Real estate market has revived in Bago region as a new international airport project was to be signed, according to an official report.
The Bago real estate market went cold during 2015 but the prospective signing of an agreement between the government and the airport contractors has caused the price of land in the region to rise again especially that in the areas close to the project.
The Hanthawaddy International Airport in Bago region will be commissioned into service by 2022, four years later than its target.
The winning consortium of Yongnam and Changi Airport planners and engineering (CAPE) from Singapore and Japan’s JGC Corporation will reportedly sign the initial framework agreement with the government.
Investors are seeking official development assistance (ODA) loans for the project, which will cost around $1.5 billion, according to the Department of Civil Aviation.
The Hanthawaddy International Airport will be constructed on more than 3,645 hectares of land on the site of a World War II Japanese army airport in Bago, 77km northeast of Yangon.
The consortium won the contract to build the new airport in 2014.
It is expected to become a major gateway for Myanmar and a regional aviation hub, with a capacity of handling up to 12 million passengers every year.
Source: Myanmar Business Today
