 448 units across 14 eight-storey buildings kicked off in 2013 and was completed in 2015. Phase 2 comprising 896 apartments over 19 eight-storey buildings began after many delays in mid-2017. Developer Myanmar V-Pile is a piling specialist established in 1996. It is affiliated with Malaysian company V-Pile Technology, as well as other V-Pile franchised companies across the region. It was bought by Serge & Pun Associates (SPA) in 2000. However, the chairman of the company reportedly bought back shares from SPA in late 2010. It is currently working as a contractor for the Mindhama CBD project located at the corner of Taw Win and Mindhama road in Mayangone Township.

Myanmar Real Estate and Construction Brief | 27 Dec 2019 — 3 Jan 2020 5

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Government and Local Authorities YCDC to relocate Kyimyindaing Fish market The Yangon City Development Committee (YCDC) will relocate the Kyimyindaing Fish Market as its current location is too close to residential areas, Yangon Mayor U Maung Maung Soe said at a 9 December YCDC press conference.

The mayor cited complaints of smell and as well as logistical difficulties in moving products in and out of the market.

Kyimyindaing is an important wholesale fish market for Yangon, and the relocation plan has been met with disagreement from vendors, according to Global New Light of Myanmar.

YCDC is looking for a location close to the mouth of the Yangon River that is convenient for docking fishing boats and setting up shops.

The committee manages 184 markets in 33 townships and has plans to upgrade all of them.

Yangon reportedly consumes over 6 million kilograms of fish per day, a figure that is likely to rise in tandem with average incomes. Residential Fortune International presents Mindhama Complex project to YRG Fortune International and Goldman Fortune International presented on 30 December the Mindhama Multi-Purpose Development Complex project in Mayangone Township to the Yangon Region Government (YRG).

No further information on the presentation was provided.

Myanmar Real Estate & Construction Monitor notes Hong Kong-based Goldman Fortune International has received MIC approval for a $350m investment for phase 1, 2 and 3 of the Mindhama Complex.

The project will feature shops, serviced apartments, a shopping mall, villas, office building, condominium and hotel. It will be developed on 20.8 acres under a BOT scheme.

Fortune International presents the Mindhama Complex project to YRG. Source: YRG

About Fortune International

Fortune was established in 1991. Its core business is the installation and service of elevators, though it has branched into other areas including manufacturing, telecoms and plantations. Design & Architecture Local, Chinese companies propose Yangon landscaping projects Shwe Than Lwin and China-based Chong Qing Redi Architecture and Planning Design met with Yangon Region Government (YRG) officials on 30 December to discuss landscaping projects in Yangon.

No further information about the project scope or timeline was provided.

Shwe Than Lwin is a Yangon-based contractor established in 1992. It has built shopping malls, roads and bridges. The company is developing the Sky Condo on Lower Pazundaung Road in Pazundaung Township and Yankin mixed-use development at the corner of Yankin Road and No. 1 Industrial Road.

Myanmar Real Estate and Construction Brief | 27 Dec 2019 — 3 Jan 2020 6

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In addition, its affiliated Alliance Stars Group is carrying out the Eco Green City in Hlegu Township.

The Redi Group is headquartered in Chong Qing. Its services include quality assurance and optimization in engineering. It appears it has not registered in Myanmar.

Shwe Than Lwin and Redi Group present landscaping plans to the YRG. Source: YRG

Myanmar Real Estate and Construction Brief | 27 Dec 2019 — 3 Jan 2020 7

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The Myanmar Real Estate & Construction Monitor database now includes over 450 company profiles, as well as 200 profiles of in-progress or planned real estate projects. The database is continually updated with new information. This week, the following company and project profiles were updated: Company Updates: Fortune International Mawrawady Development Group Mya Bay H & Co Myanmar V-Pile Red Roof Investment Development Shwe Than Lwin Construction Sun Myat Tun (SMT) Construction Project Updates: Bo Ba Htoo affordable housing Mawrawady Condo Platinum Pathein Secondary Central Business District (Mindhama) Thu Khi Tar Affordable Housing Library Updates: Construction materials prices (December 2019) Please note that access to our Company Profiles, Project Profiles and Data is available to Premium Subscribers only. For information on Premium Subscriptions, please contact: Jordan Zele jordan.zele@frontiermyanmar.com +95 9979420841 Kyawt K Khaing kyawt.kk@frontiermyanmar.com +95 943198458

Myanmar Real Estate and Construction Brief | 27 Dec 2019 — 3 Jan 2020 8

Company and Project Profiles

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NEW TENDERS

Myanmar Real Estate and Construction Brief | 27 Dec 2019 — 3 Jan 2020 9

Overview: Construction works for Department of Highway Closing Date: 31 December 2019 Specifications:

1. The Government of the Union of Myanmar has received a loan from Japan International Cooperation Agency (JICA) towards the cost of “Regional Development Project for Poverty Reduction Phase 2 MY-P17”. It is intended that part of the proceeds of this loan will be applied to eligible payments under the Contracts for the construction of the pilot project listed below for “Regional Development Project for Poverty Reduction Phase 2 (MY-P17)”.

