Project lands sell well despite COVID impacts on property sector

The lands on which there will be the projects are selling well these days, said U Than Oo, vice-chairman of Myanmar Real Estate Service Association.
“Because of the projects, the land market is still shaking, and the plots are selling well like the lands covered by the Dagon Myothit project, on the other side of Kyimyindine and Hlinethaya are selling well. Also, the lands in Dala township where the Yangon-Dala bridge is being constructed are on good demand.
“The projects were suspended only in the pandemic period. The Korea project is also being implemented on the Dala side. Those lands including the land in Dala town (South), Kawhmu town (East) are being offered with the fair price. The project lands near the Dala township could get a higher price. Those lands are selling well and could get high prices,” he explained.
“The lands in Hlegu township have become alive and are selling well because an economic zone project will be implemented in Hlegu township,” he added.
Concerning the lands near the project area, although the land prices are not hiking in COVID period, there have been sales of land with the negotiated price. Similarly, the cost of existing industrial zone lands climbed because of limitations. However, those industrial zone lands are not selling well, he added.
“The price of the industrial zone lands is not plunging. In some locations, the prices are rising higher than we expected. Earlier, those lands were sold for K380 million. Now, they are selling for K450 million. Those are industrial zone lands where the prices are also hiking because of limited land. Now, the industrial zone projects are not implemented yet. The demand for industrial zone land is higher than the supply of land. That is the reason why the price of land is on the rise. There have been sales of the industrial zone land, but they are not selling well,” said U Than Oo.
(Translated by Hay Mar)

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