November
30, 2017
Yoma
Strategic Holdings signed an agreement Wednesday with two global construction
companies to build Yoma Central and The Peninsula Yangon on the grounds of the
former headquarters of Myanma Railway in Yangon, according to a report in the
Myawady Daily yesterday.
Both
projects, which are a combined luxury hotel and real estate development effort,
will be built on a 10-acre site in the heart of downtown Yangon. The value of
the two projects is over US$400 million and the contracts will include civil,
structural, architectural, mechanical, electrical, plumbing and heritage works.
Yoma
Central will include Peninsula-branded residences, two Grade “A” office towers,
a business hotel, service apartments and retail shops. The Yoma Central project
will be implemented jointly by BTJV Myanmar, a joint venture between Dragages
Singapore Pte Ltd. and Taisei Corporation.
The
Peninsula Yangon will be constructed by BYMA Pte Ltd., which is joint venture
between Dragages Singapore Pte Ltd. and Yoma company.
“This
project is one of the largest foreign direct investments in Myanmar’s real
estate sector with an investment of over US$700 million,” said Mr. Cyrus Pun,
the executive director from Yoma Strategic Holdings Ltd. The project is
expected to be completed in 2021, it is learnt.
GNLM
Ref;
The Global New Light of Myanmar
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