22 Sep '14, 6am

Oxley unit signs agreement on Myanmar project that'll build a 20-storey commercial & residential development called..

A SUBSIDIARY of property developer Oxley Holdings has signed an agreement on a Myanmar project. Oxley Myanmar will build a 20-storey commercial and residential development called Min Residence in Mayangon Township in northern Yangon. The project will last around three years. It will be on a 3,185-acre (1,289- hectare) plot of land owned by U Yang Ho. Oxley will pay for the construction cost of the project, to be determined after contracts are awarded to contractors and design consultants. It will clear the land, procure all construction works, appoint engineers, design, and advise on the marketing of the project. It will split profits evenly with the land owner after deducting from sales proceeds a "land utilising cost" of US$58.9 million , and all construction costs and government taxes and fees, as well as other expenses. If the project is not profitable, the shortfall w...

Full article: http://www.stproperty.sg/articles-property/overseas-prope...

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