Cost of Real Estate in Kyauk Pru Rises with Increase in Chinese Projects Skip to main content

Cost of Real Estate in Kyauk Pru Rises with Increase in Chinese Projects

Kyauk Pru: The cost of real estate in Kyauk Pru, the second largest city in Arakan State, has been increasing after many companies and business syndicates have been setting up offices to work on Chinese projects, report local sources.

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A retired government officer said, "The selling price of real estate in our town has increased 20 or 30 percent this year, after the demand for real estate has increased. Kyuak Pru has become a business town with many Chinese projects."

The Chinese government has implemented many projects with the cooperation of the Burmese government in Kyauk Pru, including a deep-sea port, gas and oil pipelines, and a railway connecting to China's Kunming City in Yunnan Province.

Local businessmen from Burma proper have also become involved in many small business sectors in the town, operating businesses such as hotels, restaurants, and beauty parlors.

"In our town, there are not only large Chinese projects, but also other small projects like hotels, ice factories, and fish factories. Because of this, the price of real estate is increasing in our town. One house with a compound located near No. 1 Jetty, which was only worth 20 million, was bought by a company for 50 million kyats," the source said.

Some local residents have already sold their real estate at high prices to some companies and businessmen, but others are waiting for the prices to rise even further, as the prices have been increasing by the day in the town.

Despite the booming real estate business in Kyauk Pru, the purchase and sale of property is being dealt with directly between the owners and buyers.

"Since there are no real estate agents in our town, the property owners sell their homes directly to the buyers," he added.

It was also learned that as some poor people in the town are selling their property to outside companies and business syndicates at high prices, native residents are anxious about the town becoming flooded in the future with outsiders from China and Burma proper.

http://www.narinjara.com/details.asp?id=2831

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