Yoma Strategic Holdings has signed construction contracts worth more than US$400mn for its Yoma Central and The Peninsula Yangon projects in downtown Yangon, the Singapore-listed company said.
The contract work includes civil, structural, architectural, mechanical, electrical, plumbing and heritage works, it said in a regulatory filing.
Yoma Central, designed by veteran Sri Lankan engineer and designer Cecil Balmond, is made up of two grade A office towers, a business hotel and serviced apartments connected by a retail podium.
The project will be developed under Meeyahta Development Ltd, a joint-venture between Yoma Strategic, First Myanmar Investment Company (FMIC), several companies under Mitsubishi, the International Finance Corporation and the Asia Development Bank.
The building contractor is BTJV Myanmar Company, which is a joint venture between Bouygues subsidiary Dragages Singapore and Taisei Corporation, one of Japan’s oldest and largest building construction and civil engineering companies.
Cyrus Pun, Executive Director of Yoma Strategic remarked: "Yoma Central is considered one of the largest foreign direct investments in Myanmar's real estate sector with an investment of more than US$700mn.
“It is important that we bring in world class civil and engineering expertise to develop this flagship Yangon property.
“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."
The integrated real estate development will have a total floor area of about 226,600 sqm.
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.
The second project, The Peninsula Yangon, is the former headquarters of the Burma Railway Company which will be restored into a luxury hotel.
The project is a joint venture between the Hongkong and Shanghai Hotels, Yoma Strategic and FMIC.
This project will be developed by BYMA, which is a joint venture between Dragages Singapore and Yoma Strategic.
Conservation works including the dismantling, cataloguing and storing of all windows, doors, balconies, cast iron and other architectural items have been completed.
Both projects sit on an approximately 10-acre site in downtown Yangon. The group said yesterday they are considered one of the most ambitious developments in Yangon's modern time.