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Singapore-based company enters agreement for landmark development project in Yangon

Xinhua, July 12, 2016 Adjust font size:

A Singapore-based YOMA Strategic Investment Limited (YSIL) has entered into definitive shareholders' agreement for Landmark Development project with other four partners in Yangon, according to an announcement of YOMA on Tuesday.

YSIL is a subsidiary of Singapore Stock Exchange listed YOMA Strategic Holdings, while the four partners include International Finance Corporation(IFC).

Landmark Development project is redevelopment of a 10 acre-site located on Bogyoke Aung San Road on which the former headquarters of Myanmar Railways, a heritage building built since 1877, is included.

The site plan of the project includes a luxury condominium building, a business hotel, executive serviced apartments, grade-A office towers and a retail podium as well as redevelopment of Myanmar's railway headquarters.

According to the agreement, 48 percent of the project is shared by YSIL, 5 percent by IFC, 12 percent by First Myanmar Investment(FMI) which is a listed company on Yangon Stock Exchange, 5 percent by Asian Development Bank(ADB), 30 percent by Mitsuibishi Estate respectively.

The agreement sets that the deal will be canceled if the partners do not pay their share until June 30, 2017.

YOMA Strategic Holdings signed an agreement with the former government's Ministry of Rail Transport of Myanmar for land lease extension in January this year. Endit