The Hoang Anh Gia Lai Group, property developers in Vietnam, broke ground on the US$440 million eight hectare Hoang Anh Gia Lai Myanmar complex center in Yangon City in Myanmar.
Construction will be divided into two phases, with the first stage intended to establish a commercial center, a 23 floor five-star hotel with 480 rooms, and a 27-story office building for lease.
The second phase will set up four building blocks over 206,000 square meters comprising of 1,800 apartments and another office building for lease over nearly 64,000 square meters.
The center is expected to complete by 2016.
Speaking at the groundbreaking ceremony, representatives of the Myanmar government said that the Hoang Anh Gia Lai - Myanmar Center will be Myanmar’s largest overseas investment project.
Industry and Trade Minister Vu Huy Hoang participated in the ceremony on behalf of the Vietnamese Government.