Sembcorp unit to develop industrial park in Myanmar

A deal will be inked shortly with the Yangon Region Government for the lease of 436 ha of land.

Sembcorp Development (Sembcorp), a wholly-owned subsidiary of Sembcorp Industries, will develop the Myanmar Singapore Industrial Park, a press release revealed. It’ll be the firm’s first integrated urban development in Myanmar

Following the Myanmar Investment Commission’s approval for the development, an agreement will be signed shortly with the Yangon Region Government for the lease of 436 ha of land in the Hlegu Township of Yangon Region for industrial, residential and commercial purposes. The industrial park will be developed over a period of nine years.

Myanmar Singapore (Hlegu) Industrial Park JV Co (MSIP JVCo) will undertake the master development of the Myanmar Singapore Industrial Park. MSIP JVCo was incorporated in Myanmar with a paid-up capital of $2.8m (US$2m). Its shareholders comprise Sembcorp CSSD Myanmar, Pahtama Group and Myanmar Agribusiness in the proportions of 67%, 18% and 15% respectively. Sembcorp’s effective ownership in MSIP JVCo is 50.6%.