YANGON – As Myanmar’s land prices have been scaring away potential foreign investors, the Thilawa Special Economic Zone will attract local and foreign investors with lower land prices than for those in other industrial zones in Yangon, according to an official from the Union of Myanmar Federation of Chambers of Commerce and Industry (UMFCCI).
“Foreign investors have criticised land prices in Myanmar for being too high. So, I can guarantee that the land prices at Thilawa Special Economic Zone will be lower than those in other industrial zones,” said Win Aung, chairman of the UMFCCI and Myanmar Thilawa SEZ Holdings company.
The Thilawa SEZ occupies more than 6,000 acres of land in the southern district of Yangon Region. However, more than 1,300 acres of land containing factories for glass and galvanized iron sheets, as well as shoe factories owned by Myanmar Economic Holdings Limited, plus governmental buildings, wards, and religious buildings, are excluded from the SEZ’s territory.
“Each share will be sold at Ks 10,000 (US$ 10). We will scrutinize buyers to ensure that only those who will really invest in the project will buy the land after setting the price,” said Win Aung.
Win Aung denied a rumor that lands inside the SEZ will be sold at millions of dollars per acre. He also denied reports that local investors were not allowed to buy the land plots.
The current land rental rate for industrial zones in Yangon is around Ks 200 (US$ 0.20) to 250 (US$ 0.25) per square foot. The purchase price is between Ks 100 million (US$ 101,000) and Ks 450 million (US$ 456,000).
Source: ELEVEN Myanmar