Deputy Prime Minister Chea Sophara hands over 680 affordable homes to citizens in Kandal province

• 10 April 2020
• Local News
• 6029 Views

People in Phum Kot, Sangkat Ro Ka Kpus, and Takhmao city in Kandal province received 680 affordable homes from H.E Chea Sophara, Minister of Land Management, Urban Planning, and Construction. These homes are part of the 2457 affordable house project developed by WorldBridge Homes Co., Ltd under the government’s National Policy on Housing.

WorldBridge’s Affordable Housing Development project in Kandal province has 2,457 houses on a 23-hectare land area through an investment of about US$73 million. According to a notification from the Ministry of Land Management, the company plans to complete the project by the end of 2020.

The main feature of this project is that the company has facilitated the terms of the mortgage payments, allowing customers to pay 10% of their home value in the first 12 months or pay 20% to 30% for 24 months without interest. For the remainder, customers have to pay off with a partner bank for up to 20 years or pay off with the company.

Currently, the government is implementing five affordable housing projects, two of which are in Kandal province, developed by WorldBridge Land; one in Kor village, Roka commune, Takhmao city, Kandal province, 8km from Takhmao city; and the other in Tourl Krasang village. Rokar Kpors commune, Sa’ang district, Kandal province, 8km from Takhmao. Two other projects are being implemented in Phnom Penh and a condominium type housing in Teuk Thla neighbourhood, developed by Japanese firm Arakawa. The final project is located in Banteay Meanchey province. All houses in these affordable housing projects will generate a total of 8,331 and 7,256 private units to be sold for under US$30,000.

The government has been implementing two national policies on housing issues: the National Housing Policy 2014 and the Policy on Promotion and Development of National Program for Affordable Housing 2017. The adoption of these policies aims to provide people with affordable housing in a safe, secure and dignified manner, especially for low-income, middle-income and vulnerable people. (Read More)