World Housing builds community-oriented homes

Thu, 24 December 2015

world-housingOver the past year-and-a half, Cambodia Children’s Fund in Partnership with World Housing has built 360 homes for underprivileged families in Stueng Meanchey. The ambitious goal was to create community-oriented homes that operated on a principle of a one-for-one real estate gifting model that allows families to rent homes at an affordable price. Post Property spoke with Graham Brewster, the managing director of World Housing about the success of the project.

When did the housing project begin and what inspired it?
World Housing’s foundation in Cambodia goes back to 2010, when co-founder Pete Dupuis was introduced to Scott Neeson of the Cambodian Children’s Fund (CCF). Pete was writing his master’s thesis at the time, centred on the idea of creating a model to build homes for families living in slums around garbage dumps.

In 2013, the concept became a reality when we built our first community of five homes together with CCF. Since then, we’ve built hundreds of homes and discovered the real impact comes with building communities, which is so much more than a group of homes.

How big is each house? What are the materials used and in terms of durability, how long can each house last with regular maintenance?
The homes are approximately 3.6 square metres, elevated on stilts about two metres off the ground. This creates a lockable, private area on the inside of the home, and a space for cooking and socializing underneath the home. The frame of the home is galvanized steel, with colour bond steel paneling on the outside, wood floors and insulated walls. The wooden doors and windows are locally made. The steel structure is very robust, and with regular maintenance, there’s no reason they won’t last for 20 years.

How much does it cost for each home to be constructed?
The cost is approximately $2,500 for the home itself. However, what we’ve learned is that there is much more that goes into building a successful and thriving community, from the initial land preparation to community facilities like wash-houses, playgrounds, communal spaces, fencing, pathways and gardens. This is what makes it a true community, which can thrive long term, rather than a cluster of homes.

The homes built to date have been primarily the result of our partnership with Westbank Development Corp’s Vancouver House project in Vancouver, Canada. For every unit sold at Vancouver House, a home is built for a family in Cambodia.

What conditions are needed to classify people and families to receive homes from WH and CCF?
We identify families that are demonstrably passionate and invested in improving their lives, the lives of their families, and the general community. The criteria for selecting families includes parents who encourage their children to go to school, there is no physical or substance abuse at home, the parents do not gamble, and the children won’t undertake paid labour.

Since the beginning, how many homes have been handed over to families?
We’ve built 360 homes and housed 1,800 people and are building more all the time. While most of these have been in communities in Steung Meanchey, we’ve also built a number of communities in different provinces across the country.

In terms of issuing land titles for the homes that are built, do they belong to the families, the NGO or government property?
As for land, the most common arrangement in Steung Meanchey is to arrange a long-term lease on a large parcel, where families can live with the security that they will not be evicted off the land at a moment’s notice. In other cases, the land is owned by the local partner, or in some cases (particularly in the provinces), the land is owned by the families themselves.

Families living on the leased land in Steung Meanchey make a monthly contribution of $15, which contributes to the upkeep of their community, land rental, and maintenance of the communal facilities. More importantly however, this small payment provides a sense of pride of ownership in the home and community.

When will your project in Steung Meanchey be completed?
Our biggest challenge in continuing our work in Steung Meanchey is the availability of suitable land. Despite that, we plan to begin work on a larger community projected in the spring of 2016, completing in the summer. This is a first for us, the first community that we’ve completed through funding from individuals, and we’re excited about it. All homes previously had been funded through partnerships within the real estate community. Read Original text


A business gamble on future infrastructure developments

Thu, 24 December 2015

amazonThe brand new PTT petrol station accompanied by a Café Amazon, a restaurant, and a Jiffy minimart in Sangkat Prek Kompeus in the Dongkor district along National Road 2 was flooded with cement and sand trucks. Brown dust filled the air and covered the leaves of surrounding trees. Despite seemingly adverse business circumstances for high-end motorway service area, PTT franchisee Sen Nith was optimistic in having a one-stop-shop along “the future belt of Phnom Penh,” he said. With the 60 metre wide connection between National Road 2 and National Road 3, and a web of upcoming developments taking place, he believes he has primed the pump in an area destined for growth.

