Year-end finish for Ly Hour project’s first phase

Year-end finish for Ly Hour project’s first phase

120315_02

The first phase in the construction of Ly Hour Group’s latest venture Vimean Phnom Penh City housing development has been slated for completion by the end of 2012.

{jathumbnail}

Phase one of the project, located in Phnom Penh’s Russey Keo district, is set to comprise about 145 units, according to Ouch Pysal, the group’s assistant president.

“Construction on this project commenced last June, amid positive signs that the market was growing,” he said, adding that about 50 per cent of the development had been constructed.

The 18-hectare project will be constructed in four phases, comprising 585 units, of which about 40 per cent have already been sold, Ouch Pysal said.

Interest in the units, which range from 206 to 522 square metres, had come entirely from the local market, he added.

“Customers can buy houses through mortgage loans provided by OSK Bank and ANZ Royal Bank for 20 years, with a 10 per cent per annum interest rate,” Ouch Pysal said, adding that customers, however, are required to pay a 40 per cent down payment of the property’s total value.

Due to the steady recovery of the sector, Ly Hour Group expects to sell all phase-one properties in 2012, he said.

Some members of the property sector have welcomed the construction of another sizable development in the Phnom Penh area.

“While prices of urban properties and land remain stable and the sector is showing positive signs, prices are still below 2008 levels,” Bonna Realty Group President Sung Bonna said.

He added that units in the area which are currently worth between US$80,000 and $150,000 sold for between $100,000 and $180,000 before the economic downturn.

MOST VIEWED

  • Hun Sen to ‘step down’ if he loses Sam Rainsy bet over Kem Sokha

    Hun Sen has promised to step down as prime minister while opposition figure Sam Rainsy pledges to turn himself in as forfeits if the long-term political rivals lose a “bet” over the future of former opposition leader Kem Sokha, who is on bail awaiting trial

  • UAE prince seeks to invest in Cambodia

    The UAE has expressed interest in Cambodian oil and gas exploration. Minister of Mines and Energy Suy Sem said this was the result of his discussions with Sheikh Ahmed bin Dalmook bin Juma al-Maktoum, a member of the royal family who visited him on Wednesday.

  • Kem Sokha off the menu as Smith talks judicial independence

    The UN Human Rights Council’s (UNHRC) Special Rapporteur on Human Rights in Cambodia, Rhona Smith, on Tuesday, focused on “judicial independence” at a meeting with Ministry of Justice officials. Both Smith and ministry spokesman Chin Malin said the former opposition Cambodia National Rescue Party (

  • Smith calls for ‘release’ of Sokha as visit ends

    At a press conference to conclude her 11-day visit to Cambodia, UN Special Rapporteur for Human Rights in Cambodia Rhona Smith on Thursday called for treason charges against former opposition leader Kem Sokha to be dropped and for him to be released from “restricted detention”.