As 2023 draws to a close, we look at some of the most exciting condo units which were launched and are being developed in the Cambodian capital of Phnom Penh, with each residence set to add something new to the urban skyline and increase the choices for potential home-buyers and investors.
There were ten completed condo projects and three new launches in the first half of 2023 in Phnom Penh alone, which added 1600+ condo units to the market, while 8,000 were expected to be added to the supply by the close of the year. While the market has faced headwinds, according to the inaugural semi-annual report released by the National Bank of Cambodia, the condominium market saw a 12.9 per cent increase in the first half of 2023.
In total, across the first three quarters of 2023, the Ministry of Land Management, Urban Planning and Construction (MLMUPC) granted licenses to 2,600 construction projects worth a total investment of $4.96 billion.
For foreigners and locals looking to purchase real estate, Cambodian condominium units remain attractive, so which are some of the residential condo projects that have launched that are most exciting?
J Tower 3 - Luxury Condo In Phnom Penh
J Tower 3 is a residential property condo developed by a trusted Japanese real estate developer Tanichu Group who have a proven track record and completed three successfully launched projects in the Kingdom (J-Village Apartment, J-City, J-Tower 1 & J-Tower 2).
When completed, the J-Tower 3 Condominium will be the tallest building in Cambodia at over 300 meters high and will contain 77 floors (with two additional underground floors offering 252 rental parking lots) and it hopes to establish itself as a new landmark in the capital. There are ambitious plans to offer its residents comfortable and luxurious living standards in a prime location and the building could also be among the ten highest in Asia when completed.
Standing at 310.5m on completion, the condo covers a total area of 98,480 m² and is constructed with reinforced concrete to ensure durability and safety.
Some of the features include:
- A sky pool and sky bar will be located on the 77th floor, with breathtaking 360-degree views of the expanding city and its surroundings.
- An observation deck will be installed on the 78th floor.
- The 50th floor will house a high-end cafe and luxury lounge, a mini shop, as well as a business room.
- An inner pool, kids pool, sauna, public bath, and spa, will also be available on the 49th floor.
- The swimming pool and fitness gym are located on the 29th floor.
- An outdoor park is planned for the 28th floor.
- The 11th floor will provide a dedicated Kids' Play Space, a pool bar (billiards), and a table tennis hall.
Tani Shunji, the CEO of developer Tanichu Group claims the infinity pool on the 77th floor will be the highest pool in the world, although depending on the type of pool, there are higher pools in China, Hong Kong and Dubai - but this could be the highest outdoor infinity pool on the planet!
In total, the developer plans to offer 360 3-bedroom condo units to residents, which range from 166m2 to 178m2. There should be smooth and efficient access to the floors via the building's eight elevators.
- Location: Tonle Bassac, Khan Chomkarmon (Phnom Penh)
- Prices: USD $320,000+
- Completion Date: Q4 2028 (estimated)
Time Square 302 (Time Square 6) - BKK1 Urban Living Condo
Time Square 302 (which is also known as Time Square 6) is the 6th property project from Mega Kim World Corp who have a reliable track record of successful condo projects in the capital.
Based in centrally located BKK1, the Time Square 302 condo property will offer buyers a range of one-bedroom and two-bedroom units as well as 3 and 4-bedroom duplex units (from 57 m² to 170 m²). The developer aims to provide contemporary and modern urban living in the Cambodian capital with construction brought forward and getting underway in Q3 2023 with off-plan sales already tracking very well.
There are 370 units located at Time Square 302 which covers 977 m². Some building and residence highlights will include:
- 48th-floor rooftop with fitness and lifestyle facilities, including a yoga studio, fitness centre, swimming pool and a canopy garden.
- The 37th floor offers a ping pong room, golf simulation area, cafe/ lounge/ games room, a kid's play area, meeting room, cinema & karaoke.
At 190 meters tall, the developer aims to offer quality and affordable homes to local Cambodians and foreigners as well as investors.
- Location: Boeung Keng Kang 1 (BKK1), Phnom Penh
- Prices: USD $100,000 - $300,000
- Completion Date: Q1 2028 (estimated)
Picasso 2 - BKK1 Mixed-Use Development
Our final highlight from 2023 is the Picasso 2 condo residential property located in BKK1. The premium urban living project is being developed by Global Titan Stone Development, who also have a reliable track record of property projects in Cambodia. They previously launched a sold-out Picasso 1 City Garden in BKK1 which was completed in 2021.
Located in the centre of Phnom Penh at the intersection of Street 57 and Street 282, Picasso 2 offers a prime location which covers 56 floors of luxurious condominiums as well as high-class amenities, and even shophouses.
There will be one-bedroom units available and the development will include fitness centres, landscaped gardens, and communal spaces as well as a rooftop leisure area providing residents with panoramic views of the capital.
More details on the pricing of the units are still to be confirmed and the condo has an estimated completion date of 2027.
- Location: Boeung Keng Kang 1 (BKK1), Phnom Penh
- Prices: TBC
- Completion Date: 2027 (estimated)
Property Outlook For 2024
In Southeast Asia, a recent survey by price-tracking platform Numbeo, tracks Phnom Penh as fourth in terms of least affordable based on property price-to-income ratio in the region, with the Cambodian capital behind Ho Chi Minh City, Manila, and Bangkok. This is meant to reflect apartments which are least affordable in the region, as a higher price-to-income ratio indicates lower affordability.
However, the CEO of developer Tanichu Group remains optimistic, saying in late 2023; “There will be ups and downs in any city’s real estate sector on the basis of fund flows and in the Kingdom, the situation is quite stable. Of course, there is a slowdown caused by the pandemic and a decrease in fund flows from China. But the sector will resurge.”
As we have highlighted throughout 2023, the economic outlook for the Kingdom remains comparatively strong in the region, especially compared to global GDP growth. Cambodia also has the strongest FDI momentum heading into 2024 and remains an attractive option for investors.
The adjustment of prices in the local housing market, a shift in developers and agents' marketing tactics as well as a change in construction styles and payment procedures have been seen as positives, while the need to buy from trusted developers has been a priority for buyers and investors in Cambodia.
Comments