“There have recently been more infrastructure developments on National Road 2 connecting Takhmao city with the National Road 1 in Kandal province through the Prek Samrong Bridge, so crowds will cross this location,” he explained.

Nith hopes to attract future travelers, emphasising that the Hun Sen Boulevard across Boeung Cheung Aek Lake is also connected to National Road 2— which is in the planning stage of being widened with construction to start at the end of 2016, according to Kim Borey, general director of the Ministry of Public Work and Transportation.

Long Dimanche, spokesperson for City Hall, said that Hun Sen Boulevard will not only alleviate traffic jams from the Kbal Thlol flyover to National Road 2, but also make it more accessible for residential projects headed by real estate developer ING Holdings around the Boeung Cheung Aek Lake area.

However, Dimanche did not comment on the concrete date of completion of the Hun Sen Boulevard. Kim Borey also could not provide an answer when contacted.

Although completion dates are uncertain, Nith’s faith in his location is further cemented by the ongoing residential developments.

“The land in the region has been divided into smaller plots which are developing housing projects too, and this reflects an interest from the private sector,” he said.

For now, Café Amazon is selling around 100 cups of coffee and other drinks daily since PTT’s opening, according to Nith.

In five years’ time however, daily sale volumes are expected to increase to 250 to 300 cups once the area has been fully developed, according Hak Theam, General Manager of Café Amazon Cambodia, who gave Post Property an average sales volume for an established branch.

Nith is confident that he will be able to earn profits in the next three years, and he predicts that his petrol sales will climb because of PTT’s reputation. While infrastructure may lag with uncertain completion dates, business owners like Nith are betting on future growth.

“This station is a base for future investment. I am also interested in opening more stations on National Road 5 from Phnom Penh to different provinces,” he said. Read Original text


Takeo’s Bati district could become a hotspot for garment factories

Thu, 24 December 2015

bati-garmentLand prices in Krang Thnong commune, in Takeo’s Bati district near National Road 2, have recently multiplied by up to ten times compared to five years ago after two garment factories started being constructed in the rural community this year, locals claim.

Meanwhile, the area might be a hotspot for new garment factories, or factories looking to reduce costs and resettle in places that have an available workforce, real estate experts say.

“I have seen two garment factories under construction in my commune so far. When there were no garment factories, the land price was low. Obviously, it has sharply risen these days,” said Krang Thnong commune chief Yin Im.

“Some plots of land close to the National Road 2 could be sold at as low as $3 per square metre five years ago, while the price was as low as $1 per square metre for some plots of land located further along the National Road,” he said.

Sum Savy, 51, a local land dealer who helped to buy land from local villagers for the construction of garment factories, is well aware about the surge of land prices in the commune as well as that of land along the National Road 2. He said that now, land along National Road 2 is sold at about $30 per square metre.

“The land price is rapidly increasing due to the presence of garment factories along National Road 2, especially in Bati’s Krang Thnong district. As we can see, more factories have been built from the intersection of the National Road 2 in Kandal province,” Sum said.

While locals are saying that land prices are increasing, real estate agents claim that higher asking prices could detract from development along this stretch of road.

“Five years ago, the price for land located along National Road 2 was only $5 per square meter. The current price for [this] land is 30 percent higher than the rate of valuation given by official real estate agents. With low prices, there were a lot of sales but with the stalemate now, it is difficult to sell land there,” said Kim Heang, President of Cambodian Valuers and Estate Agents Association.

Content image - Phnom Penh Post

Trucks loaded with supplies drive into new factories. Dit Sokthy

Nevertheless, he said that the increasing land prices cannot be linked merely to the presence of a few garment factories, but to other developments such as the planned improvement of National Road 2.

Additionally, Heang added that some factories could be considering relocating to this area due to lower comparative prices and less congestion. “So, these factors are interrelated.”

Whether surging land prices in Krang Thnong are dependent on factories resettling in this area for a comparative cost advantage, or new factories are being built, there is no data that can show that garment factories are moving away from Phnom Penh into the surrounding provinces.

“There are no statistics at all. I can assure you, no one in Cambodia would have the statistics of how many factories have shifted. As long as these factories exist, they are still considered a part of Cambodia’s factories and there is no point in tracking the number of factories moving to a new location,” said Ken Loo, secretary general of the Garment Manufacturers Association in Cambodia.

