Yangon Regional Government is discussing ways to reduce land prices in order to boost foreign investment ( (Yangon Chief Minister, U Phyo Min Thein)

The Yangon Region­al government is discussing ways to reduce land prices so not to be a barrier for foreign investment in the na­tions commercial capital, Yangon Chief Minister, U Phyo Min Thein, said at a UMFCCI meeting on Au­gust 28.

“The price of farm land in Yangon Region has be­come extortionate as resi­dents and businessmen are selling property and changing land permission because of rumor-based land speculation. Entre­preneurs with a stated in­tention purchase land and shift their intentions im­mediately after ink on the ownership papers is dry. This government will not stand for such manipula­tion,” U Phyo Min Thein affirmed.

Under the articles of the National Land Use Policy, the prices for land are designated by the buyer's commercial or develop­ment purposes, re-allo­cating land immediately after a sale is unethical and illegal.

The Chief Minister em­phasized the importance of transparency regard­ing regional land use pol­icy and the detrimental economic effects of land speculation when done il­legally or subversively.

If rumors of a proposed industrial zone lead to the purchase of land in a pin­pointed area and the zone doesn't come to fruition, the price of land is stuck at artificially high prices with no plan for develop­ment in sight.

The government will cease offering affordable land prices to residents who falsely promise to build infrastructure prod­ucts or develop land for agricultural purposes, U Phyo Min Thein said.

The government will reevaluate current land dealings and set new standards for transpar­ency and usage for future investors at reasonable prices, he added.

The regional govern­ment is also planning to offer land grants worth $5 million for individual for­eign investments in the Yangon area in the com­ing months.

The average land price in Htatapin, Hlaingthayar Township is between K20 million and K50 million per acre. For commercial purposes, private compa­nies have already brought most of the land owned by farmers, U Kyaw Min (a) Ko Aung Toe, a real estate servicer in Hlaingthayar township, told Myanmar Business Today.

(Myanmar Business Today: https://www.mmbiztoday.com/articles/yangon-gov-t-enforce-land-use-policy-aim-lower-prices )

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