By the end of 2021, an affordable housing initiative will be completed

Cambodia Compass report, 12th May - According to Worldbridge Homes Co Ltd's general manager Yuk Sothirith, a $100 million affordable housing project in Kandal province's Takmao town will be completed by the end of this year as the developer focuses on other projects.

The project, which is the Kingdom's first of its kind, began in early 2017 on a 23-hectare plot of land in Roka Khpos commune's Koh Kor village, just 14 kilometers south of the capital's Monivong Bridge.

Roka Khpos, formerly a commune in the province's Sa'ang district, was incorporated into Takmao town on January 8, 2019, after Prime Minister Hun Sen signed a sub-decree.

Despite lockdown restrictions holding some staff away, Sothirith told The Post on May 12 that the project is moving forward. During the blockade, 400-500 laborers were on-site each day.

"We will finish our construction soon, and our sales have now reached over 95%," he said.

According to Sothirith, 823 homes have been delivered to customers, with the remaining 1,634 homes set to be delivered by the end of 2021. The cost of a home ranges from $25,000 to $30,000.

Sothirith said that the development's success had inspired the company to invest in more affordable housing projects in the future. "We remain willing to collaborate with the government to invest in potential affordable housing projects for low- and middle-income families," says the company.

He declined to provide further information or comment, saying that the company has found an even larger location for a new project.

Worldbridge Home Co Ltd is a subsidiary of the WorldBridge Group, which has worked on other big Phnom Penh projects such as The Bridge and The Peak.

Affordable housing is in high demand, according to Sam Soknoeun, president of the Global Real Estate Association.

He believes that the capital's outskirts are suitable places for more of these schemes, which will provide affordable housing for the city's growing low- and middle-income population.

However, he pointed out that multifaceted government involvement is needed to persuade developers to support affordable housing programs, such as selling state land to private firms at below-market rates.

"There is a demand from staff and students who have moved to Phnom Penh and the surrounding areas. “It would be fitting to provide more of these low-cost investments to provide them with stability and their own housing,” Soknoeun said.

According to the Ministry of Land Management, Urban Planning, and Construction, Cambodia had five affordable housing development projects totaling 8,331 units as of the end of 2020.

Cambodia passed a national policy in 2014 to encourage the construction of housing projects. According to the policy, Cambodia would need an additional 50,000 homes per year until 2030.

Source: Cambodia Compass comprehensive arrangement

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