A joint venture by South Korean based Daewoo International and Myanmar IGE Company has won the bid for the construction of a new hotel under the Build-Operate-Transfer (BOT) system in Yangon. The construction has begun this week and it is expected to open in late 2016.
The joint venture has hired POSCO, a South Korean multinational steel-making company, to do construction for Daewoo Amara Lotte. That project is ambitious, and will include two twenty nine-storey buildings and one fifteen-storey building.
The estimated construction cost for the modern high rise hotel is $220 million and a total of 667 rooms will be available as it is planned according to POSCO.
The Myanmar Investment Commission gave the go-ahead to the joint venture to build the hotel under the BOT system last August. The construction has begun this week and it is expected to open in late 2016.
It will be located in the Hlaing Township of Yangon. The construction site was originally called Sin Phyu Shin Estate and was managed by the military.