Phnom Penh is in the midst of a modern revitalization with major new shopping malls opening along with many new hi-rise developments attracting the growing demand from a surging Khmer middle-class and international investors.
The country is attracting massive investment from China, Japan, and South Korea and that does not appear to be backing off any time soon with China declaring the country a key region in it’s Belt and Road Initiative.
There are reports that Phnom Penh will become a major hub in the long term vision of a pan-Asian high speed rail network. The Phnom Penh to Ho Chi Minh City is being reconsidered with funding from China.
The hot new developments in Phnom Penh
La Vista One
- Located in Khan Chroy Changvar District
- 41-storey High-rise Buildings, V Pattern
- Features: Asean Royal Garden, Sky Bar, Executive Lounge, Time Cafe, Universal Restaurant, Scenery, Gym, SPA Center, Sky Garden, and Kid’s Playground.
- Apartment sizes: 48-127m2 – Studio, one bedroom, two-bedroom, three-bedroom
- Agent: Nicky Era
The Peninsula Private Residences
- Located in Chroy Changvar District
- Features: gym/fitness center, sauna, garden, and swimming pool.
- Completion: December 2020
- Apartment size: 42.12 sqm to 129.58 sqm. Studio through to four-bedroom
- Agent: Peninsula Cambodia
Morgan EnMaison
- Located on Mekong River Street of Khan Chroy Changvar District
- Large five tower riverfront project
- Mixed-use site including residence, hotels, office, shopping malls, school
- Features: 10000 sqm shopping mall including Cinema, two swimming pools, marina with direct access to the Mekong River
- Completion date: December 2022
- Apartment sizes: 44-108m2 – Studio, one bedroom, two-bedroom, three-bedroom configurations, and penthouses
- Agent: Nicky Era
Prince International Plaza
- 110 Russian Federation Blvd, Tuek Thla, Sen Sok
- Mixed use inc Grade 5A offices, star-rated convention centers, supermarkets, commercial spaces, and a luxurious residential complex.
- Completion year: 2020
- Apartment size: 38 to 120 m2. 1 to 3 bedroom
- Agent: Prince Realty
Urban Village
- Located on National Road No2 in Meanchey District
- Features: swimming pool, green space, offices, event space, retail shopping, gymnasium, cafe
- Completion date: December 2019
- Apartment sizes: 50-148m2 – one bedroom, two-bedroom, three-bedroom configurations, and penthouses
- Agent: Nicky Era
Times Square
- Located on street 278, BKK1
- Features inc. rooftop infinity pools and rooftop garden, prime location near TK Avenue
- Agent: Nicky Era
Prince Hua Yu Center
- Located at Tonle Bassac, Chamkarmon
- Mixed office, retail and residential
- Features 17,000-sqm commercial space, meeting hall, swimming pool, gymnasium, sky bar and rooftop garden
- Completion: June 2022
- Apartment size: 36 to 122 sqm
Huangshan International
- Located on National Assembly Street, Tonle Bassac, Chamkarmon
- Features: meeting room, tea lounge, kitchen, corners of Chinese gardens, therapeutic club and a cinema.
- Completion: December 2023
- Apartment size: 46 to 227 square metres – one to six bedrooms
Can foreigners buy apartments in Cambodia?
Yes, and such is the reason for the boom in apartment construction with condominium complexes now preferred by the government over the old colonial shophouse and baray type constructions in the urban area.
For co-owned properties, such as residential apartment developments and office developments foreigners can purchase, and own 100% in their name, under a strata title which is registered nationally. A strata title refers to the certificate of ownership of an individual unit in a co-owned building.
The one caveat is that foreigners are not allowed to own ground floor units and that at least 30 percent of a co-owned building must be owned by Cambodian nationals.
What other fees are associated with buying an apartment in Cambodia?
One time
Transfer tax: 4%+Service Fee Charge
Agent fees: 3% which is paid by the seller
Ongoing
Building Management fees: ongoing monthly fee ranging from 0.5$ – 1.5$ per sqm/Month
Parking Fee for car: 30$-40$/Month (you can also choose not to have parking and moto parking is usually free)
Insurance: 30$-35$/Year
On top of those, you may also have lending fees etc depending on how you are financing the purchase.