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VTRUST Journal of Real Estate
9 May, 2017 Volume 2, Issue 3
Mean Chey District: Property Prices Pick Up, as Satellite City’s Infrastructure Takes Shape
AUTHOR
HOEM SEIHA
Director of Research,
VTrust Appraisal Co., Ltd.
A PUBLICATION FROM
VTRUST APPRAISAL CO., LTD.
2
VTRUST Journal of Real Estate | Volume 2, Issue 3 | Mean Chey District: Property Market Review Q1 2017 | Page 2
Driven by the rapid growth of residential and commercial hubs within certain areas of Mean
Chey district and spill-over impacts of Boeng Cheung Aek Development Plan, which covers
some parts of Mean Chey, Dangkao, and Takhmao, Mean Chey’s property prices saw a slight
pick-up. In the first quarter of 2017, prices of landed properties and land parcels across the
district grew by 5.6 percent (2017Q1-over-2016Q1), despite negative property market sentiment
over the course of last year.
Average land prices in the first quarter of 2017 across the district ranged between US$850 and
US$1,200 per sqm. Whereas minimum land price could be as low as US$150 per sqm in the
least developed zones, maximum land price (exclusive of buildings or structure) in the bustling
commercial hubs could be as high as US$4,470 per sqm.
Mean Chey also saw a big jump in the completion of cluster landed housing units in 2016,
having up to 1,500 units finished within the year. Even more, other projected completion of
2,700 housing units will add to the existing figure by the end of 2017. As of today, cumulative
supply of landed housing units reaches 9,400 units across the four communes of Mean Chey
district.
In term of development trends, Mean Chey has enormous potential for its partial coverage of
Boeng Cheung Aek development zone known as ING City, which lies across some parts of
Mean Chey, including Dangkao district and Takhmao province. The zone is expected to
become a satellite city with a central hub for mixed-use development, while the nearby areas
will also see the impacts.
Market Summary
3
VTRUST Journal of Real Estate | Volume 2, Issue 3 | Mean Chey District: Property Market Review Q1 2017 | Page 3
Mean Chey Market Review
Introduction
Subdivided into four communes, Mean Chey district
(Khmer: ខណ្ឌ មានជ័យ) is situated near south of the central busi-
ness districts (CBDs) of Phnom Penh, the capital city of
Cambodia. With population of about 200,000, Mean Chey
is adjacent to some part of Chamkar Mon district and shares
borders with other districts such Chbar Ampov, Dangkao,
and Pou Senchey (See indicative map 1).
Formerly, Mean Chey’s administration included the current
district of Chbar Ampov, but later in 2013, the eastern part
of Mean Chey was administratively separated and formed
into another district which is currently Chbar Ampov. To-
day, Mean Chey composes of only four communes, namely
Stueng Mean Chey (Khmer: សង្កា ត់សទ ឹងមានជ័យ), Boeng Tumpun
(Khmer: សង្កា ត់បឹងទំពុន), Chak Angrae Leu (Khmer: សង្កា ត់ចាក់
អង្រងល ើ), and Chak Angrae Kraom (Khmer: សង្កា ត់ចាក់អង្រងលរោម).
Land Market
Due to many large vacant parcels across the district and
ING City’s development plan which partially covers two
communes of Chak Angrae Leu and Chak Angrae Kraom,
land market in Mean Chey district has drawn interest from
speculative buyers and developers alike. This has created a
high demand over the areas and thus caused property prices
to go up, albeit slightly, amidst the property market slow-
down across the capital.
Prices of landed properties and land parcels in Mean Chey
district grew 5.6 percent in the first quarter of 2017 as com-
pared to the same period last year. Average land price
across the district was US$1,190 per sqm in Q1 2017,
though prices could vary greatly dependent on different
zones and communes within the district (See figure 1).
In Boeng Tumpun, for example, average market price of
land parcels was about US$1,200 per sqm in the first quar-
ter of 2017, although in a peripheral, vacant zone, market
price was as low as US$300 per sqm (See figure 1). Indus-
trial estate, exclusive of buildings and structure, could range
between this lowest market price and as high as US$1,500
per sqm dependent on how bustling the locations are. Mar-
ket prices of landed properties, exclusive of buildings and
structure, in a residential township or zone ranged between
US$740 and US$1,350 per sqm. Shophouses and commer-
cial properties, exclusive of buildings and structure, on a
secondary street in a good location had an average market
price of US$1,500 per sqm, and on a major prime street the
average market price could be as high as US$3,300 per sqm.
Indicative Map 1: Mean Chey district and its neighboring districts, as a part of the capital of Phnom Penh
4
VTRUST Journal of Real Estate | Volume 2, Issue 3 | Mean Chey District: Property Market Review Q1 2017 | Page 4
Chak Angrae Kraom had a relatively lower market price
than any other communes of Mean Chey district, for its
prime street shophouse and commercial estate prices for
different locations only ranged between US$1,230 and
US$2,300 per sqm, which those prices are exclusive of
buildings and structure (See figure 1).
