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Mitsubishi Estate JV to invest US$200M in Myanmar project

MitsubishiEstate Co. Ltd. and Mitsubishi Corp. committed to invest up toaround US$200 million in a mixed-use project in downtown Yangon, Myanmar.

The plan involves the redevelopment of an estimated four-hectaresite, which houses an office building, commercial facilities and a hotel, amongother properties.

In partnership with Yoma Strategic Holdings Ltd. and FirstMyanmar Investment Co. Ltd., the reconstruction will include two officebuildings, a condominium and a hotel-serviced residence building withcommercial components across more than 200,000 square meters of total floorarea.

Mitsubishi Estate said that it and Mitsubishi Corp. willcreate a partnership to implement the project via a joint venture establishedin Singapore.

Work on the Yangon project will begin before the end offiscal 2016, while its completion is expected prior to the end of fiscal 2020.