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Chinese firms urged to invest in affordable housing

Chea Vannak / Khmer Times No Comments Share:
Phnom Penh governor Khuong Sreng. City hall

The Phnom Penh Municipality has asked a group of Chinese businesspeople to invest in an affordable housing project targeting civil servants and low-income people.

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In a meeting on Tuesday, Khuong Sreng, the governor of Phnom Penh, told the World Hakka Business Association, led by its chairman Li Kam Chung, that the project will have the support of City Hall.

He said the affordable housing project will be located in the outskirts of Phnom Penh, 45 minutes to an hour drive from the city centre.

“If the association agrees, the Phnom Penh Municipality will request the government to help the investors import the building materials duty-free,” he said. “The project will be just 50 to 60 kilometres from the city.”

Nuon Rithy, chairman and CEO of Khmer Appraisal Foundation, said affordable housing projects are becoming more popular in the Kingdom.

“Affordable housing projects are more and more popular, attracting interest because units can be bought for less than $30,000,” Mr Rithy said.

According to the Ministry of Land Management, there are now three affordable housing projects under construction.

In 2016, WorldBridge Land started construction of the first-ever public housing project in Cambodia, located on a 45-hectare plot of land in Kandal’s Saang district.

According to Mr Rithy, almost 60 percent of the project’s 2,300 units have been sold.

A second affordable housing project is being developed by B&BM Development. Having broken ground in 2017 in Kandal’s Ponhea Leu district, the project has a cost of $70 million.

Finally, Arakawa Residence, a $70 million low-cost public condominium project, is being raised in Phnom Penh’s Sen Sok district.

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