Prime Street Pricing
Main and prime streets remain the most attractive target for
commercial purposes. The fact contributes to a high demand
on properties along those streets, putting them on a higher
market value compared to those far off the main streets.
Landed properties as well as land parcels along Samdech
Monireth Blvd., also known as St. 217, in Stueng Mean
Chey commune had an average market price of US$2,490
per sqm, exclusive of buildings and structure, even though
prices could vary greatly due to different determinants such
as zoning, property type, or location (See figure 2). A low
market price for land parcels along the mentioned street
stretching near north started from US$1,450 per sqm, while
a high market price on the same street could be as much as
US$4,470 per sqm, and those properties could be found
nearby, surrounding or adjacent to New Mean Chey Market.
Chamkar Doung Street, also known as St. 217, which inter-
links from Samdech Monireth Blvd., has been recently im-
proved and widened, causing market prices to appreciate
due to increased demand. The average market price along
this street was about US$830 per sqm, whereas the market
prices ranged from US$800 to US$1,200 per sqm depend-
ent on location and property type (See figure 2).
Market Performance
Property markets across Mean Chey district were still rela-
tively strong in 2016, albeit weaker market for large parcels
of land.
Tracked over a period from Q1 2016 to Q1 2017, only 14
percent of the properties in the form of land parcels and
landed properties were reported to be sold, 37 percent un-
sold, and 49 percent with status unknown. Chak Angrae
Leu had the highest sold rate, 25 percent, followed by
Stueng Mean Chey, 17 percent (See figure 3).
Chak Angrae Leu’s better sales were thanks to a prominent
development trend over some parts of this commune, hav-
ing drawn interest from speculative investors and buyers
into the areas where ING City’s master plan has been
Q1 2 0 17
A v e ra g e
M a rke t
P ric e
(P .S QM )
So ld-to -Lis t
P rice Ratio
(2016)
Y-o -Y As king
P rice Gro wth
2016Q1-2017Q1
MEAN CHEY DISTRICT $ 1,19 0 92.1% 5.6% Min
Va c a nt La nd,
Industria l
Prope rty
Re side ntia l
Townhouse
Shophouse ,
Comme rc ia l
Prope rty
Boeng Tumpun $ 1,2 0 0 93.1% 4.5% $300 $300 - $1,500 $740 - $1,350 $1,500 - $3,300
Chak Angrae Kraom $ 8 5 0 93.6% 6.6% $150 $150 - $1,230 $470 - $1,230 $1,230 - $2,300
Chak Angrae Leu $ 1,18 0 88.9% 5.1% $300 $300 - $1,500 $750 - $1,300 $1,550 - $3140
Stueng Mean Chey $ 1,2 0 0 92.6% 6.1% $300 $300 - $1,330 $750 - $1,330 $1,330 - $4,470
No te : Avg =ave rage ; Min =minimum; Max =maximum; y- o- y =ye aron ye ar; H1, H2 =first half, se c ond half; Q1, Q2 , Q3 =1st
quarte r, 2nd quarte r, third quarte r; P.S QM =pe rsquare me te r
S o urc e : VTrust AppraisalRe se arc h De partme nt
INDICATIVELAND MARKET PRICEPER SQM, MEANCHEYDISTRICT
Q1 2017
P rice Range P .SQM, Stratified by Co mmune
Figure 1: Indicative land market prices in Mean Chey district
Street Name
Within the
Commune of
Starting Point Direction Ending Point
Distance
(Appr.)
Price Range
(Appr.)
Avg. Price
(Appr.)
YKP Blvd. (St. 271) Boeng Tumpun Khmer-Soviet Friendship Hospital Heading southeast until St. 371 (Tumnup Thmey) 3.18 km $1,400 - $3,300 $2,420
YKP Blvd. (St. 271) Stueng Mean Chey Chea SimSamaky High School Heading southeast until Entrance to Sovanna Mall 1.61 km $1,400 - $3,300 $2,450
Tumnup Thmey Street (St. 371) Boeng Tumpun Entrance to Wat Angponhean Heading west to east until St. 271 (YKP Blvd.) 3.40 km $550 - $2,270 $1,050
Sola Street (St. 371) Stueng Mean Chey Veng Sreng Blvd. Down northward until Tela Petrol Station 1.60 km $800 - $2,300 $1,200
National Road 2 Chak Angrae Kraom Kbal Thnal Skybridge Intersection Heading south until Bus Stop No. 47 1.51 km $750 - $2,300 $1,530
National Road 2 Chak Angrae Leu MRC Secretariat in PhnomPenh Heading south until Preah Noreay SokimexGas Station 2.78 km $1300 - $3,100 $1,780
Samdech Monireth Blvd. (St. 217) Stueng Mean Chey Stueng Mean Chey Skybridge Heading southwest until ACLEDA's Stueng Meanch Branch 1.89 km $1,450 - $4,470 $2,490
Chamkar Doung Street (St. 217) Stueng Mean Chey SokimexGas Station Intersection Heading south until Stueng Mean Chey II Bakery 1.41 km $800 - $1,200 $830
Note: P.SQM = per square meter; YKP Blvd. = Yothapol Khemarak Phoumin Boulevdard. Appr. = Approximate. Disclaimer: Distances and price ranges indicated above are indicative values only. While the figures might
be close to the actual ones, they might not be 100% accurate due to rounding and other statistical implications. Source: VTrust Appraisal Research Q1 2017
MEAN CHEY DISTRICT'S PRIME STREET PRICES
Price Range P.SQM, Stratified by Streets within the District, Q1 2017
Figure 2: Indicative land market prices stratified by streets
5
VTRUST Journal of Real Estate | Volume 2, Issue 3 | Mean Chey District: Property Market Review Q1 2017 | Page 5
mapped. On the other hand, Stueng Mean Chey was able to
better perform because it has been a newly developed com-
mercial and residential hub with a higher population density
than the other two communes within Mean Chey district.
