Election worries not hurting Cambodia’s real estate
Despite the July 29 national elections having drawn criticism at home and abroad, Cambodia’s property market seems immune to a potential downturn as land sales continue to rise and new projects keep changing the Kingdom’s skyline.
Mong Martin, an investor currently working on a project in Kampong Speu province, said Cambodians are increasingly aware of the elections but have also grown tired of the country’s political scene. Aside from land sales, housing development projects have also been on the rise with no slowdown expected in the coming months.
Lay Naroeun, assistant chairman of housing project the River Center City, says the luxury project in Kandal province’s Takhmao town just south of the capital, is moving ahead as scheduled. Currently, the company has sold more than 80 percent of its 68 apartments in the project. “Customers who come to buy the homes have not expressed any concerns about the upcoming elections,” he said.
The River Center City was developed by Tang Kung Group, which invested over $100 million on an area of more than 15,000 square metres, off the Takhmao River, in Kandal. The project includes commercial space, a shopping mall and 27-storeys of condominiums.
Many business owners also consider it an opportune time to invest for future profits. Cheat Sambath, who flips real estate in his free time, said that sometimes risks can turn into opportunities. A report by the Ministry of Land Management, Urban Planning and Construction said that in last year’s tax returns on property transfers brought in around $78 billion. The president of the Cambodian Valuers and Estate Agents Association, Kim Heang, said in the past two decades, elections were always preceded by a sluggish or silent market, but that the pattern didn’t seem to hold for next month’s elections.