Logo of Phnom Penh Post newspaper Phnom Penh Post - Affordable housing project to be completed by end-2021



Affordable housing project to be completed by end-2021

Content image - Phnom Penh Post
A $100 million affordable housing project broke ground early in 2017 on 23ha of land in Roka Khpos commune's Koh Kor village, just 14km south of the Monivong Bridge in the capital. Worldbridge Homes Co Ltd

Affordable housing project to be completed by end-2021

A $100 million affordable housing project in Kandal province's Takmao town will be completed by the end of this year, as the developer Worldbridge Homes Co Ltd shifts attention to other projects, according to its general manager Yuk Sothirith.

The development, the first of its kind in the Kingdom, broke ground early in 2017 on 23ha of land in Roka Khpos commune's Koh Kor village, just 14km south of the Monivong Bridge in the capital.

Formerly a commune in the province's Sa'ang district, Roka Khpos was incorporated into Takmao town after Prime Minister Hun Sen signed a sub-decree on January 8, 2019.

Sothirith told The Post on May 12 that the project is forging ahead, despite lockdown restrictions keeping some of the workers away. Around 400-500 labourers were on-site each day during the blockade.

"We will complete our construction soon, and now our sales have reached more than 95 per cent," he said.

According to Sothirith, the company has handed over 823 houses to customers, and the remaining 1,634 homes will be delivered by end-2021. Homes range in price from $25,000-$30,000.

Sothirith revealed that the development's success had motivated the company to invest in more such affordable housing projects. "We remain willing to continue to work with the government to invest in future affordable housing developments for sale to low- and middle-income people."

The company has identified an even larger location for a new project, he said, declining to give details or further comment.

Worldbridge Home Co Ltd is a subsidiary of the WorldBridge Group, and has developed other major projects in Phnom Penh, including The Bridge and The Peak.

Global Real Estate Association president Sam Soknoeun stressed that affordable housing is in high demand.

He said the capital's outer districts make ideal locations to develop more of these projects, which would provide access to affordable homes for their growing low- and middle-income populations.

But multifaceted government involvement is required to convince investors to get behind affordable housing projects, such as selling state land to private companies at below-market prices, he pointed out.

"There's demand from workers and students who've come to reside in Phnom Penh and its outskirts. It'd be fitting to have more such investments, which sell at low prices, to give them stability and their own accommodation,” Soknoeun said.

As of the end of 2020, Cambodia had five affordable housing development projects comprising a total of 8,331 units, according to the Ministry of Land Management, Urban Planning and Construction.

In 2014, Cambodia adopted a national policy to promote the development of housing projects. Cambodia will need an additional 50,000 homes a year until 2030, the policy states.

MOST VIEWED

  • With herd immunity likely in 2022, is Cambodia ready to reopen for tourism?

    The government aims to inoculate 80 per cent of the target population by June next year, giving it a head start among regional peers to reboot the sector but first, it has to do a few things to up its game A sign on a glass

  • Quarantine still a must for all arrivals, in next Covid chapter

    Since early May, an average of five to 10 Cambodian people have died from Covid-19 a day with many others testing positive amid the ongoing community outbreak. At the same time, however, hundreds of patients also recovered a day. The first Covid-19 case in Cambodia was

  • US wants 'full access' to Ream Naval Base

    On June 11, the US embassy's Defense Attaché Colonel Marcus M Ferrara visited Ream Nava Base in coordination with Cambodian officials following the recent approval of Prime minister Hun Sen to allay the concerns on Chinese military presence at the base as raised by US Deputy

  • Jab drive heading to 5 provinces

    The government is set to vaccinate more than 1.2 million people in five provinces after finishing with Phnom Penh and neighbouring Kandal in an ongoing campaign administered by the ministries of Health and National Defence. The five provinces are Preah Sihanouk, Kampong Speu, Takeo, Kampong Cham

  • New immigration bill targets illegal foreigners in Kingdom

    General Department of Immigration (GDI) officials are discussing revisions to the new draft law on immigration to prevent foreigners from entering Cambodia illegally and to supervise those living in the Kingdom more effectively. The revisions draw wide support among civil society organisations. GDI director-general Kirth

  • First commercial gold mine online

    Australian miner Renaissance Minerals (Cambodia) Ltd on June 21 began the commercial operation of its $120 million Okvau Gold Project in the northeastern province of Mondulkiri, becoming the Kingdom’s first gold producer. Located in the Okvau area in southwestern Mondulkiri province’s Keo Seima district, the