Although there is a wait-and-see attitude from first-time buyers looking for the right development, investment groups could be taking advantage of some of the opportunities with certain sectors of the property market hoping to buy up stock at lower prices.
The global and regional uncertainties still weigh on investors, and construction carries on, especially in Cambodia’s capital. The back end of 2023 saw a few large sites hold their topping out and launch ceremonies, with at least three condo developments (when completed) due to be among the tallest buildings in Phnom Penh.
Tom O'Sullivan, Director and CEO of Realestate.com.kh, shared his expectations for the real estate market in Cambodia in 2024 with B2B Cambodia, saying he expects the market to marginally improve in 2024. “We will see fewer launches and buyers soak up the existing stock which is needed, and among the confirmed launches this year I have seen in the pipeline, they are well suited for where the demand is in the market.”
The ongoing Chinese economic challenges have continued and will impact Cambodia and could limit Chinese buyers in the region, while long-term effects from the pandemic such as inflation are still having an effect. However, there is great property stock and the change of government in 2023 has offered confidence for the longer term.
Positive Cambodian Property News In 2024
There have been a number of positives in the news too.
The predictions for the ASEAN+3 region – which encompasses the 10 bloc SEA members and China, Japan and South Korea – are expected to continue to have good economic growth in 2024. The Macroeconomic Research Office (AMRO) has projected a growth forecast of 4.5 per cent in its latest report, indicating Cambodia’s growth to be 6.2 per cent.
National Bank of Cambodia (NBC)'s Governor Chea Serey has painted an even rosier picture, suggesting growth in Cambodia will be 6.4 per cent in 2024.
- Singaporean multinational hospitality group, Banyan Tree Holdings Limited announced they will launch a hotel and resort project in Cambodia in 2024 called ‘Angsana Siem Reap’ and will offer 158 rooms, suites, and villas (expected to be in Q3 2024).
- Novotel will also open the doors to its first Cambodian property in Q1 2023 at the Novotel Sihanoukville Holiday Resort.
Some Of The Best Condominium Projects Due To Be Handed Over In 2024 - Phnom Penh
In 2024, more than ten condominium projects are expected to be completed in Phnom Penh, with the locations of these condo projects spread across the expanding city.
1. Le Conde BKK1
Le Conde BKK1 is a 43-storey condo tower and will be a new focal point in the rapidly expanding BKK1 district of Phnom Penh. Managed by Japanese property management firm, Hopetree, 1 Le Conde BKK1 is regarded as one of Phnom Penh's foremost extensive mixed-use real estate developments, offering a generous 10,000 square meters of amenities and a sophisticated design.
There are options of four different types of fully furnished condo units including studio, one, two, and three-bedroom units. Among the residential highlights will be a Sky Jogging Track, an Indoor Swimming Pool & Fitness Centre, a Children's Play Paradise, an Immersive Sky Garden and a stunning Infinity Pool.
Available units: Studios, 1-3 bedrooms, and sky villas.
2. Diamond Bay Gardens
Diamond Bay Gardens is a 39-floor luxurious residential complex located on Diamond Island (Koh Pich) in the capital with great views of the Mekong and confluencing rivers.
The project features ample parking, on-site shopping and dining and residents will have access to a riverside running track, pool, fitness centre & yoga room, and a kids playground. A rooftop oasis provides a 360° cityscape with a sky bar close at hand. A Sky Bridge will connect all three towers.
Available units: Studio, 1-3 bedrooms
3. Prince Happiness Plaza
Prince Happiness Plaza is a 43-floor mixed-use development project located in the south of Chamkarmon district, on Monivong Boulevard in the centrally located Chamkarmon district.
The strategic positioning means Prince Happiness Plaza enjoys access to a comprehensive range of surrounding amenities. Within the development are an international business complex, 1,780 residential units, five high-class grade-A office spaces, a retail high street, a five-star hotel, and more.
Available units: Studios, one-bedroom, and two-bedroom residences.
4. RealHope
RealHope is a brand-new, move-in-ready 27-floor condo apartment building in Chamkarmon, Phnom Penh, situated close to the key Mao Tse Toung Boulevard.
RealHope offers a majority of unit types tailored for smaller households, from studios, one-bedroom apartments or spacious two-bedroom apartments. RealHope offers the immediate transfer of property rights, providing buyers with an added layer of security and peace of mind.
Available units: Studio, one-bedroom, two-bedroom
5. One 70
ONE 70 stands a 37-story luxury apartment building based at Street 70 im DaunPenh, near Monivong Boulevard. Offering an array of upscale lifestyle amenities, it also benefits from several amenities such as banks, multinational corporate headquarters, hotels, shopping centres etc
ONE 70 has a rooftop garden with a sky bar, a restaurant serving both Western and Chinese cuisine, a rooftop swimming pool, spa and a well-equipped fitness club.
Available units: Range of studios / one-bedroom and two-bedroom apartments.
New Guidelines For The Cambodian Construction Sector Due In 2024
In addition to the ongoing hotel, condo and other projects, 2024 should see the introduction of new rules and regulations for the construction industry in Cambodia, with these being drafted by the Ministry of Land Management, Urban Planning and Construction (MLMUPC).
Professionals within the local industry have been requesting standardised building codes to be implemented. The ministerial working group has been rumoured to be adopting the Eurocode as a basis to follow - establishing a building code for the sector is expected to be quickly adopted but if adhered to will bring the Cambodian building codes and construction practices in line with international standards.
Finally, the Cambodian Prime Minister's recent trips to Japan, France, Davos, and the upcoming trip to Thailand have also been accompanied by a raft of economic agreements and a generally positive sentiment toward doing business with and in Cambodia. You can also read more in our look at other trends for the property landscape in 2024 here.
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