NEW STORE TO LIFT BAHAN PRICES: AGENT

BAHAN township, already home to some of the priciest properties in Yangon, could see real estate prices rise further with the opening of a new shopping centre on Kabar Aye Pagoda Road, realtors say.

The six-storey Banner Store building a few hundred metres from Excel Tower will have a range of independent, branded stores on the lower two floors, with offices, storage space and staff training areas for the managing company, Sky Lion Trading Co., Ltd, on the upper levels.

Ma Nan Than Yi from Pan Thakin real estate agency said Bahan township had maintained a strong turnover of properties, both rentals and sales, while other parts of the city had stagnated.

Activity in the area would be further bolstered by the opening of Banner Store on May 22, she said.

“Both rental and sale prices will increase, especially in places like Pyaywa Condo, east Shwegondaing, Excel Tower and along Kaba Aye Pagoda Road,” she said.

Most condominiums in the area currently sell for between K50 million and K80 million, with rents set at around K200,000 to K450,000.

Ko Aung Ko Win, marketing manager for Unity real estate agency, said the area was attractive to both shop and home buyers due to its reputation as a shopping destination and its proximity to downtown.

“This area is a main commercial zone and the opening of such a store on Kaba Aye Pagoda Road hints at an increase in rental prices. Once it opens, rents will rise five to 10 percent on that main road,” he said.

Sky Lion Trading marketing manager U Myint Swe said the company also expected the Banner Store to push up real estate prices in the neighbourhood, which he said was one of the areas leading the city in the trend towards more modern lifestyles.

“Although demand for supermarkets is still weak here compared with other countries, we’re opening this store as a sign of the growing popularity (of this type of shopping experience) and changes in lifestyle.

“The ground floor will be a food section and the second floor for electronics, cosmetics, kitchenware, beverages and fancy accessories. Depending on how sales are, we’ll extend the shopping area to the third floor within three to six months,” U Myint Swe said.

The building also has basement car parking.

A second Banner Store mall was planned for Yangon, likely in the downtown area, and one for Mandalay before the end of the year, he added.

Sky Lion Trading is a member of the Chinese Tiens Group, which has subsidiaries and branches in over 105 countries and regions.

Posted: December 12th, 2007 under Banner Store1.
Comments: none