The Myanmar-based conglomerate Yoma Strategic Holdings on Wednesday said it signed an agreement with two construction companies to build Yoma Central and The Peninsula Yangon for over US$400 million.
The contract work includes civil, structural, architectural, mechanical, electrical, plumbing and heritage works, it said in a regulatory filing.
The Yoma Central project project will be constructed by a subsidiary of Bouygues Construction and Taisei Corporation, one of Japan's oldest and largest building construction and civil engineering company.
The Peninsula Yangon project will be built by BYMA Pte , which is a joint venture between Dragages Singapore Pte Ltd and the Group.
"Yoma Central is considered one of the largest foreign direct investments in Myanmar's real estate sector with an investment of more than US$700 million. It is important that we bring in world class civil and engineering expertise to develop this flagship Yangon property," said Cyrus Pun, Executive Director of Yoma Strategic.
Shares of Yoma Strategic, which runs KFC stores in Myanmar, were unchanged at S$0.49 on the Singapore Exchange. The stock has lost about 14 percent in an year.