While big-scale land selling seems to be grinding to a halt, plotted land sales are understood to be picking up speed, spreading from Phnom Penh to many other provinces.
Oknha Srey Chanthorn, CEO of Sky Land, who started selling plotted land out of a 25-hectare piece of land in Vihear Sour area in Kandal province earlier this year, told Post Property that the land he is selling is targeted at middle-income citizens and the wealthy who can afford to pay between $95 and $280 a month.
The fee is paid in instalments within a period of three years without interest, and fifteen years with interest.
“The company is not only focusing on plotted land selling, but we’re also building a satellite city, with areas for entertainment, car and motorcycle racing, jet-skiing, horse-racing, and a football arena,” Chanthorn said.
“Since the beginning of this year, we’ve sold 1,500 plots of land. They’re divided into blocks A, B, and C with different prices depending on their size and location. Our project is successful because we’re focusing on the sports and tourism sectors which are being developed in this area.”
Chanthorn also said the sales of plotted land had been increasing recently, and in line with them so have the prices.
Land in this project varies in size from 5 metres by 20 meters to 4.2 meters by 25 meters. His customers are predominately working overseas in countries like Korea or the U.S.
Jumping on the bandwagon, Ou Panha, CEO of Success Academy and founder of Community Eco-Tourism of Trav Kod located in Balang commune, Siem Reap province, has also started to sell plotted land for vacation houses from a 200-hectare piece of land.
Plotted land ranges start from 300 square metres and are priced at $3,500 to $5,000. However, land is also being sold at a straight-up 2,000 square metres for an unknown price.
Panha said he began investing in Trav Kod Paradise Resort and selling plotted land for vacation houses because his team saw the potential of the area due to the beautiful views it commanded of the Kulen mountain range.
“This project has drawn a lot of attention because this area is only 23 kilometres from Siem Reap city. It’s a great place for a vacation house,” he said.
He continued, “It’s actually sold out faster than some projects which are nearer to the city; the first 100 plots of land were sold out in the first two months. Fifty percent of our customers are from Phnom Penh.”
Panha added that his project was ideal for a vacation house as it is located next to a resort with 120 bungalows and numerous restaurants.
The general manager of Siem Reap City Land, Chheang Rithy, said currently, his company was selling plotted land in Pnov commune of Sambour district in Siem Reap city from a 23.5-hectare piece of land.
The price ranges from $4,750 to $12,000, depending on the size of the land. He added that most of his customers were immigrant workers employed in hotels, governmental officers, and Siem Reap citizens.
“Most of the customers are middle or lower-middle income people who can afford to pay since they only have to pay an instalment of $105 to $200 a month,” he said.
Property investor Michael Nhim, CEO of Sodi Group, said he decided to invest in a plotted land project in Takeo province 10 years ago. He is currently investing in a 20-hectare plotted land project in Psar Somrongyong area of Bati district, Takeo province which is priced 30 percent lower than projects in Phnom Penh.
“What I’m focusing on right now is plotted land near markets, and downtown areas since the people living around these areas are more well-off,” Nhim said.
“Most of our customers are local people who want to live nearer to the market and Phnom Penh city.”