May 19 2017Add to Favorites
Al Gerard de la Cruz
Real estate investors are cheering on the announcement of the first automated light railway in Cambodia, Realestate.com.kh reported.
The upcoming rapid transit system, which will serve various routes throughout Phnom Penh, will be made possible with USD800 million in funding from Japan.
Leading personalities in the property sector welcomed the news as a sign of rising investor confidence in the bustling Khmer capital. “When a city experiences major infrastructural developments such as this one, it increases the confidence of investors significantly,” said Sorn Seap, chief executive of property consultancy Key Real Estate. “And this will push the real estate sector upwards – to be stronger and more sustainable into the future.”
Three sky railways have been planned for the city. The first line will stretch between Kampuchea Krom Boulevard, Monivong Boulevard, Russian Boulevard, and the Choam Chao roundabout.
The planned skytrains would relieve the increasingly choked arteries of Phnom Penh and offer a faster mode of transport to commuters who live in outlying areas of the metro, Sorn noted.
“It affirms that the country is proactively looking into the future – as opposed to reactively adjusting to issues as they arise.”
Japanese land minister Keiichi Ishii, in his visit to the country May 5, signed an agreement on the railway development with Minister Hor Namhong. Ishii’s visit also conveyed the Japanese government’s pledge to provide a USD200 million loan to Cambodia for a deep-sea port in Sihanoukville.
“Japan has always played an important role in Cambodia’s development, and have invested in major infrastructure systems – for example, National Road 1,” Easy Property Investment CEO Mam Sereypanha told Realestate.com.kh.
“When an investor arrives in Phnom Penh and is stuck in the traffic on the way to the centre, it affects their perception of the country significantly. A sky train will offer both citizens and investors easy access to the city and, hopefully, put Phnom Penh in a better light for prospectors.”
SOURCE: Property Report
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