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Property Market and Land Price Report Q1 2018 - Dangkao District

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Dangkao District Overview
Property Market Introduction
Pricing Trends - Land Size and Land Price per Sqm
Pricing Trends - Distance and Land Price per Sqm
Property Market View and Land Prices by Street and by Commune
Housing Market View in Dangkao District
Ongoing and Future Developments
Nearby and Onsite Development Projects
Brief on New Airport Plan
Outlook and Trend

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Property Market and Land Price Report Q1 2018 - Dangkao District

  1. 1. 1 VTRUST Journal of Real Estate 8 June, 2018 Volume 2, Issue 4 A PUBLICATION FROM IN PARTNERSHIP WITH
  2. 2. 2 VTRUST Journal of Real Estate | Volume 2, Issue 4 | Dangkao District: Property Market Review Q1 2018 | Page 2 Contents Pages  Dangkao District Overview 3  Property Market Introduction 4  Pricing Trends - Land Size and Land Price per Sqm 4  Pricing Trends - Distance and Land Price per Sqm 4  Property Market View and Land Prices by Street and by Commune 5  Housing Market View in Dangkao District 12  Ongoing and Future Developments 13  Nearby and Onsite Development Projects 13  Brief on New Airport Plan 14  Outlook and Trend 15 CONTENTS
  3. 3. 3 VTRUST Journal of Real Estate | Volume 2, Issue 4 | Dangkao District: Property Market Review Q1 2018 | Page 3 Dangkao District (ខណ្ឌ ដង្កោ ) Dangkao district is situated southwest of Phnom Pen capital. It covers approximately 111 square kilometers of land area (and 55 kilometers of perimeter). Lying about six kilometers from Wat Phnom to the district nearest boundary, Dangkao district stretches out 10 kilometers to the south and 15.5 kilometers to the southwest of the heart of the capital. Dangkao was separated from Pou Senchey district in 2011, bringing along with 13 subdivisions (or com- munes, sangkat in Khmer), namely Dangkao, Prey Sa, Cheung Aek, Spean Thma, Prey Veaeng, Pong Tuek, Prateah Lang, Sak Sampov, Krang Pongro, Kong Noy, Tien, Praek Kampues, and Roluos. With population of approximately 108,000, it is the second largest district of Phnom Penh after Pou Senchey. Dangkao is a peri-urban, whose majority of land is seasonally agrarian and vacant, with although in recent years some parts of Dangkao and Cheung Aek com- mune have remarkably surged in land prices, mainly driven by Boeng Cheung Aek Development Plan (or called ING City) and the newly announced New Air- port for Phnom Penh. Population indeed concentrates more in the communes of Dangkao and Chueng Aek. The rest host a very small percentage of population. Indicative Map 1: Indicative Boundaries of Phnom Penh Capital and One of the District-Level Subdivisions: Dangkao District Indicative Map 2: Subdivisions of Dangkao District (Communes of Dangkao) Key Figures: Dangkao District Land Area Square Perimeter 111 sq.km 55 km Administration Subdivision 13 communes: Dangkao, Prey Sa, Cheung Aek, Spean Thma, Prey Veaeng, Pong Tuek, Prateah Lang, Sak Sampov, Krang Pongro, Kong Noy, Tien, Praek Kampues, and Roluos Urbanization Level Partial peri-urban, outskirt Population By year 2012 2017p 96,100 108,000 Annual Growth 8% (CAGR) Population Density (per sq.km) 970 Housing Supplies New launch by year 2016 2017 3,765 units 840 units Total units, cum 17,400 units, rounded (New launch from 2000-2017)
  4. 4. 4 VTRUST Journal of Real Estate | Volume 2, Issue 4 | Dangkao District: Property Market Review Q1 2018 | Page 4 Introduction Dangkao district shares borders with Mean Chey to the north and east, Pou Senchey to the north and west, and Kandal province to the south. As driven by Boeng Cheung Aek Development Plan as known as ING City, Dangkao as well as other attached areas such as Mean Chey district and Kandal province has wit- nessed a quick land price surge since some infrastruc- ture has been built and land has been filled. On Chamkar Dong Street (or Street 217), for example, within the commune boundary of Cheung Aek, parcels of vacant land could be sold between US$300 to US$600 per square meter in 2017 (avg. US$450 per sqm), whereas land with higher market price tends to stretch closer to the boundary of Dangkao commune, a more densely populated area within the district. In the past six years, namely 2012, average market price for vacant land along Street 217 within the earli- er mentioned boundary was US$100 per square meter, as high as US$150 and as low as US$80 per square meter. The compound annual growth rate from 2012 to 2017 for land price in the area was 35 percent. However, the growth of land prices there outpaces urbanization rate, as this well reflects the demand ori- ented towards speculation rather than economic sense. Pricing Trends – Land Size and Price per Sqm On National Highway 3, within the commune bounda- ry of Pong Tuek and Krang Pongro, an average parcel of land as of vacant could be sold between US$80 to US$240 per square meter, where land with higher market price per square meter tends to stretch closer to the boundary of Pou Senchey district. Further, land price per square meter is also elastic to land size. Small parcels of land tend to have high price per square meter, whereas the larger ones tend to be tagged at lower price per square meter. However, the prices scatter widely across the linear trend, indicating a less fit model, to some extent, for price prediction based on linear regression (See Figure 1). Pricing Trends – Distance and Price per Sqm Land market is elastic to road distance of the subject land from Wat Phnom, the heart and most notable landmark in Phnom Penh capital. The further distance of a land parcel is from Wat Phnom, the lower price per square meter is a property tagged on the market. On major streets within Dangkao district boundary, average market price for typical vacant land parcels located 10 kilometers from Wat Phnom could be about US$450 per square meter. However, the market price for similar properties located 25 kilometers from Wat Indicative Map 3: 2012-Arial Image of Urbanization along Street 217 within Cheng Aek Commune. Photo: Google Earth Imaging. Indicative Map 4: Updated 2017 - Slow pace of urbanization has been seen over the areas along Street 217, except that Hun Sen Boulevard has been built across the lake of Cheung Aek. Figure 1: Relationship between Land Price per Sqm and Land Size (along National Highway 3)
