Housing development company the Ly Hour Group said it has begun work on its second major project, called Vimean Phnom Penh The Commercial Zone, after its first project Vimean Phnom Penh was successfully completed.
The company said the amount of traffic along Phnom Penh’s Chea Sophara road is a vital factor in upgrading housing development in the area, and it decided to begin building its second project on December 12, 2012.
Ouch Pysal, assistant president of the Ly Hour Group, said that the development project covers eight hectares of lands and involves more than 1,000 workers: construction will be in two stages, which are scheduled to finish in mid 2014.
The first stage will see 275 housing units, with 80 per cent of them being flats, and 20 per cent units called Villa Crystal and Villa Siva. In the second stage, more housing units and markets will be built.
“We believe that of the three kinds of housing models that are being built, customers will be interested in them because all the housing units are of a new style that the company designed itself. Some customers have already put down deposits on the new project and we hope that this number will increase further,” said Pysal.
Ly Hour Group’s current housing project is very successful because it involves good quality buildings, with services, gardens, a gym, and a pool, said Pysal. Moreover, customers can purchase a unit by installment over 15 years, without paying interest.
Though Cambodia’s real estate market is being gradually boosted, this growth is not like in the past five years, and investors are hesitant to invest in this sector, he said.
“Borey Vimean Phnom Penh’s owner vowed to push the project forward whether he had customers or not,” Ouch Pysal said.
Vong Thinun, Vice president of Cambodia Angkor Real Estate Company, said that the more housing developments the better for Cambodia’s real estate sector, and growth has increased since early 2012, but it has only significantly increased in Phnom Penh.
“Because of political stability, economy and the banking industry being more open for housing loans, so this growth has increased,” he said. “I think that Borey Vimean Phnom Penh The Commercial Zone will be successful.
“I believe that there are many more housing projects that will be built if more and more investors flow into Cambodia."
To contact the reporter on this story: Seun Son at [email protected]