Singapore-based SCCP Lakeside Co will invest in a three-star hotel project in Hlaing Township in Yangon.
Myanmar Investment Commission (MIC) gave the green light to the company on April 10, after approval by respective regional and government ministries.
At the meeting, the MIC also granted approval for a 14-storey hotel project which will be run under the Myanmar Citizen Investment Law.
The year 2014 has seen a steady inflow of foreign investment in Myanmar’s manufacturing and garment industry as well as hotels and tourism.
The Ministry of Hotels and Tourism has counted 26 new hotel projects being initiated with foreign investment, providing an additional 3,800 serviceable rooms across the country.
Source: ELEVEN Myanmar