  5. 5. 5 VTRUST Journal of Real Estate | Volume 2, Issue 4 | Dangkao District: Property Market Review Q1 2018 | Page 5 Phnom could be priced at US$10 per square meter on average, except some cases where market conditions are exceptional. In this model, the prices scatter close- ly around the linear trend, indicating a well fit model for price predication based on linear regression (See Figure 2). Dangkao Commune (សកោ ត់ដង្កោ ) Dangkao commune (or sangkat Dangkao) is the most populated part of Dangkao district, partially sharing border with Stueng Meanchey and Boeng Tumpun commune of Mean Chey district. It is nearer to the central parts of the capital than any other communes within the district. The commune covers a large body of water (Boeng Cheung Aek) and five major district streets with many local access roads to villages and communities (See Indicative Map 5). Since large parts of the sangkat are more densely pop- ulated, residential communities as well as commercial activities have gradually gathered pace, pushing the property and land prices to rise gradually. Along Chamkar Dong Street (St. 217) stretching 2.3 kilometers within the boundary of Sangkat Dangkao, for example, vacant land could be sold at US$600 per sqm and within a range of US$400 to US$800 per sqm (See Table 2 and/or Indicative Map 5). Within the boundary of sangkat Dangkao, many of residential housing clusters, minor commercial activi- ties, and industrial estate sandwich Chamkar Dong Street (St. 217), which is the prime street of the area. Thus, of the whole district, this commune is the most densely populated, bustled, and highest priced in real properties. Figure 2: Relationship between Road Distance of Land Parcels from Wat Phnom and Land Price per Sqm No. Street Name Within the Commune of Starting Point Direction Heading Degree Ending Point Stretch Length (Appr., Km) Distance from Wat Phnom Penh (Appr., Km) Price Range (Appr., US$) Avg. Price (Appr., US$) 1 Hun Sen Blvd. Cheung Aek 11.484078, 104.919717 Heading South 178 11.449732, 104.923642 4.5 12.9 300 - 500 400 2 National Highway 2 Preaek Kampues 11.449077, 104.923004 Heading West 261 11.443846, 104.885021 4.3 17.1 180 - 220 200 3 National Highway 2 Roluos, Kandal 11.443675, 104.884605 Heading Southwest 207 11.422448, 104.873486 2.8 19.7 180 - 220 200 4 National Highway 3 Pong Tuek 11.500862, 104.818628 Heading Southwest 191 11.453228, 104.808719 5.3 19.2 150 - 240 200 5 National Highway 3 Krang Pongro 11.453194, 104.808686 Heading Southwest 200 11.433934, 104.801500 2.4 23.1 80 - 180 130 6 Prey Sa Rd. Dangkao 11.508611, 104.890994 Heading Southwest 242 11.502372, 104.878904 1.5 11.0 270 - 380 330 7 Prey Sa Rd. Prey Sa 11.502428, 104.878981 Heading Southwest 233 11.480160, 104.845955 4.5 14.2 180 - 220 200 8 Prey Sa Rd. Prey Veaeng 11.486608, 104.850085 Heading South 186 11.460692, 104.846309 3.0 17.5 120 - 200 160 9 Prey Sa Rd. Sak Sampov 11.460801, 104.846305 Heading Southeast 147 11.454045, 104.850945 0.9 19.0 60 - 150 110 10 Prey Veng Pong Tuek Rd. Prey Veaeng 11.468386, 104.844444 Heading West 241 11.462759, 104.833459 2.3 18.6 140 - 230 180 11 Prey Veng Pong Tuek Rd. Pong Tuek 11.462771, 104.833514 Heading West 266 11.461882, 104.813221 2.2 20.6 140 - 230 180 12 Chamkar Dong St. (St. 217) Dangkao 11.522438, 104.888383 Heading South 169 11.501955, 104.892423 2.3 10.5 400 - 800 600 13 Chamkar Dong St. (St. 217) Cheung Aek 11.502174, 104.892473 Heading South 174 11.479597, 104.894642 2.5 12.3 300 - 600 450 14 Chamkar Dong St. (St. 217) Preaek Kampues 11.465603, 104.889682 Heading Southwest 196 11.436248, 104.880715 3.6 18.2 140 - 240 190 15 Street 104 Roluos 11.443899, 104.884228 Heading West 263 11.441220, 104.860701 2.7 20.6 60 - 120 90 16 Street 104 Tien 11.441199, 104.860626 Heading West 270 11.441241, 104.846814 1.3 22.1 60 - 120 90 17 Street 104 Kong Noy 11.441235, 104.846858 Heading West 258 11.436960, 104.827149 2.3 24.5 120 - 180 150 18 Street 104 Krang Pongro, Kandal 11.436763, 104.826783 Heading West 260 11.432589, 104.800732 3.1 27.3 260 - 300 230 19 Hokseb Maetr St. (St. 60 Meter) Dangkao 11.475228, 104.891948 Heading Southeast 136 11.469454, 104.897445 0.9 14.7 250 - 450 350 20 Hokseb Maetr St. (St. 60 Meter) Cheung Aek 11.469622, 104.897493 Heading Southeast 119 11.456883, 104.920428 2.93 15.7 250 - 450 350 21 Tumnub Thmey St. (St. 371) Dangkao 11.525818, 104.887726 Heading Southeast 104 11.519356, 104.913251 2.6 9.2 400 - 800 600 22 Tumnup Prampir Makara St. Dangkao 11.475362, 104.891436 Heading Northwest 110 11.479909, 104.879066 1.5 15 190 - 350 270 23 Tumnup Prampir Makara St. Dangkao 11.479770, 104.879275 Heading West 261 11.479109, 104.874512 0.6 16.2 110 - 190 150 24 Tumnup Prampir Makara St. Prey Sa 11.479195, 104.874586 Heading Southwest 239 11.475079, 104.867158 0.9 16.8 100 - 180 140 25 Tumnup Prampir Makara St. Prey Veaeng 11.475136, 104.867292 Heading Southwest 216 11.465747, 104.859677 1.3 18.1 60 - 140 100 26 Tumnup Prampir Makara St. Sak Sampov 11.465916, 104.859579 Heading Southwest 239 11.444890, 104.822198 5.3 20.7 40 - 100 70 27 Tumnup Prampir Makara St. Cheung Aek 11.460504, 104.909614 Heading South 177 11.449914, 104.910067 1.1 16.5 110 - 190 150 28 Tumnup Prampir Makara St. Krang Pongro 11.444882, 104.822342 Heading West 271 11.445410, 104.804588 1.97 24.3 40 - 100 70 29 Hokseb Maetr St. (St. 60 Meter) Prey Sa 11.499757, 104.873876 Heading South 179 11.481038, 104.874536 2.0 13.7 250 - 450 350 Note: 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 absolutely accurate due to rounding and other statistical implications. Source: VTrust Appraisal Research Q4 2017 DANGKAO DISTRICT: INDICATIVE MARKET PRICES FOR LAND Price per Square Meter for Land as of Vacant (Stratified by Streets within Dangkao District) Q4 2017 Table 1: Indicative Market Price for Land Parcels, Stratified by Stretch of Street and Commune within Dangkao District Indicative Map 5: Indicative Market Price for Land by Major Street within Boundary of Dangkao Commune No. Street Name Within the Commune of Starting Point Direction Heading Degree Ending Point Stretch Length (Appr., Km) Distance from Wat Phnom (Appr., Km) Price Range (Appr., US$) Avgerage Price (Appr., US$) 1 Tumnub Thmey St. (St. 371) Dangkao 11.525818, 104.887726 