Provinces show promise for local investors to develop housing projects

Source: Phnom Penh Post

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Pursat province’s icon of a water vessel at a roundabout. Moeun Nhean

Domestic investors have expressed optimism for projects being built in Cambodia’s provinces, which have a high demand for suitable housing.

Phou Puy, head of the Federation of Cambodian Rice Millers Associations, which has invested more than $8 million in a residential development in the town of Pursat, told Post Property that out of the 1,000 apartments earmarked to be built as part of phase one, more than 200 apartments have already been completed.

Phase one of the project sits on 27 hectares of land and includes two markets, a vegetable market and a mini mall.

“Pursat is a small town yet well-organised, therefore, I decided to invest in the city in order to meet the resident’s demand,” he said, adding, “Pursat has only one market which makes it a small town, unlike Battambang city which has up to seven markets, so I decided to invest in two markets.”

He continued, “Battambang city seems bigger than Pursat and yet Pursat’s economy is good. However, we do not expect to sell out in one or two years, it needs more time.”

Another investor, who has built housing in the north of Cheik Village in Pursat, said that construction of housing in the area was increasing year-on-year.

Ear Veng Mong, CEO of Borey Rom Chek in Battambang city, has invested $30 million on his 19-hectare borey which started construction in 2015. The project has built more than 500 apartments among the projected total of 1,400 apartments. The project will also include markets and a theatre.

According to Mong, what makes his business successful is the focus on quality construction and infrastructure.

“I’m still optimistic about developments in Battambang city,” he said.

“Battambang city is a centre point in terms of the border, and the city has as many banks as Phnom Penh city has.”

A house in Rom Chek Borey will cost about $37,000 for a single-storey and $57,000 for a two-storey house.

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