SINGAPORE (June 1): Golden Glory Group, a developer of Myanmar real estate, is planning an initial public offering in Singapore this year as the opening of the frontier market spurs property demand in Southeast Asia’s fastest-growing economy.

The Singapore-based company is targeting an US$80 million to US$100 million ($110-$138 million) initial share sale, raising capital to help fund land bank acquisitions in Myanmar, Chief Executive Officer Christopher Wu said in an interview in Yangon.

Myanmar’s economic opening is creating opportunities for property developers like Golden Glory, whose fundraising efforts could also offer foreign investors a way to participate in the country’s growth. Golden Glory is currently developing a mixed-development project in Yangon called Polo Club (Asia) Residence and an industrial park about 20 kilometers from the capital Naypyidaw.

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