The first phase of an affordable-home project by Cambodia-based Worldbridge Homes Co Ltd will be completed in late March next year, with the entire project finished in the first quarter of 2020.
The project, located in Kandal province’s Sa’ang district, is about 18km from Phnom Penh and near Takhmao town. It consists of 2,457 two-storey units and 90 shophouses.
As the first affordable residential development project in Cambodia, it broke ground in January last year on a 45ha area with an investment worth about $100 million.
Worldbridge Homes general manager Yuk Sothirith told The Post on Wednesday that the infrastructure was almost complete, and that the company is seeking to promptly build the first phase of the units, which are scheduled to be completed in March next year.
“For the first phase of the affordable-home [project], consisting of more than 400 units, construction started in September and is scheduled to be completed before Khmer New Year,” he said.
The price of the housing units in the project with dimensions 4mx7m range from $25,000 to nearly $30,000, while shop houses have yet to be priced.
“Thanks to its potential location and affordability, the homes in this project have received tremendous support from customers,” Sothirith said.
He said about 50 per cent of the units has been sold, among them about 50 per cent to civil servants.
Worldbridge Homes is a subsidiary of Worldbridge Group, which is developing major projects in Phnom Penh such as The Bridge and The Peak.
Lucky Realty Co Ltd CEO Dith Channa said affordable homes are a potentially successful investment because the number of new families has increased dramatically in Cambodia.
He said the increase in income and appetite for home ownership has resulted in high housing demand, particularly affordable homes.
“Investment in residences worth under $60,000 is currently very good. The success of each project depends on two key factors – value and location,” Channa said.
He said many customers gain interest in the Worldbridge Homes’ project as construction continues.
Despite government support and encouragement to invest in affordable homes, at present only three companies have announced plans to build such a project.
The first one is being developed by Worldbridge Homes, the second by Bunches Group with an investment value of $88 million. It is located in Kandal province’s Ponhea Leu district.
The third such project is by Japanese real estate company, Arakawa. It is worth $70 million and is located in Sen Sok district’s Teuk Thla commune in the capital.