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Yangon to get 1670 hotel rooms next year: ministry
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By Yu Yu Maw
Volume 33, No. 643
September 10 - 16, 2012

Shangri-la is expected to open 240 rooms at its Kandawgyi twin towers in 2013.
Pic: Kaung Htet
The shortage of mid-range and high-end hotel rooms in Yangon should ease next year when 1670 new hotel rooms are slated to become available, a Ministry of Hotels and Tourism official said earlier this month.

A further 1255 and 2455 rooms are scheduled to open in 2014 and 2015 respectively, U Aung Zaw Win, director general of the ministry’s Directorate of Hotels and Tourism, said at a tourism development workshop last month.

Centrepoint Hotel in downtown Yangon is expected to open 270 rooms in April 2013, while the 100-room Nawarat Hotel on Insein Road in Hlaing township will also open around the same time, he said.

Near Kandawgyi Lake, Shangri-la will launch a 240-room development during 2013 and 60 rooms will open at Rose Garden Hotel. Both represent the first phases of larger projects; Shangri-La will open another 460 rooms in 2015, while Rose Garden will add another 255 rooms in 2014.

Meanwhile, Sedona plans to bring another 400 rooms online in 2015, while a Vietnam property developer, Hoang Anh Gia Lai – better known as HAGL – has applied for permission for a 585-room development that it also expects to complete in 2015.

The ministry is also estimating 1000 rooms will come online at Myanmar-owned hotels in each of the next three years but provided no further details on its forecast.

U Aung Zaw Win said the ministry was keen to see even more private investment in hotel projects, particularly in Yangon.

He said the ministry was anticipating 600,000 tourists in 2012 and up to 900,000 next year.

“If that happens, we definitely won’t have enough hotel rooms for travellers at current levels. That is why we are seriously looking at how to encourage hotel investment,” he said.

The city has 8319 hotel and guesthouse rooms, which the ministry estimates is only enough for a maximum of 750,000 tourists a year.

Minister for Tourism U Tint Hsan said the ministry had met many prospective foreign investors but land supply was an issue in Yangon.

“We found that the investors asked for 100 acres to 500 acres to build a hotel,” he said, adding that they wanted to develop not only a hotel but also retail and nightlife spaces on the same site.

“We will negotiate with the chief minister of Yangon Region for the land,” he said.

But Yangon Region Chief Minister U Myint Swe said at the workshop that acquiring land in Yangon for major projects is not always easy, as brokers and investors often drive the price of land up after a project is announced.

“We have to face some problem when we acquire the farmland. Land prices will always increase when investors [find out about the project] and start buying the land. We have already faced that kind of problem in Dala and Kyeemyindaing [townships],” he said. “But we will help to solve that land problem.”

He also said the ministry should encourage not only foreign businesspeople but also Myanmar nationals to invest in the hotel sector, particularly in mid-range properties.

He said the capacity of the water and electricity supply networks also needed to be considered when approving hotel projects. He said the Ministry of Hotels and Tourism estimates that about 50 gallons of water is needed each day for a hotel room in Yangon. “So for a 100-room hotel, we need to make sure we can supply the 5000 gallons a day.”

A spokesperson from Shangri-la Group, which also operates Traders Hotel, confirmed it would open the first phase of its “twin tower” project near Kandawgyi Lake in 2013.

The development was shelved in the late 1990s following the Asian Financial Crisis.

“We have restarted this project because of the demand” for hotel rooms in Yangon, the spokesperson said.

In an interview with The Myanmar Times earlier this year, the then-general manager of Traders Hotel, Mr Craig Powell, said the 240 rooms opening under the first phase of the Kandawgyi project would be serviced apartments.

“The timing’s right I think [because] there is high demand for quality serviced apartments and a major shortage. Clearly we can see there’s an opportunity there and that’s why we want to start them up again, or rather finish what we started,” Mr Powell said. “That’s going to transpire very soon.”

Yangon has just 1850 international-standard hotel rooms, all of which were opened before 1999, Colliers International said in its Yangon (Myanmar) Property Market Report 1st Half 2012.

Despite the likely addition of several thousand more rooms in the next three years, “the hotel market in Yangon still has significant room for growth in the future as Yangon develops as a business hub and tourist destination”, the report said.

http://www.mmtimes.com/2012/news/643/news28.html

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Hotel zones in Mandalay, Inle to open, two more in the pipeline
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By Yu Yu Maw
Volume 33, No. 643
September 10 - 16, 2012
The Shan State government has given the green light to a 622-acre hotel zone near Ingyin village on the eastern side of Inle Lake, about 26 kilometres (16 miles) from Nyaungshwe.

