From glitzy malls and high-rise flats to five-star hotels, a luxury building boom in Phnom Penh is transforming a capital once reduced to a ghost town into one of Asia’s fastest growing cities.
All across the city luxury high-rise condos are popping up with names like “
The Peak” , "
The Gateway" and “Diamond Island”, complete with billboards promising aspirational taglines such as “Sophisticated Urban Living”.
According to the government, Cambodia drew construction investment worth US$1.75 billion in the first nine months of this year, a 13.7 per cent rise from a year earlier.
Many of the new entrants into the kingdom’s building market are developers from Japan, China, South Korea and Singapore.
The recently approved '
Phnom Penh Land Master Plan' aimed to deal with population growth and a continued construction boom as the capital’s population grows by more than a third to a projected 3 million by 2020.