Speculation raises property prices in Hpa-An industrial zone

Industrial property prices in Hpa-An have been increasing over the last several months, even though few factories are being established there, according to realtors.

“The industrial zone was developed with many purposes, including job opportunities for young people. It is also to develop regional areas. People with cash speculated and bought property in areas where the government planned to develop industrial zones. The government has to find out who is speculating and then grant land to potential investors,” a businessman said.

Hpa-An's industrial zone is the 19th one to be established in Myanmar. It covers nearly 1,000 acres of land. It is divided into four parts, and 59 land plots have been earmarked for foreign investors at industrial Zone One.  

In Zone One, a one-acre plot could cost between Ks 37.5-45 million. In Zone Two, a plot that size would cost between Ks 25-30 million. The price for one acre of land in Zone Three is between Ks 20-25 million. However, in Zone Four, land plots are 640 square feet each and will be sold for Ks 3-4 million per plot.

Three industrial zones were developed in Kayin State, specifically, in Hpa-An, Myawaddy and Phayathonesu. Investors from China, Japan, South Korea and Thailand have expressed interest in investing in these zones.