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Dala property prices soar due to bridge project

After the government had approved the construction of Myanmar-Korea Friendship Bridge connecting to Dala Township, property prices have risen in a blur as rumors of small-scale industries as well as housing projects in Dala runs rampant.

According to property agents and Dala locals, land prices hiked up as much as tenfold.

Over a month ago, real estate prices had been flat. but ever since the stake driving ceremony for construction of Dala Bridge was held on December 24th, property prices have surged.

“In Dala Township, there are 24 Wards. Among them, land prices in Kyansitthar Ward hiked tenfold because the ward is situated along the main road which is near the construction of Dala Bridge. In the past, the property prices has been low. Now, the prices have gradually surged before the stake driving ceremony for construction of Dala Bridge. In Kyansitthar Ward, there are over 3,000 land plots. Buyers can also buy the wide acres. No other wards have such wide land plots. The land price beside the roads namely Dala-Twanty Road, Yarza Thingyan Road and Danote Road is between Ks130 million and Ks 150 million,” said Than Tun, Chairman of Real Estate Agent Association in Dala Township.

He also went on to say that not only normal properties but farmlands as well as miltiary seized farmland prices also rose sharply.

“In Dala Township, there has been a farmland area which was a serious issue. The area had been seized by the military aiming to establish a new satellite town. After enacting the Farmland Law in 2012, the authorities didn’t did not pass permission form for the land owners that were farmers. Now, the news spread out that small-scale industries and housings would be established at the military seized land. Moreover, the survey works have been carried out. Later, the land prices have surged. The current price of farmland per acre is over Ks 45 million. In the past, the price was over Ks 60 million per acre,” said Than Tun.

Despite property prices increasing in Dala Township, there is still a shortage of buyers to call it a boom as several “rich men” had already bought out land plots located along the main road in Dala Township.

The State Counsellor attended the stake driving ceremony for construction of Myanmar-Korea Friendship Bridge on December 24th. The construction had been delayed due to the local protest.

The Myanmar-Korea Friendship (Dala) Bridge is a 4-lane cable-stayed bridge. The main constructor is GS Engineering and Construction Company from Korea and the sub-constructors are Myat Noe Thu Company for Dala side and Shwe Taung Company for Yangon side. The Department of Bridge under the Ministry of Construction led the project management unit, according to the MITV.

The present development of Dala Township located on the southern bank of Yangon River is lack behind. The Dala locals are now hoping that the township will be developed upon completion of the bridge.

SOURCE: ELEVEN MYANMAR

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