Source: by Inside Retail Asia on November 18, 2014
The Philippines’ giant property developer Ayala Group is to build a new mall in Myanmar in a joint venture with local supermarket operator City Mart.
The mixed use project will be constructed in Yangon and follows an earlier commitment by Ayala Group to construct a US$30 million residential project in the fast opening-up nation.
“I think what City Mart wants to do is they have properties that they want to convert. If I’m not mistaken, they plan retail establishments in Yangon,” Paolo Borromeo, Ayala Corp’s head of corporate strategy, told websiteInteraksyon.com in a briefing.
Final details of the project have yet to be finalised.
“One of the big learnings for going abroad is the importance of partnerships in certain countries where you don’t know much about,” Borromeo said.
Ayala Group is committed to pursuing opportunities outside its home market, providing expertise to local companies in developing markets. It is also eyeing opportunities in Vietnam.
“Our strategy is a bit different. We try to wait. We’re more patient when it comes to international business and we’ll take the opportunities as they come,” Borromeo told Interaksyon.com.