Phnom Penh MarketView – Q2 2016 – CBRE Cambodia

Highlights:

cambodia_phnom-penh_marketview_2016_q2_final_page_1–   The World Bank officially elevated Cambodia to the status of a ‘lower-middle income’ economy at the close of Q2.

–   Hongkong Land’s mixed-use development, Exchange Square, held its topping-out ceremony over Q2, with overall completion set for Q4 2016.

–   Prime sales and rental prices broadly appreciated over Q2, with the exception of serviced apartment rents, which remained stagnant over the quarter.

–   Average quoting rents across Grade B buildings grew by 4.5% q-o-q, while average quoting rents across Grade C stock decreased by 3.9% q-o-q.

–   2,796 condominium units, across 8 projects, launched over Q2, with Russey Keo district welcoming its first off-plan sales launch.

Please click here to download the MarketView.

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Cambodia: Asia’s New Tiger Economy?

Phnom Penh, 01 September, 2016 – Mr Marc Townsend, Managing Director of CBRE Cambodia and Vietnam,  presented on the topic: “Cambodia: Asia’s New Tiger Economy?”.

The event provided a review of the Phnom Penh property market, principally covering residential, office and retail sectors. In addition, it provided an update of secondary cities – Siem Reap and Sihanoukville.

Please click here to download the presentation: 20160901 – Cambodia Asia’s New Tiger Economy

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Cambodia Property Market Outlook H2 2016

20160729 – Cambodia Property Market Outlook H2 2016

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Phnom Penh Marketview Q1_2016 (Chinese Version) – CBRE Cambodia

重点摘要
今年第一季度建设投资资金达16.5亿美元,同比2015年第一季度建设投资资金的4.48亿美元,整年度漲幅速度十分显著,漲幅率高达267%。
置地公司的“Exchange Square” 商业综合体开发项目将于第二季度完成上层建筑,并于2016年第四季度全面完成。
平均售价和租赁价格在第一季度有具体提升,但由于日益老化的零售物业在即将面临新增供应的挑战,致使零售物业市场租金除外。
苏利亚购物中心——金边最早期的购物商场之一,宣布对商场进行翻修并将其更名为“苏利亚中心点”(SoryaCenter Point)。
第一季度公布的八个公寓项目,总计4158套公寓单元。

Cambodia_Phnom Penh_Marketview_Q1_2016_Chinese

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Phnom Penh MarketView – Q1 2016 – CBRE Cambodia

Highlights

US$1.65bn invested in construction over Q1, compared to US$448m in Q1 2015, representing a significant Y-o-Y increase of 267%.

Hongkong Land’s mixed-use development, Exchange Square, due to top out by Q2, with overall completion set for Q4 2016.

Average sales and rental prices broadly appreciated over Q1, with the exception of shopping mall rents, due to challenges faced by ageing retail stock in the context of upcoming supply.

Sorya Shopping Center, one of Phnom Penh’s first purpose built shopping malls, announces renovation and rebrand as ‘Sorya Center Point’.

4,158 condominium units, across 8 buildings,  announced over Q1.

Cambodia_Phnom Penh_Marketview_2016_Q1

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“DOING BUSINESS IN CAMBODIA” – WHAT YOU NEED TO KNOW

On Thursday, 21st April, 2016, Hongkong Land, DFDL and CBRE Vietnam were organizing a special event about “Doing business in Cambodia” at Park Hyatt Hotel, Saigon (Ho Chi Minh City).

CBRE honored to present about Cambodia Market Outlook and the overview of the Retail Real Estate Market in Q1/2016. DFDL will also share the legal update for investing and doing business in Cambodia.

Cambodia – Retail Market View

 

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Phnom Penh MarketView, Q4 2015 – CBRE Cambodia

Central Phnom Penh enjoys broad rise in values

Highlights

Strong take-up across new mid-rise office developments continued over Q4, 2015.

