Sihanoukville in Cambodia has become an increasingly popular tourist destination with visitors from around the region and The Phnom Penh Post reported that the city is experiencing growth that has made property developers take notice. Gambling is the major attraction with several new casinos driving interest in the city and it is hoped that it can become a major hub for tourism in the country.
The growing property sector in Sihanoukville has been spurred on by Chinese and ASEAN investment who believe the increase in tourism is no fluke. Several new developments have started construction already and more could soon follow as relaxed regulations and fewer restrictions compared to other nearby countries make it an attractive to property developers.
The Phnom Penh Post noted that Cambodian property and hotel company SGPD Corp. began construction on The Sunshine Bay (pictured) located on Independence Beach. The mixed-use development will be 31-stories tall and consist of three towers with a total of 900 units. Once completed, the project will have water parks and bars and prices for an unit will start at USD123,000. More than 200 units have already been purchased with Taiwanese, Chinese and Cambodian investors leading the way.
D’Seaview is a 735-unit condominium planned for Sihanoukville that is being supported by Camhomes, Singaporean company’s HLH Group newly formed subsidiary. This project will be situated near Sokha Beach and will target more local buyers. The Phnom Penh Post claimed that the company is marketing units as low as USD33,000 for Cambodian citizens. The development will began construction before the end of the year and it is expected to be completed sometime in 2018.
D’Seaview Sihanoukville
These are the first real condominium projects that are looking to bring international standards to the city. These developments end a long spell of inactivity and relatively flat land prices in Sihanoukville, Ross Wheble, country director for global real estate consultancy firm Knight Frank, told the newspaper.
“This in part can be attributed to the increase in scheduled flights to Sihanoukville Airport which is only going to increase over the medium to long term, in addition to the growth of the industrial sector and the increasing number of special economic zones,” he noted.
