Gov’t Urges Private Sector to Build More Affordable Housing Amid High Demand

• 25 August 2022
• Local News
• 1809 Views

The government has urged the private sector to continue building more affordable housing projects to meet growing demand, while to date Phnom Penh and Kandal have a total of four state-private affordable housing projects.

HE Theng Chansangvar, Secretary of State of the Ministry of Land Management, Urban Planning and Construction, said in a press conference on 24 August that building affordable housing is the task of both the private sector and the government.

“If we let the private sector build the projects under free market conditions, the houses are too expensive for low-to-mid income citizens. They might have to pay the debt for over 30 to 40 years,” said HE Theng Chansangvar.

“Thus, to help our citizens own a house, we have to cooperate and urge the private sector to build more affordable housing projects under special conditions and help from the government,” he added.

To date, there are four state-private affordable housing projects in Phnom Penh and Kandal province, with a total of 8,331 houses and 2,960 units.

Those four include the Serey Mongkul Satellite City Housing by WorldBridge Home Co., Ltd in Kandal province, Borey Sen Monorom Prek Taten by B & BM Development Co., Ltd in Kandal province, Arakawa Housing in Phnom Penh, and Borey Grand Park by BIGP Chairman Development Co., Ltd. in Phnom Penh.

• Projects Development
• Economy and Finance