A new borey on the south side of Phnom Penh has been officially unveiled to the public, comprising villas, homes and shophouses while expanding the satellite city it sits within.

On Saturday, Urbanland launched Borey Chankiri 2, located south of Phnom Penh alongside Steung Prek Thnaot. The soft launch was attended by distinguished guests, homeowners, Urbanland executives, and representatives from ISI Group.

Founder and CEO of UrbanLand, Kang Hok, said, "As a founder and an architect, I consider designing and building a good quality home to be the equivalent of bringing happiness to a family. Borey Chankiri 2 is thoughtfully crafted and designed to meet the unique needs of its residents and provide them with their dream home."

He added, “Apart from the natural environment and surrounding Steung Prek Thnaot, Borey Chankiri 2 is conveniently situated in an area that is becoming a major satellite city of Phnom Penh, just minutes away from the city centre and other amenities, as well as the upcoming Techo International Airport.”

Chankiri bird eye view. Kiripost/supplied

In addition to villas, the event showcased the development’s shophouses that combine commercial use on the ground floor and living quarters above.

An announcement confirmed that Borey Chankiri 2 is the latest residential and shophouse project developed by UrbanLand.

Commenting on real estate sector in general, economic analyst Nget Chou said on Monday that many houses are on sale but there are not many buyers as access to finance from a few banks are getting more difficult and expensive, so it can make this sector go nowhere.

Guests at launch of Chankiri 2. Kiripost/supplied

He added that the process of buying and selling is good, but currently remains stronger for potential buyers who have their own funds and can afford long-term investments. Equally, he noted that supply is much higher than actual economic growth.

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