Construction of the $70 million two-phased Arakawa Residence affordable housing development in western Phnom Penh remains on track to be completed by mid-2022, developer Arakawa Co Ltd co-founder Ieng Sotheara told The Post on October 20.
Arakawa said in a statement that Phase I includes 10 buildings comprising 1,680 units, all of which have been sold. Some 100 have been handed over to buyers, Sotheara added.
Phase II consists of six buildings totalling 1,484 units, 300 of which have been snatched up, according to Arakawa. Sotheara noted that the main structures of all buildings have been completed, and that buyers would be able to move in by mid-2022.
All 16 towers will be 21-storeys tall and offer 23sqm and 46sqm units, which currently sell in the $30,500-71,330 price range, according to the developer.
Breaking ground on November 2017, the Arakawa Residence is built on 1.36ha in Teuk Thla commune of Sen Sok district.
Sotheara said that although the February 20 community outbreak of SARS-CoV-2 – the coronavirus that causes Covid-19 – has infected many people, construction has not been suspended. “The ambition to complete the development as planned has made our construction process run smoothly.”
“At this time, the construction team is gradually preparing the water supply and electricity, and laying bricks bit-by-bit for the second phase,” he said, highlighting that the project is being built with a focus on quality construction and a “good environment for living”.
Sotheara admitted that sales had taken a hit in light of the Covid-19 crisis, saying that Arakawa is working with customers who are having trouble paying their bills on time.
Lucky Realty Co Ltd CEO Dith Channa said the Arakawa Residence has garnered a lot of attention as an affordable housing project in a good location in Phnom Penh.
The development provides a good deal of opportunities for the middle class, and offers great prices and flexible payment options, he said, stressing that finding a location in the capital to develop a similar project in the current market would be a taxing endeavour.
“Arakawa Residence is an attractive project given its proximity to the centre of Phnom Penh and is suitable for those who don’t have that much money,” Channa said.
As of September 30, the capital’s condominium supply had reached about 30,000 units, real estate firm CBRE Cambodia reported on October 12.
And as of end-2019, Cambodia had five affordable housing projects – two in the capital, two in Kandal province and one in Banteay Meanchey province – comprising 8,331 landed units and 7,256 strata units, according to the Ministry of Land Management, Urban Planning and Construction.