Yoma Strategic Holdings Ltd. and First Myanmar Investment Co., Ltd. yesterday held a Groundbreaking Ceremony for Yoma Central, formerly known as the Landmark Development, the companies said in a press release. The Group is also announced that it has received the Myanmar Investment Commission permits, following the listing of the Landmark Projects as Permanent Investments (1/2017), as announced on 13 January 2017.
Located on an approximately 10-acre site in the heart of Yangon’s downtown, Yoma Central is a dynamic collaboration between Yoma Strategic, FMI and their esteemed partners – The Hongkong and Shanghai Hotels, Limited Mitsubishi Corporation, Mitsubishi Estate Co Ltd, the International Finance Corporation and the Asian Development Bank
The Ground breaking Ceremony was hosted by Yoma Strategic and FMI, together with their partners and invited guests, which included official dignitaries from MIC, the Ministry of Transport and Communications, the Ministry of Hotels and Tourism, the Yangon Regional Government, Myanma Railways and the Yangon City Development Committee.
Mr. Serge Pun aka U Theim Wai, Executive Chairman of Yoma Strategic and FMI remarked, “Today’s ground breaking is a pivotal moment for us. It marks the commencement of the construction of Yoma Central, which is the result of years of hard work from our team and our valued partners. This is just the beginning, and we are very excited to play a role in the transformation of Yangon into a truly international city which will continue to serve as the gateway to the rest of Myanmar. Our vision for Yoma Central is that of an ultramodern development utilizing environmentally sustainable architecture, which will become a prominent feature of Yangon’s skyline for years to come. Together with the preservation of the iconic former headquarters of the Burma Railway Company, Yoma Central will set a new benchmark for real estate development in Myanmar upon completion in FY2021.”
Yoma Central is an integrated real estate development with a total gross floor area of approximately 2.44 million square feet. Designed by prominent architect, Cecil Balmond OBE, it will feature Peninsula-branded luxury residences, two Grade A office towers, a business hotel, and serviced apartments, all of which are connected seamlessly by a retail podium. The site will also be anchored by the former headquarters of the Burma Railway Company which will be restored into the Peninsula Yangon, a luxury hotel that will bring a new level of distinction to the Myanmar hospitality scene.
The mixed-use development components of Yoma Central will be held by Yoma Strategic (48%), the Mitsubishi Companies1 (30%), FMI (12%), IFC (5%) and ADB (5%). The Peninsula Yangon component of Yoma Central will be held by Hongkong and Shanghai Hotels (70%), Yoma Strategic (24%) and FMI (6%).
U Aung Naing Oo, Secretary of the Myanmar Investment Commission commented, “As the Myanmar economy continues to grow, Yoma Central will be a beacon signaling exciting times. With the collaboration of international corporations and financiers, and an investment of more than US$700 million, Yoma Central will be the largest foreign direct investment in Myanmar’s real estate sector and will help to rejuvenate downtown Yangon. We believe the development of Yoma Central will present exciting opportunities for businesses and will become an important hub for the public”.