Hoang Anh Gia Lai Group began construction of a US$440 million property complex in the Myanmar city of Yangon in June. Interest in Myanmar is becoming more intense, according to Savills. — File Photo

HA NOI (Biz Hub) ― Property services provider Savills has announced further expansion of its South East Asia operations with the establishment of a new real estate consultancy in the region, and the move will be spearheaded by the company's Viet Nam office.

Viet Nam units would help leverage emerging market experience, including Laos, Cambodia and Myanmar, Savills Viet Nam said in a press release on Monday.

"This is a continuation of our vision to build strength into the ASEAN region as a precursor to the establishment of the new economic community (ASEAN EC) in 2015," said Chris Mariott, the CEO of Savills South East Asia.

Savills Viet Nam said that there had been an influx of investors seeking opportunities for early entry into Indochina and Myanmar, and they believed that these markets would be increasingly active in the coming years.

According to the company, Myanmar's Yangon market had performed particularly well, with interest in the Myanmar becoming more intense and foreign capital being injected into virtually every sector of this nation's economy.

Over the last year, office rents there have risen by 80 per cent, five-star hotel room rates have increased 70 per cent, serviced apartment rents have grown by half and quality retail has gone up 10 per cent. ― VNS