FOUR historical state-owned buildings in central Yangon have been put up for hotel tenders, as part of the government’s effort to ease the city’s room shortage.
Myanmar Investment Commission (MIC) has invited both local and foreign companies to bid on the properties for conversion into hotels on long-term leases.
The tendered properties include the three-storey Myanma Oil and Gas Enterprise building on Merchant Street, the three-storey Ministry of Hotels and Tourism office at the corner of Sule Pagoda Road and Mahabandoola Street, the four-storey Trade Corporation building on Bo Sun Pat Street and the four-storey Export and Import Department building at the corner of Merchant Street and Mahabandoola Street.
“These buildings will be leased for 30 years, with the possibility of two 15-year extensions under the investment law. According to our terms and conditions, the original structure and architectural features of the buildings will not be allowed to change,” said a MIC spokesperson.
An empty seven-hectare block in Hmantan quarter, Amarapura Township, Mandalay, is also available for tender, according to the spokesperson, who added that more state-owned buildings would be put up and announced for tender at a later date.
In early January, MIC announced bids for the Yangon Region Government Office on Strand Road, the five-storey Myanma Railways building on Merchant Street and the former Foreign Minister’s Office on Pyay Road for conversion to serviced apartments, as well as the historic Secretariat and High Court buildings for restoration as museums.