Market Prices and Trends
Average sale-to-list price ratio (SP-to-LP) 2017Q1 over
2016Q1 in Mean Chey district was 92 percent, meaning
that every final closed price went below the original list
price by eight percent on average (See figure 4). This ratio
indicated a stronger bargaining power among buyers due to
a weaker demand compared to the market supply.
Nevertheless, asking price trends still moved upwards dur-
ing the same period, causing average last-to-initial list price
ratio to stand at 105.6 percent, meaning that the market
price increased by 5.6 percent y-o-y throughout the four
communes. In spite of the slow market absorption and long-
er marketing time, players speculated that the market would
do well in the next couple of years, thus bringing down the
prices was not necessary at the moment.
Low-Rise Housing Market
Mean Chey district witnessed a strong growth in low-rise
housing market in the last few years, albeit some slowdown
in new unit launches in 2016, while it was slated to have no
further new launches into 2017. However, the district saw a
tremendous number of new constructed houses in 2016,
having almost 1,500 units finished. Even more, 2,700 of
additional units, especially in Stueng Mean Chey com-
mune, were predicted to be finished by the end of 2017.
Total cumulative supply of low-rise housing, including ex-
isting and ongoing construction, in Mean Chey was about
9,400 units, updated as of 2016 (See figure 5).
Market Share by Commune
Stueng Mean Chey boasted the majority of low-rise hous-
ing clusters, sharing up to 68 percent (or 5,986 units) of the
total cumulative supply in Mean Chey district as of end of
2016. The rest shared other 32 percent (or 2,785 units) (See
figure 6).
Stueng Mean Chey is a newly developing and major hub
for residential, commercial, and industrial activities of
Mean Chey district, located Near South of the four central
commercial districts. A greater number of housing supplies
flowed to the this commune than any other areas thanks to
its better improved infrastructure, nearest links to Phnom
Penh’s main central parts, and various amenities that ease
the livelihoods of residents in the areas.
Market Share by Project
Peng Huoth, one of the few biggest and well-known hous-
ing projects in Phnom Penh, shared 14 percent (or 1,375
units) of the cumulative market supply in Mean Chey dis-
trict as of end of 2016 (See figure 7). The majority of the
housing projects in the district were small-scale and un-
branded, often with 50 to less than 100 units of terraced
houses clustering across the whole district. These projects
accounted for 63 percent (or 5,910 units). Other cluster
housing projects such as Sony and Sorla accounted for 21
percent (or 1,939 units) as combined.
Figure 3: Land market performance in Mean Chey district
Figure 4: Mean Chey’s property market pricing trends
Figure 5: Cluster housing market supply by year, Mean Chey
Figure 6: Market share by commune in Mean Chey district
6
VTRUST Journal of Real Estate | Volume 2, Issue 3 | Mean Chey District: Property Market Review Q1 2017 | Page 6
Market Share by Home Type
In Mean Chey district, purpose-built shophouses accounted
for only 1.9 percent (or 176 units) of the total cumulative
supply, both finished and ongoing, as of end of 2016. Link-
houses, also known as terraced houses, were the most com-
mon home type in the district, sharing up to 90.1 percent
(or 8,364 units). Semi-detached houses, which are often
highly-priced, accounted for 6.8 percent (or 634 units);
whereas single-detached houses, which are more expensive
than any other types, accounted for only 1.2 percent (or 113
units) (See figure 8).
Linkhouses are popular not only in Mean Chey district but
also across all other districts of the capital because of their
much lower prices, being affordable by the majority of
home buyers.
Semi-detached and single-detached homes, mostly offered
by Peng Huoth’s development project, are intended for up-
per-middle to high-end market segments.
Outlooks and Trends
The notion of urban expansion has been echoed differently
across the capital, because each voice follows a developer’s
interest, reported B2B Cambodia in August last year. Some
said that the urban should expand northwards, while others
argued it should go westwards.
However, the most famous local architect Vann Molyvann
gave out reasons why the urban should expand to the south.
“I think that if the city develops to the south it is better than
to the west as the south is an area that is higher above the
river, which is key to avoiding floods,” said Molywann, as
quoted by B2B Cambodia in August last year.
