Pou Senchey, since the last decade, has seen a rapid pace of development, especially in the realm of residential, commercial, and industrial sub-sectors, leading to a considerable land price surge across the district. Observed within the period of the past three years, the district experienced an average annual growth of 31 percent in land prices, from US$110 p.sqm. in 2013, when averaged across the whole district, to US$170 p.sqm. in Q3 2016. Within those three years, 2014 and 2015 marked the strongest growth for land prices, yet during the course of three quarters of 2016 the prices were sluggish to move upward due to the situation that overall real estate market has cooled down steadily since late 2015.

1. 1
VTRUST Journal of Real Estate
19 October, 2016 Volume 1, Issue 6
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
Introduction
Covering the majority of the
western part of the capital, Pou
Senchey district (locally called
‘khan Pou Senchey’ or Khmer:
ខណ្ឌ ពោសែនជ័យ) is currently the
largest of all 12 districts of
Phnom Penh and home to about
184,000 residents. As of today,
Pou Senchey is administrative-
ly subdivided into 10 com-
munes (locally called ‘sangkat’
or Khmer: ែង្កា ត់), namely Boeng Thum, Chaom Chau, Kakab, Kam-
boul, Kantaok, Ovlaok, Phleung Chheh Roteh, Samraong Kraom,
Snao, and Trapeang Krasang.
It shares borders with four other districts, namely Preaek Phnov
district to the north, Sen Sok and Meanchey to the east, and
Dangkao to the south.
Market Summary
Pou Senchey, since the last decade, has seen a rapid pace of devel-
opment, especially in the realm of residential, commercial, and in-
dustrial sub-sectors, leading to a considerable land price surge across
the district. Observed within the period of the past three years, the
district experienced an average annual growth of 31 percent in land
prices, from US$110 p.sqm. in 2013, when averaged across the
whole district, to US$170 p.sqm. in Q3 2016. Within those three
years, 2014 and 2015 marked the strongest growth for land prices,
yet during the course of three quarters of 2016 the prices were slug-
gish to move upward due to the situation that overall real estate mar-
ket has cooled down steadily since late 2015.
Fortunately, recent housing and plot land subdivision market stimuli
practiced by many of developers have been seen to bolster the mar-
ket growth again, albeit slowly, and this trend will continue helping
boost market demand and thus keep real estate prices from going
down negatively.
Land Market and Pricing
In general, market prices for land across Pou Senchey district grew
31 percent y-o-y since 2013 until 2015, while the two bustling com-
munes of Chaom Chau and Kakab grew about or less than 10 per-
cent y-o-y because prices in the two communes were already high
compared to the rest of Pou Senchey’s other communes.
In term of land values and major business hubs, however, Kakab and
Chaom Chau stand out from the rest thanks to their strategic loca-
tions as well as coverage of prime streets ideal for business positions.
Kakab commune is immediately adjacent to Tuek Thla of Sen Sok
district, while Chaom Chau commune is westwards next to Kakab.
Pou Senchey Market Review Q3 2016
As Urban Expands Rapidly, Chaom Chau, Kakab See Huge Residential, Industrial Growth
2013 H2
Average
Market P rice
(P .SQM)
Y-O-Y
Average
P rice Gro wth
(2013-2015)
2 0 16 Q3
A v e ra g e
M a rke t P ric e
(P .S QM )
Q-o -Q
Average
P rice Gro wth
(2016Q1-Q3)
POU SENCHEY $110 31% $ 17 0 - 0.2% Min Ma x Industria l Re side ntia l Shophouse Min Ma x Min Ma x
Boeng Thum $30 22% $ 5 0 - 0.3% $13 $90 $50 - $70 $30 - $50 n/a n/a n/a $13 $90
Chaom Chau $320 8% $ 4 0 0 - 0.2% $35 $1,800 $60 - $450 $150 - $800 $400 - $1,800 $450 $1,800 $100 $450
Kakab $380 10% $ 4 9 0 - 0.8% $70 $2,080 $65 - $450 $170 - $800 $450 - $2,080 $620 $2,080 $150 $620
