Phnom Penh condo supply rises 19%: CBRE
Fears of a glut persist though
Condominium stock in Cambodia is on the upswing, with potential to grow this year, according to a new report by CBRE Cambodia via Khmer Times.
A total of eight new condominium projects were completed in the fourth quarter of last year, bringing 2,234 units to the residential sector and raising condo supply by 18.9 percent.
The mid-range segment accounted for 40 percent or majority of all completed units in the quarter, although the largest completed project is categorised as affordable.
Fears of a glut remain, however, as this barrage of units has not had noticeable effects on sales and rental rates within the sector to date, according to Ann Sothida, director of CBRE Cambodia.
“Whilst this inflow of condo supply is a sign of strong market growth, fears of over-saturation within the condo sector in the mid and high-end segments persist,” Sothida said.
This uptick in condo stock completion is expected continue in the first and second quarters of 2019, due to delayed constructions from the fourth quarter. Six new condo projects, , totalling around 2,000 units, were launched during the fourth quarter.
The increase in condo stock came amid a drop in the number of the approved construction projects, which sank 19 percent in 2018, according to the Ministry of Land Management, Urban Planning and Construction. Around 2,867 projects were approved, down from 3,052 projects in 2017.
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