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Hunting for value in Bahan

Property prices in Yangon have been trending downwards in recent years. But now that the rules to the 2016 Condominium Law are gradually being implemented and with economic growth projected by the IMF to rise to 6.6 percent in the next fiscal year compared to 6.4pc this year, it could be time to take a closer look at the property market for emerging value.

In our first story for Property Watch this week, we explore Bahan, one of the most expensive townships in Yangon Region, to see what’s on sale in the market. Our search led us to a 3.5-storey mansion at 70D, Lane of Shwe Taung Gyar (1) Road, Golden Valley. The building sits on a 6700-square-feet plot of land and each floor is 2750 square feet wide.

The home appeared to be in tip-top condition, with the owner exhibiting a taste for interior design. In fact, the lotus details on the door frames and stair rails were designed by the owner himself. The home is modern and built with teak wood and iron with a gold colour scheme.

The house includes five master bedrooms, living room, reading room, dining room and western-style kitchen and western-style bathrooms. All five master bedrooms feature wall cabinets. There is a built-in bookshelf in the reading room.

While there is no bedroom on the ground floor, an elevator with the capacity to carry eight people has been installed for convenience and bearing in mind the elderly who may not find the stairs very accessible. It is especially attractive for a big family wanting to live in a house with a cozy atmosphere but also suitable to be used as an office for at least 50 employees.

The home is sparsely furnished, coming with just a small table and three small steel chairs and two 10×3 feet teak tables the in living room. However, it includes teak flooring, a 60 kilovolt-amp power generator, comes fully air-conditioned and has enough parking space for up to four cars inside the compound.

What’s more, the home is located near the US Embassy, Balance Gym, ISY School and Myanmar Plaza, yet still enjoys some quiet and privacy. The ward can be reached via Kabar Aye Pagoda Road, Kanbawza Street, and University Avenue. However, new Bahan residents will need to familiarise themselves with the maze of small streets within the ward.

The house comes with a price tag of K3.2 billion. It is also available for rent at around US$10,000 per month.

The previous per square foot rate set by the government in 2018 was K225,000 for the property but according to a revised scheme, prices have now come down to K200,000 per square foot.

In comparison, the 2018 per square foot rate for Tamwe Township, which is adjacent to Shwe Taung Gyar, was K 35000 to K150,000. The latest revised rate is K 32,000 to K135,000.

That’s a difference of around K100,000 per square foot between the two townships, as Bahan, being famous as a residential estate for the rich, is among the townships with the highest prices for land and houses in Yangon.

“Buyers usually buy land plots if the price is reasonable depending on location and transportation convenience, said Dr Htoo Myat Naing from Estate Myanmar real estate. He added though, that compared to other townships, “there are not many buyers but there are tenants and interested commercial investors.”

Land and property in Bahan is valuable also because of its location in the centre of Yangon. It takes just 20-30 minutes for township residents to travel downtown by car and about 40-80 minutes during the rush hours in the morning and evening.

From Bahan, it will take 40-60 minutes to get to Yangon International Airport and you can also take a direct YBS bus to the airport for K500 per person.

For recreation, Bogyoke Aung San Park, Kandaw Gyi and Inya Lake are in the area. Art Centers like Bagan Art Center and New Treasure Art Gallery are also located nearby. If you are a coffee lover, many shops in the neighborhood can offer you a quiet place and a good coffee. For food lovers, there is Shwe Kaung Hotpot, Golden Duck Restaurant and many more.

No.70D, Golden Valley, Lane of Shwe Taung Gyar (1) Road, Bahan Township.

Source: Myanmar Times

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