Location of Phnom Penh’s new ring road kept classified to prevent rise in land prices
If history is any indication, local authorities believe that this is a necessary precaution to inhibit the trend from arising again
As the Ministry of Public Works and Transport (MPWT) mulls over the proposed location of the National Ring Road 4 in Phnom Penh, they announced that they have no intention of disclosing the chosen location as it will prompt an increase in land prices, a trend that they have witnessed in past projects, reported the Khmer Times.
The new ring road will eventually help reduce traffic and freight transit in the capital once completed. But for now, they plan 0n keeping everything under wraps.
Just this week, they held a closed-door consultation event to inform involved parties about the project’s planned location. The consultation involved ministries, institutions, representatives from 10 local and foreign companies, as well as the team from China Road and Bridge Corp (CRBC) who oversaw the feasibility study for the ring road construction.
Sun Chanthol, the Minister of Public Works and Transport, explained that they chose to keep the location of the new ring road confidential since they noticed that the value of real estate increased where they have developed major roads, which consequently benefited residents in the area.
More: Local government contemplates on real estate project worth $25 million in Cambodia
In recent years, Po Eav Kong, the managing director of Asia Real Estate Cambodia Co, shared that the land values on National Road 3 rose substantially. This upgrade has then led to several commercial and residential projects popping up in the area.
“Infrastructure developments are pushing land prices up. And, for the past two years or so, the price of land along National Road 3 has risen by 10 percent year-on-year,” added Kong.
The MPWT said that they will commence the construction of the new ring road once the National Ring Road 3 is completed, which is expected to be done in 2022.
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