Myint & Associates Construction Company Ltd has announced the successful signing of the Australian Embassy to Myanmar as a major tenant in their flagship development, Vantage Tower.
The deal was negotiated with the Department of Foreign Affairs and Trade of the Government of the Commonwealth of Australia in Canberra and will result in the relocation of the Australian Embassy from their current office on the Strand Road to Levels 11, 12, 13 and 14 of the new building. The Embassy intends on housing its consular services, its offices, its diplomatic services and a medical centre within the 33,361 sq-ft of occupied area.
Vantage Tower, a 236,144 sq-ft (21,938 sq-m) GFA mixed-use building, has now received its Building Completion Certificate and is ready for tenant occupation. The property is located on the prestigious Pyay Road over-looking the western edge of Inya Lake, Yangon’s most scenic area. During the first inaugural 2015 Myanmar Property Awards, Vantage Tower was awarded Best Office Architectural Design, Best Office Building, and the much coveted Best Commercial Development.
“We are extremely pleased to have signed this lease with the Australian Embassy”, says Hugo Slade, Managing Director of Slade Property Services, “The reasons for the Embassy choosing Vantage Tower are the strategic location, the high quality building specification, the world-class supporting infrastructure – such as 100% redundancy back-up power and high speed fibre-optic internet connection – provided by the Tier III Data Centre, certified by the Uptime Institute of the USA, and the high-tech building management and security systems that are being implemented that make this building one of the safest in Myanmar.”
“The signing of the lease with the Australian Embassy is a significant achievement for us. The due diligence process undertaken by the Australian Embassy was very comprehensive and detailed and I am proud of the fact that Vantage Tower both met and surpassed all expectations,” stated U Soe Khine, General Manager of Myint & Associates. U Soe Khine also mentioned that “once the Australian Embassy commences occupation, we look forward to further exceeding expectations from a building management and operations point of view and intend to build a long lasting relationship with them.”
Vantage Tower has approximately 20,000 sqft of office space remaining available for lease, with a significant amount of demand coming from international tenants and other Embassies. “The property offers good value for money. Our rental rates are not opportunistic, but rather reflect the high quality of the building and the supporting facilities that no other property can offer in this market. The developer has invested a significant amount of time and resources into making sure that this property has all of the necessary car parking, technology and facilities to ensure that all tenants enjoy consistent business operation and minimum disruption” Slade added.