Logo of Phnom Penh Post newspaper Phnom Penh Post - Capital’s condo supply adds 828 units in Q3 as prices dip



Capital’s condo supply adds 828 units in Q3 as prices dip

Content image - Phnom Penh Post
The Phnom Penh condo market has resumed after a lull and developers say they remain confident in sales. Photo supplied

Capital’s condo supply adds 828 units in Q3 as prices dip

The third quarter of this year saw the addition of 828 units to Phnom Penh’s condominium supply, raising the total 3.97 per cent quarter-on-quarter to 21,679, a research report from real estate service provider CBRE Cambodia said.

The Urban Village Phase I condominium was the sole project completed in the period July-September, CBRE Cambodia said.

The capital’s condominium buildings break down as 27 per cent “high-end”, 28 per cent “mid-range” and 45 per cent “affordable”, it said.

The average sales price of all three categories of condominium units dipped between one and 1.4 per cent quarter-on-quarter, it said. This follows a 0.65-4.61 per cent drop from the first quarter of this year.

Average rental prices were 0-2.88 per cent lower in the third quarter, after having slipped 0-7.25 per cent between the first and second quarters, it added.

CBRE Cambodia managing director Ann Sothida told The Post on Wednesday that the capital’s condominium market in the third quarter had begun to wake up from its Covid-19 slumber.

Though just one new project was completed in the third quarter, she said three others have been announced for construction.

She also pointed out that rents also dropped during the period.

“Developers are not concerned with condo sales at all, they remain confident in their sales in the face of Covid-19. Given the uptick in competition seen now in sales, they’ll need to adjust their strategies, such as payment methods.

“The market has resumed after a bit of a lull, but we’ll have to wait for more flight routes to reopen before we can have a boom,” Sothida said.

CBRE Cambodia also noted that no condominium developers announced new sales launches during the third quarter, while just three announced expansions – comprising more than 2,000 units.

The expansions are Urban Village Phase II, Arakawa Residences (Phase II) and Yuetai Harbour Bay (4D Tower), it said.

MOST VIEWED

  • ‘Education’ a priority traffic-law penalty

    A top National Police official on June 21 neither rejected nor confirmed the authenticity of a leaked audio message, which has gone viral on social media, on a waiver of fines for a number of road traffic-related offences. General Him Yan, deputy National Police chief in

  • Pursat Ford assembly plant opens

    The Kingdom’s first Ford assembly plant was inaugurated on June 16 in Pursat province amid rising demand for brand-new vehicles among Cambodians. The facility is seen as a game changer for the domestic automobile industry, which could bring a wave of investors seeking to cash

  • Siem Reap’s $18M zoo said to educate public, help wildlife

    Angkor Wildlife and Aquarium Co Ltd has invested $18 million in a zoo in Siem Reap province, which will be opened in October to educate and promote animal conservation as well as attract national and international tourists. Currently, the Angkor Wildlife and Aquarium is building the

  • Volunteer scheme to foster ‘virtuous’ humanitarian spirit

    A senior education official said volunteer work contributes to solidarity and promotes a virtuous humanitarian spirit among the youth and communities. Serei Chumneas, undersecretary of state at the Ministry of Education, Youth and Sport, made the comment during the opening of a training programme called “

  • $50B infrastructure plan en route

    The government’s upcoming $50 billion,10-year infrastructure master plan will provide tremendous investment opportunities for domestic and foreign entities, transport experts and economists say. Minister of Public Works and Transport Sun Chanthol revealed the plan to Japanese ambassador to Cambodia Masahiro Mikami on June 15. At

  • Chinese firms unveil preliminary results on metro, monorail for capital

    Minister of Public Works and Transport Sun Chanthol and representatives from China Road and Bridge Corp (CRBC) and its parent company, the state-owned China Communications Construction Co Ltd (CCCC), met on June 24 for talks on results of the firms’ preliminary study on a potential metro