First Myanmar Investment Company Limited (FMI) has begun the Yoma Central Project that was changed its name from the Landmark Development Project.

Phyo Wai

The Bogyoke Aung San Road project is to turn the Myanmar Railways headquarters into four towers, including a hotel and offices, said executive chairman Thein Wai, also known as Serge Pun, of FMI.

The stake-driving ceremony on February 16 was attended by Ohn Maung, minister for hotels and tourismKyaw Myo, deputy minister for transport and communicationsPhyo Min Thein, Yangon chief minister, and Mayor Maung Maung Soe. 

Project A is a mixed-used development project and Project B is for the Peninsula Yangon.

“Yangon needs more hotels to attract foreign visitors. The railway headquarters is over a century old and is to be turned into the Peninsula Yangon. More than US$700 million will be spent on this project,” Ohn Maung said. 

Yoma Central Project includes apartments, two office towers, a hotel, apartments and a shopping centre. 

“Yoma Central Project will become a model for real estate projects by 2021. More than US$700 million will be injected. It will become a great example of a foreign investment project,” Thein Wai said.

FMI has 12 per cent of Yoma Central shares, Yoma Strategic Investments Limited has 48 per cent, Mitsubishi Corporation has a 30-per-cent share, the International Finance Corporation 5 per cent and Asian Development Bank 5 per cent.

The Peninsular Yangon has a 70-per-cent share of the Hongkong and Shanghai Hotel, a 24-per-cent share for Yoma Strategic Investment Limited and 6-per-cent share for FMI.

Translated by Win Htut