Land prices skyrocket after unveiling of Rangoon development plan

[DagonKhan]

Land prices skyrocket after unveiling of Rangoon development plan

• The red circle marks the area slated for residential and commercial development.

The announcement on Friday that Rangoon’s divisional parliament had approved a proposal to implement a city expansion plan has caused land prices to skyrocket overnight in areas earmarked for development west of the city.

The proposal to construct residential and commercial property on 30,000 acres of farmland – located west of the Rangoon River in townships stretching from Kanaungto to Twante – was not previously disclosed to the public, local residents and MPs have said.

Continues here:- https://www.dvb.no/news/land-prices-skyrocket-after-unveiling-of-rangoon-development-plan-burma-myanmar/43620

[DagonKhan]

Second city speculation sees land prices double

Land prices have exploded west of Yangon following an announcement by the mayor of Yangon that it will be the site of a new city.

Real estate brokers hastily set up shop in the new city area. Photo: Yu Yu

Though information on the project proposed by Mayor U Hla Myint is still scarce, it has proven enough to drive a flury of speculation in the area.

Prices have doubled in a week, said Ko Min Min Soe, Mya Pan Thakin real estate agent.

“After the information came out on August 22, the land price went immediately higher,” he said. “Now there is a crowd of brokers and speculators in Bayar Ngotou village in Twante township – nobody is buying but everyone is talking about the price.”

Continues here:- http://www.mmtimes.com/index.php/business/property-news/11525-new-city-plans-lead-to-land-prices-doubling-overnight.html