Wednesday, 02 March 2011
By Michael Sloan
Phnom Penh Post
An apartment building boom in Siem Reap is indication that the local property market will continue to perform strongly in 2011, according to industry observers.
Dyna Merch, general manager of the newly constructed Yamathya Apartment complex on Airport Road, told The Phnom Penh Post she has already rented seven of its 38 units since building work was completed less than one month ago.
She said one-bedroom apartments were renting for US$450 a month and two bedrooms for US$650.
“The majority of our leases have been to foreign customers looking for quality apartments in the vicinity of the city and airport,” she said.
Richard Besley, a local real estate broker and proprietor of Home Hunters, said expansion in the apartment rental sector was driven by the increasing amount of expatriate workers based in Siem Reap.
“Right now we’re witnessing a rapid increase in overseas nationals, visiting, living and working in Siem Reap,” he said.
Brothers Vong Thinonn and Ros Hay who run Cambodia Angkor Real Estate echoed Besley’s prediction about the future of the rental market in Siem Reap.
“The local property market has rebounded well since the global financial crisis. We have around 500 apartments and other residential and business properties listed with us, and we have seen an increase in the number of overseas investors starting construction on apartments and condominiums during the last two years,” he said.
However, Siem Reap Properties executive manager Bruno L’Hoste sounded a note of caution over this rapid increase.
“It’s essential developers are conscious of the market demand for the types of apartments they build. The majority of my customers are European expatriates who are used to apartment standards and designs from their home countries,” he said.
“If developers are prepared to spend money installing quality fixtures it greatly increases the occupancy rate of the building by members of this group.”
Vong Thinonn and Ros Hay say the difference between apartments that fill quickly and those which do not often comes down to the quality of the furnishings and the amount of money spent on maintenance by landlords in older buildings.
“Interior decoration is key to attracting clients – keep it modern and clean,” said Vong Thinonn.
He told The Post the increase in apartment construction had led to a rapid rise in land prices in Siem Reap.
An apartment building boom in Siem Reap is indication that the local property market will continue to perform strongly in 2011, according to industry observers.
Dyna Merch, general manager of the newly constructed Yamathya Apartment complex on Airport Road, told The Phnom Penh Post she has already rented seven of its 38 units since building work was completed less than one month ago.
She said one-bedroom apartments were renting for US$450 a month and two bedrooms for US$650.
“The majority of our leases have been to foreign customers looking for quality apartments in the vicinity of the city and airport,” she said.
Richard Besley, a local real estate broker and proprietor of Home Hunters, said expansion in the apartment rental sector was driven by the increasing amount of expatriate workers based in Siem Reap.
“Right now we’re witnessing a rapid increase in overseas nationals, visiting, living and working in Siem Reap,” he said.
Brothers Vong Thinonn and Ros Hay who run Cambodia Angkor Real Estate echoed Besley’s prediction about the future of the rental market in Siem Reap.
“The local property market has rebounded well since the global financial crisis. We have around 500 apartments and other residential and business properties listed with us, and we have seen an increase in the number of overseas investors starting construction on apartments and condominiums during the last two years,” he said.
However, Siem Reap Properties executive manager Bruno L’Hoste sounded a note of caution over this rapid increase.
“It’s essential developers are conscious of the market demand for the types of apartments they build. The majority of my customers are European expatriates who are used to apartment standards and designs from their home countries,” he said.
“If developers are prepared to spend money installing quality fixtures it greatly increases the occupancy rate of the building by members of this group.”
Vong Thinonn and Ros Hay say the difference between apartments that fill quickly and those which do not often comes down to the quality of the furnishings and the amount of money spent on maintenance by landlords in older buildings.
“Interior decoration is key to attracting clients – keep it modern and clean,” said Vong Thinonn.
He told The Post the increase in apartment construction had led to a rapid rise in land prices in Siem Reap.
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