NEWS RELEASE
Colliers International in Myanmar and Youth Force Group of Companies enter an exclusive representation agreement for June XI Business Centre. The heritage development, located along Pyay Road, also in an upcoming business district near downtown, is being offered at a 50-year long term lease. It consists of three heritage listed buildings ideal for commercial uses and a newly-built serviced apartment.
Built between 1921 and 1922 originally called Prome Court, the development served as a residential complex and conveniently close to the Pegu Club. It was taken over by the Ministry of Foreign Affairs after the independence in 1948. Currently, Youth Force Hotel, a subsidiary under the Youth Force Group of Companies, holds the long-term leasehold right for the property. The group has also taken responsibility for regularly repairing and maintaining the property now called, June XI Business Centre.
On June 9, 2020, Colliers Managing Director, Mr. Karlo Pobre and Youth Force Group of Companies’ Managing Director, Daw Mya Mya Phyo inked the official partnership at Lotte Hotel in Yangon. The ceremony was attended by the senior management of Youth Force Group and the executives from Colliers investment and capital market division. Colliers is tasked to exclusively represent the property to potential investors looking at repurposing the development for commercial and residential uses.
Mr. Nay Aung Kyaw, Capital Markets executive from Colliers said, “This is the one-of-its-kind building in Yangon. We can hardly find such a heritage building with commercial significance in the prime area of the city. It is our privilege to be able to represent Youth Force Group as we welcome investors to participate in this rare opportunity.”
As of June 2020, Colliers Capital Markets’ team has more than 50 investment listings across the country amounting to over USD700 million worth of investment value, consisted largely of several hotel, serviced apartment, industrial and commercial land and properties. Colliers also exclusively represents five investment commercial properties the latest of which is June XI Business Centre.
