Colliers International Myanmar and Noble Twin Dragons Co., Ltd. (Ruby Dragon Group of Companies) entered an exclusive investment representation agreement for Pyay Tower and Pyay Residences. The upcoming mixed use commercial and residential project sits on a 2.16-acre freehold land, located in one of Yangon’s premium addresses.
Designed as a prime landmark development, the project is envisioned to host an iconic 18-level Grade A office tower, sitting on top of a five-level shopping mall. This will be supported bya 219-unit residential tower, branded as premium serviced apartments to be offered for lease and sale. The developer (Noble Twin Dragons) behind the project is the upscale property arm of the Ruby Dragon Group of Companies. The group's expansion into the real estate sector has capitalized on the property growth opportunities presented by Myanmar’s progressive strides over the recent years.
On August 20, 2020, Colliers Managing Director, Mr. Karlo Pobre and Noble Twin Dragons’ Chief Operating Officer, Mrs. Jennifer Janeth inked the official partnership at Noble Twin Dragons head office in Yangon. The ceremony was attended by the management ofNoble Twin Dragons Co., Ltd. and the executives from Colliers investment and capital market division. Colliers is tasked to exclusively represent the property to potential investors or joint venture partners.
In an interview during the signing ceremony, Mr. Karlo Pobre said, “The project’s key value proposition is its location being along Pyay road, in the middle of a growing business district in North Yangon. We are now reassessing and revamping the project offerings, making it a more ideal investment for potential partners looking for long term opportunities in Myanmar.
Meanwhile, Mrs. Jennifer Janeth commented, “Noble Twin Dragons is excited to have Colliers on board to represent us exclusively. We believe in the capabilities they can bring to the table and we look forward to continue working with them on our future projects”
To date, Colliers Capital Markets’ team in Myanmar has more than 60 investment listings across the country amounting to over USD900 million worth of investment value, consisted largely of mixed-used projects, hotels, resorts, serviced apartments, as well commercial and industrial properties and land. Colliers also exclusively represents five properties the latest of which is Pyay Tower and Pyay Residences.