Local investors have turned their attention to affordable housing projects in Phnom Penh with developments like Borey Vimear Phnom Penh, which launched its seventh project focusing on average-income and high-income residents along National Street 6A.

Meng Am Try, vice president of Borey Vimean Phnom Penh, presided over the start of construction on the project yesterday, telling a crowd that the development will feature 47 residential homes situated on 3 hectares of land. The prices for the homes range from $30,000 at the low end to a peak of $270,000 for five-storey homes in Key Chas Village, Bak Khaeng Commune. The location was chosen, he said, because it is in high demand from people seeking moderately priced houses.

“This project is successful because until now, almost 100 percent of all the houses have been sold. With sales rising, the success is this big because of the reputation of the company,” he said. “Borey Vimean Phnom Penh is still enjoying its success, thanks to economic growth, social development and easier access to payment terms, in which the company allows its customers to start paying without any deposit required from one year to a year and a half.”

Try added that as businesspeople, they were focused only on business and not on politics. He was confident that the investment will continue to be successful as the company launches another ambitious project: 2,000 flats and middle-income houses.

Sin Kong, village chief of Key Chas, said he was proud to have the residential housing project in his village, adding that it had already had a major effect on local land prices. He said the price of land per square metre stayed between $50 and $70, but now, was near $170.

The affordable prices of the houses, he said, were a boon for local residents looking to stay in the neighbourhood at an affordable price.

“I am glad to see this kind of development,” he said. “Many housing projects started here after National Road 6A completed construction.”

Kim Heang, president of the Association of Valuers and Estate Agents, said prices on the housing market were starting to rise due to the growth in the number of wealthy people in Phnom Penh. But, he added, the market was still good for those seeking average prices.

“I think residential investment cost averages are based on appropriate investing and are according to market needs,” he said.