Whatever the arguments have been made, the urbanized
Phnom Penh has already sprawled out to many different
Figure 7: Market share by project in Mean Chey district
Figure 8: Market share by home type, Mean Chey district
A
An artist’s impression for ING City A
Indicative Map 3: ING City Master Plan, close-up view of a partial site, IN
Indicative Map 4: Cluster housing concentration in Phnom
7
VTRUST Journal of Real Estate | Volume 2, Issue 3 | Mean Chey District: Property Market Review Q1 2017 | Page 7
directions: north (Sen Sok district), west (Pou Senchey dis-
trict), east (Chroy Changvar district), not to mention south
(Mean Chey district, Dangkao district, and Takhmao city).
As of today, the western district of Pou Senchey has attract-
ed most of low-rise residential cluster development pro-
jects, having a total of 26,800 housing units, both finished
and still underway. Sen Sok is the second largest attractive
hub, having 18,400 units currently finished and ongoing
across its four communes, especially Phnom Penh Thmey
(See indicative map 2). While these are examples of how
the capital has expanded, housing clusters and residential
compounds tend to move into many directions, creating
new hubs and communities to ease traffic pressure in the
inner city center and relocate to the affordable periphery.
The interlinks between the central urban areas and the outer
newly developed areas ensure that people can still access to
key parts of the capital.
While there is no exception for Mean Chey district, it has
already hosted a total of 9,400 low-rise cluster housing
units, the major of which were completed within 2003 and
2016 and others due to completion by the end of 2017.
Ongoing and Future Development
Many outer parts of Mean Chey district have huge potential
for urban expansion, with a notable satellite city known as
Boeng Cheung Aek Development or ING City underway
and expected to take shape within the 2020s. ING City,
covering 2,572 hectares of land, including a 520 hectare
water reservoir, stretches across the wetland and reservoirs
of Boeng Tumun and Boeng Cheung Aek as well as some
parts of Chak Angrae Leu and Chak Angrae Kraom (Mean
Chey district), as well as some other parts of Dangkao and
Cheung Aek (Dangkao district) and Kankal province (See
indicative map 3).
A large part of Chak Angrae Leu of Mean Chey district,
sandwiching the newly built Hun Sen Boulevard, is desig-
nated for low- and mid-rise residential zone. For example,
borey Peng Huoth, a gated community housing project and
located on Tomnup Thmey Street (or St. 371), has been
developed on the edging part of the master plan.
This massive satellite city is a mixed-use development,
comprising mainly of residential, commercial, industrial
zones along with many other public amenities such as
schools, sports complex, bus interchange, and shopping
areas, to name a few. Some of the development projects
have been already there, namely International School of
Phnom Penh (ISPP), an automobile showroom of Mer-
cedes, and the 209-resident-unit Villa Town.
Up to date, a large part of wetland and reservoir has been
filled, while key infrastructure such as interlink and ring
roads has been built to provide basic access to the develop-
ment sites as well as to the inner city center. Key infrastruc-
ture that has been either built or underway is, for instance,
Hun Sen Boulevard, an arterial road running through the
planned development areas; and Phlov Hoksib Maetr (or
Street 60 Meters), a ring road interlinking with the satellite
city, southern parts of Phnom Penh and Takhmao city
A close-up view of a part of the planned site. Photo: Google Earth Imaging
Aerial image of the planned development site. Photo: Google Earth Imaging
NG City artist’s impression, and current aerial view of the development site
Image 1: Dec-2013 status of Hun Sen Blvd. development
Image 2: May-2017 view of Hun Sen Blvd. dev’t progress
8
Contact
VTrust Appraisal Co., Ltd.
Parkway Square, Mao Tse Tong Blvd.,
Phnom Penh, Cambodia
Contact: (+855)23-220-098
Email: vta@vtrustappraisal.com
Website: www.vtrustappraisal.com
Century 21 Mekong
Parkway Square, Mao Tse Tong Blvd.,
Phnom Penh, Cambodia
Contact: (+855)23-966-577
Email: info@c21mekong.com.kh
Website: www.c21mekong.com.kh
Author
Hoem Seiha (Mr.)
Director of Research |
VTrust Appraisal Co., Ltd.
Tel: +855-23-220-098 | H/p: +855-12-699-553
Email: seiha@vtrustappraisal.com
Website: www.vtrustappraisal.com
Advisory Research Committee
Sim Hoy Chhoung | CEO | VTrust Appraisal
Chrek Soknim | CEO | Century 21 Mekong
In Sitha | Business Development | VTrust Appraisal
Tarek Genena | Consultant | VTrust Appraisal
Phin Sopthea |Valuation Manager| VTrust Appraisal
9 May, 2017 Volume 2, Issue 3
A Publication from In Partnership with
Disclaimer
VTrust Appraisal Co., Ltd. informs that the information, including figures, statistics and opinions, is one gained
from resources deemed reliable and expressed solely by the authors of this publication but does not necessarily
reflect the viewpoints of VTrust Appraisal Co., Ltd. Therefore, VTrust Appraisal does not guarantee or bear
any responsibility for any failures pertaining to the information contained herein.
