Developers look forward to the north
Developers look forward to the north
Attention has never been placed more vividly on the capital city’s northern area as is being done now.
Phnom Penh’s rapid expansion and development over the last few years have piqued the interest of countless developers looking further afield from the already-saturated city centre.
Thida Ann, associate director of CBRE Cambodia, said on Tuesday that compared to other parts of Phnom Penh, the northern area is developing most rapidly due to the area’s bountiful vacant land waiting to be developed. Additionally, the area sits on high ground, which puts it on a pedestal that makes it less susceptible to flooding.
Phnom Penh’s north is also close to the international airport, and development of infrastructure in that area has been pumped up to make it as smooth a ride as possible for tourists coming into the city centre.
Ann added, “The area is seeing many borey developments, which attracts more middle-class people people to set up their living there”, also noting that while the area has high potential in the future, land price is at a still-unshocking $500 per square metre.
The northern part of the capital, especially along the long, hushed road where minister for Land Management, Urban Planning and Construction Chea Sophara lives, has seen many borey developments creeping up, such as Camko satellite city, and boreys New World, Peng Huoth, and Vimean Phnom Penh.
Huy Vanna, secretary general of the Housing Development Association of Cambodia (HDAC), referred to the government’s policies and the city’s master plan for up to 2035 – dubbed the Phnom Penh Land Use for 2035 – highlighting the government has focused on developing specific areas, especially around National Road 5, Hanoi, Angkor Boulevard, and another main road along Grand Phnom Penh.
He continued, “Many people come to live in this area because the area has a good environment due to its lack of factories and pollution, and has high security compared to other areas.”
Lee Seung Hyung, senior director of Camko City, said the areas around Camko City in Sen Sok and Russey Keo commune are developing noticeably fast. Two examples are the Aeon Mall 2 on the west of Camko, slated for completion in 2018, while on its north rests the construction for world-renowned Australian International School that will soon end construction.
He said, with the development inside Camko City and the area surrounding it, as well as the entire city’s expansion, the company hopes that the area will turn into an international standard satellite city as originally planned.
Oknha Ly Hour, director of Ly Hour Group and project manager of Borey Vimean Phnom Penh, who buried the seima (stone foundation) for the groundbreaking ceremony for his sixth project on October 5, said he is optimistic about the market and the development in the area. “Many people are living here, and the infrastructure is of good quality,” he said.
He added that for this sixth project, Borey Vimean Phnom Penh, the construction company will be constructing modern houses, all of which are villas covering a total of 3,000 square metres of land, totaling 108 houses, including a mall, parks, and a movie theatre.
“The project will take 18 months to complete. Upon completion, the houses will be sold from $165,000 to $600,000.”
Kim Heang, president of Cambodian Valuers Estate Agents Association, said the land sale capacity of the city’s northern area is normal because there are many new developments in the area and many of the middle-class are living there, while supreme quality infrastructure instills more confidence in investors especially after the construction of the Aeon Mall 2.
