Phnom Penh is forever expanding in all directions, with new areas earmarked for development as massive infrastructure projects also determine the direction of the urban sprawl from the city. However, there remain some constantly popular areas in Phnom Penh for property buyers. We look at the four most popular areas to consider buying in and what developments are underway.
Boeung Keng Kang (BKK)
BKK1 remains a core investment area and the most popular for property buyers in Phnom Penh due to a number of key factors, but its location, access and range of amenities and surrounding F&B, nightlife and retail availability are all important considerations.
With the proximity to international schools, shopping centres, dining and entertainment, BKK is the top choice for expats and investors despite demanding the highest property prices.
Boeung Keng Kang 1 remains the beating heart of expat life in Phnom Penh, and with the benefits of relative modern infrastructure, vibrant lifestyle great selection of international restaurants, as well as luxury apartments - the area is highly sought after and there is a strong rental demand and steady property value appreciation which are all property investment benefits.
As a prime real estate hotspot that seamlessly blends tradition with modernity, some of the new condo projects under development in BKK1 include: Le Conde BKK1, Time Square 5 (Time Square 306), Picasso Sky Gemme, and J Tower 3.
The area is a popular choice for expats and international workers, it is a preferred choice for families, and due to its proximity to embassies, corporate offices, and major commercial centres attracts higher-income earners.
For investors looking for high rental yields and long-term capital appreciation, BKK is still one of the best areas in Phnom Penh to secure a solid real estate investment.
Find out more about why BKK remains such a hotspot for investment and property buyers.
Tonle Bassac
Not far away is Tonle Bassac, which is an affluent neighbourhood offering luxurious condominiums and villas, some of which offer panoramic views of the Tonle Bassac River. The area, similar to BKK1, appeals to property investors who want to prioritise its location as it is close to the central business district and upscale shopping malls in the capital.
J Tower 3 is a new development in Tonle Bassac and is set to be one of Cambodia’s tallest buildings, standing at 77 floors. This luxurious development offers a starting price of 360,000 USD for significantly larger, more livable apartments, whereas some high-end three-bedroom units in Phnom Penh have a starting price tag of half a million US dollars.
In terms of investment potential, Tonle Bassac can have slightly lower prices than BKK1 and represents a growing opportunity for investors with increasing demand contributing to rising property values, but within a neighbourhood boasting modern amenities that comprises expats and affluent locals.
Toul Tom Poung (TTP or Russian Market)
TTP, as the area is still most commonly referred to by expats living in the Cambodian capital, has changed dramatically over the past decade and still offers affordable housing and a vibrant lifestyle within a congested area that is surrounded by areas that are all improving in terms of amenities and property options.
As and alternative area to consider buying and living in, one key consideration would be the commute as TTP is located to the south of the city and best served if already working in the area but it has been increasingly considered a prime location resulting in growing popularity among expatriates due to the huge number of bars, cafes, and restaurants which makes the area nearly a self-contained community that can still relatively reach areas such as BKK and towards the southward expansion of the city in the direction of the new airport under construction.
Boasting a cosmopolitan community of locals and expats, within a short walk are a range of schools (local and international), supermarkets and a well-developed infrastructure that caters to a wide range of residents. One of the centrepieces is the popular Russian Market itself, which is known for its bustling and vibrant atmosphere.
Toul Tom Poung offers a more affordable alternative to BKK1 and Tonle Bassac, and one example of a modern condo development is Time Square 8, which will reach 50 floors and offers onsite a BBQ Yard Pavilion, gym, swimming pool, sky lounge with city views, concierge services, and 24/7 security. Residents will also have access to amenities such as an amphitheatre and a floating bar.
Land prices in Toul Tom Poung typically range from US $1,600 - $7,300 per square meter, which is more affordable compared to Boeung Keng Kang, where prices range from $2,800 to $10,000 per square meter (based on Why Cambodia 2023 from realestate.com.kh).
Toul Kork
Toul Kork is located to the northwest of the city and, like most of the city, has been undergoing gradual transformation and has developed into a residential and commercial district favoured for its modern infrastructure and amenities as well as its proximity to a number of schools and universities.
The Toul Kork area is less congested than some other popular areas and does attract both local and international investors looking for long-term growth and as such has become a top choice for condo investment as there is better accessibility, modern living standards, and better affordability compared to central Phnom Penh - but again location needs to be considered. Although transport infrastructure is constantly evolving, the area can be subject to peak traffic at peak travel times.
From a rental perspective, there remains strong demand and capital appreciation potential, as the area has access to the airport, business districts, schools, and hospitals. Its evolution means it is attractive to both locals and expats, and several wealthy families live in the area in expansive villas.
As a sought-after residential and commercial district, Tuol Kork can offer great potential for long-term growth and rental income, and one such new project is the Time Square 7 development. Time Square 7 is located centrally in Toul Kork and close to major shopping centres (Samai Square, TK Avenue Mall and Khalandale Mall), schools and hospitals.
Another newer development is The Royal Platinum Condominium, which is a high-end mixed-use development located in Toul Kork.
One reason expats suggest Tuol Kork as an ideal area to live is that it is more spacious than BKK1, for example, and more affordable, and although further away from central nightlife areas, it is much quieter.
Condominium prices in Toul Kork vary, and land prices in Toul Kork can range from approximately US $1,900 - $6,100 per square meter.
Chroy Changvar
Chroy Changvar has become one of Phnom Penh’s most rapidly developing districts and is in our top four areas in Phnom Penh to consider buying property in.
Strategically positioned just across the Tonle Sap River from Phnom Penh’s central districts, it is increasingly becoming more accessible with new bridges and roads being built as part of the capital's infrastructure development, meaning it is highly connected to both Phnom Penh’s business hubs and as a getaway to the surrounding provinces.
The Cambodian government is actively promoting Chroy Changvar as a key development zone, and some of the development includes new government offices, private investments, hotels, residential properties, new commercial centres and retail spaces. There are plans for a public transportation system to further increase the attractiveness of properties in the area for both investors and residents.
The riverside location has attracted upscale residential and mixed-use developments. Such as Wealth Mansion and LA VISTA ONE - the latter is a 140m tall, 41-storey twin-tower located at the intersection of the Mekong and Tonle Sap Rivers with onsite amenities including an infinity pool, a sky bar and restaurant, a sky garden, and fitness facilities. There are also two levels of underground parking and a retail podium on the ground floor.
Top Property Condo Handovers Expected In Phnom Penh In 2025
Urban planners have identified Chroy Changvar as a future commercial and residential hub, envisioning a city that grows both eastward and along the riverbanks. As this vision materialises, property values in the district are expected to climb.
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