THE Hongkong and Shanghai Hotels (HSH) and Myanmar’s Yoma Strategic Holdings signed a shareholders agreement on March 10 to convert the former Burma Railways headquarters building into Peninsula Hotel Yangon.
Yoma had, in November 2012, announced it would redevelop the company’s 4.1-hectare plot housing FMI Centre, Grand Mee Ya Hta Residence and a heritage-listed building into a mixed-use project at the heart of Yangon’s central business district, at a cost of about US$350 million.
“The former Myanmar Railways headquarters is an iconic building in Myanmar,” said Serge Pun, chairman of Yoma, adding its redevelopment will “bring to Yangon a new luxury experience”.
Clement Kwok, managing director and CEO of HSH, said the company sees good potential in Myanmar as a luxury travel and tourism destination.
Separately, Yoma is also partnering Mitsubishi Corporation and Mitsubishi Estate for a business hotel, serviced apartments, high-end condominium, and retail and office space as part of the entire project.
