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Mitsubishi Corporation

Press Room

July 12, 2016
Mitsubishi Corporation
Mitsubishi Estate Co., Ltd.

Mitsubishi Corporation and Mitsubishi Estate Agree to Commence the Landmark Project, a Large Mixed-Use Redevelopment Project in Downtown Yangon, Myanmar

Mitsubishi Corporation and Mitsubishi Estate Co., Ltd. are pleased to announce their July 12, 2016 agreement to commence the Landmark Project (the Project), a large mixed-use development project in Downtown Yangon, Myanmar. The Project will be developed in collaboration with Yoma Strategic Holdings Ltd. (Yoma) and First Myanmar Investment Co., Ltd. (FMI). Both Yoma and FMI are affiliates of the Serge Pun & Associates Ltd. Group (SPA Group), a major Myanmar-based conglomerate.
 
The Project entails redeveloping a site of around four hectares, where the SPA Group had constructed and operated an office building, commercial facilities, a hotel and other real estate assets. It will involve constructing two office buildings, one condominium, one building combining a hotel and serviced apartments, with commercial facilities being installed on the lower floors of each building, across a total floor area of over 200,000 m².
 
Mitsubishi Corporation and Mitsubishi Estate will form an alliance, for the implementation of the Project through a joint venture set up in Singapore. The Project will also benefit from a preferred equity investment to be provided by the Japan Overseas Infrastructure Investment Corporation for Transport & Urban Development (JOIN). Total investment commitment by the Japanese Partners is up to approximately USD 200 million. JOIN was established in October 2014 through public and private sector equity participation with the aim of facilitating urban and infrastructure development by Japanese corporations overseas. The Project will be JOIN’s first equity participation project in the field of overseas urban development. The Japanese Partners will work with Yoma and FMI to establish a local project company. The Asian Development Bank (ADB) and the International Finance Corporation (IFC) will also make equity contributions, and the Local Project Company will borrow project funds from these two financial institutions to finance the Project.
 
Myanmar made the transition to democracy in 2011 and is proactively promoting economic growth through market liberalization and the attraction of foreign investment. In the wake of the inauguration of the new administration in April this year, more rapid development is expected thereby creating greater need for social infrastructure that can support this development. The Project will take place around Yangon Central Railway Station, the city’s main downtown business and commercial district, which is the equivalent of Marunouchi in Tokyo. Given its size and mixture of land uses, the Project will not only provide infrastructure to support Myanmar’s development, but will also, quite literally, become a landmark in downtown Yangon.
 
The Project will combine the real estate development know-how that Mitsubishi Corporation and Mitsubishi Estate have accumulated around the world and Japan’s high technological and product planning capabilities with the SPA Group’s extensive experience in the real estate business in Myanmar. This will allow the provision of high value-added urban infrastructure and related services, which, it is hoped, will contribute to rapid economic development in Myanmar.
Image of Completed Redevelopment
*(Usage from left to right) Office, Office, Hotel/Serviced apartments, Condominiums
*The low-rise building in the foreground is a hotel developed through renovation of an existing building, which is a separate project.
[Project Outline]
Planned Site:       Downtown Yangon, Myanmar
Site Area:             Approx. 4 hectares (including part of the site of a separate project)
Building Composition:        4 buildings plus a base structure  (2 office buildings, 1 condominium, 1 building for hotel & serviced apartments, and commercial facilities)
Schedule:            Start date:           Before the end of FY2016 (Plan)
                            Completion date: Before the end of FY2020 (Plan)

 
 
Project Organization
Project Location
Detail of the Project Location
[Overview of Partners]
(1) Mitsubishi Corporation
Headquarters: 3-1, Marunouchi 2-chome, Chiyoda-ku, Tokyo
Date Established: July 1954
Capital: 204.4 billion yen
Business Activities: Mitsubishi Corporation conducts diverse businesses, operating across a wide range of industries under a structure consisting of the Business Service Group in addition to seven other business groups in the fields of Global Environmental & Infrastructure; Industrial Finance, Logistics & Development; Energy; Metals; Machinery; Chemicals; and Living Essentials.
Number of Employees: 68,247 (consolidated basis: as of March 31, 2016)
Representative: Takehiko Kakiuchi, President & CEO
 
(2) Mitsubishi Estate
Headquarters: 6-1, Otemachi 1-chome, Chiyoda-ku, Tokyo
Date Established:  May 1937
Capital:  141.3 billion yen
Business Activities: A comprehensive real estate developer operating a spectrum of businesses in diverse fields related to real estate, including the development and management of an office building business centered on the Marunouchi district in central Tokyo, a retail property business, a residential business and a hotel business. The Company is also actively expanding its operations overseas.
Number of Employees: 8,474 (consolidated basis: as of March 31, 2016)
Representative: Hirotaka Sugiyama, President & CEO
 
(3) Japan Overseas Infrastructure Investment Corporation for Transport & Urban Development (JOIN)
Head Office: 2-2-3 Marunouchi, Chiyoda-ku, Tokyo
Date Established:  October 2014
Business Activities: JOIN aims to encourage the involvement of Japanese companies in overseas infrastructure projects while at the same time expanding business opportunities for Japanese operators and related equipment manufacturers. In addition to providing the capital jointly with Japanese private sector companies in overseas projects, JOIN also negotiates with foreign governments and provide Japan’s best technology through the support of highly experienced human resources.
JOIN was established on October 20, 2014 and it is the first and only private sector and government sponsored corporation in Japan that specializes in overseas infrastructure investments.
Representative: Takuma Hatano, President & CEO
 
(4) Yoma Strategic Holdings Ltd. (Yoma)
Headquarters: Singapore, Republic of Singapore
Date Established: 1962 (Listed on the Singapore Exchange in 2006)
Business Activities: Real estate, consumer and automotive & equipment businesses
Representative: Serge Pun, Executive Chairman
*Equity contribution will be made via Yoma Strategic Investments Ltd., which is Yoma’s wholly owned subsidiary.
 
(5) First Myanmar Investment Co., Ltd. (FMI)
Headquarters: Yangon City, Republic of the Union of Myanmar
Date Established: 1992 (Listed on the Yangon Stock Exchange in 2016)
Business Activities: Finance services, healthcare and real estate businesses.
Representative: Serge Pun, Executive Chairman

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