CONSTRUCTION on a 12-storey commercial and residential building on Pazundaung Street in downtown Yangon will be finished in June, six months later than originally planned due to the general business circumstances in the property market.

“Our plaza will be ready to open in June,” said U Ngwe Toe, the general manager of the Chan Tha Construction Company, which is developing the project.

The first three stories will contain a shopping mall, while the fourth through 12th stories will hold a total of 32 three-bedroom apartments in sizes starting at 1800 square feet.

“As our plaza is in a good location – in the downtown area, and the first shopping mall in the Pazundaung area – 75 per cent of our commercial area has already been reserved,” said U Ngwe Toe.

“We will rent space for K1000 a square foot on the ground floor, K700 a square foot on the first floor and K500 a square foot on the second floor,” he said.
Each apartment on the upper floors will be sold for K45 million.