This month, in our continuing series of emerging residential areas outside Phnom Penh centre, we will look at Sangkat Wat Phnom.
Wat Phnom is located to the north of Phnom Penh’s centre and is dominated by the Phnom Penh pagoda and associated gardens. The area contains a number of boulevards that makes the Sangkat one of Phnom Penh’s more pedestrian friendly and leafy suburbs. Better known for it’s high-end hotels such as Le Royal, Sunway and The Phnom Penh Hotel, the area of Wat Phnom is well serviced by various forms of entertainment including the China House, the Night Market and the neon strip of Street 104.
Wat Phnom has very good road connections to most of Phnom Penh, with easy access to the central city via the main arterials of Norodom and Monivong Boulevards and also to outlying areas of Chroy Changva and Toul Kork. Wat Phnom is undergoing increased development activity due to its excellent location. New developments are taking shape along the riverside with additional hotels and restaurants continuing to emerge.
Wat Phnom’s location city side of the Boeung Kak lake precinct puts it in an ideal position to benefit from the huge development that is starting to take shape. This development will provide not only a significant increase in residential properties but is planned to incorporate large shopping and parkland areas.
Accommodation options are currently limited in Wat Phnom. Serviced apartments are scarce and are limited to Palm Palace and the well-established Garden Mansion. Two bedroom apartments in these complexes range between $1,100 to $1,400 per month.
Villas in the area are common, however many have been built and maintained with the Khmer resident in mind. Wat Phnom has an enviable amount of French Colonial architecture that will benefit from significant renovation and investment. Villas within the area currently range between $1,200 to $2,500 per month.
Wat Phnom is an emerging area which should be considered by any property invester.
Managing Director of Independent Property Services.
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