All Eyes on Russian Boulevard

• 15 January 2020
• Local News
• 3821 Views

By Eric Wong Chon Lap

A wide road, colleges and universities, a series of upcoming office buildings and other amenities, close proximity to Phnom Penh International Airport and easily accessible to all the major thoroughfares – these are all the right ingredients to make Russian Boulevard among the most sought-after locations for commercial and residential developments in Phnom Penh. It’s attractiveness only increases with the potential of a mass transit system being built and running before 2023 when Phnom Penh hosts the Southeast Asian Games.

Russian Boulevard effectively links the eastern and western parts of Phnom Penh together. In the near future, we will see the transformation of Russian Boulevard with the arrival of the long-awaited Phnom Penh Megamall – a mixed-use development with a hotel and retail spaces well situated along the boulevard. Another future development is expected from Prince International Plaza, which will offer a premium collection of luxury residences and top-notch commercial spaces – integrating business, catering, entertainment, leisure and shopping in a one-stop destination. With the upcoming mass transit system, after the Phnom Penh International Airport line is opened, together with eight stations throughout the line that travel all the way through Royal Railway Station, it will increase accessibility and ease traffic on what has been known as one of the most congested roads in Phnom Penh.

Numerous SMEs and multinational companies can be found clustered in the office buildings along Russian Boulevard, while government enterprises and large corporates such as the General Department of Taxation, Ministry of Labour and Vocational Training, Angkor & Cambrew Limited etc. are also located on the boulevard. In addition to office buildings, the area has many other value-added characteristics with education and health facilities such as the Royal University of Phnom Penh, and the National Pediatric Hospital – all within a 15-20 minute-drive to Phnom Penh International Airport.

As Phnom Penh continues to grow and the city centre becomes denser, this will lead to the greater use of land for property development especially along all the major thoroughfares in the city, which allows developers to use land more efficiently. In addition, the ongoing rapid development of Russian Boulevard is attracting developers to launch new condominium developments where there are still some large vacant land plots remaining. Under-construction condominium projects – Star City, The Gateway etc. along Russian Boulevard have achieved some the highest sales rates compared to other areas of Phnom Penh, despite having the highest average asking price. The accumulation of many ongoing projects makes Russian Boulevard and the surrounding area one of the most anticipated locations in Phnom Penh.

In the coming years, we believe infrastructure improvement and large-scale developments on Russian Boulevard will increase the demand for residential properties from both end-users and buy-to-rent investors. As the landscape of Russian Boulevard is being transformed, developers will make the most out of this opportunity to develop projects that will answer the emerging demand for buyers.

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