The bustling city of Phnom Penh is the heart of economic activity in Cambodia, making it one of the best places to visit and work in. Due to this, numerous businesses and real estate developments are located here and more are added every year. To ensure that you stay up to date with the real estate developments that will upscale your living experience in Phnom Penh, IPS Cambodia, real estate agency in Cambodia has curated the new and ongoing developments you need to know. Continue reading below to know all about them:
Phnom Penh – Sihanoukville Expressway
The Phnom Penh to Sihanoukville Expressway project will make it easier for locals and expats alike to travel to and from Sihanoukville and Phnom Penh. It’s a 190 kilometers project crossing over the Koh Kong, Kandal, and Kampong Speu provinces. All types of vehicles will be allowed to travel through this expressway up to 100 kilometers per hour although there are areas that will allow up to 120 kilometers per hour.
After it was launched under Prime Minister Hun Sen, construction began on March 22, 2019 and was set to be completed within four years (2023). As of writing this December, the Phnom Penh – Sihanoukville expressway is already 70.93% complete.
South of Phnom Penh Development
One of the biggest ongoing real estate developments in Phnom Penh is the upscaling of southern capital city, set to become a high-end commercial center and green city. According to Phnom Penh City Hall, this project began in 2015 and is set to be completed by 2035.
Based on the conducted research by Key Real Estate, it’s expected that Hun Sen Boulevard located in this area will be particularly costly due to the high-end development plan. Land prices can range from $1,500 up to $2,000 per square meter.
Koh Norea Satellite City
The Koh Norea Satellite City is one of the biggest ongoing projects in Phnom Penh at the moment since it will become a luxury residential area and commercial center. This is a $2.5 billion project launched by the Overseas Cambodia Investment Corporation (OCIC) in 2020. It covers more than 125 hectares filled with areas for residence, entertainment, commerce, and everything that you can find within a city.
This project is expected to generate 10,000 jobs and accommodate up to 50,000 people. As of January 2022, the overall infrastructure of Koh Norea satellite city is already 50% complete, according to Khmer Feature News.
National Road 2 & 22 Renovation
The National Road 2 and 22 project is set to expand the roads and upgrade them to have asphalt. This $56 million project began in February 2020 and as of November 2021, the construction of NR2 and NR22 is already 50% complete. The renovation was funded by the Royal Government and using a loan from the Republic of Korea.
Third Ring Road
The Third Ring Road project will connect different National Roads (1, 2, 3, 4, 5 and 6), boosting logistics and transportation in the country. It was a $300 million project that is 50% complete as of May 2021 and is set to be done by September 2022 according to the Ministry of Public Works and Transport.
Techo International Airport
The new Phnom Penh airport is one of the largest ongoing projects with 2,600 hectares for development. Due to this, construction has three stages wherein the first phase will cost $1.5 million and can accommodate 13 million tourists annually. It’s predicted the second phase can receive 30 million tourists while the third phase can receive 50 million annually. As of December 2021, the new Phnom Penh airport is already 27% complete.
Chip Mong Sen Sok Mall
This real estate project will be one of the biggest malls in the Sen Sok District at 40,000 square meters. Numerous local and international stores will be available in its four floors. It’s 100% complete and is set to launch officially launch in early 2022, announced by Chip Mong Group on their Facebook page.
Boeung Tumpun Pumping Station
The Boeung Tumpun pumping station is expected to be the largest station in Phnom Penh. With three large pump motors, it can pump water as much as 42,000 cubic meters/hour. This will help in reducing the flood in nearby areas. As of December 2021, it’s currently 70% done and is expected to be operational by March of the following year (2022).
Chaom Chao Underpass & Flyover
The Chom Chao flyover and underpass project is led by OCIC with a budget of $22 million. This will help in easing transportation for nearby areas, especially since as of December 2021, it’s already 90% done and is set to be completed by March 2022.
Aeon Mall 3
A third Aeon mall was approved by the Council for the Development of Cambodia on December 25, 2019. This will have 174,000 square meters with a project budget of $289.6 million. Additionally, it’s located in Prek Talong Village 3 and is set to open in 2023.
Large-scale COVID-19 Treatment Centre
A new COVID-19 Treatment Centre has just been approved by Prime Minister Hun Sen. It’s set to accommodate thousands of patients that can be treated with the latest modern equipment. A location for this new centre hasn’t been set yet but it’s expected to be completed before 2023.
New Phnom Penh General Hospital
A new general hospital in Phnom Penh is set to be built on Sangkat Boeung Prolit. While there is no expected completion date announced yet, the building will have over 26 floors and 3 floors for basements. The hospital is also expected to treat thousands of patients using high-quality services that aren’t costly. Recently on December 6, 2021, the hospital just had its groundbreaking ceremony and it’s set to begin construction soon.
KH