Burma’s old Ministry of Railways office in downtown Rangoon and 10 acres of prime real estate around it will be developed into a US $350 million “landmark” project by businessman Serge Pun, The Myanmar Times reports. The building from 1877 is to be developed into a five-star hotel surrounded by a “mixed-use residential, commercial, retail and hospitality” zone. Pun’s Singapore-listed Yoma Strategic Holdings and Serge Pun & Associates Ltd will implement the project, which awaits approval by the Myanmar Investment Commission. Pun is a known crony of Burma’s generals and built up a conglomerate of companies since the 1990s.
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