Property Market and Land Price Report Q1 2018 - Dangkao District

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VTRUST Journal of Real Estate
8 June, 2018 Volume 2, Issue 4
A PUBLICATION FROM IN PARTNERSHIP WITH

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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

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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)

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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)

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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
11.453228,
104.808719
5.3 19.2 150 - 240 200
5 National Highway 3 Krang Pongro
11.453194,
104.808686
11.433934,
104.801500
2.4 23.1 80 - 180 130
6 Prey Sa Rd. Dangkao
11.508611,
104.890994
11.502372,
104.878904
1.5 11.0 270 - 380 330
7 Prey Sa Rd. Prey Sa
11.502428,
104.878981
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
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217)
Cheung Aek
11.502174,
104.892473
Heading South 174
11.479597,
104.894642
2.5 12.3 300 - 600 450
14
217)
Preaek Kampues
11.465603,
104.889682
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
11.469454,
104.897445
0.9 14.7 250 - 450 350
20
Meter)
Cheung Aek
11.469622,
104.897493
11.456883,
104.920428
2.93 15.7 250 - 450 350
21
Tumnub Thmey St. (St.
371)
Dangkao
11.525818,
104.887726
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
St.
Dangkao
11.479770,
104.879275
Heading West 261
11.479109,
104.874512
0.6 16.2 110 - 190 150
24
St.
Prey Sa
11.479195,
104.874586
11.475079,
104.867158
0.9 16.8 100 - 180 140
25
St.
Prey Veaeng
11.475136,
104.867292
11.465747,
104.859677
1.3 18.1 60 - 140 100
26
St.
Sak Sampov
11.465916,
104.859579
11.444890,
104.822198
5.3 20.7 40 - 100 70
27
St.
Cheung Aek
11.460504,
104.909614
Heading South 177
11.449914,
104.910067
1.1 16.5 110 - 190 150
28
St.
Krang Pongro
11.444882,
104.822342
Heading West 271
11.445410,
104.804588
1.97 24.3 40 - 100 70
29
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
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
Stretch of Major Streets within Dangkao Commune

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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$450 per square meter.
Cheung Aek Commune (សកោ ត់ង្ ើងឯក)
Cheung Aek commune (or Sangkat Cheung Aek) is
immediately attached to Dangkao commune and co-
vers a large part of Cheung Aek Lake (or Boeng
Cheung Aek), one of the largest lake existing in
Phnom Penh up to date. The commune has a total
coverage area of approximately 13 square kilometers.
Cheung Aek is less dense in population compared to
Sagnkat Cheugn Aek and Sangkat Dangkao (See In-
dicative Map 7 and/or Table 4).
The commune shares four stretches of major streets
Street within Boundary of Prey Sa Commune
No Street Name
Within the
Commune of
Heading
Degree
Ending Point
Stretch
Length
(Appr., Km)
Distance
from Wat
Phnom
(Appr., Km)
Price Range
(Appr., US$)
Avg. Price
(Appr., US$)
1 Prey Sa Rd. Prey Sa
11.502428,
104.878981
Heading
Southwest
233
11.480160,
104.845955
4.5 14.2 180 - 220 200
2
Hokseb Maetr St.
(St. 60 Meter)
Prey Sa
11.499757,
104.873876
Heading South 179
11.481038,
104.874536
2.0 13.7 250 - 450 350
3
Tumnup Prampir
Makara St.
Prey Sa
11.479195,
104.874586
Heading
Southwest
239
11.475079,
104.867158
0.9 16.8 100 - 180 140
PREY SA COMMUNE: INDICATIVE MARKET PRICES FOR LAND
Price per Square Meter for Land as of Vacant (Stratified by Streets within Prey Sa Commune) Q4 2017
Note: Appr. = Approximate. Disclaimer: Distances and price ranges indicated above are indicative market prices only. While the figures might be close to the actual
ones, they might NOT be absolutely accurate due to rounding and other statistical implications. Source: VTrust Appraisal Research Q4 2017
Stretch of Major Streets within Prey Sa Commune
Street within Boundary of Cheung Aek Commune
No. Street Name
Within the
Commune of
Heading
Degree
Ending Point
Stretch
Length
(Appr., Km)
Distance
from Wat
Phnom
(Appr., Km)
Price Range
(Appr., US$)
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
Stretch of Major Streets within Cheung Aek Commune
Image 1: Feb-2018 View of Hun Sen Boulevard

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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$150 per square meter (See In-
dicative Map 8 and/or Table 5)
Street within Boundary of Kong Noy Commune
No. Street Name
Within the
Commune of
Heading
Degree
Ending Point
Stretch
Length
(Appr., Km)
Distance
from Wat
Phnom
(Appr., Km)
Price Range
(Appr., US$)
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
Stretch of Major Streets within Kong Noy Commune
Image 2: Feb-2018 View of Street 104 within Kong Noy
Commune

