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SEC OND QUARTERLY REP ORT 2016


CONDOMINIUM AND APARTMENT
MARKET IN PHNOM PENH
I. CONDOMINIUM MARKET IN PHNOM PENH
1.1. PROJECT COMPLETION

CASA MERIDIAN

Condominium is a type of co-ownership building in which

developers can sell out units of condo to foreigners from the first
floor up (according to co-ownership building law). Despite from
Apartment market which the purpose of Rental. However, after the condominium completed their construction, some investors intend to rent out their units to tenant like apartment market as well. Thats why some people confusing that Apartments
and Condominiums are the same. Certainty, some condominiums
has captured the market for both selling and renting vice versus
apartments. For example, Project Condo Mekong Garden at Chroy
Chong Var, Project Gold 1 at BKK1, Project Condo 240, Apartment Silvertown Mitrol and Project HK Apartment. Etc. Through
our researched, there are around 25 projects condominium completed the construction with the total units of 4,300 by 2016.

PROJECT COMPLETION

500
450
400
350
300
250
200
150
100
50
-

MARKET SHARE BY LOCATION

1.2. CONDOMINIUM STATUS


16,000

The Platinum Bay, Bali Scenery II, L Residence, HK

14,000

Apartment, Condo 240, Ly Hout Condo and some building

12,000

of Olympia City Project are the new supplies by Q2 2016

10,000
8,000

2016, approximately around 4,300 units of 25 projects and

6,000

going to increase to more than 5,200 units by the end of

4,000

2016. Almost 22,000 units of 47 projects are under construc-

2,000

tion that will brings a hug supply to the market by 2020.

Meanwhile, some projects started their construction before


the sale launched, other projects have sold their project before the construction started. Therefore, off plan projects
estimated at 2,600 unit of 10 projects will be started the

1.4. MARKET SHARE BY YEARS

construction by second semester 2016. Due some internal

Condominium will supply grow in 2018. Located in de-

problem from developer cause some projects got postponed.

veloping country, Phnom Penh has become the invest-

Its showed the figure around 12% of the total number over

ment mark due for many graded projects started. In

4,000 units. However, those postponed projects will be con-

this 2016, supplies are closely to 2,500 units mark up

tinued sooner the problem was solved out and some proj-

from the previous supplied which had 2,700 units. Sup-

ect will be continued after the national election in 2018.

posing that some construction are going to compete as


scheduled in 2020, the stockpile will be over 33,000

CONDOMINIUM STATUS
Postpond
12%

Completed
13%

Off Plan
9%

units which risen 532% faces the top, comparing to


2016. For instance, those predictable projects like; One
Park, Sino Plaza, The Peak, The Gateway, Budaju, Sky
31, Time Square and so on will finished sooner 2020.
MARKET SHARE BY YEARS
12,000

10,000

8,000

Ongoing
66%

6,000

4,000

1.3. MARKET SHARE BY LOCATION


Remakebly, Chamkarmorn district always ends up

with a huge supply every year due for the completion one after
another timely. The highest supply still remains in Chamkamorn District with approximately 13,000 units equal 41% of total market share. Following by 7Makara District which absorb
a very huge project from Olympia City, Sky Villa and Skyline
Project. Those projects are the type of Mixed-Use Development
Project that comprised by Residential, Office Building and Retail Shopping Mall. Going after CBD area, Sen Sok and Chroy
Chong Var Districts also absorb many new supplies as well.
Totally, the supplies will be more than 33,000 units by 2020.

2,000

2009

2010

2011

2013

2014

2015

2016

e 2017

e 2018

e 2019

e 2020 Postpond
Project

TOTAL SUPPLY LAUNCHED BY YEARS


8,000

1.5. TOTAL SUPPLY LAUNCHED BY YEARS


By the first semester 2016, total supplies launched had closely to 7,000

units from 19 projects. Comparing to the same period in 2015 was risen 75%.However, the total unit supplied in 2015 had approximately 23,400 units of 73 project while by Q2 2016 the totally supplies are over 33,000 units of 95 projects by 2020.

7,000
6,000
5,000
4,000
3,000
2,000
1,000
-

1.6. MARKET SHARE BY GRADE


Q2 2013

Even though many mega projects have launched but the location for their development

Q2 2014

um based on their location, building construction, facilities of the building and the purpose of
pool, gym, steam, sauna, children playground, restaurant, garden, function room and con-

Q2 2016

MARKET SHARE BY GRADE

cannot classified their projects as grade A. Otherwise, we categorized graded of condominithe project. Those grade A projects with the high standard and fully facilities like swimming

Q2 2015

Grade C
5%
Grade A
28%

Grade B
21%

structed with the purpose of mixed use development mostly located in CBD area. Currently,

Grade B+
46%

grade B+ condo has very active in condominium market with the percentage of 46% of total
market share, while grade A 28%, grade B 21% and grade C 5%, However, Cambodia need
many grade C condo due to over limited living standard. If developer extend the market of
grade C, the condominium market will be more interested for local people with limited budget.

