Condominium projects spike Phnom Penh’s supply to estimated 26,000 units

Developments completed in Q4 2020 adds 937 units to the capital’s supply 

As of Q4 of 2020, 937 units were added to Phnom Penh’s condominium supply, raising the total to 25,914, according to The Phnom Penh Post.  

In a report by CBRE Cambodia, a local subsidiary of investment and commercial real estate services firm CBRE Group Inc, the Royal Park Condo in Tuol Kork district provided 293 units, while BaoLi Mansion project in Prampi Makara district delivered 644 units to the capital’s supply.  

The firm categorises condo projects as high-range, mid-range, and affordable, with Royal Park Condo being affordable and BaoLi Mansion project as mid-range.  

The report indicated that in Q4 2020: 

• ‘High-end’ units were usually USD3,000 per square metres, which dropped 1.9 percent from Q3 
• ‘Mid-range’ units averaged USD2,250 per square metres, dropping 5.89 percent quarter-on-quarter 
• ‘Affordable’ units averaged USD1,400 per square metres, dropping 1.56 percent on a quarterly basis  

More: Cambodia welcomes first Hyatt hotel branch

Ann Sothida, CBRE Cambodia managing director and PropertyGuru Cambodia Property Awards judge, mentioned that despite the COVID-19 pandemic, condominium building remained strong in Q4.  

“Developers are still confident in the market in Cambodia,” she said.  

She added that 498 new condo units were set afloat for sale at three projects last year-end. However, projects launched in the fourth quarter consisted of comparatively few units, tallying that these figures were much lower than the levels in 2019.  

Hoping that COVID-19 will be tightly managed soon, Sothida said, “according to the forecast for 2021, [condominium] supply in Phnom Penh will increase by about 50 percent compared to 2020.”