Valuation Services
Property ● Asset ● Pre-IPO
Research & Consultancy
Market ● Feasibility
Contact: (+855)-23-220-098
Brokerage Services
Buy ● Sale ● Rent
Contact: (+855)-23-966-577

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Mean Chey District: Property Market Review Q1 2017

  • 1. 1 VTRUST Journal of Real Estate 9 May, 2017 Volume 2, Issue 3 Mean Chey District: Property Prices Pick Up, as Satellite City’s Infrastructure Takes Shape AUTHOR HOEM SEIHA Director of Research, VTrust Appraisal Co., Ltd. A PUBLICATION FROM VTRUST APPRAISAL CO., LTD.
  • 2. 2 VTRUST Journal of Real Estate | Volume 2, Issue 3 | Mean Chey District: Property Market Review Q1 2017 | Page 2 Driven by the rapid growth of residential and commercial hubs within certain areas of Mean Chey district and spill-over impacts of Boeng Cheung Aek Development Plan, which covers some parts of Mean Chey, Dangkao, and Takhmao, Mean Chey’s property prices saw a slight pick-up. In the first quarter of 2017, prices of landed properties and land parcels across the district grew by 5.6 percent (2017Q1-over-2016Q1), despite negative property market sentiment over the course of last year. Average land prices in the first quarter of 2017 across the district ranged between US$850 and US$1,200 per sqm. Whereas minimum land price could be as low as US$150 per sqm in the least developed zones, maximum land price (exclusive of buildings or structure) in the bustling commercial hubs could be as high as US$4,470 per sqm. Mean Chey also saw a big jump in the completion of cluster landed housing units in 2016, having up to 1,500 units finished within the year. Even more, other projected completion of 2,700 housing units will add to the existing figure by the end of 2017. As of today, cumulative supply of landed housing units reaches 9,400 units across the four communes of Mean Chey district. In term of development trends, Mean Chey has enormous potential for its partial coverage of Boeng Cheung Aek development zone known as ING City, which lies across some parts of Mean Chey, including Dangkao district and Takhmao province. The zone is expected to become a satellite city with a central hub for mixed-use development, while the nearby areas will also see the impacts. Market Summary
  • 3. 3 VTRUST Journal of Real Estate | Volume 2, Issue 3 | Mean Chey District: Property Market Review Q1 2017 | Page 3 Mean Chey Market Review Introduction Subdivided into four communes, Mean Chey district (Khmer: ខណ្ឌ មានជ័យ) is situated near south of the central busi- ness districts (CBDs) of Phnom Penh, the capital city of Cambodia. With population of about 200,000, Mean Chey is adjacent to some part of Chamkar Mon district and shares borders with other districts such Chbar Ampov, Dangkao, and Pou Senchey (See indicative map 1). Formerly, Mean Chey’s administration included the current district of Chbar Ampov, but later in 2013, the eastern part of Mean Chey was administratively separated and formed into another district which is currently Chbar Ampov. To- day, Mean Chey composes of only four communes, namely Stueng Mean Chey (Khmer: សង្កា ត់សទ ឹងមានជ័យ), Boeng Tumpun (Khmer: សង្កា ត់បឹងទំពុន), Chak Angrae Leu (Khmer: សង្កា ត់ចាក់ អង្រងល ើ), and Chak Angrae Kraom (Khmer: សង្កា ត់ចាក់អង្រងលរោម). Land Market Due to many large vacant parcels across the district and ING City’s development plan which partially covers two communes of Chak Angrae Leu and Chak Angrae Kraom, land market in Mean Chey district has drawn interest from speculative buyers and developers alike. This has created a high demand over the areas and thus caused property prices to go up, albeit slightly, amidst the property market slow- down across the capital. Prices of landed properties and land parcels in Mean Chey district grew 5.6 percent in the first quarter of 2017 as com- pared to the same period last year. Average land price across the district was US$1,190 per sqm in Q1 2017, though prices could vary greatly dependent on different zones and communes within the district (See figure 1). In Boeng Tumpun, for example, average market price of land parcels was about US$1,200 per sqm in the first quar- ter of 2017, although in a peripheral, vacant zone, market price was as low as US$300 per sqm (See figure 1). Indus- trial estate, exclusive of buildings and structure, could range between this lowest market price and as high as US$1,500 per sqm dependent on how bustling the locations are. Mar- ket prices of landed properties, exclusive of buildings and structure, in a residential township or zone ranged between US$740 and US$1,350 per sqm. Shophouses and commer- cial properties, exclusive of buildings and structure, on a secondary street in a good location had an average market price of US$1,500 per sqm, and on a major prime street the average market price could be as high as US$3,300 per sqm. Indicative Map 1: Mean Chey district and its neighboring districts, as a part of the capital of Phnom Penh
