Land prices in Kyaukphyu SEZ jump 50 per cent amid competitive buying

LAND within the demarcated area of the yet-to-be-built Kyaukphyu Special Economic Zone (SEZ), located in Myanmar’s western Rakhine State, went on sale in January of this year to competitive purchasing, which has brought the value of land up by nearly 50 per cent in the last four months, according to real estate agents.

“News spread that construction on the SEZ would commence at the end of this year. The result has been a burgeoning competitive market of land buying by businessmen looking for an investment. It’s primarily the joint forces of Myanmar businessmen teaming up with regional entrepreneurs, who are buying up the land,” said estate agent Ko Khaing Kyaw Soe.

Business people have, to date, bought up over 1,000 acres of empty land and farmland within the demarcated area of the Kyaukphyu SEZ, with the majority of land investments being made on plots located within the Kathapye Village-tract, which falls under demarcation of the first phase of SEZ project.

The value of 2,400-squarefoot plot of land within the demarcated project area back in December 2015 ranged between K20-40 million, depending on the location, whereas land prices between K30-60 million this month, according to local real estate agents. U Myint Thein, chair of the Kyaukphyu SEZ management sub-committee said that implementation of the SEZ would begin at the end of this year on over 4,000 acres of land.

Source: Myitmakha News Agency

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