Name: Shangri-La Twin Towers
Developer: Malaysian billionaire Robert Kuok’s Shangri-la Yangon Company Limited
Location: Southern fringe of Kandawgyi Lake, Yangon
Number of Floors: 21
Description: Two 21-storey towers of 120 apartments each. The apartments are surrounded by 15 acres of landscaped gardens and will offer a range of recreational facilities, including a gym, swimming pool, tennis courts and a mini mart

The two Shangri-la owned towers on the southern edge of Kandawgyi Lake. The Malaysia-backed group plans to revive the project, mothballed after the Asian Financial Crisis, within two-and-a-half years, turning the towers into serviced apartments. Pic: Kaung Htet

http://www.mmtimes.com/2012/news/612/tower.gif
http://www.mmtimes.com/2012/news/612/tower.gif

Yes, they already have Traders Hotel and looks like a welcome addition to the hospitality sector with 100% occupancy. They need to get it up and running earlier than 2 and a half years however.

Is this project resume? :)

I will check. Not when I visited a month ago.

Good if you can bring us more updates, thanks :)

Shangri-La Residence to open soon in Yangon

http://elevenmyanmar.com/business/2444-shangri-la-residence-to-open-soon-in-yangon

http://elevenmyanmar.com/images/stories/Feb13/shangrila.st.jpg

Hong Kong-based Shangri-La Group will open Shangri-La Residence in Yangon in the third quarter of 2013, according to sources.

The residence located near Kandawgyi Lake, one of two major lakes in Yangon, will consist of two towers with 240 flats in total.

The Shangri-La Hotels and Resorts is Asia Pacific's leading luxury hotel group.

“The deadline for completion is in the third quarter this year,” said Phyo May Win, the communications manager for Traders Hotel in Yangon on February 9.

The residence will provide services such as room services, swimming pool, fitness centre, shopping arcade, meeting and banquet facilities, massage and spa services, pastry and wine shop, dining facilities and baby-sitting services as well as long-term room rental service.

A recent press release from the ministry of hotels and tourism showed that the residence will include two high-class hotels as well as office spaces and shops.

The residence development project was suspended in 1998 due to the Asian financial crisis in 1997 and restarted in 2012.

In the years after its suspension, rumors were widespread that it was stopped due to unusual condition of the ground upon which the construction was existed.

The Shangri-La Group dismissed the rumors officially.

Shangri-La targets Q3 for Yangon serviced apartments

http://www.mmtimes.com/index.php/business/property-news/4114-shangri-la-targets-q3-for-yangon-serviced-apartments.html

One of the Shangri-La owned towers beside Kandawgyi Lake. (Kaung Htet/The Myanmar Times)
http://www.mmtimes.com/images/mte/2013/666/kandawgyi-shangri-la-tower.jpg

Shangri-la Residences Yangon, a twin tower project beside Kandawgyi Lake, is on target to be ready by the third quarter of this year, a company official said last week.

Shangri-La Residences includes two 21-storey towers of 120 apartments each. The apartments are surrounded by 15 acres of landscaped gardens and will offer a range of recreational facilities, including a gym, swimming pool, tennis courts and a mini mart, the developer says.

Communications manager Ma Phyo May Win said the project had been restarted – work first began in the late 1990s – to cater to the growing demand for upscale serviced apartments.

“Accommodation in Yangon is in short supply so we chose to make it a residential project when we restarted it,” she said.

However, she declined to say when an adjoining hotel project would be completed.

The Ministry of Hotels and Tourism says the hotel will include 800 rooms, along with a supermarket and offices

Shangri-La is also developing Traders Square Commercial Complex beside Traders Hotel, with a targeted completion date of 2015. The multi-storey commercial tower will offer offices, retails space and underground parking, and will be linked to Traders Hotel.

Singapore firms to increase investments in Myanmar’s hotels and constructions

http://www.elevenmyanmar.com/business/3071-singapore-firms-to-increase-investments-in-myanmar-s-hotels-and-constructions

Singapore-based Shangrila Group's hotel construction site in Yangon

http://www.elevenmyanmar.com/images/stories/2013/april/bi/b6_1_zyh_hotels.jpg

More investments from Singapore, the country’s sixth largest investor, will focus on civil constructions and hotel industry of Myanmar, according to the businessmen at Singapore-Myanmar Business Forum in Yangon on April 4.

Tan Soon Kim, International Enterprise (IE) Singapore’s Southeast Asia Division’s Director, said that Myanmar needs more hotels and infrastructure to accommodate the needs of its growing tourism industry.

He pointed out that Myanmar will chair World Economic Forum 2013 in Nay Pyi Taw in June, and will host Southeast Asia Games in December. Besides, it will become the chairman of the Association of South East Asian Nations in 2014, all these indicating possible surge in the number of tourists to Myanmar.

Thus, IE Singapore is interested to invest in constructions and hotel businesses in Myanmar, he added.

However, there are still possible land issues for foreign investors in Myanmar and most investors will require to make joint-ventures with local companies, Aung Lwin, Deputy Chairman of the Republic of Union of Myanmar Federation of Chambers of Commerce and Industries (UMFCCI), said.

Tan Soon Kim said as IE Singapore has opened its overseas centre in Yangon, it will be able to coordinate such joint ventures between Singapore and Myanmar firms.

IE Singapore’s overseas centre will also help other Singapore firms invest in infrastructural developments of Myanmar such as construction and transportation as well as manufacturing and trading.

IE Singapore had led business delegations to Myanmar, and raised awareness of business opportunities in Myanmar among Singapore firms.

Singapore-Myanmar Business Forum which was attended by both business and government leaders of both sides was also organized by IE Singapore, taking support from the two countries’ chambers of commerce.

Singapore is currently the third largest trading partner of Myanmar. In 2012, its bilateral trade with Myanmar rose to 1.8 billion up from 1.6 billion in 2011.

http://www.htemm.com/upload/2013/04/06/shangri-laresidencesoftscape_1365220483.jpg

http://www.htemm.com/upload/2013/04/06/shangri-laresidencesoftscape_1365220483.jpg