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.