1.7. MIXED-USE DEVELOPMENT PROJECT


MIXED-USE DEVELOPMENT PROJECT

Mixd -use development project are the latest new development projects which brings

peopl e to be more comfortable of living, business and enjoyable. Currently, these type of projects

DIAMOND ONE
STAR POLARIS 23
SKY TREE
ONE PARK
SINO PLAZA

are b oth under construction and off plan projects. Those projects set to complete during 2017

PRINCE PLAZA

to 20 20. Normally, these projects always come up with at least 1 to 3 stories of retail store un-

CASA MERIDIAN

der t he residential units. Above retail store, they can share by unit office (SOHO), Parking Place
or Re creational Place like; Swimming Pool, Gym, Steam, Sauna, Fitness Center, Garden, Skybar,
Children Play Ground or sometime those facilities are located on the rooftop of the building. In assumpt ion, the total units of mixed-use development project have approximately 17,000 units.

BODAIJU
SKY 31
THE SKYLINE
SKY VILLA
TK ROYAL ONE
ORKIDE THE ROYAL
THE GATEWAY
THE PEAK
DIAMOND TWIN TOWER
THE BRIDGE
OLYMPIA CITY
D.I.RIVIERA
-

200

400

600

800

1,000 1,200 1,400 1,600 1,800 2,000

1.8. TYPE OF BUILDING


1.9. UNITS LAUCHED VS SALE RESULT

After many grade A projects launching, Phnom

Base on the graphic show that, the growing line of

Penh is rich of high rise buildings under construction. The con-

units launched from years to year but the sale result is start-

dominium which have the building below 10 floors have 13%,

ed to slow down due to many reason like; the supply growth,

from 11 to 20 floors have 47%, from 21 to 30 floors have 17%,

selling strategy, internal and external economic matter, re-

from 31 to 40 floors have 18% and from 41 floors up have 5%.

striction on credit from bank, small market for local peo-

The total of 97 projects condominium equal 157 buildings.

ple etc. By the 1st semester 2016, the sale result is 64%
compare to the same period in 2015 was 5% decreased.

Number of Building
80

UNITS LAUCHED VS SALE RESULT

70

60

50

8,000

76%

7,000

74%
72%

6,000

40

5,000

30

4,000

20

3,000

10

2,000

1,000

1 - 10 Floors

11 - 20 Floors

21 - 30 Floors

31 - 40 Floors

41 Floors Up

70%
68%
66%
64%
62%
60%
58%
Q2 2013

Q2 2014

Q2 2015

Unit Launched

Q2 2016

Sale Result

1.10. PRICE IN SQ.M BY PROJECT STATUS


The price of condominium is always changing from

time to time. When developer launches their project, they provide customer with a special price or any discount price just
because they want to motivate their customer buying any unit
condo. The price itself is going to increase after the ground
breaking event started and continue to grow up when the construction finished 5th floors, 10 floors and remains risen until
the construction is finished. Therefore, after launched till completion, the price of condominium is 20% to 50% increased.
Selling price for condominium completed is USD 789 to USD 3,947/
sq.m, Project under construction is USD 938 to USD 5,791/sq.m
and project off plan (hasnt started the construction) is USD 778 to
USD 4,048/sq.m. Those price are for all graded of Condominium.
Through this figure, we have found that, the price of condominium under construction are higher than project completion and
project that just launched.

PRICE IN SQ.M BY PROJECT STATUS


$7,000.00

$6,000.00

$5,000.00

$4,000.00

$3,000.00

$2,000.00

$1,000.00

$Completed

On Going
From

To

Off Plan
Average

1.11. SELLING PRICE IN SQ.M BY GRADE OF CONDOMINIUM


Before we categorized condominium into three type, A, B and C but now we

have categorized into four as A, B+, B and C. The price for grade A is USD 2,300 to
USD 5,791/sq.m, grade B+ is USD 1,718 to USD 3,725/sq.m, grade B is USD 1,000
to USD 3,000/sq.m and C is USD 789 to USD 1,700/sq.m.

PRICE IN SQ.M BY GRADE


$7,000.00
$6,000.00
$5,000.00
$4,000.00
$3,000.00
$2,000.00
$1,000.00
$Grade A

Grade B+
From

Grade B
To

Grade C

Average

1.12. SELLING PRICE IN CBD AREA


Because of land market price in CBD area is higher than other area, the

price of condominium in this area also higher than other area. Certainly, the price of
condominium in Chamkarmorn district is $873 to $5,791/sq.m, 7 Makara district
is 1,785 to $2,400/sq.m, Toul Kork district is $800 to $3,725/sqm and Daun Penh
district is $1,900 to $3,120/sq.m. The large gap for Chamkamorn district due to
some grade B projects constructed in the area with lower land market price compared to BKK1 and Tonle Bassac.

