Oxley consortium chosen as preferred bidder for Myanmar railway project

A CONSORTIUM that includes Singapore-listed developer Oxley Holdings has clinched "preferred bidder" status for the Yangon Central Railways Station Area Comprehensive Development Project in Myanmar.

Oxley said in a late Wednesday filing on the Singapore Exchange that the award of the contract is subject to the completion of negotiations and legal arrangements.

The project will be a mixed development project comprising a new central transportation hub that integrates rail and mass transit, surrounded by housing and commerce amenities.

It will occupy an area of 25.7 hectares, with an intended development gross floor area of about 1.1 million square metres.

Oxley traded 1.5 Singapore cents higher, or 2.4 per cent, to S$0.65 as at 10.38am.

In a corporate presentation in January, Oxley said that it had about S$299.2 million worth of properties in its portfolow and to be launched in Myanmar, with S$12.8 million of unbilled progress billings. One of those projects is its 50 per cent stake in Min Residences, a luxury residential project in Yangon.