Local investors have unprecedentedly committed $70 million to building a borey development that aims to satisfy the needs of customers who desire an upscale and comfortable housing environment that doesn’t come in the form of condos.
Chin Chan Len, managing director of FURI Real Estate Company, said construction of Borey Woodland, located on Hun Sen road in the Mean Chey district of Phnom Penh, would start in mid-October.
“This is the first hotel-style villa that the company has built in response to the demands of customers who are in want of a modern and comfortable place to live in that is reasonably priced, and a place that keeps up with the improving economy in Cambodia and with it – the high living standard,” she said.
For Borey Woodland, FURI has joined hands with real estate management firm Naki Group Company, which will be responsible for overseeing the property’s management services.
“Before investing in the project, the company had done primary research about the market and the demands of the customers,” said Len.
She added, “The borey will provide a new and improved living experience, with services like restaurants, gyms, independent cafes and clothing stores. More importantly, this borey will have a green space that is about 45 percent of the total land mass.”
The architecture and the design of the borey will be handled by renowned Singaporean firm ONG&ONG Pte. Ltd.
In line with finding ways to fulfill the demands of residents for modern day living, Borey Woodland is planning to equip each house owner with a personalised telephone to accommodate a 24-hour delivery service.
Len said 50 houses in the borey had already been sold.
Huy Vanna, secretary of the Housing Development Association of Cambodia, said investing in a borey like this shows that the investors are confident in the progressive Cambodian housing market and the economic growth of the country.
He added that at present, the need for suitable housing was rapidly increasing.
“Investing in high-end villas around the price range of $100,000 and more are still in demand because the income of Cambodian people keeps increasing.”
Head of the Cambodian Valuers and Estate Agents Association, Kim Heang, stated that the purchase price of the borey will ultimately determine the success of the project.
Meanwhile, City Hall spokesman Mean Chanyada said the location of the borey development was an up-and-coming area for housing projects.
“The development of the west and the north side of the city caused a lot of traffic jams. That is why [developers] have changed directions and are starting to focus on developing the south and the west side instead, in an attempt to even out the development distribution,” he said.