HOUSE OF THE WEEK
An abundance of space at FMI City
CERTAINLY, space is not a problem in this house – once you get there. Over the Hlaing River, 45 minutes from downtown, there is a large one-storey house in a big compound waiting for someone ready to trade time for space. ...more'Over the bridge' RE beckons
LIFE beyond the bridges is looking increasingly inviting for many Yangon residents, real estate professionals and transplanted downtown dwellers say.
It’s a phenomenon familiar to many large cities – the move from a fashionable, convenient – but congested and expensive – district to a much cheaper, more spacious neighbourhood nearby. It seems like an obvious choice, but there is a big psychological barrier to cross, usually in the form of a river.
Since 2000, Yangon’s outer townships have been receiving an influx of inner-city dwellers who have braced themselves to cross that bridge. Most of them seem to think they’re glad they did.
Thaketa, Hlaing Tharyar, South, North and East Dagon, Dagon Seikkan and Thingangyun townships have flourished the other side of their respective bridges over the Nga Moe Yeik Creek and Hlaing River.
Thaketa township is all of 10 minutes by car from downtown over the Maha Bandoola Bridge over Pazundaung Creek, close to its junction with the Yangon River at Monkey Point.
“Thaketa is the closest to downtown, but property prices are cheaper. Because the neighbourhood doesn’t have a very good reputation, the Thaketa market hasn’t improved as it should, but people are selling their apartments downtown and spending less for a place there,” said U La Wun Tun, manager of Asia Land real estate.
About 15 minutes out of downtown, you find yourself among the small detached houses of East and South Thaketa.
“After 15 minutes on the bus, I’m home. It’s like an island, there are no high rises, no more traffic jams. Now they’ve started to build new homes and the market is gradually heating up,” said Thaketa resident Ko Yan Naung, 32.
He said some people who used to live downtown move to Thaketa after selling their apartment to make money. The main reasons why people choose Thaketa are good transportation, proximity to downtown, and lower property prices.
“Among the townships that are across the bridge, Thaketa is the most developed, with housing projects like Mya Khwar Nyo and Min Nanda, which were built by joint private-government partnerships,” U La Wun Tun said.
In those projects, prices have recently risen to K10,000-K15,000 per square foot. But in residential quarters, there are still crowded and noisy places said a resident in Thaketa township.
Another popular choice is Hlaing Tharyar, across the Hlaing River from downtown, a zone rich in industry, but also with good housing. Hlaing Tharyar can be reached either by the Bayintnaung Bridge or the Aung Zeya Bridge further north, near Insein township.
“Of the two bridges, Bayintnaung is more convenient than Aung Zeya, and closer to FMI City and Pun Hlaing housing. These have become well-known in the market. They are far away, but have good privacy,” said one manager of a Hlaing Tharyar-based real estate agency.
“Hlaing Tharyar has enjoyed a gradual boom because of the industrial zones, and land prices are increasing. The government sold the plots for K1.2 million per acre before 2000, but now an acre is worth K20 million. And Shwe Lin Pan industrial zone in Hlaing Tharyar has also been recently developed , and looks like a good investment,” said Ko Kyaw Swar Lin, manager of Kyan Sit Min real estate in Hlaing Tharyar .
Ma Ei Cho Mon, moved with her family to FMI City five years ago from Sanchaung township to get away from the noise and the crowds, and because of her father’s health.
“It’s a bit far from downtown but the transportation is good, also we have some extra money from the sale of our old house to invest in a business,” she said.
Ko Kyaw Swar Lin looks forward to the further development of Hlaing Tharyar when foreign investors return to the country after 2010.
“Now transportation is more extensive than before, nearly 35 bus lines are running now, so there is always congestion on Bayintnaung Bridge. But at least they ban container trucks from the bridge,” he said.
And then there are the Dagons – North, East and South. Since their establishment in the 1990s, North Dagon has become a popular choice thanks to good transportation and privacy.
“Most residents are government workers, and people who like to live quietly. Over the past 10 years land prices have increased. It would now cost about K50 million for a place near the Parami Road bridge across Nga Moe Yeik Creek, which connects South Okkalapa with North Dagon,” a township-base real estate agent said.
“I like my home in North Dagon, but there are always traffic jams on the bridge at peak hours, which wastes a lot of time,” said North Dagon resident U Kyaw Myint.
Being further out, East and South Dagon have not become developed. But real estate agents are hoping that, after 2010, the market there will warm up – providing plenty of new homes for downtown residents ready to cross that bridge.