  • 4. 4 VTRUST Journal of Real Estate | Volume 2, Issue 3 | Mean Chey District: Property Market Review Q1 2017 | Page 4 Chak Angrae Kraom had a relatively lower market price than any other communes of Mean Chey district, for its prime street shophouse and commercial estate prices for different locations only ranged between US$1,230 and US$2,300 per sqm, which those prices are exclusive of buildings and structure (See figure 1). Prime Street Pricing Main and prime streets remain the most attractive target for commercial purposes. The fact contributes to a high demand on properties along those streets, putting them on a higher market value compared to those far off the main streets. Landed properties as well as land parcels along Samdech Monireth Blvd., also known as St. 217, in Stueng Mean Chey commune had an average market price of US$2,490 per sqm, exclusive of buildings and structure, even though prices could vary greatly due to different determinants such as zoning, property type, or location (See figure 2). A low market price for land parcels along the mentioned street stretching near north started from US$1,450 per sqm, while a high market price on the same street could be as much as US$4,470 per sqm, and those properties could be found nearby, surrounding or adjacent to New Mean Chey Market. Chamkar Doung Street, also known as St. 217, which inter- links from Samdech Monireth Blvd., has been recently im- proved and widened, causing market prices to appreciate due to increased demand. The average market price along this street was about US$830 per sqm, whereas the market prices ranged from US$800 to US$1,200 per sqm depend- ent on location and property type (See figure 2). Market Performance Property markets across Mean Chey district were still rela- tively strong in 2016, albeit weaker market for large parcels of land. Tracked over a period from Q1 2016 to Q1 2017, only 14 percent of the properties in the form of land parcels and landed properties were reported to be sold, 37 percent un- sold, and 49 percent with status unknown. Chak Angrae Leu had the highest sold rate, 25 percent, followed by Stueng Mean Chey, 17 percent (See figure 3). Chak Angrae Leu’s better sales were thanks to a prominent development trend over some parts of this commune, hav- ing drawn interest from speculative investors and buyers into the areas where ING City’s master plan has been Q1 2 0 17 A v e ra g e M a rke t P ric e (P .S QM ) So ld-to -Lis t P rice Ratio (2016) Y-o -Y As king P rice Gro wth 2016Q1-2017Q1 MEAN CHEY DISTRICT $ 1,19 0 92.1% 5.6% Min Va c a nt La nd, Industria l Prope rty Re side ntia l Townhouse Shophouse , Comme rc ia l Prope rty Boeng Tumpun $ 1,2 0 0 93.1% 4.5% $300 $300 - $1,500 $740 - $1,350 $1,500 - $3,300 Chak Angrae Kraom $ 8 5 0 93.6% 6.6% $150 $150 - $1,230 $470 - $1,230 $1,230 - $2,300 Chak Angrae Leu $ 1,18 0 88.9% 5.1% $300 $300 - $1,500 $750 - $1,300 $1,550 - $3140 Stueng Mean Chey $ 1,2 0 0 92.6% 6.1% $300 $300 - $1,330 $750 - $1,330 $1,330 - $4,470 No te : Avg =ave rage ; Min =minimum; Max =maximum; y- o- y =ye aron ye ar; H1, H2 =first half, se c ond half; Q1, Q2 , Q3 =1st quarte r, 2nd quarte r, third quarte r; P.S QM =pe rsquare me te r S o urc e : VTrust AppraisalRe se arc h De partme nt INDICATIVELAND MARKET PRICEPER SQM, MEANCHEYDISTRICT Q1 2017 P rice Range P .SQM, Stratified by Co mmune Figure 1: Indicative land market prices in Mean Chey district Street Name Within the Commune of Starting Point Direction Ending Point Distance (Appr.) Price Range (Appr.) Avg. Price (Appr.) YKP Blvd. (St. 271) Boeng Tumpun Khmer-Soviet Friendship Hospital Heading southeast until St. 371 (Tumnup Thmey) 3.18 km $1,400 - $3,300 $2,420 YKP Blvd. (St. 271) Stueng Mean Chey Chea SimSamaky High School Heading southeast until Entrance to Sovanna Mall 1.61 km $1,400 - $3,300 $2,450 Tumnup Thmey Street (St. 371) Boeng Tumpun Entrance to Wat Angponhean Heading west to east until St. 271 (YKP Blvd.) 3.40 km $550 - $2,270 $1,050 Sola Street (St. 371) Stueng Mean Chey Veng Sreng Blvd. Down northward until Tela Petrol Station 1.60 km $800 - $2,300 $1,200 National Road 2 Chak Angrae Kraom Kbal Thnal Skybridge Intersection Heading south until Bus Stop No. 47 1.51 km $750 - $2,300 $1,530 National Road 2 Chak Angrae Leu MRC Secretariat in PhnomPenh Heading south until Preah Noreay SokimexGas Station 2.78 km $1300 - $3,100 $1,780 Samdech Monireth Blvd. (St. 217) Stueng Mean Chey Stueng Mean Chey Skybridge Heading southwest until ACLEDA's Stueng Meanch Branch 1.89 km $1,450 - $4,470 $2,490 Chamkar Doung Street (St. 217) Stueng Mean Chey SokimexGas Station Intersection Heading south until Stueng Mean Chey II Bakery 1.41 km $800 - $1,200 $830 Note: P.SQM = per square meter; YKP Blvd. = Yothapol Khemarak Phoumin Boulevdard. Appr. = Approximate. Disclaimer: Distances and price ranges indicated above are indicative values only. While the figures might be close to the actual ones, they might not be 100% accurate due to rounding and other statistical implications. Source: VTrust Appraisal Research Q1 2017 MEAN CHEY DISTRICT'S PRIME STREET PRICES Price Range P.SQM, Stratified by Streets within the District, Q1 2017 Figure 2: Indicative land market prices stratified by streets
