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Business News Digest
Mitsubishi Corporation and Mitsubishi Estate to commence
large-scale redevelopment project
On July 12, Mitsubishi Corporation and Mitsubishi Estate announced a large-scale redevelopment project in downtown Yangon called “Landmark Project." The project entails redeveloping a site of approximately 4 hectares near the Yangon central railway station, where they plan to build two office buildings, one residential building, and one hotel/service apartment building, with commercial facilities being installed on the lower floors of each building. Total floor area for the redevelopment project will cover over 200,000 m2.
The project will be developed in collaboration with Yoma Strategic Holdings and First Myanmar Investments (FMI), both affiliates of a major Myanmar-based conglomerate Serge Pun & Associates (SPA). According to FMI, the total project cost is over 60 billion yen and will be a large-scale project. The former Railways headquarters, a red brick building, will transform into the Peninsula Yangon Hotel and a new landmark will be appeared during fiscal 2020.