Logo of Phnom Penh Post newspaper Phnom Penh Post - Chinese property hunters zero in on Siem Reap




Chinese property hunters zero in on Siem Reap

Content image - Phnom Penh Post
Tourists visit Angkor Wat temple near Siem Reap. Heng Chivoan

Chinese property hunters zero in on Siem Reap

Siem Reap has started to appear on the radar of Chinese investors, which is helping to push land prices up in the provincial capital.

Chinese investors have trained their eyes on Siem Reap, the Kingdom’s top tourist destination, and are snapping up properties for development. But they have yet to complete any major projects in the provincial capital, according to local real estate experts.

Chao Sengthai, CEO of Siem Reap-based real estate firm Goal Property Service, said Chinese investors are buying up land in Siem Reap city and province, but have not developed it.

“I’ve heard of Chinese investments, but from my observation, they have only bought the land and have not built anything on it yet,” he said, adding that investment was expected to follow announcements of a new Chinese-built airport and rumours of a planned Chinatown project.

In October 2016, the government signed a deal with Chinese state-run Yunnan Investment Holdings Ltd (YIHL) to build a new $880 million international airport for Siem Reap about 50 kilometres outside the provincial capital in Sonikum district.

According to Sengthai, Chinese investors are buying properties near the site of the future airport. They are also partnering with local investors to buy land and divide it into smaller plots in Bakong commune, possibly with the intention of creating a small Chinatown there.

Sengthai said land prices in these areas have spiked. He said land along the main roads is now selling for up to $1,000 per square metre, while plots along smaller roads are fetching $500 to $600 per square metre. By comparison, prime land in central Siem Reap city is selling for $1,000 to $1,500 per square metre, and twice that amount on the city’s famed Pub Street.

Noun Rithy, CEO of Khmer Foundation Appraisal, said he has seen a gradual increase in interest from Chinese property investors, who are purchasing plots for commercial and industrial projects near the site of the new airport.

“With more Chinese tourists visiting Siem Reap, commercial activities and the establishment of new commercial zones by Chinese investors will increase in the future,” he said.

Content image - Phnom Penh Post
Siem Reap’s provincial department of land management. Moeun Nhean

Cheng Kheng, head of the advisory board of Huttons CPL, said that while the amount of Chinese investors buying property in Siem Reap pales by comparison to the level of development seen in Sihanoukville. Yet it has still been enough to help push prices up by 15 percent to 20 percent this year.

“Land prices are currently increasing in the suburban areas and especially near Siem Reap’s new airport project,” he said.

Seang Nam, a Siem Reap member of the National Assembly, confirmed that a private company had proposed building a Chinatown in Siem Reap, but said the project has since been abandoned.

“The company has already run away,” he said. “We don’t know where they ran to, and the project has been abandoned since.”

That, however, has not slowed interest in the land near the proposed project, he added.

MOST VIEWED

  • Would you like fries with that? US burger chain makes Phnom Penh debut

    California-based The Habit Burger Grill restaurant chain is all set to serve up a delicious array of charbroiled burgers and sides at its newest international location in the centre of Phnom Penh. The Habit is “renowned for its award-winning Charburgers grilled over an open flame,

  • Banteay Meanchey flood victims receive aid

    Prime Minister Hun Sen on Wednesday provided aid to more than 10,000 families affected by flooding in Banteay Meanchey province’s Mongkol Borei district and offered his condolences to the 18 victims who drowned in the province over the past week. He said flooding had occured in

  • PM urges caution as Polish man tests positive for Covid

    The Ministry of Health on Wednesday reported that a 47-year-old Polish man tested positive for Covid-19 after arriving in Cambodia on Monday. There are a total of six Covid-19 patients currently in the country, all of whom are being treated at the Khmer-Soviet Friendship Hospital

  • Banteay Meanchey floods kill one more as death toll reaches 15

    As floodwaters start to recede in Pursat, Battambang and Pailin provinces and Phnom Penh, Banteay Meanchey continues to bear the brunt as one more person was killed on Monday, bringing the total number of flood-related deaths to 15 in the province this month. Banteay Meanchey provincial

  • Serving coffee with a side of robots

    The eye-catching glass building surrounded by greenery at the intersection of Streets 371 and 2002 in Phnom Penh’s Sen Sok district is more than just another coffee shop where you can while away a few hours. UrHobby House cafe is filled with robots and characters from

  • Floods prompt evacuations in Kampong Speu

    Rain-induced floods and water flowing from Kampong Speu province have submerged the houses of 1,527 families living close to the Prek Thnot River in Spean Thma, Tien, Kong Noy and Roluos communes in Phnom Penh’s Dangkor district, according to data from local authorities. Spean Thma