Yoma, a Singapore-based company, has announced $81.3 million purchase of an 80% share in a two-hotel mixed-use development in Yangon, Myanmar, current site of FMI Centre Tower, the Grand Mee Ya Hta Hotel, and the former Railway Headquarters.
The share sale and develop,ent plan for the 4-hectare site was launched Monday; in order to coincide with U.S. President Barack Obama's visit to the country. Four new towers will be constructed to include a four-star hotel and serviced apartments, luxury condominiums, and two office buildings including retail. Also, the Railway Headquarters will be converted to a 5-star hotel."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, says Yoma CEO Andrew Rickards. The total cost of this venture is estimated to be $330 million US to $350 million US, which Yoma intends to fund through sales and pre-sales of units, bringing in new investors, and possibly debt or equity fundraising from capital markets. The opening date is not yet determined.
