August 19, 2016

Large Mixed-Use Redevelopment Project in Yangon led by Mitsubishi groups

Image of completed redevelopment project in Yangon.
Image of completed redevelopment project in Yangon.

A large mixed used redevelopment project in Yangon is to be led by Mitsubishi Corporation and Mitsubishi Estate. The project will take place around the Yangon Railway Station to develop a commercial, real estate and hotel hub, according to the press release.
Local groups Yoma Strategic Holdings Ltd. (Yoma) and First Myanmar Investment Co., Ltd. (FMI) will also be involved in the project. Two office buildings, one condominium, one building combining a hotel and serviced apartments, with commercial facilities being installed on the lower floors of each building, across a total floor area of over 200,000 m².
Japan Overseas Infrastructure Investment Corporation is for Transport & Urban Development (JOIN). The Project will be JOIN’s first equity participation project in the field of overseas urban development. The Japanese Partners will work with Yoma and FMI to establish a local project company. The Asian Development Bank (ADB) and the International Finance Corporation (IFC) will also make equity contributions, and the Local Project Company will borrow project funds from these two financial institutions to finance the Project.


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