Another four historical state-owned buildings in Rangoon are on the real estate market to be used as possible hotels to help boost Rangoon’s room shortage.
The Myanmar Investment Commission (MIC) said local and foreign companies have been invited to bid on the properties and convert them into hotels on long-term leases, according to an article in the Myanmar Times on Monday. The tender offer expires on July 7.
The properties include the Ministry of Hotels and Tourism office at the corner of Sule Pagoda Road and Mahabandoola Street, the three-story Myanma Oil and Gas Enterprise building on Merchant Street, the four-story Trade Corporation building on Bo Sun Pat Street and a four-story building at the corner of Merchant Street and Mahabandoola Street that was formerly the office of Export and Import Department.
A vacant 17.17-acre block in Hmantan quarter, Amarapura Township, in Mandalay Region, is also on the bid block, a ministry spokesperson told the newspaper.
The deal comes with a 30-year lease with the possibility of two 15-year extensions. The terms and conditions do not allow the original structure and architectural features of the buildings to be changed.
According to MIC, Manawhar Artist Group won the tender for the former Secretariat building, and Thein Tun of the Htoo Foundation acquired the old High Court building.
The Yangon Region Government Office and Myanmar Railways buildings have been acquired by two unidentified local engineering firms, while Youth Force Company acquired the former Foreign Minister’s Office on Pyay Road for use as serviced apartments.