  • 5. 5 VTRUST Journal of Real Estate | Volume 2, Issue 3 | Mean Chey District: Property Market Review Q1 2017 | Page 5 mapped. On the other hand, Stueng Mean Chey was able to better perform because it has been a newly developed com- mercial and residential hub with a higher population density than the other two communes within Mean Chey district. Market Prices and Trends Average sale-to-list price ratio (SP-to-LP) 2017Q1 over 2016Q1 in Mean Chey district was 92 percent, meaning that every final closed price went below the original list price by eight percent on average (See figure 4). This ratio indicated a stronger bargaining power among buyers due to a weaker demand compared to the market supply. Nevertheless, asking price trends still moved upwards dur- ing the same period, causing average last-to-initial list price ratio to stand at 105.6 percent, meaning that the market price increased by 5.6 percent y-o-y throughout the four communes. In spite of the slow market absorption and long- er marketing time, players speculated that the market would do well in the next couple of years, thus bringing down the prices was not necessary at the moment. Low-Rise Housing Market Mean Chey district witnessed a strong growth in low-rise housing market in the last few years, albeit some slowdown in new unit launches in 2016, while it was slated to have no further new launches into 2017. However, the district saw a tremendous number of new constructed houses in 2016, having almost 1,500 units finished. Even more, 2,700 of additional units, especially in Stueng Mean Chey com- mune, were predicted to be finished by the end of 2017. Total cumulative supply of low-rise housing, including ex- isting and ongoing construction, in Mean Chey was about 9,400 units, updated as of 2016 (See figure 5). Market Share by Commune Stueng Mean Chey boasted the majority of low-rise hous- ing clusters, sharing up to 68 percent (or 5,986 units) of the total cumulative supply in Mean Chey district as of end of 2016. The rest shared other 32 percent (or 2,785 units) (See figure 6). Stueng Mean Chey is a newly developing and major hub for residential, commercial, and industrial activities of Mean Chey district, located Near South of the four central commercial districts. A greater number of housing supplies flowed to the this commune than any other areas thanks to its better improved infrastructure, nearest links to Phnom Penh’s main central parts, and various amenities that ease the livelihoods of residents in the areas. Market Share by Project Peng Huoth, one of the few biggest and well-known hous- ing projects in Phnom Penh, shared 14 percent (or 1,375 units) of the cumulative market supply in Mean Chey dis- trict as of end of 2016 (See figure 7). The majority of the housing projects in the district were small-scale and un- branded, often with 50 to less than 100 units of terraced houses clustering across the whole district. These projects accounted for 63 percent (or 5,910 units). Other cluster housing projects such as Sony and Sorla accounted for 21 percent (or 1,939 units) as combined. Figure 3: Land market performance in Mean Chey district Figure 4: Mean Chey’s property market pricing trends Figure 5: Cluster housing market supply by year, Mean Chey Figure 6: Market share by commune in Mean Chey district
  • 6. 6 VTRUST Journal of Real Estate | Volume 2, Issue 3 | Mean Chey District: Property Market Review Q1 2017 | Page 6 Market Share by Home Type In Mean Chey district, purpose-built shophouses accounted for only 1.9 percent (or 176 units) of the total cumulative supply, both finished and ongoing, as of end of 2016. Link- houses, also known as terraced houses, were the most com- mon home type in the district, sharing up to 90.1 percent (or 8,364 units). Semi-detached houses, which are often highly-priced, accounted for 6.8 percent (or 634 units); whereas single-detached houses, which are more expensive than any other types, accounted for only 1.2 percent (or 113 units) (See figure 8). Linkhouses are popular not only in Mean Chey district but also across all other districts of the capital because of their much lower prices, being affordable by the majority of home buyers. Semi-detached and single-detached homes, mostly offered by Peng Huoth’s development project, are intended for up- per-middle to high-end market segments. Outlooks and Trends The notion of urban expansion has been echoed differently across the capital, because each voice follows a developer’s interest, reported B2B Cambodia in August last year. Some said that the urban should expand northwards, while others argued it should go westwards. However, the most famous local architect Vann Molyvann gave out reasons why the urban should expand to the south. “I think that if the city develops to the south it is better than to the west as the south is an area that is higher above the river, which is key to avoiding floods,” said Molywann, as quoted by B2B Cambodia in August last year. Whatever the arguments have been made, the urbanized Phnom Penh has already sprawled out to many different Figure 7: Market share by project in Mean Chey district Figure 8: Market share by home type, Mean Chey district A An artist’s impression for ING City A Indicative Map 3: ING City Master Plan, close-up view of a partial site, IN Indicative Map 4: Cluster housing concentration in Phnom
