A more affordable alternative to BKK1 arises in Boeung Prolit

In some parts of Boeung Prolit prices have increased 40 per cent since December, insiders say.
In some parts of Boeung Prolit prices have increased 40 per cent since December, insiders say. Hong Menea

A more affordable alternative to BKK1 arises in Boeung Prolit

As land prices reach up to $7,000 per square metre in high-rolling Boeung Keng Kong, property investors are looking to nearby Boeung Prolit as an affordable alternative.

Developers are moving into the area, which is located directly northwest of the intersection between Monivong and Sihanouk boulevards.

“There are many apartment projects in Beoung Prolit, and customers are keen to find residential units there thanks to the affordable rent and lack of flooding,” said Century21 VTrust CEO Chrek Soknim, adding that his firm’s apartments in Boeung Prolit have been leased out at about 90 per cent.

Research from VTrust indicated that land prices ranged from $2,000 to $4,000 in Boeung Prolit.

“Landowners in the area have started increasing property prices since December of 2014 – some blocks have increased about 40 per cent,” Soknim said.

Dith Channa, general manager of VMC Real Estate Company, said Beoung Prolit has thrived so far thanks to its location in the centre of greater Phnom Penh and its good infrastructure.

It is also located near O’Russey and Olympic market.

“Land and property in the area are comparable to BKK1, but cheaper. I think sooner or later Boeung Prolit will be more attractive,” said Channa.

Along main roads, land in Boeung Prolit goes from $3,600 to $4,600 per square metre, while land along side streets is priced between $2,500 and $3,500 per square metre, research from CL Realty indicated.

MOST VIEWED

  • Cambodia’s image problem

    In opening remarks at a recent event, Secretary of State at the Ministry of Foreign Affairs and International Cooperation Luy David said information can be a double-edged sword. He told a European Institute of Asian Studies (EIAS) briefing seminar that the media has unfairly presented

  • PM Hun Sen says dangers averted

    Delivering a campaign speech from his home via Facebook Live on Thursday, caretaker Prime Minister Hun Sen said his Cambodian People’s Party (CPP) had carried the country through danger in its latest mandate. He was specifically referring to the threat of a “colour revolution”

  • Kingdom's trade deal with EU questioned before poll

    A European Union (EU) mission met with senior government officials at the Ministry of Interior on Tuesday as the 28-member bloc monitors an agreement under which Cambodian goods reach the crucial European market tariff-free. Some 10 commissioners are in the Kingdom as part of a seven-day

  • A new carrier takes off in capital

    Cambodia Airways, the latest passenger airline to enter the Kingdom, launched its first domestic flight on Tuesday. Flight KR801, carrying 145 passengers, left the Phnom Penh International Airport at 9:50am and landed in Siem Reap at 10:35am in an Airbus A319. Cambodia Airways marketing and branding