First part of HAGL's $440m investment to hit market

Managing director Cao Duy Thinh said the Lake Suites were part of the Myanmar Centre, the firm’s US$440 million development in Bahan Township.
“The Myanmar Centre is the largest 100 per cent Vietnam-invested project [in Myanmar]. It is the first integrated and mixed-use project developed to international standards in Yangon,” said Cao.
“Our goal is to make the Myanmar Centre a hub for cosmopolitan living in Yangon. The retail centre will be spacious, modern and bright, inspired by the leading malls and shopping centres of the world with choices of domestic and international cuisine. If it sounds bullish, it is only our passion for doing something truly unique in the retail sector.”
Cao said he hoped the Myanmar Centre would set the best international example to Yangon for other developers and inspire them to care about more than their bottom line.
“The mission of the Lake Suites is to put luxury for everything under one roof and offer contemporary, premium facilities that complement every lifestyle. We want to give people more than a residence, but the best value and lifestyle experience possible,” he said.
“The residences are not for sale or rent, but long-term leasing over 70 years, which is very common in other countries. We are happy to be seeing such a positive response from our customers, who are looking forward to their move-in day. What makes our residences different is that we use the highest international standards in design, safety and technology.”
The Lake Suites are one part of the four-in-one Myanmar Centre. The development will also have shopping opportunities at the Myanmar Centre Plaza, office space at the Myanmar Centre Tower and a five-star hotel, the Melia Yangon. The other three will be launched by 2017.
The Lake Suites have an earthquake-resistant design and abide by international building safety codes with central waste disposal. They have a water filtration and purification system, 24-hour security and integrated security surveillance, a swimming pool, tennis court, clubhouse and children pools, a playground and barbecue area. Four types of apartment are available: one-bedroom, two-bedroom deluxe, two-bedroom premier and three-bedroom.
The project is divided into two phases. The first consists of two grade-A office towers, one retail block and the five-star Melia hotel, a leading operator from Spain. The next phase is another two blocks of offices and five more residential blocks.
According to Cao, the entire complex will be fully integrated and house a premium supermarket, international and domestic cuisines and numerous other opportunities for anyone to pursue their passions and lifestyles.
“We know Yangon and its bright future will always attract international audiences. We are confident in the future here. We strongly believe in the development of a truly unique property that exceeds the limits of what is currently being offered in Yangon,” he said.
“We believe in Myanmar and HAGL will always act in the best interest of the country and any growth must be responsible and sustainable for the markets in which we do business … Real estate is our only investment in Myanmar at this time. The country has potential everywhere, but we are focused on real estate.”
Earlier this year, criticism arose over the project due to the contract termination with Singapore’s Rowsley Ltd to build a US$550-million, mixed-use development.
Cao insisted that it would not have any negative development or impacts on the project and its quality as the firm still had proper funding to meet customer demand.
“Our large investment shows our belief in Myanmar’s bright prospects and unlimited potential. Myanmar Centre wants to be a part of your excellent future,” he said.