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Phnom Penh condo supply near 26K units

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Two condominium projects completed construction in the fourth quarter of 2020, adding 937 units to the capital’s supply. BAOLI MANSION VIA FACEBOOK

Phnom Penh condo supply near 26K units

The fourth quarter of 2020 saw the addition of 937 units to Phnom Penh’s condominium supply, raising the total 3.75 per cent quarter-on-quarter to 25,914, according to a new report.

CBRE Cambodia, the local affiliate of US commercial real estate services and investment firm CBRE Group Inc, said in the report that the “mid-range” BaoLi Mansion project in Prampi Makara district provided 644 units to the supply, while the “affordable” Royal Park Condo in Tuol Kork district delivered 293.

The real estate firm categorises condominium projects as “high-range”, “mid-range” and “affordable”.

It said the price of “high-end” condominium units averaged $3,000 per sqm in the fourth quarter of last year, down 1.19 per cent compared to the third quarter.

“Mid-range” units averaged $2,250 per sqm, a 5.89 per cent quarter-on-quarter dip, while “affordable” units averaged $1,400, falling 1.56 per cent on a quarterly basis.

On the fourth quarter rental market, “high-end” units averaged $12.69 per sqm per month, down 0.08 per cent quarter-on-quarter and “mid-range” units went for around $10.20, dropping 6.7 per cent over the third quarter.

CBRE Cambodia managing director Ann Sothida said condominium construction remained solid in the fourth quarter, Covid-19 notwithstanding. “Developers are still confident in the market in Cambodia.”

During the fourth quarter of last year, 498 new condominium units were launched for sale at three projects, she said.

The projects are the “affordable” Green Leaf Residence in Sen Sok district with 162 units, while the “mid-range” Real Hope Condominium (231 units) and City Light Condominium (105 units) projects were launched in Chamkarmon district, she added.

The projects launched for sale in the fourth quarter comprised relatively few units, she said, adding that these figures were a far cry from 2019 levels.

Holding on to hope that Covid-19 would be brought under control soon, Sothida said: “According to the forecast for 2021, [condominium] supply in Phnom Penh will increase by about 50 per cent compared to 2020.”

Capital investment in the Kingdom’s construction sector in the first nine months of 2020 fell 9.6 per cent to $5.868 billion from $6.494 billion in January-September 2019, the Ministry of Land Management, Urban Planning and Construction reported.

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