JV between local, Japanese developers

Myanmar firm Kakehasi and Japanese company Tama Home have formed a joint venture called Kakehashi Tama Home, according to a release from Kakehashi.
 
The venture was formed on 12 September under the recent Myanmar Companies Law. The release does not state the relative ownership percentages, but the Law allows for up to 35% ownership by foreigners for the company to still be considered a local firm.
 
The new joint venture will focus on condominium development in Yangon.
 
“With the help of Japanese technology and capital, Kakehashi aims to advance to the next step in terms of both quality and scale,” the release said.
 
Tama Homes is a Tokyo listed firm. Although it has four main divisions, over 85% of its business was in construction in the most recent fiscal year. It started over 400,000 homes last year, with 56% in Japan.
 
Kakehashi was founded for the development of Myanmar real estate projects. It has so far mainly built medium sized, mid-range projects.
 
It has completed two semi-condo projects in Yankin and Bahan townships, in late 2016. 
 
It completed its Green Inya 1 Condo in July 2018, and launched presales on Green Inya 2 Condo the next month.
 
This is not the first time Kakehashi and Tama Homes have cooperated, for instance working together on Green Inya 2.