Rapid developments in greater Phnom Penh paved the way for new residential hubs on the outskirts of the city, especially the area around the Phnom Penh International Airport.
The expansion of the airport, Lion City and the Parkson Mall development is turning the area into a residential and commercial hub, while the area gets ready for investment. The successful Nord Anglia’s Northbridge school along the Road 2004, Axis Residences and The Orchid Villa The Grand near the airport continue to grow due to the steady flow of new residents and investors.
The rising developments and investments help change the city’s skyline through means of an improving infrasturture system, said Ann Thida, Senior Associate Director at CBRE.
Ann Thida believes that the residential developments near the airport will continue to expand and become a residential hub in the future.
Key for the developments in the area, Ann added, is improving the roads and means of transportation in order to link the area with the central business district.
Recently, the government announced that people no longer have to pay toll fees for using Road 2004 and Road 371. Hence, experts expect that the area along the roads will have more potential for development and investment.
Sung Bonna, Bunna Realty Group director, for instance said the growth of the residential development near the airport was picking up because that area was attractive and full of people, as well as enganged as an industrial and a commercial area.
“It is [considered] the second most attractive area after the city centre,” Sung said.
Po Eavkong, general manager of ASIA Real Estate, said the area saw an increase of business along the Russian Boulevard and close to the airport because aerial traffic was gradually increasing. The residential development near the airport, such as the Lion City project, could benefit from the airport, as well he added.
Noun Rithy, director of Real Estate Company KFA, agreed that the West of Phnom Penh had potential for residential development, as the area had many vacant plots and prices were more affordable than inside the city. .
“Infrastructure at the west of the city has improved in the last five years, and people density is an easy factor for doing business,” he added.