YANGON — Construction began here Thursday on a roughly $700 million project led by Myanmar real estate developer Yoma Strategic Holdings and Japanese trading house Mitsubishi Corp.
The commercial-residential complex will be the largest real estate investment in Myanmar since the civilian government took over last March.
A Peninsula hotel, the luxury chain run by Hongkong and Shanghai Hotels, will be the anchor tenant of the complex, which will sit on a roughly 4 hectare plot in the country’s largest city. Office towers and a condominium building will also be built by 2021. Other participants in the development include real estate company Mitsubishi Estate, public-private fund Japan Overseas Infrastructure Investment Corp. for Transport and Urban Development, and Yoma group member First Myanmar Investment.
The project will help shape Yangon’s transformation into an international city, Yoma Strategic Chairman Serge Pun said at the Thursday groundbreaking ceremony. The complex will become a true landmark of central Yangon, said Shinya Yoshida, executive vice president of Mitsubishi.
Resource: Nikkei Asian Review
