December 13, 2017

Yoma signs US$400 million contracts to build Yoma Central & The Peninsula Yangon

The construction of Yoma Central and The Peninsula Yangon seen in Yangon. Photo: Phoe Khwar
The construction of Yoma Central and The Peninsula Yangon seen in Yangon. Photo: Phoe Khwar

Yoma Strategic Holdings signed an agreement Wednesday with two global construction companies to build Yoma Central and The Peninsula Yangon on the grounds of the former headquarters of Myanma Railway in Yangon, according to a report in the Myawady Daily yesterday.
Both projects, which are a combined luxury hotel and real estate development effort, will be built on a 10-acre site in the heart of downtown Yangon. The value of the two projects is over US$400 million and the contracts will include civil, structural, architectural, mechanical, electrical, plumbing and heritage works.
Yoma Central will include Peninsula-branded residences, two Grade “A” office towers, a business hotel, service apartments and retail shops. The Yoma Central project will be implemented jointly by BTJV Myanmar, a joint venture between Dragages Singapore Pte Ltd. and Taisei Corporation.
The Peninsula Yangon will be constructed by BYMA Pte Ltd., which is joint venture between Dragages Singapore Pte Ltd. and Yoma company.
“This project is one of the largest foreign direct investments in Myanmar’s real estate sector with an investment of over US$700 million,” said Mr. Cyrus Pun, the executive director from Yoma Strategic Holdings Ltd. The project is expected to be completed in 2021, it is learnt.—GNLM

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