Logo of Phnom Penh Post newspaper Phnom Penh Post - Low-cost housing favoured in saturated market




Low-cost housing favoured in saturated market

Low-cost housing favoured in saturated market

Phnom Penh is currently saturated with ritzy condominiums and other pricey residential developments, however developers are increasingly paying attention to a gap in the market with a string of affordable housing developments having been announced since the beginning of the year.

Local investor WorldBridge Land, together with a Singapore-based construction company, was the first joint venture to get the ball rolling with much-needed affordable housing, officially launching the low-cost housing project, which will be developed in Kandal province, in January.

Earlier this month, another local development was granted government approval to launch a low-cost housing project, also set to be located in Kandal.

Commenting on the emergence of affordable housing schemes in Cambodia, Cambodian Valuers and Estate Agents Association president Kim Heang said there was a big demand in the market for cheaper housing solutions.

“The market for the expensive and medium-cost residential market has dried up as the apartments have already been purchased,” he said.

“They will not buy more, and this is why investors and developers are steering their ship towards targeting the low-income customers.

Housing Development Association of Cambodia president Oknha Ly Hour echoed Heang’s comments saying that while sales among higher-priced condos and apartments had stagnated recently, low-income housing projects were gaining interest and momentum.

WorldBridge Land’s low-cost housing project, located about eight kilometres south of Takhmao, will comprise 2,297 two-storey houses with prices ranging from $25,000 to $30,000.

The housing project’s main focus is on government officials married with kids, who, due to their low monthly salaries and low retirement payouts, are unable to purchase a home within market value. Following this prioritisation are regular families, who must meet a monthly income pre-requisite of less than $500 to be eligible to purchase.

MOST VIEWED

  • Tourists urged not to skip trip

    The Ministry of Tourism has called on international tourists not to cancel trips to Cambodia, but urged them to adhere to several dos and don’ts when arriving in the Kingdom during the Covid-19 pandemic. The ministry released an eight-point instruction manual on Wednesday published

  • The taxman cometh – Cambodia’s capital gains tax casts the net on individual taxpayers

    In a country where only limited personal income tax existed, the new taxation law beginning January 1, 2021, will make taxpayers out of Cambodians, whether they are ready for it or not About two years ago, a little known amendment was made to Article 7 of the Law

  • Cambodian-American gets Star Trek treatment

    Kevin Ung, a Cambodian-American whose family escaped genocide during the Khmer Rouge’s reign of terror, was recently selected from thousands of applicants to participate in the Television Academy Foundation’s inaugural 2020 Star Trek Command Training Programme, a course intended to give hands-on filmmaking experience

  • Cambodia seeks to be transport hub

    Cambodia is working on several fronts to modernise its transport infrastructure and services, concentrating on opening new international gates to relieve and balance traffic congestion at its borders, Minister of Public Works and Transport Sun Chanthol said on Thursday. This is part of the Kingdom’

  • Deminers unearth ancient lion statue

    Cambodia Mine Action Centre (CMAC) director-general Heng Ratana told The Post on Tuesday that a statue of a lion was found by mine clearance experts while they were digging for a development project. It was sent to the Ministry of Culture and Fine Arts last

  • PM: West unfair to Cambodia

    Prime Minister Hun Sen released a message celebrating the International Day of Peace on Monday, saying that some major powers and western countries had been systemically cooperating to put political pressure on Cambodia as they did in the 1970s and 1980s. Hun Sen said pressuring