After north and south of Phnom Penh, which has been heavily influenced by residential investment and development projects, some developers are now starting to look back at the western part of the city, along with targeting their markets. Well.
The western part of Phnom Penh includes Phnom Basit area in Prek Pnov district, some areas in Udong district, Kampong Speu province and some areas in Ponhea Leu district, Kandal province.
Mr. Man Chandy, General Director of Premium Group, said this morning, January 7, 2021, that for the development and construction of medium-sized housing in the north and south of Phnom Penh will continue. In the long run, until about 3-5 years later.
Why the western part of the Phnom Penh is becoming the next target for mid-range housing development
He added that the above construction activities are the developers have bought land to develop their projects a few years ago, while land prices are still low and now continue to build old projects that have not been. “Only finished.” “From now on, if developers are asked to buy more land in the north or south for the construction of mid-range housing, the market supply may no longer exist because the price of land in this area has already gone up,” he said. “It does not favor investment and development opportunities.”
Mr. Man Chandy said that developers are now looking to the west of Phnom Penh because there is still a lot of vacant land, cheap and there are many government-initiated infrastructure development projects. .
“Land prices in the western part of Phnom Penh are low, which favors investment and development,” he said. “Whether on the side of National Road 5 in Ponhea Leu district, Kandal province, in some areas in Udong district, Kampong Speu province, near National Road 51, or in the central area near Phnom Basit and near Boeung Ta Mok in Prek Pnov district, there are many development projects.” “These areas are suitable for the development of the medium and sub-medium-scale housing sector, as the average land price in areas that should be invested and developed is in the range of $ 30-40 per square meter, which is a favorable price,” he said. For the benefit of developers.
The president of the Cambodian Association of Appraisers and Realtors, Chrek Soknim, said that usually when the metropolitan area is filled with development projects, including large and small buildings, it will be pushed out to the area. Next to each other. In particular, for housing development, as more and more areas are filled, prices will automatically rise, so investors as well as developers must turn to areas that have the potential to inspire. The market has been and is easy to get a return on investment.
“In the western part of the city, there are a lot of residential development projects that will appear there, including condominiums and townhouses, but for the most part, only affordable housing,” he said. .