Buyers are once again descending on Dala Township amidst a revival of speculation that a bridge will be built across the Yangon River, as transportation infrastructure projects that make commuting easier boost property prices in the city’s outskirts across the city.
A bridge to Dala has sparked a boom in land sales in the township, with prices doubling since December. “The attraction is Dala’s closeness to downtown for prices that are only a fraction of those in the city centre.” One acre in Dala is selling for K7-K8 million, up from K3-K4 million in December, realtors say.
“Dala land prices have been rising very swiftly since talk about the bridge project picked up again,” said an agent for Mya Pan Tha Khin Real Estate. The agent from Mya Pan Tha Khin Real Estate, who asked not to be named, said on May 24 that prices had been stable for a week.
“When speculators hear land prices are rising in an area, they jump in,” he said, adding that most purchases are for 3 or 4 acres but some are as large as 40 acres. “They are hoping that a bridge will be built and the township will develop with good infrastructure for transportation,” he said.
Ko Htun Htun, a spokesperson for Phoenix Real Estate agency, said land prices in Hlaing Tharyar township have risen since the Hledan overpass was completed in April.
“Soon there will be a new bridge and overpass at Bayintnaung junction, so getting to Hlaing Tharyar will be faster,” he said. “We’re confident this will lead to an increase in prices in the township, especially at the Pun Hlaing, FMI and Nawaday housing estates.”
Buyers are snapping up roadside plots to open small businesses, with 2400-square-foot plots in housing estates going for about K170 million, an increase of about 6 percent from the K160 million average in December.
U Khin Maung Aye, a real estate agent for Shwe KanMyay Real Estate agency, said land prices in North Dagon township have doubled since December, with 2400-square-foot plots on Pinlone Road now selling for up to K300 million.
Ko Kyaw Zin, a resident of North Dagon, said prices began shooting up two years ago when Yangon City Development Committee upgraded BohmuBahtoo Road. Before then, he said, few people were interested in buying land in the area. “People selling their properties downtown are buying here. North Dagon is starting to develop,” he said.