The political situation is more improved after the both elected parties leaders ended controvercially political issue, leading to change the investment environment in cambodia; consequently, investors that prepare to enter the cambodian market commence to inject more investment capital in this country.
Big projects are transforming the greater Phnom Penh’s landscape, especially big projects popping up in the Chroy Changvar area, which is potential as completed and underway projects are such as Mekong View, Sokha Hotel & Resort, Japan Hospital, Bellevue Apartment, Bali Apartment and Hotel, Yellow Tower, and Booyoung Project.
As the municipality is building a roundabout at the east of Chroy Changvar area, many projects along the national road 6 are emerging such as Chroy Changvar city (the city of future), which is injected $1600 million, and including Borey River Town, Borey Sopheak Mongkol, Borey Peng Hout, a project of GIS company, which planned to create a resort in the area, a development project of the Decho Satellite City covering hundred of hectares.
While the second bridge in the area is officially open in September, a leaking news comes that a new bridge with BOT type is from The Council for the Development of Cambodia (CDC) area to the Chroy Changvar area, so it attracts more buyers and investor into the area.
Touch Samnang, Deputy CEO of OCIC and Project Manager at Diamond Island, and also get a duty to develop the satellite city at the Chroy Changvar, said that pumping sand to fulfill the city is about 90%. Pumping sand process will be complete in October of 2014. The municipality is negotiating with the people one by one to make sure that no one affects from the project.
“The satellite city project will be planned to disburse $1600 million and the project take at least 20 years from commencing to completion of the project,” he said, adding that, “The project development is similar with the Diamond Island project, but we have not yet known about the image of buildings, for the blueprint is not studied yet.”
Through Chroy Changva satellite city or the city of the future, it will build big infrastructure, including big road along with the national road number 6 from Sokimix gas station(the national road 5) to the area. The satellite city covers on 387 hectares.
“The area is very potential, for the area is in the middle of the two rivers and close to the greater Phnom Penh, and now there is no land available next to Phom Penh,” he added.
Teng Rithy, general manager of Borey River Town, said the first project, River Town, has so far reached 50 per cent of the construction, and presale is 80 per cent out. The company is studying about another new project with 25 hectares to develop residential and office space buildings in the second phase, which is injected $100 million.
“The company decided to put more investment capital in the Chroy Changvar area because the plan of the Phnom Penh munipality is moved forward to the area. Chroy Changvar will be a commercial area, existing of variety of services such as mall, school, bank, hotel, and hospital,” he said. “For the area is close to the central of the city and consists of good environment, more people will move to the area,” he added.
Sorn Seap, director of Key Real Estate company, said the Chroy Changvar area will attract more investors and people to live, because the area is surrounded by rivers making fresh air to take and easy to live, infrastructure is enough to serve for traveling, riverbank, garden, and playground preparation exists, hotel, guesthouse, condo, apartment, and Boreys are situated in the area, and especially Chroy Changvar setellite city and Decho Satellite city.
“The environment and infrastructure system is a catalyst to boost the property in the area. Property developers in the area are getting success with their project,” he said.
Land prices saw a big increase especially the area along riverfront; land from the Chroy Changvar area to the Sokha Hotel is priced at between $1000 and $1500 per sqm, Land prices along National Road No 6 heading from the Chroy Changvar Bridge to Kean Klang pagoda are currently running between $1,000 and $1,500 per sqm, land stretched from Prek Leap university to Decho Morokot Borey ranges from $200 to $500 per sqm. Land prices along the Norton University and Mekong Riverfront starts from $500 to $1000 per sqm, he said.
Lorn Sinnara, director of LAN Property Ltd, which developed residential Town House in the area, said the area is very potential now due to many residential projects. Many high-rise condo, and residential projects exist in the area, for they see that the surrounding environment, fresh air, rivers, bridge, and improved infrastructure are main factors; if comparing to other countries, such an area is very high costs, he added.
“I think the Chroy Changvar area will turn into the highest prices in the greater Phnom Penh in the next 10 years. The high-income and -ranking people have their houses in the area; sooner or later the area will become commercial and residential blog for wealthy people,” he said.
SIV MENG
Source from Phnom Penh Post
Translates informal
