YANGON -- Singapore-based real estate company Oxley Holdings and its consortium partners have been named the preferred bidders for redevelopment around the Yangon Central Railway Station, a $2.5 billion project by government estimate.
The company has won preferential negotiation rights along with Chinese construction company Sino Great Wall and Myanmar developer Min Dhama. The order will be confirmed pending negotiations with state-owned Myanma Railways.
Located in the heart of Myanmar's economic hub and former capital, the station is part of an intra-city loop railway and offers long-distance service to Mandalay, the country's second-largest city.
The project will cover 25.7 hectares around the station, some of which is government-owned land intended to house more than 10,000 people, including railway employees.
A concept drawing released by Oxley depicts a futuristic round station overlooking train tracks, surrounded by about 20 high-rises housing office and commercial facilities. The existing station, built in 1954, is likely to be preserved as a historic structure.
Myanma Railways is also modernizing the rail network to improve speeds on both the 46km loop line and the 620km Yangon-Mandalay route. The plan is to revamp signals, train cars and other equipment using official development assistance from Japan.
The Myanmar government considers the rail system, which began under British colonial rule, as a core component of city planning. More convenient rail service is expected to accelerate real estate development in surrounding areas.
Local conglomerate Serge Pun & Associates is also building commercial facilities near the station in collaboration with Japan's Mitsubishi Estate and other partners.