Sunday, August 20, 2017

Bridge on Hlaing river ups land prices

Bridge construction to Hlaing Tharyar township in western Yangon aimed at easing traffic congestion is also driving up property prices, according to real estate agents.

Construction on No 2 Baying Naung Bridge continues. Photo: Aung Htay HlaingConstruction on No 2 Baying Naung Bridge continues. Photo: Aung Htay Hlaing

Land prices increased across the Hlaing river by up to 50 percent from the end of Thingyan, as bridge construction looked to be nearing its finish.

“There has been regular business over the past couple weeks. Prices are up as well,” said Ko Aung Kyaw of Aung Khaing Khant realty, which is based in Hlaing Tharyar township.

Prices sat around K20 million for an average 2400 square foot lot before Thingyan, but have increased to between K25 and K30 million, he claimed.

Although Hlaing Tharyar township is a pleasant place to live, property development has been hampered by poor infrastructure links with downtown Yangon.

“There’s been terrible traffic around Bayint Naung bridge, and people haven’t dared to buy land there,” said U Min Min Soe of Mya Pan Tha Khin real estate.

He added the area around Bayint Naung could contain “the worst traffic in Yangon” – though there are plenty of competitors.

“It used to take hours to get to Hlaing Tharyar township,” he said.

There are two main crossings across the river to the township, though the Baying Naung bridge is more convenient for people coming from downtown.

The bridge is being twinned, with No 2 Baying Naung bridge originally set for completion in 2014. The new bridge, along with two flyovers completed in 2013, were built by First Myanmar Investment (FMI) and Thailand’s TPC, with support from Yangon City Development Committee.

All this construction makes it more attractive to live across the Hlaing river.

One recent development from the bridges has been an increase the attractiveness of some of the more out-of-the-way lots. Whereas it had been difficult to find buyers for remote properties before the bridge construction, interest has jumped in recent weeks.

“It’s not only places near the bridge, but other areas in the township that are getting snapped up,” said Ko Aung Kyaw.

Areas near Thamgone and FMI City developments are also hot, he said.

A man rides across existing Baying Naung bridge. Photo: Aung Htay HlaingA man rides across existing Baying Naung bridge. Photo: Aung Htay Hlaing

Although the new four-lane, 0.76 kilometre (0.48 mile) bridge is some time away from completion, real estate agents say they hope it leads to traffic improvements.

“People expected less traffic jams when the flyovers were complete, but it had less result than expected,” said Ko Thet Maung of New Moon real estate. “We still have bad traffic, but it’s better than before. Hopefully the new bridge will make it better.”