SG’s Oxley-led consortium bags $2.5b Yangon Central Railway upgrade project

Photo by Duffy Brook on Unsplash

A consortium comprising Singapore-listed Oxley Holdings, local firm Min Dhama Co Ltd and Beijing-based Sino Great Wall Co Ltd has been chosen by Myanmar Railways to develop the Yangon Central Railway Station area, estimated to cost about $2.5 billion.

The railway station, built in the 1870s during the British rule, will be refurbished into a modern transport hub.

In a filing to the Singapore exchange this week, Oxley announced it was chosen as the preferred bidder for the project covering an area of 25.7 hectares or 63.5 acres. The development gross floor area will cover about 1.1 million square metres.

“The project will be a mixed development project comprising a new central transportation hub that integrates rail and mass transit, surrounded by amenities of housing and commerce,” the company said in its filing.

Sino Great Wall Co, previously known as Shenzhen Victor Onward Textile Industrial Co Ltd, is engaged in construction, engineering and the health sector. Min Dhama is an arm of Mottama Holdings owned by Myanmar-Chinese entrepreneur U Yang Ho.

The tender process took nearly four years to complete and the final selection to develop the project went through two rounds due to lack of qualified applicants. The second tender called in 2015 saw 18 proposals from 14 countries out of which 15 companies were shortlisted.

The Oxley-Min Dhama-Sino Great Wall consortium beat another finalist, YSX-listed First Myanmar Investment, a company owned by Serge Pun.

Oxley Holdings, chaired by Ching Chiat Kwong, has been engaged in property development in Myanmar. One of its properties is “Min Residences”, a $250-million value mixed development which includes fitness and recreational facilities, in which it holds a 50 per cent stake.

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