Yangon, [29 November 2017] – Yoma Strategic Holdings Ltd. (“Yoma Strategic” or the “Company”, and together with its subsidiaries, the “Group”) is pleased to announce 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 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 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 companies.
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 conversation, 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 The 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 diversion and the construction of a culvert under the Bogoke 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.
For further information, please contact:
The Hongkong and Shanghai Hotels
Lynne Mulholland
Director, Corporate Affairs
Tel: +852 2840 7152
Mobile +852 6718 8219
Email: lynnemulholland@peninsula.com
Website: www.hshgroup.com www.peninsula.com
Lilian Lau
Manager, Corporate Affairs
Tel: +852 2840 7743
Mobile: +852 9611 0502
Email: lilianlau@peninsula.com
The Hongkong and Shanghai Hotels, Limited (HSH)
Incorporated in 1866 and listed on The Stock Exchange of Hong Kong (00045), HSH is the holding company of a Group which is engaged in the ownership, development and management of prestigious hotel, commercial and residential properties in key locations in Asia, the United States and Europe, as well as the provision of transport, club management and other services. The Peninsula Hotels portfolio comprises The Peninsula Hong Kong, The Peninsula Shanghai, The Peninsula Beijing, The Peninsula Tokyo, The Peninsula Bangkok, The Peninsula Manila, The Peninsula New York, The Peninsula Chicago, The Peninsula Beverly Hills, and The Peninsula Paris. Projects under development include The Peninsula London, The Peninsula Yangon and The Peninsula Istanbul. The property portfolio of the Group includes The Repulse Bay Complex, The Peak Tower and St. John’s Building in Hong Kong; The Landmark in Ho Chi Minh City, Vietnam; 1-5 Grosvenor Place in London, UK, and 21 avenue Kléber in Paris, France. The clubs and services portfolio of the Group includes The Peak Tram in Hong Kong; Thai Country Club in Bangkok, Thailand; Quail Lodge & Golf Club in Carmel, California; Peninsula Clubs and Consultancy Services which includes The Hong Kong Club, The Hong Kong Bankers’ Club and Butterfields; Peninsula Merchandising, and Tai Pan Laundry in Hong Kong.