Project To Be Constructed Close To Shwedagon Pagoda Given The Green Light

A new project worth $332.5 million will start construction within this year in what used to be the military museum’s site which spans a total land area of 16,000 square meters. The project will include a luxury hotel, office building, as well as commercial facilities that will cover a total floor area of 92,000 square meters. The project expected date of completion is in the year 2020 and it is also the first project that was given the green light under the recently introduced Myanmar Investment Law. The project site is close to the popular Shwedagon Pagoda and also around the area of the Yangon Central Railway Station. Many recognize the fact that there is very limited Yangon hotel Myanmar that is located within the vicinity.

The project will be spearheaded by leading companies in Japan including Japan Overseas Infrastructure Investment Corporation for Transport & Urban Development Fujita Corporation as well as Tokyo Tatemono Co. They will be working together with YTTC or Yangon Technical & Trading Co which is a partner company f the AyeyarHinthar Holdings Co. The Japanese companies disclosed that the maximum investment will reach a total of $150.8 million.

The management and operation of the new hotel will be led by Hotel Okura Company which is a known to have a chain of luxury hotels in Japan. Though Hotel Okura will not have rights in the development of the new hotel to be named as The Okura Prestige Yangon, they must manage and operate it according to the contract. Within the following half a decade, their goal is to be the operator of around five hotels all over the country of Myanmar.

It is not easy to obtain an approval for a construction of Yangon hotel Myanmar as it has been exhibited a number of times in the cases where approvals were given but were eventually cancelled. Two year ago in July, the former president of the country, U Thein Sein, decided to cancel five projects that were already given approval to be constructed close to the Shwedagon Pagoda because of the increasing number of protests.