New Residential Projects Favored by Cambodian Investors

• 12 January 2018
• Local News
• 1623 Views

The residential condominium market in Phnom Penh is almost completely dominated by foreign buyers, but some of the hottest-selling upper-end developments in Phnom Penh, like Bodaiju Residences and The Peak, are attracting strong interest from Cambodian buyers. Since their launch, around 60 percent and 50 percent of buyers respectively to date are Cambodians.

“There is still positive demand for residential developments with a good location and offering packages,” according to Chan Mlop Sokha from Sokha Law Firm.

Among the factors driving success is location combined with an efficient and attractive layout. All units are designed to maximise usable spaces and are set within beautiful and contemporary landscaped gardens. The market is also witnessing more Cambodians interested in buying residential units for investment purposes and the concepts of these projects match local buyers’ requirements.

In some cases, buyers can also join the rental programs managed by the developers of these projects with a strong rental income potential. Most importantly, more and more people have the opportunity to purchase these types of investments as they do not require much capital for the down payment.

For Bodaiju Residence, the location of this project is very close to Phnom Penh International Airport, is designed by Asma Architect and offers one, two and three bedroom condominium units. Not so far away Residence is the Lion Mall, a lifestyle shopping mall offering one-stop fashion, dining, and entertainment options including Malaysian department store Parkson by Malaysia’s Lion Group. This six-floor ‘Lion Mall’ has approximately 45,500 square feet of rentable spaces.

The Peak, Oxley Holdings’ second development project in Phnom Penh is located in the heart of Phnom Penh facing the Mekong River. This development is a freehold, with multiple 55-storey floor buildings comprising two residential towers with a total of 1,014 units, designed to offer a range of units from studio apartments to one, two, three bedroom and penthouse condominium units. It also includes a commercial tower with office units combined with the famous Shang-ri La hotel. It also incorporates five levels of retail spaces.

Construction of The Peak commenced in early 2016 and the development is expected to be completed in 2020.

“There are few projects which have gained a lot of interest from local purchasers such as Urban Loft, near AEON 2; Aura Condo, near central market, and The Bridge,” explained Chhayleang Nguon, CEO of Ratanaka Realty.

• Analysis