Wednesday, July 26, 2017

SPA, Yoma Strategic unveil ‘landmark’ project for Yangon

An artist’s impression of the finished Meeyahta development in downtown Yangon. (Yoma Strategic Holdings )An artist’s impression of the finished Meeyahta development in downtown Yangon. (Yoma Strategic Holdings )

The former Ministry of Railways head office and the surrounding 10 acres in Yangon will be transformed into a US$350-million mixed use “landmark” project, a spokesperson for the company planning the project said last week.

Serge Pun and Associates (SPA), in conjunction with Singapore-listed Yoma Strategic Holdings, announced on November 20 that it would redevelop the company’s 10-acre plot, which houses FMI Centre, Grand Mee Ya Hta Hotel and a heritage-listed building, into a 2-million-square-foot mixed-use residential, commercial, retail and hospitality project at the heart of Yangon’s central business district.

Cyrus Pun, SPA group’s director responsible for real estate development , told The Myanmar Times on November 28 that the Grand Mee Ya Hta Hotel would be demolished, while the former Burma Railways Headquarters building would be restored and developed into a 5-star hotel that will form the centrepiece of the project.

“It’s a great location and will become a landmark of Yangon when it’s completed,” Mr Pun said, adding that the company is in the process of seeking Myanmar Investment Commission (MIC) approval for the project.

“We are blessed with a fantastic location – we are right by Bogyoke Market where we can get the most traffic, we have an historical building on site – it’s one of the 180-odd heritage listed sites in Yangon under the Heritage Trust, and I’d say it’s one of the more prominent ones,” he said.

Assuming Yoma Strategic’s shareholders approve the proposed transaction the project will be owned by MIC-approved Meeyahta International Hotel Limited (MIHL), a joint venture between SPA as the Myanmar partner and Yoma Strategic as the foreign partner, which announced its intention on November 19 to buy an 80 percent interest in MIHL with the associated rights to participate in the development of the 10-acre site, a Yoma Strategic press release dated November 20 said.

Yoma will pay $81.28 million for the shares in MIHL, the release added.