Logo of Phnom Penh Post newspaper Phnom Penh Post - Sihanoukville land prices skyrocketing amid breakneck development



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.

MOST VIEWED

  • Phnom Penh unveils rules for post-lockdown transition

    The Phnom Penh Municipal Administration issued a set of detailed guidelines for the seven days to May 12 after the capital emerges from lockdown at the onset of May 6. In the 14-page document signed by municipal governor Khuong Sreng released on the evening of May 5, the

  • SBI LY HOUR Bank Launches Cross Border Money Transfer Service between Cambodia and Vietnam on RippleNet, utilizing DLT

    SBI LY HOUR Bank Plc and Hanoi-based Tien Phong Commercial Joint Stock Bank (TPBank) on Friday launched the first Cambodia-Vietnam money transfer service in real currency via RippleNet, provided by SBI Ripple Asia Co Ltd to provide safe, fast and convenient services. SBI LY HOUR

  • Gov’t issues guidelines as lockdown nears end

    The government has issued a five-page set of instructions to be enforced when the three-week lockdown of Phnom Penh and adjacent Takmao town in Kandal province ends on May 6. According to an announcement signed by Prime Minister Hun Sen on May 4, the instructions cover a

  • Cambodia ready to exit LDC status

    Cambodia is well-prepared to minimise economic risks when it graduates from its Least Developed Countries status, according to a senior official at the Ministry of Commerce on May 7. Four LDCs – Cambodia, Laos, Bangladesh and Nepal – met at a virtual workshop last week to explore potential

  • Nine US franchises eye Cambodia debut

    Nine famous US franchising companies are looking for business opportunities and expansion into Cambodia to build a footstep for a strong foundation in Southeast Asia. The US embassy in Phnom Penh, in partnership with the US Foreign Commercial Service and with support from the American

  • Lost in translation: ‘Starvation’ in capital’s designated red zones

    “DACH bay” is a Khmer slang meaning a “loss of income”, that could also be literally translated to «deprived of rice”, which alludes to starvation. However, civil society organisation (CSO) officials have independently confirmed the government’s prior assertions that there are no cases of