The outward expansion of Phnom Penh continues to be fueled by high-rise and sprawling landed residential projects. Supplied.
Phnom Penh’s outward expansion continues despite COVID-19. Fortunately for buyers, the development of outer districts has not directly led to prices skyrocketing as they would have prior to the pandemic.
According to Realestate.com.kh, Cambodia’s leading real estate classifieds portal, the outer districts of Meanchey, Sen Sok, and Por Sen Chey, are the most viable options for property investors looking for apartments/condominiums in the capital city.
As of Q3 2021, the median sale price for Sen Sok apartment/condo properties is recorded at $101,022 (26% lower compared to the same period in 2020). Neighbouring Por Sen Chey district is recorded at $97,944 (11% lower). And the southern district of Meanchey is recorded at $100,000 (16% lower). As these are median values, lower or more premium-priced properties can be found on Realestate.com.kh.
Residential developments in Sen Sok, Meanchey, and Por Sen Chey offer the lowest median sale prices to buyers in Phnom Penh. Supplied.
Sen Sok, Meanchey, and Por Sen Chey have been the biggest beneficiaries of the capital’s outward expansion. Sen Sok, home to over 180,000 residents, currently leads the pack with multiple borey and condo projects already in different stages of development. Sen Sok’s popularity can largely be attributed to the presence of AEON Mall 2, the biggest shopping mall in Phnom Penh to date. Sen Sok district currently holds the most promise in the short term given the amount of development it has seen in the past few years.
The Meanchey district, largely known for its garment and textile factories, has been growing as a suburban choice for many Cambodians; currently home to around 248,000 residents or ~12% of the capital’s population. The district first saw a bump in property prices after the completion of the Hun Sen Boulevard (a.k.a 60m road) in 2017. The biggest wave of interest came in December 2019 with the announcement of AEON Mall 3 resulting in land and property purchases in the area. The new mega-mall is expected to be completed in 2023.
Por Sen Chey’s popular Old Market is seeing a facelift with the upcoming Century Plaza, a highly anticipated shopping centre along Russian Boulevard. Learn more about Century Plaza here.
Por Sen Chey offers the lowest median condo sale price in Phnom Penh’s outer district. Known as the airport district, it is one of the largest districts in the capital city in terms of land area and is home to over 226,000 residents. Much like Meanchey, commercial developers have been taken note of the growth in the area. Properties along the Russian Boulevard, especially around the upcoming Century Plaza are expected to see significant growth.
The WorldBridge Sport Village (WBSV) is a massive mixed-use development in Chroy Changvar, one of the fastest-growing suburban districts in Phnom Penh. Learn more about WBSV here.
Chroy Changvar is an area worth noting for its comparable development. As of Q3 2021, Chroy Changvar median condo sale prices were recorded at $140,191 (17% lower compared to the same period in 2020). The peninsular district continues to attract the attention of developers and build itself up to be the suburban choice for many middle-class to upper-class Cambodians. A range of condominium developments can be found in the south of the peninsula while sprawling boreys and mixed-use developments are being developed in its northern areas.
The persistence of COVID-19 and the onset of the delta variant has made many property seekers more discerning in their investment decisions. Realestate.com.kh seeks to help property buyers in a pandemic economy find the right home investment in its growing list of over 30,000 properties available for sale and rent.