By Kong Soriya
Phnom Penh: Bavet Land prices will rise in the future as the land prices have now risen to another level due to the construction of two satellite cities and industrial expansion.
Currently, Bavet has about 10 special economic zones and employs about 40,000 workers. Earlier this year, Empire World announced the completion of the first satellite city, the 52-hectare satellite and the satellite city Heng Heng invested in the area covering 7 hectares.
Vice president of Cambodia Real Estate Association and international real estate expert Som Keo Malida recently said that Bavet’s current situation is the same as in Sihanoukville three years ago and at that time the land price in Sihanoukville is not so expensive, but now the price of land in Sihanoukville has increased tremendously.
“I think the price of land in Bavet will be the same for the next three to five years as the price of land in the city has already risen to one level, but is still worth investing in. The price of land from the National Road last year ranged from $4 to $7, but now it is between $25 and $40 per square meter,” Mr Malida said.
The government has incorporated Bavet as a special industrial zone in the 2025 Industrial Development Policy, which is an important foundation for investment, as the government will have a well-planned development oriented map and build infrastructure to drive investment from the private sector.
As a result, Bavet has become a center for trade, industry, tourism and casinos of which many have been under construction due to China’s surge in investment.
Leaders of China’s road and bridge construction companies during a courtesy meeting with Samdech Techo Hun Sen, the Prime Minister of Cambodia has announced the construction of the high speed road in Phnom Penh-Bavet in the near future.
Empire World Chief Executive Officer Eric Loo said that Bavet has a special geographical condition because it is between the Ho Chi Minh City and Phnom Penh, and is close to transporting goods from Bavet to the deep sea port of Vietnam, he added that he had studied thoroughly and deeply, decided to choose this city for investment.
“In the near future, the city will have more people living and more investment from international investors,” he said.
