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.
Real estate prices in the Kingdom’s major cities only saw small increases last year, though land prices in coastal provinces saw a sharp increase, according to a second-half 2018 Key Real Estate Co Ltd report obtained by The Post on Wednesday.
While investment capital in Cambodia’s construction sector showed a nearly 20 per cent decline last year compared to 2017, a group of industry insiders are optimistic that the sector will recover this year, boosted by an inflow of Chinese tourists and investors.
PREAH SIHANOUK VILLE [January 1, 2019] Sokha Beach Resort will launch its newest addition, the Sokha Bay View, as it offers the best view of the entire Sokha Beach Resort premises.
The Kingdom’s construction sector has seen a 20 per cent fall in capital investment this year compared to last year, while the government collected nearly $100 million in national revenue from real estate services, according to the Ministry of Land Management, Urban Planning and Construction’s 2018 annual report released on Monday.
Japanese company Okura Nikko Hotel Management Co Ltd announced on Friday that it will open its first Nikko Phnom Penh Hotel in the capital by 2022, a press release issued by the company said.
Phnom Penh’s Chamkarmon and Tuol Kork districts will continue to see investment in apartments, while Sen Sok will become a new target market, as the number of apartments in Phnom Penh is set to almost triple by 2030.
Plans for a six-storey mixed-use building, named The Point, were announced on Wednesday. The $7 million investment is set to be located along Mao Tse Toung Boulevard and is scheduled to be completed by the end of next year.