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YOMA Strategic Holdings has extended until 2048 the lease for its landmark hotel project at the former headquarters of the Myanmar Railway Company.
The conglomerate said on Monday that it has signed a framework agreement with Myanmar's Ministry of Rail Transport to extend the master lease for an initial period of 50 years from January 1998. For a 0.5-acre area of the site, this will be dependent on the approval of the Myanmar Investment Commission.
Under the agreement with the rail ministry, the leases for the project, which is currently split into two sites, will be redrawn into two separate master lease agreements for the proposed hotel development and proposed mixed-use development respectively.
With this, Yoma and Hongkong and Shanghai Hotels have also agreed to extend the long stop date under the existing shareholders agreement to June 30 this year.
Yoma has also reached an agreement with the site vendor, Serge Pun & Associates (Myanmar), for the remaining payment for the acquisition of the land to be made after the lease extension for the 0.5-acre area has been obtained.