Route 1 Land Prices Rise Thanks to New Infrastructure

• 31 December 2015
• Property Focus
• 1545 Views

Cambodian real estate industry insiders have said that property prices along National Route 1 rose by 30 percent in some areas in 2014.

The reasons for the rise in value in area from the south of Monivong Boulevard in Phnom Penh to Bavet town were attributed to a range of reasons. The strong performance of the economy, strategic speculation, the increasing trade between Cambodia and Vietnam, and the impending ASEAN Integration were cited as underlying trends.

However, the gradual expansion of the outskirts of the capital and key improvements in the infrastructure along National Route 1 are considered to be the most significant reason for the 30 percent rise. The new Neak Loeung bridge, the Prek Somrong bridge in Takhmao, and improvements on the road itself have all contributed to the rise in value.

Prices now range from US$1,200 to US$1,500 per square metre near Chbar Ampeuv, to US$800 in Ken Svay and US$200 for land beyond Prek Eng.

A Japanese development official recently announced that the last 4.5 kilometres of road construction will begin in April if the tender process for the US$2 million project passes.