SELLING PRICE IN CBD AREA PER SQ.M


$7,000.00
$6,000.00
$5,000.00
$4,000.00
$3,000.00
$2,000.00
$1,000.00
$Chamkarmorn

7 Makara
Min

Toul Kork
Max

Daun Penh

Ave

1.13. SELLING PRICE IN OUTSKIRT AREA


Among six districts below, Russey

Keo, Sen Sok and Chroy Chong Var district


are more popular than other districts because this area is the developing area with
new projects developments like; Borey, Condo, Satellite City, Shopping Center, etc. The
price condo in Khan Chroy Chong Var ranging from $1,040 to $2,500/sqm, Chbar Ampov
district is $1,500 to $2,000/sq.m, Russey Keo
district is 1,448 to $2,888/sq.m, Mean Chey
district is $938 to $1,500/sq.m, Sen Sok district is $886 to $2,482/sq.m and Porsenchey
district is ranging from $850 to $1,000/sqm,
SELLING PRICE IN OUTSKIRT AREA PER SQ.M
$3,500.00
$3,000.00
$2,500.00
$2,000.00
$1,500.00
$1,000.00
$500.00
$Chroy Chong Chbar Ampov
Var

Russey Keo

Min

Mean Chey

Max

Sen Sok

Porsen Chey

Ave

1.14. TYPE OF DEVELOPER


Among the 97 condominium projects,

weve found that Cambodian developer are 43%


and following by Taiwanese 14% and Cambodia joint venture with other country 12%, Chinese 9%, Korean 8%, ect. Most of foreign developers are from Taiwan, Korea, Malaysia and
Singapore who invest in condominium market
in Cambodia after Cambodian. Because they
see the return on investment in Cambodia is
higher than their country.
TYPE OF DEVELOPER
Other
Taiwanese
Singaporean
Malaysian
Korean
Japanese
Hong Kong
Chinese
Cambodian + Join Venture
Cambodian
0%

5%

10%

15%

20%

25%

30%

35%

40%

45%

50%

1.15. RETURN ON INVESTMENT


To invest property in real estate, investor always

thinking about their return on investment whether what


they are investing receiving a higher return on investment or not. Unsurprisingly, most developer who invests
in Cambodia after local is Korean, Taiwanese, Chinese,
Hong Kong, Singaporean and Malaysian. If we see the
growth return on investment in those countries, Cambodia is one of the most country for investment. Cambodia has undergone a drastic change from an under
developed country to a widely urbanized Kingdom due
to massive developments and improvements in the different sectors. The contributing factors to this growth
are mainly the governments pro-business policies which
lead to the influx of foreign investors in the different
business. Likewise, Political stability, Advantageous location, Favorable investment climate, Increasing trade
integration, Advantageous labor conditions, Improving transport connectivity, growing domestic consumer
market, Unleveraged financial position also the reason
for investment as well. Actually, in Cambodia return on
investment is 9.00% with the positive expect to growth
from 10% to 15% after ASEAN Integration in 2015.

Source: CVEA AVA Pre Congress 2015 Potential Investment in


Cambodia

2. APARTMENT MARKET IN PHNOM PENH

Apartment Grade A
Sokha Residence
Bellevue
ISL Modern
Apartment 240
Chateau the Meliya
Garden Mansion
Central Mansion
Maline
Himawarri
Samdech Pan
Palm Place
Skyline
Les Jadins Du Basacc
Syphon
Sivertown
Greater
Sokhom Residence
Sun City
Infinity 18
Gold One
Royal Home
Hamptons
Embassy Place

2.1. APARTMENT GRADE A


Some

form

grade

themselves

from

apartment

has

trans-

condominium

vice

versus

condominium. While some apartment also operate as hotel as well. According to our study showed
that, grade A apartment currently has 23 buildings with more than 1,500 units. Mostly those grade
A

apartment

located

in

Chamkamorn

District.

50

100

150

2.2. SUPPLY BY LOCATION


Due to the higher demand by expatiates

in Cambodia especially in Phnom Penh, we see


that apartment building are growing from year
to year. Within our research for these few years
show that, the average growth rate of apartment

14,000
12,000
10,000

building is from 25% to 40% increased. Location

8,000

that full demand from expatiates mostly in CBD

6,000

area especially in Chamkarmorn district which

4,000

is the hottest zone for all foreigners living, run-

2,000

ning business and working. By the first semester 2016, there have 291 apartment buildings in
Phnom Penh closely 7,000 units plus the condominium which operating on the market now.

