Why this Phnom Penh district is exciting experts
Is Russey Keo the new ‘it’ place for investors in Cambodia?
With ambitious projects in the offing and improving connectivity, a district in Phnom Penh is showing great untapped potential, consultants tell the Khmer Times.
Russey Keo, home to some 180,000 residents, is set to follow the real estate boom of districts like Toul Kork or Chroy Changvar, according to Chrek Soknim, CEO of Century 21 Mekong. “Several communes in the area have been on the rise in regards to new housing developments.”
One large project could be a gamechanger for the area, he suggested. Such a project would have a snowball effect and raise the economic profile of the district, he told the Times.
Russey Keo is already “turning the heads of potential investors”, the Times noted, citing Pech Socheata, sales representative for a 133-unit project in Svay Pak, one of six communes that make up the district.
A groundswell of activity will likely occur within the next five years in Russey Keo, especially with the arrival of the USD1-billion development Triumph Commercial Center, she added.
Housing plots in Russey Keo already commanded an average price of USD800 per square metre in the first half of the year, while commercial land was priced at USD1,500 per square metre on average, according to data from Key Real Estate.
However, property price growth in the district tends to be concentrated in the central communes, and plenty of land sit idle elsewhere, according to Va Virak, CEO of Century 21 Fortuna Investment.
Transport infrastructure projects have been a boon to Russey Keo while it has benefitted from the spillover of economic boom in nearby districts Sen Sok and Toul Kork.
The widening of National Road 5 links residents to Chea Sophara road and a new bridge to Chroy Changvar. Sen Sok, on the other hand, is home to a new Aeon shopping mall.
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