He added, in regards to the slew of factories seen along National Road 2, “they could be new factories setting up in those areas or they could also be factories that have moved out of Phnom Penh central itself, but these factories are still very much in and around Phnom Penh.”

Whether they are new or old, according to local land dealer Sum, Taiwanese investors have tested the waters by approaching potential workers in the Bati district before undergoing construction.

“There are almost 1,000 villagers from the commune working in garment factories located in the Kandal Stung district. [For the time being] they travel in the morning to their workplace and return in the evening,” said Yim. ​ Read Original text


Bridging the gap between investment and accessibility in Chroy Changvar

Thu, 24 December 2015

chroy-chanvaDevelop in the West, but do not forget the beautiful East that is Chroy Changvar with its beautifully boastful appearance. This is the claim that Prime Minister Hun Sen has used for the last decade to encourage investment and development on the dormant peninsula flanked by the Tonle Sap and Mekong rivers, opposite Sisowath Quay and in direct view of the Royal Palace. Despite his efforts to encourage development from the private sector, investors have remained apprehensive due to a lack of infrastructure that limits the flow of traffic and accessibility.

However, 2015 saw the opening of the second bridge linking Phnom Penh to the peninsula as well as the opening of the five-star Sokha Hotel—a mixed-use development with a hotel, retail space and condo units. With new roads beginning to take shape, the long-forgotten area appears to be growing in popularity as land prices soar dramatically on the back of developments like The Mekong View Tower and The Bay.

Meanwhile, property experts with inside information claim that new developments such as The Bali Resort, a Taiwanese-backed development called The Manhattan, and the creation of a Sokha-owned skyscraper will commence construction in 2016.

The lack of accessibility remains a core issue stifling growth to Chroy Changvar’s massive potential. In turn, rumours of the private sector taking up Hun Sen’s encouragement of infrastructure have recently surfaced.

A developer and a real estate specialist, who requested anonymity, said that Sokimex Group—one of the largest gasoline and diesel importers, and owners of Sokha Hotel and Resorts—is currently seeking government permission to construct a new bridge that would connect the Wat Phnom area to Chroy Changvar in the near future. He continued that if the government approves the plan, the peninsula’s growth would be accelerated.

Long Dimanche, spokesperson for City Hall, said that he has not been informed of the plan yet and that, even if such a plan exists, he is unsure if it would receive government approval.

A request to verify this information from Oknha Sok Kong, the head of Sokimex, was not successful as he could not be reached for comment.

Nevertheless, Po Eavkong, Executive director of Asia Real Estate Cambodia said that an overall examination of the increased infrastructure has caused land prices on Chroy Changvar to soar compared to 2014, rising 10 to 15 per cent. However, he added that the actual price developers are willing to pay differ greatly from prices demanded by landowners, some of whom are asking for 50 per cent above perceived market value. This discrepancy, he explained, is because landowners do not take into consideration the viability of development.

He continued that currently, land prices along main roads in this area range from $800 to $1300 per square metre, while land on adjacent roads ranges between $400 to $700.

Chrek Soknim, executive director of Century 21 Mekong, said that Chroy Changvar is a naturally favourable area to develop due to its geographic location. Formerly, this area had not seen large-scale growth, but now is the time, he said.

“Prices have risen since the inauguration of the second Chroy Changvar Bridge and multiple infrastructure expansion schemes in this area,” he explained.

His estimations of land prices differ from Asia Real Estate Cambodia’s, stating that land around main roads is valued at $1800 to $2400 per square metre, while adjacent roads are around $1500 to $1600.

Khum Monyroth, Chairman of Board of Daily Realty Group said that optimism and land prices have doubled this year, especially along National Road 6.

He continued that land prices around Keo Chenda and Tonle Sap roads— both leading towards Sokha Hotel and The Bay— have a price tag of $1500 to $2000 per square metre. However, north of that between National Road 6 and Ly Yongphat Street, prices dramatically fall to $200 to $250 per square metre. He said that this area’s land price has remained low due to a lack of development, unlike the rest of the peninsula further south.

He added that, “as more development projects increase land price around Chroy Changvar area, this area has seen little interest.”

Despite the promise of developments in the peninsula, Po Eavkong said that overall infrastructure is lacking and that there are not enough roads or an adequate sewage system to match the actual level of planned development.