Heading Southeast 104 11.519356, 104.913251 2.6 9.2 400 - 800 600 2 Chamkar Dong St. (St. 217) Dangkao 11.522438, 104.888383 Heading South 169 11.501955, 104.892423 2.3 10.5 400 - 800 600 3 Prey Sa Rd. Dangkao 11.508611, 104.890994 Heading Southwest 242 11.502372, 104.878904 1.5 11.0 270 - 380 330 4 Hokseb Maetr St. (St. 60 Meter) Dangkao 11.475228, 104.891948 Heading Southeast 136 11.469454, 104.897445 0.9 14.7 250 - 450 350 5 Tumnup Prampir Makara St. Dangkao 11.475362, 104.891436 Heading Northwest 110 11.479909, 104.879066 1.5 15.0 190 - 350 270 6 Tumnup Prampir Makara St. Dangkao 11.479770, 104.879275 Heading West 261 11.479109, 104.874512 0.6 16.2 110 - 190 150 Price per Square Meter for Land as of Vacant (Stratified by Streets within Dangkao Commune) Q4 2017 DANGKAO COMMUNE: INDICATIVE MARKET PRICES FOR LAND Note: Appr. = Approximate. Disclaimer: Distances and price ranges indicated above are indicative market prices only. While the figures might be close to the actual ones, they might NOT be absolutely accurate due to rounding and other statistical implications. Source: VTrust Appraisal Research Q4 2017 Table 2: Indicative Market Price for Land Parcels, Stratified by Stretch of Major Streets within Dangkao Commune
  6. 6. 6 VTRUST Journal of Real Estate | Volume 2, Issue 4 | Dangkao District: Property Market Review Q1 2018 | Page 6 Prey Sa Commune (សកោ ត់ព្រៃស) Prey Sa commune (or Sangkat Prey Sa) is immediately attached to Sangkat Dangkao but comparatively less dense in population. It covers three of the major dis- trict streets and many local access roads to villages: 1) Prey Sa Road 2) Hokseb Maetr St. (Street 60 Meter) 3) Tumnup Prampir Makara St. Prey Sa Road, one of the district streets, has been paved recent years. It runs from Dangkao through to Sak Sampov commune. Within Sangkat Prey Sa’s boundary, Prey Sa Rd. stretches 4.5 kilometers and is located 14.2 kilometers from Wat Phnom. Because land along this road is largely vacant and mainly used as seasonal rice farms, the average market price for the land here is between US$180 and US$220 per square meter (See Indicative Map 6 and/or Table 3). No ma- jor residential development has been seen over the are- as on this road till recent years. Hobseb Maetr (or Street 60 Meter) has been under construction, and the most parts of it have been paved. Land prices along this street, therefore, have surged to US$350 per square meter at average and between US$250 and US$450 per square meter. Cheung Aek Commune (សកោ ត់ង្ ើងឯក) Cheung Aek commune (or Sangkat Cheung Aek) is immediately attached to Dangkao commune and co- vers a large part of Cheung Aek Lake (or Boeng Cheung Aek), one of the largest lake existing in Phnom Penh up to date. The commune has a total coverage area of approximately 13 square kilometers. Cheung Aek is less dense in population compared to Sagnkat Cheugn Aek and Sangkat Dangkao (See In- dicative Map 7 and/or Table 4). The commune shares four stretches of major streets Indicative Map 6: Indicative Market Price for Land by Major Street within Boundary of Prey Sa Commune No Street Name Within the Commune of Starting Point Direction Heading Degree Ending Point Stretch Length (Appr., Km) Distance from Wat Phnom (Appr., Km) Price Range (Appr., US$) Avg. Price (Appr., US$) 1 Prey Sa Rd. Prey Sa 11.502428, 104.878981 Heading Southwest 233 11.480160, 104.845955 4.5 14.2 180 - 220 200 2 Hokseb Maetr St. (St. 60 Meter) Prey Sa 11.499757, 104.873876 Heading South 179 11.481038, 104.874536 2.0 13.7 250 - 450 350 3 Tumnup Prampir Makara St. Prey Sa 11.479195, 104.874586 Heading Southwest 239 11.475079, 104.867158 0.9 16.8 100 - 180 140 PREY SA COMMUNE: INDICATIVE MARKET PRICES FOR LAND Price per Square Meter for Land as of Vacant (Stratified by Streets within Prey Sa Commune) Q4 2017 Note: Appr. = Approximate. Disclaimer: Distances and price ranges indicated above are indicative market prices only. While the figures might be close to the actual ones, they might NOT be absolutely accurate due to rounding and other statistical implications. Source: VTrust Appraisal Research Q4 2017 Table 3: Indicative Market Price for Land Parcels, Stratified by Stretch of Major Streets within Prey Sa Commune Indicative Map 7: Indicative Market Price for Land by Major Street within Boundary of Cheung Aek Commune No. Street Name Within the Commune of Starting Point Direction Heading Degree Ending Point Stretch Length (Appr., Km) Distance from Wat Phnom (Appr., Km) Price Range (Appr., US$) Avg. Price (Appr., US$) 1 Chamkar Dong St. (St. 217) Cheung Aek 11.502174, 104.892473 Heading South 174 11.479597, 104.894642 2.5 12.3 300 - 600 450 2 Hokseb Maetr St. (St. 60 Meter) Cheung Aek 11.469622, 104.897493 Heading Southeast 119 11.456883, 104.920428 2.93 15.7 250 - 450 350 3 Hun Sen Blvd. Cheung Aek 11.484078, 104.919717 Heading South 178 11.449732, 104.923642 4.5 12.9 300 - 500 400 4 Tumnup Prampir Makara St. Cheung Aek 11.460504, 104.909614 Heading South 177 11.449914, 104.910067 1.1 16.5 110 - 190 150 Note: Appr. = Approximate. Disclaimer: Distances and price ranges indicated above are indicative market prices only. While the figures might be close to the actual ones, they might NOT be absolutely accurate due to rounding and other statistical implications. Source: VTrust Appraisal Research Q4 2017 Price per Square Meter for Land as of Vacant (Stratified by Streets within Cheung Aek Commune) Q4 2017 CHEUNG AEK COMMUNE: INDICATIVE MARKET PRICES FOR LAND Table 4: Indicative Market Price for Land Parcels, Stratified by Stretch of Major Streets within Cheung Aek Commune Image 1: Feb-2018 View of Hun Sen Boulevard
