Japan-led consortium got permission to build a large-scale mixed-development project near Shwedagon Pagoda in Yangon
New mega-complex project approved near Yangon’s Shwedagon Pagoda
Date: Aug 18, 2017
Source: Myanmar Times By Tin Yadanar Tun
A Japan-led consortium has officially obtained permission to build a large-scale mixed-development project at the intersection of Shwedagon Pagoda Road and U Wisara Road in Yangon.
Development of the US$332.5 million project will begin this year on the former site of the military museum across 16,000 sq m of land. It will comprise a high-grade office building, commercial facilities and a luxury hotel occupying a total floor space of approximately 92,000 sq m. The project, which is expected to be complete in 2020, is also the first project to be granted under the new Myanmar Investment Law. The location is near the city’s famed Shwedagon Pagoda and near the Yangon Central Railway Station.
Artist’s impression of the new mega project near Shwedagon Pagoda. Photo – Supplied
It will be led by Japan’s Fujita Corporation, Tokyo Tatemono Co., Ltd. and Japan Overseas Infrastructure Investment Corporation for Transport & Urban Development in partnership with Yangon Technical & Trading Co (YTTC), an affiliate of Ayeyar Hinthar Holdings Co. The maximum total investment amount is projected to be around US$150.8 million, according to a July 28 statement released by the Japanese.