“If the government would rethink their planned usage of this land, with a clear development strategy, Chroy Changvar could escape any future obstacles that deter investment,” he said.

While speculation and rumour are reflected in surging land prices, backed by real developments under construction, it is clear that local real estate experts believe that proper investment in infrastructure could make land on Chroy Changvar highly valuable. Read Original text


Administrative building and parking lot for City Hall to open next year

Thu, 17 December 2015

phnompenhAn administrative building, and a large underground parking lot that can accommodate up to 300 cars will be officially inaugurated in 2016, according to Long Dimanche, a City Hall spokesperson.

Dimanche told the Post that the City Hall administrative building, which is 12 storeys high, is almost 90 per cent completed.

He added that, “this is a workers’ building of the City Hall, adding to the existing building since the City Hall has many government officials working,[therefore] we need more buildings for work”.

As of present, the City Hall has an estimated 340 officials, with the total number adding up to 800 officials with the inclusion of all district and commune officials, according to Dimanche.

However, he did not disclose the cost of building this structure and parking lot, only mentioning that the developments were financed by City Hall’s funds.

This new administrative building of City Hall is located at the south of the old City Hall building, which was left empty since after the end of the French colonisation.

Construction of this building had commenced at the beginning of 2015, and is slated to be completed by 2016 if no further adjustments are made to the plan.

Seng Lot, spokesperson for the Ministry of Land Management, Urban Planning and Construction, offered no comment when asked about this plan, directing it to the City Hall spokesperson to answer instead.


The future in Phnom Penh is overwhelming; and Doraemon recognises this

Thu, 17 December 2015

Flanked by life-sized statues of Japanese cartoon character Doraemon, and the infamous one-eyed yellow minions made popular by the animated American movie Despicable Me, China’s Prince Real Estate was far from alone at the official launch of their showroom (opposite the National Assembly), and the opening ceremony of its latest development Prince Central Plaza, a HOPSCA—Hotel, Offices, Parks, Shopping Mall, Convention Centre, and Apartments—last Tuesday.

While the launch aimed to spice up the humdrum of a typical property launch, Pol Lyta, a property consultant for Prince Central Plaza, explained the deeper meaning behind the unusual marketing strategy, saying, “Doraemon is a robot cat that comes from the future [22nd century], and can go back into the past, and he is also able to fly all over the world.”

With the ability Doraemon possesses, it seems to refer to Prince Central Plaza’s outlook on the future of Phnom Penh in making the development the integrated business and lifestyle nucleus of the Kingdom, while retaining an avant-garde take on traditional Khmer architectural design.

As countless Doraemons had flown in to Phnom Penh to station themselves at the opening ceremony, Despicable Me’s yellow minions had also come along for the ride, possibly to inject some humour and entertainment to a typical lacklustre affair.

Being an entertainment-centralised hub, Lyta elaborated that “the minions from Despicable Me represent the fun and entertaining side of what Prince Central Plaza’s various amenities and facilities can offer.”

To emphasise its point, guests at the launch were also given freebies in the form of the one-eyed yellow minion soft toy plushies.

However random it may seem, such cute and fun twists are not uncommon here. In 2012, an Angry Birds Foreign Language School had sprung up in Banteay Meanchey province, riding on the wings of the insane global phenomenon that the Angry Birds game had prompted.

Nonetheless, the opening ceremony of Prince Central Plaza was not all fun and games. Having sold an approximate 200 out of its 1,786 residential units just at the launch itself, it has also sold an estimated 40 per cent of its homes thus far. Prices range from an average of $58,000 for a one-bedroom apartment, to $100,000 for a two-bedroom apartment. Almost all of its snazzy penthouses, which cost from $250,000 to $600,000, have been snapped up as of the launch day.

As with the case of the Angry Birds school, whose owner was nonchalant in using the fowls’ infamousness without consulting their copyright holders, it is unclear whether these future robot cats and one-eyed yellow minions were lawfully licensed as mascots for Prince Central Plaza’s opening ceremony.

What is definitely clear, however, is the completion of the impressive Prince Central Plaza slated for May 2018, located at the pulse of Phnom Penh’s heart south of Norodom Boulevard, wherein its residents may just be lavishly greeted with another surprise appearance by the unofficial mascots.


