Two women ride a bike through land at the Myat Yadanar housing estate in Thanlyin township, Yangon Division, that will be divided into 471 plots for sale in early 2008.

PLOTS making up the final phase of the Myat Yadanar low-cost housing project in Thanlyin township will likely go on sale early next year, the developer said, predicting properties at the site southeast of Yangon will jump in value with the growth of a nearby special economic zone.

“The sale of 471 plots measuring 40 feet by 60 feet is currently awaiting approval from the DHSHD (Department of Human Settlement and Housing Development) and are expected to become available in early 2008,” said U Myint Oo, head of the Myat Yadanar estate and chairman of the developer, Nay La General Trading Co-op Ltd.

The Myat Yadanar estate in Yangon Division’s Aung Chanthar District has been under development since February 2002 and the latest subdivision represents the project’s fifth and final phase. The 54.55 acres set to go on sale will add to the more than 30 acres already put on the market, comprising 379 plots with 131 houses built so far.

U Myint Oo said the new 2400sqft plots would be sold for less than K2 million each and each site would be provided with its own well and electricity connection. Roads and a drainage system are also to be provided at no extra cost by Nay La General Trading, which has a profit-sharing agreement with the DHSHD.

“We plan to sell the plots on a three-instalment system (over six months) – the same as for the previous plots,” said U Myint Oo.

“These plots with 60-year grants are mostly aimed at government staff,” he added in reference to what are relatively long leases for Thanlyin township.

U Myint Oo said the Thanlyin Special Economic Zone (SEZ) is expected to add considerably to the value of nearby land. He tipped prices of property at the Myat Yadanar estate to increase by 400 to 500 percent in 2008. The project’s proximity to the Yangon-Thanlyin highway, which runs alongside the subdivision, is another strong selling point, he added.

U Aung Ko Win, marketing manager of the Unity real estate agency, said prices were sure to rise in Thanlyin as the area becomes more developed but called a fivefold jump in value next year “unrealistic”.

“Prices will increase, but only 20-25pc within a year. For a 70-80pc increase, it will take at least five years,” U Aung Ko Win predicted, noting that price increases depended mainly on greater activity at the special economic zone.

The Thanlyin SEZ, not far from Thilawa international port, is tipped to draw investment from several Asian countries. However, there are currently few factories operating at the zone and industry sources it will only draw large-scale investments with the passing of a planned SEZ law. It is not known when the law will be passed.

While plots at Myat Yadanar are being sold as bare land, buyers have the option of purchasing a Nay La General Trading-model home for an additional K3 million. The single-storey, wooden houses could be built by the company over a two-month period, U Myint Oo said.

“We’re doing this Myat Yadanar low-cost project not only for the sake of Thanlyin infrastructure development but also to let people get their own homes at a cheap price. It’s also convenient for the unemployed to get a job in the project’s develop-ment,” he said.