Investing in property in the new Dagon townships on the city’s outskirts must come with a long-term view, according to experts.
The area is slated for the first of seven Yangon New City projects, and is also near other proposed but unbuilt projects such as the Hanthawaddy Airport, according to Daw Thuzar May, director of Thit Sar Real Estate agency.
“Interest was piqued when we heard of the Yangon New City project,” she said.
Investors have been slower to enter the area of East Dagon township, called “East North New City”, than the rushes following previous announcements of large nearby projects.
Still, there is heightened demand in the area, even though details of the New City project are likely some time from finalisation.
“Prices in the four new Dagon townships are lower than in other areas of Yangon, so buyers are interested,” she said.
U Yan Aung, real estate consultant and general manager of Asia Construction, said it is not only the New City project that people are banking on, but also other projects like the large Hanthawaddy Airport and the Bago Industrial Zone. While both are in Bago Region, the new Dagon townships of Dagon Seikkan, East Dagon, North Dagon and South Dagon are much closer than the townships further downtown.
He said that while prices vary significantly, a 6000-square-foot plot fetches as much as K100 million on main roads in the better locations.
“Although properties along the main roads are improving, if all these big projects are implemented, the new Dagon townships will be prosperous in a short time,” he said.
Source: Myanmar Times