Retail space in new Yangon theme park in hot demand

A shopping centre due to open later this month in Yangon’s new Fun Valley Theme Park has been booked out by businesspeople hoping to capitalise on the amusement park’s popularity.

The Kantharyar Shopping Centre will open on November 27 to include retail space, a supermarket, three cinemas, beauty salons and family KTV, said sales and marketing manager U Thet Htun Zaw.

Of the 49 shops in the theme park, only two small spaces remain available for rent, he said, adding that retail space in the shopping centre is now fully booked.

Phoo Pwint San Company opened the theme park in Yangon’s North Okkalapa township at the start of last month.

Other than the outdated Happy World Amusement beside the People’s Park, this is the first theme park to open in Yangon and businesspeople are optimistic about its success.

“I am very interested in opening a shop at Fun Valley,” said Ma Thae Su Win of War Sar Bi hot dog shop. “Children and adults alike love fast food.” However, she is unable to afford the rent, which must be paid a year in advance.

Retail space costs K2000 to K4000 per square foot, depending on the location. Shops must hand over a year’s rent upfront, in addition to a deposit worth three months of rent.

For now, entrance to the park is free, though fees of K500 to K1000 may be introduced later, said U Thet Htun Zaw. Rides cost between K1000 and K2000 and a water park will open soon.

Since the park opened, it has had between 7000 and 8000 visitors, he said, adding that the company also has plans to open similar amusement parks in Mandalay and Taunggyi.

“In North Okkalapa there are no good recreation options and some of the parks are not enjoyable to spend time in, so we decided to open the park here,” he said.

“It’s aimed at both children and adults, and all of our games and rides are the latest editions.”