Sen Sok district (Khan in Khmer) has experienced a rapid growth, especially in term of residential, commercial, and infrastructure developments. Thus, land prices in the whole district increased markedly within the last couple of years. By the end of 2013, average market price of land in Sen Sok was US$380 per sqm. In the first half of 2016, average market price in the district rose to US$690 per sqm, with average growth of 27 percent y-o-y from 2013 to 2015. Nevertheless, land market prices across Sen Sok district have stagnated since the beginning of 2016, making Q1-to-Q2 2016 list price ratio to drop to 99 percent, though minimally, as property sellers were testing the market at which a reasonable market price should be met. Tuol Kouk district, on the other hand, experienced a slight rise in land price within the same period, from average market price of US$2,150 per sqm in 2013 to US$ 2,530 per sqm in early 2016, growing at 6 percent y-o-y within the tracked period. However, across Tuol Kouk district, Q1-to-Q2 2016 list price ratio dropped to 99 percent due to real estate market stagnancy since the start of this year. In sum, these two districts both of which lie northwest of the central Phnom Penh have enjoyed a rapid growth in term of residential and commercial developments. The suburban Sen Sok district, for example, has witnessed a noticeable pace of developments, especially mixed-use landed housing and infrastructure, which gives rise to a change in the skyline and rapid surge in land prices over the course of the previous three years. This growth will continue its pace as developers foresee market optimism over the next coming years.

1. 1
VTRUST Journal of Real Estate
17 August, 2016 Volume , Issue 5
VTRUST Appraisal Co., Ltd. | Tel: (+855)-23-220-098 / Email: vta@vtrustappraisal.com
Century 21 Mekong | Tel: (+855)23-966-577 / Email: info@c21mekong.com.kh
Market Summary
Sen Sok district (Khan in Khmer) has experienced a rapid
growth, especially in term of residential, commercial, and infra-
structure developments. Thus, land prices in the whole district
increased markedly within the last couple of years. By the end of
2013, average market price of land in Sen Sok was US$380 per
sqm. In the first half of 2016, average market price in the district
rose to US$690 per sqm, with average growth of 27 percent y-o-
y from 2013 to 2015. Nevertheless, land market prices across
Sen Sok district have stagnated since the beginning of 2016,
forcing Q1-to-Q2 2016 list price ratio to drop to 99 percent,
though minimally, as property sellers were testing the market at
which a reasonable market price should be met.
Tuol Kouk district, on the other hand, experienced a slight rise in
land price within the same period, from average market price of
US$2,150 per sqm in 2013 to US$ 2,530 per sqm in early 2016,
growing at 6 percent y-o-y within the tracked period. However,
across Tuol Kouk district, Q1-to-Q2 2016 list price ratio dropped
to 99 percent due to real estate market stagnancy since the start
of this year.
In sum, these two districts both of which lie northwest of the
central Phnom Penh have enjoyed a rapid growth in term of resi-
dential and commercial developments. The suburban Sen Sok
district, for example, has witnessed a noticeable pace of develop-
ments, especially mixed-use landed housing and infrastructure,
which gives rise to a change in the skyline and rapid surge in
land prices over the course of the previous three years. This
growth will continue its pace as developers foresee market opti-
mism over the next coming years.
Land Market Pricing
Tuol Kouk District
Over the last preceding decade, Northern fringes of Tuol Kouk
district was the first main destination for residential relocation
because of its available large portions of vacant land and a neigh-
borhood of the central parts of the capital. Land prices across the
district, therefore, started to surge ever since. In 2005, average
market price across the district was about US$1,100 per sqm,
with a threshold of US$450 per sqm along secondary streets to
US$1,900 per sqm along primary streets.
Early this year, average land market price across Toul Kouk rose
to US$2,530 per sqm, while some of the prime commercial
streets could fetch a market price as high as US$5,750 per sqm.
