August 19, 2016

Coconut plantations sell for K400 million per acre in Rakhine State

A scenic beauty of coconut plantations.
A scenic beauty of coconut plantations.

COASTAL coconut plantation owners are enjoying a period of good business in the Rakhine State township of Gwa as sales of plantations are going for approximately K400 million per acre, according to local real estate agents.
Sales of coconut plantations stagnated in 2015, but the start of the New Year saw business pick up, local real estate agents reported.
“Business is better this year. We experienced a bit of a decline in the market last year. These days, though, people are frequently turning up to purchase plantation land. So far, there have only been sale transactions on these plots of land – we’re not exactly sure how the buyers will utilise their new property,” said Ko Kyaw Myo, a local real estate agent.
Most of the buyers come from companies involved in the hotel sector, though no construction has yet begun on any former plantation land.
“Those that came to purchase our coconut plantations said they intended to build hotels on the land. But no construction has taken place yet. There are also buyers who will resell [the land], should it become profitable,” said U Luu Maung, a Gwa Township resident.
Coconut plantations located within Kanthaya and Kwel Gyine villages, approximately 15-25 miles outside the centre of Gwa, sell for approximately K400 million per acre because of their proximity to scenic coastlines, whereas coconut plantations in other, less scenic locations are valued at just K200 million per acre, according to local residents.


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