Bun Ches Groups company and the Ministry of Land Management, Urban Planning and Construction (MLMUPC) signed a memorandum of understanding (MoU) last week to build housing for low and middle income family.
Mr. Phay Somay, president of the housing project at the Bun Ches Groups, told reporters that his company will build such housing on 82 hectares of land in Dem Sleng village, Prek Taten commune, Nho Nhia Leu district, Kandal province; about 21 kilometers from Wat Phnom, on the National Road 5. The construction will start in May this year and will take three to five years to finish.
Mr. Somay added that for this project, his company will build 5,340 housing units among which 864 units will be 4,1 meters wide and 13 meters long, 4,476 units will be 5,1 meters long and 2 meters wide with 5 meters long of backyard and foreground.
He added that the project will build also parcs, parking, supermarket, school, and hospital in the housing area.
Mr. Somay also said that each housing unit will be sold for $23,500 to $31,879. Buyers must make a deposit of 30 percent of the total price by paying 10 percent of the total price for the first three months. As for the rest, buyers could do monthly payment by paying $140 to $160 per month with 8.5 percent of interest a year. Anyone could buy the housing unit, but priority will be given to government officials. And dwellers could sell their housing unit only after five years.
Mr. Somay pointed out that his company will cover all cost of the construction, but he did not want to say how much money his company has invested in this housing project.
Bun Ches Groups is the second company, after Worldbridge Land, to sign MoU with the MLMUPC to build housing for low and middle income family in Nho Nhia Leu district, Kandal province while Worldbridge Land company is implementing their project in Saang district in the same province.
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