Opposite Kandawgyi Lake, corner of Kanyelikthar Street and U Aung Myat Street, Mingalar Taung Nyunt Township
Asia Myanmar Consortium Development (developer), YCDC (owner), Shining Star Industrial Company (developer)
NameService
AGA Architects (Singapore)Design
DHN Architect (Myanmar)Design
Rankine & Hill (SingaporeStructure
Thihayarzar Civil and Structural Consultants (Myanmar)Structure
U San Tint (Myanmar)Structure
Fuji ElevatorElevator
2018
$215m
Mixed use

Kantharyar Centre is a joint venture project between Asia Myanmar Shining Star (AMSS) and the Yangon City Development Committee (YCDC).

It is a mixed-use project consisting of four towers: a residential tower (25 storey), an office tower (22 storey), a serviced apartment tower (23 storey), and a hotel tower (20 storey).

There will be a two-storey shopping centre underneath the hotel building.

AMSS signed an agrerement with Wyndham Hotel Group in February 2015 for Wyndham to manage the hotel building for 15 years.

The Hotel will be named the Wyndham Grand Yangon Royal Lake, and will be opening in the second half of 2018.

A site visit in late March 2017 confirmed that the residence component is in finishing stages, the office component has completed structurally, while the hotel and serviced apartment components are at the 14th and 9th stories, respectively. 

On 3 May 2017, a small fire has broken at the ground floor of one of four buildings, having damaged some wasted wood.

Sales information

Component Pricing/ per sq ft Sales performance
Condominium

Ks280,000, H1'17

Ks270,000 ($200) H2'17

Q3’14 (64.4%), Q4’14 (“80%”), Q1’15 (“80%”), Q2’15 (66.7%), Q3’15 (67.4%), Q1'17 (70%), H1'17 (80%), H2'17 (70%)
Serviced apartment $300-$330 Yet to launch
Office $350-400 Q3’14 (“80%”), Q4’14 (66%), Q1’15 (70%), Q2’15 (73%), Q3’15 (73.3%), Q4'15 (64.4%), Q1'16 (64%)
Office (lease)

$55-75 (per sq m) H1'17

 

$47 USD per sq m+ 1$ for each level H2'17 

 

As of H1 2017, some office spaces are for rent at $5 per sq ft per month, while commercial space asks between $55 and $65 per sq m per month.

Investment terms and cost breakdown

The site was previously used as a driving school. The developer won the tender to redevelop the site from YCDC in 2013 on a 50-50 profit sharing basis, with the investment costs to be borne by the developer. 

The residential tower and office tower are under freehold terms, while the serviced apartment tower and hotel tower are under long-lease (70 years) terms.

AMSS itself is a joint venture company between local developer Asia Myanmar Consortium Development (35%) and Shining Star Industial (65%) from Hong Kong.

Shining Star Industrial will bear the investment cost of the office tower, the serviced apartment tower and the hotel tower, while AMCD will be responsible for the residential tower.

In November 2016, state media said it was 70% complete and on track for a 2017 opening.

In Q3'16 it was discovered that the office building component is awaiting single buyer negotiations to the tune of $80m

In Q4'16, after being unable to negotiate a single buyer for the office tower, it was revealed that AMSS would be retaining ownersip and offering the office tower as leasable space, at a price of $5-7 per sq ft per month, or $55-$75 per sq m per month. 

 

Component Cost Cost bearer
Residential tower $45m AMCD
Hotel tower $70m AMSS
Serviced apartment tower and office tower $100m AMSS
 
Amenities and facilities
 
Parking Space
Approximately 538 parking areas available for visitors
Epoxy flooring
Parking space vacancy indicator/ automatic number plate recognition system
 
Security
Surveillance CCT V camera set in each elevator
All-angle, omni-directional centre-controlled real time security surveillance
 
Lobby
About 500 sq m
 
Elevator
5 passenger elevators/ 1 service elevator
Fuji Elevator from Japan
1600 KG, 24 persons, 2m/s
 
Hallway
Clear height 2.8m, clear width 1.8m
 
Electrical Power
100% power supply assurance
Standby power generator sets
Power supply resumption within 15 seconds
 
 
 
Completion Update 
In January 2018, an AMSS executive said they are preparing for a soft launch of the project in May 2018, while the official opening is set for October 2018. A site visit by the monitor confirmed the residential building is in the finishing stages and is now waiting for a BCC. The three other towers are structurally complete. 

Work is ongoing on the external facade of all the hotel. 

June 2018 

Office Towers are complete and some companies have begun moving in, as of 5 June. The interiors in the serviced apartments and hotel are still being finalised.  
 

 

(Updated June 2018)
TypeAreaStorey
Office376,000 sq ft22
RetailGF-F3 of hotel building (56,000 sq ft)2
Hotel258 rooms (to be managed by Wyndham Hotel Group) (413,000 sq ft)20
Condominium132 units (317,000 sq ft)25
Serviced apartment171 units (to be managed by Wydham Hotel Group) (253,000 sq ft)23
Supporting amenitiesSpa, gym, swimming pool, banquet halls, restaurants, cafe, bars and sky garden
Land type"Freehold" for condo and office. 70 years lease for serviced apartment and hotel
Site Size3.52 acres

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