An impression of what the HAGL Myanmar Centre will look like. PHOTO/ HAGL MYANMAR CENTRE
A consultancy firm linked to Singapore billionaire Peter Lim has reportedly pulled out of a deal to build the $550-million HAGL Myanmar Centre, one of Yangon’s largest mixed-use property projects.
Rowsley had inked an agreement in February to invest $275 million for a 50 per cent stake in the company behind the development, projected to span 73,000 acres near to Inya Lake and encompass a five-star hotel, mall, apartments and office blocks
But Rowsley, in which Lim holds a 49.55 per cent stake, has since called off the pact with Vietnamese partner Hoang Anh Gia Lai Joint Stock Company (HAGL), according to DealStreet Asia.
“The company will not enter into the proposed joint venture as the conditions precedent under the Heads of Terms Agreement have not been satisfied. The company will continue to explore other development and investment opportunities,” the website quoted Rowsley as saying in a filing with the Singapore stock exchange.
