Serviced apartments buoyant

Serviced apartments buoyant

A serviced apartment in the new Mekong Gardens development.

The market for serviced apartments in Phnom Penh is “buoyant”, according to a new report from property firm CB Richard Ellis (CBRE), with all the serviced apartments the company surveyed achieving in excess of 70 per cent occupancy.

Phnom Penh now has more than 15 serviced apartment buildings, which offer a wide range of quality, amenities and facilities, for a wide range of prices.

Serviced apartment buildings offer services such as cleaning, security, internet access, gas and drinking water as part of the monthly rental. The buildings often have swimming pools, gyms and underground parking.

The demand for serviced apartments is driven exclusively by the estimated 30,000 foreign nationals living in the capital.

CBRE says that Phnom Penh market is diverse, due to the varied services on offer as well as the quality of the apartments, with rents ranging from as low as $8 per square metre to $54 per square metre.

The average rental price across the market is currently $17.50 per square metre. They say the market “looks to remain demand-driven for the third and fourth quarter of 2012”.

However the most expensive serviced apartments in the capital are due to come under some pressure, the firm says: “Grade A accommodation occupancy levels are expected to decrease in the short term due to new supply in the market and existing projects renovating.”

CBRE says there are currently 60,000 square metres of Grade A and Grade B standard serviced apartment units, with an additional 13,000 square metres coming on to the market in this coming quarter.


  • Serious flooding across country

    The Kampong Speu provincial Committee for Disaster Management on Wednesday issued an alert after non-stop heavy rain caused widespread flooding. In Koh Kong province, authorities are working with the disaster committee and the Cambodian Red Cross to assist those affected after more than 350 homes were

  • CNRP points to King in call for vote boycott

    Leaders of the former Cambodia National Rescue Party (CNRP) have taken a new tack in their call for a boycott of the national elections later this month. They are now claiming that the people should follow the King, who is expected to abide by tradition

  • Actress’s NGO takes heat for promoting the ruling party

    An actress’s NGO which participated in an election campaign event contrary to the Law on Association and Non-Governmental Organisations (Lango) has been slammed. Chorn Chanleakena, a celebrity and the president of the Association of Artists Volunteering to Help Society, allegedly led its members in

  • Troop moves ‘won’t worry people’

    Senior officials at the Ministry of Defence and National Police said on Tuesday that riot training provided to the country’s police forces were aimed at preventing unexpected demonstrations and strikes before and after the July 29 national elections. The troop mobilisation, they said, would not