The consortium won with a proposal to build the airport without seeking finance from the Myanmese government. The group says it will raise the estimated US$1.45 billion needed by requesting loans from the Japan International Cooperation Agency and private investors as well as chipping in US$222 of its own.
Yangon’s Aerospace Engineering University was the recent venue for a press conference at which the successful bid was announced. CAA director Win Swe Tun said the bid won because it was an attractive offer that did not require the government to provide any financial collateral.
The consortium says it will take about four years to build Hanthawaddy. Once open, the airport will be able to deal with up to 12 million passengers annually and will take over the role of the principal international gateway to Myanmar from Yangon International Airport.
Hanthawaddy will be constructed on an old airport site at Bago which is 80kms to the northeast of Yangon. Despite an upgrade at Yangon Airport, it lacks the necessary space for any major development and is the reason the government decided to build a new airport.
Contract for new Myanmar airport agreed
News in Asia
Myanmar’s Civil Aviation Department (CAA) has announced the winner of a tender to construct the nation’s new international airport. A consortium comprising Japan’s JGC Corporation together with Yongnam Holdings and Changi Airport Planners and Engineers from Singapore won the concession to build Hanthawaddy International Airport.