Berjaya Land awarded RM2.63b public housing and mixed project in Myanmar

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KUALA LUMPUR (Sept 3): Berjaya Land Bhd (BLand) says it has secured a public housing and mixed development project in Yangon, Myanmar, that carries an estimated gross development value of US$624 million project or approximately RM2.63 billion.

It said it has received a certificate of award for the proposed development from the Yangon Region Government, and that the project is located on a land measuring about 183 acres along the Myanandar Road and Shweli Road in the Seikkan Township.

"The proposed development comprises 14 parcels of mixed development, including inter-alia affordable housing, mid- to high end condominiums, shop houses, retail spaces, the farmer’s market, community hall, schools and infrastructure, to be built over three phases. Based on the preliminary plan of the proposed development, the estimated gross development value is about US$624.00 million (approximately RM2.63 billion).

"BLand will announce the details of the proposed development, once the group enters into the definitive agreements with the relevant parties," BLand said in a stock exchange filing today. 

Its shares slipped half a sen or 2.44% to close at 20 sen today, valuing the company at RM997.88 billion. In the past year, the stock has retreated some 13%.