Japanese railway company to move in to Myanmar serviced apartment sector

Japanese railway operator Keio Corp has formed a JV with a Myanmarese travel agency to build hotels and serviced apartments in Yangon.

The joint company, called Keio Adventure Myanmar Co, will be established in April 2018 for the construction and operations of urban hotels and luxury serviced apartments in Myanmar. Keio's joint venture partner is Yangon-based Adventure Myanmar Tours & Incentives Co.

The company will have capital of US$162.85 million, of which 65 per cent will be put up by Keio and the rest by Adventure Myanmar Tours.

The first project will be a Yangon hotel and serviced apartment complex with of 400 rooms, as well as restaurants and a swimming pool.

Keio hopes to start construction of the facility as early as in April 2018, after obtaining approval from the Myanmarese government's investment commission.

The company set up a representative office in Yangon in December 2014 and has deployed two staff members from Japan to prepare for the launch of the new business.

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“There’s a good mix of people, from operators, owners and service providers. We’re learning a lot. We’re very new to this space and it’s a great platform for people like us who want to come in to the industry and build up a strong pipeline of contacts. It’s been very valuable for us.”

Jittida (Best) Haputpong, VP business development, Igloohome

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