Indonesian firm to build $125 million tower in Myanmar

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DBF3228MP2State-run Indonesian construction firm PT Wijaya Karya (Wika) says it has signed a $125 million contract for the development of a commercial tower in Myanmar, a move highly needed to support its overseas expansion.

Wika and its partner, Singapore-based high-end developer Noble Twin Dragons Pte. Ltd., inked the agreement on September 11 to build the mixed-use Pyay Tower and Residences in Yangon.

The publicly listed company will be the sole contractor in the construction of the tower.

“Wika is proud to take part in [the construction of] Pyay Tower, which will be a landmark in Yangon,” Wika president director Bintang Prabowo said in a written statement.

Pyay Tower is located in a prime area of Yangon and is designed to have 23 floors and three basements. The first five floors will be dedicated to commercial use while the upper floors will house offices. Wika will commence construction in October and is scheduled to conclude the project in two years.

Wika corporate secretary Suradi said the company’s entry into Myanmar was in line with its mission to become a big player in the region.

It was earlier reported that the company was also targeting to construct of representative offices of state-run lender Bank Negara Indonesia (BNI) and oil company Pertamina in Myanmar.

 

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Reading Time: 1 minute

State-run Indonesian construction firm PT Wijaya Karya (Wika) says it has signed a $125 million contract for the development of a commercial tower in Myanmar, a move highly needed to support its overseas expansion.

Reading Time: 1 minute

DBF3228MP2State-run Indonesian construction firm PT Wijaya Karya (Wika) says it has signed a $125 million contract for the development of a commercial tower in Myanmar, a move highly needed to support its overseas expansion.

Wika and its partner, Singapore-based high-end developer Noble Twin Dragons Pte. Ltd., inked the agreement on September 11 to build the mixed-use Pyay Tower and Residences in Yangon.

The publicly listed company will be the sole contractor in the construction of the tower.

“Wika is proud to take part in [the construction of] Pyay Tower, which will be a landmark in Yangon,” Wika president director Bintang Prabowo said in a written statement.

Pyay Tower is located in a prime area of Yangon and is designed to have 23 floors and three basements. The first five floors will be dedicated to commercial use while the upper floors will house offices. Wika will commence construction in October and is scheduled to conclude the project in two years.

Wika corporate secretary Suradi said the company’s entry into Myanmar was in line with its mission to become a big player in the region.

It was earlier reported that the company was also targeting to construct of representative offices of state-run lender Bank Negara Indonesia (BNI) and oil company Pertamina in Myanmar.

 

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