SINGAPORE : Singapore-listed Yoma Strategic Holdings plans to develop a landmark project in Yangon, Myanmar, costing up to US$350 million.
The mixed-used development of residential, retail, hospitality and commercial property is located on 10 acres of land in the middle of Yangon's business district.
The project will have a gross floor area of two million square feet.
Yoma says in a statement that development will include restoring the Victorian-era Railway Headquarters and convert it into a landmark 5-star hotel to rival renowned hotels in the region such as Raffles Hotel in Singapore.
A 5-star luxurious condominium building will be built next to the hotel.
There will also be a 4-star hotel and a 4-star serviced apartment complex in the development.
Two Grade-A office towers and a retail mall will also be constructed, comprising a gross floor area of over 1.1 million square feet.
Chief Executive Officer of Yoma, Mr Andre Rickards said,"We believe the converted Railway Headquarters will become a unique landmark which will signify the transformation of Yangon into an international, cosmopolitan capital.The provision of first-class hotel rooms, offices, apartments and retail is badly needed in the capital to cope with the dramatic increase of interest in the country."
In the deal, Yoma will purchase an 80 percent interest in the 10-acre site for US$81.28 million.
The company says it will seek shareholders approval at an extraordinary general meeting expected to be in the first quarter next year.
To fund its acquisition, Yoma will also undertake a 1 for 4 rights issue of up to 241 million new shares.
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