Dith Channa News Today

The real estate market in Preah Sihanouk province, which was hit hard by the Covid-19 pandemic, is now slowly recovering, according to real estate experts in the province.

Four months on after Cambodia reopened its doors to foreign tourists and investors, recovery in Preah Sihanouk province’s real estate market has failed to gain real traction, according to observers.

Capital investment in newly-approved construction projects over the first nine months of 2021 reached $4.657 billion, dropping by nearly 21 per cent year-on-year from $5.868 billion, chiefly as a consequence of Covid-19-related travel restrictions around the world.

The $180 million Hyatt Regency Phnom Penh hotel opened on December 15 after numerous delays, which real estate experts claim will have positive bearing on the property market, and illustrate the progress of international tourism reopening plans and the strength of Cambodia’s economic growth.

The launch of three new retail centres in the third quarter of this year has brought the total retail space in the capital to 370,000sqm as of September 30, according to research by real estate company CBRE Cambodia. These projects are SCG Design Village in Sen Sok district, The Commune in Tuol Kork district and MC Park Project in Meanchey district.

Construction of the $70 million two-phased Arakawa Residence affordable housing development in western Phnom Penh remains on track to be completed by mid-2022, developer Arakawa Co Ltd co-founder Ieng Sotheara told The Post on October 20.