Serviced apartments buoyant

Serviced apartments buoyant

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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.

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