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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$240 per square meter.
Chamkar Dong Street has been known as one of the
major recently-built district streets that attract a lot of
residents to settle down and create commercial activi-
ties along there.
Krang Pongro Commune (សកោ ត់ររំងៃរង)
Krang Pongro commune (or Sangkat Krang Pongro) is
located southwest of Dangkao district and bordered
with Kandal Stueng commune of Kandal province.
With approximately 6.9 square kilometers of land ar-
ea, Krang Pongro shares three stretches of major dis-
trict roads, namely:
1) National Highway 3,
2) Tumnub Prampir Makara Rd., and
3) Street 104.
Within the boundary of Krang Pongro, National High-
way 3, which stretches 2.4 kilometers within boundary
and is about 18.2 kilometers away from Wat Phnom,
has been seen with some major industrial clusters, in-
cluding Vattanac Industrial Park 2, alongside with res-
idential concentration. A short stretch of National
Highway 3 runs through wetland and lake, while a
long stretch of it runs through vast pieces of vacant
Street within Boundary of Preaek Kampeus Commune
No. Street Name
Within the
Commune of
Heading
Degree
Ending Point
Stretch
Length
(Appr., Km)
Distance
from Wat
Phnom
(Appr., Km)
Price Range
(Appr., US$)
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
Stretch of Major Streets within Preaek Kampeus Commune
Image 3: Feb-2018 View of National Highway 2 within Preaek
Kampues Commune

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$180 per square meter.
Street within Boundary of Krang Pongro Commune
No. Street Name
Within the
Commune of
Heading
Degree
Ending Point
Stretch
Length
(Appr., Km)
Distance
from Wat
Phnom
(Appr., Km)
Price Range
(Appr., US$)
Avg. Price
(Appr., US$)
1 National Highway 3 Krang Pongro
11.453194,
104.808686
Heading
Southwest
200
11.433934,
104.801500
2.4 23.1 80 - 180 130
2
Tumnup Prampir
Makara St.
Krang Pongro
11.444882,
104.822342
Heading West 271
11.445410,
104.804588
2.0 24.3 40 - 100 70
3 Street 104
Krang Pongro,
Kandal
11.436763,
104.826783
Heading West 260
11.432589,
104.800732
3.1 27.3 260 - 300 230
KRANG PONGRO: INDICATIVE MARKET PRICES FOR LAND
Price per Square Meter for Land as of Vacant (Stratified by Streets within Krang Pongro) Q4 2017
Stretch of Major Streets within Krang Pongro Commune
Street within Boundary of Pong Tuek Commune
No. Street Name
Within the
Commune of
Heading
Degree
Ending Point
Stretch
Length
(Appr., Km)
Distance
from Wat
Phnom
(Appr., Km)
Price Range
(Appr., US$)
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
Stretch of Major Streets within Pong Tuek Commune
Image 4: Feb-2018 View of National Highway 3 within Krang
Pongro Commune

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$220 per
square meter. The stretch of this national road runs
southeast away to Kandal province, with relatively
high population density than most of other areas with-
in the commune.
Street within Boundary of Prey Veaeng Commune
No. Street Name
Within the
Commune of
Heading
Degree
Ending Point
Stretch
Length
(Appr., Km)
Distance
from Wat
Phnom
(Appr., Km)
Price Range
(Appr., US$)
Avg. Price
(Appr., US$)
1 Prey Sa Rd. Prey Veaeng
11.486608,
104.850085
Heading South 186
11.460692,
104.846309
3.0 17.5 120 - 200 160
2
Prey Veng Pong
Tuek Rd.
Prey Veaeng
11.468386,
104.844444
Heading West 241
11.462759,
104.833459
2.3 18.6 140 - 230 180
3
Tumnup Prampir
Makara St.
Prey Veaeng
11.475136,
104.867292
Heading
Southwest
216
11.465747,
104.859677
1.3 18.1 60 - 140 100
PREY VEAENG: INDICATIVE MARKET PRICES FOR LAND
Price per Square Meter for Land as of Vacant (Stratified by Streets within Prey Veaeng) Q4 2017
Stretch of Major Streets within Prey Veaeng Commune
Street within Boundary of Roluos Commune
No. Street Name
Within the
Commune of
Heading
Degree
Ending Point
Stretch
Length
(Appr., Km)
Distance
from Wat
Phnom
(Appr., Km)
Price Range
(Appr., US$)
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
Table 10: Indicative Market Price for Land Parcels, Stratified
by Stretch of Major Streets within Roluos Commune

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$90 per square meter. The low market prices
could be resulted from a lot of need of landfill or im-
provement and the lack of anchored developments in
the areas and neighborhoods.
Street within Boundary of Sak Sampov Commune
No. Street Name
Within the
Commune of
Heading
Degree
Ending Point
Stretch
Length
(Appr., Km)
Distance
from Wat
Phnom Penh
(Appr., Km)
Price Range
(Appr., US$)
Avg. Price
(Appr., US$)
1 Prey Sa Rd. Sak Sampov
11.460801,
104.846305
11.454045,
104.850945
0.9 19.0 60 - 150 110
2
Tumnup Prampir
Makara St.
Sak Sampov
11.465916,
104.859579
11.444890,
104.822198
5.3 20.7 40 - 100 70
SAK SAMPOV: INDICATIVE MARKET PRICES FOR LAND
Price per Square Meter for Land as of Vacant (Stratified by Streets within Sak Sampov Commune) Q4 2017
by Stretch of Major Streets within Sak Sampov Commune
Street within Boundary of Tien Commune
No. Street Name
Within the
Commune of
Heading
Degree
Ending Point
Stretch
Length
(Appr., Km)
Distance
from Wat
Phnom Penh
(Appr., Km)
Price Range
(Appr., US$)
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
Price per Square Meter for Land as of Vacant (Stratified by Streets within Tien Commune) Q4 2017
TIEN COMMUNE: INDICATIVE MARKET PRICES FOR LAND
by Stretch of Major Streets within Sak Sampov Commune

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
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
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
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
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.
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