A new borey, River Town, is going up on Chroy Changva, located between the Mekong river and the Tonle Sap, which together with the construction of the second Chroy Changva bridge is adding to the continued expansion of the peninsula’s infrastructure.
River Town is along National Road No 6, 800 metres from Chroy Changva bridge, covering two hectares, and is expected to cost $30 million. The project will contain 70 luxury flats, about 40 single and twin villas, and will complete in 2015.
Teng Rithy, general manager of River Town, said construction started in early May, with a large number of workers, and currently customers are increasingly interested in this project.
Rithy said, “now the sales of the project is 30 per cent, and many customers are Khmer”.
A two-and-a-half floor flat is priced at between $140,000 to $490,000, and the twin villas are $220,000 while the single villa price has not yet been determined.
Concerning sales, Rithy said “the River Town project will be successful as planned because I’ve seen that only 20 days after the sales opened, the company has sold 30 per cent already.”
He added “the reason that River Town is successful quickly is because it has three special things: first, a favourable location located along National Road 6. Secondly, the building has good design which is popular. Thirdly, all construction workers are clearly skilled workers, together with high quality and luxurious equipment.”
Dith Channa, general manager of VMC Real Estate Cambodia, told Post Property that River Town is a project that can satisfy customers, due to its good location, nice environment and good roads, especially when the second Chroy Changvar bridge is completed.
With regard to the pricing, Channa said it is not very expensive, because River Town is close to central Phnom Penh, closer than other projects if it is compared with those at Chamkar Dong, Chom Choa, and Kean Svay.
Moreover, the current road situation in the area is improving as well. In particular, the area also has other big construction projects such as OCIC’s Satellite City Development project and other big development projects by Ly Yong Phat, including stadiums, condominiums, apartments, schools, hospitals and commercial centers.
The director of VMC said that “the sale of River Town will be successful because the price is suitable and it has a good location.”
Chailin Sear, CEO of CL Realty Co said it is good that some development projects go smoothly, which shows the progress and growth of the real estate sector in Cambodia.
He added this project will be successful if the project owner gets the pricing right. He confirmed that “pricing is the most important reason for sales, because no matter how good the location, it is also depends on the prices. If it is expensive, it cannot be successful.”
According to a new survey, Cambodia needs between 100,000 to 200,000 new housing units each year.