12-Aug-2013 12:03 PM

Incheon preferred bidder for Myanmar’s new air hub

South Korea's Ministry of Land, Transport and Maritime Affairs announced (11-Aug-2013) Seoul Incheon International Airport has been selected as preferred bidder for the development of a new USD1.1 billion international airport in Myanmar, called Hanthawaddy International Airport. Incheon Airport is in discussion with Myanmar’s Department of Civil Aviation on the exact details, with aims to sign a contract by the end of 2013. It is planned to open the airport in 2018 with Seoul Incheon to be able to manage the property for 50 years (from Jan-2018 to the end of 2067). The new airport plans to have a capacity of handling approximately 12 million passengers p/a. A final agreement on the details is expected to be reached at the end of this year. To carry out the project, Incheon Airport had formed a consortium with four South Korean companies – Kumho Industrial Co, Halla Engineering & Construction Co, Lotte Engineering & Construction Co and POSCO ICT Co. Other bidders included groups led by Yongnam Holdings Ltd, Taisei Corp and France’s Vinci SA, according to the South Korean Ministry. [more – original PR – Korean]