Logo of Phnom Penh Post newspaper Phnom Penh Post - More will favour condo-living as population, incomes grow



More will favour condo-living as population, incomes grow

Condo-living has been forecast to be the norm by the time 2030, and the uprising of millennials, rolls around.
Condo-living has been forecast to be the norm by the time 2030, and the uprising of millennials, rolls around. Hong Menea

More will favour condo-living as population, incomes grow

The new generation of Phnom Penh residents is likely to prefer condo, inner-city living over the more traditional dwellings, with real estate experts identifying the city’s population growth and rising income levels as factors in a change of lifestyle preference for the millennials of Cambodia.

According to Ngoun Chhayleang, CEO of Ratanaka Realty, as incomes grow, young people will change course to adapt to a more modern standard of living, with condos being the desirable dwelling choice.

“I think the new generation will choose to live in condos where they can stay close to their workplace,” he said, adding, “The youths will decide to live in the city, and the condo investors targeting this group of customers will benefit from that.”

According to a recent study by property developer Urban Living Solutions, the number of residents in Phnom Penh will hit four million by 2030, with Chhayleang noting that the trend of living in condos would be a norm by then.

Along with the city’s growing population, real estate experts are also pinpointing the implications of the urban boom that is taking hold.

“With the population at four million in 2030, they will definitely face more traffic jam issues and environmental pollution, and technology will partake in resolving these issues,” Va Vireak, CEO of Century 21 Fortuna Investment, said.

He added that more people will move from the outskirts to the heart of the city, believing that a majority of the next generation would opt to live in condos for the convenience and lifestyle that it offers.

“The youths, especially those who are sent to study overseas, will choose to live in condos back here because they are close to cafe shops, shopping malls, gymnasiums and their workplaces,” Vireak said.

According to a 2016 study by the Ministry of Land Management, Urban Planning and Construction regarding the city development framework in Cambodia, it was found that the number of residents living in Cambodia’s biggest cities by the end of 2014 was 4.5 million – equivalent to 27.1 percent of the entire population – and will continue marking up to 7.9 million people by 2030, equivalent to 44 percent of the whole Cambodian population.

Economist Mey Kalyan, also a senior advisor to the National Economic Council, said the more developed a country is, the more people will live in its capital city; when the city expands, more infrastructure is inevitably compulsory.

“When the city grows bigger, the quality of life will start to fade,” he said.

According to Kalyan, even if the government is unable to prepare for an influx of people, it should at least focus more of its resources on legal solutions to resolve traffic issues, and invest deeper into infrastructure and public services.

MOST VIEWED

  • Siem Reap drain canal now ‘mangrove’ promenade

    A more than half a kilometre long stretch of canal in Siem Reap has been covered and turned into a promenade to attract visitors, said Ly Rasmey, secretary of state at the Ministry of Land Management, Urban Planning and Construction, on September 16. The new pedestrianised

  • Angkor wildlife, aquarium park still to open October

    The Angkor Wildlife and Aquarium complex about 30km southeast of Siem Reap town with initial total investment of more than $70 million is reportedly still on track for an end-October opening. The park is located on a 100ha plot along National Road 6 in Kbon village, Khchas

  • Final verdicts for Khmer Rouge leaders ‘vital’ for next generation

    Nearly a decade after the commencement of Case 002/02 against Khieu Samphan back in 2014, the Extraordinary Chambers in the Courts of Cambodia (ECCC) is now set to deliver its final verdict for the former Khmer Rouge head of state. The Supreme Court Chamber of the ECCC,

  • Defence minister reaffirms Kingdom’s staunch support for One-China policy

    Minister of National Defence General Tea Banh has reaffirmed Cambodia’s unwavering support for the One-China policy. Tea Banh was speaking at the September 20 ceremonial handover of 117 vehicles and other military equipment donated by China’s defence ministry, held at Phnom Chumreay International Military Training

  • Typhoon Noru brings flash floods – 16 dead

    An official warned that that the 16th typhoon of the season, Noru, had brought heavy rains to areas the Mekong River and flooded thousands of homes in the provinces bordering Thailand. As of September 27, the death toll from the flooding had risen to 16. National Committee

  • Deaths due to ‘lifestyle’ diseases rise in Kingdom

    The Ministry of Health has called on people to pay closer attention to their health to protect themselves from non-communicable diseases (NCDs) which it said have caused high rates of deaths in the country. Ministry secretary of state York Sambath made the call at a