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Sihanoukville land prices skyrocketing amid breakneck development

Content image - Phnom Penh Post
Jin Bei Casino in Sihanoukville. Heng Chivoan

Sihanoukville land prices skyrocketing amid breakneck development

Sihanoukville, the Kingdom’s most famous beach destination for tourists, is seemingly becoming a paradise for Chinese investors as well.

The huge influx of Chinese investors has caused property values to rise, especially the price of land, which has nearly doubled in some places near the centre.

Chinese-owned businesses in Preah Sihanouk province range from small enterprises to huge projects such as hotels and casinos.

Phnom Penh-based property firm Amatak Property Service Co Ltd, which is active in the Sihanoukville sector, noted that some parcels have increased 100 per cent in price.

Amatak CEO Tang Hour told The Post that the breakneck speed of development in the city has caused some plots to go for more than $3,500 per square metre.

“Nowadays, the price in some areas of Sihanoukville is almost equal to the price in Boeung Keng Kang district of Phnom Penh,” she said, adding that some areas which were $1,500 per square metre last year are now more than $3,000 per square metre.

The most attractive area is near the mountain opposite the sea. “Land in some areas has hit $4,500 per square metre,” she added.

A report from Key Real Estate Co Ltd, obtained on Wednesday by The Post, shows that land prices in Sihanoukville range from $200 to $3,000 per square metre.

Key Real Estate director Sorn Seap said the influx of foreign investors, particularly from China, Hong Kong, Macau and Singapore, has boosted demand for land to be used for construction projects like hotels, casinos, condos, apartments and office buildings.

“I think that land prices in Sihanoukville will continue to increase as Cambodian political factors remain stable,” he said.

Sihanoukville governor Yun Min said from the beginning of this year until now, more than 20 large buildings have been constructed in Sihanoukville – many of them funded by Chinese investors.

“The construction and real estate sectors in Preah Sihanouk province will continue to grow due to a number of factors such as political stability, investment law and geopolitical potential,” he said.

During the past seven months, Preah Sihanouk province has hosted over one million tourists, mostly from China, according to the governor.

He said currently the province has a population of around 220,000. Of the figure, 30,000 are immigrants.

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