Publicly traded condominium developers JS Land (CSX:JSL) have completed the ‘topping’ of their flagship 369-unit Garden Residency 2 project in Phnom Penh’s Sen Sok district hosting a celebratory event with both company and industry stakeholders.
In building terms, topping is held when the last beam (or its equivalent) is placed atop a structure during its construction.
The project located in Phnom Penh’s Sen Sok district consists of 33 floors, an automated car park, gym facilities, two swimming pools, and a rooftop sky garden with our very first sky cinema.
Affordable housing with strong returns
JS Land Executive Chairman Oknha Koy Le San said the company’s main mission was not only to build homes that meet the need of Cambodians but also to ensure the properties they build appreciate.
“We are proud to say that we have done that in Garden Residency 1 where a one-bedroom initial launching price was $32,000 and now it has increased with Bank valuation at almost 60,000,” he said.
“For The Garden Residency 2, we are proud to announce to our early bird buyers that bought the condominium from us at $1,300 per m2 that now the same property is selling at an average of $2,200 per m2,” he added.
Cambodia Investment Review has previously reported on the growing demand for affordable housing in Phnom Penh as well as the Cambodian government stated it will focus would be on affordable and mid-range properties to meet the demands of a population with an average age of 27, with 55 percent in the Gen-Z and Gen-Y age groups.
To read more about affordable housing in Cambodia click here.
Currently, Sen Sok has the most supply of clustered homes in Phnom Penh and accounted for 25% total supply of landed homes.
“In recent years, large developments like Aeon Mall, Marco, Chip Mong mall, international schools, and hospitals are all located in the Sen Sok area. All this means our property development has the correct location, location, and location,” Oknha Koy Le San said.
JSLand records strong share price growth
JSL is the Cambodia Securities Exchanges Growth Board’s second only listing after DBD Engineering last year and the 15th company to list either bonds or shares on the exchange since its inception in 2011.
“Thanks to the continual support of our existing shareholders and the confidence of the public, four months after our IPO, yesterday our shares price was trading at around $1.20. That’s threefold of the initial shares price,” Oknha Koy Le San said.
The IPO listed 8,281,000 shares (32.21% of total shares) at KHR 1,900 or $0.467 per share raising $2.12 million and putting the company’s market capitalization at $12 million. The stock is now trading at KHR 4,720 a share.
To read more about JSLand IPO click here.
“2022 has been a very good year for us as this will be the year that we will be having our next condominium project and also our new venture into a new industry that will help grow JS Land PLC so that we can continue to reward our shareholders with the actual capital gain and sustainable dividend pay-outs,” Oknha Koy Le San said.
“So, all our guests here today should take this as a very good indicator that if you want to invest in shares, you should start buying our JS Land shares. With the plan that we have in our pipeline, we believe our share price will keep climbing upward,” he added.