The first project, Yoma Central, will feature Peninsula-branded luxury residences, two Grade A office towers, a business hotel and serviced apartments. The project will be developed under Meeyahta Development Ltd, a joint-venture between Yoma Strategic, First Myanmar Investment Company (FMIC), several companies under Mitsubishi, the International Finance Corporation and the Asia Development Bank.

The building contractor is BTJV Myanmar Company, which is a joint venture between Dragages Singapore and Taisei Corporation, one of Japan’s oldest and largest building construction and civil engineering companies.

The second project, The Peninsula Yangon, is the former headquarters of the Burma Railway Company which will be restored into a luxury hotel. The project is a joint venture between the Hongkong and Shanghai Hotels , Yoma Strategic and FMIC.

This project will be developed by BYMA, which is a joint venture between Dragages Singapore and Yoma Strategic.

Both projects sit on an approximately 10-acre site near Bogyoke Aung San Road, in the heart of downtown Yangon, and are expected to be complete in 2021. The combined contract value is over $400 million.

Yoma Strategic received approval from the Myanmar Investment Commission in February and construction work has already commenced. This includes 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.

Meanwhile, conservation works including the dismantling, cataloguing and storing of all windows, doors, balconies, cast iron and other architectural items have been completed.

Both Yoma Strategic and FMIC are controlled by Myanmar tycoon Serge Pun. Shares of FMIC, which are listed on the Yangon Stock Exchange, closed Wednesday at K12, 500 each.

Earlier this month, Yoma Strategic successfully closed a placement of shares that will enable it to raise S$82.2 million in fresh funds in Singapore, where it is listed on the Mainboard of the Singapore Stock Exchange.

The proceeds will be used to accelerate growth in the company’s core real estate, automotive and heavy equipment as well as consumer-related businesses. At least half will be channeled into Yoma Strategic’s real estate business, including the building of rental properties and development properties at Pun Hlaing Estate and StarCity as well as the further development of two Dulwich International Schools in Yangon.

Yoma Strategic actually runs three main business divisions in Myanmar: real estate development, automotive and heavy equipment sales and food and beverage distribution. It also invests across a range of sectors such as telecommunications and tourism.

The company announced revenues amounting to S$59 million for the six months to September 30, 2017, representing an increase of 38.6 percent year-on-year (yoy). This was mainly driven by growth in demand for its New Holland tractors and other construction equipment, as well as higher contributions from a larger number of Kentucky Fried Chicken (KFC) fast food stores.

As a result, earnings for the period rose 8.9pc yoy to S$10.5 million.

Shares of Yoma Strategic closed Wednesday at 49 Singapore cents apiece.

For more details : https://www.mmtimes.com/news/yoma-strategic-inks-projects-worth-400-million-yangon.html