Monday, July 24, 2017

Dagon: the new darling of Yangon

As the international eye of investment turns to Myanmar, the correlating influx of both expats and Myanmar professionals are finding a home on the outskirts of Yangon in the new Dagon townships.

Dagon boasts a number of new residential and commercial properties, including Hotel Bo Bo Min, shown above. Photo: BootheeDagon boasts a number of new residential and commercial properties, including Hotel Bo Bo Min, shown above. Photo: Boothee

The cramped and noisy conditions, coupled with skyrocketing property prices and a dearth of car-parking, are pushing people away from downtown and turning their gaze north to the leafy lanes of the four Dagon where property prices have risen at a more balanced rate.

The area is a young Yangon debutante, only declared 20 years ago, and is comprised of four towns, North, South, East and Seikkan Dagon. Here, roads are wider and most residential blocks have associated car parking welcome soothes for the traffic fiasco Yangon’s roads have convulsed into since car imports were relaxed.

Improvements to roads and other infrastructure in these outlying Dagon townships are increasing as the population swells, residents have said.

“Dagon is developing thanks to plans for more housing and commercial projects that will be completed over the next two years.

“We expect more people to move here, especially to Dagon Seikkan township,” said U Toe Aung, deputy head of the department of city planning and land administration department of Yangon City Development Committee (YCDC).

Three new residential mega complexes are slated for development in Dagon Seikkan township alone.

Known as the Yandanar, Three Stars and Zawtika complexes, they will be able to house hundreds of families once they are finished.

Yandanar alone will have 48 apartments, said Moh Moh Aung, general secretary of Myanmar Real Estate Service Association.

Daw Mya Mya Win, a resident of Dagon Seikkan township said, “We can see some development in our region because there are nicer buildings than before.

“More people are buying land or houses here this year. Dagon Seikkan is near downtown and the road is getting better.”

Another North Dagon resident however said she felt the popularity was sure to impact on Dagon’s attractive “sleepy afternoon” feel.

“Construction of homes and other buildings, including hotels and banks is increasing. People are moving in from downtown, so property prices are rising,” said Daw Me Me, who has lived in the township for 15 years.

Daw Moh Moh Aung, managing director of Win Shwe Wha real estate agency, supported Daw Me Me’s prediction that rising popularity would equal rising property prices.

“Property prices have risen from K10 million to more than K100 million depending on location,” she said.

“Property located beside a main road can go for more than K150 million. Elsewhere, it might cost from K10 million to K80 million.”

U Khin Aung Htun, joint secretary general of the Myanmar Hoteliers’ Association, told The Myanmar Times Dagon was also prime real estate for Yangon’s growing tourism.

“About 70 percent of foreign tourists visit Yangon.

“If the infrastructure and transportation are good, hotels will open in all the Yangon townships. Tourists like uptown hotels as well as downtown.”

The recently opened Bo Bo Min Hotel, the first in North Dagon has already seen promising indicators of popularity and a flourish in nearby amenities such as bank branches, cafes and shops.

“I am happy because my town is prosperous and the standard of living is high,” said U Aung Kyaw Oo said, a resident in North Dagon for 15 years.