Logo of Phnom Penh Post newspaper Phnom Penh Post - Worldbridge Homes set to bring affordable housing



Worldbridge Homes set to bring affordable housing

Content image - Phnom Penh Post
Construction of Worldbridge Homes’ affordable residential development project is underway. Photo supplied

Worldbridge Homes set to bring affordable housing

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.

MOST VIEWED

  • Chinese tourists 2.0 – Coming anytime soon?

    Regional tourism is grappling with the absence of the prolific travellers and big spenders – the Chinese tourists. Cambodia, which has welcomed over two million Chinese tourists before Covid-19, is reeling from the economic loss despite being the first to fully open last November ‘To put

  • Hun Sen: Stop Russia sanctions

    Prime Minister Hun Sen said sanctions against Russia as a result of its military offensive in Ukraine should be stopped as they have produced no tangible results, and predicted that a global food crisis would ensue in 2023 as a consequence. Speaking to an audience at

  • PM reflects on shoe throwing: Free speech or act of violence?

    Prime Minister Hun Sen on May 17 questioned whether a man who threw a shoe at him while he was in the US was exercising freedom of expression or if it was an act of hostility. Hun Sen was referring to an incident last week when

  • Prime Minister Hun Sen warmly welcomed by president Biden

    Prime Minister Hun Sen, as ASEAN chair, and other ASEAN leaders were warmly welcomed by US president Joe Biden as the ASEAN-US summit May 12-13 kicked off today in Washington. “This evening, I welcomed ASEAN leaders to the White House for the first time in

  • Prime Minister Hun Sen invites US president to attend summit in Cambodia

    Prime Minister Hun Sen personally invited US President Joe Biden to attend the ASEAN-US Summit which is set to be held in Cambodia in November, as ASEAN and the US are expected to upgrade their strategic partnership to a ‘comprehensive strategic partnership’, according to Prime

  • Pub Street on the cards for Battambang

    The Battambang Provincial Authority has announced that it is considering establishing a Pub Street in the area around the heritage buildings in Battambang town in a bid to attract more tourists. Battambang provincial governor Sok Lou told The Post that the establishment of a Pub