Interest in Dala farmland picks up on the back of rising speculation
Construction site of the Dala Bridge at Phone Gyi road, downtown Yangon. Photo: Nyan Zay Htet
Investor interest in farmland around Dala township, Yangon, is rising on the back of speculation that the government will redevelop the land as part of plan to urbanise the township and compensate for giving up their property, local brokers said.
“These lands are expected to be broken to be taken by the government for the development of new projects in the future, so speculation has risen in the past two months as people believe there is potential for value generation,” said Ko Htun Lin Kyaw, managing director for News City Real Estate.
Large swathes of farmland are selling 50 percent faster and prices have increased by at lease 10pc. Farmlands in Nyaung Ngot Hti, Htoo Gyi, Htaw Out, Pyaw Bwal, Tadar Chaung, Kanaung Shan Su and Ye Chaung Wa Villages in Dala are now seeing more in demand. an acre land can sell for as much as K25 million.
The rising level of interest comes after the government in April reassured stakeholders that the Dala Bridge connecting the township to downtown Yangon would continue despite COVID-19. The bridge is now 10 percent complete since construction began in December 2019.
Once completed, the Dala Bridge will ease travel between downtown Yangon and Dala and drive the redevelopment of Dala, which is one of the poorest areas in Yangon, into a more modern township.
The cable-stayed bridge is designed to be 6,143ft in length, 49m in height, 151m in width and comprise of four lanes. It is expected to take 39 months to complete.
“The areas that saw the most interest and highest offers like Kyan Sit Thar and Ba Yint Naung wards near the Dala Bridge when it was first announced can’t sell anymore,” Ko Htin LIn Kyaw said.
Now, interest has shifted to farmlands in the periphery of the township. The Dala real estate market had cooled down in March and April but transactions have picked up again in May and June, he said.
Also known as the Myanmar – Korea Friendship Bridge, the bridge, expected to cost US$168 million (K257 billion), is being funded by a US$137.8 million from the government of Myanmar. – Translated
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