The changing skyline of Phnom Penh


Rapid urban development is changing the landscape of Phnom Penh as well as its property market, with developers moving away from low-cost shophouses or low-rise apartments toward more luxurious dwellings.
Various skyscraper developments can be seen popping up all across the city, many of which will cost buyers hundreds of thousands of dollars, mainly due to the plethora of amenities being offered. Most developments incorporate high-end comforts such as swimming pools, gyms and parks within their grounds, while others include commercial space for offices and stores.
Mixed-use development is becoming increasingly popular in Phnom Penh as developers combine residential properties with commercial space to give buyers greater convenience and accessibility without having to leave their residential compound.
Mixed-used projects are more efficient for homeowners who need not travel very far for various services or amenities, which in turn can improve their carbon footprint. Such developments also make for better utilization of the land and also create a stronger character for a neighborhood.
However, such properties remain a risky investment for both developers and buyers as economic success is contingent on many different factors, like the residential property itself as well as the various businesses that set up shop there.
Mixed-use developments are also far more expensive to construct than single-use buildings, which compound the selling price. The higher initial investment also entails that buyers only see a return in the long term, especially when compared with single-use buildings.

Source: Khmer Times


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