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Property sector sees more development projects taking shape

Jason Boken / Khmer Times Share:
Construction of The Palms development as of July 2020. Supplied

The Kingdom’s leading real estate company, Century 21 Zillion Holding, which is a US-based franchise, has been pushing the development of the Cambodia property sector even during the COVID-19 pandemic by running training courses on property skills.

Sihanoukville has been selected as the first city after Phnom Penh to host 3,800 training courses for regional land specialists across The Kingdom.

This is a nationwide campaign by the company to create job and investment opportunities for the land market across Cambodia even though the economy has been hit by the COVID-19 pandemic.

The company will hold programme in 14 districts in Phnom Penh and 24 provinces across the country to provide employment and investment opportunities to people.

Chrek Soknim, President of the Cambodian Association of Appraisers and Realtors (CVEA) said that Sihanoukville is believed to be the second-largest economic pole after Phnom Penh and, in the last three years, high-rise construction, trade and the real estate market has been growing remarkably.

“The momentum of growth in the real estate sector requires professional real estate agents to meet the current and future market needs. Because Century 21 Zillion Holding is able
to train more land specialists, it will be an important contribution in improving the provision of real estate services in Sihanoukville to another level,” he said.

According to a report by regional real estate company CBRE, as the COVID-19 pandemic continues to affect Cambodia’s real estate industry, the economic fallout from the second quarter’s disruption is yet to be fully realised.

The report shows that real estate in Q2, 2020 has been hit notably compared with Q1, with the effects shown in adjusted rental rates and sale prices.

Cambodia also saw a fall of the inflow of foreign direct investment (FDI) in real estate.

According to the semi-annual report of the National Bank of Cambodia, FDI inflow into real estate fell 24 percent while construction fell 8 percent.

That being said, projects are still going ahead. Among these projects is The Palms, a brand-new development in the heart of the capital that combines luxurious living, convenience and a touch of nature.

The Palms sits on prime land overlooking the majestic Mekong River. It features more than 200 cluster homes and luxury villas that give residents picture-perfect views of the river while sitting between greeneries and a grove of palm trees.

It blends perfectly with nature, thus affording the occupants with a tranquil atmosphere that serves as an escape from the noise and bustle of the city.

Aside from the exclusive living space, the residents are also granted access to a wide variety of facilities and amenities, including an artificial beach, a swimming pool, one-of-a-kind hydrotherapy pools, a water playground and a barbecue area.

Less than 30 minutes away from the compound are the Phnom Penh International Airport, Phnom Penh Railway Station and Aeon Mall 1 and 2.  Aeon Mall 3, which will be Cambodia’s largest shopping destination is also fast taking shape.

Started two years ago, the project is expected to be completed by the end of 2020 under the supervision of Oxley Worldbridge, one of the leading property developers in the Kingdom.

The Palms is located along National Road 1 in the capital’s Kdei Takoy village, Veal Sbov commune in Khan Meanchey district.

 

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