Hongkong and Shanghai Hotels to subscribe 70% stake in Yoma JV

It eyes another hotel venture on Landmark Development site.

According to OCBC Investment Research, Yoma announced that it has entered into a non-legally binding heads of agreement with the Hongkong and Shanghai Hotels (HSH) for the proposed hotel development (the former Burma Railway Company building) on the site of the Landmark Development, subject to Yoma completing the acquisition of the site.

OCBC noted that under the agreement, HSH would subscribe for a 70% majority interest in the JV for proposed hotel.

Here's more from OCBC:

We understand that the financial commitments of the respective parties, with respect to the purchase of the land development rights and redevelopment costs, are still being worked out.