The value of land plots confiscated for new town projects in Yangon Region has amounted to K30 billion to 40 billion, and compensations can be paid only after their sales, said Chief Minister Phyo Min Thein.

The chief minister made the remark in his opening speech for a briefing on Yangon Project Bank held on June 3.

"We have to pay land compensation for our new town plans. According to our calculations, the amount is over K30 billion or about K40 billion. We are now preparing to sell remaining plots," said Phyo Min Thein.

"Four Dagon townships are continuously asking (for compensation). We have to carry out development tasks with public funds. For development, there may be investment of K100 million or K200 million per acre. Land prices increase. We cannot pay the same amount as that of when we bought them. But we can sell them. If they want now, we will try to sell those plots at the price they deserve," the chief minister added.

He said there were over 5,000 land complaints discussed in parliament and only over 200 of them have yet to be handled.