Myanmar's Yangon Central Railway Station comprehensive development project is expected to be launched in May 2017, official media reported Monday.

The 2.2 billion US dollars' project is to be implemented on over 25 hectares of the land of the Myanmar Railways.

According to the Myanmar Railways, the resettlement action plan and the conceptual plan have already been drawn.

Under a plan of massive transformation of the railway station into one of the city's most sparkling new projects, the Myanmar authorities invited local and international investors in 2014 to undertake design-and-build work for the comprehensive development of the over 130-year-old railway station in accordance with international rules and regulations.

The government has called for developing the colonial-era-left station as a rail concerned business including high-rise buildings and hotels to reduce the annual subsidy to the Myanmar Railway which amounts to 40 billion to 45 billion Kyats (41 million to 46 million US dollars).

Meanwhile, the rail transport authorities has planned privatization of Yangon city circular train as part of its efforts to effectively run the rail transport business under the build, operate and transfer (BOT) system.