South Korean-owned Booyoung Khmer II Co Ltd on Wednesday launched sales of its Borey Sensok Booyoung gated-community project in the capital’s western Sen Sok district.
Booyoung Khmer II Co Ltd is a subsidiary of Seoul-based construction conglomerate Booyoung Group, which established a presence in Cambodia since 2014.
Through its local subsidiaries, Booyoung Group is currently investing in several commercial centres and condominiums along Russian Federation Boulevard – the segment of Street 110 between Monivong Boulevard and the Chaom Chao Circle Garden.
Borey Sensok Booyoung is located in Banla Sa’oet village on the southern limits of the district’s northern Khmuonh commune, just a five minute walk west of Aeon Mall Sen Sok City – also known as Aeon II.
Estimated to cost between $95 and $100 million, construction is scheduled to be completed by the end of next year, Booyoung Khmer II said on Wednesday.
The project will be built on 110,000sqm and will comprise 716 units of, inter alia, shop-houses, apartments, “twin villas”, “queen villas” and “king villas”.
The project’s director Choi Jun-young told The Post on Wednesday that this is Booyoung Group’s first project to launch sales in Cambodia, which it expects to inspire a qualitative improvement in the Kingdom’s housing market.
He noted that the Kingdom is enjoying all-round development, with a blossoming real estate sector expected to maintain growth momentum for the foreseeable future.
He said that Borey Sensok Booyoung broke ground in March and that the Booyoung Khmer II Co Ltd is hard at work building the infrastructure.
“The project will support the Cambodian government’s initiatives to develop the economy and infrastructure throughout the Sen Sok area, where housing demand now is high,” Choi said.
As Cambodians’ incomes and demand for accommodations continues to rise, he said, Booyoung Khmer II plans to invest in additional locations.
Keller Williams (KW) Sen Sok regional operation principal and Sam Sn Realty Co Ltd president Sam Soknoeun told The Post on Wednesday that the project enjoys a distinctive, strategic location close to commercial centres, international schools and many employment institutions.
He noted the increasing scarcity of vacant land in Sen Sok for the large development projects.
“Given the potential of its location, I am confident that the project will enjoy quick success,” Soknoeun said, adding that land in the area currently costs an average of $800 per square metre.
Capital investment in the construction sector climbed 13.26 per cent year-on-year to more than $3.84 billion in the first half of this year, the Ministry of Land Management, Urban Planning and Construction said in a report.
It said it received 2,522 applications for construction projects during the period, up 475 or 23.20 per cent from the 2,047 received in the first half of last year.