Construction work at a hotel zone in Mandalay is also expected to get underway this year, while planned zones at Bagan and Mt Popa have been delayed while land ownership issues are resolved.

U Aung Kyaw Moe, secretary of the Taunggyi Zone Hoteliers Association, said the Inle zone would be developed within the next 18 months.

“It is up to the regional government which hotels are approved and how many acres they get,” he said, adding that the land would be leased from the Department of Forestry under a 60-year build, operate and transfer agreement.

The zone is near the Loikaw-Pinlone-Taunggyi road, which will ensure smooth car and bus access to hotels.

U Aung Kyaw Moe said there are 95 hotels with 2244 rooms in Taunggyi, Kalaw, Pindaya, Nyaungshwe and Loikaw townships but this was not enough to cater to demand, particularly at Inle Lake.

“Some hotels in Nyaungshwe expanded their number of rooms this year. Tourist arrivals at Heho Airport are up 50 percent in 2012 on last year so even if they add rooms it won’t be enough for all the tourists. Even in 2011 we didn’t really have enough rooms. So we need to see work start on some hotels in the zone soon,” U Aung Kyaw Moe said.

A spokesperson from the Inle Lake Conservation Department under the Shan State Ministry of Forestry, said the site was chosen because it would have the least impact on the environment and it was unlikely to create land ownership disputes.

Meanwhile, the 5500-acre Mandalay Hotel Zone will be established this year at Kuu Toh Sait village in Tada Oo township.

“The regional government has already approved the land for the project. The government will negotiate to buy the land at a fair price. I think the land price will not be high because it cannot be cultivated,” said U Myint Aung, chairman of the Mandalay Zone Hoteliers Association.

Each hotel in the zone will be granted at least 5 acres of land and application forms are available at Aung Myint Moh Hotel in Mandalay.

At a workshop on the development of tourism in Mandalay and Bagan on August 22, Minister for Hotels and Tourism U Tint Hsan said new zones were also planned for both Bagan and nearby Mt Popa.

However, Bagan-Nyaung Oo hotel zone secretary U Zaw Wait said there were still no firm details on either zone.

The Bagan zone is expected to be near Tuyin Mountain but development has been delayed because the Ministry of Hotels and Tourism and the Ministry of Culture are still negotiating over the land.

http://www.mmtimes.com/2012/news/643/news27.html

Amata Hotel & Resort
Ngapali, Myanmar


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Bay of Bengal Hotel & Resort
Ngwesaung Beach, Myanmar

Beachfront resort with 70 guest rooms



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Thiri Hotel
Chaungtha, Myanmar

Bungalows & Hotel rooms with 22 guest rooms



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Phosein Hotel
Yangon, Myanmar

Hotel rooms - 9,500 sq ft



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Pleasant View Resort
Ngapali, Myanmar

Eco-friendly beach resort with 42 rooms



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Bayview Hotel
Ngapali, Myanmar

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Monte Vino Resort
Aythaya, Myanmar

Hillside resort overlooking vineyards



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Hotel booking available at Yangon airport
By Yu Yu Maw | Monday, 17 September 2012

1Visitors to Myanmar can now book hotel rooms in Yangon upon arrival at Yangon International Airport, according to a spokesperson at the airport's information counter.

"Starting this month, new arrivals can visit the airport's information counter, where staff members will arrange hotel reservations for anyone who has not already booked rooms in Yangon," the spokesperson said.

"Visitors can ask at the counter about bookings as well as updated room rates, and they don't need to pay a commission for hotel reservations," she said, adding: "We can also try booking rooms at hotels in Mandalay and Bagan at the traveller's request."

Staff at the information counter will make reservations by calling hotels directly, and payment will be made directly to the hotel by the traveller.

The managing director of Panda Hotel, Dr Nay Zaw Aung, said he now sends update room rates to the airport's information counter.

"It's a good service for travellers. If we have rooms available, we usually give them to the information counter when they call us," he said.