  7. 7. 7 VTRUST Journal of Real Estate | Volume 2, Issue 4 | Dangkao District: Property Market Review Q1 2018 | Page 7 and many local access roads: 1) Chamkar Dong Street (Street 217) 2) Hokseb Maetr Street (Street 60 Meter) 3) Hun Sen Blvd. 4) Tumnup Prampir Makara Street Since ING City as known as Cheung Aek Develop- ment was announced, land prices in the areas and many other areas attached to this development has rap- idly increased. ING City is planned on 2,572 hectares of land, including some part of the lake itself, and is slated to be finished by 2020s. Until recently, some major development has been seen over the planned area, including low-rise housing pro- jects, both complete and ongoing, international school, automobile showroom, and many other projects under planning (See Table). Chamkar Dong Street, one of the major district streets, was well-paved in 2016. It runs from Stueng Meanchey of Mean Chey district through to Sangkat Dangkao of Dangkao district. Within Cheung Aek’s boundary, Chamkar Dong Street (Street 217) stretches 2.5 kilometers. Indicative market prices for land parcels along Chamkar Dong (or Street 217) street were between US$300 and US$600 per square meters, with average price of US$450 per square meter, as land that is near- er to northern boundary of Cheung Aek tends to have higher prices (See Indicative Map 7 and/or Table 4). Hun Sen Boulevard, a newly-built street, starts from Yothapol Khemrak Phoumin Boulevard (Street 271) to National Highway 2. Within Cheung Aek’s boundary, it stretches 4.5 kilometers south and has a distance of 12.9 kilometers from Wat Phnom. Land market prices along this boulevard could be between US$300 and US$500 per square meters, with an average of US$400 per square meter. The nearer it is to Street 271, the higher price do parcels of land get. Kong Noy Commune (សកោ ត់គងនយ) Kong Noy commune (or Sangkat Kong Noy) is the far south-west part of Cheung Aek district. Sandwiching a major district road called Street 104, the commune is largely vacant. The majority of land there is seasonally agrarian and mostly unfilled. Along Street 104, land uses are mostly residential, whereas in term of population, it is dense only along the street. Access to inner areas are a large number of parcels of seasonal paddy fields. Through satellite imagery, the urbanization in this commune is very slow compared to Dangkao and Cheung Aek communes. Even on Street 104 itself, ur- banization has gather paced very slowly. Therefore, land market there is slow to grow due to a lack of major development projects, leading to less demand. Parcels of vacant land immediately attached to this stretch of Street 104, which stretches 2.3 kilo- meters within Kong Noy’s boundary, could be market- ed between US$120 and US$180 per square meter, with an average of US$150 per square meter (See In- dicative Map 8 and/or Table 5) Indicative Map 8: Indicative Market Price for Land by Major Street within Boundary of Kong Noy Commune No. Street Name Within the Commune of Starting Point Direction Heading Degree Ending Point Stretch Length (Appr., Km) Distance from Wat Phnom (Appr., Km) Price Range (Appr., US$) Avg. Price (Appr., US$) 1 Street 104 Kong Noy 11.441235, 104.846858 Heading West 258 11.436960, 104.827149 2.3 24.5 120 - 180 150 Note: Appr. = Approximate. Disclaimer: Distances and price ranges indicated above are indicative market prices only. While the figures might be close to the actual ones, they might NOT be absolutely accurate due to rounding and other statistical implications. Source: VTrust Appraisal Research Q4 2017 KONG NOY COMMUNE: INDICATIVE MARKET PRICES FOR LAND Price per Square Meter for Land as of Vacant (Stratified by Streets within Kong Noy Commune) Q4 2017 Table 5: Indicative Market Price for Land Parcels, Stratified by Stretch of Major Streets within Kong Noy Commune Image 2: Feb-2018 View of Street 104 within Kong Noy Commune
  8. 8. 8 VTRUST Journal of Real Estate | Volume 2, Issue 4 | Dangkao District: Property Market Review Q1 2018 | Page 8 Preaek Kampeus (សកោ ត់ព្រៃកកំៃឹស) Preaek Kampeus commune (or Sangkat Preaek Kampeus) is located farthest of Dangkao district, also attached to Preaek Hour commune of Takhmao city (See Indicative Map 9). Preaek Kampeus covers stretches of major street and many local assess roads: 1) Chamkar Dong Street (Street 217) 2) National Highway 2 (Nt’l Hwy 2) Although the commune is very far from central Phnom Penh, land market there gains a moderate demand due to its being near to Takhmao city. In other term, it has enjoyed being a middle sphere or a vicinity of Boeng Cheugn Aek Development Plan and relatively bustling city of Takhmao. Thanks to its being in the middle of these two areas, Preaek Kampues has a potential to act as an urban interlink between Takhmao city and the planned Satellite ING City. Currently, vacant and unimproved land along a Na- tional Highway 2 within the boundary of Preaek Kampeus, for example, could be marketed between US$180 and US$220 per square meter (See Indicative Map 9 and/or Table 6). An unfinished low-rise housing projects along Nation- al Highway 2 should have pushed land prices there to rise further, but its current status lessened the attrac- tiveness of the areas. Despite that, developers like New World has entered the area in a recent moment, launching some construction for low-rise houing pro- ject with hundreds of units along there, reenergizing land market within the sphere and its neighborhoods. Further, along the final stretch of Chamkar Dong Street which is located 18.2 kilometers away from Wat Phnom, land as of vacant could be marketed be- tween US$140 and US$240 per square meter. Chamkar Dong Street has been known as one of the major recently-built district streets that attract a lot of residents to settle down and create commercial activi- ties along there. Krang Pongro Commune (សកោ ត់ររំងៃរង) Krang Pongro commune (or Sangkat Krang Pongro) is located southwest of Dangkao district and bordered with Kandal Stueng commune of Kandal province. With approximately 6.9 square kilometers of land ar- ea, Krang Pongro shares three stretches of major dis- trict roads, namely: 1) National Highway 3, 2) Tumnub Prampir Makara Rd., and 3) Street 104. Within the boundary of Krang Pongro, National High- way 3, which stretches 2.4 kilometers within boundary and is about 18.2 kilometers away from Wat Phnom, has been seen with some major industrial clusters, in- cluding Vattanac Industrial Park 2, alongside with res- idential concentration. A short stretch of National Highway 3 runs through wetland and lake, while a long stretch of it runs through vast pieces of vacant Indicative Map 9: Indicative Market Price for Land by Major Street within Boundary of Preaek Kampeus Commune No. Street Name Within the Commune of Starting Point Direction Heading Degree Ending Point Stretch Length (Appr., Km) Distance from Wat Phnom (Appr., Km) Price Range (Appr., US$) Avg. Price (Appr., US$) 1 Chamkar Dong St. (St. 217) Preaek Kampues 11.465603, 104.889682 Heading Southwest 196 11.436248, 104.880715 3.6 18.2 140 - 240 190 2 National Highway 2 Preaek Kampues 11.449077, 104.923004 Heading West 261 11.443846, 104.885021 4.3 17.1 180 - 220 200 PREAEK KAMPUES COMMUNE: INDICATIVE MARKET PRICES FOR LAND Price per Square Meter for Land as of Vacant (Stratified by Streets within Preaek Kampues Commune) Q4 2017 Note: Appr. = Approximate. Disclaimer: Distances and price ranges indicated above are indicative market prices only. While the figures might be close to the actual ones, they might NOT be absolutely accurate due to rounding and other statistical implications. Source: VTrust Appraisal Research Q4 2017 Table 6: Indicative Market Price for Land Parcels, Stratified by Stretch of Major Streets within Preaek Kampeus Commune Image 3: Feb-2018 View of National Highway 2 within Preaek Kampues Commune
