After the completion of road infrastructure and the Morokot Koh Pous Bridge, a Russian developer in Preah Sihanouk province is now starting its first phase of building 36 luxury houses.
Mr. Andrew Halturin, General Director of Koh Puos Investment Co., Ltd, said recently at the opening of the construction site for 36 houses, “The first phase development here is not only a sign of big investment in the province, but this project also creates the prospect for investment in the historical coastline of Cambodia.” He added that when this project is completed, Preah Sihanouk province will have resorts, hotels, residential houses, entertainment centres and infrastructure.
Tol Neat, the head of public relations at Koh Puos Investment said, “Now the company has made the investment the company promised the Royal Government of Cambodia, the company will develop this island to be the best coastal development in Asia.” He added that this project continues the development according to the master plan, with the company investing a lot of money on the bridge, road, and buildings in accordance with the agreement between the company and the RGC, while all construction will be completed by 2016.
He continued that even though Cambodia experienced the grave impact of the financial crisis in mid-2008 till 2009, the company did not back away from this investment project.
Marina Khrisanova, the head of marketing for Koh Puos Investment, said that this project of 36 villas started with the laying of foundations on 25 March, and the first phase will be completed in mid-2013.
She added that, “until now, we sold 30 per cent of these 36 villas, and each house is sized from 450 to 585 square meters with the land size of 600 to 1,000 square meters, and it is sold for $120,000 to $230,000”.
The Koh Puos project is building a bridge, roads, apartments, condominiums, a hotel, a cultural center, commercial offices, and other entertainment centers over 120 hectares.
Sung Bonna, the director of Bonna Realty Group and the president of the National Valuer’s Association of Cambodia, which received the exclusive rights to find buyers or lessees for the residential houses on Koh Puos, said that the 36-villa project has seen a significant number of potential buyers.
He added that even though they are expensive, many customers buy villas in the project one after another, and the price of land on Koh Puos is now $700 per square metre, which it is cheap compared with neighbouring countries.
So Sok, the director of Preah Sihanouk’s Department of Land Management, Urban Planning and Construction, said that Koh Puos’s residential project will attract national and international tourists, because it is a good location, not far from the mainland, with a beautiful coastline. The supply of water and electricity is good. He confirmed that “In 2016, Preah Sihanouk province expects that more investors will come if the world economy is stable.”