THOUGH the new Myanmar- Korea Friendship Bridge will soon connect Dala Township with Yangon proper, the real estate market in Dala is cold, according to real estate agents who work in downtown Dala. The bridge will facilitate the transportation from Dala to Phonegyi Street in Yangon and vice versa, said U Than Htay, a real estate agent who works on Yazathingyan Road, Dala Township, saying it will only take three minutes to get to Phonegyi Street once the bridge is complete. “The government gave compensation to the households in and around the project area on Bo Min Yaung Road. Now, our dream of the Dala bridge has come true. However, the property market has not attracted many investors, as people initially expected,” he added.
The areas near the project in Kyansitthar Ward have attracted some entrepreneurs. However, the price has risen from K45 million (US$36,378) to K50 million ($40,420) for a 20-foot-by-60- foot plot of land. A plot measuring 40 feet by 60 feet costs around K100 million ($80,841), which is slightly higher than the previous price.
Many people have made enquiries about the prices of houses in downtown of Dala Township, but few have bought properties. Entrepreneurs are worried about long-term investment because the project will take five years. Furthermore, the government plans to establish a new town (myothit) in the east and west ward of Angyi, including wards 11, 16 and 4 of Dala. The investors are worried that prices will not rise beyond their current level after project is completed, said the estate agent.
In 2014, investors from downtown Yangon purchased houses purchased properties in Dala after the bridge was approved by the regional parliament, expecting large profits. At the time, a plot of land measuring 20 feet by 60 feet that had originally sold for K19 million ($15,360) rose to K37 million ($29,911). The price of a 40-footby- 60-foot plot rose from K30 million ($24,252) to K50 million. Homeowners and investors in Dala are closely monitoring the market, according to the local real estate association.
Source: GNLM