Hongkong Land’s mixed-use development, Exchange Square, comprising approximately 18,000 sq.m of office and 8,000 sq.m of retail space, continues construction, with completion on track for Q4, 2016.

Total of 689 condominium units, across 5 projects, announced during Q4, bringing the total number of off-plan condominiums launched over the course of 2015 to 7,014 across 26 buildings.

Total of 5 developments, comprising strata-title office space for sale off-plan, announced over the course of 2015.

Strata-title office space to account for approximately 25% of total office stock by 2020.

For more detail, please click here to download.

CBRE Cambodia MarketView – Phnom Penh Q4 2015

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Phnom Penh Retail Market, Q2 2015 – CBRE Cambodia

INTERNATIONAL BRANDS DRIVE PHNOM PENH RETAIL DEMAND

Q2 2015 (2)Phnom Penh’s retail market continues to benefit from new international entrants, with food and beverage, fashion, accessories and cosmetics retailers driving demand for both shopping centre and high-street retail space. Q2, 2015 sees Aeon Mall, the country’s first international shopping centre, mark one year of operations. Whilst a number of retail groups have sought to reposition their brands within the centre, Aeon has maintained a commitment rate of 100% since launching at the end of Q2, 2014.

Although minimal retail supply is set to come on-stream over the course of 2015, with only the retail podium at Sokha Hotel delivering 1,020 sqm of leasable space in Q1, 2015, supply over coming 3 years is set to increase significantly, from to 214,520 sq.m to 455,348 sq.m by end of 2017, representing an overall rise of 112.26%. The growth in supply can be attributed to the delivery of new shopping complexes, such as the Parkson’s Phnom Penh City Cente, due to contribute 57,000 sq.m in Q2, 2016, and the rise in large-scale, predominantly residential schemes with plans to incorporate notable retail components, such as Oxley’s ‘The Bridge’, due to deliver 24,000 sq.m of retail space by Q4, 2017.

Demand for prominent high-street retail space on Phnom Penh’s key boulevards continues to expand, driven by both international retailers and more established domestic groups. Sihanouk Boulevard, as of Q2, 2015, enjoys minimal vacancy, typically commanding rents of between 20-30 USD per sq.m.

 

Q2 2015 (3)QUALITY RETAIL SUPPLY SET TO INCREASE THROUGH TO 2017

Retail supply in the capital is set to rise significantly by the end of 2017, driven by a combination of new international shopping complexes, such as Parkson’s Phnom Penh City Centre, delivering 57,000 sq.m in Q2, 2016 and Lion City, the second project by the Malaysian developer, set to deliver a further 61,000 sq.m of retail space over the course of 2017, in addition to Hongkong Land’s Exchange Square, supplying 13,000 sq.m of retail space in Q1, 2017.

 

 

 

 

 

Q2 2015 (4)CENTRALLY LOCATED RETAIL SPACE ENJOYING HEALTHY DEMAND FROM OCCUPIERS

Vacancy rates within Phnom Penh’s centrally located, purpose built retail centres remains comparatively low, at 22% as of Q2, 2015, with Aeon’s high-occupancy level reducing the overall vacancy rate amongst shopping mall’s from approximately 25% prior to its launch in Q2, 2014. Whilst a number of retail complexes, delivered in secondary locations, continue to struggle to attract retailers, centrally located retail centers are benefiting from high levels of occupier demand.

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CBRE Launches Blueprint

At CBRE, we believe real estate sits at the heart of how people work, live and thrive. Blueprint is an online magazine where the intellectual capital and institutional knowledge that lives within CBRE is shared with the global business community through an array of engaging, thought-provoking and illuminating content.

On Blueprint, you’ll find stories informed by urbanists, academics and big thinkers around the world. Our stories are unified by business ideas that transcend commercial real estate and examine the built environment’s potential and power to impact businesses, cities and people—told through the lens of commercial real estate.

Whether you’re an industry professional, an urban enthusiast, a member of the general business community or even just a curious reader, we believe our stories will inspire you to look at the world of real estate from a new perspective.

