Yoma Strategic Holdings has signed construction contracts worth more than US$400 million for its Yoma Central and Peninsula Yangon projects in downtown Yangon, the Singapore-listed company said.
The projects, on a site covering about 10 acres on Bogyoke Aung San Road, were “considered one of the most ambitious” building developments in modern Yangon, Yoma Strategic said in a November 29 news release.
It said the mixed-use Yoma Central project would be built by BTJV Myanmar Co Ltd, a joint venture between Dragages Singapore Pte Ltd, a subsidiary of French company Bouygues Construction and Japan’s Tasei Corporation.
The Peninsula Yangon luxury hotel project, in the former Burma Railway Company headquarters, will be built by BYMA Pte, a joint venture between Dragages Singapore and the Yoma group, which includes SPA Group.
“Yoma Central is considered one of the largest foreign direct investments in Myanmar’s real estate sector with an investment of more than US$700 million,” said Mr Cyrus Pun, executive director of Yoma Strategic.
“It is important that we bring in world class civil and engineering expertise to develop this flagship Yangon property,” Pun said.
“Bouygues Construction has unrivalled experiences in the field of heritage conservation, coming from a history of restoration projects which includes some of the most prestigious historic hotels in Europe. Japan’s Taisei Corporation is one of the oldest and biggest construction
companies in Japan and was involved in the new Doha International Airport in Qatar, and the construction of the new national stadium in Japan,” he said.
Work has begun at the site, where Yoma Strategic held a groundbreaking ceremony in February after receiving Myanmar Investment Commission approval for the project, and has included the demolition of FMI Centre and the Grand Meeyahta executive residences.
Conservation work at the former Burma Railway headquarters has included dismantling, cataloguing and storing all windows, doors, balconies, cast iron and other architectural features, the news release said.