Singapore to build top hotels in Myanmar

Reading Time: 1 minute
The Strand Hotel in Yangon, Myanmar top luxury hotel. There is a shortage of hotel rooms especially in the top segment throughout the country.

Investors from Singapore have shown interest in building a number of top hotels in Myanmar, namely in the business capital Yangon and the tourist centers of Mandalay and Bagan, according to a government statement.

A group of Singaporean investors led by George Yeo, vice-chairman of Wilmar Investment Holding, met with Myanmar Investment Commission chairperson Soe Thein in Nay Pyi Taw on January 11 to discuss investment in the three popular destinations in Myanmar which have been struggling against hotel room shortages.

Kan Zaw, minister of National Planning and Economic Development, said foreign investors can invest in hotels and high-rise buildings individually or as a joint venture with a local partner but these projects must meet the criteria set the respective state’s city development guideline.

Singapore firms are already involved in 10 of the 26 hotel projects that were passed for construction under agreements made with Myanmar’s Ministry of Hotels & Tourism.

Wilmar, one of the Asia’s largest agro business conglomerates, has also expressed interest in building palm oil refineries in the Thilawa industrial zone in Yangon, sugar refineries and high-tech industries in Sagaing Division, as well as rice and rice-product industries in Pegu and the Irrawaddy region.

Statistics up to the end of November, 2012 shows that Singapore has invested $1.3 billion in the hotels and tourism sector and $1 billion in the real estate sector.

Do you like this post?
  • Fascinated
  • Happy
  • Sad
  • Angry
  • Bored
  • Afraid

Reading Time: 1 minute

The Strand Hotel in Yangon, Myanmar top luxury hotel. There is a shortage of hotel rooms especially in the top segment throughout the country.

Investors from Singapore have shown interest in building a number of top hotels in Myanmar, namely in the business capital Yangon and the tourist centers of Mandalay and Bagan, according to a government statement.

Reading Time: 1 minute

The Strand Hotel in Yangon, Myanmar top luxury hotel. There is a shortage of hotel rooms especially in the top segment throughout the country.

Investors from Singapore have shown interest in building a number of top hotels in Myanmar, namely in the business capital Yangon and the tourist centers of Mandalay and Bagan, according to a government statement.

A group of Singaporean investors led by George Yeo, vice-chairman of Wilmar Investment Holding, met with Myanmar Investment Commission chairperson Soe Thein in Nay Pyi Taw on January 11 to discuss investment in the three popular destinations in Myanmar which have been struggling against hotel room shortages.

Kan Zaw, minister of National Planning and Economic Development, said foreign investors can invest in hotels and high-rise buildings individually or as a joint venture with a local partner but these projects must meet the criteria set the respective state’s city development guideline.

Singapore firms are already involved in 10 of the 26 hotel projects that were passed for construction under agreements made with Myanmar’s Ministry of Hotels & Tourism.

Wilmar, one of the Asia’s largest agro business conglomerates, has also expressed interest in building palm oil refineries in the Thilawa industrial zone in Yangon, sugar refineries and high-tech industries in Sagaing Division, as well as rice and rice-product industries in Pegu and the Irrawaddy region.

Statistics up to the end of November, 2012 shows that Singapore has invested $1.3 billion in the hotels and tourism sector and $1 billion in the real estate sector.

Do you like this post?
  • Fascinated
  • Happy
  • Sad
  • Angry
  • Bored
  • Afraid