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Retail developments boost Toul Kork property prices

Toul Kork property valuations are on the rise. For years the area has been among Phnom Penh’s more popular residential housing areas, largely because of the areas affordable pricing and proximity to downtown. Those same features have made it a hit with developers and investors, too. Aeon Mall 2, the latest shopping mall development to hit Phnom Penh, will be located in the district’s Pong Peay City Project. And home owners in the area are happy.

Mr. Mam Sereypanha, CEO at Easy Property Investment, said that the “the rise of Aeon mall 2 in this area will significantly benefit the real estate sector.”

According to Mr Mam, “it will push up the property prices, help increase the buying and selling operations, and contribute to the construction of infrastructure where almost 100% of the existing projects are done.”

For instance, for Borey New World and Borey Angkor Phnom Penh, located very close to Aeon Mall 2, unit prices have doubled since the announcement of the mall with buyers rushing to reserve residential units in this area, said Mr Mam.

He also added that since the potential of this area has grown, the business for Borey developments had also seen a rise, especially amongst existing projects that have been expanding their units in order to satisfy their client’s demands.

In regards to land price, Mr Mam said that, “in the last three or four years, before the construction of Aeon, land prices remained low. But now, those prices have doubled or even tripled. The land along Ouknha Mong Rithy Main Road (located close to the Aeon Mall), ranged as low as $600 to $800 per square meter. Now, the same sells for $2,000+ per square meter. And along Chea Sophara road, prices have risen from $400 to $800 per square meter up to $1,000 to $2,000. If the land site is located far from the main roads, the price goes below $1,000 per square meter.”

There are several other big projects scheduled for completion in the coming years. The Cambodian government approved $7.2 billion in projects in 2016, and several of those developments are now coming online, including Parkson Mall and Exchange Square. Other retail malls have recently undertaken extensive renovations, boosting the outlet’s stock as well as the surrounding residential housing areas.

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