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National Road 1 development draws investors, property buyers

Boreys are springing up along National Road 1, attracted by the rollout of amenities.
Boreys are springing up along National Road 1, attracted by the rollout of amenities. Hong Menea

National Road 1 development draws investors, property buyers

The commute along National Road 1 through Chba Ampov and Niroth communes has become far more attractive recently.

National Road 1 connects Phnom Penh with Vietnam border.

According to Dith Channa, general manager of VMC Real Estate, developers are being drawn to the area by its improving infrastructure and growing number of services such as banks, markets, international schools and hospitals.

Channa added that the interest from developers had led to the construction of numerous boreys – housing communities – such as Borey Peng Hout, Borey Chamka Lamout Chamka Svay, Borey High-Tech and Borey Chey Oudom.

“In the past, people were not interested in this area, but since the construction of the new Preah Monivong Bridge, the area has seen profound changes, and if a bridge connecting Diamond Island with Norea Island materialises, it will be even more attractive,” he said.

“This is an area with further development potential because it is located close to central Phnom Penh, while also having a good environment, river views and plentiful land,” he said.

Channa added that development and movement of people to the area had resulted in increased land values of 10-20 per cent in 2013 compared to 2012. Current prices in the area from Preach Monivong Bridge to Borey Peng Hout range from $600-$1,000 per square metre.

Po Eavkong, general manager of Asia Real Estate Cambodia, said that the strong increase in demand for land was due to the development of amenities and boreys. Meanwhile, expansion of the road network boosted land prices 10-20 per cent before the national elections, but prices had remained steady since due to political tensions.

Noun Rithy, general manager of Bunna Reality Group, also stressed the area’s potential, pointing out that it is growing fast and developers are building more residential properties for medium-income earners. Interest from investors and people in the market for property can be attributed to its location near central Phnom Penh and the fact that it has the room for much further development.

Land prices in the area from the Preach Monivong Bridge to Niroth Monastery are between $1,000 and $2,000 per square metre. Land beyond Niroth monastery is priced between $500 and $1,000 per square metre. Home prices in the area range from $30,000 to $60,000 per flat, while villas range from $60,000 to $600,000, Rithy said.

“This area will continue to improve in the future, and National Road 1 plays an important role, with banks, schools, restaurants and hotels along the road,” he said.

Meanchey district governor Kouch Chamroeun said he did not know the exact number of boreys under construction, but he said he did know that security in the area was very good.

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