Siem Reap property market undertaking upturn with new construction project
At the radical ceremony on 30 November, Prime Minister Hun Sen announced the reconstruction of 108.74 kilometre long roads in Cambodia’s northern province. He announced that this revamp will be instrumental in transforming the province into a metropolitan area and tourist destination, catapulting national economic development, reported The Phnom Penh Post.
Hun Sen emphasised that the 38-road construction project will be addressed with caution, acknowledging environmental improvement and protection, resident’s convenience, and smart-city development.
He added that the new road would deliver better network of national roads, effectively linking Siem Reap to the outskirts, as well as advancing the transport sector and minimising congestion. The area will also hold better standing, attracting funding from investors, entrepreneurs, and local and foreign tourists post COVID-19.
Sam Soknoeun, President of Global Real Estate Association, told The Post that the improved infrastructure will create investment opportunities for the province’s property market.
Soknoeun stated, “where the infrastructure is laid, lively real estate hotspots will pop up, above all in Siem Reap province with its existing real estate market potential.”
“Road development will not only attract tourists on holiday to the province, but it will also catch the fancy of investors to put their money there,” he added.
Noun Rithy, president and CEO of Khmer Foundation Appraisals Co Ltd, remarked that the increased provision of roads will drive demand for commercial and residential property expansion.
Rithy said, “This bodes all the better for Siem Reap town’s real estate sector, because top-notch roads with enough water and electricity will breed a surge in real estate, though that growth will be contingent on the precise geographical location.”
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