Logo of Phnom Penh Post newspaper Phnom Penh Post - Russey Keo district sitting pretty



Russey Keo district sitting pretty

Russey Keo district sitting pretty

Housing developments in Phnom Penh’s Russey Keo (also known as Ruessei Kaev) district are coming on stream in droves simultaneously with rising inner city property prices which is aiding demand for residential options in the suburban parts of the city.
A study by VTrust Appraisal in conjunction with Century 21 Mekong on the supply and demand of housing in Russey Keo district which has six communes, found the district is home to a cumulative supply of 12,200 landed housing units.
A number of boreys are springing up in the area alongside the district’s urban expansion, including Borey Vimean, Borey Peng Huoth, Borey New World and Borey Rith.
The report noted that while 2016 had marked a decline of new supply within the district, construction completion started to grow gradually, with 2,827 housing units of all types completed in 2016.
Among the six communes of Russey Keo district, Chrang Chamreh Ti Muoy had 1,398 units completed, 247 units nearing completion, and 899 others still under construction.
Overall, the commune achieved up to 94 percent of all units sold, outperforming the other communes within the district.
Hoem Seiha, director of research at VTrust Appraisal, said demand for the housing market in Ruseey Keo district was increasing as rapid growth in population, increasing traffic pressure, and rising property prices in the inner city centre have pushed many to different suburban parts of the capital, including Russey Keo.
“The growth of the middle-income and young newlyweds who are starting a new family are also pushing up the housing growth,” he said.
Century 21 Mekong CEO Chrek Soknim said there are a number of factors contributing to the growth in demand for housing in the said district, including solid financial support from Cambodia’s banks and the increasing number of young families settling down there.
In 2017, VTrust predicts that an additional 3,383 units will be finished in Russey Keo, ready for buyers to move into.

MOST VIEWED

  • Omicron patients can stay home: PM

    The Ministry of Health has issued a directive on the treatment of people who have tested positive for the highly transmissible Omicron coronavirus variant, following a suggestion from Prime Minister Hun Sen on the night of January 21. The directive permits home quarantine for those who

  • The effects of the USD interest rate hike on Cambodian economy

    Experts weigh in on the effect of a potential interest rate expansion by the US Federal Reserve on a highly dollarised Cambodia Anticipation of the US Federal Reserve’s interest rate hike in March is putting developing economies on edge, a recent blog post by

  • Cambodia’s first ever anime festival kicks off Jan 22 at capital’s F3 centre

    Phnom Penh's first ever Anime Festival will bring together fans, artists, shops and other local businesses with ties to the Japanese animation style for cosplay competitions, online games, pop-up shops and more on January 22, with Friends Futures Factory (F3) hosting. F3 is a project that

  • PM eyes Myanmar peace troika

    Prime Minister Hun Sen has suggested that ASEAN member states establish a tripartite committee or diplomatic troika consisting of representatives from Cambodia, Brunei and Indonesia that would be tasked with mediating a ceasefire in Myanmar. The premier also requested that Nippon Foundation chairman Yohei Sasakawa

  • Demining rat ‘hero’ Magawa dead at 8

    A landmine-hunting rat that was awarded a gold medal for heroism for clearing ordnance from the Cambodian countryside has died, his charity said on January 11. Magawa, a giant African pouched rat originally from Tanzania, helped clear mines from about 225,000sqm of land – the equivalent of 42

  • Hun Sen gets 4th Covid shot, urges compatriots to follow

    Prime Minister Hun Sen and his wife Bun Rany on January 14 received their fourth dose of Covid-19 vaccine and called on compatriots to follow suit as the Omicron coronavirus variant continues to spread in the community. This marks the launch of Cambodia's fourth-dose vaccination campaign,