YANGON, Oct. 7 (Xinhua) -- Myanmar Pharmaceutical Industrial Enterprise (MPIE) and a consortium of two local Myanmar companies and a Japanese company on Saturday signed an agreement to build a high-rise structure on the land owned by MPIE in Tamway, Yangon, the official Global New Light of Myanmar reported Sunday.
The consortium, named NSKRE Residence (Myanmar), involves the Japanese company of Nippon Steel Kowa Real Estate, and two local Myanmar companies Mann Myanmar Family Ltd and Asia Business Solution Co Ltd.
Under the 50-year land lease agreement signed on Saturday, the 12-storey structural building will be constructed under the build-operate-transfer (BOT) system and is set to include 230 apartments, a fitness center, a mini-mart, restaurants, business offices and a car parking lot.
The land lease was permitted by the Myanmar Investment Commission, the report added.
A foreign investment survey revealed that businesses from South Korea, Malaysia, Indonesia, Japan and China have invested in the real estate market in Myanmar.
According to official figures, foreign investment in Myanmar's real estate sector amounted to 5.171 billion U.S. dollars, sharing 6.69 percent of the total foreign investment as of the end of August.