Local Property News | Posted by Hnin Ei Khin
Yangon Central Railway Station upgrade project has not been finalized and delayed with a consortium of companies licensed to operate the Yangon Central Railway Station because the negotiations are not finished, according to the Myanma Railway (MR).
Although the Myanma Railway expected to reach an agreement by the end of 2019 for implementing the project, the company has been delaying the presentation of financial strength.
'' If they can do this then we will continue. They say they can do it in the current situation. We are asking for proof. We know that their financial background is strong. There is not a fully acceptable position in their report, ”said U Aung Thu Latt.
The $ 2.8 billion project will be implemented on over 60 acres of land downtown Yangon. Myanma Railway has selected the consortium of Singaporean Oxley Company, Chinese Sino Great Wall Company and local Mindama Company.
Chinese Sino Great Wall Company has been replaced by Japan's Sumitomo Corporation because of the bankruptcy.
The project comprises of a 20-storey building that aims to make Yangon Central Railway Station a modern transportation hub. The project site is located among Bogyoke Aung San Road, Sule Pagoda Road and Thein Phyu Road.
The government announced the project in February 2014 and received 34 submissions of interest and 28 companies with feasible submissions.
Written by iMyanmarHouse.com team
Credit: iMyanmarHouse.com