  9. 9. 9 VTRUST Journal of Real Estate | Volume 2, Issue 4 | Dangkao District: Property Market Review Q1 2018 | Page 9 land and paddy fields. Along this road, vacant land could be marketed at an average of US$130 per square meter and with a range of US$80 to US$180 per square meter, dependent on property conditions. Further distance from Wat Phnom keeps the market price low despite its concentration of factories and residential houses. Alongside Street 104 edging the boundary of Kandal Stueng of Kandal province, vacant land could be priced between US$260 and US$300 per square meter, with an average market price of US$230 per square meter. Though this stretch is located 27.3 kilometers away from Phnom Penh, the area is more active and commercialized than other areas along this street. Pong Tuek Commune (សកោ ត់ៃងទឹក) Pong Tuek commune (or Sangkat Pong Tuek) has area coverage of 11.3 square kilometers and is located west of Dangkao district, sharing borders with: 1) Phleung Chheh Roteh, 2) Chaom Chau commune of Pou Senchey district, 3) Krang Pongro of Dangkao district. Pong Tuek shares some stretches of National Highway 3 (appr. 5.3 kilometers) and Prey Veang Pong Tuek Road (appr. 2.2 kilometers), 19 to 20 kilometers away from Wat Phnom. Pong Tuek shares a long stretch of National Highway 3, along which the majority of land is vacant. Concen- tration of residential houses and factories is only at some intersections of between local access roads and National Highway 3. Along National Highway 3, land as of vacant could be marketed at an average of US$200 and with a range of US$150 to US$240 per square meter. Land along Prey Veang Pong Tuek Road could be marketed between US$140 and US$230 per square meter, with an average of US$180 per square meter. Indicative Map 10: Indicative Market Price for Land by Major Street within Boundary of Krang Pongro Commune No. Street Name Within the Commune of Starting Point Direction Heading Degree Ending Point Stretch Length (Appr., Km) Distance from Wat Phnom (Appr., Km) Price Range (Appr., US$) Avg. Price (Appr., US$) 1 National Highway 3 Krang Pongro 11.453194, 104.808686 Heading Southwest 200 11.433934, 104.801500 2.4 23.1 80 - 180 130 2 Tumnup Prampir Makara St. Krang Pongro 11.444882, 104.822342 Heading West 271 11.445410, 104.804588 2.0 24.3 40 - 100 70 3 Street 104 Krang Pongro, Kandal 11.436763, 104.826783 Heading West 260 11.432589, 104.800732 3.1 27.3 260 - 300 230 KRANG PONGRO: INDICATIVE MARKET PRICES FOR LAND Price per Square Meter for Land as of Vacant (Stratified by Streets within Krang Pongro) Q4 2017 Note: Appr. = Approximate. Disclaimer: Distances and price ranges indicated above are indicative market prices only. While the figures might be close to the actual ones, they might NOT be absolutely accurate due to rounding and other statistical implications. Source: VTrust Appraisal Research Q4 2017 Table 7: Indicative Market Price for Land Parcels, Stratified by Stretch of Major Streets within Krang Pongro Commune Indicative Map 11: Indicative Market Price for Land by Major Street within Boundary of Pong Tuek Commune No. Street Name Within the Commune of Starting Point Direction Heading Degree Ending Point Stretch Length (Appr., Km) Distance from Wat Phnom (Appr., Km) Price Range (Appr., US$) Avg. Price (Appr., US$) 1 National Highway 3 Pong Tuek 11.500862, 104.818628 Heading Southwest 191 11.453228, 104.808719 5.3 19.2 150 - 240 200 2 Prey Veng Pong Tuek Rd. Pong Tuek 11.462771, 104.833514 Heading West 266 11.461882, 104.813221 2.2 20.6 140 - 230 180 PONG TUEK: INDICATIVE MARKET PRICES FOR LAND Price per Square Meter for Land as of Vacant (Stratified by Streets within Pong Tuek Commune) Q4 2017 Note: Appr. = Approximate. Disclaimer: Distances and price ranges indicated above are indicative market prices only. While the figures might be close to the actual ones, they might NOT be absolutely accurate due to rounding and other statistical implications. Source: VTrust Appraisal Research Q4 2017 Table 8: Indicative Market Price for Land Parcels, Stratified by Stretch of Major Streets within Pong Tuek Commune Image 4: Feb-2018 View of National Highway 3 within Krang Pongro Commune
  10. 10. 10 VTRUST Journal of Real Estate | Volume 2, Issue 4 | Dangkao District: Property Market Review Q1 2018 | Page 10 Prey Veaeng Commune (សកោ ត់ព្រៃព្វង) Prey Veaeng commune (or Sangkat Prey Veaeng) is located southwest of Dangkao district, with area cov- erage approximately 9.2 square kilometer. The commune has three stretches of main roads, in- cluding: 1) Prey Sa Rd. (3 kilometers), 2) Prey Veng Pong Tuek Rd. (2.3 kilometers), and 3) Tumnup Prampir Makara Rd. (1.3 kilometers). Average distance from Wat Phnom to each road is about 18 kilometers. Prey Veaeng is a low density commune among several others of Dangkao district. Population is more dense along those district roads. On the three-kilometer stretch of Prey Sa Rd., land parcels could be marketed between US$120 and US$200 per square meter. On Prey Veng Pong Tuek Rd., land parcels could be marketed between US$140 and US$230 per square meter. Along this road, popu- lation density is comparatively high. However, Tumnup Prampir Makara Rd. within the boundary of Prey Veaeng has very low population density, and there are not yet any major housing devel- opments along this street as of the date of reporting. Roluos Commune (សកោ តរលួស) Roluos commune (or Sangkat Roluos) lies southwest and is approximately 19 kilometers away from Wat Phnom. The commune has a total coverage area of