Consortium set to build 12 story high-rise in Yangon


Construction laborers working on a building site in Yangon. Photo: Ye Aung Thu/AFP

Myanmar Pharmaceutical Industrial Enterprise (MPIE) and a consortium of two local Myanmar companies and a Japanese company on Saturday signed an agreement to build a high-rise structure on the land owned by MPIE in Tamway, Yangon, Xinhua reported quoting state media.

The consortium, named NSKRE Residence (Myanmar), involves the Japanese company of Nippon Steel Kowa Real Estate, and two local Myanmar companies Mann Myanmar Family Ltd and Asia Business Solution Co Ltd.

Under the 50-year land lease agreement signed on Saturday, the 12-storey structural building will be constructed under the build-operate-transfer (BOT) system and is set to include 230 apartments, a fitness center, a mini-mart, restaurants, business offices and a car parking lot.

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