New projects involving 20 condo complexes are continuing to be built despite an already narrow market sector and a future surplus of condos in the Kingdom.
According to research on the condo market by Bunna Reality Group in first half of this year, Phnom Penh now has a total of 30 condo projects, 10 of them already built. Together, these total 24,000 units, with between 60 and 70 per cent already sold.
Another 20 condo projects are under way and in the construction faze, totalling about 4,000 units.
The research study noted, “Currently, in terms of the local market, the supply of condos is already surplus to the city’s needs. However, projects are on sale abroad. Investors expect the condos to be in suplus as Cambodia will have to integrate with other ASEAN countries in 2015.” …