The Mekong Royal Opens 2nd Plan With 70% of First Project Sold

• 31 December 2015
• Property Focus
• 3664 Views

After 70% of its second plan were sold out, The Mekong Royal launched its second project in early May this year to introduce a luxury living environment to its Cambodian customers.

Developed, designed, and constructed by Cambodian developer, Mekong Phnom Penh Development Corporation, The Mekong Royal’s first project is situated along National Road No. 6 in Chrouy Changvar district’s Prek Leap commune, about 7km north of the Chrouy Changvar Bridge.

Sales for this 400+-unit project kicked off last September and over 70% of the properties had been sold by the end of April.

Thanks to the success of its first plan, the developer has aunched a larger scale 2nd project located next to the first that will contain over 600 units. Since construction broke ground in March, over 5% of the units had sold by the end of April.

The two projects feature five types of residences that cater to modern living styles, i.e. Queen Villa, Twin Villa (two owners sharing one house building), Link House, Shop House, and Flat with prices ranging from US$70,000 to over US$1 million per unit.

While construction for each house of the first project will take about 20 months to complete after buyers have signed the contract, each house in the second project will take about 24 months, said Seak Rady, the company’s Sales Team Leader.

“Based on our estimation, we expect to complete the two projects from between three to six years’ time,” she told Construction and Property Magazine.

Since all properties are built on the ground, Cambodian nationals are the major buyers of these over 1,000 units, while there are a few clients who are foreigners holding Cambodian citizenship and foreigners that have Cambodian spouses, Rady reported.

“The project’s great location which is along the National Road 6 and stretching between two rivers provides a pleasant living environment for residences living inside the project,” she said. “Because there will be another 20-meter road to build behind the project sites we will build a bridge across a 15-meter channel to connect to that road which will provide even more commuting convenience to residences living there.”

The developer has offered buyers three purchasing options. If buyers discharge all at once they will get a 10% discount of the total property price. If customers pay off 80% of the property price and pay another 20% after the house is completed they will get an 8% discount; if they choose monthly repayments which require them to pay 10% of the property price monthly for eight months and leave the remaining 20% until the house is completed they will get a 6% discount. If buyers choose loan amortization which requires them to pay down 30% of the property price (they can pay this 30% down payment in five months time) they will get a 3% discount, and they can pay the remaining amount from 1 year to 15 years with a 1% monthly interest rate.

The Mekong Royal’s phase one and two projects are not the last. They already have plans to develop more property projects that will target lower class to higher class customers including condominiums, according to Rady. “…We have already bought many huge lands and we will develop more projects, but we can’t release the plans now.”

CEO of Century21 VTrust, Chrek Soknim said he believes The Mekong Royal’s great location is a major factor behind its success as many people are moving there to escape the capital’s bustle. “Apart from condos, residential property development has been successful in the quiet area sandwiched between the Tonle and Mekong rivers,” he said, Phnom Penh Post reported.