In May the Ministry of Hotels and Tourism started distributing pamphlets at the airport that showed ratings, room rates, addresses and contact information for hotels in Yangon.


http://www.mmtimes.com/index.php/lifestyle/travel/1506-hotel-booking-available-at-yangon-airport.html

Aureum Resort and spa, Inle Lake, a luxury hotel on the side of the lake.
good attentive service

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Aureum Palace hotel, Bagan

The tower has a good panoramic view of the Bagan, awesome!

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Sittwe is probably the resort destination of myanmar but i think the mergui archipelago in tanintharyi province is also famous in thew country

I am really looking for a good partner to enter Myanmar for a contract furnishing business. How do I find the right preson

Best Western to open Myanmar hotels

http://www.mizzima.com/business/8861-best-western-to-open-myanmar-hotels.html

Leading US-hotel chain, Best Western International Inc, has announced that they will enter the Myanmar hotel market this year.

Speaking to Bloomberg by email, Glenn de Souza, the Bangkok-based Vice President of the firm’s international operations for Asia and the Middle East, said the group is considering the country's two largest cities of Yangon and Mandalay to open hotels.

“The hotel sector is severely under-supplied, especially in the mid-scale segment, so there will be big opportunities for first movers,” he said.

The Myanmar government has announced the construction of a 200-acre Yangon Hotel Zone to be built ahead of December's South East Asia Games.

Shangri-La International Hotel Management Ltd is also currently building luxury serviced apartments near the city's Kandagwyi Lake.

Boutique hotel opportunities for Thais

http://www.elevenmyanmar.com/business/2669-boutique-hotel-opportunities-for-thais

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Abandoned colonial buildings in Yangon could be golden opportunities for Thai firms to turn them into hotels, which are in high demand to serve the rising number of visitors.

Myanmar is the latest destination on the list of travellers and businessmen from around the world as the country emerges from decades of isolation. Last year, over one million visitors made their way to the country, compared with 816,000 in 2011.

But Myanmar is suffering from a major shortage of hotel rooms. There are only about 28,000 rooms across the country. However, in every obstacle lies an opportunity.

Many long-neglected buildings, formerly government offices, line the streets of Yangon after government offices were relocated to the new capital of Nay Pyi Taw. These buildings were mostly built in the 19th century when Myanmar was part of the British Empire. They are rich in cultural heritage, built in the European style. There are 187 of them on the Yangon City Heritage List of old buildings and structures, waiting to be preserved.

The government has put some of these buildings up for lease or sale. As Myanmar is going through an economic transition, there is huge demand for office space and accommodation.

In Yangon, there are two main opportunities in the real estate market - development of medium-and big-size projects and construction and renovation of colonial buildings into boutique hotels or restaurants.

Thant Myint U, a well-known Burmese historian and chairman of the Yangon Heritage Trust, a non-governmental organisation that aims to promote and protect Yangon's architectural heritage as part of a comprehensive urban plan, last week urged the government to set up a framework to balance the demands of investors and locals.

"We have to make investors happy, make them confident that they can make money in the future and that people are protected in terms of public interest and we protect our beautiful city," he said.

As opportunities are made available, the Myanmar Investment Commission has pointed out that if SMEs are interested in Myanmar, they should not do it alone.

"It would be helpful if the SMEs do not come on their own but form an association. Together they can make it. They can twin with local companies here so they can pass the requirements," said Professor Aung Tun Thet, a member of the commission.

One of the major problems in transforming old buildings may not be capital but the ownership of the buildings.

"Many are in dangerous condition. How to acquire and lease property is the key to this," said Tony Picon of Colliers International Thailand.

A good example of the renovation of a colonial building is the US$350-million project by Serge Pun and Associates in conjunction with Singapore-listed Yoma Strategic Holdings, which is also owned by Myanmar tycoon Serge Pun.

The project includes the renovation of the old Railways Ministry headquarters and the development of FMI Centre and Grand Mee Ya Hta building. The aim is to turn these buildings into two office buildings, two serviced apartment towers, two hotels and one retail mall. It is set to become a landmark of Yangon.

The renovation of these buildings is likely to attract many tourists. However, there are some obstacles along the way.

"The first thing to do is to find out what we are dealing with because it has been here since 1896. It's 115 years old. Obviously, the old plan has been lost, so we engaged a lot of specialist companies to perform a preliminary investigation of the building structure and work out how to strengthen, repair and conserve it," said Paul Anslow, an engineer from Meinhardt Myanmar who is involved in the project.

The real construction work is likely to begin in six months. But it will take at least three to five years for the renovation to be finished. The overall development of the project may take longer.

