Real estate in Cambodia is likely to increase in value if Phnom Penh and some of the provinces continue to grow, including Banteay Meanchey province in the west of the country.
Dith Channa, general manager of VMC Real Estate Cambodia, said real estate in Banteay Meanchey has increased by around 10 to 20 per cent by the end of this year, if compared to the same period last year. This growth is due to the construction of garment factories, rice milling, and housing, while Banteay Meanchey still has a great deal of potential with agriculture, industrial factories, and much import and export of goods between Cambodia and Thailand.
“The international border at Poi Pet in Banteay Meanchey is vital for the purchasing and selling of goods between both countries. Most goods or products need stock or factories so this province attracts investors well,” said Channa.
It was observed in 2010 that real estate growth across the country was steady while any construction progressed slowly, but now this sector has significantly changed.
Recently a night market has opened in Banteay Meanchey town. The market is intended to attract foreign investors, while many foreign investors such Thai, Chinese, and Japanese are interested in Banteay Meanchey town and the big roads along the Poi Pet border, he said.
Increasing the province’s real estate is a part of improving the national economy through small-sized businesses. Residents, for instance, will profit wherever investors start to develop markets, trade buildings and factory buildings.
Channa said that the price of land goes from $600 to $700 per square metre within the town and along the larger roads, but goes from $100 to $200 per square metre along small roads while $100 to $150 per square metre for lands located near the night market, and from $1 to $2 per square metre for agricultural fields.
Sorn Seap, CEO of Key Real Estate company, said that real estate development in the provinces is not good and some provinces have potential such as Kampong Chham, Battambang, Siem Reap and Preah Sihanouk but now it has not increased yet.
“The development we can’t regard as noticeable growth because the price of real estate is well increased only in Phnom Penh,” he said.
Price of real estate in Serey Sophon town in Banteay Meanchey is low if compared to Kampong Chham’s Soung and Battambang towns, he said.
“Based on my research, Serey Sophon is not a highly profitable area but Poi Pet is good because it is on the international border,” said Seap.
Banteay Meanchey governor Oung Oeun said Thai businessmen have recently invested in garment factories and the Japanese have invested in rice milling, while the Chinese are beginning to build more factories.
“The development of Banteay Meanchey provincial real estate is better then last year, especial the construction of rice milling buildings that can produce 8 to 10 tonnes per hour,” he said.
A market has been just opened in Serey Sophon town that is open 24 hours a day so it can attract investors as well, he added.
To contact the reporter on this story: Seun Son at [email protected]