Two condominium buildings in CAMKO CITY are set to be completed next year as the World City Company’s top management said the company was now working with its partners to build investment projects in the satellite city.
Kheng Se, the project manager of World City, which has been investing in the CAMKO CITY satellite city project, said the company started building two of the seven remaining condominiums in June this year and plans to complete the two buildings in March 2018. The two buildings have a total of 79 units.
“In the meantime, the company is in talks with other partners in Korea to begin construction of other projects in the satellite city,” he said.
Camko City is in Russei Keo district, about three kilometres north of the center of Phnom Penh.
Dith Channa, the CEO of Lucky Realty, said such an investment in the Camko City location is good because the area is not far from the central part of the city.
“The property prices, as well as the property transactions in the area have seen an increase so far this year because there are development like AEON II and the area has good potential for people living there,” Mr Channa said, adding that he is optimistic about the development and land prices rising along the road.
“So far this year there were residential developments and road improvements, which are some of the factors to help boost the area’s property price.
“Despite the increase of property in the area, it is still affordable, compared with other areas,” Mr Channa added.
“There are developers that are going to set their investments in the area and build many other residential developments.”
Sear Chailin, the CEO of CL Realty, is optimistic about the increase in construction investments, saying it is a good sign for the construction sector to have more investments in such high-rise buildings.
“As many high-rise buildings pop up in Phnom Penh, it is a factor that helps people have more options to buy,” Mr Chailin said.
“The supply and demand in the high-rise buildings do not cause any problems now. However, in future the supply will increase, so it needs time to fill the supply rooms,” he said.
The supply of condos has kept increasing in the second quarter of this year, while the sale price for condos saw a very slight increase, compared with the previous quarter of 2017.
The condo supply is still low at this stage, with total supply expanding by 1,911 units to reach 6,109 by the end of the second quarter of 2017, an increase of 46 percent from the previous quarter.
The number is approximately double the supply figure during the corresponding period last year, according to the latest report from CBRE Cambodia.