Condominium demand in Phnom Penh remains low, despite an excess in supply and many construction projects continuing to rise.
Land prices in Phnom Penh continued to show signs of upward movement at the beginning of this year, led by Sen Sok district, while Chroy Changvar district remains stagnant, according to a real estate developer’s report.
The $500.4 million Tourism, Ecological, Marine and International (Temi) tourism project has been approved by the Council for the Development of Cambodia (CDC), according to a notice on its Facebook page on Monday.
A groundbreaking ceremony was held on Thursday for a $230 million 62-storey twin building project in Phnom Penh, scheduled to be completed by 2023.
While Cambodia’s real estate sector is currently seeing strong growth in coastal areas, an industry insider has said the two main international border checkpoint areas, Poipet and Bavet, have also been attracting more investors – boosting prices to almost double in some parts.
The Gold Tower 42 building had its last beam put in place on Monday, officially signalling the end of a more than 10-year construction delay that started during the 2008 global financial crisis due to a lack of funds.
Property insiders do not expect land prices along the area of the government’s Third Belt Road project to see a large increase in the short-term despite it breaking ground. They said prices in the area already boomed last year.
The supply of office space in Phnom Penh saw a marginal 1.1 per cent quarter-on-quarter growth in the fourth quarter. This increased the total office space supply last year to 340,000sqm, according to the latest report issued by real estate agency CBRE Cambodia.
The $150 million multi-purpose tower, which is a joint venture between a local company and a well-known US hotel chain, began construction on Monday and is set to open in 2022.
After suffering during the 2008-2009 global financial crisis, the Kingdom’s real estate sector has since shown strong growth.