The Board of Directors of Yoma Strategic Holdings Ltd. (the Company, and together with its subsidiaries, the Group) announced that, having assessed the feasibility of the Project (as defined below), the Company had through Thanlyin Estate Development Limited (TED), entered into an agreement (the JV Agreement) with Pun Hlaing Links Services Company Limited (PHL or the JV Partner) to develop the first mass market landed terraced housing project in StarCity estate known as Project Estella (the Project). The site consists of 46.88 acres of land located in Thanlyin Township (the Project Land) where the land development rights ("LDR") are not held by TED. The Project will consist of a total of approximately 1,050 houses and the development will be undertaken in 5 phases which may be further adjusted subject to market demand.

Construction for phase 1 is expected to commence in mid-October 2023. Each phase, which may overlap with the construction of preceding phases, will take approximately 12 months for completion with the last phase expected to be completed by May 2025, subject to receipt of the requisite approvals from the relevant authorities. PHL is a private company incorporated in Myanmar and is the owner of the golf course in StarCity estate.

It holds the LDR in respect of the Project Land. The Project represents an opportunity for the Group to expand its real estate activities into a mass market landed terraced housing project that targets the underserved middle-income market in Yangon with a demand for modern affordable landed housing. The Group is of the view that the Project has the potential to replicate the success of City Loft @ StarCity which is the Group's offering of modern affordable apartments.

The Group is confident that there is similar market demand for landed terraced houses given the location of the Project at StarCity. As part of its future strategy to scale up its real estate development activities by obtaining land bank opportunities in a capital-efficient manner, the Group has also stated its intention to partner with local landowners whereby the landowners contribute their LDR to projects whilst the Group manages the development aspects of projects to capitalise on its expertise as a developer. The Project serves as a pilot project in that regard.