National road number 5, which is specifically located stretching along with two districts in Phnom Penh: Russey Keo and Prek Pnov are tapped the potential for residential and commercial real estate.
The on-going upgraded and expanding NR5 is slated to become one of the pivotal economic routes for Cambodia, connecting the capital city to several important areas of the country.
Chrek Soknim, President of Cambodia Valuers and Estate Agent Association said, investors have invested in huge land properties in various locations between national road 5 and national road 6A, stretching until road 61,
The main goal is to develop residential and commercial real estate for future demand, he added.
“NR5 and NR6A will be swamped with new projects, as developers gather to develop more new projects in these areas, thus we can expect to see high commercial towers surrounding these national roads in the up-coming years,” said Mr. Chrek Soknim.
The construction project for NR 5 has a total length of 366km and stretches from Kondal province to the southwest part of Cambodia, Poipet. It runs across provinces such as Kampong Chhnang, Pursat, Battambang, and Banteay Meanchey. Financed by the Japanese government as a symbol of the Cambodia-Japan friendship, national highway 5 is estimated to cost about 500 million dollars.
Ministry of Public Work and Transportation has stated that NR 5 is a part of the Asian Highway 1 (AH1) connecting Phnom Penh, Bangkok, and Ho Chi Minh city. It is also a powerful southwest corridor of a competitive market for tourism, business investment, and logistics for the ASEAN economy.
Ms. So Kundoeun, Regional Manager of Century 21 Zillion Holding based in Russey Keo district told Z1 News International that, the improvement of NR5 will make travelling to other parts of the country easier and faster. Moreover, the improvement will surely boost business activity along the road, specifically in the two districts.
“Compared to 3 years ago, areas surrounding NR5 has very little development. But now, more community malls and shophouses are being built one after another, as a result of having many unoccupied lands and comparatively low prices,” she said.
Cambodia’s leading restaurant Park Café, which is currently running more than 20 outlets across the capital, is soon to open its new outlet along NR 5 in Russey Keo. The soon-to-open outlet is in line with its expansion plan, with more new locations in the suburbs; especially locations along the road leaving the city heading to provinces in the country.
English text by: Sreyneth