The Ministry of Public Works and Transport (MPWT) held consultations to decide the location of National Ring Road 4 around Phnom Penh.
Once complete, it is expected to ease traffic and freight transportation. But the location of the project is being kept under wraps to avoid a rise in land prices, a trend that has been seen in past projects.
The new ring road consultation held this week was a closed-door event in order to not let anybody know the planned locations for the project. The consultation included a feasibility study for the ring road construction which was presented by China Road and Bridge Corp (CRBC.)
The consultation saw representatives from ministries and institutions, as well as representatives from 10 local and foreign companies, attend.
The MPWT confirmed that the new road will be built after the construction of National Ring Road 3 is complete.
Minister of Public Works and Transport Sun Chanthol revealed the reasons for secrecy surrounding the locations.
This has been the case over the last three years. Developments on major roads have increased the value of real estate and consequently benefited the people who live around them.
According to Po Eav Kong, managing director of Asia Real Estate Cambodia Co, property values along National Road 3 jumped significantly in the past few years. Because of its upgrading, there are more residential and commercial developments around it.
While National Road 3 stretches all the way down the coast, land property can be valued and purchased a la carte. For example, the land from Chaom Chao to Kampong Toul Bridge (the border between Phnom Penh and Kandal province) is valued at $200 to $400 per square metre because it is suitable for residential projects, he added.
”Infrastructure developments are pushing land prices up. And, for the past two years or so, the price of land along National Road 3 has risen by 10 percent year-on-year.” Kong said.
The 53 kilometre Ring Road 3 linking National Road 4 to National Road 1 is expected to be completed in 2022.
The first ring road connects Chroy Changvar Bridge to Chbar Ampov Bridge in Phnom Penh, while the second links Kob Srov Road in the capital to National Road 2 in Kandal province.