YANGON — Yoma Strategic Holdings has signed a framework agreement with the Ministry of Rail Transportation for lease extensions on its Landmark development in downtown Yangon that the Singapore-listed company had said were needed to make the US$440 million project viable.
“We are delighted to have extended our land lease for the main site of the Landmark Project,” Yoma Strategic chief executive officer Melvyn Pun said in a news release on January 4.
The framework agreement has paved the way for work to begin on the mixed-use development on the site of the former Burma Railways office that includes plans to transform the heritage building into a luxury hotel.
The project had been delayed for two years while Yoma sought the lease extensions to two plots, including one of 9.5 acres, on the 10-acre Bogyoke Aung San Road site.
Under the December 31 agreement, the ministry agreed to extend the master lease on one of the plots for 50 years, from January 1, 1998. The master lease on the other plot will be extended for 50 years from the same date subject to the approval of the Myanmar Investment Commission.
Plans for the project were unveiled in November 2012.