USD700M High-end Housing Project Kicks Off

• 15 January 2018
• Local News
• 1431 Views

A new luxury residential project Borey R&F is set to emerge in southern Phnom Penh close to Hun Sen Boulevard in Chak Angre commune, Meanchey district after the USD700milion project broke ground in mid-December.

Developed by China-based R&F Properties Cambodia, the newly commenced luxury residential complex will comprise a wide range of hospitality services, including a sports club, commercial buildings, a supermarket and beyond.

The mixed-use development covers approximately 8 hectares of land mass over a total of 560,000 square metres, according to an announcement made during the launch event.

The ground breaking ceremony was presided over by H.E. Pen Sophal, secretary of state of the Ministry of Land Management, Urban Planning and Construction.

During addressing to the event, H.E. Pen Sophal said that the demand for housing in Phnom Penh and surrounding towns is around 50,000 units per year over the next 15 years between 2015 and 2030. “To meet the housing demand, the ministry has actively implemented a national policy on land management conducting on the master plan of development and housing national policy,” he added.

The ground breaking ceremony was presided over by H.E. Pen Sophal, secretary of state of the Ministry of Land Management, Urban Planning and Construction.

During addressing to the event, H.E. Pen Sophal said that the demand for housing in Phnom Penh and surrounding towns is around 50,000 units per year over the next 15 years between 2015 and 2030. “To meet the housing demand, the ministry has actively implemented a national policy on land management conducting on the master plan of development and housing national policy,” he added.

China’s One Belt One Road Initiative creates huge opportunities for Cambodia to develop and catch up with other countries in the Asia-Pacific region, especially in attracting more foreign investment. “The policy is a part of our investment in Cambodia that encouraged us to inject USD700 million in this luxury residential development,” he said.

R&F Properties Cambodia is one of the overseas investment projects of Chinese based, Guangzhou R&F Properties Co., Ltd which has now officially entered the Kingdom’s real estate market. With 23 years’ experience, the international real estate developer first established in Guangzhou, China has built over 200 landmarks across 51 cities.

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