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Tokyo Tatemono : Launching of Large-Scale Complex Development Project in theCenter of Yangon, Myanmar 521KB

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by July 28, 2017 General


NEWS RELEASE

For Immediate Release

July 28, 2017

Fujita Corporation Tokyo Tatemono Co., Ltd.


Development/Operation Led by Japanese Public-Private Partnership

Launching of Large-Scale Complex Development Project in the Center of Yangon, Myanmar

First Investment Project Authorized by Myanmar Investment Law

Fujita Corporation (headquarters: Shibuya-ku, Tokyo; President and CEO: Yoji Okumura; hereafter, “Fujita”) and Tokyo Tatemono Co., Ltd. (headquarters: Chuo-ku, Tokyo; President and Chief Executive Officer: Hitoshi Nomura; hereafter, “Tokyo Tatemono”) hereby announce that they, along with Yangon Technical & Trading Co., Ltd. (hereafter, “YTTC”), an affiliate of Ayeyar Hinthar Holdings Co., Ltd. (hereafter, “Ayeyar Hinthar”), Myanmar’s leading company group, have obtained local investment permission and launched a large-scale complex development project in the center of Yangon, Myanmar.

The project itself is for development of a large-scale complex involving new development and operation of a high-grade office building, commercial facilities and a hotel on the former site of the military museum (approximately 16,000 m2) located in the center of Yangon, scheduled for completion in 2020. The total floor space is approximately 92,000 m2 and the maximum total cost is expected to reach around USD332.5 million (around JPY37.7 billion).

The project site is located at the intersection of Shwedagon Pagoda Road and U Wisara Road close to Yangon Central Railway Station and enjoys a high scarcity value. Being relatively close to Shwedagon Pagoda, a symbol of Myanmar, the area is expected to further develop in the future as the center of business, commerce and tourism not only for Yangon, but for all of Myanmar.

Upon advancing the project, the Japanese corporate alliance comprised of Fujita, Tokyo Tatemono and Japan Overseas Infrastructure Investment Corporation for Transport & Urban Development (headquarters: Chiyoda-ku, Tokyo; President and CEO: Takuma Hatano; hereafter, “JOIN”) plans to establish a local project company with YTTC through a Japanese corporate alliance SPC in Singapore. The maximum total investment amount is scheduled to be around USD150.8 million (around JPY17.1 billion), majority of stake in the local project company.

Fujita will be in charge of planning and construction for the project and Tokyo Tatemono will undertake operation/management of the office and commercial facilities. The hotel operation will be entrusted to Hotel Okura Co., Ltd. (headquarters: Minato-ku, Tokyo; President: Toshihiro Ogita; hereafter “Hotel Okura”). As such, the project will be for development of a large-scale complex led by Japanese public and private sectors from development to the operation throughout.

This is the first project to be granted investment permission under the Myanmar Investment Law.

Myanmar has maintained high economic growth rates with the opening of markets and introduction of foreign currencies since transitioning to civilian rule in 2011, and is expected to further develop going forward with the launch of a new administration and the lifting of economic sanctions by the U.S. in 2016. Currently in Yangon, while a high growth potential is projected over the medium to long term, there is an insufficient number of existing facilities to supply high-grade office/hotel services. We aim to contribute to the economic development of Yangon and Myanmar over the medium to long term by promoting the project under unified cooperation between the Japanese government and private sectors, as well as by capitalizing on development/operational expertise, product planning capability and high technological competence fostered by Fujita and Tokyo Tatemono.

(Exterior rendering)

Project overview

Address

Plot No. 11A/15-16-17, Survey Block No. 68/45D, the corner of Shwedagon Pagoda Road and Pantra Street, Dagon Township, Yangon Region, Myanmar

Use

Offices, commercial facilities, hotel (including guestrooms for long-term stay)

Land area

Approximately 16,000 m2

Total floor space

Approximately 92,000 m2

Structure

Reinforced concrete, B2F/9F

Construction period (planned)

Start: 2017

Completion: 2020

Project scheme

Fujita Tokyo Tatemono

JOIN Ayeyar Hinthar

100% subsidiary 100%subsidiary

Fujita Singapore Tokyo Tatemono Asia

Investment

Investment Investment Subsidiary

Japanese Corporate Alliance SPC YTTC

Investment/financing

Investment

Local Project Company

Design/construction

Fujita

Management contract Hoteloperation Management contract Office/commercial facilities operation

Hotel Okura Tokyo Tatemono Asia

Map of location

Small-scale map Large-scale map

Overview of companies

Fujita Corporation

Headquarters Address

:

4-25-2 Sendagaya, Shibuya-ku, Tokyo

Established

:

December 1910

Capital

:

JPY14 billion

Business activities

:

Contracting, planning, design, supervision, and consulting services for construction

projects, etc.

No. of employees

:

3,031 (as of April 1, 2017)

Representative

:

Yoji Okumura, President and CEO

Construction track record in Myanmar

Track record (1)

:

Oji Myanmar Packaging Co. Ltd.

(Oji Holdings Corporation)

Address

:

Thilawa SEZ

Building use

:

Packing factory

Construction area

:

6,871 m2

Completion

:

June 2016

Track record (2)

:

FUJITRANS LOGISTICS (MYANMAR) CO., LTD.

(FUJITRANS CORPORATION)

Address

:

Thilawa SEZ

Building use

:

Logistics factory

Construction area

:

6,498 m2

Completion

:

May 2017

Track record (3)

:

Yangon Can Manufacturing Co., Ltd.

(Toyo Seikan Co., Ltd.)

Address

:

Thilawa SEZ

Building use

:

Can manufacturing factory

Construction area

:

7,086 m2

Completion

:

May 2017

Track record (4)

:

Ryobi Myanmar Distribution Service Company Limited

(Ryobi Holdings Co., Ltd.)

Address

:

Thilawa SEZ

Building use

:

Food warehouse

Construction area

:

36,695 m2

Completion

:

April 2018 (planned)

Tokyo Tatemono Co., Ltd.

Headquarters Address

:

1-9-9 Yaesu, Chuo-ku, Tokyo

Established

:

October 1896

Capital

:

JPY92.4 billion

Business activities

:

Development, leasing and management of office buildings, commercial facilities, etc., development and sales of condominiums, etc. and others

No. of employees

:

574 (as of December 31, 2016)

Representative

:

Hitoshi Nomura, President and Chief Executive Officer

Business track record in Myanmar

Track record (1)

:

Marina Residence

Address

:

No 8, Kaba Aye Pagoda Road, Ward No.10, Mayangone Township, Yangon, Myanmar

Use

:

Serviced apartment

Completion

:

1999

Total no. of units

:

130

Overview

:

Developed a serviced apartment on the land owned by the city of Yangon adjacent to Inya Lake as a joint project with a Japanese company.

Track record (2)

:

Prime Hill Business Square

Address

:

No.60, Shwe Dagon Pagoda Road, Dagon Township, Yangon, Myanmar

Use

:

Offices (office conversion project of an existing building)

Completion

:

2014

Total floor space

:

Approximately 8,300 m2

Overview

:

Participated as a consultant in theoffice conversionproject of the government building of the Myanmar Ministry of Construction developed and operated byCHIYODA& PUBLIC WORKS CO., LTD., a joint venture company between Chiyoda Corporation and the Myanmar Ministry of Construction.

Tokyo Tatemono Co. Ltd. published this content on 28 July 2017 and is solely responsible for the information contained herein.
Distributed by Public, unedited and unaltered, on 28 July 2017 08:08:06 UTC.

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