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Real estate transactions surge in new townships

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The Preah Shakyamuni Stupa on Oudong Mountain in Kandal province in 2019. Hong Menea

Real estate transactions surge in new townships

Industry insiders have reported a surge in real estate activity in the new towns recently established by the government in Kampong Speu and Kandal provinces.

Last month, the government divided Kampong Speu’s Oudong district into two, creating Oudong Me Chey and Samaki Monichey districts.

Kandal now has two towns alongside Takhmao, with the establishment of Arey Ksat and Sampov Poun.

Sok Sokheng, a real estate agent in Kampong Speu, said developments along National Road 51 were commencing apace after the government announced the establishment of Oudong Me Chey.

Many investors and members of the public, particularly from Phnom Penh, are showing keen interest in investing in the vicinity of the new town and looking to buy more land in the area, pushing up prices.

Industrial investment activities along National Road 51 and Oudong areas have also seen an active kick-start, with large businesses moving in to launch projects.

“In 2023, we expect investment activity in the area to accelerate, with demand for land increasing accordingly,” Sokheng said.

Century 21 Mekong general director Chrek Soknim agreed that land in Kampong Speu and Kandal provinces are proving sought-after, with the new towns in particular attracting strong interest from local and international investors.

Currently, in Arey Ksat town, land costs from $80 per square metre to more than $100 near the main roads, while in Sampov Poun, land per square metre costs from $50 upwards.

In Oudong Me Chey, prices range from between $70 per square metre to $100 in main road areas, while land around smaller roads costs between $20-30 per square metre.

While these new urban areas are showing strong real estate activity, Soknim called on the government and relevant institutions to focus on building additional infrastructure as well as supporting additional public service systems.

With these urban areas still new, this would promote faster development, he said.

Late last year, the government, through the Ministry of Land Management, Urban Planning and Construction, announced the 2035 land use plan, which will see Phnom Penh expand across a further 30sq km.

Parts of Kandal province to the north of Phnom Penh will be included in the capital’s administrative area, which in the future will cover some six million to seven million people.

Prime Minister Hun Sen has said that with the land use plan, the government is boosting economic activity across all areas, with land prices set to reach another level.

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