Logo of Phnom Penh Post newspaper Phnom Penh Post - Siem Reap real estate builds up



Siem Reap real estate builds up

Content image - Phnom Penh Post
A 38-road construction project in Siem Reap province broke ground on Monday. SPM

Siem Reap real estate builds up

Buzz surrounding a 38-road construction project in Siem Reap province has given fresh impetus to the real estate market there, industry insiders have said.

Prime Minister Hun Sen on November 30 presided over the groundbreaking ceremony for the construction and revamping of 108.74km of roads in the northern province.

Speaking at the event, he said the endeavour will contribute to national economic development and transform the eponymous provincial capital into a modern metropolis and tourism powerhouse.

With $140 million earmarked for road development and an additional $9 million allotted for the construction of rain drainage and wastewater systems,

Hun Sen stressed that the project would be undertaken with environmental protection and improvement, people’s comfort and smart-city development in mind.

He said the roads will provide better links between downtown Siem Reap to the outskirts and to major tourist destinations, reinforce the network of national roads, reduce traffic congestion in the town and promote growth in the transport sector.

The project will place the town in a better position to attract investors, businesspeople and national and international tourists in the post-Covid-19 era, he said.

Along with Phnom Penh and the coastal city of Sihanoukville, the prime minister identified Siem Reap town as the Kingdom’s third economic pole.

According to Minister of Public Works and Transport Sun Chanthol, work on the 38 roads will be completed by the end of next year.

Global Real Estate Association president Sam Soknoeun told The Post on December 2 that the project will surely expand upon the opportunities for investment that the province’s real estate sector already presents.

And nowhere will this be truer than in target areas for the tourism sector, he said.

Once the infrastructure is all set and the world successfully reins in the Covid-19 pandemic, he said real estate in Siem Reap will enjoy a significant boom.

“Where the infrastructure is laid, lively real estate hotspots will pop up, above all in Siem Reap province with its existing real estate market potential.

“Road development will not only attract tourists on holiday to the province, but it will also catch the fancy of investors to put their money there,” Soknoeun said.

He said Siem Reap province boasts the third strongest market in the Kingdom, following Phnom Penh and Preah Sihanouk province, which has Sihanoukville as its capital.

According to Soknoeun, the current land price is up to $4,000 per sqm in what he called Siem Reap town’s “best commercial area”.

Noun Rithy, the president and CEO of real estate investment agency Khmer Foundation Appraisals Co Ltd, said more roads facilitates travel and buoys demand for residential and commercial real estate development.

Coupled with the new airport and a China Town on the cards, he said the project is a harbinger of the boom to come for the town’s real estate sector.

“This bodes all the better for Siem Reap town’s real estate sector, because top-notch roads with enough water and electricity will breed a surge in real estate, though that growth will be contingent on the precise geographical location,” Rithy said.

Acknowledging its heavy dependence on tourism, he noted that real estate price trends in the province hinge on tourist inflows.

Land in the town’s busiest commercial area near Kandal market is currently valued at between $3,000-4,000 per sqm, while land in residential areas nearby cost $800-1,500, according to Rithy.

Per-sqm prices in areas along National Road 6, which cuts through the town, are from $300-1,500, he said. They are $300-500 in urban areas, $70-150 in the outskirts and $15-20 in areas along the belt road.

MOST VIEWED

  • Historic Battambang town bans billboards

    The Battambang town administration informed all house and business owners in Svay Por commune to remove all billboards by August 1 as it is preparing to submit the town to UNESCO for inclusion on its historical cultural heritage list. Its July 25 notice said all signage was

  • All foreigners' accommodations to be inspected: Sar Kheng

    The Ministry of Interior is undertaking a serious effort to inspect all the accommodations of foreigners in Cambodia – except diplomats – in order to find and identify human traffickers. Minister Sar Kheng said this would include inspections on the homes of foreigners employed by businesses, private

  • Ice cream, noodles flagged over carcinogen

    The General Department of Customs and Excise of Cambodia (GDCE) has identified three types of instant noodles and ice cream trademarks originating from Thailand, Vietnam and France that are suspected to contain ethylene oxide, which poses a cancer risk to consumers. The general department has

  • Exclusive interview with Josep Borrell Fontelles, High Representative of the EU

    CAMBODIA is hosting the 55th ASEAN Foreign Ministers’ Meeting (AMM) and Related Meetings this week with top officials from the US, China, and Russia and other countries in the region slated to attend and to meet with face-to-face with their counterparts on the sidelines. In

  • Rise in Thai air routes to Siem Reap fuels travel hopes

    Local tourism industry players are eager for regional airline Bangkok Airways Pcl’s resumption of direct flight services between the Thai capital and Siem Reap town on August 1 – home of Cambodia’s awe-inspiring Angkor Archaeological Park – which is expected to boost the growth rate of

  • ASEAN Foreign Ministers’ meet commences, Taiwan issue possibly on table

    The 55th ASEAN Foreign Ministers’ Meeting (AMM) and related meetings hosted by Cambodia kicks off in Phnom Penh on August 3, with progress, challenges, and the way forward for the ASEAN Community-building on the table. Issues on Taiwan, sparked by the visit of US House Speaker