Friday, February 24, 2017

Yoma Strategic Holdings breaks ground on central Yangon real estate project

Deal Street Asia:

(snip)

Yoma Central, the $718-million real estate development led by Singapore listed Yoma Strategic Holdings and YSX listed First Myanmar Investment Co Ltd,  held its ground-breaking ceremony last week (February 16) following its approval from the government last month. 

Formerly known as the Landmark Development, the project is located on a 10-acre site downtown Yangon at the compound of the former headquarters of the Burma Railway Company. The project comprises a mixed-use development and a hotel. “Yoma Central will help shape the face of new international Yangon and that is ready and open for business said Serge Pun, executive chairman of Yoma Strategic and FMI. “Yangon Central will no doubt play a pivotal role in the city transformation into an international city” he said, during the ground breaking ceremony.

Here is a link to the Landmark website that details the project:

(snip)

The Landmark Development will accommodate approximately two million square feet of gross floor area of mixed-use development1 with a high degree of public permeability to become the heart of the CBD in Yangon. The Group intends to repurpose and safeguard the heritage building into the Yangon Peninsula Hotel, while the remaining structures will be demolished and redeveloped into a luxury residential condominium tower, a serviced apartment building and a business hotel complemented by two office towers, a retail podium and a basement carpark. The project is expected to complete in 2019/2020.

As the Myanmar economy grows at a consistent 7-8% per year I expect Yoma to capture an increasing amount of revenue from its various businesses that are focused on real estate and consumer spending. Long term investment that should compound capital over time. 



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