Through two acquisition phases completed on 20 Dec 2016 and 27 Feb 2017 respectively, ETC Singapore has, through its wholly-owned subsidiary, DAS, acquired an effective 49.0% equity stake in Golden Land Real Estate Development Company Limited (“Golden Land”) for an aggregate consideration of US$24.9 million. Golden Land is the developer of the Golden City project, a luxury mixed-use development with an estimated gross floor area of approximately 3.6 million square feet in the Yankin township of Yangon, Myanmar.
Towering at an unprecedented height of 33 storeys, the iconic development offers unobstructed views of key landmarks including the Shwedagon Pagoda and the Inya Lake. Its vicinity area contains prestigious real estate and lifestyle amenities, including five-star hotels, fine dining, international schools, hospitals, embassies, and office headquarters of multinational corporations. Since its inception, the project has been actively engaging the local community through the Golden City Charity Foundation, donations, volunteer work, and other corporate social responsibility activities.
The development of this brownfield project has four distinct phases, with the initial two phases comprising residential blocks and the final two phases set aside for other uses including commercial. As at 31 December 2017, the construction of the first phase has been completed, while the sales for the first two phases, having commenced in 1Q2014 and 1H2015 respectively, are ongoing.
Since its inception, the project has also been actively engaging the local community through the Golden City Charity Foundation, donations, volunteer work, and other CSR activities.