Home Insider Insider News HAGL Postpones Transfer Date of “The Lake Suites”

HAGL Postpones Transfer Date of “The Lake Suites”

H o a n g A n h G i a L a i M y a n m a r implementing Myanmar Centre postpones the construction period of second phases apparently to increase investment value for investors and competes in market.

Second phase of Myanmar Centre including office building’s Area (nearly 30,000 square meters) expands to a shopping center which includes cinema, hypermarket, entertainment centers and other services. Due to new rules and procedures concerned with applying of constructing high level building, the project took long and the objective of postponing the transfer date is to protect for the potential residents at the Lake Suites.

HAGL Myanmar’s Managing Director, Thinh Cao Duy said, “There are many reasons to take more time for the project. I believe this action will be created a unique opportunities and more convenient for the residents of the Lake Suites and lessee of Myanmar Center.” In addition, he said, “Investors of residential buildings can protect the value of their apartments and for lessee, it can provide higher living standard and for investors, they can achieve more return on investment in future. I firmly believe on these. We decided to do because it supports investors with a great opportunities in long-term even though it currently experiences long┬álasting.

They experienced new rules and regulations regarding construction of high level buildings. In addition, designs are renewed to re-design the 30, 000 square meters wide of office premise. After that, they got permission from Myanmar Investment Commission (MIC).

According to lease contract of Lake Suites, it reveals to pay penalty for postponing the transfer date of six months to one year or more than one year. Thus, they must pay penalty for investors when the date is beyond the prescribed date in contract. After postponing the first six months, they pay one percent yearly and 2.5 percent yearly for next one year as penalties respectively. It is calculated based on the value of apartments investors purchased.