Kang Men housing development is speeding up construction to ensure project completion by the end of this year and to meet the increasing demand for property, according to company site manager.
Sun Dara, Kang Meng Group’s General Manager said the project started last June, when the Cambodian property market was in recovery mode, since then, he said sale figures have increased gradually each day.
“We’ll complete the project as soon as August 2012 in order for our clients to settle in. We’ll start other development projects in a bid to help improving this city to become a centre of businesspersons and investors.”
The Mean Chey-based housing development, which consists of 218 units, is being built on almost three hectares of land.
Sun Dara added that upon completion of the project, they’ll commence construction on a second development.
Seih Kanha, Kang Meng Group’s sales deputy said Cambodia’s has progressed since early 2011 with Kang Meng house sales having significantly increased. “As of today, our 218-flat housing development project is around 80 per cent sold out, and most of the buyers are Cambodians,” she said, adding that the company currently employs about 300 labourers.
She added that the project is 90 percent complete, with apartment sizes ranging from 4x13 square metres to 4x16 square metres and cost between US$29,000 to $103,800.
“Because Kang Meng houses are of high quality, we gain such big support from our buyers,” Seih Kanha said, adding that buyers can obtain mortgages from any bank or buy directly through the company using a 17-year payment plan which incurs a 1.5 per cent interest charge per month.
Housing developments are integral to the development of Cambodia’s property and construction sectors and are meant to attract more foreign investors to the Kingdom, she added.
Keuk Narin, deputy manager of Asia Real Estate said the Kingdom’s market has done particularly well in 2012, but suggested housing development companies aren’t too vehement in construction and ensure their projects meet only the demands of buyers.