Mandalay still an opportune site for condo, retail development
Historic Myanmar city is ready for modern shopping centres and apartments at the right price points
Large land parcels in Mandalay have great potential for condominium developments and modern retail projects, according to Colliers International Myanmar analysts.
The selling price of condominiums in Myanmar’s former royal capital has already hit USD1,023 per square metre on average at the end of 2018, with cumulative take-up rate estimated at 74 percent, reported Karlo Porbre, the consultancy’s managing director.
Meanwhile, retail stock in the city jumped 9.3 percent year-on-year in 2018. However, the city still has a paucity of projects combining residential and retail components.
More: The birthplace of the Pegu Club cocktail opens its doors once more
“We see more demand for newly planned residential and business districts involving low and mid-rise buildings,” Pobre said. “The value proposition should be geared towards integrating quality facilities alongside retail components, a concept yet to materialise in Mandalay.”
Hospitality has been on the upswing in the city, with the number of hotel rooms surging eight percent annually in 2018. Approximately 218,901 visitors arrived in Mandalay in the first half of 2019, around 90,000 of whom consisted of Chinese, according to official figures.
Hpone Myint Thu, assistant research manager at Colliers International Myanmar, urged hoteliers to adjust the rates or push for differentiation in both services and offerings that are geared towards the rising number of Asian visitors.
“Moving forward, we recommend for investors to consider exploring business on industrial activities, while residential developments must be geared towards competitively priced low-rise apartments or landed residential communities,” he stated.
Recommended
Dewan Architects’ Mohammed Adib leads with human-centred design and technological innovation in the Middle East and beyond
Mohammed Adib channels his childhood curiosity and dislike for design uniformity into his work at Dewan Architects + Engineers
UAE real estate shifts focus to sustainability and quality, revitalising iconic projects
The UAE has risen from its challenges to emerge as a more sustainable, quality-focused destination
Exploring A Life By Design’s maximalist approach to interior design
Andrea Savage is embracing the maximalist trend with bold and vibrant interior designs
Jakarta’s emerging innovation hub integrates tech and healthcare sectors
The Digital Hub in BSD City is being positioned as Indonesia’s counterpart to Silicon Valley