Search

Search form

Serviced apartments buoyant

Serviced apartments buoyant

120503_09
A serviced apartment in the new Mekong Gardens development.

The market for serviced apartments in Phnom Penh is “buoyant”, according to a new report from property firm CB Richard Ellis (CBRE), with all the serviced apartments the company surveyed achieving in excess of 70 per cent occupancy.

Phnom Penh now has more than 15 serviced apartment buildings, which offer a wide range of quality, amenities and facilities, for a wide range of prices.

Serviced apartment buildings offer services such as cleaning, security, internet access, gas and drinking water as part of the monthly rental. The buildings often have swimming pools, gyms and underground parking.

The demand for serviced apartments is driven exclusively by the estimated 30,000 foreign nationals living in the capital.

CBRE says that Phnom Penh market is diverse, due to the varied services on offer as well as the quality of the apartments, with rents ranging from as low as $8 per square metre to $54 per square metre.

The average rental price across the market is currently $17.50 per square metre. They say the market “looks to remain demand-driven for the third and fourth quarter of 2012”.

However the most expensive serviced apartments in the capital are due to come under some pressure, the firm says: “Grade A accommodation occupancy levels are expected to decrease in the short term due to new supply in the market and existing projects renovating.”

CBRE says there are currently 60,000 square metres of Grade A and Grade B standard serviced apartment units, with an additional 13,000 square metres coming on to the market in this coming quarter.

RECOMMENDED STORIES

  • Breaking: PM says prominent human rights NGO ‘must close’

    Prime Minister Hun Sen has instructed the Interior Ministry to investigate the Cambodian Center for Human Rights (CCHR) and potentially close it “because they follow foreigners”, appearing to link the rights group to the opposition Cambodia National Rescue Party's purported “revolution”. The CNRP - the

  • Rainsy and Sokha ‘would already be dead’: PM

    Prime Minister Hun Sen on Sunday appeared to suggest he would have assassinated opposition leaders Sam Rainsy and Kem Sokha had he known they were promising to “organise a new government” in the aftermath of the disputed 2013 national elections. In a clip from his speech

  • Massive ceremony at Angkor Wat will show ‘Cambodia not in anarchy’: PM

    Government officials, thousands of monks and Prime Minister Hun Sen himself will hold a massive prayer ceremony at Angkor Wat in early December to highlight the Kingdom’s continuing “peace, independence and political stability”, a spectacle observers said was designed to disguise the deterioration of

  • PM tells workers CNRP is to blame for any sanctions

    In a speech to workers yesterday, Prime Minister Hun Sen pinned the blame for any damage inflicted on Cambodia’s garment industry by potential economic sanctions squarely on the opposition party. “You must remember clearly that if the purchase orders are reduced, it is all