Deepening its business footprint in Myanmar, Yoma Strategic Holdings Ltd, a Singapore-listed realty developer, said, it has received a lease extension for its landmark property development project in downtown Yangon.
Yoma has diversified interests in consumer, automotive, agriculture & logistic and tourism businesses in Myanmar.
The project, for which the government has extended the lease period by 50 years effective 1998, entails restoration of the former headquarters of the ministry of rail transport into a mixed-used development comprising a Yangon Peninsula Hotel, luxury residences and commercial space.
For the project, Yoma is under an agreement with the Hongkong and Shanghai Hotels Limited since March 2014.
The project will be developed on a 10-acre site with a gross floor area of 2 million square feet.
The project comprises two sites, 9.5 acres for the hotel and the remaining for mixed-use development.
Its sister companies are Serge Pun Associates and First Myanmar Investment Company which operates Yoma Bank, FMI Air and has interests in healthcare and real estate.
Yoma and the SPA Group are taking a diversified approach in their investments in Myanmar. Their recent investment announcements include a logistics facility in Mingaladon township with Japan’s Kokubu Corp, an car distribution centre for Mitsubishi and a mobile financial service in partnership with Telenor.