Cambodia Seeing New Property Development Wave

• 18 January 2019
• Local News
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While property market tends to move in certain cycles of development, Cambodia is now seeing a new trend of development towards commercial projects, according to real estate insiders.

Speaking on the sidelines of the recent media round table for the launch of the Cambodia Property Awards 2019, Mr Jules Kay, Business Director for the PropertyGuru Asia Property Awards, said that following his meeting with real estate insiders and market research, property development in Cambodia is now moving towards commercial projects.

“I think property markets go through cycles, so the residential developments are slower, but the commercial is growing,” he said.

While citing that property development in Cambodia is growing fast compared to the slow down on development in many other countries across the region, there is a dynamic movement in the market.

“We see more retail, we see more gaming, and we see more hotels definitely coming, so there is always an interesting cycle, a dynamic within the market that we noticed when we came in,” he added.

For instance, casinos are a new area in Cambodia with a lot of new property, a lot of new facilities. In fact, the Ministry of Economy and Finance granted 52 licenses to casinos in 2018, an increase of up to 53 % compared to the previous year.

Meanwhile, in line with this new trend, one of Cambodia leading conglomerates, Chip Mong Group, recently inaugurated its US$150 million international mixed-use development along one of Phnom Penh’s main thoroughfares, Russian Boulevard. (Read more )

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