  • 7. 7 VTRUST Journal of Real Estate | Volume 2, Issue 3 | Mean Chey District: Property Market Review Q1 2017 | Page 7 directions: north (Sen Sok district), west (Pou Senchey dis- trict), east (Chroy Changvar district), not to mention south (Mean Chey district, Dangkao district, and Takhmao city). As of today, the western district of Pou Senchey has attract- ed most of low-rise residential cluster development pro- jects, having a total of 26,800 housing units, both finished and still underway. Sen Sok is the second largest attractive hub, having 18,400 units currently finished and ongoing across its four communes, especially Phnom Penh Thmey (See indicative map 2). While these are examples of how the capital has expanded, housing clusters and residential compounds tend to move into many directions, creating new hubs and communities to ease traffic pressure in the inner city center and relocate to the affordable periphery. The interlinks between the central urban areas and the outer newly developed areas ensure that people can still access to key parts of the capital. While there is no exception for Mean Chey district, it has already hosted a total of 9,400 low-rise cluster housing units, the major of which were completed within 2003 and 2016 and others due to completion by the end of 2017. Ongoing and Future Development Many outer parts of Mean Chey district have huge potential for urban expansion, with a notable satellite city known as Boeng Cheung Aek Development or ING City underway and expected to take shape within the 2020s. ING City, covering 2,572 hectares of land, including a 520 hectare water reservoir, stretches across the wetland and reservoirs of Boeng Tumun and Boeng Cheung Aek as well as some parts of Chak Angrae Leu and Chak Angrae Kraom (Mean Chey district), as well as some other parts of Dangkao and Cheung Aek (Dangkao district) and Kankal province (See indicative map 3). A large part of Chak Angrae Leu of Mean Chey district, sandwiching the newly built Hun Sen Boulevard, is desig- nated for low- and mid-rise residential zone. For example, borey Peng Huoth, a gated community housing project and located on Tomnup Thmey Street (or St. 371), has been developed on the edging part of the master plan. This massive satellite city is a mixed-use development, comprising mainly of residential, commercial, industrial zones along with many other public amenities such as schools, sports complex, bus interchange, and shopping areas, to name a few. Some of the development projects have been already there, namely International School of Phnom Penh (ISPP), an automobile showroom of Mer- cedes, and the 209-resident-unit Villa Town. Up to date, a large part of wetland and reservoir has been filled, while key infrastructure such as interlink and ring roads has been built to provide basic access to the develop- ment sites as well as to the inner city center. Key infrastruc- ture that has been either built or underway is, for instance, Hun Sen Boulevard, an arterial road running through the planned development areas; and Phlov Hoksib Maetr (or Street 60 Meters), a ring road interlinking with the satellite city, southern parts of Phnom Penh and Takhmao city A close-up view of a part of the planned site. Photo: Google Earth Imaging Aerial image of the planned development site. Photo: Google Earth Imaging NG City artist’s impression, and current aerial view of the development site Image 1: Dec-2013 status of Hun Sen Blvd. development Image 2: May-2017 view of Hun Sen Blvd. dev’t progress
  • 8. 8 Contact VTrust Appraisal Co., Ltd. Parkway Square, Mao Tse Tong Blvd., Phnom Penh, Cambodia Contact: (+855)23-220-098 Email: vta@vtrustappraisal.com Website: www.vtrustappraisal.com Century 21 Mekong Parkway Square, Mao Tse Tong Blvd., Phnom Penh, Cambodia Contact: (+855)23-966-577 Email: info@c21mekong.com.kh Website: www.c21mekong.com.kh Author Hoem Seiha (Mr.) Director of Research | VTrust Appraisal Co., Ltd. Tel: +855-23-220-098 | H/p: +855-12-699-553 Email: seiha@vtrustappraisal.com Website: www.vtrustappraisal.com Advisory Research Committee Sim Hoy Chhoung | CEO | VTrust Appraisal Chrek Soknim | CEO | Century 21 Mekong In Sitha | Business Development | VTrust Appraisal Tarek Genena | Consultant | VTrust Appraisal Phin Sopthea |Valuation Manager| VTrust Appraisal 9 May, 2017 Volume 2, Issue 3 A Publication from In Partnership with Disclaimer VTrust Appraisal Co., Ltd. informs that the information, including figures, statistics and opinions, is one gained from resources deemed reliable and expressed solely by the authors of this publication but does not necessarily reflect the viewpoints of VTrust Appraisal Co., Ltd. Therefore, VTrust Appraisal does not guarantee or bear any responsibility for any failures pertaining to the information contained herein. Valuation Services Property ● Asset ● Pre-IPO Research & Consultancy Market ● Feasibility Contact: (+855)-23-220-098 Brokerage Services Buy ● Sale ● Rent Contact: (+855)-23-966-577