Over a decade, average growth rate of land prices in the district
was about 10 percent y-o-y, and during the last three years the
Tuol Kouk, Sen Sok Market Review H1 2016
As Tuol Kouk Growth Almost Reaches Top, New Prospects Flock to Sen Sok
Q2 2016
Average
Market Price
Tuol Kouk District $2,150 6% $2,530 Min Max Min Max Min Max Min Max
Boeng Kak Ti Muoy $1,210 17% $1,820 $1,010 $3,070 $2,130 $3,070 $1,450 $1,850 $1,010 $1,650
Boeng Kak Ti Pir $1,310 13% $1,830 $1,260 $3,000 $2,060 $3,000 $1,800 $2,060 $1,260 $1,930
Boeng Salang $2,210 2% $2,340 $1,220 $4,450 $2,730 $4,450 $1,750 $2,350 $1,220 $2,050
Phsar Daeum Kor $2,100 1% $2,190 $1,140 $4,450 $2,460 $4,450 $1,630 $2,200 $1,140 $1,910
Phsar Depou Ti Bei $3,000 7% $3,630 $1,470 $5,750 $5,100 $5,750 $2,110 $3,600 $1,470 $2,850
Phsar Depou Ti Muoy $2,420 2% $2,580 $1,300 $5,500 $3,360 $5,500 $1,870 $2,570 $1,300 $2,220
Phsar Depou Ti Pir $2,810 5% $3,230 $1,700 $5,500 $4,090 $5,500 $2,440 $2,570 $1,700 $2,500
Teuk Laak Ti Bei $2,000 6% $2,380 $1,160 $4,070 $3,050 $4,070 $1,670 $2,180 $1,160 $1,920
Teuk Laak Ti Muoy $2,000 7% $2,440 $1,240 $5,200 $3,220 $5,200 $1,780 $3,150 $1,240 $2,550
Tuek Laak Ti Pir $2,440 5% $2,840 $1,650 $5,200 $3,600 $5,200 $2,370 $3,100 $1,650 $2,600
Note: Avg = average; Min = minimum; Max = maximum; y-o-y = year on year; H1, H2 = first half, second half; Q1, Q2 = 1st quarter, 2nd quarter
Source: VTrust Appraisal Research Q2 2016
H2 2013
Average
Market Price
(per sqm)
Y-o-Y Growth
(H2 2013 - H2
2015)
TUOL KOUK LAND MARKET PRICE PER SQM, Q2 2016
Price Range, Commune
Price Range, Primary
Street (Arterial)
Price Range, Secondary
Street (Collector)
Price Range, Tertiary
Street (Local)
Legend: Central Phnom Penh: 1201: Chamkar Mon district; 1202: Daun Penh district;
1203: Prampir Meakkara district; 1204: Tuol Kouk district

2. 2
VTRUST Journal of Real Estate| Volume , Issue 5 | Land Market Review: Tuol Kouk, Sen Sok Districts | Page 2
growth was about 6 percent.
Remarkable land price surge
was seen in Boeng Kak Ti Muoy and Boeng Kak Ti Pir, both of
which are Tuol Kouk’s northern communes adjacent to emerging
Phnom Penh Thmey of Sen Sok and densely-populated Tuol
Sangkae of Ruessei Kaev district. The former grew at 17 percent
y-o-y within the period from 2013 to 2015, and the latter, 13 per-
cent. The two communes’ higher growth in land market prices, if
compared to that of other communes in Tuol Kouk, was pushed
by two key factors. First, because of their relatively small market
price base (from a minimum of US$650 per sqm in the last three
years), a small price jump could see an enormous growth in y-o-y
rate. Second, their attractive, emerging locations have been ideal
for residential towns, high-rise developments, and commercial
establishments, all of which pushed market demand to rise. As a
result, buyers were willing to accept the offers and through this,
the market prices started to increase relatively more quickly over
the last three years.
On the other hand, many parts of the Tuol Kouk seemed almost
to reach their price caps, as many available development and es-
tablishment opportunities have now appeared elsewhere through-
out many of the peripheral parts of the district and its neighbor-
hoods, offering much lower prices and promising opportunities.
Such parts almost reaching land price caps are Phsar Depou, as
high as US$5,750 per sqm and Tuek L’ak, as high as US$5,200
per sqm.
Sen Sok District
Over the previous three years, property market prices across Sen
Sok witnessed a double digit growth, with 27% y-o-y from 2013
to 2015. Back to 2013, average land price across the district was
US$380 per sqm, and it grew to US$690 per sqm in the first half
2016.
Khmuonh, one of the four fastest growing communes (sangkat in
Khmer) of Sen Sok district, enjoyed a relative quick pace of resi-
dential town (such as Grand Phnom Penh International) and infra-
structure developments, with main streets such as Hanoi (St.
1019) almost finished this year and Tumnup Kop Srov Road (the
capital’s ring road) due to completion sometime soon. As a result,
average growth for land price in Khnuonh commune was 35 per-
cent y-o-y, from US$230 per sqm in 2013 to US$480 per sqm in
the first half of 2016, with market prices along main streets rang-
ing from US$300 per sqm to US$710 per sqm.
Krang Thnong, adjacent to Phnom Penh Thmey commune and a
quick access to the prominent Russian Boulevard, also witnessed
a double-digit growth in land prices, with an average of 29 per-
cent y-o-y, from an average of US$110 per sqm in 2013 to
US$210 per sqm in the first half of 2016 across the commune.
