Leafy, low-rise development attracting city-weary buyers
Living in The Mekong Royal development will mean a six-kilometre commute to Phnom Penh, but the spacious villas are proving popular with middle-class buyers
Hot on the heels of the construction boom in Cambodia’s property market, Mekong Phnom Penh Development Co has announced a large residential project in the capital on the other side of the river.
Chev Sokhun, marketing manager of the Mekong Royal, said the borey’s development is divided into two phases, with the first covering 13 hectares.
The Mekong Royal will be situated along National Road 6 in Chrouy Changvar district’s Prek Leap commune, about five kilometres north of the Chrouy Changvar bridge.
“So far, we have sold about 60 per cent of the project. The sales are going well as our company focuses mostly on amenities such gates, gardens, gyms and swimming pools,” Sokhun said. “As this project will be surrounded by rivers, it will create a pleasant environment for the residents.”
The Mekong Royal will feature four types of houses: flats, villas, queen villas and king villas, with prices ranging from $70,000 to $1 million.
The company began building houses at the site a few months ago, with 30 per cent of the 400 homes already finished.
Chrek Soknim, CEO of Century21 VTrust, said Prek Leap is a favourable area for residential development as many people have begun moving there to escape the capital’s bustle.
Apart from condos, residential property development has been successful in the quiet area sandwiched between the Tonle and Mekong rivers, according to Soknim.
Residential developers who build flats and twin villas worth $100,000 to $200,000 are making good money, he added.
“Recently, residential developments targeted at middle income people have been very successful,” he said.
Keat Sony, director of STO Real Estate & Construction, said that property along National Road 6 – which connects Phnom Penh to Siem Reap – has been mostly successful because the area is located along rivers and has no smoke from factories.
“The potential success of such a project depends mostly on location, quality of construction, design, and the fame of the developer,” he said.