The Bay to begin construction in first quarter of 2016

Thu, 17 December 2015

the-bayAfter a tumultuous year in Cambodia for Singapore-based TEHO International, the developers of the $500 million The Bay condominium project on Chroy Changvar peninsula said construction will begin early next year with a new marketing strategy after another managerial shakeup.

Announced on the Singapore Stock Exchange earlier this week, ECG (Cambodia) was bought out and formalized into the parent company ECG Property—a wholly owned subsidiary of TEHO International that handles all marketing and promotional activities.

Previously operated by the joint venture’s partner, Sok Bun, ECG Cambodia was purchased to a tune of $71,776, or what amounted to 45 per cent of the initial paid-up share capital. Currently, the unaudited net assets for ECG Cambodia as of July 2015 amounted to $169,836, the statement read.

While ECG Cambodia will still perform its duties as the acting real estate agency for The Bay, all marketing and promotional activities will be conducted at the head office back in Singapore.

Phua Cheng Boon, Financial Controller for TEHO International, said, “it is good to have full integration of our projects.”

“We will have somebody based in Singapore who will be able to run operations regionally as well,” he said.

It was previously reported by The Post that 100 condominium units had been sold since the soft launch in September. However, Phua declined to provide current figures.

“While we can’t disclose the level of sales, we are confident to say that construction will begin in the first quarter of 2016,” he said.

With a new marketing strategy, he added, the development “will not be about big exposure.”

TEHO International, which formally launched the project in February of this year, had spent $1.1 million on advertising and promotional activities, as well as around $600,000 in legal and professional expenses to promote the development, an annual filing in August stated.

While Sok Bun, who resigned from his position as director of the board, currently awaits trial for the beating of a former TV star, his shoes has since been filled by Yim Chhay Line, the daughter of Deputy Prime Minister Yim Chhay Ly.

“She is a good asset to the group and I am confident that all the necessary requirements for construction have been achieved,” said Phua.

Kim Heang, CEO of Khmer Real Estate, said that a marketing shift to overseas investors is the “smartest” market strategy for The Bay, as it faces more competition and is also behind schedule.

When asked if The Bay would miss out on the local segment, Heang explained that it is too small, “so why [do] they need to waste time and money [on] the local segment?”

With a few soft approaches to buyers in Japan, Hong Kong and Taiwan recently, Phua said sales “have picked up.”

“We are doing this gradually because The Bay is a rather large project. We are going to all these different countries to do soft launches to get sufficient buying. We want to position [ourselves] as [a] more exclusive development,” he said.  Read Original text


Doubts surround Phnom Penh’s master plan

Thu, 17 December 2015

general-phnompenhLast Friday, Phnom Penh’s master plan until 2035 was fully approved by the council of ministers, as announced by Pa Socheatvong, governor of Phnom Penh. While it is claimed that the plan is complete, those in the private and public sector and other relevant stakeholders fear that they have not been adequately consulted, raising concerns that implementation is unlikely and unjust.

Without a publicly available draft that addresses socio-economic conditions as well as infrastructure, zoning, land title rights and all other concerns that come with the development of a city, they say it is unclear as to what the plan actually entails.

Takashi Ito, Senior Representative of the Japan International Cooperation Agency (JICA) described the master plan as “a fruit of self-efforts by Phnom Penh municipality,” stating that JICA played no part in the current approved plan.

Ito pointed out however, that JICA has submitted a master plan for transportation lines in March of this year, and is currently working on a master plan for a citywide sewage and drainage system.

“We continue to be interested in healthy development of the capital city, which is why we have engaged in [these] two master plans,” Ito stated in an email.

While Ito wouldn’t give Post Property an overview of the resources that are necessary to implement only a few crucial issues concerning city development, he admitted that without adequate resources, “it is not really practical to try to address all the problems,” he said.

When it comes to meeting the demands of a burgeoning city and population, “it is, in a sense, a question of priority,” he said.

To him, the success of a master plan hinges “not only on the degree of commitment of the municipality itself, but also on the degree of support and participation of other relevant governmental institutions, [possibly including] the private sector” and civil society.

