Angkor Landmark real estate project in Siem Reap to start in late 2021

Phase I of the Angkor Landmark real estate project, 15 km northeast of Siem Reap town, is expected to be officially launched in late 2021, according to the developer’s CEO Tous Saphoeun.

The first phase of the project is expected to cover 217 hectares in Khnar Sanday commune, in Siem Reap province’s Banteay Srey district. An area of more than 500 hectares is reserved for the project.

In its first phase, the project will include housing, entertainment venues and floating markets, which would be managed in collaboration with Thai investment companies.

Saphoeun said on September 8 that after receiving government approval, the developer immediately began preliminary work as outlined in the master plan.

“We are currently building infrastructure and show houses, and we will officially start building the luxury properties of the Angkor Landmark project by the end of 2021,” he said, adding that the first phase, out of a total of five, would take about two years.

He added that the project would create new jobs for local people and provide some support to the national economy.

He also promised a “beautiful and attractive place for tourists to relax” and an “important development” in the province that would increase Cambodia’s appeal as a holiday destination.

The project is part of a series of investment projects and government initiatives to unlock the untapped tourism potential of Siem Reap province.

In 2020, the government has allocated approximately $150 million to build and upgrade 38 roads in the province, with a total length of 108.74 km. This extensive infrastructure renovation is expected to be completed by the end of 2021.

Noun Rithy, president and general manager of the real estate investment agency Khmer Foundation Appraisals Co Ltd, said that the overall development and progress of these road works, real estate projects and the airport under construction bode well for Siem Reap’s property market and economic growth.

He pointed out that good roads make it easier to travel, which influences the demand for residential properties and business locations. “The real estate sector in Siem Reap will soon recover, especially once tourism picks up,” he said.

The Ministry of Tourism and the private sector have been actively working together to plan and launch a number of pandemic-related precautionary measures and other mitigation measures to prepare for the reopening of the tourism industry.

Ministry spokesman Top Sopheak said last week that the ministry “has been working hard on this arrangement, which could materialise by the end of the year, possibly in November-December”.

Covid-19 has reduced real estate transaction volumes in Siem Reap town, bringing land prices down to an average of $1,520 per sq m by the end of 2020, down about 5.0% year-on-year from $1,600.

Source: www.phnompenhpost.com | Publication date 8 September 2021

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