ap- proximately 5 square kilometers. Roluos has two stretches of a major district street and a national interprovincial road: 1) Street 104 (inter-district street) 2) National Highway 2 (inter-provincial road) Overall, Roluos’s population is among the low-density areas of Dangkao district. The commune is also at- tached to Siem Reap commune of Kandal province. On Street 104, market prices for land parcels were from US$60 to US$120 per square meter, with aver- age market price of US$90 per square meter. Along Street 104 within the boundary of Roluos, much of land is vacant pieces and paddy farms. Most of the land is used seasonally as paddy farms. On the other hand, market prices for land along Na- tional Highway 2 ranged from US$180 to US$220 per square meter. The stretch of this national road runs southeast away to Kandal province, with relatively high population density than most of other areas with- in the commune. Indicative Map 12: Indicative Market Price for Land by Major Street within Boundary of Prey Veaeng Commune No. Street Name Within the Commune of Starting Point Direction Heading Degree Ending Point Stretch Length (Appr., Km) Distance from Wat Phnom (Appr., Km) Price Range (Appr., US$) Avg. Price (Appr., US$) 1 Prey Sa Rd. Prey Veaeng 11.486608, 104.850085 Heading South 186 11.460692, 104.846309 3.0 17.5 120 - 200 160 2 Prey Veng Pong Tuek Rd. Prey Veaeng 11.468386, 104.844444 Heading West 241 11.462759, 104.833459 2.3 18.6 140 - 230 180 3 Tumnup Prampir Makara St. Prey Veaeng 11.475136, 104.867292 Heading Southwest 216 11.465747, 104.859677 1.3 18.1 60 - 140 100 PREY VEAENG: INDICATIVE MARKET PRICES FOR LAND Price per Square Meter for Land as of Vacant (Stratified by Streets within Prey Veaeng) Q4 2017 Note: Appr. = Approximate. Disclaimer: Distances and price ranges indicated above are indicative market prices only. While the figures might be close to the actual ones, they might NOT be absolutely accurate due to rounding and other statistical implications. Source: VTrust Appraisal Research Q4 2017 Table 9: Indicative Market Price for Land Parcels, Stratified by Stretch of Major Streets within Prey Veaeng Commune Indicative Map 13: Indicative Market Price for Land by Major Street within Boundary of Roluos Commune No. Street Name Within the Commune of Starting Point Direction Heading Degree Ending Point Stretch Length (Appr., Km) Distance from Wat Phnom (Appr., Km) Price Range (Appr., US$) Avg. Price (Appr., US$) 1 Street 104 Roluos 11.443899, 104.884228 Heading West 263 11.441220, 104.860701 2.7 20.6 60 - 120 90 2 National Highway 2 Roluos, Kandal 11.443675, 104.884605 Heading Southwest 207 11.422448, 104.873486 2.8 19.7 180 - 220 200 ROLUOS COMMUNE: INDICATIVE MARKET PRICES FOR LAND Price per Square Meter for Land as of Vacant (Stratified by Streets within Roluos Commune) Q4 2017 Note: Appr. = Approximate. Disclaimer: Distances and price ranges indicated above are indicative market prices only. While the figures might be close to the actual ones, they might NOT be absolutely accurate due to rounding and other statistical implications. Source: VTrust Appraisal Research Q4 2017 Table 10: Indicative Market Price for Land Parcels, Stratified by Stretch of Major Streets within Roluos Commune
  11. 11. 11 VTRUST Journal of Real Estate | Volume 2, Issue 4 | Dangkao District: Property Market Review Q1 2018 | Page 11 Sak Sampov Commune (សកោ ត់សាក់សំង្ៅ) Sak Sampov commune is located approximately 20 kilometers from Wat Phnom and lies southwest of Dangkao district. The commune covers about 5.5 square kilometers of the total land area. It shares two stretches of main district roads, namely: 1) Tumnup Prampir Makara Rd. 2) Prey Sa Rd. Being one of the far-flung parts of Phnom Penh capi- tal, Sak Sampov has relatively low population density and large parts of it are seasonally agrarian and un- used. Much of vacant land has been filled, improved and subdivided into parcels for sales to local buyers. The inter-district roads within the boundary are about 10 meters wide, and much of residential concentration mostly takes place along those two roads. Due to being a far-flung and low-density area, land parcels along Tumnup Prampir Makara Rd. has as low as US$40 and as high as US$100 per square meter, depending on how much improvement or landfill is needed for the land. Land parcels along Prey Sa Rd. within Sak Sampv’s boundary, on the other hand, could be marketed be- tween US$60 to US$150 per square meter. Prey Sa Rd. within this boundary is relatively dense in dwell- ings and population. Tien Commune (សកោ ត់ង្ទៀន) Tien commune (or Sangkat Tien) is located approxi- mately 22 kilometers from Wat Phnom to the south- west part of the capital. With a coverage area of 4.5 square kilometers of the total land, Tien is run through by only one inter-district road, namely: 1) Street 104 This short stretch of Street 104 has a distance of about 1.3 kilometers within the commune boundary, and much of the land along this road is mostly vacant, sometimes seasonally used as paddy farms. Sangkat Tien has a very low population density, and most of the residential concentration tends to cluster on inner access and local roads rather than on Street 104 itself. Neither is there commercial zone nor does any notable development takes place in the vicinity of this local sphere. Therefore, the district road that runs through a part of Tien commune could have a market price of about US$60 and US$120 per square meter, with an average of US$90 per square meter. The low market prices could be resulted from a lot of need of landfill or im- provement and the lack of anchored developments in the areas and neighborhoods. Indicative Map 14: Indicative Market Price for Land by Major Street within Boundary of Sak Sampov Commune No. Street Name Within the Commune of Starting Point Direction Heading Degree Ending Point Stretch Length (Appr., Km) Distance from Wat Phnom Penh (Appr., Km) Price Range (Appr., US$) Avg. Price (Appr., US$) 1 Prey Sa Rd. Sak Sampov 11.460801, 104.846305 Heading Southeast 147 11.454045, 104.850945 0.9 19.0 60 - 150 110 2 Tumnup Prampir Makara St. Sak Sampov 11.465916, 104.859579 Heading Southwest 239 11.444890, 104.822198 5.3 20.7 40 - 100 70 SAK SAMPOV: INDICATIVE MARKET PRICES FOR LAND Price per Square Meter for Land as of Vacant (Stratified by Streets within Sak