Piotr Sasin, country director for Czech NGO People in Need that focuses on spatial planning in Phnom Penh, called it “worrying that the plan has been developed in secrecy without the consultation of civil society groups.”

He argues that city development is a complicated process that needs to be carefully coordinated to ensure implementation that properly addresses all issues.

“We would appreciate if the municipality shared the plan with all shareholders so they can work on something that we will all be proud about. There are resources and the capacity to do this,” he said.

Considering the sheer complexity of a master plan, Sasin admitted that “the majority of all master plans are never really implemented.”

“It’s about the process, bringing the people together and it would be the job of the municipality to coordinate these efforts,” he said.

Long Dimanche, spokesperson of City Hall, however, said that there have been specialists outside the municipality working on the master plan.

“We have been working on this master plan since 2002 and had help from many groups of Cambodian professionals such as architectures, land management, landscaping, environmental, engineering, and [from the] cultural aspect and we had advice from French experts,” he said.

According to Nicolas Baudouin, spokesperson for the French Embassy, French involvement in the city master plan ended with the publication of the 2007 White Paper, titled Livre Blanc. While the 330-page long master plan was published by Phnom Penh municipality, and outlined development until 2020, it was never adopted.

“The project was considered complete with the publishing of the report and funding stopped. Why it wasn’t adopted, I don’t know,” Baudouin said.

Even though French involvement stopped in 2007, governor Socheatvong cited 14 focus points that are identical to the ones listed back in 2007.

While the 14 points are meant to address issues such as zoning, open spaces and land title issues, Socheatvong said that what contributed to the adoption of this version was spurred by economic growth, commerce and a rising population.

“The main purpose of the 2035 Phnom Penh land usage is the strategic document in order to serve the government’s ambition as well as the aim of Phnom Penh municipality and their vision toward 2035 of managing and setting the direction of economic development… in an attempt to meet the increasing demand of private investment and the population in Phnom Penh,” he said.

Dimanche added that he did not know when the overall master plan would be published publicly, despite last week’s approval. However, he said the government will issue a new order to properly implement the city development plan.

Meng Bunnarith, spokesperson for the Ministry of Land Management, Urban Planning and Construction, said that while the framework that was adopted by the council of ministers is comprehensive, it only provides a general overview that does not give much insight to critical details. The ministry has to set specific regulations in order to ensure a clearer use of land, he said.

Nevertheless, Sasin fears that a master plan can be used to further exclude marginalised groups.

“My main fear is that it will be a plan for the privileged,” he said.

As an example, he worries that poor urban communities who have been excluded from systematic land titling, such as the evictees in Borei Keila or in Boeung Kak, would still not be addressed.

He added that City Hall’s lack of transparency opens the door for misjudgment and misinterpretation.

“If they published the document and got other stakeholders involved they could really pass on a positive message to the city which would be: we care.” Read Original text


Bridging the gap between investment and accessibility in Chroy Changvar

Thu, 24 December 2015

chroy-chanvaDevelop in the West, but do not forget the beautiful East that is Chroy Changvar with its beautifully boastful appearance. This is the claim that Prime Minister Hun Sen has used for the last decade to encourage investment and development on the dormant peninsula flanked by the Tonle Sap and Mekong rivers, opposite Sisowath Quay and in direct view of the Royal Palace. Despite his efforts to encourage development from the private sector, investors have remained apprehensive due to a lack of infrastructure that limits the flow of traffic and accessibility.

However, 2015 saw the opening of the second bridge linking Phnom Penh to the peninsula as well as the opening of the five-star Sokha Hotel—a mixed-use development with a hotel, retail space and condo units. With new roads beginning to take shape, the long-forgotten area appears to be growing in popularity as land prices soar dramatically on the back of developments like The Mekong View Tower and The Bay.

Meanwhile, property experts with inside information claim that new developments such as The Bali Resort, a Taiwanese-backed development called The Manhattan, and the creation of a Sokha-owned skyscraper will commence construction in 2016.

The lack of accessibility remains a core issue stifling growth to Chroy Changvar’s massive potential. In turn, rumours of the private sector taking up Hun Sen’s encouragement of infrastructure have recently surfaced.

