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Rents raised for shops in Yangon’s parks

The rent for shoplots located in Yangon’s parks and garden have increased based on the market price assessed by the new government, a senior Yangon official said.

U Ko Ko Lin, head of the Yangon City Development Committee’s Playgrounds, Parks and Gardens Department, said the increase was to reflect the existing market price of properties in the areas where the parks are located.

“For example, the rent for shops at People’s Park ranged from K22 million (US$15,000) to K25 million a year in the past. Under this government, rental rates have been raised to K1.47 billion a year. So you can see the big difference between the previous rate and current rate,” he said in a press briefing.

Similarly, rates for lots in the Zay Kabar Complex in Mingalardon Township has been raised to more than K340 million from K25 million a year in accordance with market prices, according to the YCDC.

According to the report from the Yangon Region Accounting General Office for the 2017-2018 fiscal year, rent collected from companies working in parks and gardens of Yangon Region are much lower than ground level rents so the government had been losing billions.

“According to the management, some tenants can’t carry out full marketing or don’t have full rights in the gardens. So, the rental rates are a little lower but yearly rental rates are reviewed as well,” said Daw Hlaing Oo Maw, YCDC secretary.

Shop places in Yangon are categorized in groups and rented for long term but as the rental rates are too low, so the government has to make the necessary adjustments. – Translated

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Source : Myanmar Times

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