doing business in myanmar – what you need to know as a singaporean
The Yangon government has to sell land so that it can pay farmers K40 billion (US$26.30 million) in compensation for their land, said Yangon Chief Minister U Phyo Min Thein.
But the chief minister said that the land will be sold only to buyers who will use it for businesses, and it will not allow buying for speculation.
“We heard that some didn’t want compensation, but just the land. Billions of kyat had to be invested in ditches, road repairs and bridges by the hluttaw. Without this investment, the land would not be worth much,” he said.
If farmers regain the land on which basic improvements have been made by the government, it would be disservice to the state and public, U Phyo Min Thein said.
He said compensation will be paid according to the market price when the land was confiscated, and farmers can buy the land at the market price if they want to live on land where improvements have been made.
A committee has been formed to sell the land in the region, and a list of the land to be sold and the terms of the sales will be issued soon.
He said those who buy a plot of land are allowed to build affordable housing, businesses and factories on them but are not allowed to resell them.
The President’s Office announced in June a review of confiscated farms and other land.
It said land that had been relinquished would be returned to the original owners as soon as possible, while land that had not been relinquished would immediately undergo a review.
Source: Myanmar Times
To see the original article click link here