The enormous growth in land prices was driven mainly by resi-
dential potentials thanks to many available parcels of vacant land,
including residential plot land movements and ongoing town de-
velopment such as Borey Maha Sen Sok by Japanese developer
Creed Group.
Phnom Penh Thmey, adja-
cent to Boeng Kak Ti
Muoy and Boeng Kak Ti
Pir, the two prominent
communes among 10 of
Tuol Kouk district, also experienced a double-digit growth, hav-
ing stood high thanks to its development potentials and strategic
market position where several remarkable development projects
such as borey New World (La Sen Sok), second project of AEON
Mall, and borey Chip Mong Land, to name a few, have already
been pinned up on the map. Thus, land prices grew at average 19
percent y-o-y within 2013-2015 period, from an average of
US$530 per sqm in 2013 to US$830 per sqm in the first half of
2016. Remarkable potentials in Phnom Penh Thmey commune
have been also seen after the completion of main infrastructure,
for example, Oknha Mong Reththy and Hanoi Street.
Market Performance
Tuol Kouk District
A central zone of the capital, Tuol Kouk district has experienced
a tremendous change in its skyline and infrastructure, which led
to an increase of property demand as well as prices across the
district over the last three years. Yet, average SP-to-LP ratio
across property market in Tuol Kouk was 95 percent in 2015,
while average original-to-last list price ratio dropped slightly to 99
percent Q1-on-Q2 2016.
Low pricing ratios were noticeable in Phsar Depou Ti Muoy
commune, where SP-to-LP ratio went down to 90 percent, lower
than those in any other communes across Tuol Kouk district. The
low pricing ratios in the two communes could be dragged down
by the disruption of Techno Flyover construction process that
affected on profitability of prime business spots along Russian
Boulevard and its surroundings, thus resulting in less-commercial
options for buyers to seriously consider the properties over there.
Legend
1208: Khan Sen Sok (district), with
subdivisions (commune or sangkat):
01: Sangkat Phnom Penh Thmey
02: Sangkat Tuek Thla
03: Sangkat Khmuonh
04: Sangkat Krang Thnong
Note: Khan Tuol Kouk (1204) is
an adjacent district to Khan Sen Sok
Legend
1204: Khan Tuol Kouk (district), with
subdivisions (commune or sangkat):
01: Sangkat Phsar Depou Ti Muoy
02: Sangkat Phsar Depou Ti Pir
03: Sangkat Phsar Depou Ti Bei
04: Sangkat Tuek L’ak Ti Muoy
05: Sangkat Tuek L’ak Ti Pir
06: Sangkat Tuek L’ak Ti Bei
07: Sangkat Boeng Kak Ti Muoy
08: Sangkat Boeng Kak Ti Pir
09: Sangkat Phsar Daeum Kor
10: Sangkat Boeng Salang
Q2 2016
Average
Market Price
Sen Sok District $380 27% $690 Min Max Resident Zone Shophouse Zone Min Max Min Max Min Max
Khmuonh $230 35% $480 $70 $930 $450 - $700 $650 - $930 $300 $710 $90 $280 $70 $180
Krang Thnong $110 29% $210 $50 $770 $450 - $600 $550 - $770 $210 $470 $70 $140 $50 $100
Phnom Penh Thmey $530 19% $830 $90 $1,850 $540 - $1,500 $1,100 - $1,850 $540 $1,600 $120 $540 $90 $330
Tuek Thla $1,050 6% $1,250 $420 $3,550 $650 - $1,750 $1,200 - $2200 $1,400 $3,550 $550 $840 $420 $710
Source: VTrust Appraisal Research, H1 2016
H2 2013
Average
Market Price
(per sqm)
Y- o- Y
Growth (H2
2013 - H2
2015)
SEN SOK LAND MARKET PRICE PER SQM, Q2 2016
Price Range, Commune Price Range, Townhouse Zone
Price Range,
Primary Street
(Arterial)
Price Range,
Secondary Street
(Collector)
Price Range,
Tertiary Street
(Local)
Note: Avg = average; Min = minimum; Max = maximum; y-o-y = year on year; H1, H2 = first half, second half; Q1, Q2 = 1st quarter, 2nd quarter

3. 3
VTRUST Journal of Real Estate| Volume , Issue 5 | Land Market Review: Tuol Kouk, Sen Sok Districts | Page 3
Sen Sok District
Despite enjoying a significant growth in most parts of the districts
over the course of the previous three years, Sen Sok’s property
market heat has been slightly cooled down since early 2016 due
to overall slowdown in property transactions. Given that average
sale-to-list price ratio (SP-to-LP) was 93 percent in 2015, average
achieved sale rate across the district was 7 percent below the orig-
inal list prices, although H1-on-H2 2015 list price ratio (LP) rose
to 101 percent. However, during the first half of 2016, average
original-to-last list price ratio was 99 percent Q1-on-Q2.
