YANGON -- Large commercial complexes are popping up in Yangon as foreign property developers seek to cash in on an expected surge in consumer spending in one of Southeast Asia's least-developed nations.
Vietnamese real estate developer Hoang Anh Gia Lai will partially open a huge commercial complex this month featuring what will be the largest shopping mall in Myanmar. Thailand's Fragrant Property and other foreign developers are planning to build similar facilities in the country's business capital.
The Vietnamese company is shelling out $440 million to develop the HAGL Myanmar Center, located in Yankin, the prime shopping and entertainment district in Yangon. Construction on the complex, which has a total area of 73,000 sq. meters, started in the summer of 2013 and is expected to be completed in 2017.
The lower five stories of the 27-story building are opening ahead of other parts of the complex and will house retail shops and other commercial facilities. Luxury Swiss watch and jewelry brand Chopard and Italy's Ermenegildo Zegna, a maker of upmarket men's clothing, are opening their first stores in the country there. (Courtesy of Nikkei Asian Review)
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