Relex Development, the world’s only real estate development cryptocurrency, has agreed to explore partnership and funding opportunities with Burmese developer Zayar Properties.

The Carlton East project will develop a neighborhood on the banks of the Bago River in Myanmar, creating a residential zone in one of the fastest growing GDP nations in the world. Further meetings with the Relex Development team are planned for late October.

The Carlton East project is nestled between Yangon Central Business District and the Japanese-government invested Thilawar Special Economic Zone. Myanmar is currently experiencing an economic resurgence, with both the World Bank and the IMF predicting a GDP national growth rate of 7.7 percent annually until 2020. This is one of the highest in the entire world.

Myanmar’s real estate sector represents one of the most desirable and difficult-to-access asset classes in the world. Relex Development, however, makes that access possible.

Not only could this be the first cryptocurrency neighborhood in Myanmar, but it’s also the first first project that is permitted for foreign ownership (up to 40 percent of the condominium units above the sixth floor) by law.

A new electric power distribution substation will be built by the government for improved stabilized voltage supply for the new township. The government will also build a new railway station and build a new bus interchange within the project area.

New infrastructure improvements (i.e. streets/roads, public domains, parks, educational institutes, police station, fire department, improved electricity and water distribution networks, telecommunication networks, etc.) will be built in the project area by the government.

Zayar Properties is seeking between $45 to $95 million USD in investment capital with a projected (conservative) IRR of 58.88 percent.

The project will be audited by PWC or an equivalent company. Profits will be determined annually every April and distributed at the end of the first quarter of each financial year.

The Carlton East project will launch for collaboration on the day of the proxy developer platform release, along with the university in Myanmar and a handful of projects in Vietnam.

Relex proxy developers will work with Zayar Properties on the Carlton project for a two-month period, after which the project will migrate onto the funding platform for investment shortly thereafter.

One future possibility of the partnership is to fund and develop the first cryptocurrency neighborhood in Eastern Yangon, Myanmar. Zayar Properties is considering cooperating with Relex Development and the government of Myanmar to create a neighborhood-wide cryptocurrency pilot program.

The potential pilot program would allow residents to use cryptocurrency for everyday purchases and pay their rent or leases. The program would create an overall cryptocurrency ecosystem in which the neighborhood comes to fruition.

According to Melvyn Pun of Yoma Strategic Holdings, Burmese people lack trust in banks.

“Banks are bypassed,” he said to a panel on CNBC. In order for Myanmar to grow, the country would need to “expand on non-bank services” and “leapfrog the traditional methods.”

The idea of being one’s own bank with cryptocurrency, therefore, would be very attractive to the citizens of Myanmar.