PHNOM PENH: A large satellite city with a land area of more than 900 hectares is set to open soon with an unknown local millionaire’s investment.

According to reliable sources, the satellite city completed the master plan on June 9 and is ready to announce the opening date in the near future. However, everything is still a secret, and neither the investor’s name nor the name of this satellite city can be revealed.

According to the same source, the owner of this large project is seeking collaboration with a large Chinese company that has recently established an office in Cambodia.

The National Road 6A area has emerged as a borey, primarily a project of local investors focusing on the construction of luxury housing for the upper middle class.

The following projects are currently active in this area: the Chroy Changvar satellite city project, the City of the Future project, the Techo Morakot satellite city project, the Orchid de Botanic satellite city project, and a few others.

Mr. Chrek Soknim, president of the Cambodian Association of Appraisers and Realtors, stated that the Chroy Changvar area and the area along National Road 6 have shown potential due to the area’s well-connected infrastructure. Because the area is surrounded by rivers, it provides a comfortable living environment.

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Cambodia’s housing demand exceeds 50,000 per year

PHNOM PENH: According to the Ministry of Land Management, Urban Planning, and Construction, Cambodia’s population growth, particularly in urban areas, has resulted in a steady increase in housing demand of approximately 50,000 units per year.

Mr. Ly Raksmey, Undersecretary of State for Land Management, Urban Planning, and Construction, stated at the 2022 Real Estate Awards Ceremony on the evening of April 7, 2022, that population growth in some towns and cities, particularly Phnom Penh, is driving up demand for housing.

According to the Royal Government’s policy plan, which has the Ministry of Land Management, Urban Planning, and Construction as its staff, the demand for housing in Cambodia in the 15 years from 2015 to 2030 is approximately 800,000 units, with an average annual demand of 50,000 to 60,000 units.

He went on to say that the annual growth of more than 50,000 housing units has given Cambodian housing developers, both domestic and foreign, the opportunity to develop to meet their needs while also making the housing market more viable for continuous growth.

According to a CBRE Cambodia report and study, despite the country’s COVID-19 crisis, Cambodia has received 39 housing development projects in the last six months, including Phnom Penh. The housing development project is now enlarging Phnom Penh city.

Despite the fact that Cambodia has been dealing with the Covid-19 crisis for more than two years, Mr. Chrek Soknim, president of the Cambodian Valuers and Estate Agents Association (CVEA), said the property market in Cambodia was still functioning, particularly demand from locals.

“Local demand for housing has resulted in the development of a series of new housing projects that keep the sector afloat,” he said.