Singapore-led consortium bags US$1.4b Myanmar airport project

Singapore

A SINGAPORE-BACKED consortium - which includes construction firm Yongnam and Changi Airport Planners and Engineers (Cape) - has snagged a US$1.4 billion bid to construct Yangon's second international airport as the city prepares for growing tourist arrivals.

"The consortium has been selected as the successful tenderer by Myanmar's Department of Civil Aviation (DCA), for the design, construction, operation and maintenance of Hanthawaddy International Airport (HIA) and its facilities on the basis of a public-private partnership agreement for a 30-year concession," said Yongnam in a release to the Singapore Exchange on Wednesday. The counter rose 1.2 Singapore cents to 20 Singapore cents before a trading halt was called that afternoon. Cape is a wholly-owned subsidiary of Changi Airports International (CAI), which is a unit of the Changi Airport Group. The consortium also includes Japan-based engineering contractor JGC Corporation.