Myeik city amounts to far more than the gateway to over 800 islands of the archipelago bearing its name, with the city being a key potential driver of the import substitution model being advocated by the government, according to Colliers International report on the Myeik city real estate market.

Despite poor transportation linking the city to the rest of the country and to Thailand and no connection to the electricity grid, Myeik has made great strides over the past ten years developing its potential for fishing and agriculture value added industries. According to Tony Picon, Vice-Chairman of Colliers International Myanmar, Myeik businesses have developed some significant aquaculture activities as well as fish processing and other value-added industries but there is still a long way to go and thus enormous potential. “According to businesspeople in Myeik, around 90% of the fish caught along the long Tanintharyi coastline is offloaded in Thailand. where all the value-added activities take place such as processing and key is cold storage”, pointed out Mr. Picon.

At present Myeik is powered by diesel powered electric generators which on the one hand provides more consistent supply but comes at an enormous cost. Mr. Picon stressed that high cost of electricity makes it very difficult for industrial development to take place but with a proper grid connection or its own power plant in the future Myeik is ready to benefit. “They have an industrial zone all ready and waiting for the day when cheaper electricity is available plus better road connectivity to Yangon and Thailand. You hear about import substitution being mentioned as a priority and in Myeik you realise with these improvements it can really become a reality”, said Mr. Picon. He listed fish, rubber and palm oil as some of the resources that can provide the raw material for value added industries.

The town itself has become a jumping off point for tourists taking day trips to the Myeik Archipelago and as one of the main commercial cities in Tanintharyi region, a place to visit for business. The growth in hotel room supply occurred from 2013 to 2016 with nearly three quarters of the current 400 rooms being supplied during those three years. Most of the rooms now occupy the three to four-star category. According to Colliers International the development of resorts in the archipelago will help drive demand in Myeik itself. A sizable number of visitors will find the resorts too expensive for their budgets and will choose to stay in the town and take island hopping day trips but still look for nice places to stay. The city also boasts some fine colonial architecture attracting visitors to the city in its own right.

The retail sector is limited to two shopping centres with very limited foreign brands evident and most retail activity occurs in traditional shophouses and wet markets. While most people live in landed properties, a new condominium development called Sea View Condo has been planned to the north of the city near Myeik Shopping Centre, comprising 12 towers. Overall the report is optimistic about the prospects of Myeik. Mr. Picon added “After a visit to Myeik you come away with a strong sense of optimism and belief in the country”.

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