Yoma Strategic Holdings Ltd has signed an agreement with two global construction companies to build Yoma Central and The Peninsula Yangon in Myanmar. Both projects sit on an approximately 10-acre site in the heart of downtown Yangon, with completion estimated to take place in 2021. The combined contract value of the two 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 contractor is BTJV Myanmar Company Limited, which is a joint venture between Dragages Singapore Pte Ltd, a subsidiary of Bouygues Construction, and Taisei Corporation, one of Japan’s building construction and civil engineering companies. The Peninsula Yangon project will be built by BYMA Pte Ltd4, which is a joint venture between Dragages Singapore Pte Ltd and Yoma.
“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,” said Cyrus Pun, executive director of Yoma Strategic. “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.”
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 diversion and 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. Facade strengthening and underpinning works are being undertaken to ensure that the building is conserved and refurbished to international standards.