OCIC unveiled plans this week for their “City of the Future” satellite city in Chro Changvar featuring a commercial center and a mixed-use housing development.
Touch Samnang, CEO of OCIC, said the company is currently constructing the foundation for the 20-storey commercial center. Next year, the company will start on the apartments, office space and mall portion of the development.
“Up until now, the company has already begun to sell the apartments, and the starting price point is about $200,000,” he said, adding that in the first stage of the projectis being built on 3 hectares of land. Overall, investment capital in the project is $20 million.
Chroy Changvar and the area along National Road 6A have enjoyed rapid development after the Chroy Changvar 2 bridge was completed. These areas host a large number of boreys that are currently under construction, including Borey Peng Huot, Borey Mekong Royal, Borey Orkidae, Borey Plaza and Borey Vimean Phnom Penh, all of which have been marketed as residential projects with suitable prices.
OCIC is currently building two additional bridges connecting the area to Phnom Penh. One will be a “ballet” bridge, which will take six months to complete, and the other will be a suspension bridge, which will take 24 months to finish.
Serey Ping, director of Cambodia Angkor Real Estate, said developing satellite cities is a good move because it helps improve the land value and economic activity in the area. Additionally, more satellites may ease traffic congestion and environmental pollution in the city.
“Cambodia needs more satellite cities to expand its development and to encourage people not to aggregate in one place. Not to mention, it can boost the improvement of the real estate sector,” he said. “I think that this project will succeed, because it’s situated in a location with great weather, with two rivers running on both sides.”