THE first phase in the construction of a new housing development in Phnom Penh’s Russey Keo district has been slated for completion by the end of 2012.
Vimean Phnom Penh City is set to become Ly Hour Group’s second real-estate project and has already attracted ample interest from buyers, according to Ouch Pysal, the group’s assistant president.
“We began construction on this project in June this year, and have already sold 30 percent of the units in phase one,” he said. Unlike other recent housing projects, which have primarily enticed foreign buyers and investors, Vimean will be populated entirely by Cambodian nationals, as all the units are houses.
“Our clients are 100 percent Cambodian people, mainly made up of middle-class businessman and their families,” said Ouch Pysal.
Property laws state that foreign nationals are only permitted to purchase property from the first floor upwards.
The project has four phases, which will eventually comprise 585 units, lies on a 17.5-hectare plot in the Russey Keo Sangkat of Chrang Chamres I, close to satellite city Grand Phnom Penh International City.
However, the development intends to attract a different clientele to those enticed by the capital’s burgeoning satellite cities, according to Ouch Pysal.
“We don’t want to compete with these developments. However, the quality of construction will not be compromised. Our homes are different in terms of price, style and size.”
Prices range from US$70,000 to $450,000 per unit, and OSK Bank and ANZ Royal Bank have both established installment payment schedules for buyers.
“These prices are very competitive, so we strongly believe we can attract more clients, especially with the modern Khmer fusion design of the units and the convenient proximity to business areas,” said Ouch Pysal.
He added that due to the steady recovery of the sector, Ly Hour Group expects to sell all phase-one properties in 2012.
Some members of the property sector have welcomed the construction of another sizable development in the Phnom Penh area.
“We are pleased to have these new developments as they create additional jobs for construction workers, who would otherwise have to look further a field for work,” said Ministry of Land Management, Urban Planning and Construction’s Construction Department director Lao Tip Seiha.
He added that the project will contribute to economic and infrastructural growth and the development of the capital city, while also attracting further investment to the area.