National Road 1 development draws investors, property buyers

Boreys are springing up along National Road 1, attracted by the rollout of amenities.
Boreys are springing up along National Road 1, attracted by the rollout of amenities. Hong Menea

National Road 1 development draws investors, property buyers

The commute along National Road 1 through Chba Ampov and Niroth communes has become far more attractive recently.

National Road 1 connects Phnom Penh with Vietnam border.

According to Dith Channa, general manager of VMC Real Estate, developers are being drawn to the area by its improving infrastructure and growing number of services such as banks, markets, international schools and hospitals.

Channa added that the interest from developers had led to the construction of numerous boreys – housing communities – such as Borey Peng Hout, Borey Chamka Lamout Chamka Svay, Borey High-Tech and Borey Chey Oudom.

“In the past, people were not interested in this area, but since the construction of the new Preah Monivong Bridge, the area has seen profound changes, and if a bridge connecting Diamond Island with Norea Island materialises, it will be even more attractive,” he said.

“This is an area with further development potential because it is located close to central Phnom Penh, while also having a good environment, river views and plentiful land,” he said.

Channa added that development and movement of people to the area had resulted in increased land values of 10-20 per cent in 2013 compared to 2012. Current prices in the area from Preach Monivong Bridge to Borey Peng Hout range from $600-$1,000 per square metre.

Po Eavkong, general manager of Asia Real Estate Cambodia, said that the strong increase in demand for land was due to the development of amenities and boreys. Meanwhile, expansion of the road network boosted land prices 10-20 per cent before the national elections, but prices had remained steady since due to political tensions.

Noun Rithy, general manager of Bunna Reality Group, also stressed the area’s potential, pointing out that it is growing fast and developers are building more residential properties for medium-income earners. Interest from investors and people in the market for property can be attributed to its location near central Phnom Penh and the fact that it has the room for much further development.

Land prices in the area from the Preach Monivong Bridge to Niroth Monastery are between $1,000 and $2,000 per square metre. Land beyond Niroth monastery is priced between $500 and $1,000 per square metre. Home prices in the area range from $30,000 to $60,000 per flat, while villas range from $60,000 to $600,000, Rithy said.

“This area will continue to improve in the future, and National Road 1 plays an important role, with banks, schools, restaurants and hotels along the road,” he said.

Meanchey district governor Kouch Chamroeun said he did not know the exact number of boreys under construction, but he said he did know that security in the area was very good.

MOST VIEWED

  • US think tank warns of China's 'ulterior motives'

    A US think tank on Tuesday warned that spreading Chinese investment in the Indo-Pacific follows a pattern of leveraging geopolitical influence at the expense of the nations receiving investment, including Cambodia. The report looks at a sample of 15 Chinese port development projects, noting that the

  • More than three tonnes of ivory reportedly bound for Cambodia seized in Mozambique

    A total of 3.5 tonnes of ivory reportedly bound for Cambodia was seized by authorities in Mozambique late last week, according to the NGO Convention on International Trade in Endangered Species of Wild Fauna and Flora (CITES). CITES' information was based on a report from the

  • Defence Ministry denies weapons in smuggling case came from Cambodia

    After a Thai national was arrested last week for allegedly smuggling guns from Cambodia to Thailand, Cambodia's Defence Ministry has claimed the weapons seized during the arrest are not used in Cambodia, despite the fact that both types of rifle seized are commonly found in

  • Shipwreck found off coast of Koh Kong

    Royal Cambodian Navy researchers are working to identify a decades-old shipwreck found earlier this month off the coast of Koh Kong province. Divers found the 70-metre-long wreck on April 4 about a mile from Koh Chhlam island, according to Navy officials. Deputy Navy Commander Tea Sokha,