Singapore-listed Yoma Strategic has signed a memorandum of understanding with Japan’s Mitsubishi Corporation and Mitsubishi Estate to invest in its Landmark property development in downtown Yangon.
The project will see two million square feet of mixed-use residential, commercial, retail and hospitality developments built on a 10-acre property next to Bogyoke market in Yangon’s downtown area.
Yoma CEO Andrew Rickards said it hopes the project will become “the focal point” of Yangon’s business district after announcing the project on October 2.
“We believe the experience and expertise of Mitsubishi Corporation and Mitsubishi Estate in developing large scale mixed-use developments worldwide will help the project to achieve the highest global standards,” he said in a press release.
The Landmark project involves demolishing the Grand Mee Ya Hta Hotel to make way for the development. The former Burma Railways Headquarters will also be transformed into a Peninsula Hotel by Yoma, though Mitsubishi will not be involved in this aspect of the project, the press release said.
Company officials pegged the total cost at US$350 million in an interview with The Myanmar Times last year.
Yoma is a Singapore-listed but Myanmar-focused firm, chaired by prominent entrepreneur Serge Pun.
Source: Myanmar Times