Sampov Commune) Q4 2017 Note: Appr. = Approximate. Disclaimer: Distances and price ranges indicated above are indicative values only. While the figures might be close to the actual ones, they might NOT be absolutely accurate due to rounding and other statistical implications. Source: VTrust Appraisal Research Q4 2017 Table 10: Indicative Market Price for Land Parcels, Stratified by Stretch of Major Streets within Sak Sampov Commune Indicative Map 15: Indicative Market Price for Land by Major Street within Boundary of Tien Commune No. Street Name Within the Commune of Starting Point Direction Heading Degree Ending Point Stretch Length (Appr., Km) Distance from Wat Phnom Penh (Appr., Km) Price Range (Appr., US$) Avg. Price (Appr., US$) 1 Street 104 Tien 11.441199, 104.860626 Heading West 270 11.441241, 104.846814 1.3 22.1 60 - 120 90 Note: 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 absolutely accurate due to rounding and other statistical implications. Source: VTrust Appraisal Research Q4 2017 Price per Square Meter for Land as of Vacant (Stratified by Streets within Tien Commune) Q4 2017 TIEN COMMUNE: INDICATIVE MARKET PRICES FOR LAND Table 11: Indicative Market Price for Land Parcels, Stratified by Stretch of Major Streets within Sak Sampov Commune
  12. 12. 12 VTRUST Journal of Real Estate | Volume 2, Issue 4 | Dangkao District: Property Market Review Q1 2018 | Page 12 Housing Development - Dangkao District Dangkao district boasts the third largest supply of low- rise landed houses until 2017, just after Pou Senchey and Sen Sok districts. Up to 2017, housing supply cumulatively reached 17,664 units (11,386 units were completed up to date). Most of them are classified under residential linkhouse type. 2016 saw a huge launch of almost 4,000 units into construction work, whereas it scaled back consid- erably in 2017, having only 800 units launched for construction at that time. Fortunately, developers scheduled to start some 3,000 units by 2018 in order to keep pace with the growing demand, seeing a huge increase this year within the district (See Figure 3 and/ or Table 12). With population of approximately 108,000, Dangkao district needs a vast amount of new home supplies to cater to its eight-percent growth of population per year as well as a relatively fast pace of urban expansion. New people come from different areas of the capital, especially the inner ones, and from different provinces of Cambodia every year contributed to the demand on new dwellings. Among the communes within Dangkao district, Dangkao commune itself shared up to 12,789 units of the total supply, followed by Preaek Kampues (4,549 nits), and Cheung Aek (218 units). Dangkao commune boasted more supplies than any other thanks to its more dense population and being nearer to commer- cial hubs of Stueng Meanchey commune (of Mean Chey district), which is immediately attached to Chamkar Mon, one of the four central business dis- tricts of Phnom Penh capital. Dangkao district is also attractive for relocation of the population from surrounding neighborhoods to reside therein, mainly due to its relatively cheap property prices, including those of land, and large availability of land for new development. Other communes such as Prey Sa, Spean Thma, and Pong Tuek have just started to host a small number of housing supplies, and this will continue to grow over time, albeit slowly. Image 5: 2013 View of a Gated Housing Community in Dangkao Commune Figure 3: Housing Supply by Year in Dangkao District Figure 4: Housing Supply by Commune of Dangkao District Table 12: Housing Supply and Completion by Type and Year
  13. 13. 13 VTRUST Journal of Real Estate | Volume 2, Issue 4 | Dangkao District: Property Market Review Q1 2018 | Page 13 This district hosts the majority of fairly affordable housing developments, as developers proved success- ful with aiming at middle to upper-mid home buyers. In there, 97% of the total housing supplies are classi- fied under residential linkhouse type (See Table 12), whose prices fall averagely at US$50,000 to US$60,000 per unit. Regarding luxury segment, updated as of end of 2017, the supply of semi-detached and single-detached hous- es as combined was just fewer than 300 units. This segment minimum price was US$150,000 per unit. There were only three big housing development pro- jects (projects that have larger than 500 housing units), but they represent 84 percent of the total supplies in term of housing units (up to 14,784 units across the three project locations) (See Table 13). In the district, there were also small scale development projects (those that contain less than 500 housing units), but as combined they only represent 16 percent of the total supplies, with 2,857 units). Major development brands in Dangkao district are New World, Lim Chheanghak, and Sony. New World, one of the market leaders in Phnom Penh, shared 54 percent (or 9,566 units) of the market supply as of 2017. As Lim Chheanghak shared 8 percent (or 1397 units), Sony shared almost the same amount of units. Ongoing and Future Development Some parts of Dangkao and Cheung Aek commune (of Dangkao district) have huge potential for centralized urban transition, as they shared a major part of a nota- ble satellite city known as Boeng Cheung Aek Devel- opment or ING City, which has been underway and expected to take shape within the 2020s. ING City, which covers 2,572 hectares of land, includ- ing a 520 hectare water reservoir, stretches across the wetland and reservoirs of Boeng Tumpun and Boeng Cheung Aek and some parts of Chak Angrae Leu and Chak Angrae Kraom (of Mean Chey district), as well as some other parts of Dangkao and Cheung Aek com- munes (of Dangkao district) and Kankal province (See Indicative Map 3). A large part of Chak Angrae Leu of Mean Chey dis- trict, sandwiching the newly built Hun Sen Boulevard, is designated 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. Peng Huoth’s new gated, low-rise housing development plan has been recently launched on ground work since 2017. List of Onsite and Nearby Developments This massive satellite city is a mixed-use development, comprising mainly of residential, commercial, indus- trial zones along with many other public amenities Table 13: Scale of Housing Projects within Dangkao District Major Development Projects within Sphere and Neighborhoods of ING City Project Name Location Devl’t Type Comple- tion International School of Phnom Penh Hun Neang Blvd. Education 2014 Mercedes Benz Cam- bodia Hun Sen Blvd. Commercial 2016 The Star Natural by Peng Huoth Street 371 Low-Rise Residential 2017 The Star Diamond by Peng Huoth Hun Sen Blvd. Low-rise Residential 2020 Villa Town Hun Neang Blvd. Low-Rise Residential 2018 R&F Condominium Hun Neang Blvd. Mid-Rise Residential Building Complex 2022 Borey Ravana by Naki Group Hun Sen Blvd. Residential 2020 Woodland Residence Hun Sen Blvd. Low-Rise Residential 2019 Landmark 271 Street 371 Low-Rise Residential 2020 Table 14: List of Developments in Sphere and Neighborhoods of ING City
