Arakawa Residence, a $70mn low-cost public condominium project, broke ground yesterday, becoming the third project of its kind built in cooperation with Ministry of Land Management, Urban Planning and Construction (MLMUPC). Located in Sen Sok district in Teuk Thla commune along Russia Boulevard on the way to the airport, it includes two phases, according to the developer’s president Alex Yasumoto. The $40mn Phase 1 comprises 2,000 condo units and will take three and a half year to complete, with unit prices ranging from $20,000 to $30,000, he said. MLMUPC Minister Chea Sophara, speaking during the groundbreaking ceremony of Arakawa Residence, urged developers and investors to take on more low-cost housing projects. (Source: Khmer Times)