New three condo projects added to the market


Phnom Penh: Q4 2020 saw 2 completions adding 937 units, split across the mid-range and affordable segments, equating to a 3.75% growth to total condominium supply q-o-q, according to CBRE Cambodia’s latest report.
The sector also witnessed 3 new launches. Green Leaf Residence located in Sen Sok is to add 162 affordable units, Real Hope Condominium located in Chamkarmon is to add 231 mid-range units and City Light Condominium in Chamkarmon is to add a further 105 mid-range units.
Over the year, the sector’s supply increased by 17.6%, with 3,778 units added to the total supply. However, this increase is likely to be dwarfed by the forecast completions in 2021 when the sector is expected to add almost 11,000 units.
Over the course of Q4 2020, the market witnessed a further downward correction of sales prices across all segments. Average mid-range sales prices weakened the farthest, experiencing its largest decrease q-o-q for the year with a fall of 5.9%, while the high-end sector adjusted downward slightly by 1.6%.
The affordable sector remained the most stable, shrinking by only 1.2%, and dipping under US$1,500/sqm for the first time since Q1 2019.
Sales price trends reflected both the increase in supply and launches over the year, as well as the reduction in prevalence of foreign buyers, as a result of travel restrictions and the global economic slump.
During Q4 2020, rental values across both mid-range and high-end sectors came under pressure, leading to negative adjustments of 6.7% and 0.1%, respectively. Rents averaged US$10.20/sqm/month in the mid-range and US$12.69/sqm/month in the highend segments.

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