Oftentimes, developers are required to demolish old buildings on prime land to start their projects. Phnom Penh is no exception.
Many plots of land in Phnom Penh in prime locations remain empty and undeveloped despite their attractive location.
One particularly large plot of prime real estate that is marked on the sattelite photo to the left is located on the north of Sisowat High School, along Norodom Boulevard, between Chey Voramam 7 Boulevard (Street 172) and Oknha Ket Boulevard (Street 174). The land measures around 1,800 square meters.
None of the local neighbours know who the owner is.
A senior real estate expert in Cambodia at the Cambodian Valuers and Estate Agents Association said, “The land sits in the best location in the heart of Phnom Penh. According to current market prices, the land price for the area of the block ranges from $5,500 to $6,000 per square meter.”
“Generally, if a land is in a good place and it belongs to developers, they would not leave the land abandoned and untouched as so.”