Blowback from the third wave of coronavirus infections has thrown construction of a $100 million affordable housing project in Kandal province’s Takmao town behind schedule, but the developer says it is bending over backwards to finish the task by December 31.
Breaking ground in January 2017, “Satellite Serei Mongkul City” is the first affordable housing development in Cambodia, and is developed by WorldBridge Group subsidiary Worldbridge Home Co Ltd, which has delivered other major projects, including The Bridge and The Peak in the capital.
Located on a 45ha plot in Roka Khpos commune’s Koh Kor village, 14km south of the Monivong Bridge in the capital, Satellite Serei Mongkul City is set to offer 2,457 units.
Worldbridge Home general manager Yuk Sothirith told The Post on November 24 that work on the project is picking up pace, to make up for lost time due to Covid travel restrictions and business closures, which he said hampered the construction process.
“During the intensifying Covid-19 outbreak, construction in some areas was temporarily suspended, and now we are working to speed up construction,” he said, adding that the target was still to complete the project by end-2021.
Lucky Realty Co Ltd CEO Dith Channa noted that affordable housing projects are attracting a lot of interest from low- and middle-income people, and that developers are engaging with the government to increase access to the units.
Such developments could improve their chances of success with the right location, affordable rates and easy payment terms, he said, adding that Satellite Serei Mongkul City “is in a good location and has already achieved a degree of success, with some buyers already having moved in”.
Channa approved of affordable housing projects, saying they provide more options for the middle class to find a convenient place near work or school.
As of end-2020, Cambodia had five affordable housing projects – two in the capital, two in Kandal province and one in Banteay Meanchey province – comprising 8,331 landed units and 7,256 strata units, according to the Ministry of Land Management, Urban Planning and Construction.
In 2014, Cambodia adopted a national policy to promote the development of housing projects. The Kingdom will need an additional 50,000 homes a year until 2030, the policy states.
Source: The Phnom Penh Post