The Charoen Pokphand Group Co. Ltd., of Thailand have announced they are to purchase an 8 storey office building in Yangon. The project has a reported value approaching $15m.
The group had noted the steady growth in demand for office space in Yangon, which prompted the investment. Company officials stated that they estimate the project will pay for itself in 5 years. The rental rates forecast are $60-80 per sq. metre per month. In Yangon, some rentals are already commanding $80 per sq metre. This is the first of a series of large international investments by the group, planned over the next 24 months.
Charoen Pokphand Group (CPF:TB Bangkok) is an industrial conglomerate, active in many sectors including, agribusiness and food, retail and distribution and telecommunications. The group has also announced plans to expand in other countries including Vietnam, Laos, Cambodia and Europe. Annual revenue for the group in 2013 was US $ 41 Billion.