Mitsubishi Estate plans $442m project as gateway to Yangon

Japan’s Mitsubishi Estate is planning to start development of a $442-million (Yen 50 billion) mixed-use real estate project including office buildings, apartments and hotels in downtown Yangon.

The Japan news reported that Mitsubishi Estate plans to create a Myanmar version of Marunouchi, a development in front of the Tokyo station that went on become a tourist gateway to Japan.

The project covers 40,000 square metre development in front of Yangon’s central railway station that hosts unfurnished buildings and offices.

Mitsubishi Corp and a local real estate firm, expected to be First Myanmar Investment, will be working together on the project.

“We will export our urban development system,” said Mitsubishi Estate President Hirotaka Sugiyama.

The Yangon estate development is dependent on the infrastructure upgrade at the Myanmar Railways.

Mitsubishi Corporation and Hitachi Ltd have invested 2.4 billion yen (about $20 million) for the supply and installation of railway signaling systems back in May 2015. The works will cover tracks between Yangon central station to Bago Region.

The railways also received a grant from Japan International Cooperating Agency (JICA) in 2014 for the high-speed train between Yangon and Mandalay.

Meanwhile, the rail transport ministry has called a tender for the Yangon Central Railway Station comprehensive development project, receiving interest from 15 private companies from 10 countries. Work on the project is scheduled to start by May 2017 once the final bid is selected. Subsequently, high rise buildings, businesses, rail transport system and communications networks will be developed.

The Railways has approved two private companies to form a joint venture for a freight train project specifically for transporting cargo around different parts of the country. Local companies Asia Sun Logistics and Resources Group Logistics have won the tender to purchase trains and jointly work with Myanma Railway to implement the Yangon-Mandalay and Mandalay-Myitkyinar sections.

U Thurein Win, director, Myanma Railways, said, the development of cargo transport could ease the transport of raw materials needed for infrastructure works.

Also Read: 

Myanmar: Inland port Mandalay to be handled by Singapore and local company

Myanmar go-ahead to three firms for all-new Yangon city project

Mitsubishi forges JV with SGX-listed Yoma Strategic to distribute cars in Myanmar

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In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

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  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
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