To renovate the old buildings, money, expertise, time and other factors are very important. This raises the question of whether it is worth the investment to restore the buildings to put in use again.

Anslow said: "Primarily, you need to look at what was its original usage and condition, what its condition is nowadays, and what do you want to do with that building in the future. So, if it's still in good condition, perhaps there's not too much cost involved.

"However, if it's in poor condition, there's going to be a lot of investigation procedures required to bring that up to standard," Paul said.

With Yangon experiencing a hotel room shortage, many companies are accelerating construction to meet the high demand. However, according to a survey by Colliers International Thailand, most new construction projects are expected to finish later this year or within two to three years.

For new investors who may have an interest in turning old buildings in Yangon into business opportunities, some of the important steps to keep in mind are - prepare a business plan and required documents.

More details can be found at www.dica.gov.mm or www.mnped.gov.mm.

Thai firms should apply to the Myanmar Investment Commission for licence approval. To enjoy a better chance in negotiations, SMEs should join hands - find a local business partner via business matching. But most importantly, they need to study the laws, rules and regulations.

If Myanmar can find a balance between preserving heritage buildings and filling up high demand for office space and hotels, Yangon will definitely be one of the most prestigious cities in Asean.

This is the first of our series from Myanmar. Next is the soft drink war amid Coca-Cola and Pepsi's invasion.

Hilton Signs Hotel in Yangon, Myanmar

http://www.asiatraveltips.com/news13/63-HiltonYangon.shtml

Hilton has signed a management agreement with LP Holding Co., Ltd to manage the Hilton Yangon in Kyauktada Township, Yangon, Myanmar.

The first Hilton Worldwide property in Myanmar, the 300-room Hilton Yangon will also be the first Hilton Hotels & Resorts branded hotel and is scheduled to open in 2014.

“This agreement is a significant milestone for us as it represents both Hilton Worldwide’s and the Hilton brand’s entry into Myanmar. Following the social and economic reforms the country has made over the past year, Myanmar has seen visitor arrivals grow by 45.1% compared to the previous year. Yangon, in particular, is positioned to grow much faster than many other emerging market in Asia. Backed by a strong partner like LP Holding Co., Ltd, we are very confident that as the first internationally branded hotel in Yangon, Hilton Yangon will set the benchmark for quality hospitality experiences catering to both domestic and international travelers,” said Andrew Clough, senior vice president, development, Middle East & Asia Pacific, Hilton Worldwide.

The 21-storey Hilton Yangon is 14.3 kilometers away from Yangon International Airport and is part of Centrepoint Towers, a mixed-use development which includes high-end retail boutiques and a premium office tower. Located at No. 65, the corner of Sule Pagoda Road and Merchant Street in the Kyauktada Township, the hotel is located opposite Yangon’s iconic High Court building and the famous Independence Monument Park.

As the one of the tallest commercial buildings in the city, hotel guests will enjoy impressive 365-degree views of greater Yangon and easy accessibility to the downtown colonial quarter and business district of the city.

Hilton Yangon will offer one all-day dining restaurant, two specialty restaurants, a destination sky bar and a lobby lounge. Offering a total of 1,400 square meters of event space including a 850-square meter ballroom, the hotel will also have an Executive Floor, a business center, a fitness center, a pool, a spa and car park facilities.

Yangon boasts numerous tourism attractions such as the beautiful golden pagodas which can be found dotted throughout the city, the most famous of which is the Shwedagon Pagoda. Other key attractions include Kandawgyi Lake with its Royal Barge, numerous museums and well preserved examples of grand colonial architecture.

Following the lifting of economic and social sanctions on the country, a number of international airlines have introduced new routes into Yangon to cater for the rapid growth in demand for corporate and leisure travelers.

Arrivals into Yangon are expected to remain strong and with new foreign investment laws passed in November 2012 aimed at bringing in foreign capital, the city is expected to generate high levels of growth across all industries especially in the areas of mining, energy, telecommunications, banking, real estate, legal, healthcare and hospitality.

Accor Announces the Development of Three Newly Built Hotels in Myanmar
2013-03-13


http://www.hotelnewsresource.com/article69972Accor_Announces_the_Development_of_Three_Newly_Built_Hotels_in_Myanmar.html

Accor opens new frontiers in Southeast Asia entering into Myanmar with an MGallery hotel in the country’s capital and 2 newly built Novotel hotels in Yangon and Mandalay

Accor announces the development of three newly built hotels in Myanmar – an MGallery hotel in Naypyidaw, Novotel Yangon Max, and Novotel Mandalay Mingalar – representing the group’s 18th market in the region.