A developer and a real estate specialist, who requested anonymity, said that Sokimex Group—one of the largest gasoline and diesel importers, and owners of Sokha Hotel and Resorts—is currently seeking government permission to construct a new bridge that would connect the Wat Phnom area to Chroy Changvar in the near future. He continued that if the government approves the plan, the peninsula’s growth would be accelerated.

Long Dimanche, spokesperson for City Hall, said that he has not been informed of the plan yet and that, even if such a plan exists, he is unsure if it would receive government approval.

A request to verify this information from Oknha Sok Kong, the head of Sokimex, was not successful as he could not be reached for comment.

Nevertheless, Po Eavkong, Executive director of Asia Real Estate Cambodia said that an overall examination of the increased infrastructure has caused land prices on Chroy Changvar to soar compared to 2014, rising 10 to 15 per cent. However, he added that the actual price developers are willing to pay differ greatly from prices demanded by landowners, some of whom are asking for 50 per cent above perceived market value. This discrepancy, he explained, is because landowners do not take into consideration the viability of development.

He continued that currently, land prices along main roads in this area range from $800 to $1300 per square metre, while land on adjacent roads ranges between $400 to $700.

Chrek Soknim, executive director of Century 21 Mekong, said that Chroy Changvar is a naturally favourable area to develop due to its geographic location. Formerly, this area had not seen large-scale growth, but now is the time, he said.

“Prices have risen since the inauguration of the second Chroy Changvar Bridge and multiple infrastructure expansion schemes in this area,” he explained.

His estimations of land prices differ from Asia Real Estate Cambodia’s, stating that land around main roads is valued at $1800 to $2400 per square metre, while adjacent roads are around $1500 to $1600.

Khum Monyroth, Chairman of Board of Daily Realty Group said that optimism and land prices have doubled this year, especially along National Road 6.

He continued that land prices around Keo Chenda and Tonle Sap roads— both leading towards Sokha Hotel and The Bay— have a price tag of $1500 to $2000 per square metre. However, north of that between National Road 6 and Ly Yongphat Street, prices dramatically fall to $200 to $250 per square metre. He said that this area’s land price has remained low due to a lack of development, unlike the rest of the peninsula further south.

He added that, “as more development projects increase land price around Chroy Changvar area, this area has seen little interest.”

Despite the promise of developments in the peninsula, Po Eavkong said that overall infrastructure is lacking and that there are not enough roads or an adequate sewage system to match the actual level of planned development.

“If the government would rethink their planned usage of this land, with a clear development strategy, Chroy Changvar could escape any future obstacles that deter investment,” he said.

While speculation and rumour are reflected in surging land prices, backed by real developments under construction, it is clear that local real estate experts believe that proper investment in infrastructure could make land on Chroy Changvar highly valuable. Read Original text


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សូម​បញ្ជាក់​ថា ក្រុមហ៊ុន​អចលនទ្រព្យ ឆៃ​លី​ន ស៊ា រៀល​ធី ជា​ក្រុមហ៊ុន​ដែល​មាន​ជំនាញ​វាយតម្លៃ​អចលនទ្រព្យ​ច្បាស់​ដែល​បាន​ចុះបញ្ជី​ពាណិជ្ជកម្ម​លេខ ០៥៣៥/២០១៣ ព​ណ​.​ចប​ព​, មាន​អាជ្ញាប័ណ្ណ វាយតម្លៃ​អចលនវត្ថុ​លេខ​១២២ សហ​វ​.​ឧ​ហ​, អាជ្ញាប័ណ្ណ​សេវាកម្ម​អចលនវត្ថុ​លេខ ១១៩ សហ​វ​.​ឧ​ហ​, ប័ណ្ណ​ប៉ាតង់​សម្រាប់​សេវាកម្ម​អចលនវត្ថុ​លេខ​០១២៧៦ អ​ព​ដ​/​ស​ខ​/​ចម​, និង​វិ​ញ្ញាប​ន​ប័ត្រ​វាយតម្លៃ អចលវត្ថុ​លេខ ០២៥៣៥ អ​ព​ដ​/​ស​ខ​/​ចម និង​ជា​សមាជិក សមាគម​អ្នក​វាយតម្លៃ និង​សេវាកម្ម​អចលន វត្ថុ​កម្ពុជា​លេខ ០០២៤ ស​.​វ​.​អ​.​ក​។ Read Original text

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