Could Chroy Changvar District Become Phnom Penh’s Next CBD?

• 23 December 2021
• Property Focus
• 4338 Views

Chroy Changvar district is situated in the northern part of Phnom Penh City with a total population of more than 159,000. It has a land area of 85 square kilometers and is divided into five communes: Chroy Changvar, Bakheng, Prek Leab, Koh Dach and Prek Tasek.

Of all Phnom Penh’s suburbs, Chroy Changvar is considered the fastest development district in terms of real estate projects, attracting plenty of condominiums, housing, land plot development, and more importantly two satellite cities projects: Garden City and Chroy Changvar Satellite City.

Chroy Changvar Could Be Phnom Penh’s Next CBD

CEO of Amatak Property Service Ms Tang Hour said Chroy Changvar is conducive to residential projects with two rivers: Tonle Sap and Tonle Mekong. Based on the potential of development projects in the district, there is a strong possibility that it will become Phnom Penh’s next Central Business District (CBD) in the near future after Chamkarmon, Boeung Keng Kang, Daun Penh, 7Makara and Toul Kork district.

Regarding real estate development, Chroy Changvar has attracted many luxurious condo projects such as MORGAN ENMAISON comprising five buildings, 45-storey WEALTH MANSION Condo, 41-storey LA VISTA ONE Condo, and 25-storey The Peninsular Private Residence Condo, she added.

Besides, Chroy Changvar has plenty of mid to high-end housing projects including Borey The Mekong Royal, Borey Peng Huoth, Parkland 6A by Chip Mong Land, Borey Phnom Penh Park, Borey Morgan Park Villa, Borey Nadi, Borey The Flora, and so on.

The affordable housing project – Borey Leng Navatra — has also launched the biggest project in the district with price as low as US$30,000 dollars per unit.

Land Price in Chroy Changvar District

The rapid development of Chroy Changvar district has pushed the land prices to rise significantly over the past 5 years despite the negative impact of the Covid-19 pandemic. In an interview with local media, Men Vicheaka, Branch Manager of Century 21 Zillion Holding, said that land price in Chroy Changvar district keeps rising thanks to the influx of real estate development in the area, especially Borey and condo projects.

In Chroy Changvar district, two communes: Bakheng and Koh Dach have lower land price compared to the other three communes. Land price in Bakheng can be found from US$200 to US$800/sqm on main roads and from US$80 to US$300/sqm on smaller roads while the land price in Koh Dach starts from US$50 to US$300/ sqm depending on locations.

Land prices in the two communes have a high rate of annual appreciation, he added.

Other three communes: Chroy Changvar, Prek Leap, and Prek Tasek have the land price of US$800-US$3,500/ sqm, US$200-US$2,500/sqm, and US$80-US$800/sqm, respectively based on the location potential of each commune.

Infrastructure Development in Chroy Changvar District

Infrastructure projects have also been built and planned to respond to the fast speed of real estate development in Chroy Changvar district. The Bakeng water treatment plant was built in February 2021 with a budget of about US$190 million.

As the largest water treatment plant ever built in Cambodia, the project will be implemented in two phases: the first phase can produce up to 200,000 cubic meters/day of clean water by the first quarter of 2023, and the second phase 400,000 cubic meters/day by the first quarter of 2024.

Meanwhile, two new roads in the district have also been in the government’s plan. In the meeting on September 06, 2021, the Phnom Penh Municipal Administration plans to build additional two roads in Bak Kheng and Prek Tasek commune connecting from NR6A to Win-Win Blvd.

Phnom Penh Governor Khuong Sreng said the two roads will further ease traffic in Chroy Changvar district, especially along NR6A, and will be used to facilitate traveling to Morodok Techo stadium during the 2023 SEA Games.

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