After obtaining approval from the Myanmar Investment Commission (MIC) in August, South Korean conglomerate Hanwha Corporation has started their project to build a massive three-tower inclusive community called Tritone at the 8-mile area of Yangon. While the construction is still in its infancy, the firm claims that customers have been lining up to purchase the ultra-luxurious condominiums to be completed in late 2018. The customers can expect to move into their units in early 2019.
Aung Kyaw Moe, Senior Manager of Hanwha’s marketing division said that nearly 100 units have already been sold out. Our target customers are Myanmar people, but there will be investors from other countries who are keen to invest in this emerging market. The firm also expects for an influx of foreign investments coming to Myanmar in the next few years, but even without them, it hopes to have 90 percent of their units sold before they officially open. The prices of the residential units ensure a certain level of affluence from its buyers, with prices ranging from $450,000 to $630,000 for a unit. If customers really want to enjoy the high life, they can dig deep for the $1-million penthouses. The company offers a zero-percent financing plan in which the buyer will pay off the entire cost of the unit over the course of 36 months.
He also added that if the buyer’s residential unit is not ready due to unforeseen complications in the construction, the buyer is guaranteed the Central Bank of Myanmar’s current interest rate on the amount of money they have already invested into the new residential unit. He envisions surrounding area of Tritone will become a center of business, citing the difficulties and congestion of working in downtown.
All three towers will include a five-storey underground car park as well as an additional sixth floor of shopping and entertainment enterprises. The first two 30-storey towers will have the remaining 24 floors serve as residential units. The third tower, slightly smaller with 22-storeys, will house multi-function rooms such as office and living spaces combined.
Since its foundation in 1952, Hanwha Group has developed into one of the largest and most diversified business conglomerates of South Korea. The group has a global footprint with business activity predominantly in Asia, Europe and North America. The firm gained experience particularly in city development. Hanwha showcases its models of the tritone towers at their showroom on Pyay road in Mayangone Township.