Borey River Town, a residential property development around three kilometres northeast of downtown Phnom Penh on National Road 6A has been selling well for the first two months of the year, according to Teng Rithy, the development’s general manager.

Rithy said that the rate of sales of units at Borey River Town is evidence of an increasingly buoyant real estate market.

“Last year we only achieved 50 per cent of our sales target, but between January and mid-February this year we have already achieved 20 per cent of the annual sales target,” said Rithy, who added that better times had arrived.

“We’ve now sold 70 per cent of all the units,” he said.

King villas start from $500,000. PHOTO SUPPLIED

According to Rithy, sales of units at Borey River Town began to pick up in August last year after a slowdown in the aftermath of the contested results of elections in July 2013.

The first phase of the River Town project covers an area of 1.6 hectares and has a total of just 91 units – a mix of shophouses, stand-alone villas, terraced villas and king villas designed in a mix of Khmer traditional and modern architectural styles.

Rithy said plans for expansion of the property project are currently on the drawing board.

“If families are looking for a home they can do business in, they might be interested in our three and a half storey shophouse options,” he said, adding that they were priced at between $120,000 and $400,000 per unit, with the price depending on the building and location in relationship to the main street.

The king villas are priced from $500,000, but Rithy said that their development was currently in negotiations with clients who were interested in the luxury units.

Borey River Town is a joint venture between three local companies: Hour Hay Investment Group, Teng Lay Investment Group and Digital Advertising.

The joint venture – located about 800 metres from the Chroy Bridge in Chroy Changva commune and nestled alongside the Mekong River – calls the project a perfect residential choice for families who want to live in a pleasant environment not too far from the city.

“The overall concept is to build low-level buildings that are designed in harmony with the riverside setting and are appealing due to the landscaped greenery,” Rithy said.