A residential street in the newly built Padaythar town, Pyin Oo Lwin.

PYIN Oo Lwin, situated 70 kilometres (44 miles) east of Mandalay, is known for it’s cooler climate, eye-catching botanical gardens and colonial-era houses.

More recently the town has been associated with Myanmar’s own “Silicon Valley”, Yadanabon, for being the government’s summer capital. With this newfound attention has come real estate investment in the form of Padaythar – which is being built to accommodate new residents in style and comfort.

In 2003, developers seized on the desire of many middle- and upper-class families for a refuge away from summer’s scorching weather – something which the British knew only too well – and began building Padaythar.

U Zaw Aung is president of Padaythar’s town settlement committee and explained how the township has grown.

“In late 2003, Padaythar became more accessible to middle-class buyers. At that time, an order came out to build houses in free compounds that had been abandoned by the owners.

“In 2004 and 2005, the market demand also picked up as people came here to settle down from places like Mandalay, Myingyan, Monywa, Pakokku and even from Yangon. These people were looking for relaxation and they found it.

“Even now new buildings are appearing all over town,” he said, adding that are now about 5300 compounds and 3780 houses in the town.

Before 2003, prices for a 1600-square-foot compound were about K600,000 and 9600-square-foot compounds were about K1.5 million. But now prices for the larger compounds reach as high as K20 million.

U Zaw Aung said the town is likely to continue growing because a new highway is expected to be built nearby.

And a new post office is also underway. There are also plans for an automatic telephone exchange, new phone lines, nine electricity transformers and an additional 2800 electricity meters for home owners.

“I didn’t know how nice it was in this new township in Pyin Oo Lwin. The atmosphere is so different from the rest of the town. I love the breeze that comes through and cools everything down at night, especially when I’m walking around,” said one Cherry Street resident.

Padaythar is only a 10-minute drive from downtown Pyin Oo Lwin’s remarkable clock tower on the Mandalay-Lashio road. In contrast, real estate trading in the downtown area is not particularly vigorous because prices are relatively high and most people are settled.

Other big-acreage blocks in Nandar Street around Kandawgyi (Royal Lake) are priced up to K200 million, depending on the condition of the buildings and surrounding land.

Residents told The Myanmar Times that prices for some blocks have increased to K300 million from only K50 million seven years ago. However, despite the large increase in property values, the market for such residences is slow.

The city of Yadanabon is only about two hours by car from Pyin Oo Lwin and residents believe that the cyber city will also herald a wave of new arrivals when it eventually opens.

Residents of Pyin Oo Lwin said they believe that the town’s smooth transportation, cooler weather and picturesque surroundings all point to a bright future.