Jakarta. State-owned construction company Wijaya Karya, or Wika, has signed a $125 million contract with Noble Twin Dragons to build the Pyay Tower & Residences in Yangon, Myanmar.
“The contract was signed today in Singapore,” Suradi, Wika’s corporate secretary, told Investor Daily on Wednesday.
The company will start building next month and plans to complete it by 2017.
Suradi said the Pyay Tower, which is located in one of Yangon’s prime real estate areas, will have 23 floors plus a three-floor basement. There will be a commercial area, apartments and offices.
The project marks the first cooperation between Wika and Noble Twin Dragons, a joint venture from Singapore and Myanmar.
But Wika president Bintang Perbowo said the firm already had Rp 11.5 trillion ($975 million) worth of new orders signed so far this year — 75 percent from private companies and the remainder are government projects.
Among the company’s major projects are contracts with state-owned energy company Pertamina, state-controlled coal miner Bukit Asam and Soekarno-Hatta International Airport.
Source: Jakarta Globe