Investors hungry to see Phnom Penh master plan

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Borey Phnom Penh Thmei by Ly Hour Group. PHOTO SUPPLIED

Investors hungry to see Phnom Penh master plan

Up until this week, local developers and real estate agents have yet to recieve any detailed infomation concerning the “Phnom Penh Master Plan” that city hall announced in early December. Most development companies, other relative institutions and businesses are eager to see and study this official guideline for the future of the city.

Phou Sambath, assistant chief director of Borey Phnom Penh Thmei, said that his company has only heard about the governments plan through media. He said that “if we recieve clear information of the master plan, we can adjust our Borey construction projects according to the plan.”

An Oknha, who declined to be named, said that he does not understand why city hall has not released the full details of the plan, when it is “especially relevant to the real estate sector.” Meanwhile, his company continues to build more houses, mini-villages and premium villas at a Borey project located in the Northwest of Phnom Penh. He said “if we don’t get clear information it looks like a rumour,” which is not good for the sector.

“But if we get more detailed information, it can empower our projects and help to move things along towards the master plan. It can also reassure investors of our projects,” the Oknha added. “Confirmation of the plan is also needed to attract and assure customers. It may make it easier to sell our houses.”

While the government and city hall appear to be slow in officially adopting a detailed strategy for urban development, the private sector has had to develop standards to ensure the success of their projects.

Content image - Phnom Penh Post
Borey life offers wide views. PHOTO SUPPLIED

Sambath explained that normally all borey projects have their own master plan designed by engineers and architects.

“The architecture is designed with a few ideas and samples for the company management to see, proof, and advise on any alterations to the plan before each project enters the construction phrase,” he said.

“Our master plan is divided by different specifications, sectors, roads, gardens, drainage and public places for exercise,” Sambath said. “For our own company, managment always concentrates on the three aspects: quality, beauty and safety for the residents. These three aspects cover the landscape outside each house, the interior of the house and the underground too.”

“Since Borey Phnom Penh Thmei has been involved in the real estate development, our company has been successful in several Borey projects, with each one producing around 200 to 300 residential units,” Sambath said. “Because of our own quality master plan that originates from the talent of architects, our projects result in quality houses without flooding,” Sambath said.

He said the housing projects focus on people with mid-range incomes and young familes. Unit prices are between $100,000 to $200,000; “although for the villas, the price will be higher, of course.”

Referring to a papier mâché model of Phnom Penh that has recently made the rounds on social media, Long Dimanche, Phnom Penh City Hall spokesman, said: “Today, the Master Plan for Phnom Penh from now till 2035, has been displayed at the city hall office for visitors, especially for those who are involved with this plan. It is open to the public.”

“We encourage the private sector [investors] especially in real estate development to see it,” Dimanche said. “Those people must see it because they need to understand the plan for the development of our city according to the government’s official guideline starting from today to 2035.”

Kim Heang, director of CVEA, said that “currently, our members and especially our investor partners overseas are eager to know about the recent release of Phnom Penh City Master Plan. They always ask us about that.”

“I will ask and lead our CVEA members to visit and see the plan. It’s aim is to make sure our goals of real estate development in the future are proper and adhere to goverment guidelines,” he said while still hoping that more detailed information is released concerning zoning, infrastructure and sewage.

“We hope this master plan will gain more trust from overseas investor partners and benefit everyone,” he said.

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