Myanmar’s private-run Yoma Strategic Holdings has made a deal with two global construction companies to build Yoma Central and Peninsula Yangon on the land plot of former headquarters of Myanmar Railways, the official Global New Light of Myanmar reports.
The combined projects worth of 400 million U.S. dollars will be built in a 4.05-hectare plot in the heart of downtown Yangon.
Yoma Central will include residences, high-grade office towers, a business hotel, service apartments and retail shops and the project will be implemented by the BTJV Myanmar, a joint venture between Dragages Singapore Pte Ltd and Taisei Corporation.
The Peninsula Yangon will be build by BYMA Pte Ltd, a joint venture between Dragages Singapore Pte Ltd and Yoma Company.
The two projects, one of the largest foreign direct investment in Myanmar’s real estate sector, is expected to be completed in 2021, the report added.
According to official statistics, Singapore’s investment in Myanmar reached 18.599 billion U.S. dollars as of October 2017 since late 1988, ranking the second after China in foreign investors’ line-up.
Meanwhile. foreign investment in the sector of real estate amounted to 4.816 billion U.S. dollars as of the same period, ranking the 5th sectorally.