Massive Chinese Developments for Phnom Penh

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CEOCambodiaNews
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Re: Massive Chinese Developments for Phnom Penh

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CEOCambodiaNews wrote: Sun Jun 21, 2020 9:00 am Despite the French-sounding name, "Le Conde BKK1" is a purely Chinese investment.

Phnom Penh Anticipates Another 43-Storey High-Class Condo Building

AKP Phnom Penh, June 18, 2020 --
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Another 43-storey high-class condo building branded Le Condé BKK1 is expected to emerge soon at Sangkat Boeung Keng Kang I, the heart of Phnom Penh capital.

The information was shared in a recent press conference to launch the sales office of Le Condé BKK1’s project here in Phnom Penh.

Speaking on the occasion, Mr. Cui Hui, Marketing Director General of Wangfu Guo Ji Property Development Co., Ltd., underlined that the firm is investing in the project with full confidence with the solid growth and enabling investment climate in Cambodia.
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Costing approximately US$15 million, the modern condo building will encompass a total of 1.4 square killometres – home to sport areas, restaurants, libraries, playgrounds for kids and beyond.

The construction of Le Condé BKK1 is made possible through a collaboration between Wangfu Guo Ji Property Development Co., Ltd and Sichuan Huashi Group, a big contractor company of China.
- AKP
UPDATE
Why Le Condé BKK1 is gaining its popularity
2021-03-03
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Summary:The project is located in BKK1, the embassy area, the central part of Phnom Penh, surrounded by embassies of 29 countries, only 1 km from the National Independence Monument, 1.5 km from the Royal Palace, 1.5 km from the only casino in Phnom Penh, Naga, and the largest shopping mall in Phnom Penh Aeon is 800 meters away.

The project is located in BKK1, the embassy area, the central part of Phnom Penh, surrounded by embassies of 29 countries, only 1 km from the National Independence Monument, 1.5 km from the Royal Palace, 1.5 km from the only casino in Phnom Penh, Naga, and the largest shopping mall in Phnom Penh Aeon is 800 meters away.

This project is the largest single project in BKK1 area, with more than 10,000 square meters of living facilities, covering Phnom Penh's first air jogging track, the first large children's entertainment area, a large sky garden, as well as a venue-level gym, sky swimming pool, ground floor commercial, sky bar, etc. Life support for all ages and needs. The products include Studio, one-bedroom, two-bedroom, and three-bedroom products, which can meet the self-occupation and investment needs of all age groups. View from all sides without obstructing the field of vision.
https://www.compass.com.kh/news-detail/popular-6325/
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AndyKK
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Re: Massive Chinese Developments for Phnom Penh

Post by AndyKK »

The Chinese have a few tall buildings back at home, these are on a smaller scale, but this investment of high building/construction is hitting the right spots, but why would it, and who would be the investors/renters when the building is completed? How many rentals and sales are around the country now from these investments, are the properties mostly occupied, and who are the targeted people who would live in these new buildings?
Always "hope" but never "expect".
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Re: Massive Chinese Developments for Phnom Penh

Post by Strawberryshake »

Are there even still people buying OFF-PLAN condos?
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Re: Massive Chinese Developments for Phnom Penh

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Michael Pettis is very good on the Chinese economy. He is Finance Professor, Peking University, and Senior Fellow, Carnegie-Tsinghua Center. You can follow him on Twitter.

He says that the government there sets annual targets for GDP growth and then issues the necessary instructions to local governments and the big companies (especially real estate developers) to ensure that that figure is achieved.

He says when a country spends money to build infrastructure that will be productively used, then that expenditure is highly beneficial to that country. That was the case with China in the early days (before 2000). When it is not productively used then it actually becomes a drag on the economy.

His other big point is that while the push for annual GDP targets continues, this prevents a redistribution of wealth through the economy which in turn prevents an upsurge in consumer spending and perpetuates China's dependence on exports. My apologies to Prof. Pettis if I misdescribed his views.

