Prek Pnov may be behind compared to other districts, it does present opportunities once more land becomes viable for development. Supplied.
Phnom Penh’s outward development is continuing to drive land prices up in the outer districts. According to Realestate.com.kh, Cambodia’s largest real estate classifieds portal, Meanchey, Chroy Changvar and Por Sen Chey property prices have been on the rise despite the slump over the past 2 years. Now, it seems Phnom Penh’s property boom is spilling onto another outer district.
Prek Pnov, one of Phnom Penh’s northern districts, is seeing land prices rise recently. Realestate.com.kh observed that inquiries and sales activity in the area increased by 60% compared to the same period in 2021. The district is seeing undeveloped properties being converted to additional road infrastructure and various residential & commercial projects.
Land prices in the Prek Pnov area vary depending on the location and what infrastructure is nearby. Some areas, especially those closer to Phnom Penh city proper have gone up as high as $800 - $1,000 per square metre while areas further out are now $300 to $500 each. Land next to smaller roads are also reportedly being offered anywhere from $100 to $200 per square metre.
Prek Pnov shares the two major factors making outer districts poised as the next property investment destination within Phnom Penh. It is relatively close to the city centre and is home to many Cambodians with jobs and businesses in the core areas of the capital.
Prek Pnov is additionally benefiting from the hastening development of Chroy Changvar. The peninsular district is seeing major developments such as the Morodok Techo National Stadium and the adjacent WorldBridge Sport Village, the designated venue for the upcoming SEA Games 2023 and ASEAN Para Games 2023. Large entertainment venues such as Garden City and Phnom Penh Safari are easily accessible from Prek Pnov via the Prek Pnov bridge and Win Win Boulevard.
Chroy Changvar has also been designated as the location of the upcoming Svay Chrum Bridge which will directly connect Phnom Penh residents to the Areyskat area of Kandal Province - an area eyed by investors for further development in the coming years. It is increasingly apparent at this point that Prek Pnov will only likely benefit from the attention Chroy Changvar has been receiving.
While Prek Pnov still lags behind other outer districts such as Chroy Changvar, Por Sen Chey and Meanchey in terms of earmarked projects, the district has plans for its lakes and swampy fields to be reclaimed and turned into land primed for development.
Interested in looking for property in Prek Pnov? Check out our listings below:
Comments