Logo of Phnom Penh Post newspaper Phnom Penh Post - New report says Sen Sok outpacing Tuol Kouk



New report says Sen Sok outpacing Tuol Kouk

Content image - Phnom Penh Post
Map of Phnom Penh highlighting the Toul Koru and Sen Sok districts. VTRUST APPRAISAL

New report says Sen Sok outpacing Tuol Kouk

The latest report on the Phnom Penh property market from local firm Vtrust Appraisal says that Sen Sok district is starting to pick up in value as nearby Tuol Kouk climbs to the likely upper reaches of its recent dizzying price rises.

The Vtrust report says both districts, which lie northwest of central Phnom Penh, have enjoyed rapid growth in terms of residential and commercial developments.

The suburban Sen Sok, for example, has witnessed what Vtrust calls a noticeable change in pace of developments, especially in mixed-use housing and infrastructure, which can be seen in the changing skyline and the rapid surge in land prices over the last three years.

“This growth will continue its pace as developers foresee market optimism over the next coming years,” the report says.

In Sen Sok, the average market price of land at the end of 2013 was $380 per square metre. By the first-half of this year, prices had risen to $690, an average year-on-year growth of 27 per cent.

The report notes that over the last decade, the northern fringes of Toul Kouk have been the main destination for residential relocation from those in central parts of Phnom Penh because of the large portions of vacant land and the area’s proximity to the centre of the capital.

This caused a heave in land prices, from an average across the district of about $1,100 per square metre in 2005 to a figure of around $2,530 in the first half of this year.

But the report also says that many parts of Tuol Kouk seemed to almost- reach their price caps, “as many available development and establishment opportunities have now appeared elsewhere throughout many of the peripheral parts of the district and its neighbourhoods, offering much lower prices and promising opportunities.”

According to the report, the ongoing trend of relocation from central Phnom Penh to suburban areas in a bid to cope with rapid land price growth, worsening traffic and increasingly overcrowded central areas, has led to people moving out and forming new towns and communities.

More importantly, Vtrust notes, new projects including the second Aeon Mall are planned for the outskirts of the city.

“These factors have brought about more demand for the area, including housing units and parcels of land, thus pushing prices to hike rapidly.”

MOST VIEWED

  • Hong Kong firm done buying Coke Cambodia

    Swire Coca-Cola Ltd, a wholly-owned subsidiary of Hong Kong-listed Swire Pacific Ltd, on November 25 announced that it had completed the acquisition of The Coca-Cola Co’s bottling business in Cambodia, as part of its ambitions to expand into the Southeast Asian market. Swire Coca-Cola affirmed

  • Cambodia's Bokator now officially in World Heritage List

    UNESCO has officially inscribed Cambodia’s “Kun Lbokator”, commonly known as Bokator, on the World Heritage List, according to Minister of Culture and Fine Arts Phoeurng Sackona in her brief report to Prime Minister Hun Sen on the night of November 29. Her report, which was

  • NagaWorld union leader arrested at airport after Australia trip

    Chhim Sithar, head of the Labour Rights Supported Union of Khmer Employees at NagaWorld integrated casino resort, was arrested on November 26 at Phnom Penh International Airport and placed in pre-trial detention after returning from a 12-day trip to Australia. Phnom Penh Municipal Court Investigating Judge

  • Sub-Decree approves $30M for mine clearance

    The Cambodian government established the ‘Mine-Free Cambodia 2025 Foundation’, and released an initial budget of $30 million. Based on the progress of the foundation in 2023, 2024 and 2025, more funds will be added from the national budget and other sources. In a sub-decree signed by Prime Minister Hun Sen

  • Two senior GDP officials defect to CPP

    Two senior officials of the Grassroots Democratic Party (GDP) have asked to join the Cambodian People’s Party (CPP), after apparently failing to forge a political alliance in the run-up to the 2023 general election. Yang Saing Koma, chairman of the GDP board, and Lek Sothear,

  • Angkor Beer, 30 Years of Prestige and Still Counting

    Let’s celebrate 30 years of prestige with Angkor Beer. In this 2022, Angkor Beer is 30 years old and has been staying with Cambodian hearts in all circumstances. Head of core beer portfolio, EmYuthousaid, “We have been with Cambodians for three decades now. We, ANGKOR Beer, pride