The proposed construction of the Cambodia-Korea Friendship Bridge across the Mekong River connecting Phnom Penh to Arey Ksat by South Korea will witness a substantial hike in land price in the Arey Ksat area. Once completed this area will turn into a potential city.
A report of the study on the construction of the Cambodia-Korea Friendship Bridge across the Mekong River connecting Phnom Penh to Arey Ksat by South Korea is already under process and shall soon be submitted to the government for approval of the bridge construction.
Sotheayuth Heang, spokesman of Minister of Public Works and Transport told Khmer Times, “The Korean companies are currently studying what kind of bridge to build, and how much would it cost. We expect to build the bridge by the end of this year after the studies are completed, and gets the stamp of approval from Prime Minister Hun Sen.”
A report shall be prepared after the completion of the study and sent for Prime Minister Hun Sen’s approval. Later, the Ministry of Economic and Finance will decide on budget allocation.
“The Cambodia-Korea Friendship Bridge will not only contribute to
ease traffic jam in the Phnom Penh capital for the next 100 years but also become a tourist attraction,” South Korean Ambassador Park Heung Kyeong said.
South Korean Ambassador Park Heung Kyeong.
Many in the real estate industry consider the Arey Ksat region having a bright future. Dit Chana, Chairman of Lucky Realty Co., Ltd, said that the land price in this area is still high despite Covid-19. Land along the main street near the Mekong River costs an average of $400-$500 per square metre; whereas plots 1-2 kilometre away from the main riverfront come for $200. He said that the island area has full potential for the cultivation of fruits and vegetables, which can be sent to the Capital.
Five years ago, the land price was low because of insufficient infrastructure. But with housing development and condominiums starting from 2017, the prices have soared significantly. Now if the big bridge connects to the Arey Ksat area, then the region can dramatically turn into a buzzing place.
A press release from the local real estate company revealed that a 70-hectare satellite city has developed by the Kun Sear Import Export Company in the Arey
Ksat area, owned by real estate tycoon Khun Sear. The new development would be a Hong Kong Style entertainment area costing $1.5-$2 billion.