Yoma purchase 80% stake in a two-hotel mixed-use development in Yangon, Myanmar

Yoma Strategic Holdings announced on Monday that it purchased a 80% stake a two-hotel mixed-use development in Yangon, Myanmar.

Yoma is paying US$81.3 million to Serge Pun & Associates for the 80% stake in the 10-acre (4-hectare) development, raising the funds from a share sale launched Monday to coincide with U.S. President Barack Obama’s visit to Myanmar.

 

The development site currently hosts the FMI Centre Tower, the Grand Mee Ya Hta Hotel and one of Yangon’s most famous heritage buildings, the former Railway Headquarters built in 1877.

The development includes the conversion of the Railway Headquarters building into a 5-star hotel. 4 new towers will be built, featuring a luxury condominium building, a 4-star hotel and a serviced apartments building and two office buildings that will include retail. The total cost of the development is estimated to be US$330 million to US$350 million.

 

 

 

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