NLD looks to raise 'ancient' rents
YANGON - The new government sets sight to review the rental agreements for the land currently locating the Yangon Zoo and Kandawgyi - Mhyaw Sin Kyun Park, according to MP Yan Aung of the National League for Democracy.
He said that the rents were too low compared to market rates.
He said that the current deals needed to be reconsidered and “will be adjusted to a price so that the country will not lose out on huge amounts of income”.
There is heavy criticism of the rents private companies are paying for the land, especially the Yangon Zoo, which has been leased to Htoo Co for 10 years, starting from 2011. The Forestry Department of the Ministry of Environmental Conservation and Forestry quotes the rent at 770,000 kyats per year.
Meanwhile, the rent of Kandawgyi-Mhyaw Sin Kyun Park was recently doubled to 600,000 kyats. The land is owned by the Yangon City Development Council.
Observers said that both pieces of land, with large land area, cost the country millions in lost taxes every year.
According a Yangon Region report, Zay Gabar Co which pays 300,000 kyats a year for the land locating Kandawgyi-Karaweik Park earns around 8.6 billion kyats each year from the property.
“The rates are ancient. The parliamentary committees will need to reconsider this and have to find rates agreeable to both sides. They are already starting to proceed with this. There are many others that are vastly experienced and more appropriate to bring this matter forward but we will also be pushing for this if the opportunity arises,” said Yan Aung.
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