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Boreys back in vogue after commune election jitters

The interior of a house in a borey development, which is currently picking up traction again after the commune election.
The interior of a house in a borey development, which is currently picking up traction again after the commune election. Hong Menea

Boreys back in vogue after commune election jitters

After a quiet start to 2017, Cambodia’s borey market looks to have rebounded post-election, with borey developers witnessing an increase in purchasing activity as confidence in the market once again stabilises.

Tep Kanitha, head of the sales department for Borey Peng Huoth along National Road 1, told Post Property that sales of its residential houses in recent months had increased markedly with Peng Huoth exceeding initial sales targets.

The strong demand has prompted the developer to invest in another three major residential projects consisting of 3,000 houses with prices set to start from $180,000.

“Confidence in our buyers and the sufficiency of our capital to build the project are a big part of our success thus far,” Kanitha said.

Nget Piseth, assistant to the CEO of Borey Piphup Thmey, didn’t elaborate on specific details but noted that one of Peng Huoth’s three new borey projects would be located along National Road 2.

Separately, Borey Rith general manager Sour Soufang said sales in his borey development, which is located along Street 598 in the Russey Keo district, had risen compared to this time last year. However, Soufang couldn’t reveal any hard figures on the increasing sales.

This compares to earlier this year when he told Post Property that borey sales were off to a sluggish start for 2017, admitting that investors and buyers in general were waiting around to see what the overall situation would be following the commune elections.

According to Chrek Soknim, CEO of Century 21 Mekong, which specialises in the selling and purchasing activity of boreys, investors had regained their confidence in the market following last month’s commune election.

Soknim added that the borey market was undergoing incredible growth, as boreys continue proving a popular dwelling choice among the locals.

“The income of the people is increasing and the fear from the elections has faded so conditions are improving for the borey market,” he said.

Another real estate insider, Pen Sokkea, head of the evaluation department at Bonna Realty Group, also believed that the borey market was getting back on its feet after a slow start to the year.

“There is healthy demand from buyers. Also, getting a loan from banks and microfinance institutions has become more convenient,” he added.

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