Junction City Tower, Keppel Land’s 23-storey Grade A office tower strategically located in the heart of Yangon’s central business district, has officially opened.
Developed in partnership with established Myanmar conglomerate Shwe Taung Group, Junction City Tower, in which Keppel Land holds a 40% stake, is part of the larger Junction City world-class integrated development comprising prime Grade A office space, unique retail experiences, 5-star hospitality and vibrant living spaces.
In line with its strategy to grow its portfolio in Myanmar, with a focus on Yangon, Keppel Land will also be jointly developing premium serviced residences and offices in the next phase of Junction City with Shwe Taung Group.
Keppel Land will hold a 40% stake in the serviced residences and office component of Phase Two of Junction City, which will offer a gross floor area of about 50,000 sm.
The development will house the first Sedona Suites in Myanmar comprising about 260 serviced apartments.
Construction of Phase Two is expected to commence in 2018.
Mr Ang Wee Gee, CEO of Keppel Land, said, “Keppel Land is confident of the long-term potential of Myanmar, and is committed to participating in and contributing to the growth of the country. The partnership with Shwe Taung Group for Junction City Tower is in line with our strategy to invest in markets with good growth potential such as Myanmar, and to further augment the Company’s commercial portfolio.
“We believe that the new office tower in Junction City, together with the premium serviced residences and offices in the next phase of the project which we are also jointly developing with Shwe Taung Group, will position Keppel Land well to meet growing demands for quality accommodation and Grade A offices in Yangon.”
Junction City Tower offers ready-to-move-in Grade A office space with a net leasable area of about 33,400 sm. The building, with panoramic views of Yangon, boasts modern facilities such as energy-efficient double-glazed glass windows, robust earthquake-safe provisions, a full generator back-up system and state-of-the-art security systems.
Keppel Land’s first premium serviced co-office in Myanmar, KLOUD, will also open in Junction City Tower. Tenants secured for Junction City Tower include Allen & Gledhill, WongPartnership, VDB Loi, Samsung, ZTE and the British Chamber of Commerce.
A pioneer in green design and sustainable development, Junction City Tower is built to the highest Green Mark standards set by the Building and Construction Authority of Singapore. It incorporates a host of sustainable features, including 800 sm of solar panels on its rooftop, water treatment facilities as well as recycling and harvesting of rainwater, and the use of energy-efficient LED lamps throughout the development.
At the Myanmar Property Awards 2016, Junction City Tower won Best Office Development and Best Office Architectural Design.