Rental market in South Okkalapa Township booming

The quiet township of South Okkalapa is currently experiencing an increase in tenants and the rental market is starting to look interesting, said real estate agents.

Compared to other townships, South Okkalapa has fewer residences and is typically an orderly and quiet township. As such, many people are now moving here, said U Yan Aung, general manager of local company Asia Construction.

“Not only does South Okkalapa have fewer apartment buildings than other townships, the surrounding is also serene. So, people who want to move away from the city centre have started relocating to South Okkalapa this year,” he added.

Meanwhile, commuting is convenient since the roads have been renovated, and rentals for apartments are also attractive in South Okkalapa, making the township an attraction for tenants.

Located in east of Yangon, South Okkalapa Township was established in 1959. It is surrounded by North Okkalapa Township in the north, North Dagon Township in the east, Yankin Township in the west and Thingangyun Township in the south.

South Okkalapa has an abundance of single-detached family houses. Since 2014 though, many apartment buildings were constructed in the area, including several with units over 1,000 square feet. Demand from buyers and renters for these units is now booming, said Daw Thuzar May from Thit Sar Real Estate Agency.

“Before, there were only family houses in South Okkalapa, but now there are many contract-buildings. Currently, the special thing about the apartment units in South Okkalapa townships is that the units are not small like other townships; the apartment buildings here are built on 20×60 feet of land, so the size of one unit is over 1000sqft,” she remarked.

Moreover, due to the recent expansion of the city, South Okkalapa has become a mini hub of sorts for other townships. “Tamwe used to be considered the centre of Yangon, but as Yankin expanded, it became the new city centre.

Commuting to other townships from South Okkalapa takes about the same duration as its neighboring township of Yankin. Unlike Thingangyun and Thaketa townships, South Okkalapa does not suffer from dense populations which often lead to traffic jams, so commuting and travelling to and from it is easy,” Daw Thuzar May said.

As such, many now want to build new homes at South Okkalapa Township, said U Yan Aung, General Manager of Asia Construction. “As there is still empty land along the main roads as well as inner roads, many construction companies now want to develop houses and condominiums there,” he said.

Currently, a ground floor apartment unit along some main roads is around K1,000,000 a month and for the inner roads, rent starts from K500,000 to K150,000 a month, according to Sai Khun Naung Real Estates Agency.

Thanthumar Road, Thitsar Road and Yadanar Road are the crowded roads in South Oakkalapa Township, and there are many people who rent there to run shops and other businesses, said Daw Nwe Nwe Soe, a real estate agent based in the township.

“In recent years, many more restaurants have opened in South Okkalapa Township and it has become more crowded. Still, the population here is not as dense as in Thingangyun and Thaketa Township, which were established after it. The inner roads here also have a lower population,” she continued.

Ko Myo Thet Tun, who recently moved to South Okkalapa Township, said it was he was drawn to the new apartments there. “I was looking for an apartment situated near the main road for a moderate price and I found the ones in South Okkalapa.

What I like most is the apartments are newly-built and no one has lived in them before. They are not even semi-detached. I chose them because of the big size and easy access to transportation”, he said.

Source: Myanmar Times