2. The Department of Highway (DOH), Ministry of Construction now invites sealed Bids from eligible Bidders for the construction and completion of the work below;

3. Selling of bid documents: 7 to 14 January 2020

4. Submission of bids: 20 February 2020 (12:00pm)

5. Opening of preliminary examination check for bids: 20 February 2020, 1:30pm

6. A complete set of bidding documents may be purchased by interested bidder at the address below and upon payment of a non-refundable fee of Ks50,000.

7. Interested eligible bidder (the eligible country of the bidder is the Republic of the Union of Myanmar, only (i.e. Bidders shall be civil engineering firms registered in Myanmar)) may obtain further information from and inspect the bidding documents at the office of project inspection and quality control department (construction). Department of Highways, Ministry of Construction, Building No. (11), Naypyitaw

Contact person: Daw Khin San Nyunt Oo

Phone No: 09 5084576, 09 257728844, 09 450330580

Email address: pwhqairfield@gmail.com, dohjica.sector@gmail.com

IFB No Project ID Works

DOH-04A Taungoo-Leik Tho-Yar Do-Loikaw-Ho Phone Road

9.02km x 5.5m wide concrete pavement road, RC bridge, drainage structures and other miscellaneous structures

DOH-04B Taungoo-Leik Tho-Yar Do-Loikaw-Ho Phone Road

9.00km x 5.5m wide concrete pavement road, RC bridge, drainage structures and other miscellaneous structures

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NEW TENDERS

Myanmar Real Estate and Construction Brief | 27 Dec 2019 — 3 Jan 2020 10

Overview: Building constructions for GTI in Insein Closing Date: 13 January 2020 Specifications: Under the management of Ministry of Education, the Government Technical Institute (GTI) in Insein Township invites the local companies to bid for the following projects. Lot 3

Administrative office, one-storey RC building, 50ft x 36ft

School building, one-storey RC building, 88ft x 44ft

Practical class building, one-storey RC building, 156ft x 40ft

Kitchen theatre, one-storey RC building, 36ft x 48ft

Hall building, one-storey RC building, 60ft x 50ft Lot 4

Dormitory, two-storey RC building, 152ft x 34ft (including water, electricity, sewage system, apron and drain, 6,000 gallons water storage tank)

Generator house, one-storey RC, 12ft x 15ft

External electricity installation (400V, 1,200ft)

Water supply (water storage and pipe laying) Lot 5

Staff housing, four-storey RC building with four units attached per floor, 78ft x 94ft (including water, electricity, sewage system, apron and drain, 6,000 gallons water storage tank)

Tender documents can be obtained starting from 12 December 2019 at the Government Technical Institute (GTI) in Insein Township during office hours. Bids should be submitted by 13 January 2020, 4:00pm. The tender assessment will be held on 14 January 2020, 10am at the Government Technical Institute (GTI) in Insein Township. For more information, please contact: 09 5086775, 09 400546451.

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NEW TENDERS

Myanmar Real Estate and Construction Brief | 27 Dec 2019 — 3 Jan 2020 11

Overview: Building constructions in Kyauktan Closing Date: 16 January 2020 Specifications: The Ministry of Municipal Affairs under Yangon Region Government invites the interested parties to bid the following constructions in Kyauktan Township.

Two-storey building with brick wall, concrete flooring and metal sheet roofing, 30ft x 40ft x 23ft

One-storey building with brick wall, concrete flooring and metal sheet roofing, 30ft x 40ft x 10ft

Tender documents can be obtained starting from 16 December 2019 at the Kyauktan Township Development Committee during office hours.

Bids should be submitted by 16 January 2020, 9:00am.

The tender assessment will be held on 16 January 2020, 10am at the Kyauktan Township Development Committee.

For more information, please contact: 09 767852796, 09 404751250.

NEW TENDERS

Overview: Building construction in Myingyan Closing Date: 5 January 2020 Specifications: The Ministry of Social Welfare, Relief and Resettlement invites the interested parties to bid for the following project funded with FY2019-20 budget.

Myingyan District administrative office, two-storey RC building with metal sheet roofing, concrete flooring, water, electricity and sewage system, 60ft x 40ft x 28ft

Tender documents can be obtained between 6 December 2019 and 5 January 2020 at the Department of Disaster Management, 65th street between 34th and 35th streets, Pyi Gyi Myat Shin Ward in Chanayethazan Township. Bids should be submitted by 5 January 2020, 4:00pm. For more information, please contact: 02 4039457, 02 4067470.

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NEW TENDERS

Myanmar Real Estate and Construction Brief | 27 Dec 2019 — 3 Jan 2020 12

Overview: Stadium constructions in Magway Closing Date: 6 January 2020 Specifications: The Ministry of Health and Sports under Magway Region Government invites the interested parties to bid on the stadium constructions in Magway Region.

The tender documents are available starting on 24 December at the Ministry of Health and Sports in Magway Township during office hours.

Bids should be submitted by 6 January 2020, 4:30pm.

For more information, please contact: 063 2023209, 09 5342024, 09 440226910.