Kamboul $50 47% $ 12 0 0.0% $23 $360 $50 - $100 $40 - $50 n/a $163 $360 $23 $100
Kantaok $120 8% $ 15 0 - 0.3% $12 $430 $50 - $100 $40 - $50 n/a $190 $430 $12 $100
Ovlaok $30 33% $ 6 0 0.7% $12 $80 n/a $25 - $50 n/a n/a n/a $12 $80
Phleung Chheh Roteh $70 19% $ 110 0.0% $15 $200 $40 - $70 $20 - $50 n/a $180 $200 $15 $80
Samraong Kraom $45 78% $ 15 0 0.3% $30 $430 $70 - $300 $160 - $250 n/a $320 $430 $30 $80
Snao $25 47% $ 6 0 - 1.0% $20 $130 n/a $25 - $40 n/a n/a n/a $20 $130
Trapeang Krasang $50 40% $ 110 0.0% $35 $250 $130 - $ 220 $160 - $250 n/a $150 $250 $35 $80
H2 2013
INDICATIVELAND MARKET PRICEPER SQM, POUSENCHEYDISTRICT
No te : Avg =ave rage ; Min =minimum; Max =maximum; y- o- y =ye aron ye ar; H1, H2 =first half, se c ond half; Q1, Q2 , Q3 =1st quarte r, 2nd quarte r, third quarte r; P.S QM =pe rsquare me te r
S o urc e : VTrust AppraisalRe se arc h De partme nt
Q3 2016
P rice Range P .SQM,
Stratified by Co mmune
P rice Range P .SQM, Stratified by Zo ne
P rice Range P .SQM,
P rimary Street
P rice Range P .SQM,
Seco ndary Street
Legend
1209: Khan Pou Senchey (district), with subdivisions:
A: Sangkat Ovlaok
B: Sangkat Snao
C: Sangkat Samraong Kraom
D: Sangkat Kamboul
E: Sangkat Trapeang Krasang
F: Sangkat Kakab
G: Sangkat Kantaok
H: Sangkat Chaom Chau
I: Sangkat Phleung Chheh Roteh
J: Sangkat Boeng Thum
Note
-Khan Sen Sok (1208) is a northeasterly adjacent
district to Khan Pou Senchey.
-Some of commune codes of Pou Senchey are not
available at the time of reporting.
Disclaimer
The map above may NOT be 100% accurate and
therefore it is intended for indicative illustration only.
A
B C
D
E F
G
H
I
J

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VTRUST Journal of Real Estate | Volume 1, Issue 6 | Land Market Review: Pou Senchey District | Page 2
In Chaom Chau, land prices across the whole commune ranged from
US$35 p.sqm. in undeveloped zones to a peak of US$1,800 p.sqm.
along prime streets (e.g. Confederation de la Russie) and bustling
commercial hubs. The average market price in Chaom Chau was
US$400 p.sqm in Q3 2016, growing from US$320 p.sqm. in 2013.
The average growth for land market prices was eight percent y-o-y.
Immediately adjacent to Phnom Penh International Airport, Chaom
Chau covers some part of the capital’s arterial street, namely Confed-
eration de la Russie (Russian Boulevard in English), National High-
way 3, and National Highway 4. Further, it shares a long distance of
Veng Sreng Blvd.
With similar geographic positioning, Kakab shares a similar market
value as does Chaom Chau, but being closer to the central business
hubs of the capital makes Kakab stand out in term of land prices and
commercial demand. Land prices in Kakab commune grew 10 per-
cent annually, from an average of US$380 p.sqm. in 2013 to US$490
p.sqm in Q3 2016. Kakab’s land market prices could range from a
small base of US$70 p.sqm. in the undeveloped areas to a peak of
US$2,080 p.sqm. along prime streets and in the most bustling com-
mercial hubs.
Nevertheless, a notable land price growth was mostly witnessed in
less developed communes, as speculation seemed to be challenged
by high prices in prime hubs and along major streets, but this specu-
lative vision rather spilt over across the underdeveloped suburbs of
Pou Senchey. For example, less developed communes such as
Samraong Kraom, Kaboul, Snao, and Trapeang Krasang experienced
a land price surge of about and more than 40 percent y-o-y, mainly
due to their small price base and high price jump, as driven by the
trendy development of plot land subdivisions.
Samroang Kraom, which shares a long distance of Tomub Kop Srov
Road, was seen with a remarkable growth in land prices following
the road development that is currently almost complete. In 2013, the
average market price of land in this commune was about US$45
p.sqm., and in Q3 2016 the average price reached US$150 p.sqm..
