Myanmar Railways (MR) says the Yangon Central Station Redevelopment Project has been stopped as the successful bidder left the project, according to MR.
This project began under a previous government and the Japanese company Sumitomo was a partner in this project.
MR announced this mega project in May 2014 and then it selected Central Transport Development Consortium (CTDC) as the successful bidder of this project in early 2018.
CTDC consortium consists of Singapore Stock Exchange listed Oxley Holdings, Chinese company Sino Great Wall and Myanmar national owned Min Dhama.
But the Japanese company Sumitomo became a partner of this project after China's Great Wall Company filed for bankruptcy in 2019.
This mega project with the price tag of US$2.8 billion is a mixed development project comprising a new central transportation hub that integrates rail and mass transit, surrounded by amenities of housing and commerce.
The project will cover approximately 25.7 hectares, or 63.5 acres, of which 1.09 million square metres of floor space will be developed.
Under this project, MR will get US$3 million per acre per annum for land use rights and also a housing project worth nearly US$30 million for MR staff will be built as a part of this project.
The announcement made by the bidding winner CTDC group in 2018 says the project has six zones for development and it would create about 100,000 job opportunities.
In the project area of this Yangon Central Railway Station there will be around 20 high-rise towers of condominiums, office spaces and hotels and in the middle of the project is a futuristic new railway station, which will be built beside the existing, heritage-listed terminal on what are presently railway lines.