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Phnom Penh’s condo market stays on track in health crisis

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The capital’s property sector added five condominium projects comprising 2,843 units to the market during the first quarter of this year. Hean Rangsey

Phnom Penh’s condo market stays on track in health crisis

Despite the national and global economic downturn fuelled by the ongoing health emergency, Phnom Penh’s condominium projects remain on track to finish on schedule, according to real estate agency CBRE Cambodia.

The capital’s property sector added five condominium projects comprising 2,843 units to the market during the first quarter of this year, said a CBRE Cambodia report obtained by The Post on Wednesday.

This brings the total number of such units in Phnom Penh to 20,851, up 36.6 per cent from 15,264 at the end of March last year, said the report.

It said 45.6 per cent of the new units are outside of the city centre, which encompasses Chamkarmon, Boeung Keng Kang, Daun Penh and Prampi Makara districts.

The average price of condominium units remained mostly unchanged quarter-on-quarter, with high-end units priced around $3,167 per square metre, down 0.53 per cent.

Mid-range units are around $2,559, down 1.39 per cent and affordable units $1,549, up 0.32 per cent.

Meanwhile, the average monthly rent per square metre for high-end units is $14.21, down 0.4 per cent quarter-on-quarter and $11.79 for mid-range units, down 0.6 per cent.

During the quarter, 4,521 new condominium units were launched for sale at eight projects, the report said.

The projects are The Garden Residency 2, Phnom Penh Galaxy Garden, Parc 21 Residence, The Hexa, AKJ Bright Pearl, Urban Village II-Tower G, Grand Central and The Golden World International.

CBRE Cambodia senior analyst Kinkesa Kim told The Post on Wednesday that the effects of the pandemic were not noticeable in the real estate market in this year’s first quarter.

“Our research shows that in the first quarter, construction activity and the condominium market were moving forward as usual,” said Kinkesa.

She said around 10,000 more condominium units are expected to be added to the market this year. However, “changes can happen depending on the spread of Covid-19”.

The Ministry of Land Management, Urban Planning and Construction last year granted permission for 4,446 construction projects, worth some $9.353 billion, on a total area of 18.54 million square metres, it said in a report.

In 2018, there were 2,867 construction projects on 11.42 million square metres, worth around $5.228 billion, it said. Construction investment capital last year increased by 78.88 per cent over 2018.

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