The Investment Potency in Chroy Changvar, Phnom Penh
Chroy Changvar District
Chroy Changvar is located in the northeast of Phnom Penh, also known as Duck Island, because if we look from above of the whole shape, looks like a duck, at the confluence of the Mekong and Tonle Sap rivers, it is one of the newest and most rapidly developing areas as well as an important part of Phnom Penh. It creating a good geographical advantage with the banks of the long River and rich in ecological resources. Chroy Changvar offers a direct route to the key northern provinces of Siem Reap, Kampong Thom, and Kampong Cham. The vision of many investors reveals that even a simple duck island can be transformed into a swan.
The district is another rapidly developing area of the city and has seen a number of large hotels, residential developments, restaurants, commercial facilities, supermarket and other investment projects transform the formerly quiet area on the outskirts of the city. It is also now close to a number of key tourist and leisure activities in the city.
Over the past decade, Chroy Changvar has developed at a rate much faster than other districts in Phnom Penh, as it had large plots of empty land which have been snapped up to take advantage of the city’s construction boom. with the correct urban planning and ongoing investment, Chroy Changvar has the potential to be an economic powerhouse.
Existing Facilities Surrounding Chroy Changvar Central Business District
From the planning point of view, the future Chroy Changvar District is indeed like a swan flying high, but whether the development of Chroy Changvar during the epidemic is still developed as planned, and what is its real situation, we will point out several existing facilities in CBD.
In term of the housing choices, there’s a potential in Chroy Changvar as it is one of the good and popular residential area which surrounded by riverfront views and has its share of traditional villas, apartments, condominium, Gated communities, and boreys. Thus, one of the exclusive residential landmark is The Peninsula Private Residences, which offers an excellent investment potential, solitude, security, and a luxurious lifestyle with a good smart community Living and great Homespitality services. Chroy Changvar provides 360 views of nature at its finest, you will get a good sunlight and ventilation as fresh air coming from your windows, with a slightly cooler temperature that other districts cannot offer.
In terms of transportation, the traffic to the Chroy Changvar area is basically smooth at present. The existing Cambodia-China Friendship Bridge, Cambodia-Japan Friendship Bridge, Chroy Changvar Bridge, and Ly Yong Phat Bridge connect Chroy Changvar and CBD Area. As well as, daily travel can take a ferry instead. Cars, motorcycles, bikes can cross the river by ferry, around 1.5 US dollars for car each time, and can reach faster.
In terms of other infrastructure, the National Stadium has been finished, the Convention and Exhibition Center has been put into operation, Dinosaur theme parks, Safari Park, Water park, and Golf course have all been officially put into operation, and the new school building of Norton University International School, Asia-Pacific Fredfort International School, JVC Technical School, CamTech University, Sokha Hotel, and Japanese Sunrise Hospital have been put into use. There is plenty of commercial Banks and ATM machines surrounded.
In terms of commercial, food & entertainment, famous restaurants & coffee shops like Cafe Amazon, Tube Café, Starbucks, Pizza Company, Papa John Pizza are available and Black Canyon is just opening. There are several convenient store like Aeon Max value, Lucky supermarket, Bayon Market, 7-Eleven along National Road 6A. Local restaurants and retails stores give dining and
shopping options.
For those craving for night entertainment, no need to travel to the city for bars and pubs. Tonle Sap St and Mekong River St on opposite sides are lined with bars and beer joints. They provide entertainment with a beautiful view of the river.
Upcoming Development in Chroy Changvar
Since 2015, Chroy Changvar has changed its value to attract large development projects with better conditions.
At the end of 2015, the Cambodian government reviewed and approved the “Phnom Penh Master Plan 2035”, which outlines the long-term development goals and overall size of Phnom Penh, and deploys a comprehensive transportation system and infrastructure. Among them, the plan for Chroy Changvar district is to develop Chroy Changvar district into a rich center of Phnom Penh in 5 years as a high-level area of modern aristocracy.
The government has a clear vision on Chroy Changvar, and development companies have also followed the path to move in vigorously. Among them, two of the seven satellite cities planned in Phnom Penh are located in Chroy Changvar, which were developed by Overseas Cambodian Investment Corporation (OCIC) Chroy Changvar Satellite City and Ly Yong Phat Satellite City developed by Cambodia’s Ly Yong Phat Group (LYP Group).
Among them, Chroy Changvar Satellite City cost 1.6 billion US dollars and covers an area of more than 300 hectares, covering power plants, shopping centers, exhibition centers, various sports facilities, government buildings, schools and clubs and other supporting facilities. At present, it has been basically completed, the investment of Ly Yong Phat Satellite City is about 1.5 billion US dollars, including commercial buildings, golf courses, water parks, national sports fields, five-star hotels and other major projects, covering an area of 550 hectares of China-Cambodia Friendship City “Chinatown” The project is also located in the satellite city.
In addition to the construction of the two major satellite cities, there are many government-planned construction institutions and infrastructures in Chroy Changvar such as the Morodok Techo National Stadium, which will host the 2023 Southeast Asian Games, and Chroy Changvar International Exhibition, Trade Center, New Royal University of Fine Arts, National Customs School as well as other upcoming projects. Tax Tower is also under construction and the Bakheng water supply plant is expected to be completed in 2023.
Moreover, the Cambodia-Korea Friendship Bridge Project was recently approved. Once completed, there will be a quick connection from the Night Market Phnom Penh-Chroy Changvar-Arey Ksat area. More specifically, the second Makro Supermarket in Phnom Penh has chosen Chroy Changvar as its next location. Phnom Penh’s first monorail line also will be launched in
Chroy Changvar district, which connects directly to Phnom Penh International Airport. A fourth Aeon Mall will also be present in the area too. With transportation, commerce, administration, schools, hospitals, recreation and high-standard planning, along with ongoing infrastructure, it is no surprise that Chroy Changva attracts many middle and upper-income people in Cambodia to settle and become a fruitful area.
Investment Potency
Judging from the housing price and rent data, the epidemic has not had a great impact on the new housing market and rental market in the Chroy Changvar area, and it still maintains a high development, which shows its own strength.
Price of land and rental prices is higher than it was 2-3 years ago. Land prices are higher on the main roads. However, the potential for it to be a commercial hub makes it attractive. Commercial areas are available to cater to consumer demand. Boreys and apartment complexes provide housing spaces for those working in the area.
Overall, Covid-19 also had a small impact on the development of the Chroy Changvar area, and infrastructure and other development projects are still under construction. There were no significant changes in the real estate market and no price reductions. We believe that different regions have different levels of development and market conditions. And investors will really appreciate this area as well as want the special development potential of this area.
It is worth noting that there are no factories or warehouses planned on the Chroy Changvar region. It is a pure high-end residential area. There are many development projects in all three parts. It is suitable for both living and investment.
References:
- During the epidemic, how is the progress of development of Chroy Changvar, published 20 May 2022, written by Compass Cambodia
- Phnom Penh Area Guides: Chroy Changvar – Between Two Rivers, published 9 August 2019, written by IPS Cambodia