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Chamkar Mon seen continuing to grow

Chamkar Mon seen continuing to grow

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Construction under way at Chamkar Mon district. Photograph: Hong Menea /Phnom Penh Post

Even though there are 36 condos and apartment buildings in Chamkar Mon district, the area still has high potential for further investment, because it is the most popular in Phnom Penh.

“According to our study in early 2013, we found that in Chamkar Mon district there are 36 condos and apartments for sale and rent with tenant taking up to 70 to 80 per cent in each property,” Nuon Rithy, general manager of Bonna Reality Group said.

“Chamkar Mon district has great potential because its location is in the city center and has around one quarter of all businesses in Phnom Penh, and it has main boulevards such as Norodom, Preah Monivong, Preah Sihanouk, Preah Sisowath and other main streets”, he said.

“This area is also a suitable location for building condos and apartments, especially as there are no height restrictions for the buildings, which are different from those in Daun Penh, where some communes are limited for high buildings”.

Chamkar Mon is also a good location which includes good infrastructure; electricity blackouts are rare, there is good security, with mixed services such as restaurants, hotels, international schools, cafés, banks and other services.

Apartments in this area with one bedroom are available from $300 to $1,000; for two bedrooms from $550 to $1,700 dollars, and three bedroom apartments available from $1,000 to $3,000 dollars.

In Chamkar Mon there are two communes that are the most popular: Beoung Keng Kang I and Tonle Basac, Po Eav Kong, managing director of Asia Real Estate said.

First, it is popular for foreigners living because it is near embassies. secondly, it has international schools, restaurants, cafés and working places for UN agencies, and thirdly, it is highly secure compared with other areas, he said.

“To date condo and apartment supplies are not over demand yet, especially apartments”, he said.

Both Po Eav Kong and Nuon Rithy suggest investors think carefully about styles and interior design.

Sorn Seap, general manager of KEY Real Estate saw the issue slightly differently, saying that “if we look at general points, we see that condos in that area are still in demand due to a smaller number of condos.

“A number of apartments do not have enough people to occupy them, but some apartments have many people living there because of good preparation, with construction quality, style and design both inside and outside the buildings,” he said.

“Now this area has changed from a quiet residential are to a commercial hub, with many foreigners living because of condo and apartment buildings and cafés everywhere”, he said.