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France applauds Phnom Penh’s rapid growth in high-rise buildings

PHNOM PENH: The French ambassador to the Kingdom of Cambodia stated that Phnom Penh has grown significantly in recent years, with high-rise buildings demonstrating excellent economic growth.

Mr. Jacques Pele, the French ambassador to Cambodia, stated this earlier this week during a working meeting with Phnom Penh Governor Khuon Sreng.

“Phnom Penh has grown significantly in recent years, with high-rise buildings and a maze of roads, very different from 1995,” Jacques Pele said.

At the same time, Mr. Jacques Pele asked the Phnom Penh Capital Administration to protect the city’s remaining heritage in order to attract national and international visitors. The ambassador also mentioned the project to build a high-speed train in Phnom Penh after ten years of research.

According to the Phnom Penh Capital Administration, there are more than 300 Boreys and apartments, as well as more than 1,600 high-rise buildings, in Phnom Penh by the beginning of 2022, while in 2021, Phnom Penh will receive 1,050 new construction projects worth more than $ 2.26 billion.

Mr. Khuong Sreng once stated that the Covid-19 crisis posed a threat to the global economy, Cambodia’s development, and the Cambodian people’s livelihood in 2020 and 2021, but under the wise and prudent leadership of Samdech Techo Hun Sen, the Prime Minister has taken decisive and effective action on these issues, as well as measures to mitigate the impact on the socioeconomic sector.

Balancing production and business will increase the private sector’s resilience, and the Royal Government has always regarded the private sector as a driving force for development and national economic growth.

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Knight Frank: Sihanoukville’s condo supply will have increased by 485 percent by 2025

 

PHNOM PENH: The condominium sector in Sihanoukville was severely impacted in 2020 as a result of COVID-19’s restrictions on global travel, which resulted in the suspension of some condominium projects and the completion of many condominium units that were scheduled to be completed in 2022.

According to Knight Frank Cambodia, the demand for condominiums in Sihanoukville is higher than that of foreign investors when compared to Phnom Penh. However, with travel restrictions in the last two years and a ban on online gambling in 2019, demand for condominiums in Sihanoukville has dropped significantly, and many projects scheduled to be completed in 2022 have been delayed.

Despite the market’s challenges, two condominium development projects were completed in the second half of 2021, bringing the existing supply to 5,871 units with 12 projects. The 29-story Xingshawan Residence project in District 4 is expected to be completed by the end of 2021. There are 750 units in the project, with an average price of US $1,800 per square meter.

Another completed project is Star Bay, a joint venture between Xing Hui Property and Thai Boon Rong Group. Of the project’s ten buildings, three have been completed, totaling approximately 1,800 units. The project is conveniently located in the coastal province of Sangkat 3. The project starts at $2,200 per square meter.

Sangkat 3 has the highest condominium density in Sihanoukville based on geography. It is the most desired location for condominiums, accounting for 81% of the supply. It is followed by Sangkat 4 (13%) and Sangkat 2 (6%), with Sangkat 1 being the last district to receive condominium investment because it is located outside of town and is surrounded by development and industrial activities.

According to Knight Frank Cambodia, the supply of condominiums in Sihanoukville is expected to increase to 34,353 units by 2025, representing a 485 percent increase over current supply. This figure could rise if many of the postponed projects begin to be rebuilt.

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