Yoma gets long-awaited lease extension for landmark hotel project

Singapore

THE long wait for Yoma Strategic Holdings is over - the firm has secured the lease extension until 2048 for its landmark hotel project at the former headquarters of the Myanmar Railway Company.

The group said on Monday that it has signed a framework agreement with Myanmar's Ministry of Rail Transport to extend the master lease for the site for an initial period of 50 years from January 1998. For the smaller plot of land measuring 0.5 acres, however, the additional appro-val of the Myanmar Investment Commission will be required.