Shwe Taung Real Estate Co. forms JV to develop shopping malls in Myanmar

Shwe Taung Real Estate Co. has entered into a joint venture with Japan’s AEON MALL Co. to invest, develop, manage and operate large-scale shopping malls in Yangon, Myanmar.

Shwe Taung holds a 30 percent stake in the joint venture, Aeon Mall Myanmar Co., and AEON MALL holds the remaining 70 percent stake.

Aeon Mall Myanmar Co. will develop the first AEON MALL in Myanmar in Dagon Seikkan Township, Yangon. The mall will be a large-scale shopping mall situated on a 17.632-acre plot, at the corner of Shwe Li Road and Ayeyarwun Road. The five-story shopping mall will have a gross floor area of about 1.2 million square feet and 2,300 parking spaces. It is expected to open in Yangon around 2023.

The agreement between Myanmar’s largest shopping mall owner and operator and Japan’s No.1 retailer is expected to shape the future of the shopping experience in Myanmar.

The joint venture plans to invest in the development and operation of more new malls in Myanmar