Cambodia’s rapidly growing property sector has opened up a new market for residential projects throughout the country. While condominiums continue to be the headline of Cambodia’s construction news, Borey developments – gated communities featuring a range of popular residential housing – are beating condominiums in terms of popularity among Cambodia’s expanding middle-class.
According to Realestate.com.kh’s Consumer Sentiment Survey in Q3 2019, most respondents, at almost 700 (30%) of the over 2,000 surveyed, indicated that they would prefer buying a property in a Borey development. Of the 700 who preferred a Borey property, 90% indicated they would be buying a Borey property in the 12 next months. Considering the strong and almost immediate demand for Borey properties, we created this short guide to where current Boreys are located in and around Phnom Penh.
According to data from CBRE Q3 2019, there are currently over 170 Boreys in Phnom Penh. Existing Borey stock is concentrated at 25% in Sen Sok district. Not entirely surprising as Sen Sok is home to wide swathes of flatlands ideal for Borey developments. Over 40 Borey projects can currently be found in the district. Not to mention, it is home to Phnom Penh’s biggest mall, the AEON Mall 2 (until the 3rd AEON mall opens) and Makro supermarket just down the road from it.
Next on the list is Russey Keo with 18% of existing Borey stock. This area also features flatlands but is restricted from expansion by the Tonle Sap river to the east. However, this district (and its Borey residents, consequently) has easy access to the events and other happenings along Riverside while still having AEON Mall 2 at arm’s-length in Sen Sok. It also houses several tourist spots and is a stone’s throw away from the central business district of Daun Penh.
The once sleepy district of Meanchey houses 13.5% of existing Borey stock. It has seen major developments over the years as industrial investments set up factories mostly to produce garments, a top export product of Cambodia. Additional markets and Boreys have sprung up to support its growing population. It is speculated that Boreys in Meanchey will greatly focus on affordable to mid-tier housing considering its demographics. It seems like a good deal since the 3rd AEON mall, Cambodia’s biggest mall yet is set to open in the district, along Hun Sen boulevard in 2023.
Chbar Ampov currently has 12% of existing Borey stock – a little over 20 Boreys. But according to CBRE, Chbar Ampob will be home to over 30 Borey developments in the next few years. Chbar Ampov itself is starting to offer complete amenities within its district. The official announcement of the 3rd AEON mall in neighboring Meanchey district will also increase the value of Boreys here as residents simply choose between AEON mall 1, and the upcoming AEON mall 3, among many other options, in the coming years.
An honorable mention is Por Sen Chey which only houses 9% (around 16) of existing Borey stock. But this is expected to double in the coming years to over 33 Boreys, provided developers meet their target deadlines.
If you’re looking to buy a Borey, regardless of whether its off-plan or after it’s completed, now would be a great time as prices are expected to increase even further as Cambodia enters a new decade of development starting in 2020.
IIvan Fredriech Cano is a content writer at Realestate.com.kh
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