To find out more about Blueprint, please follow the link below:

Blueprint-INT-EMEA_CBRE-Footer_Banner_624X124(1)

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Phnom Penh Condominium Market , CBRE Cambodia Market View in December 2014

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PHNOM PENH CONDOMINIUM SECTOR SEES RISE IN RESALE VALUES

                                                                                

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Introduction

 The condominium market in Phnom Penh  continues to expand, with early investors in centrally located developments enjoying capital gains of up to 30% from early off-plan purchases.

Development activity of high-end condominiums looks set to continue in prime residential locations, with developers also looking to offer luxury projects outside of core residential districts.

CBRE has continued to witness strong interest from the wider Asia Pacific region, with increasing investment from Singaporean, Japanese, Hong Kong and Chinese residents. Although the comparatively high yield guaranteed by a number of leading developers is appealing to oversees purchasers, the main driver remains anticipated capital growth.

Currently, there are 35 Condominium projects in Phnom Penh, including both finished projects and developments currently under construction.

Q1, 2015 will see the sales launch and groundbreaking of Sovann Condominium, a 104 unit luxury development on Mao Tse Tong Boulevard,  BKK1. Sky Villa Tower, comprising 254 units across two towers, is due to start construction by Olympic Stadium on Sihanouk Boulevard, with completion set for 2017.

Supply

Phnom Penh is experiencing a significant increase in supply, with De Castle Royal delivering 414 condominium units in Q3, 2014 and with Galaxy Residence having delivered a further 44 units in Q4, 2014.

Overall supply in Phnom Penh is due to increase by 533.75% by the end of 2018, driven by large-scale new projects such as D.I. Riviera and Olympia City, both currently under development by OCIC.

Sales

Sales of condominiums in Phnom Penh have traditionally been heavily marred by publicised failures of developments that have been sold off-plan and then subsequently ceased construction. Due to the successful completion of key new projects, such as De Castle Royal, this trend has clearly come to an end as confidence grows amongst domestic and international purchasers.

Early purchasers of off-plan condominiums, in successful schemes, have achieved healthy capital appreciation over the past year, with those who purchased in 2008 being in a position to resell for a premium of up to 30% over the course of 2014.

Achieved prices for high-quality  condominium units range from $1,500 – $3,000 USD per sq.m in central areas of Phnom Penh. The Bridge, which is due to deliver a 762 condominium units, accounts for the upper figure.

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Demand

Demand for condominiums is anticipated to increase and be met by supply over the course of 2015 through to 2016. The introduction of high quality projects in central locations will offer prospective investors an opportunity to acquire products that focus on the needs of a heavily expatriate driven area of the Phnom Penh residential market, as foreign nationals continue to require exclusive and up market accommodation in prime locations. Demand is also increasing from an ever more affluent domestic population, which is due to account for a notable proportion of purchasers over the coming years. Domestic demand is a key element of a successful condominium project, due to foreign ownership of an individual building being restricted by law at 70%.

Overview

Q1 2015 will see the launch of Sovann Condominium, a 104 unit luxury development located on Mao Tse Tong Blvd, BKK1, in addition to that of Sky Villa Tower, set to launch a further 254 units by Olympic Stadium.

The Q4, 2014 launch of Bhumi Emerald Condominium is set to deliver 47 luxury units located in the Toul Tompong area. The development will be set over 24 floors and is due to come on-stream in 2017.

Q3, 2014 saw the successful completion of De Castle Royal, which has set a new benchmark for quality in the market, further adding strength to the ever-growing sector. Comprising a total of 414 units, the project has been key in rebuilding confidence in the  off-plan sales market.

CBRE note that a number of individuals, in addition to established developers, are making considerations towards the construction of further condominium developments. Whilst the majority remain focused on prime, central residential locations, it is likely that development activity will increase in secondary locations over the course of 2015.

 

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