Booyoung Khmer II Co Ltd, a subsidiary of Booyoung Group of Korea, yesterday announced sales of homes at Borey Booyoung Sensok.
The residential project cost more than $95 million on the 110,000 square metres (sq m) of land, located in Banla Saet village, Khmounh commune, Sen Sok district, Phnom Penh. It is five minutes from AEON 2 mall, Makro supermarket and home improvement centre Global House, several international schools, a golf club as well as other commercial outlets.
Borey Booyoung Sensok was developed by Booyoung Khmer II, a local Cambodia company founded in 2007, by its current Chairman Lee Joong Keun. It consists of 716 houses, including flat houses, villas, shop houses and link houses in an area measuring approximately 110,000 sq m. The whole project is expected to be completed 20 months after sales were announced.
Cho Jun Young, director of the Borey Booyoung Sensok project, told Khmer Times that it is the first project that Booyoung Khmer II is developing a borey in Phnom Penh and its first project to sell homes in Cambodia. A borey is a gated community. The company says it will bring quality housing for people in Cambodia.
“It is not only for real estate investors, but also for all customers who wish to live there,” Jun Young said.
He added that Booyoung Group is one of the largest South Korean housing developers and has built more than 280,000 units since 1983. Based on advanced housing construction technology, it will build and supply the safest housing to suit the preferences of Cambodian residents. “We are looking forward to the quality of our homes by complying with Cambodian housing construction regulations,” Jun Young said.
Chrek Soknim, president of Cambodian Valuers and Estate Agents Association (CVEA), told Khmer Times yesterday that the Sen Sok district still has potential for investors because it has much land for the development of residential projects such as flat houses, villas or other homes.
“I saw demand and supply for residential projects during the outbreak of COVID-19. Now, new residential projects have started to resume,” Soknim added. “We are seeing the real estate sector steadily growing as local people start purchasing and selling property.
Sen Sok and Por Senchey and Prek Pnov are the main attractive places for developers. These areas will see residential or borey projects,” he added. Soknim added that so far most of the investors are local.
According to CBRE, a commercial real estate services and investment firm, sale prices of Phnom Penh landed property (borey) units showed no sign of slowing down in the past six months.
Driven by strong local demand, the average quoted prices accelerated across all unit types, according to the first quarter report 2020, compared with the third quarter of 2019. The average sale prices of flat houses and twin villas during Q1 2020 saw moderate increases of 2.1 percent and 2.2 percent, respectively, while link houses saw quoted prices rise 2.9 percent.
More notable increases were seen in shop houses and villas, where price growth was recorded at 3.9 percent and 4.3 percent, respectively.CBRE said that in the first quarter of 2020, there were three projects completed and work began on five projects.
The three completed projects are in Meanchey and Chbar Ampov districts, while Sen Sok district remains the leading district for landed property supply.