Boeung Keng Kang Dominates Serviced Apartment Supply in Phnom Penh
Boeung Keng Kang was formerly Chamkarmon’s Sangkats or communes but it became one of Phnom Penh’s 14 districts after it was created on January 8, 2019 by taking some sangkats from Chamkarmon district.
As of 2019, Boeung Keng kang has 7 sangkats and 55 Phums with a total population of more than 66,000.
Joining Phnom Penh’s CBD – Chamkarmon, Daun Penh, 7 Makara and Toul Kork – Boeung Keng Kang district is comprised of 7 Sangkats: Boeung Keng Kang I, Boeung Keng Kang II, Boeung Keng Kang III, Olympic, Tumnob Tuek, Tuol Svay Prey I and Tuol Svay Prey II.
As of H2 2020, Boeung Keng Kang dominated serviced apartment supply in Phnom Penh, with the largest market share of the overall supply at 36 percent, according to Knight Frank H2 2020 report.
The total supply of serviced apartment as of H2 2020 was recorded at 6,850 units with five new projects comprising 273 mid-tier units added to the market. Of the additional units, 53 percent or 144 units from Provence Apartment, Vira Apartment and Tulip Apartment were located in Boeung Keng Kang district, said the report.
Approximately 58% of the overall supply is categorized as Mid-tier, 22% is High end and the remaining 20% is Affordable. The city center continues to be the most sought-after location for serviced apartments. 90% of the existing supply is located within city center districts whilst 10% are located in suburban districts.
An additional 1,236 serviced apartment units have been identified and will be added to the supply over the next two years, reflecting an increase of 18%, assuming all identified projects complete as scheduled.
Source : Harbor Property
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