The first phase in the construction of the Phnom Penh-based Borey Peng Huoth, ‘The Star Platinum’ housing development was recently concluded, with completion of the entire project slated for the second quarter of 2013.
Construction is now underway on the second phase, which will comprise 550 mixed units, according to sales manager Ouk Thavy.
“We started the development in early 2011 when the market started to show signs of improving, and now sales are picking up by the day,” he said.
About 70 per cent of the properties of the properties in phase two have already sold- exclusively to Cambodian nationals, according to Ouk Thavy.
Properties in the second phase, of which 60 per cent has been completed, will be priced between US$83,500 and $580,000.
In addition to the Star Platinum development, Borey Peng Huoth investment group has completed four more housing projects in the last seven years, namely the 500 until Toul Sangke and 200 unit Stung Meanchey projects.
“We built these new housing developments to respond the growing demand in the Kingdom. So far, sales have gone smoothly,” Ouk Thavy said.
She added that the quality of the construction and the facilities offered, such as gymnasiums, swimming pools and onsite shopping markets, continued to attract new clients.
Some members of the sector have welcomed the entry of additional residential options in the capital.
Chheng Keng, director of real estate company Cambodia Property Limited said the success of Borey Penh Huot’s latest projects showed its understanding of the current climate of the market.
“The quality of the construction and the sale prices are in line with the rest of the market, allowing it to attract a wide range of clients.”