“We are excited to announce the signing of three new hotels in Myanmar – the first of which will open this year – marking Accor’s return to Myanmar,” says Michael Issenberg, Chairman and Chief Operating Officer for Accor Asia-Pacific.“Southeast Asia has long been a focus market for Accor, and as the country’s tourism industry develops, we see significant growth potential for international hotel operators with long-term experience in the region. These three developments represent yet another step towards our goal of operating 700 hotels in Asia-Pacific by 2015.”

“With Myanmar expecting a strong increase in international arrivals this year, we look forward to being a part of the development of the country’s tourism infrastructure,” says Robert Murray, Chief Operating Officer, Accor South East and North East Asia. “We expect business and leisure travellers alike will feel welcome at our iconic MGallery and Novotel branded hotels. True to our motto ‘Open New Frontiers in Hospitality’, our intention is to lead the way and accelerate the company’s expansion into this dynamic market.”

The upscale MGallery hotel in the heart of Naypyidaw, Myanmar’s capital city, will be the city’s first international brand hotel. The property will welcome guests with 168 rooms, 1 meeting hall, 4 meeting rooms, a cigar bar and two dining outlets, including an Italian restaurant. The newly-built property, expected to open this year, will be located a mere 15 minutes’ drive from the City Hall, Water Park and Gem Museum, and 20 minutes from Naypyidaw International Airport.

In Yangon, the country’s former capital and an important economic centre for trade and tourism, Novotel Yangon Max will be completed by the end of 2013. This newly built 366-room hotel will provide international-standard quality and services that promise true relaxation and comfort, with 3 restaurants – including a rooftop French restaurant – a bar, a 1,000 square meter banquet room, 8 meeting rooms, a swimming pool and wellness centre. The hotel is within walking distance of Shwedagon Pagoda, Bogyoke Aung San Market, Inya Lake, Junction Square Shopping Centre, and a 20-minute drive from Yangon International Airport.

Novotel Mandalay Mingalar, a newly-built hotel scheduled to open in in 2015, will have 280 rooms, 2 restaurants, 2 bars, a ballroom, 4 meeting rooms, a swimming pool, and wellness centre. Situated in a prime location, the hotel is near the Maha Muni Pagoda, Mandalay Palace, Shwenandaw Monastery, Mandalay Hill, and a 40-minute drive from Mandalay International Airport. Mandalay is located 716 km north of Yangon on the east bank of the Irrawaddy River and is the second-largest city in Myanmar.

Vietnamese-built hotels, apartments to begin opening in Yangon in 2016

http://www.elevenmyanmar.com/business/2915-vietnamese-built-hotels-apartments-to-begin-opening-in-yangon-in-2016

Hotel construction site in Yangon (Photo - EMG)

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Eight hotels and office buildings funded by Vietnamese investment will open in Yangon between 2016 and 2019, the Ministry Hotels and Tourism said

Hoang Anh Gia Lai Myanmar Co. Ltd., a Vietnamese invested company, has received permission for the projects worth a combined US$300 million and has started construction on a hotel, commercial centre and office building near the industry ministry’s office on Kabaraye Pagoda Road.

The buildings are scheduled to open by June 2016. The five-star hotel will have 414 rooms and the commercial centre will have 515 apartment units. Another office building and four serviced-apartment buildings will open before June 2019, according to the ministry.

It said it was aiming to increase the number of hotel rooms that met international standards.

The ministry signed a build, operate and transfer contract with the Vietnamese company for the hotel and commercial buildings on the 18-acre land plot on Kabaraye Pagoda Road last December.

Currently, there are 794 licensed hotels and motels in Myanmar, providing a total of 28,660 rooms. Only 26 of the hotels, with a total of 4,054 rooms, are foreign owned or owned by joint ventures that include foreign partners. Only five of the hotels are five-star hotels, all of them in Yangon.

Yoma signs deal to develop five-star hotel in Yangon

By Michelle Quah
The Business Times
Monday, Apr 22, 2013

YANGON - Yoma Strategic Holdings, which is looking to build itself a portfolio of diversified businesses in Myanmar, has moved ahead with its plans to develop a five-star hotel out of the former Burma Railway Company building in Yangon.

