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.
“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.