No. Location Project description

1. Gangaw township stadium Grade A stadium, 120ft x 90ft

2. Ngape township stadium Football pitch construction

NEW TENDERS

Overview: Building construction for DUHD in Yangon Closing Date: 10 January 2020 Specifications: The Yangon Region director office of the Department of Urban and Housing Development (DUHD) invites the registered contractors to bid on the construction of five-storey building with four units per floor in Thingangyun Township. The tender documents are available between 24 December 2019 and 8 January 2020 at the DUHD director office, No. 228/234 on Bogyoke Aung San Road in Botahtaung Township. Bids should be submitted by 10 January 2020, during office hours. For more information, please contact: 01 375037, 01 387262.

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NEW TENDERS

Myanmar Real Estate and Construction Brief | 27 Dec 2019 — 3 Jan 2020 13

Overview: Constructions in Thingangyun Education College Closing Date: 15 January 2020 Specifications: The Department of Higher Education under the Ministry of Education invites the local companies to bid on the following construction works to be carried out at the Thingangyun Education College.

The tender documents are available starting on 16 December 2019 at the Thingangyun Education College during office hours.

Bids should be submitted by 15 January 2020, 4:30pm.

For more information, please contact: 09 43043558, 09 420063091.

No. Work description

1. 170ft x 30ft, three-storey school, RC

2. 179ft x 36ft, three-storey dormitory, RC with 25ft x 36.6ft bathroom and toilet

3. 100ft x 30ft, four-storey staff housing with four units per floor, RC

NEW TENDERS

Overview: Building constructions at Middle Paunglaung Hydropower project Closing Date: 15 January 2020 Specifications: The Department of Hydropower Implementation under the Ministry of Electricity and Energy invites the local contractors to bid on the following constructions at the Middle Paunglaung Hydropower project.

The tender documents are available starting on 16 December 2019 at the office no. 27, meeting hall, Department of Hydropower Implementation. Bids should be submitted by 15 January 2020, 1:00pm for Tender No. 17 and 2:00pm for Tender No. 18.

For more information, please contact: 067 8104184.

No.

Tender No. Description

1. No. 17/DHPI (P&W)/2019-2020

Excavation works (earth/aggregate), 75,000 suds (1sud = 100 cubic feet)

2. No. 18/DHPI (P&W)/2019-2020

Four-storey RC building with four units per floor, 79ft x 51ft including the concrete flooring, brick wall, metal sheet roofing, water, electricity and sew-age system

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NEW TENDERS

Myanmar Real Estate and Construction Brief | 27 Dec 2019 — 3 Jan 2020 14

Overview: Constructions in Yangon University of Economics Ywar Thar Gyi Closing Date: 15 January 2020 Specifications: The Department of Higher Education under the Ministry of Education invites local contractors to bid on the following constructions at the Yangon University of Economics in Ywar Thar Gyi. 1) Two two-storey dormitories and dinning room with the dimensions of 214ft x 30ft + 230ft x 26ft + 160ft x 40ft, including six-inches well, ground tank and external water and electricity installation 2) Two-storey audience stage construction, 72ft x 32ft RC including interior and exterior water and electricity installation The tender documents are available starting on 16 December 2019 at the Yangon University of Economics in Ywar Thar Gyi Campus. Bids should be submitted by 15 January 2020, 4:00pm. For more information, please contact: 09 768014140.

NEW TENDERS

Overview: Stage construction at West Yangon University Closing Date: 10 January 2020 Specifications: West Yangon University under Yangon Region Government invites local contractors to bid on the construction of a one-storey audience stage (150ft x 34ft). Tender documents are available starting on 12 December 2019 at the West Yangon University. Bids should be submitted by 10 January 2020, 4:00pm. For more information, please contact: 09 5032579, 09 788611788.

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OPEN TENDERS

Myanmar Real Estate and Construction Brief | 27 Dec 2019 — 3 Jan 2020 15

Overview: Staff housing and hostel building in Hlegu Education College Closing Date: 15 January 2020 Specifications: Hlegu Education College invites interested local parties to bid on the right to construct the following projects:

Three storey RC type hostel in which 150 students can stay (179’x36’)

Four storey with four units staff housing (100’x30’), including water and electricity

Fencing work (1200’x6’)

The tender documents are available starting on 16 December at the Hlegu Education College during office hours. Bids should be submitted by 15 January 2020, 4:30pm.

For more information, please contact: 09-699349833, 09-5067961 during office hours or read detailed information at www.Myanmar-education,edumm.

OPEN TENDERS

Overview: Swiss challenge for Ponnagyun industrial zone development Closing Date: 17 January 2020 Specifications: The Rakhine State Government announces a swiss challenge to implement a Ponnagyun industrial zone on the government-managed 1,800 acres in Ponnagyun Township. Swiss challenge is called as the private company submitted the project proposal without the government invitation.

Tender documents can be obtained starting from 18 December 209 at the Planning, Finance, Tax and Economy Ministry office.

Bids should be submitted by 17 January 2020. The proposal document costs Ks10,000.

For more information, please contact: 043 2022651.

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