Monday, 3 March 2014

Thilawa SEZ price reductions aimed at property dealers

Plans to significantly reduce the price of land at the Thilawa Special Economic Zone are aimed as property dealers and will not harm to those already doing business.

Win Aung, chairperson of the Thilawa SEZ Public Company, has announced plans to reduce land prices in the area by 30 percent to try and attract international investors and industries.

“Fluctuation in land prices doesn’t matter for those running business there because they are using the land. But those who deal in the land will suffer because it is their cause. If the land prices drop, business people benefit,” said Win Aung.

Thilawa SEZ Public Company will launch its initial public offer at Ks 10,000 (US $10) per share on March 3 through the branches of the Ayeyawady Bank, Myanmar Apex Bank, Cooperatives Bank, Yoma Bank and Kanbawza Bank.

“On establishing an economic zone, fair price is important. Existing zones should develop further the characteristics of an industrial zone. I would like to urge all the chairpersons of industrial zones to strive for it,” Win Aung added.

Currently, land prices vary in different industrial zones. The highest is at the Hlaing Tha Yar Industrial Zone. At Thilawa Special Economic Zone, average land price is between Ks 250 million (US$ 250,000) and Ks 300 million (US$ 300,000) per acre.

The Thilawa SEZ project is jointly owned by Myanmar and Japan on a 51/49 percent ownership ratio. It was started in November 2013 and Myanmar-Japan Thilawa Development Limited was established to develop the project.

source: Eleven Myanmar
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