Yoma Strategic
Singapore-based Yoma Strategic Holdings Ltd has signed a framework agreement with the Ministry of Rail Transport to extend the lease for a hotel development site in Yangon.
Yoma’s subsidiary, Meeyahta International Hotel Limited, executed the agreement, under which the lease for a 9.5-acre site was extended for an initial period of 50 years starting from January 1, 1998. For another 0.5-acre area of the site, the extension will depend on the approval of the Myanmar Investment Commission.
According to the agreement, the leases for the two sites will be combined into one master lease, which will then be split into two separate master lease agreements – one for the proposed hotel development and another for a mixed-use development.
Located in downtown Yangon, Yoma’s $400-million “Landmark Project” will restore the former headquarters of the Myanmar Railway Company built in 1877 into the Yangon Peninsula Hotel, accompanied by luxury residences, hotel and commercial developments.
The Myanmar-focused firm, owned by tycoon Serge Pun, said the agreement also sets out terms of the “Landmark Development” such as the master development plan for the entire project, estimated gross floor area, key commercial terms and separate joint venture partnership structures.
With the execution of the framework agreement, the Hongkong and Shanghai Hotels Limited, Yoma’s partner for the development, and Yoma has agreed to extend the long stop date under the existing shareholders agreement to June 30.
Melvyn Pun, CEO of Yoma Strategic, said in a statement, “This project draws together expertise from an esteemed group of organisations and we are confident of transforming the Landmark Development site into an iconic project that would be pivotal in the development and growth of downtown Yangon.”
From: Myanmar Business Today