Over the next few months we will review some emerging residential areas outside of Phnom Penh centre. The first Sangkat under the microscope is Chroy Chongva.
Chroy Chongva is located over the Japanese Bridge to the north east of Phnom Penh central. Chroy Chongva is a residential and industrial district occupying the sliver of land between the Tonle Sap and Mekong Rivers.
Chroy Chongva is undergoing significant investment including Borey Sopheak Mongkol a 45,000 square meter commercial complex with an additional residential development nearing completion, the Mekong View Towers a 116 residential unit complex now open which includes an impressive Skybar overlooking Phnom Penh City (well worth checking out) and the aptly named Happiness City development which has huge potential but is currently delayed due to funding issues.
Access has and is an ongoing issue for Chroy Chongva residents. Currently the Japanese Bridge is the only form of direct road access to Chroy Chongva. The recent directive from the Government banning heavy vehicles and busses from using the bridge has had a positive impact on traffic flows. A second access bridge to the mainland is under consideration and the construction of a second bridge would greatly enhance the accessibility of Chroy Chongva and one would suggest have a positive impact on real estate property prices in the area. Current travel time (car) to Phnom Penh central during peak hours is approximately 20 minutes.
With the two major Rivers on both sides Chroy Chongva enjoys slightly cooler weather than Phnom Penh City. With the majority of rental properties located on the western bank of the Mekong Expat families living in Chroy Chongva not only enjoy the quiet and clean environment that this area provides, but are subjected daily to breathtaking views of one of Asia’s largest rivers.
Rental rates in Chroy Chongva are well below mainland rates. A recent client signed a 12 month lease for a 3 bedroom Villa with Pool on a huge block with manicured gardens for $1,800 per month. An equivalent property in Central Phnom Penh would be mid $3k or higher and without the River views. Chroy Chongva is well worth a look.
David.
Managing Director of Independent Property Services.
For any property needs contact David at dmurphy@independentpropertyservices.com
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