December 11, 2017
YOMA Strategic Holdings Ltd. (“Yoma Strategic” or the “Company”, and together with its subsidiaries, the “Group”) announced the signing of an agreement with two of the most prestigious and respected global construction companies to build Yoma Central and The Peninsula Yangon.
Both projects sit on an approximately 10-acre site in the heart of downtown Yangon and are considered one of the most ambitious building development in Yangon’s modern time.
The combined contract value of the projects is over US$400 million, and the main works contracts will include civil, structural, architectural, mechanical, electrical, plumbing and heritage works.
For the Yoma Central project, the building contractor is BTJV Myanmar Company Limited which is a joint venture between Dragages Singapore Pte Ltd, a subsidiary of Bouygues Construction, a global player in the building, civil works, energy and services sectors and, Taisei Corporation, one of Japan’s oldest and largest building construction and civil engineering company.
The Peninsula Yangon project will be built by BYMA Pte Ltd, which is a joint venture between Dragages Singapore Pte Ltd and the Group.
Mr. Cyrus Pun, Executive Director of Yoma Strategic remarked: “Yoma Central is considered one of the largest foreign direct investments in Myanmar’s real estate sector with an investment of more than US$700 million. It is important that we bring in world class civil and engineering expertise to develop this flagship Yangon property. Bouygues Construction has unrivalled experiences in the field of heritage conservation, coming from a history of restoration projects which includes some of the most prestigious historic hotels in Europe. Japan’s Taisei Corporation is one of the oldest and biggest construction companies in Japan and was involved in the New Doha International Airport in Qatar, and the construction of the New National Stadium in Japan.”
Martyn Sawyer, Group Director, Properties of the HongKong and Shanghai Hotels said: “We are delighted to reach this significant milestone for Yoma Central and The Peninsula Yangon. Today’s signing ceremony reflects an important step in the journey towards building one of Yangon’s finest luxury hotels and world-class residences. Our partners, Yoma Strategic and FMI, share our long-term vision for Myanmar as an exciting destination for business and leisure, and we look forward to the project completion in 2021.”
Nicolas Borit, CEO of Bouygues Batiment International said: “We are really honoured to have been appointed to build the exceptional Yoma Central and The Peninsula Yangon projects. We are excited about working with the Yoma Strategic Group for our third project in Myanmar, as well as new partners, the Mitsubishi Group and HongKong and Shanghai Hotels. Yoma Central and The Peninsula Yangon are ambitious projects, both technically and geographically challenging. It will surely allow our team to showcase their skills in refurbishing an historic building and developing new modern structures around the development.”
In February 2017, Yoma Strategic held a Groundbreaking Ceremony to commemorate receiving the Myanmar Investment Commission (“MIC”) permits.
Construction work has already commenced, including the demolition of FMI Centre and Grand Meeyahta Executive Residences, test piling, storm drain diversionand the construction of a culvert under the Bogyoke Aung San Road.
Conservation works including the dismantling, cataloguing and storing of all windows, doors, balconies, cast iron and other architectural items have been completed, and those items will be reused in accordance with the Conservation Management Plan for the former headquarters of the Burma Railway Company.
Façade strengthening and underpinning works are being undertaken to ensure that the building is conserved and refurbished to international standards.