Construction of Sokha Residences Sanco, an affordable housing development in Poipet town with capital investment of around $151 million, is set to be complete in early 2023.
The project, which broke ground in mid-December, is to have 4,296 units across nine 19-floor buildings on an area of 38,400sqm.
Sokha Residences Sanco is the second affordable development project in Cambodia after the Arakawa project in Phnom Penh’s Sen Sok district.
Hor Kunthea, the CEO of MR Sokha Residences Group, told The Post on Wednesday that this is the company’s first affordable housing development. The firm had previously built high-end housing projects, with all three in Poipet town.
The company’s main objective is to join with the government in providing affordable housing for low- and middle-income families, he said.
“We are currently building the infrastructure. In January, we will put machinery in place and commence construction on all the buildings simultaneously,” Kunthea said.
While the development will offer 29sqm and 32sqm properties, with prices ranging from $22,000 to almost $30,000, they are yet to go on sale, he said.
“The prices are to follow government policy of building housing for middle- and low-income people,” Kunthea said.
Sokha Residences Sanco forms part of an MR Sokha Residences Group development on more than 15ha. Construction will focus on quality and safety, as well as the environment, he added.
Ann Sothida, the director of CBRE Cambodia, said that with many people moving to Poipet for work, if the properties were affordable and the development in a good location, sales would be strong.
She said rising incomes and the desire to own a home is driving the development of new housing.
“With prices ranging from $20,000 to $30,000, they will not be difficult to sell,” Sothida said.
A recent CBRE Cambodia study found that homes costing under $30,000 could be affordable to people with incomes of more than $300 a month through instalments.