"Auction Fails Myanmar Junta's Bid to Sell Suu Kyi's Mansion Flounders Again

Auction Fails Myanmar Junta's Bid to Sell Suu Kyi's Mansion Flounders Again

The latest attempt to auction off Aung San Suu Kyi's lakeside mansion in Yangon, Myanmar, has ended in failure for the third time. Despite setting a minimum price of $140 million, the two-storey colonial-era house failed to attract any bidders on Wednesday.

This latest bid follows two previous failed auctions in March and August last year. The dispute over the property between Suu Kyi and her brother dates back decades, and the Nobel laureate's imprisonment on charges ranging from corruption to not respecting Covid-19 pandemic restrictions has raised concerns among rights groups that the junta is attempting to eliminate her politically.

Background

Suu Kyi, Myanmar's civilian leader who spent years under house arrest at the mansion, was detained by the military in February 2021. The property, which sits on about 0.8 hectares (1.9 acres) of land, has been the subject of controversy for years. The attempted auction highlights the significant economic challenges facing Myanmar, which have been exacerbated by the civil war triggered by the military coup.

The Auction

On Wednesday, a dozen journalists gathered outside the mansion as the auction was conducted. The auctioneer called for bids starting from 297 billion kyats ($140 million at the official exchange rate), but after three attempts, there were no takers. The auction was subsequently called off.

Economic Reality

The failure to sell the property underscores the significant economic challenges facing Myanmar. The country's economy has been severely impacted by the civil war triggered by the military coup, making it unclear who would be able to spend $140 million on a single property.

In comparison, similar-sized properties in upmarket Yangon areas might fetch $1 million to $2 million, according to real estate agents. The lack of interest in Suu Kyi's mansion is likely due to the significant price tag and the dilapidated state of the property.

Historical Significance

The house holds a special place in Myanmar history as it was where Suu Kyi was confined for around 15 years after shooting to fame during huge demonstrations against the then-junta in 1988. During her imprisonment, she spent time playing the piano, reading detective novels, and meditating.

Conclusion

The failure to sell Aung San Suu Kyi's mansion serves as a reflection of the significant challenges facing Myanmar's economy. The country needs to address these issues to create a more favorable environment for investment and economic growth.

Edward Lance Arellano Lorilla

CEO / Co-Founder

Enjoy the little things in life. For one day, you may look back and realize they were the big things. Many of life's failures are people who did not realize how close they were to success when they gave up.