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 agreement 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 occurred at the ground floor of one of four buildings, damaging a small pile of wood.
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.
As of H1’19, the leasing price for office spaces ranges from $29 per sqm for bareshell rooms to $35 per sqm for furnished rooms. Leasing term is at least one-year contract. Payment can be made with a 3-month deposit, semi-annually, and annually.
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
| Type | Area | Storey |
| Office | 376,000 sq ft | 22 |
| Retail | GF-F3 of hotel building (56,000 sq ft) | 2 |
| Hotel | 258 rooms (to be managed by Wyndham Hotel Group) (413,000 sq ft) | 20 |
| Condominium | 132 units (317,000 sq ft) | 25 |
| Serviced apartment | 171 units (to be managed by Wydham Hotel Group) (253,000 sq ft) | 23 |
| Land type | "Freehold" for condo and office. 70 years lease for serviced apartment and hotel |
| Spa |
| gym |
| swimming pool |
| banquet halls |
| restaurants |
| cafe |
| bars |
| sky garden |
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.
January 2019
On 8 January 2019, a grand opening ceremony has held for the Kantharyar Centre and the five-star Wyndham Grand Yangon Hotel.
March 2019
During a session of parliament critical of low land lease fees collected by the government on 7 March, MP U Maung Maung Oo stated the developer is paying only Ks57 per sq ft per month.
May 2019
International Cinema operator JCGV has leased an entire floor at The Kantharyar Centre. The 2,000 sq m area was leased for a period of 10 years.
The Centre received a BCC in early 2019.
May 2020
Since the start of the Corona outbreak, no new tenants/costumers are accepted at the service apartment, which means the sale is closed for now and is expected to be re-opened in July.
As of May 2020, the leasing price of the service apartment varies as below:
- one bedroom: $3,000-$4,000
- two bedroom: $4,000-$5,500
- three bedroom: $5,500-$6,500
| Condominium | 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%), H2'18 (80%), H1'19 (75%), H1'20 (98%) |
| Serviced apartment | H1'19 (82%) |
| Office | 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% (H1'19) |
| Retail | 70% (H1'20) |
| Component | Pricing/ per sq ft |
| Condominium | Ks280,000 (H1'17), Ks270,000 ($200) (H2'17), $200 (H2'18), $100-$132 (April 2019), Ks320,000 ($213)-Ks335,000 ($223) (June 2019), Ks270,000 (H1'20) |
| Serviced apartment | $300-$330 (H2'18), $3,800-$6,600 (H1'19) |
| Office | $350-400 |
| Office (lease) | $55-75 (per sq m)(H1'17), $47 USD per sq m+ 1$ for each level (H2'17), $3 per sq ft per month (H1'19) |
| Retail (lease) | $35 per sq m (H1'20) |
| AGA Architects (Singapore) | Design |
| DHN Architect (Myanmar) | Design |
| Rankine & Hill (Singapore) | Structure |
| Thihayarzar Civil and Structural Consultants (Myanmar) | Structure |
| U San Tint (Myanmar) | Structure |
| Fuji Elevator | Elevator |
| Bintain Kindenko | Sub-con (M&E) for the residential tower only |
