Mit­subishi firms to be­gin land­mark project in Yangon

Mizzima Business Weekly - - BUSINESS ALERTS -

Ja­pan’s Mit­subishi Corp and Mit­subishi Es­tate Co. will com­mence an ur­ban de­vel­op­ment project in Yangon, The Ja­pan Times re­ported, cit­ing the Mit­subishi firms.

They will carry out the project in col­lab­o­ra­tion with Yoma Strate­gic Hold­ings Ltd. and First Myan­mar In­vest­ment Co., Ltd. [FMI]. Both Yoma and FMI are af­fil­i­ates of Serge Pun & As­so­ciates Ltd. Group [SPA Group], a Myan­mar-based con­glom­er­ate.

The two Mit­subishi firms will form a joint ven­ture set up in Sin­ga­pore for im­ple­men­ta­tion of the project.

“The Project en­tails re­de­vel­op­ing four hectares, where the SPA Group had con­structed and oper­ated an of­fice build­ing, com­mer­cial fa­cil­i­ties, a ho­tel and other real es­tate as­sets, with two of­fice build­ings, one con­do­minium, one build­ing com­bin­ing a ho­tel and ser­viced apart­ments, with com­mer­cial fa­cil­i­ties be­ing in­stalled on the lower floors of each build­ing, across a to­tal floor area of over 200,000 square meters,” said a state­ment is­sued by Mit­subishi Corp.

The Project will also ben­e­fit from a pre­ferred eq­uity in­vest­ment by the Ja­pan Overseas In­fra­struc­ture In­vest­ment Corp. for Trans­port & Ur­ban De­vel­op­ment, ac­cord­ing to the state­ment.

The to­tal in­vest­ment made by the Ja­panese par­tic­i­pants in the project will be about US$200 mil­lion, said the state­ment.

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