What does this mean for Cambodia? The infrastructure is mostly not in great shape. Therefore spending to improve it will be beneficial, assuming it can be productively used. Improving roads so that goods can get to market is an obvious plus, ditto railways. The airports are good already and growth of tourism is doubtful so that may be less helpful. Building condo blocks when there are already so many empty is questionable, especially as the productive local population are not the main buyers of them.

BTW, he says if the Biden administration fulfils on promises to upgrade the infrastructure in the USA, that will be a plus because the infrastructure in the USA is in pretty bad shape.
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Re: Massive Chinese Developments for Phnom Penh

Post by Clutch Cargo »

Quite a few new developments between Monivong and Norodom south near the bridge to Chbar Ampov. The one highlighted I saw on FB for sale.

Prince Happiness Plaza Condo minimum

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https://www.facebook.com/groups/cambodi ... 9263921960
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Re: Massive Chinese Developments for Phnom Penh

Post by nemo »

With the amount of green shadecloth flapping in the breeze, and a notable lack of concrete trucks it is all just renderings.
The world economy is changing fundamentally and the CCP has not exactly made many friends lately.
All the developed economies are making them pay top dollar for things like beef, and iron ore is rapidly increasing in price along with the other metals.

They're not in a good place with the Euros lining up against them, not many on their side now.

https://www.dw.com/en/chinas-secret-loa ... a-57066390
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Re: Massive Chinese Developments for Phnom Penh

Post by ali baba »

Clutch Cargo wrote: Sat May 22, 2021 4:08 pm Quite a few new developments between Monivong and Norodom south near the bridge to Chbar Ampov. The one highlighted I saw on FB for sale.

Prince Happiness Plaza Condo minimum

Image

https://www.facebook.com/groups/cambodi ... 9263921960
Why is the road layout so different in this picture? I'm used to them adding loads of trees and greenery but artistic license usually has some limits.
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Re: Massive Chinese Developments for Phnom Penh

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ali baba wrote: Sun Jan 16, 2022 2:14 pm
Clutch Cargo wrote: Sat May 22, 2021 4:08 pm Quite a few new developments between Monivong and Norodom south near the bridge to Chbar Ampov. The one highlighted I saw on FB for sale.

Prince Happiness Plaza Condo minimum

Image

https://www.facebook.com/groups/cambodi ... 9263921960
Why is the road layout so different in this picture? I'm used to them adding loads of trees and greenery but artistic license usually has some limits.
Yes, looks like they have taken considerable licence haha

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Re: Massive Chinese Developments for Phnom Penh

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Phnom Penh Attracts 1,000 Construction Project, Real Estate Outlook Positive
AKP Phnom Penh, June 08, 2022 --

Phnom Penh has so far attracted around 1,000 new investment projects covering a construction area of 4.63 million square metres, with an investment capital of over US$2.26 billion.

Phnom Penh Governor H.E. Khuong Sreng shared the update when chairing the inauguration of a new flagship shopping mall Prince Times Square here in the capital on June 7.

Construction sector is among the Royal Government's top priorities along with agriculture, industry and tourism, and is significantly contributing to the recovery of the Cambodian economy after the COVID-19 pandemic crisis.

To bolster the sector, the government has introduced support policies such as the investment laws and reforms to make Cambodia as well as Phnom Penh a competitive and favourable location for investments, he added.

Mr. Chrek Soknim, President of Cambodian Valuers and Estate Agents Association (CVEA), noted that currently Cambodia real estate market is gradually getting back on track, especially among domestic investors.

Particularly Chinese investors, he added, are also eyeing more investment in construction sector likely in Phnom Penh, Preah Sihanouk, and some other provinces.

According to the Ministry of Economy and Finance, the growth rate of Cambodia real estate increased to 2.4 percent in 2021 and is expected to rise to 4.8 percent in 2022 given strong domestic investment and demand and increase in foreign investments.
- AKP
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Re: Massive Chinese Developments for Phnom Penh

Post by atst »

I'm puzzled how many barang or Khmer families would like to live in a high rise apartment?
Who are these being built for or are the just empty investments?
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