Phnom Penh (Cambodia) Continues to Soar High

[investpp]

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.