Logo of Phnom Penh Post newspaper Phnom Penh Post - More low-cost homes set to launch in 2020



More low-cost homes set to launch in 2020

Content image - Phnom Penh Post
Phase I is nearly complete and its units are scheduled to be handed over to residents by the end of the year. Hin Pisei

More low-cost homes set to launch in 2020

Amid unprecedented delays, disruptions and uncertainty in the construction sector set on by the Covid-19 pandemic, the Arakawa Residence project, an affordable housing development project, is moving faster.

Ieng Sotheara, a co-founder of the project’s developer Arakawa Co Ltd, said this on Wednesday.

The Arakawa Residence is built on 1.36ha in Teuk Thla commune in Phnom Penh’s western Sen Sok district and divided into two phases.

Phase I consists of 10 21-storey buildings comprising 1,680 units, while Phase II consists of six buildings comprising 1,280 units.

The units range in size starting from 23sqm, with prices ranging between $28,500 and $65,000, Sotheara said in February.

He told The Post on Wednesday that his company’s operations are gaining steam after it doubled its workforce from pre-Covid-19 levels.

He attributed the heightened momentum to two main factors – sufficient financial resources and the increased availability of workforce due to closures of competing construction sites.

“The company is set to complete the project on schedule with high standards,” said Sotheara.

There are currently around 2,000 workers at the Arakawa Residence site, he said.

Phase I is nearly complete and its units are scheduled to be handed over to residents by the end of the year, he said. The Phase II buildings currently stand two storeys tall.

In a bid to inspire consumer confidence, Arakawa promised to build them homes that meet Japanese standards of quality, he said.

All Phase I units have been sold, while Phase II units will be put up for sale in the fourth quarter of the year, he added. “Although Phase II units are not yet for sale, many people have already contacted the company’s agents.”

Keller Williams (KW) Sen Sok regional operation principal Sam Soknoeun told The Post that Arakawa Residence attributed its success to being the capital’s first affordable condominium projects, built in compliance with Japanese standards.

He noted that its proximity to the city centre and costs within the reach of low and middle income buyers have attracted many potential clients.

Such homes are in high demand, especially from locals, he said. “This is the best project for middle income people. Such projects will be more marketable in the next five years.”

In 2014, Cambodia adopted a national policy to promote the development of housing projects. Cambodia will need an additional 50,000 homes a year through 2030, the policy states.

Data from the Ministry of Economy and Finance show that the Ministry of Land Management, Urban Planning and Construction issued construction permits to 1,647 projects in the first four months of the year – up 15.66 per cent from 1,424 in the year-ago period – worth $3.049 billion, up 20.5 per cent year-on-year.

MOST VIEWED

  • South Korea’s first lady brings hope to ill boy

    South Korea’s first lady Kim Keon-hee – wife of current president of the Republic of Korea, Yoon Suk Yeol – met with a 14-year-boy with congenital heart disease during her trip to the Kingdom for the ASEAN Summit. After their meeting it was announced that the

  • Hun Sen gets Covid, shuns G20, APEC summits

    Prime Minister Hun Sen said he has tested positive for Covid-19 in Indonesia, where he is slated to attend the G20 summit in his capacity of the ASEAN chair. In a social media post addressing the Cambodian public, he said: “Before leaving Cambodia, I always

  • Moody’s sets outlook rating to ‘negative’ for Cambodia

    US global rating agency Moody’s Investors Service Inc on November 15 announced that it downgraded Cambodia’s outlook from “stable” to “negative” and maintained its B2 local and foreign currency issuer ratings. “The negative outlook reflects a deteriorating external position as illustrated by the severe

  • Hun Sen’s Covid infection caused by ‘weakened antibody’ after summit

    Prime Minister Hun Sen said exhaustion from heavy workload before and during the recent ASEAN Summit may have led to him contracting Covid-19 due to his weakened immune system, while rejecting speculations that the infection was caused by leaders of some countries who did not

  • Korean first lady paves way for ill boy’s surgery

    A 14-year-old boy with congenital heart disease who was lucky enough to meet with South Korean first lady Kim Keon-hee may get the chance of a lifetime and receive surgery and treatment at Asan Medical Center in Seoul, South Korea. After seeing his plight, many

  • Kingdom’s rice crowned world’s No1

    Cambodia’s Phka Rumduol jasmine variety has been crowned the World’s Best Rice for the fifth time at the TRT (The Rice Trader) World Rice Conference in Phuket, Thailand on November 17, according to leaders of the Kingdom’s apex rice industry body. Phka Rumduol