The fact that pricing ratios, typically sale price, went down to 93
percent across property market in Sen Sok district means there
were many available properties, especially numerous unoccupied
homes and vacant parcels of land, and therefore buyers have more
power to negotiate for a lower price. Nevertheless, that average
original-to-last list price ratio went down to 99 percent was a sign
that many of sellers were adapting their asking prices to cope
with less aggressive market demand during the first half of 2016.
Outlooks and Trends
With an organic trend of relocation from the central city to subur-
ban and peripheral areas of the capital in a bid to cope with rapid
land price growth, accelerating traffic pressure, and increasingly
overcrowded city dwellers, a number of people have started to
move out to several suburban parts where they form new towns
and communities, remarkably since the five years, and Sen Sok
district is no exception.
Major development trends have been noticeable across Sen Sok,
especially its Phnom Penh Thmey commune, which is situated
northwest of its neighboring Boeng Kak Ti Muoy and Boeng Kak
Ti Pir of Tuol Kouk district. Today, throughout many parts of
Phnom Penh Thmey are situated many of finished housing pro-
jects such as (1) two of Borey Peng Hout projects the Star Emer-
ald and the Star Quarteria, all of which are along Oknha Mong
Reththy Street (1928 St.), (2) two of Borey New World projects,
one of which is located a hundred meters off Mong Reththy Street
and another is on Oknha Try Heng Street (2011 St.).
Another ongoing Borey New World (La Sen Sok) on Oknha
Mong Reththy Street has been almost finished, whereas only its
community shopping mall remains under construction. Further,
Borey Park Land (Sen Sok) along the same street is due to com-
pletion sometime next year.
More importantly, the second project of AEON Mall by Japanese
developers has been pinned on the map in the most promising
zone, immediately adjacent to Borey New World (La Sen Sok)
and less than 800-meter-radius ring of Camko City (southeast),
Borey Angkor Phnom Penh (north), Borey Park Land
(southwest), and Borey Peng Huot (south). These factors have
brought about more demand for the area, including housing units
and parcels of land, thus pushing prices to hike rapidly.
Phnom Penh Thmey is a popular location for buying a first home,
being voted by 20 percent of the surveyed prospective buyers
(conducted by VTrust Appraisal), ahead of other areas such as
Chrouy Changva (16 percent), Stueng Meanchey (11 percent),
Toul Kouk (11 percent), unspecified areas (17 percent), and other
areas combined (25 percent).
Dec-2013 Street View: near access to Borey New World (La Sen Sok), on Mong
Reththy Street (1928 St.), Phnom Penh Thmey commune, Sen Sok district. Photo:
Google Satellite Image
Aug-2016 Street View: near access to Borey New World (La Sen Sok), on Mong
Reththy Street (1928 St.), Phnom Penh Thmey commune, Sen Sok district. Photo:
VTrust Appraisal

4. 4
Contact
VTrust Appraisal Co., Ltd.
Parkway Square, Mao Tse Tong Blvd.,
Phnom Penh, Cambodia
Contact: (+855)23-220-098
Email: vta@vtrustappraisal.com
Website: www.vtrustappraisal.com
Century 21 Mekong
Parkway Square, Mao Tse Tong Blvd.,
Phnom Penh, Cambodia
Contact: (+855)23-966-577
Email: info@c21mekong.com.kh
Website: www.c21mekong.com.kh
Author
Hoem Seiha (Mr.)
Director of Research | VTrust Appraisal Co., Ltd.
Tel: +855-23-220-098 | H/p: +855-12-699-553
Email: seiha@vtrustappraisal.com
Website: www.vtrustappraisal.com
Advisory Research Committee
Sim Hoy Chhoung | CEO | VTrust Appraisal
Chrek Soknim | CEO | Century 21 Mekong
In Sitha | Business Development | VTrust Apprais-
al
Tarek Genena | Consultant | VTrust Appraisal
Phin Sopthea |Valuation Manager| VTrust Ap-
praisal
17 August, 2016 Volume , Issue 5
A Publication from In Partnership with
Disclaimer
VTrust Appraisal Co., Ltd. informs that the information, including figures, statistics and opinions, is one gained
from resources deemed reliable and expressed solely by the authors of this publication but does not necessarily
reflect the viewpoints of VTrust Appraisal Co., Ltd. Therefore, VTrust Appraisal does not guarantee or bear
any responsibility for any failures pertaining to the information contained herein.
Valuation Services
Property ● Asset ● Pre-IPO
Research & Consultancy
Market ● Feasibility
Contact: (+855)-23-220-098
Brokerage Services
Buy ● Sale ● Rent
Contact: (+855)-23-966-577