Ministry signs land lease for Tarmwe development

A branch of the Ministry of Industry signed an agreement with a developer to build a 12-storey condo project in Yangon’s Tarmwe township.
 
The building will be constructed under BOT terms. It is to include 230 apartment units, a fitness centre, minimart, restaurant, business offices and car parking.
 
The land lease agreement was signed by Myanma Pharmaceutical Industrial Enterprise (MPIE) managing director U Ko Ko Aung, and NSKRE Residence managing director Hirosato Fukimbara, with Union Minister for Industry U Khin Maung Cho in attendance, the Global New Light of Myanmar reported on 7 October.
 
NSKRE received Myanmar Investment Commission for the project last week. The article claimed it has a 50-year land lease, though generally such leases have two options of ten additional years, making it 70 years.
 
NSKRE Residence (Myanmar) is a consortium of:
  • Mann Myanmar Family (from Myanmar)
  • Asia Business Solution (from Myanmar)
  • Nippon Steel Kowa Real Estate (Japan)
Nippon Steel Kowa is involved mainly in development of various buildings and real estate-related services in Japan.
 
It had 19.bn ($175m) in capital and 497 employees as of March 2018.