The work covers a new-build, mixed-use scheme called Yoma Central and the conversion of former railway offices into a luxury hotel, the Peninsula Yangon. The projects, which sit on an approximately 10-acre site in the heart of downtown Yangon, are being developed by Yoma Strategic Holdings, Hongkong & Shanghai Hotels and FMI.
For the Yoma Central project, the building contractor is BTJV Myanmar, which is a joint venture between Bouygues subsidiary Dragages Singapore and Japan’s Taisei Corporation.
The Peninsula Yangon project will be built by BYMA, a joint venture between Dragages Singapore and the Yoma Strategic group.
The combined contract value of the two projects is over US$400m, and the main works contracts will include civil, structural, architectural, mechanical, electrical, plumbing and heritage works.
Yoma Strategic executive director Cyrus Pun said: “Yoma Central is considered one of the largest foreign direct investments in Myanmar’s real estate sector with an investment of more than US$700 million. 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 conversation, 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.”
Hongkong and Shanghai Hotels group director, properties, Martyn Sawyer said: “We are delighted to reach this significant milestone for Yoma Central and The Peninsula Yangon. Today’s signing ceremony reflects an important step in the journey towards building one of Yangon’s finest luxury hotels and world-class residences. Our partners, Yoma Strategic and FMI, share our long-term vision for Myanmar as an exciting destination for business and leisure, and we look forward to the project completion in 2021.”