Despite the gloomy impact of Covid-19, land price has dramatically soared between $800 and $2500 per meter square with a local investment company investing a billion dollar to modernize the city
Chroy Changvar area is considered among the fastest development districts in terms of real estate projects. The area attracts two satellite cities projects Garden City and Chroy Changvar Satellite City that has full condominium, housing and land project.
According to Sam Sok Noeun, president of Global Real Estate Association & president of Kw Sam Sn, Chroy Changvar district has high potential in location and project development. There are commercial housing, condominium, residential housing etc.
The area is fast growing in terms of property development that covers more than 300 hectares of land with full large scale development. This satellite city is developed by the Oversee Cambodian Investment Corporation (OCIC) with increasing land price in the last five years.
Land price has dramatically increased between $800 and $2500 per meter square. Despite the negative impact of Covid-19, the local investment company has invested billion dollar to modernize the city with a lot Borey and high commercial housing.
Moreover, LY Young Phat satellite City has full construction development with good infrastructure and sports hub with Morodok Techo Stadium. This city is linked with third ring road that land price has risen dramatically. The average land price is between $50 and $800 per meter square depending on the location.
CEO of Amatak Property Service Tang Hour said Chroy Changvar Area is conducive to residential projects. Based on the potential of development projects in the district, there is strong possibility that will become Phnom Penh’s next Central Business District (CBD) in the near future after Daun Penh, Prampi Makara and Tuol Kork districts.
She went on to add, Chroy Changvar has attracted many luxuries condo projects such as Morgan ENMAISON, 45 stories wealth Manson Condo, 41 stories LA VISTA ONE Condo, and The Peninsular Private Residence Condo.
Meanwhile, two new roads in the district have also been in the government’s plan. The Phnom Penh Municipal administration plans to build additional two roads in Bak Kheng and Prek Tasek commune connecting from NR 6 A to Win Win Blvd.
According to data from Ministry of land Management, Urban Planning and Construction forecast that 8 million of the population are expected to live in urban areas by 2030 of which a majority of those people live in Phnom Penh city.
- Tags: Chroy Changvar, land price