MARKET SHARE BY LOCATION


16,000

200

250

2.3. UNITS SUPPLY IN CHAMKMOARN DISTRICT


2.4. APARTMENT BY GRADE

Located in Central Business District, Boeung Keng Kang remain

Grade B grows larger in the majority of oth-

the hottest zone for residential and commercial. Owing to the fact that this

er grade while total supply more than 4,000 units

area rich of embassies, NGOs, private companies, international school,

or 58%, for grade A is presenting about 22% for al-

ministries, restaurants, brand shops etc. Those most notable growth is

most 1,600 units and grade C is 21% of 1,500 units.

shown by many apartment based in this area which numbers approxi-

APARTMENT BY GRADE

mately 1,700 units or 45% of total market share. Following by Tonle Bassac Commune which absorb around 600 units or 16%, Toul Tumpong

21%

15%, Phsar Derm Thkov 12%, Toul Svay Prey 6%, Boeung Trabek 2% and

22%

Tumnub Toek 3%. Through the building under construction figure show
that among those commune in Chamkamorn District, Toul Tumpong and
Phsar Derm Thkov will come up with many apartments and condomini-

58%

um building than any other area in Chamkarmorn. Due to the fact that
land market price in Boeung Keng Kang and Tonle Bassac block has been
increase rapidly and difficult to find the vacant land for development.
Grade A

Grade B

Grade C

UNITS SUPPLY IN CHAMKAMORN DISTRICT

2.8. SUPPLY GROWTH VS OCCUPANCY RATE

1,800
1,600
1,400

1,200

6% in this Q2 2016 compared to the same period in

1,000

2015. The most important behind this decreasing is the

800

present of some condominium which are completed and

600

new apartment supply in the current market. Once the

400

supply grown at the same period of 2016, the average

200
-

Occupancy rate has met a slightly decreased

occupancy rate is 85% of the total supply 7,000 units.


BKK

Tonle Bassac

Toul Tumpong

Phsar Derm
Thkov

Toul Svay Prey

Boeung Trabek

Tumnub Toek

SUPPLY GROWTH VS OCCUPANCY RATE


8,000

96%

7,000

94%

6,000

92%

5,000

90%

4,000

88%

3,000

86%

2,000

84%

1,000

82%

80%
Q2 2013

Q2 2014
Unit Supply

Q2 2015

Q2 2016

Occupancy Rate

2.6. RENTAL PRICE FOR GRADE A


2.8. RENTAL PRICE FOR GRADE c

To judge whether one apartment are Grade A B or C we

The price of Apartment Grade C for One

can base on some criteria like; The Location, The Price, Size, Service,

Bedroom Unit range from USD 200.00 to USD

Facility and Decoration. The price of Apartment Grade A for Stu-

950.00/month, for Two Bedroom Unit range from

dio Unit is ranging from USD 650.00 to USD 1,800.00/month. For

USD 450.00 to USD 1,100.00/month, for Three Bed-

One Bedroom Unit range from USD 850.00 to USD 2,850.00/month,

room Unit from USD 700.00 to USD 1,300.00/month.

for Two Bedroom Unit range from USD 1,000.00 to USD 3,700.00/
month, for Three Bedroom Unit from USD 1,500.00 to USD 4,000.00/

RENTAL PRICE FOR GRADE C

month and for Penthouse, the type of special unit in one apartment building, range from USD 3,850.00 to USD 6,9850.00/month.

$1,400.00
$1,200.00

RENTAL PRICE FOR GRADE A

$1,000.00

$8,000.00

$800.00

$7,000.00
$600.00

$6,000.00

$400.00

$5,000.00
$4,000.00

$200.00

$3,000.00
$1 Bedroom

$2,000.00
$1,000.00
$Studio

1 Bedroom
Min

2 Bedrooms
Max

3 Bedrooms

Penthouse

Average

2.7. RENTAL PRICE FOR GRADE b


The price of Apartment Grade B for Studio Unit is rang-

ing from USD 300.00 to USD 700.00/month. For One Bedroom


Unit range from USD 400.00 to USD 1,500.00/month, for Two Bedroom Unit range from USD 550.00 to USD 1,800.00/month, for
Three Bedroom Unit from USD 800.00 to USD 2,000.00/month and
for Penthouse range from USD 2,000.00 to USD 4,000.00/month.

RENTAL PRICE FOR GRADE B


$4,500.00
$4,000.00
$3,500.00
$3,000.00
$2,500.00
$2,000.00
$1,500.00
$1,000.00
$500.00
$Studio

1 Bedroom

2 Bedrooms
Min

10

2 Bedrooms
Min

Max

Average

3 Bedrooms

Penthouse

Max

Average

3 Bedrooms

11

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