World City, the company which is developing Phnom Penh’s satellite city Camko City, has announced the sale of some of its condos.
The company has announced it will sell in early May after the condominium construction has completed, said Kheng Se, a member of the Camko City Project Management Department said, adding that it is selling 20 units with two to three bedrooms, priced from $120,000 to $150,000.
“We expect the sales at this time will be successful as planned because the situation of the satellite city Camko City has the potential to living including green areas, gyms, shopping malls and security systems as well. This is where security is good, safe and there is no noise from vehicles, and it does not flood because the design of our infrastructure is improved,” he said.
When asked when the construction of seven suspended condominium buildings will continue, Khen Se said construction will begin when the dispute between its contractors finishes, and the building should be completed at the end of this year.
When the conflict is over, the company will continue to build the condominiums as soon as possible.
Currently, the demand for condominiums at Camko City may improve, but in the future it could be a challenge due to increased investment in this sector. At that time, customers will have more options, Pou Eav Kong, managing director of Asia Real Estate said.
“For the future market, this satellite city will still have the potential because its infrastructure has improved and it is in a good location compared with other satellite cities,” he said.
The condominium market for the short term is not good yet, but it will be good in the future so they should have a little patience,” Dith Channa, general manager of VMC Real Estate said.
When it comes to investments in villas, the opportunity for success is higher than for the satellite city. “The satellite city location has good infrastructure and has an attractive design but the price set by the company is slightly high, and if they sell it at a lower price it is very good,” he said.
“The condominium market will improve in 2015 when Cambodia is integrated into the economic ASEAN region. Then there will be more workers and investors, therefore the rent demand and condo purchases for living will increase,” he said.