Logo of Phnom Penh Post newspaper Phnom Penh Post - Sear Rithy shuts down rumours on low-income housing project

Sear Rithy shuts down rumours on low-income housing project

Content image - Phnom Penh Post
Sear Rithy, WorldBridge Land chairman. Pha Lina

Sear Rithy shuts down rumours on low-income housing project

Almost nine months after receiving government approval for the Kingdom’s first low-cost housing project, WorldBridge Land chairman Sear Rithy’s dogged determination to get the project off the ground hasn’t waned. The affordable housing project in the city of Takhmao gives low-income civil servants and families earning less than $500 a month the opportunity to own their own home. Talking to Post Property, Rithy provided insight as to how the project was progressing and also spoke about the status of WorldBridge and Oxley International Holdings’ luxury condominium developments in Phnom Penh.

What is the status of the affordable housing project?
Our affordable housing project is currently occupied with developing its infrastructure. However, due to constant heavy rain, the progress is moving along very slowly. The construction will at least start at the end of this year, but the completion won’t fall behind schedule. Right now, I just want all the customers who have signed up to purchase a home to be calm and believe that this project will continue forward. There has been a spread of information on Facebook that this project isn’t going to move along, that’s why I want to clarify that this is not true because I will not fail what I set out to do. Only the land filling process has been slow and we’re still waiting for legal procedures set out by the government. Works associated with the government and its policies have been completed, we’re just waiting for the approval by the council of ministers.

How has the government assisted with the public housing development?
I’m really grateful with the government’s response to our proposals. The government will give a hand in establishing required infrastructure for our project, such as installing a clean water system, and electricity, as well as certain tax reliefs for our public housing project – they seriously have helped a lot.

What are the features of the project?
This project sits on a 20 hectares land, has a total unit of 2,400 units, and will be constructed in one stage. What’s important right now is that the government keeps its promise of tax relief and infrastructure installment, or else we would not be able to sell them [the units] at the cheap price.

Looking at the condominium sector, how is The Peak project progressing? Has the project, being developed by Oxley WorldBridge, received the same positive sales reception as The Bridge project?
If we’re only referring to the condos in this unit, we’ve already sold about 64 percent of the total number; however, our supermarket is not yet open for sales. The 5-storey supermarket is a franchise we obtained overseas. The project also contains the 5-star Shangri-La hotel. The Bridge, on the other hand, contains small office spaces. This is different from The Peak, since The Peak has a hotel, and it’s much more luxurious than The Bridge.

What is your view on the current residential market in Phnom Penh?
Discussions about condos are repetitive. However, I will say that before, we didn’t have condos; and now that we do, everyone is going out of their minds thinking that the there’s an oversupply. There are two sets of buyers in Cambodia, those who buy condos, and those who buy houses in boreys Condominium sellers have a wider range of customers because there are buyers from Cambodia and overseas. If we look at the present landscape, there is indeed an increase in condominium construction, but condos take at least two years to complete therefore condo supply hasn’t overridden demand yet.

Cambodia’s national elections are less than a year away. Will next year’s elections have an adverse impact on the real estate market?
I’m not a politician, but I implore all parties to be patient. I hope that under the leadership of our prime minister, the election next year will go forward without any problems. For me, I have absolutely no worries that next year’s election will go very smoothly without any problems at all. Investors know the situation regarding the elections well, only they won’t speak out about it, because competent investors are opportunists. Those who are brave are generally the successful ones.

MOST VIEWED

  • NagaWorld casinos set to reopen, schools to follow

    NAGACORP Ltd has requested that it be allowed to reopen its NagaWorld integrated resorts in Phnom Penh after the government recently approved casinos to operate again, provided they follow Covid-19 prevention measures set by the Ministry of Health. Mey Vann, the director-general of the Ministry

  • Cambodia armed with money laundering laws

    Money laundering will now carry a penalty of up to five years in prison while those convicted of financing terrorists will be jailed for up to 20 years, according to new laws promulgated by King Norodom Sihamoni and seen by The Post on Thursday. Comprising nine

  • Schools to be reopened in ‘three stages’

    With guidance from Prime Minister Hun Sen, the Ministry of Education, Youth and Sport, is in the process of reopening schools in three stages. But no timeline has been set, ministry spokesperson Ros Soveacha said on Thursday. Soveacha said the first stage will be to

  • Thai border crossings eased

    The Cambodian Embassy in Thailand said in an announcement on Wednesday that Thailand’s government has allowed certain passengers from several countries to enter its borders. The visitors must go back to their country immediately after their duties in Thailand are fulfilled, the embassy said.

  • Gov’t says tourism recovers slightly despite pandemic

    The Ministry of Tourism and the Phnom Penh municipal administration have recognised 33 tourism businesses in the capital which have consistently implemented safety measures for tourists and adhered to the code of conduct issued by the ministry. Recently, the ministry announced that tourism businesses had to

  • Mull ASEAN border opening, PM urges

    Prime Minister Hun Sen has requested that ASEAN launch a scenario for gradually reopening cross-border travel and trade between countries in the region. He said ASEAN has had more success combating Covid-19 compared to other regions. The prime minister’s request was made at the

  • Ministry reports 11 new Covid-19 cases, reiterates vigilance

    Minister of Health Mam Bun Heng has urged people to continue practising virus prevention techniques after 11 people tested positive for Covid-19 within two days after arriving in the Kingdom. Speaking on Sunday, Bun Heng stressed the importance of washing hands, wearing masks or scarves when

  • Koh Rong land ‘belongs to firm’

    Preah Sihanouk Provincial Administration spokesperson Kheang Phearum told The Post on Sunday that the 35ha being bulldozed by Royal Group Co Ltd in Koh Rong belongs to it after it was leased to it for 99 years by the government in 2008. Phearum said the land does

  • Nine on Indonesia flight Covid-19 positive

    The Ministry of Health on Saturday confirmed nine more imported cases of Covid-19. The nine ‒ eight Cambodians and one Indonesian, aged 22 to 26 ‒ arrived in Cambodia on Thursday via a direct flight from Indonesia and are receiving treatment at the Khmer-Soviet Friendship Hostipal in Phnom Penh.

  • Kingdom’s financial sector healthy

    Cambodia's financial sector remains on a sustainable growth path despite the Covid-19 pandemic squeezing crucial industries, National Bank of Cambodia (NBC) governor Chea Chanto said. Tourism, garments and footwear have borne the brunt of the Covid-19 impact, he said, whereas the financial and agriculture sectors