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Thursday, 26 May 2016

Takhmao city growing in potential

Content image - Phnom Penh Post
Takhmao offers affordable home ownership options for short-distance commuters working in Phnom Penh. Prices are on the rise, however. Hong Menea

Takhmao city growing in potential
Thu, 26 May 2016 ppp
Siv Meng

Located ten kilometres from Phnom Penh, Takhmao city has largely been ignored by real estate developers for many years because of a widely held perception of it being only a passing area.

However, the construction of many commercial centres and residential houses has underpinned Takhmao’s budding potential since the start of this year.

Nget Piseth, assistant CEO of Borey New World, told Post Property that his company will soon start construction on a 10-hectare plot of land in the city, with selling to take place concurrently.

The houses in this project will be priced similarly to other houses of Borey New World around Phnom Penh.

Additionally, Oknha Tang Koung, who plans to invest $100 million in developing a commercial centre and high-end residences, said his project concentrates wholly on houses and a shopping mall, implying a mixed-use development that has now begun construction.

Koung, like Piseth, did not state the reason behind his Takhmao investment, simply saying, “My company has a project, and we see the high potential of this city which is the main decision for us to invest here.”

Po Eavkong, newly appointed general manager of Focus Property, said that Takhmao city is an area that can be developed because it is the nearest city to Phnom Penh. Furthermore, developments in the area can aptly target people of low to middle income. However, he continued, a residential development priced higher than $100,000 might be unlikely to succeed.

“The infrastructure in this city, including roads and sewage systems, is not yet organized. Even though Takhmao has more natural scenery than Phnom Penh, this town does not offer much potential as there are not many people residing here,” he explained.

Regardless, the price of commercial land in Takhmao city has increased by about 15 per cent since the start of 2016, while residential land prices have increased by up to 10 per cent. The price of land located in commercial areas in Takhmao is between $500 and $1,000 while the price of land in residential areas along Road 21 is between $50 and $200 per square metre.

As for the area along the riverside to Svay Chrom district, prices per square metre are between $150 and $300, according to Eavkong.

Kim Heang, president of Cambodian Valuers and Estate Agents Association (CVEA), said that Takhmao city is an interesting area because of its short distance to Wat Phnom in Phnom Penh. Moreover, this city also has a river not unlike the capital’s.

However, a challenge Takhmao city has to face is the mindset of the people, who prefer not to reside there because of it being in Kandal province. A common perception among people living in provinces is that they would rather leave their own province to live in the city rather than to live in yet another province, Heang explained.

He continued, “If this city is considered part of Phnom Penh, it will see much improvement. Land prices will double. I wholeheartedly believe that Takhmao city will belong to Phnom Penh City in the future,” adding that developers will see how lucrative it would be in the future for these kinds of developments to unfold.

Srey Neang, a resident in East Kroper Ha Village in the Prek Russey district of Takhmao city in Kandal, said Kandal Province has seen a lot of development of late.

“Now, Takhmao has Lucky supermarket, pizza places, and banks. It’s not that bad compared to Phnom Penh,” Neang said, adding that an increasing number of people are pouring into the city, thus upping the demand for constructing more houses.

However, she believes the appropriate authorities should widen the roads in the city because narrow roads would only cause more traffic jams, and slow down the pace of development.

Heng Theam, Takhmao’s governor, said the authority is working hard to beautify the city. More sewage systems and cemented roads are being built to improve the city’s infrastructure. He added that there are presently more than ten residential developments in the city which have been completed, or are still under construction.

“Because of the development speed, land prices have been soaring. Land doesn’t grow, but the number of people keeps growing. Now, there are also many small, plotted lands for sale in the city so that middle-income citizens can also afford some land,” he said.

Takhmao city has more than 80,000 residents living in 38 villages and six districts.

“The construction of more residential developments will help those of the middle-income group afford a house of their own,” the governor added.

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