Creed Group, a Japanese real estate company, has officially launched sales of the ARATA Garden Residences project.
Toshiko Muneyoshi, the founder and CEO of Creed Group, said: “The project, which we launched on August 20, brings with it a total of 12.6 hectares and a total of 502 houses, including A&B shophouses, A&B link houses, twin villas, Jack villas, Queen villas and King villas.”
The project encompasses a natural, green lifestyle and is rich in diverse facilities such as swimming pools, a children’s playground, a cafe, a mini-mart, a gym, badminton courts and a car transport service to take home owners to Aeon Mall 2, the international airport and other places, according to Mr Toshiko.
The ARATA Garden Residences is the third special project by the Japanese developer, which has 20 years of experience and management, and used Japanese and local engineers. Its new development is in one of the fastest growing areas in Phnom Penh, according to the company.
The project is located in a fast growing urban development area and is on the 50-metre road, just one kilometre from Hanoi Boulevard, three kilometres from Aeon Mall, Macro Market and many other prominent locations.
Apart from its good location, the project has unique architecture designed by Japanese company Quincy Studio Inc.
“Steady economic growth over the past decade has led to a rapidly-growing middle class in Cambodia. Fuelled by population increases, fast-improving infrastructure and rapid urbanisation, demand for housing has skyrocketed in recent years,” the company said.
Chrek Soknim, the CEO of real estate company Century 21 Mekong, said the reason the housing market was still seeing growth was because of support from the banking sector, plus demand from newly married couples and middle-income Cambodians.
Addressing the housing sector growth in Phnom Penh, Mr Soknim said: “The greater part of Phnom Penh is the capital’s central business area, the population has increased year-on-year and the housing demand has seen an increase also.
“Seeing the GDP growth every year, the number of middle-income people is increasing, leading to the increase of demand,” added Mr. Soknim.
“If comparing the city’s population with the number of houses, the population is more than the housing number, so housing demand is okay.”
The number of people living in the capital and the major towns in 2014 was approximately 4.5 million, equivalent to 27.1 percent of the total population, and those numbers will continue to grow to 7.92 million people, the equivalent to 44 percent, by 2030, according to the Ministry of Land Management, Urban Planning and Construction.
“According to the data, it shows that for 15 years [2015-2030] residential demand for the capital city and urban areas is about 800,000 homes, which averages out at about 50,000 homes per year,” the ministry said.
In the first quarter of 2017 there were 670 Borey projects, translating to 1.39 million square metres worth $939.2 million of investment capital.
Compared with the same period last year, there were 353 Borey projects, the equivalent to 1.23 million square metres, and worth $705.1 million, an increase of 33.18 percent, according to the latest report from the ministry.