Sochhiv Prum Khay Construction has flagged-off the construction of its affordable housing project. The project is for the construction of 1,340 housing units on 822,160 square metres of land located in Ponhea Leu district of Kandal province, some 21 kilometres from central Phnom Penh.
The $110 million USD project to be built in cooperation with the Ministry of Urban Planning and Land Management (MLMUPC).
The company’s President Mr. Prum Khay said they have secured 90% of they funding they need to complete the project from Quinlan Private ESPF Investment S.A.R.L, a subsidiary of the Quinlan Capital Group Europe.
The projects when completed will provide affordable residential and commercial property supply and allow low income workers afford to buy homes. Customers are already registering for the housing units and at the moment, more than 800 customers have registered with the company to buy housing units in the project. The customers, named in the list, are required to deposit a minimum down payment of only $10,000 to secure their purchase.”
According to Prum Khay, the project will include shopping malls, 4 clinics, 2 hospitals, 2 schools, an administrative office, parks and recreational areas, 2 event centers and office space.
Each house has 1.5 metres of ground at the front and two metres behind the house.
There are a lot of demands for the affordable houses, and the company is already looking at investing in another affordable housing project to meet up with the market demands.
The total projected cost required to complete the first phase of the project is estimated at about $64 million USD and the project is expected to be completed and commissioned at the first quarter of 2025 after which the company will immediately start up work on the second phase of the project.
Dith Channa, the CEO of Lucky Realty Co, Ltd, said the affordable housing project is suitable for low-income groups, however the supply of such projects seems to be limited in the market. “The affordable housing project is a good investment for the market because there are many poor people who want to have their own house,” he said.
“I am really impressed that the company invested in such a project, for they don’t think of the profit at first, but to help low-income groups have their own homes,” he added. “I hope there will be many developers looking at the company as a pattern and invest in such projects to help people have their own dream home.”
Speaking at the project flag off, Peter Vanderslice, who represented Quinlan Capital Group, commended the vision of Bun Ches Group for considering the low and average income earners and coming up with an ingenious solution that will give them access to quality housing at affordable rate. He further stated that their decision to fund the project is anchored on their belief and conviction in the project and the positive impact it will have on the lives and economy of the Cambodian people.
Chea Sophara, a senior minister at the Ministry of Land Management, Urban Planning and Construction (MLMUPC), also speaking at the event, called for investors and wealthy people to invest in affordable housing projects to meet the low- middle-income group’s demand.
