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Capital’s condo market on the rise

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A penthouse under construction in the Kingdom’s capital. CBRE Cambodia said 218 condominium units were added during the last quarter. Pha Lina

Capital’s condo market on the rise

The property sector added 218 condominium units to the market during the third quarter of this year, bringing the total number of such units in Phnom Penh to 12,048, a CBRE Cambodia report said.

The report said two condominium construction projects were completed in the third quarter, including Skylar Meridian in Chamkar Mon district and the Apennines project in Tuol Kork district.

The number was far lower than in previous quarters. Some 1,200 condominium units were put on sale in the first quarter and 2,000 in the second.

The report showed that 80 per cent of the newly completed high-end condominiums are located in Chamkar Mon district.

There were six condominium development projects – totalling 2,374 units – announced to begin construction in the third quarter – a 5.2 per cent increase from the quarter before.

CBRE Cambodia residential project marketing manager Jonathan Flexer said the condominium market in the third quarter was unchanged, despite the national elections.

He said buyers were mostly from Singapore, Malaysia, China and Hong Kong, though the market has attracted more local people due to the rise in living standards. “Some projects have mostly attracted Cambodians,” he said.

The monthly rent of a high-end condominium in the third quarter was at $14.3 per sqm on average and $11.6 per sqm for a mid-range one.

Khmer Foundation Appraisals president and CEO Noun Rithy said the supply of new condominiums in Phnom Penh has not increased as much this year as three or four years ago, but the industry is expected to grow further.

“Although the supply is not as much as before, I am still optimistic about the condominium industry in Phnom Penh,” Rithy said, adding that currently more young Cambodians are interested in living in a condominium.

He said most condominium development project investors in Phnom Penh are Chinese, as are their customers.

Ministry of Land Management, Urban Planning and Construction reports showed that during the first nine months of this year, construction investment capital in Cambodia was valued at $4.8 billion, down from $5.6 billion during the same period last year – a 14.47 per cent fall.

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