Relex has officially finalized details and added a massive development project with a projected IRR of 58.88 percent to its real estate investment platform.
The Carlton East project will develop a neighborhood on the banks of the Bago River in Myanmar, creating a residential zone in one of the fastest growing GDP nations in the world.
Promoted by the Burmese government’s Urban Department of Housing and Development, this project is a major addition for the blockchain company Relex, which has recently made government partnerships in Belarus and Vietnam.
The Carlton East project is nestled between Yangon Central Business District and the Japanese-government invested Thilawar Special Economic Zone. It’s a 16 to 30 minute drive to Yangon’s, the capital city, central business district, making it prime location for new housing. Yangon is currently home to 5.21 million people.
Myanmar is currently experiencing an economic resurgence, with both the World Bank and the IMF predicting a GDP national growth rate of 7.7 percent annually until 2020, one of the highest in the entire world.
Myanmar’s real estate sector represents one of the most desirable and difficult-to-access asset classes in the world, especially for foreign investors. Relex Development, however, makes that access possible.
This is the first project that is permitted for foreign ownership (up to 40 percent of the condominium units above the sixth floor) by law.
A new electric power distribution substation will be built by the government for improved stabilized voltage supply for the new township. The government will also build a new railway station and build a new bus interchange within the project area, making commuting to the center city more accessible.
New infrastructure improvements (i.e. streets/roads, public domains, parks, educational institutes, police station, fire department, improved electricity and water distribution networks, telecommunication networks, etc.) will be built in the project area by the government.
Zayar Properties is seeking between $45 to $95 million USD in investment capital with a projected (conservative) IRR of 58.88 percent.
The project will be audited by PWC or an equivalent company. Profits will be determined annually every April and distributed at the end of the first quarter of each financial year.
The project schematics and model are currently on display in the Urban & Housing Development Gallery in Yangon, Myanmar.
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