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

  • Gov’t exempts visa A and B holders from Covid fees

    Airline passengers who are diplomats and officials of international organisations holding Type A and B visas for travel to Cambodia are exempted from paying Covid-19 testing fees, said the Ministry of Health in its latest adjustment of rules on Wednesday. Health Minister Mam Bun Heng

  • All inbound flights set to face added scrutiny

    Ministry of Health spokesperson Or Vandine said on Monday that the ministry is monitoring all inbound flights, after it was announced that only those from Malaysia and Indonesia will be temporarily cancelled from August 1. Vandine said on Monday that the two countries were identified as

  • Flights from Indonesia, Malaysia cancelled

    A Ministry of Health official has warned of the possibility of Covid-19 spreading through community transmission after the total infected cases in the Kingdom rose to 225. Ministry spokeswoman Or Vandine told reporters on Saturday that the possibility of community transmission cannot be overlooked and that