Yoma gets Landmark lease extension from Myanmar authority

Yoma Strategic Holdings has received approval from the Myanmar Investment Commission (MIC) for the extension of the Landmark lease, for the redevelopment of the former headquarters of the Burma Railways Company into a five-star hotel.

"The company is delighted that this decision has been reached by the MIC after a protracted period of negotiations with the relevant authorities and will commence immediately on the necessary steps with the Ministry of Rail Transportation to finalise the lease extension of the sites for the Landmark Development," said Yoma in an announcement on Wednesday night.

The site currently comprises the Grand Meeyahta Hotel (which had ceased operations in October 2013 to make way for the proposed redevelopment) and the former headquarters of the Burma Railways Company, which is a heritage site built in 1877. Yoma and its joint venture partners intend to develop the site into a mixed-use development.