Eight years needed to build Yangon railway station project
With an estimated price tag of US$2.5 billion and eight years to build, the time cost and investment needed for the Yangon Central Railway Station redevelopment are massive.
THE US$2.5 billion Yangon railway station project, which is set to be Myanmar’s largest joint venture investment project under the National League for Democracy-led government, will take eight years to complete the construction, according to the winning consortium, which also claims that the work will create 100,000 local construction jobs.
The Central Transport Development Consortium (CTDC) has been selected as the preferred bidder to redevelop the 25.7 hectares (63.5 acre) prime site around Yangon Central Railway Station in the city centre of Myanmar’s commercial capital. Another consortium involving Singapore-listed Yoma Strategic Holdings and Myanmar-listed First Myanmar Investment also applied for tender.
CTDC was selected among the 18 participants from 14 countries that applied for the EOI (Expression of Interest). The tender process took nearly three years to complete.
The announcement was first made by a member of the consortium, Singapore-listed Oxley Holdings Ltd, whose board of directors announced on February 14 that the consortium, also comprising Min Dharma Co and Sino Great Wall Co, was selected by Myanma Railways to undertake the project.
Min Dhama Co has a 40 percent share and Oxley Holdings and Sino Great Wall Company each have a 30pc share. Min Dhama is one of 23 subsidiary companies of Mottama Holdings Ltd owned by U Yang Ho. Oxley Holdings is listed in Singapore while Sino Great Wall Co is headquartered in Beijing.
Oxley’s board added that it will be a mixed development project which comprises a new central transport hub that integrates rail and mass transit. The hub will be surrounded by housing and commercial amenities.
This railway station project is expected to be Myanmar’s largest joint venture investment project to date under the National League for Democracy-led government, bringing an estimated $2.5 billion investment to the intersection between downtown Yangon and the Aung San Stadium. The consortium estimates that the project will create 100,000 jobs for local construction workers.
“Taking inspiration from CTDC’s motto ‘Our Future, Our Yangon’, the Yangon Central Railways Station Area Comprehensive Development Project will create Myanmar’s first ever TOD [transit-oriented development], bringing residential, business and leisure facilities within walking distance of a major transport interchange. The development will feature public amenities and landscaped green spaces in the heart of the city for the relaxation and enjoyment of both visitors and Yangonites,” the consortium said in a press statement yesterday.
It added that the transport hub will blend the heritage and modern development by preserving the historic old railway station main building, dating back to 1954, and linking it to a new and futuristic station constructed above the rail tracks. Very much like other new buildings in the city, this is fit into a modernised, forward-looking Yangon.
With a gross floor area of 1.09 million square metres, the mix-use development will consist of six different zones to include a high-end commercial district, office towers, condominiums, business hotels and serviced apartments, as well as a green park and a railway museum. The estimated total construction period is eight years.
U Yang Ho, chair of Mottama Holdings Ltd, said that the project will create a new major centre for Yangon, enriching what the city can offer in terms of services and attractions.