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Condominium supply in Phnom Penh reaches 17,500 in third quarter

Content image - Phnom Penh Post
A condominium project under construction in Phnom Penh’s Chamkarmon district. Heng Chivoan

Condominium supply in Phnom Penh reaches 17,500 in third quarter

The supply of condominiums in Phnom Penh reached 17,500 units at the end of the third quarter of this year – up more than five per cent compared to the second quarter, a CBRE Cambodia report said.

The completion of the Star City condominium project in Sen Sok district’s Phnom Penh Thmey commune added 850 units to the second quarter’s supply of 16,650 units, the report said. Supply increased 45 per cent compared to last year’s third quarter.

Of the 17,500 units, 22 per cent were “affordable”, 54 per cent were “mid-range” and 24 per cent “high-end”, it said.

Prices inched up just one or two per cent quarter-on-quarter, with affordable units sold at an average of $1,531psm, mid-range at $2,600 and high-end at $3,190.

Nine new condominium projects comprising a total of 5,130 units broke ground in the third quarter. Most are mid-range condominiums located in Chamkarmon and Chroy Changvar districts.

Keller Williams Sen Sok regional operation principal, Sam Soknoeun, told The Post on Wednesday that the capital’s condominium market remains healthy as usual, especially the affordable sector, which is expected to attract more Cambodians over the next five years.

He said rising land prices and more congested traffic would encourage people to look for a place to live near their workplaces. “Population growth and traffic congestion around the city are driving more Cambodians to buy condos in the city centre.”

Up-and-coming area

While Chamkarmorn district is dominated by high-end condominiums, Soknoeun said the Phnom Penh Thmey area, with its large, affordable plots of land, will see a rising concentration of affordable and mid-range condominium projects over the next five years.

However, Soknoeun said though there may be high demand in the condominium market, competition remains fierce.

Ministry of Land Management, Urban Planning and Construction data shows that in the first nine months of this year, capital investment in the Kingdom’s construction sector was worth $6.49 billion.

This is an increase of 34.73 per cent compared to the same period last year or worth about $4.82 billion. The number of buildings that are five-storeys tall or higher stands at 329.

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