The average annual growth in the Samroang Kraom was almost 80
percent within the period of those three years.
Similarly, Kamboul, Snao, and Trapeang Krasang experienced a big
jump in land price growth, mainly driven by (1) increasing plot land
subdivision development, (2) increasing demand for low-price land
parcels and housing in the peripheral suburbs of the capital, and (3)
the rapid pace of urban expansion especially since early this decade.
Prime Street and Pricing
Chaom Chau
Chaom Chau is located west and south of Phnom Penh International
Airport, being home to a large number of business hubs and residen-
tial zones, relatively similar to its neighbor Kakab. Residential towns
and commercial activities concentrate only along the commune’s
prime streets, thus making property prices along the streets higher
than its less developed or undeveloped outskirts.
In the third quarter of 2016, average land price along Confederation
de la Russie (Russian Boulevard in English) in Chaom Chau com-
mune was US$1,520 p.sqm., with a price range from US$1,400
p.sqm. to US$1,800 p.sqm.
National Highway 4, the Kingdom’s arterial road interlinked with the
capital’s main boulevard Confederation de la Russia, could be of-
fered on the market at US$430 p.sqm on average. The base price
started from US$140 p.sqm in the farther west parts of the commune
and a peak of US$1,300 p.sqm. in the areas close to Chaom Chau
Circle.
On Veng Sreng Boulevard, land market prices could range from
US$600 p.sqm in a less developed zone to US$1,550 p.sqm. in a
more commercial zone, with the average market price at US$850
p.sqm.
Kakab
Kakab is closer to the city center, being home to Phnom Penh Inter-
national Airport. The commune shares four of the capital’s main
streets along which a large number of businesses are based, thus
creating high values for land prices there.
One of the high value, prime streets in Kakab is Confederation de la
Russie (Russian Boulevard in English), along which land price could
be about US$1,650 p.sqm. in Q3 2016, ranging from US$850 p.sqm.
often for a large portion of vacant land, to US$2,080 p.sqm. for a
prime commercial location.
Another high value, prime street of Kakab is Street 2004, running off
Confederation de la Russie through to Wat Ang Taminh Street.
Along Street 2004, the average market price for land was US$1,300
p.sqm., with a range from US$800 to US$1,850 p.sqm.
Next, along Oknha Try Heng (Street 2011), which runs off Confed-
eration de la Russie through to the crossing railroad, average land
price was US$780 p.sqm., with a range from US$570 p.sqm. to
US$1,200 p.sqm. On the other hand, Street 105K is less competitive
Street Name Starting Point Direction Ending Point Distance Price Range Avg. Price
Confederation de la Russie fromChaomChau Circle heading northeast until You Eng Hotel & Rest. 1,720 meters $1,400 - $1,800 $1,520
National Highway 3 fromChaomChau Circle heading southwest until Entrance to Trapeang Sala Pagoda 3,800 meters $130 - $550 $350
Natational Highway 4 fromChaomChau Circle heading west until Crossing Railroad 3,430 meters $270 - $1,450 $540
Veng Sreng Boulevard fromChaomChau Circle heading southeast until Veng Sreng Water Supply 3,700 meters $600- $1,550 $850
Note: P.SQM = per square meter; Confed. = Confederation. Disclaimer: Distances and price ranges indicated above are indicative values only. While the figures might be close to the actual ones,
they might not be 100% accurate due to rounding and other statistical implications.
CHAOM CHAU'S PRIME STREET PRICES
Price Range P.SQM, Stratified by Streets of Chaom Chau Commune, Q3 2016
Street Name Starting Point Direction Ending Point Distance Price Range Avg. Price
Confederation de la Russie fromKia Motors Cambodia heading southwest until You Eng Hotel & Rest. 3,500 meters $850 - $2,080 $1,650
Street 2004 off Confed. de la Russie heading south until Wat Ang Taminh Street 1,800 meters $800 - $1,850 $1,300
Oknha Try Heng 2011 off Confed. de la Russie heading north until Crossing Railroad 520 meters $570 - $1200 $780
Street 105K off Confed. de la Russie heading north until Crossing Railroad 1,450 meters $200 - $750 $300
KAKAB'S PRIME STREET PRICES
Price Range P.SQM, Stratified by Streets of Kakab Commune, Q3 2016
Note: P.SQM = per square meter; Confed. = Confederation. Disclaimer: Distances and price ranges indicated above are indicative values only. While the figures might be close to the actual ones,
they might not be 100% accurate due to rounding and other statistical implications.

