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After studying from district to city, how is the real estate situation in Lvea Em area?

2022-10-13
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Summary:After studying to be a new city, what will be the future of real estate in Lvea Em area?

        On February 28, 2020, there was hot news, especially boiling in the real estate sector, about Lvea Em district, Kandal province. On the same day, in the watering ceremony of Preah Sokun Vary presented to the three Samdech Preah Sang, Deputy Directors, with the highly participation of Samdech Akka Moha Sena Padei Techo Hun Sen, the Prime Minister of the Kingdom of Cambodia and the high presidency in the ceremony. During his speech, Samdech Techo revealed that some territories of Kandal province will be cut off to Phnom Penh to meet the needs and progress of Phnom Penh's urbanization. But in 2022, Samdech Techo reaffirmed that Lvea Em district will be upgraded to another city of Kandal province.

What is the real situation of Lvea Em district? After studying the city, what will be the future of real estate in that area?

(Arey Ksat commune, Lvea Em district) 

✯ Studying about Lvea Em district to become a city

During the ceremony, Samdech Techo Hun Sen on 28 February,  said that the territory of Arey Ksat commune and some communes in Lvea Em district will be divided into another district of Phnom Penh due to the increase in the number of migrants rate whether Cambodians or foreigners came to resettle, as well as working in Phnom Penh and the progress of urbanization.

(Samdech Akka Moha Sena Padei Techo Hun Sen

But everything changed after Samdech Akka Moha Sena Padei Techo was reaffirmed in 2022. At the groundbreaking ceremony for the construction of two more flyovers in Phnom Penh on the morning of August 31, 2022, Samdech Techo Hun Sen stated that he had previously instructed officials to study in the Lvea Em area to create a new city and subordinate to Kandal province, not to Phnom Penh anymore. Samdech Techo Hun Sen said " Previously, the government was studying to create the Lvea Em area to be Lvea Em city. But he has made sure with Samdach Krola Hom Sar Kheng that the new city will be under Kandal province authorization to  let Kandal have its own tax.  "

It should be noted that Lvea Em district is located in Kandal province, which has 15 communes under its jurisdiction, including: Arey Ksat commune, Barong commune, Boeung Krom commune, Koh Keo commune, Koh Reas commune, Lvea Sar commune, Peam Oknha Ong commune, Phum Thom commune, commune Prek Kmeng, Prek Ray Commune, Prek Russey Commune, Sambour Commune, Sarika Keo Commune, Thmor Kor Commune and Teuk Khleang Commune have a total of 43 villages.

✯ Cambodia-Korea Friendship Bridge Project

The head of the Royal Government of Cambodia, Samdech Akka Moha Sena Padei Techo Hun Sen, has requested the Korean President to build a bridge across the Mekong River from Chroy Changvar to Svay Chrum and Arey Ksat, while Cambodia and Korea do not yet have a Cambodia-Korea Friendship Bridge. Samdech Techo made the remarks at the groundbreaking ceremony for the rehabilitation and construction of Road No. 2 and No. 22 with a total length of more than 72 kilometers with Mr. Park Heung-Kyeong, Ambassador of the Republic of Korea to Cambodia on the morning of February 11, 2020.

(PM Hun Sen and Mr. Park Heung-Kyeong

Until the beginning of 2022, the government as well as the people of Phnom Penh and Lvea Em area applauded the good news from the Korean government in agreeing to build the Cambodia-Korea Friendship Bridge connecting Phnom Penh to Arey Ksat. The government has already selected the location of the Cambodia-Korea Friendship Bridge project, which starts at the night market, connects to the Chroy Changvar area and continues to the Arey Ksat area, with a total of two bridges. The bridge project has been officially approved by the Royal Government of Cambodia, allowing South Korean companies to build two Cambodian-South Korean friendship bridges across the night market near the Old Market to the Sokha and continue to Arey Ksat. . If there is no change, the bridge project will start construction in 2023. This was confirmed by a senior official of the Ministry of Public Works and Transport.

621f331b44754.jpeg

(Cambodia-Korea Friendship Bridge project)

✯ Real Estate Status in Lvea Em Area

Lvea Em area, especially Arey Ksat area, used to be a quiet area, although few housing projects have reached there, the market in that area does not seem to be shaky. But after the news broke about the construction of the Cambodian Friendship Bridge and the study of the Lvea Em area to become a city under the jurisdiction of Kandal province, both investors and ordinary buyers rushed to buy real estate in the Lvea Em area. The most popular real estate is the land market. In this situation, many experts have a lot of opinions and vision on the real estate market in the area. In fact, Dith Channa, CEO of Lucky Real Estate, said that the Arey Ksat is a suburb of Phnom Penh, but it will have more potential after the Cambodian government plans to build a bridge to that area.

(Mr. Dith Channa

He said that land prices and the momentum of development in Arey Ksat will increase when the bridge starts construction, and it will be even more so when the bridge is completed because Arey Ksat is an area near Phnom Penh, but there are obstacles due to no bridge across the river. So if there is a bridge across the area, the area will be able to grow rapidly as many companies have already been looking at the potential of the area.

Ann Sothida, CEO of PropNex Cambodia, said that when the government announced the construction of a bridge across the river to the Arey Ksat, the area would have a more positive sign of development and could boost land prices in the area with the momentum of real estate development to another level and also comparable to the area of the satellite city of Koh Norea.

(Mrs.Ann Sothida)

According to the study, land prices in the Arey Ksat area are not yet remarkably strong, and land prices along the main roads are higher and there is a higher demand than land inside the main roads.

For Sorn Seap, CEO of Key Real Estate, he hopes that the Arey Ksat area can be the next investment destination for the developers of major cities in Cambodia, with a geographical location close to the riverside in Phnom Penh, with land value of up to $ 4,000 to $5,000 per square meter.

(Mr.Sorn Seap) 

He said "Since the price of land in Arey Ksat is lower than the land price in Phnom Penh, big city developers may consider building housing projects there. Compared to the price of land on the riverside in Phnom Penh, which costs up to $5,000 per square meter, the price of land in the Arey Ksat is between $500 and $1,000 per square meter."

He added that due to the favorable geographical location and lower land prices than Phnom Penh, Arey Ksat has attracted a lot of interest from real estate investors. After the bridge project connecting Chroy Changvar to Svay Chrum Arey Ksat is completed, major Borey developers are unlikely to overlook this area.

(Real estate market in Arey Ksat area)

        After the good news will happen to Lvea Em area, including the construction of the bridge from Phnom Penh to Arey Ksat area and the study of Lvea Em area to become another new city of Kandal province, that will make Lvea Em area become It is a modern satellite city and another important economic area of Cambodia.

(Reference៖ MPWT, Construction-Property.com, property area asia, Khmerpost and Cambonomist)


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