Phnom Penh’s new commune prices steady

Phnom Penh’s new commune prices steady

121227 03
A map of a new area that has been transferred into Phnom Penh from Kandal.

Land prices in Meanchey district’s four communes that had been transferred into Phnom Penh municipality’s control from Kandal province have held steady, despite the construction of Prek Samroung Bridge and the extension of roads to the area.

Cheng Kheng, director of the CPL real estate company, said that though the bridge has been built and roads extended, the land prices within the four communes has not climbed because buyers are very careful before purchasing and investing, and consider potential income first.

Sung Bonna, director of the Bonna Realty Group and president of the Cambodian Valuers and Estate Agents Association, said the price of land there should have increased, because of the bridge and roads, as well as a golf course and several more housing projects in the works, but in fact, land prices are still much the same as a year ago.

“Those lands aren’t in so much demand as there are many sellers so the prices haven’t changed much. After the roads are completely finished and if the real estate situation is still good, the price of that land will be better then nowadays, especially in 2013, I hope,” he said.

Meanchey Governor Kuch Chamroeun said that he is not aware of the land prices after the construction of the Prek Samroung Bridge, but says residents are satisfied because of their new connection to Phnom Penh city.

Some of the roads will be finished in 2015. He added that Vel Sbov, Kbal Koh, Prek Aeng, and Prek Thmey communes were transferred to Phnom Penh.

Dith Channa, general manager of VMC Real Estate Cambodia, who has just returned from the area, differed, saying the land price of the four communes has climbed about 30 to 40 per cent because many customers from Phnom Penh are looking at purchasing there.

“The building of the Prek Samroung bridge, the extending of roads and other building projects are good for living. This is the reason why land prices are increasing,” he said.

“Many factories from China and Vietnam planned to build in the area, especial Vattanac bank’s huge housing project is which is being started there.”

The price of land along big roads goes up to $100 per square metre and it goes from $ 30 to $50 per square metre on smaller roads because there are many housing development projects and apartment projects, said Channa.

He said that the communes will be attractive because they are not far from Phnom Penh, and there are many roads off National Road 1.

 

To contact the reporter on this story: Siv Meng at [email protected] 

MOST VIEWED

  • Proof giants walked among us humans?

    For years a debate has waged about whether certain bas relief carvings at the 12th-century To Prohm Temple, one of the most popular attractions at the Angkor Wat Temple Complex in Siem Reap province, depicted dinosaurs or some rather less exotic and more contemporary animal,

  • Japan bank buys major stake in ANZ Royal Bank

    Japan's largest bank acquired more than half of ANZ’s shares in Cambodia on Thursday, according to a statement from Kith Meng’s Royal Group. Japan's JTrust Bank, announced that they had acquired a 55% of stake in ANZ Royal Bank. According to a Royal Group

  • Long way to go before Cambodia gets a ‘smart city’

    Phnom Penh, Siem Reap and Battambang will struggle to attain smart city status without adopting far reaching master plans, according to officials tasked with implementing the program. The brainchild of the Association of Southeast Asian Nations (Asean), the smart city program seeks to link up

  • New US bill ‘is a violation of Cambodian independence’

    After a US congressmen introduced bipartisan legislation that will enact sanctions on Cambodian officials responsible for “undermining democracy” in the Kingdom, government officials and the ruling Cambodian People’s Party on Sunday said they regarded the potential action as the “violation of independence and sovereignty