Cambodia-based Furi Naki has announced it will start the second phase of its $70 million Borey Woodland development, a serviced-style hotel and villa concept with shophouses.
Ly Senleap, the CEO of Furi Naki, told Khmer Times yesterday that construction started early this month and the first phase will take two years to complete.
The project is divided into three phases and there are 93 villas in the first phase, which covers 2.5 hectares, and prices range from $190,000 to $380,000.
In the second phase there are 39 shophouses that are priced from $200,000, Mr. Senleap said. This project covers seven hectares and is located along a main road, 60 meters into the Chak Angre commune in Phnom Penh’s Meanchey district, which is only five kilometers from the Aeon Mall.
“With the second phase of the project, customers can choose houses for living and for business,” Mr. Senleap said.
“The concept of our development focuses on the long-term and we have stayed away from copying other developments. What we focus on is uniqueness, services and quality,” he added.
“In the first phase, we injected $28 million to develop this project and we estimate that the whole project will need $70 million for the whole development.
“Our target customers are middle- and high-income people.
“We did research on the market demand about the strong and weak points in the housing market, so we dare to say this will be successful.
The project will also have surrounding trees and a green environment.
“Well known Singapore-based Naki is responsible for the project design. They focused not only on the satisfaction of investors, but also in accordance to the needs of the customers,” he said.
“We found that housewives had problems with maintenance and cleaning services, so housewives living in the project do not have to worry about finding a cleaner. They will get these services from the Borey.
“They can also use the 24-hour food and drink ordering service.
“Furi has customers’ contacts and we also have an international company back-up with ideas and investment capital, so we strongly believe that this project will be successful.
“We bring another new concept of the development for this second phase.”
At present the sale of Borey, or gated communities, in the country are facing a slowdown, but real estate experts are confident of growth in this market.
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.”