Phnom Penh’s condo supply reaches 15K

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Condominium construction in the area surrounding the Olympic Stadium in the capital in January. Heng Chivoan

Three more condominium projects have been completed and placed onto the market in the first quarter of this year, bringing the total condominium supply in Phnom Penh to over 15,000 units, according to a report by property firm CBRE Cambodia.

The report shows that in the first quarter of this year, three condo development projects with 1,091 units have been completed and placed on the market, bringing the total number of completed condominiums to 15,264 units as of the first quarter of this year. By the end of last year, the total was 14,173 units.

Of the projects, 89.3 per cent were “Mid-Range Segment” condominiums, with the rest “High-End Segment” and “Affordable Segment” condominiums.

The three projects are located in the capital’s Prampi Makara, Sen Sok and Chamkarmon districts.

According to the report, the sale and rent prices remain unchanged despite the additional market supply.

CBRE Cambodia senior analyst Kinkesa Kim said the affordable condo market has gained a lot of attention from local customers.

“For now, there is no problem for the condo market in the city centre,” she said.

However, she points out that there may be some problems for the more distant condominiums, especially those put up for rent.

According to current research, the average price for “High-End Segment” condominiums was around $3,250 per sqm and around $2,600 for “Mid-Range Segment”, while “Affordable Segment” condominiums stand at $1,500.

Condominium units in Phnom Penh will increase to 31,112 units by the end of this year. Of those, the “Affordable Segment” supply is likely to grow the most, according to CBRE Cambodia projections.

According to a Ministry of Land Management, Urban Planning and Construction report, during the first two months of this year construction investment in Cambodia was worth more than $1.38 billion, more than double compared to the same period last year.