Prime Minister Hun Manet inspecting a replica of the ‘Mekong Quay City’ project. - STPM
PHNOM PENH: Prime Minister Hun Manet has expressed his belief that the city of Arey Ksat will become an industrial and service hub in the near future, with a population that will grow to meet that of the capital Phnom Penh.
At present, the government is working on the development of various infrastructures, particularly the construction of bridges connecting the area, in addition to a large bridge construction project funded by South Korea.
Manet presided over the groundbreaking ceremony for the “Mekong Quay City” development project on Tuesday (Dec 17) morning.
The “Mekong Quay City” project is a joint development between TP Moral Group (TPMG) and Khun Sea Import Export Group. It is located in Arey Ksat, along the eastern bank of the Mekong River, directly across from the Koh Norea development project. It covers an area of 210 hectares.
The prime minister highlighted that the large investment in the project is a clear indication that the kingdom’s real estate sector is beginning to rise again, as Cambodia moves forward with hope toward its development goals.
He noted that Arey Ksat will undergo significant transformations in the future, with an increasing population and workforce. It will evolve from an agricultural region into an industrial area with many factories.
“I believe that the future development will not only turn Arey Ksat into an agricultural city, but it will become an industrial and service centre, just like Phnom Penh,” he said.
In addition to the bridge over the Mekong River, he also mentioned plans for an underground tunnel from Phnom Penh. He noted that infrastructure development will not only facilitate travel and economic growth, but it will also further boost the real estate sector.
“I hope the potential of this connection will bring development to the eastern side of the river, not just in Arey Ksat or this 210-hectare site, but that it will spread eastward, connecting to National Road 8, turning it into an industrial area as modern as the western side,” he said.
“If the underground tunnel is completed, it will be even better, and I hope we will have it in the future, because the beauty, especially the area under the Chattomuk River, is beneath us,” he added.
Dith Channa, CEO of Lucky Realty Co., Ltd, told The Post on Dec 17 that Arey Ksat has huge potential for the real estate sector.
However, due to the lack of a bridge connecting to Phnom Penh, real estate prices there are still low compared to those in Phnom Penh, despite the two areas only being separated by the river.
He explained that at present, the most desirable land in the Arey Ksat area costs between $500 to $800 per square metre, while the cheapest starts from over $10 per square metre.
“Real estate prices in Arey Ksat are still low compared to those in Phnom Penh, although the two areas are only separated by the Chattomuk River,” he added.
He believed that “Mekong Quay City” will contribute to fulfilling the people's aspirations and driving national economic growth. This project will also help stimulate activity in the real estate sector, as well as broader investment and commerce.
“Once the bridge is built, the real estate market in Arey Ksat will surely boom. Arey Ksat is a great location for living and working because it is located next to the Chattomuk River mouth and has a great environment” he said. - The Phnom Penh Post/ANN
