10:42 AM
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Bloomberg
SEOUL
(Bloomberg)—Incheon International Airport Corp. leads a group picked as
the preferred bidder on Myanmar’s new $1.1 billion air hub, the latest
in a series of global deals as the Southeast Asian nation opens itself
after decades of isolation.
Incheon is in talks with Myanmar’s Civil Aviation Department on details, aiming to sign a contract this year, open the facility in 2018 and operate it for 50 years, South Korea’s Transport Ministry said Sunday in a statement.
Hanthawaddy Airport will be capable of handling about 12 million passengers per year, the ministry said.
Myanmar President Thein Sein has expanded political freedom and loosened economic controls since coming to power two years ago, prompting nations including the United States to ease sanctions. That has opened the door to a flood of foreign investment as companies worldwide seek to profit from Myanmar’s resources and cheap labor.
With both tourists and business travelers flocking to Yangon, the country’s commercial capital, hotels are close to full occupancy, compared with an estimated 30 percent two years ago, according to Scipio Services Co., a real estate advisory company in the city.
Rents in Yangon’s office buildings now surpass $100 a square foot, higher than the $75 average for downtown Manhattan, according to broker CBRE Group.
The contract for Hanthawaddy Airport has been awarded to a group of South Korean companies, Ye Htut, a spokesman for Thein Sein, said Sunday in Myanmar. Ministries concerned will provide detailed announcements, he said.
Incheon Airport’s consortium, which includes South Korean industrial powers Halla Engineering & Construction Corp., Kumho Industrial Co., Lotte Engineering & Construction Co. and POSCO ICT Co., competed for the deal against three rival groups led by Singapore’s Yongnam Holdings Ltd., Taisei Corp. and France’s Vinci SA, according to the South Korean ministry.
http://the-japan-news.com/news/article/0000450953
Incheon is in talks with Myanmar’s Civil Aviation Department on details, aiming to sign a contract this year, open the facility in 2018 and operate it for 50 years, South Korea’s Transport Ministry said Sunday in a statement.
Hanthawaddy Airport will be capable of handling about 12 million passengers per year, the ministry said.
Myanmar President Thein Sein has expanded political freedom and loosened economic controls since coming to power two years ago, prompting nations including the United States to ease sanctions. That has opened the door to a flood of foreign investment as companies worldwide seek to profit from Myanmar’s resources and cheap labor.
With both tourists and business travelers flocking to Yangon, the country’s commercial capital, hotels are close to full occupancy, compared with an estimated 30 percent two years ago, according to Scipio Services Co., a real estate advisory company in the city.
Rents in Yangon’s office buildings now surpass $100 a square foot, higher than the $75 average for downtown Manhattan, according to broker CBRE Group.
The contract for Hanthawaddy Airport has been awarded to a group of South Korean companies, Ye Htut, a spokesman for Thein Sein, said Sunday in Myanmar. Ministries concerned will provide detailed announcements, he said.
Incheon Airport’s consortium, which includes South Korean industrial powers Halla Engineering & Construction Corp., Kumho Industrial Co., Lotte Engineering & Construction Co. and POSCO ICT Co., competed for the deal against three rival groups led by Singapore’s Yongnam Holdings Ltd., Taisei Corp. and France’s Vinci SA, according to the South Korean ministry.
http://the-japan-news.com/news/article/0000450953
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