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Mitsubishi Estate JV's Myanmar project plans altered, 2 leases signed

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Mitsubishi Estate JV's Myanmar project plans altered, 2 leases signed

'sjoint project in Yangon, Myanmar, was reconfigured to increase its gross floorarea by 15%.

Accordingto a release from Yoma Strategic Holdings Ltd., one of the partners in the , the project's floorspace has been increased to approximately 2.44 million square feet from theinitially planned 2.12 million square feet.

Dubbedthe Landmark Development, the project is a strategic partnership between YomaStrategic, Mitsubishi Estate, Mitsubishi Corp., , theInternational Finance Corp., the Asian Development Bank and First MyanmarInvestment Co. Ltd.

Thereal estate development, located in Yangon's central business district, willinclude two office towers, a business hotel and serviced apartments connectedvia a retail podium.

Yomasaid the development will also be anchored by the former headquarters of the BurmaRailway Co., which will be redeveloped into The Peninsula Yangon, a luxuryresidential project.

Further,Yoma announced that the Ministry of Transport and Communications signed twoseparate master leases for the development on July 23, including one for ThePeninsula Yangon and one for the mixed-use development.

Workis expected to commence by the end of 2016, and completion is targeted beforethe end of 2020.