Land prices along Russian Boulevard in Phnom Penh have seen only a slight increase, even though there have been many residential, commercial and infrastructure developments that caused prices to rise in the past, according to a group of real estate experts.
Chrek Soknim, the CEO of Century 21 Mekong, said land prices along Russian Boulevard have seen slight increases in the first half of this year compared with the same period last year, thanks to the big developments along the road such as shopping malls, condos and apartments and infrastructure developments.
The asking price for land from Ang Doung hospital to the 7 Makara flyover range is from $4,300 to $5,500 per square metre, from the 7 Makara flyover to Phnom Penh International Airport the starting prices range from $2,100 to $4,000 per metre and from the airport on range from $2,000 to $3,000 on average. The prices also depend on each zone, according to Mr. Soknim.
“The slight increase in the land price is influenced by the big project developments along the boulevard and the land along the road has been bought for development,” Mr. Soknim said.
“You see now there are many business buildings popping up as well as many car showrooms,” he added.
“Many wealthy and high-ranking officials drive along the road to the international airport, so there are many business hubs being built.”
The most expensive land along Russian Boulevard is on its east end near the central business district around Canadia Bank Tower and Vattanac Capital Tower.
The road is one of the busiest for business and people travelling along it to the international airport. Land transactions along the road have been small in the first half of 2017 because it’s just the first half of the year, he said.
Po Eavkong, the CEO and co-founder of Advance Real Estate, said in the first six months of 2017 there were few land transactions, while land prices along Russian Boulevard saw slight increases, despite the many residential and commercial developments.
Land prices from Canadia Tower to the Institute of Technology of Cambodia along Russian Boulevard range from $3,000 to $3,500 per square metre.
From the Institute of Technology of Cambodia to the 7 Makara flyover prices start from $2,500 to $3,000, from the 7 Makara flyover to the Dey Huy traffic lights on the intersection with Hanoi Road range prices range from $2,000 to $2,500, and from the intersection to Chom Chav start at about $1,000, based on the land size and location, according to Mr. Eavkong’s estimations.
“I have observed that so far the land price increased slightly if compared with the same period last year because right now buyers are developers who have a precise plan for development before buying land,” Mr. Eavkong said.
“Another reason is that I saw only commercial areas along Russian Boulevard increase in terms of price, while residential land prices seem to be stable because land prices along there have gone to their peak,” he added.