It said it has signed a heads of agreement with The Hongkong and Shanghai Hotels Limited (HSH) to jointly redevelop the building into a Peninsula hotel.

Hong Kong-listed HSH is known for its ownership, development and management of hotel, commercial and residential properties around the world, including The Peninsula hotels in Hong Kong, Shanghai, New York, Beverly Hills (California) and Paris.

The parties are now working on each side's financial commitment with respect to the purchase of the land development rights of the site and its redevelopment costs, ahead of the signing of the binding agreements.

Yoma had earlier proposed - with the approval of its shareholders - to buy an 80 per cent stake in Meeyahta International Hotel Limited (MIHL). MIHL holds the rights to the economic benefits of the land development rights for a 10-acre, mixed-use development project in the Pabedan township in Yangon, which includes the heritage Burma Railway Company building.

Yoma bought the stake from its executive chairman Serge Pun's privately held Serge Pun & Associates (SPA Group), which retains a 20 per cent stake in MIHL.

MIHL has applied to the authorities in Myanmar for a new leasehold title to be issued for this new development, located at 372 and 380 Bogyoke Aung San Road in Pabedan.

Under the heads of agreement, HSH has agreed to subscribe for a 70 per cent majority interest in the joint venture to be set up; Yoma and SPA have agreed to subscribe for the remaining 30 per cent in the joint venture, in proportion to their respective interests in MIHL, that is 80 per cent and 20 per cent respectively.

In addition to this five-star hotel, Yoma has announced plans to build a four-star hotel, a luxury condominium building, a serviced-apartment complex, two office towers with more than 700,000 sq ft of gross floor area and a retail podium with more than 400,000 sq ft of gross floor area in the Pabedan project.

Yoma also has other ventures in Myanmar, including projects in apartment construction, the luxury tourism sector and the automotive industry.

It has also joined up with First Myanmar Investment, a unit of SPA, to bid for a mobile-phone licence in Myanmar.

It announced last week that the consortium it is a part of has pre-qualified to apply for one of two new telecommunications licences in Myanmar expected to be awarded later this year.

The consortium comprises YSH Finance Ltd (80 per cent owned by Yoma and 20 per cent by SPA), Digicel Group Limited and Quantum Strategic Partners Ltd.

Yoma is widely viewed as the company with the purest exposure to Myanmar. Its shares closed last Friday 1.5 cents up at 81 cents apiece on that day.

Peninsula group to open hotel in Yangon

http://www.elevenmyanmar.com/tourism/3492-peninsula-group-to-open-hotel-in-yangon

Hong Kong-based Peninsula Hotels Group is planning to build a hotel at the Railways building in the downtown Yangon, according to Hong Kong and Shanghai Hotel (HSH).

The group will create a new joint venture with Yoma Strategic Holdings Limited.

It is also preparing to build the hotels in Mandalay and Bagan. It has been selling shares to carry out the hotel projects in last month.

Yoma Strategic Holdings is running the construction developments, properties managements, and real estates in Singapore, Myanmar and China. It is also operating business in agricultural sectors, the Bloomberg Business Week reported.

Yoma and First Myanmar Investment are subsidiaries of SPA Groups. The SPA is chaired by tycoon Thein Wai.

The HSH founded the Peninsula Hotels group in 1866. It is a member of Hong Kong stock exchange and operating businesses in Asia, EU and US countries.

Peninsula Hotels Group is running hotel business in Hong Kong, Beijing, Tokyo, Bangkok, Manila, New York, Chicago and Paris.

New complex going up in Dagon

http://mmtimes.com/index.php/business/property-news/6724-new-complex-going-up-in-dagon.html

A 358-room hotel will be the first building in a new complex that will spread over a 22-acre site in Yangon’s Dagon township, an executive from Htoo Construction Development Group said on May 10.

The seven-storey hotel will cost US$50 million to build, a Htoo Construction consultant said at a signing ceremony between his firm and Siam Steel International, which will help develop and manage the Aurem complex.

The entire project – which will include a five-storey shopping mall, eight-storey office tower and serviced apartments – will cost $300 million to construct, executives said.

The project is being built under the build, operate and transfer system and the land lease signed with the Myanmar Investment Commission is for 70 years.

The complex will be a city landmark when it is completed in two years, Htoo executives said, adding that it will have a total of 150,000 square metres of floor space.

Construction of the hotel will be completed in 10 months, they said.