How Green Space and Environmental Concerns Affect the Property Value

• 14 May 2018
• Property Focus
• 4215 Views

AA School of Architecture 2014

Phnom Penh continues to experience a greater density of developments as the real estate industry grow. The city’s population density is high, but green space per capita is falling below the average compared to other regional Southeast Asian cities. “There are many areas in Phnom Penh in need of green spaces,” according to Nguon Chhayleang, CEO of the Pointer.

Green spaces in the metropolitan area of Phnom Penh currently stand at a very small number of square metre per capita, well below the regional average. For the city planners, it is necessary to carry out a series of initiatives to improve the general environment. The authorities should set out plans to establish a set amount of green space per year. In addition to the proposals to significantly expand green spaces, Phnom Penh must tackle challenges facing public transport, waste management, renewable energy use and efficiencies. “The current city planning does not match with the population and building growth of the city,” explained Chan Mlop Sokha from Sokha Law Firm.

The Creed Group Condos design with green space

The expansion of green spaces is a welcome addition to Phnom Penh’s urban landscape. As incomes rise, people care more about their living environment and thus the demand for green space increases. Location and accessibility are not the only factors that drive property values. Amenities such as proximity to parks will make a location more attractive, and therefore more valuable. However, the development of green areas with more parks can only be driven by the authorities. Green areas within property developments are supposed to be controlled by proper planning regulations.

In terms of green areas within property developments, developers should focus more on designing public spaces because buyers want it and they are paying more attention to the environmental efficiency of the property. Besides providing sufficient green spaces, residential purchasers are also becoming more concerned about energy efficiency. Tenants from office buildings are also demanding environmental certification, such as LEED. Environmental challenges are posed by rapid development activities. Hopefully, in the future, there will be a more effective delivery of planned government initiatives.

The Embassy Condo design with green space

Green space is a key factor in enhancing a city’s quality of life. Due to the lack of green spaces, there is a limit to the potential growth of property values in Phnom Penh. Creating green areas presents significant opportunities for developers, with public spaces, wider amenities, and infrastructure improvements becoming key to enhancing project development values and the value of the surrounding areas on a long-term basis.

Park space, both large and small should be accessible all community in Phnom Penh

• Urbanization and Architect