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VTRUST Journal of Real Estate | Volume 1, Issue 6 | Land Market Review: Pou Senchey District | Page 3
in land prices. By the third quarter of 2016 the average market price
along this street was US$300 p.sqm., even if in the sought-after loca-
tions the prices could jump to US$750 p.sqm.
Trend & Outlook
Market & Pricing Trend
Land price growth across Pou Senchey district seemed stable since
early last year, and it is predicted to see a slight increase over the
course of the next two years by going through to 2018. In general,
Pou Senchey’s pricing growth dropped negatively to 0.2 percent over
the course of the first three quarters of 2016, though this has almost
no impact on general price growth within the whole district.
However, land prices as well as other properties in the form of land
in Phnom Penh will start to pick up markly again by 2019.
Urban Expansion
Thanks to its many available large portions of land for new develop-
ments and land properties with comparatively low prices, Pou
Senchey has been seen with tremendous opportunities for urban ex-
pansion and relocation or new positioning of complementary services
and amenities.
Residential towns, several other types of cluster housing, and com-
mercial establishments have been positioned in many different parts
of the district, especially the district’s outstanding communes of Ka-
kab and Chaom Chau, resulting in an increase of population there
and leading to increasing demand for new housing units and related
infrastructure improvements.
Opportunities have been there since many years ago for Pou Senchey
mainly thanks to its strategic locations, coverage of capital’s arterial
roads and main streets, and large space available for urban expansion
to host the increasing number of population as well as industrial and
commercial positioning. Further, the increasing demand for develop-
ment parcels with comparatively low prices also offer the district lots
of opportunities for growth.
Since recent years, it is notable that a number of developments have
concentrated in the commune of Kakab and Chaom Chau, both of
which shares arterial roads and main streets, along which commercial
activities exist to complement the increasing number of residential
communities nearby the areas.
Tomnub Kop Srov Road, one of the capital’s ring roads, will be soon
complete, while Veng Sreng Boulevard was rehabilitated by being
expanded 22 meters wide and paved with concrete. Both of the roads
run through parts of Chaom Chau and other parts of Phnom Penh.
These establishments have created numerous opportunities, added
further property values, and drawn new development potentials to the
areas, especially along those streets.
In Kakab, recent developments are in the realm of residential and
commercial subsector. Notable developments under construction are
Budaiju Residence (condominium project) and Lion Mall
(commercial and shopping complex) along Confederation de la
Russie, as well as many other cluster housing projects, both complete
and under construction. Up to date, in Kakab commune alone, about
2,700 new cluster housing units have been complete, and 950 are
under construction. Nevertheless, 3,300 units of the planned housing
projects have been halted construction so far due to unsatisfactory
pre-sale results.
Industrial Trend
Increasing land prices and rental costs in the zones nearby inner city
center will force existing factories that rely on rents to consider relo-
cating to the suburbs such as western parts of Pou Senchey where
rental costs and cost of living of workers are much lower. Easy ac-
cess to National Highway 4, which directs to the Kingdom’s most
important seaport, might also weigh the consideration for new facto-
ry and other industrial park positioning.
As of today, Pou Senchey is already home to 40 percent of the total
factories in Phnom Penh, ahead of Dangkao (22 percent) and
Meanchey (15 percent).
March-2000 Arial View: overview of areas surrounding Phnom Penh International
Airport (Kakab commune, Pou Senchey district). Photo: Google Satellite Image
March-2016 Arial View: overview of areas surrounding Phnom Penh International
Airport (Kakab commune, Pou Senchey district). Photo: Google Satellite Image
Dec-2013 Street View: In front of access to Tomnub Kop Srov Road (Street 120K),
Chaom Chau commune, Pou Senchey district. Photo: Google Street View
Sept-2016 Street View: In front of access to Tomnub Kop Srov Road (Street 120K),
Chaom Chau commune, Pou Senchey 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 Appraisal
Tarek Genena | Consultant | VTrust Appraisal
Phin Sopthea |Valuation Manager| VTrust Appraisal
19 October, 2016 Volume 1, Issue 6
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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