Mitsubishi firms to begin landmark project in Yangon
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.