  14. 14. 14 VTRUST Journal of Real Estate | Volume 2, Issue 4 | Dangkao District: Property Market Review Q1 2018 | Page 14 such as schools, sports complex, bus interchange, and shopping areas, to name a few. Some of the major development projects have been already there, namely the International School of Phnom Penh (ISPP), an automobile showroom of Mer- cedes, the 209-resident-unit Villa Town, and the ongo- ing Peng Huoth and Park Land’s gated housing pro- jects (See More at Table 14). Up to date, a large part of wetland and reservoir has been filled with sand, while key infrastructure such as interlink and ring roads has been built to provide basic access to the development sites as well as to the inner city center. Key infrastructure that has been either built or under- way is, for instance, Hun Sen Boulevard, an interlink road running through the planned development areas; and Hokseb Maetr Street (or Street 60-Meter), a ring road interlinking with this satellite city, southern parts of Phnom Penh and Takhmao city. New Airport Plan Recently the government of Cambodia has announced an approval for a new airport which is capable of han- dling large international airplanes. The new airport is reportedly located in Kandal Stueng district of Kandal province, somewhere between National Highway 2 and Road 21 (See Indicative Map 17 for New Airport). As of today, Phnom Penh International Airport, the only existing international airport for the capital, could Indicative Map 16: ING City Master Plan, close-up view of a partial site, ING City artist’s impression, and current aerial view of the development site Indicative Map 17: Indicative Location for Phnom Penh’s New Airport, Which Is Reportedly Approved by the Gov’t
  15. 15. 15 VTRUST Journal of Real Estate | Volume 2, Issue 4 | Dangkao District: Property Market Review Q1 2018 | Page 15 not accommodate large and long-haul or inter- continental passenger aircraft. The new planned airport will cover 2,600 hectares of land and need an investment of US$1.5 billion. The investment is a joint venture where 90 percent owned by Overseas Cambodia Investment Corporation (OCIC), one of the country’s largest real estate devel- opers, and 10 percent by the government’s State Sec- retariat of Civil Aviation (SSCA). The new airport plan will not only push land prices to increase quickly but also create speculative demand on large areas of paddy fields and some kind of wetland. Prior to the announcement of the new airport proposal, land prices in the area and its neighborhood had in- creased only gradually and attracted a very little of buyer attention. However, following the recent an- nouncement of the plan, quick land price surges have been seen over the planned area and neighborhood. In the indicative map, first square (inner square) indi- cates the most probable area on which the new airport is likely to be constructed. The second square (outer square) indicates that the new airport location will be construction somewhere within this square (See Indic- ative Map 17). Outlook and Trend Regarded as a partial peri-urban district, the majority of Dangkao district is paddy field, wetland, and lake. Areas and neighborhoods that are closer to central ur- ban are more robust in term of residential development and commercial activities. The urbanization takes step rapidly there, especially within the commune of Dangkao, Prey Sa, and Cheung Aek (See Indicative Map 18). Because of its large area coverage, new housing supply into the district has cumulatively reached 174,000 units, some of which are underway, as of today. This represents the third largest housing number among the capital’s 12 districts. The existing major development plan known as Boeng Cheung Aek Development or ING City has attracted many small residential developments into Dangkao district and its neighborhood, although only minimal achievement has been witnessed on this huge master plan today. A large number of industrial developments also flocked into the district, especially within the sphere of Dangkao, Prey Sa, and Cheung Aek communes. Fur- ther, once complete and if not a creative speculation, the suggested new airport will additionally be a mag- net for urbanization, especially along the inter- connected roads between Dangkao district and the new airport. Nevertheless, many parts of the Dangkao district that are far-flung and seasonally used as paddy fields show a very slow urbanization progress. Transition to a complete urban for the district may take another two decades (See Indicative Map 18). A good evidence could be seen over Dangkao com- mune, the most populated area, where urbanization gathered pace for 17 years since 2000. But the urbani- zation there appeared to lay out on only one/third of the whole commune (See Indicative Map 18). Indicative Map 18: Pace of Urbanization Growth within the Communes of Dangkao, Chueng Aek, and Prey Sa
  16. 16. 16 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 Zillennium Group Parkway Square, Mao Tse Tong Blvd., Phnom Penh, Cambodia Contact: (+855)61-858-838 Email: hayashimmotori@gmail.com Website: www.zillennium.com/ 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 Chrek Soknim | CEO | Century 21 Mekong In Sitha | Business Development | VTrust Appraisal Phin Sopthea |Valuation Manager| VTrust Appraisal Hak Virith | Director of Analysis | Zillennium Group 8 June, 2018 Volume 2, Issue 4 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 ● Consultancy Contact: (+855)-23-220-098 Real Estate Marketplace List ● Buy ● Sale ● Rent ● Trade Contact: (+855)-61-858-838

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