Tech-Enabled Borey Announced

KHMER TIMES
SUM MANET

Phase 1, which features 99 villas ranging in price from $190,000 to $400,000, in the Woodland borey project will begin in mid-October. Supplied

Work on a new “borey” housing project, billing itself as a “luxury” development fully integrated with the latest electronic lifestyle technology will begin next month, the developers announced on Wednesday.

The $70 million partnership between local companies Furi Real Estate and Naki Group – who will manage the properties ‒ will break ground on their seven-hectare Woodland gated development in Phnom Penh’s Meanchey district.

Phase 1, which features 99 villas ranging in price from $190,000 to $400,000, will begin in mid-October according to a statement by Furi Real Estate.

“These are hotel-styled villas for customers who need luxury housing, comfort and affordability,” the statement quotes Chin Chanlen, Furi’s managing director.

“The development features concepts that are new to boreys, and will include services such as a sports house, featuring a restaurant, gym, coffee shop and shopping center, and about 45 percent of the total land will be green space.”

The statement says that 50 of the 99 villas have already sold.

In keeping with its name, the Woodland development project will feature lush trees, with the perimeter fence set to be a hedge, and outdoor spaces connected by walking paths.

Claiming that the development is in response to the needs of local customers, the villas, designed by Singaporean-based Ong and Ong Architects, will include such luxuries as electronic controlled doors.

A report by the Ministry of Finance last month painted a worrying picture for Cambodia’s real estate sector. It stated that condominium sales had fallen by 50 percent in the first half of the year. Sales of borey developments, the report noted, had declined less dramatically at 30 percent.

“Interviews with real estate developers suggest that from now until 2018, they would rather focus on completing the ongoing projects, especially those targeted at low-to-middle income buyers, rather than begin new projects,” the report said.

The report noted that those buying borey housing were purchasing housing for themselves, rather than speculatively as before, and that this was a healthy sign for the real estate sector.

“The demand from this new generation of buyers is more stable and hence could act as a shock-absorber in case speculative buyers suddenly withdraw.”

Chrek Soknim, CEO of Century 21 Mekong, said at the time, that the quickly expanding middle class was increasingly becoming the focus of housing projects.

“The middle class is a very big market, and now developers are starting to target them. Borey developers are smart enough to take that market because they know it better than foreign developers.”