Chrouy Changva peninsula has witnessed a surge in land prices thanks largely to the completion of the second Chrouy Changva Bridge and the Kingdom‟s largest Sokha Phnom Penh Hotel along with some other mid-rise devel-opments such as Bellevue Apartment, Yellow Tower, and three of the Mekong Apartments, just to name a few. The peninsula satellite city project known as “City of the Fu-ture”, which was mapped out five years ago, and the recent kickoffs of high-rise condominium projects such as the Bay and La Vie Residences have also pushed land prices in the areas to skyrocket in recent years. A recent survey by VTrust Appraisal indicates that the av-erage growth of land prices in Chrouy Changva district (khan in Khmer), which mainly covers the peninsula, hov-ers at 20 percent year-on-year, with the average price of the fastest growing zone in Chrouy Changva commune (sangkat in Khmer) standing at US$1,080 per sqm in the second half of 2015 as compared to US$670 per sqm in the same period of 2013. Despite the rapid growth in land prices in Chrouy Changva peninsula, the neighboring district of Ruessei Kaev, located west and opposite Tonle Sap River, has experienced only a slight jump for land prices within these two years, on aver-age hovering at 8 percent year-on-year. With some of the signs marked today, Chrouy Changva peninsula has quickly attracted the population and will continue to witness a rapid surge in land prices, especially driven by major residential and mixed-use developments, both complete and recently announced, and the peninsula city master plans mapped out by OCIC and L.Y.P Group.

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VTRUST Journal of Real Estate
26 January, 2016 Volume 1, Issue 4
VTRUST Appraisal Co., Ltd. | Tel: (+855)-23-220-098 / Email: vta@vtrustappraisal.com
Century 21 Mekong | Tel: (+855)23-966-577 / Email: info@c21mekong.com.kh
Market Summary
Chrouy Changva peninsula has witnessed a surge in land
prices thanks largely to the completion of the second
Chrouy Changva Bridge and the Kingdom‟s largest Sokha
Phnom Penh Hotel along with some other mid-rise devel-
opments such as Bellevue Apartment, Yellow Tower, and
three of the Mekong Apartments, just to name a few. The
peninsula satellite city project known as “City of the Fu-
ture”, which was mapped out five years ago, and the recent
kickoffs of high-rise condominium projects such as the
Bay and La Vie Residences have also pushed land prices in
the areas to skyrocket in recent years.
A recent survey by VTrust Appraisal indicates that the av-
erage growth of land prices in Chrouy Changva district
(khan in Khmer), which mainly covers the peninsula, hov-
ers at 20 percent year-on-year, with the average price of the
fastest growing zone in Chrouy Changva commune
(sangkat in Khmer) standing at US$1,080 per sqm in the
second half of 2015 as compared to US$670 per sqm in the
same period of 2013.
Despite the rapid growth in land prices in Chrouy Changva
peninsula, the neighboring district of Ruessei Kaev, located
west and opposite Tonle Sap River, has experienced only a
slight jump for land prices within these two years, on aver-
age hovering at 8 percent year-on-year.
With some of the signs marked today, Chrouy Changva
peninsula has quickly attracted the population and will
continue to witness a rapid surge in land prices, especially
driven by major residential and mixed-use developments,
both complete and recently announced, and the peninsula
city master plans mapped out by OCIC and L.Y.P Group.
Market Performance
Due to some of the speculative demand in zones that were
mapped out with satellite city master plans and other mega
projects, land prices in the two studied districts have rapid-
ly jumped although the real demand could not afford to
absorb all the supplies as quickly as did the prices go up.
A longitudinal survey by VTrust Appraisal finds out that
out of the real properties listed for sales only 21 percent
were successfully sold, while 31 percent of them remained
unsold within the traced period of 15 months starting from
the fourth quarter of 2013 until the first quarter of 2015.
The findings indicate a lower real market demand in the
two studied districts if compared to that of the central busi-
ness districts, namely Chamkarmon, which achieved up to
42 percent of the sold-out rate in the same traced period
with a shorter marketing time, five months on average.
Given the fact, there is a slow market absorption rate in
Chrouy Changva and Ruessei Kaev districts mainly proven
by the fact that average marketing time spent for properties
in those districts to be sold was as long as nine months, as
compared to five months of average marketing time spent
in Chamkarmon district.
The slow market absorption rate is the translation of the
speculative demand slowed down by an excessive supply
of many large portions of vacant land that has experienced
a very slow pace of actual developments.
Further, sale-to-list price ratio, an actual transacted price
versus their initial list price, in the two studied districts
seems to vary across the market, causing the standard devi-
Chrouy Changva Market Review 2015
With Sign of Promising Future, Chrouy Changva Sees Rapid Surge in Land Prices
An aerial view of Chrouy Changva peninsula; Source: Phnom Penh Sokha Hotel
Figure 1: Sale-list status in Chrouy Changva and Ruessei Kaev districts

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VTRUST Journal of Real Estate| Volume 1, Issue 4| Land Market Review: Chrouy Changva, Ruessei Kaev Districts| Page 2
ation of the market discount to stand at 9 percent which is
farther than the average – negatively 4 percent below the
initial list prices. On the contrary, the median of the market
discount rate drops down at 2 percent below the initial list
prices. As a result, properties in the two districts on average
could be sold 4 percent higher, while in some cases 2 per-
cent lower, than their initial list prices, with a large gap be-
tween listed and actual sold prices across the market.
The large gap of the real transacted prices presented here is
the result of mixed perspectives. First, it lacked concrete
indicative land values in many parts of the market there and
as a result most of the sellers offered for sales at the prices
often unrealistic and versatile over the listing period. For
example, among the total property subjects taken in the
survey, the prices of 68 percent were raised up over the
marketing period. Nevertheless, the prices of 12 percent
were decreased, and 20 percent unchanged in the same pe-
riod. Second, the market was mainly driven by speculative
demand where buyers were anticipating future profits from
the purchase and willing to seize the chance from the slow
pace of development where land market values were still
comparatively lower than those in the central business dis-
tricts.
On the other hand, there was also a versatile behavior about
the property market practices within the areas, given the
fact that prices not only decreased in a sale-to-list manner
but also increased in a last-to-initial list manner during the
marketing time. For example, last-to-initial list price ratio,
a change of prices from initial to last list prices subjected to
the „remained‟ unsold properties, on average went up by
115 percent, meaning 15 percent being raised above the
initial list prices, even though in some cases the last list
prices could go down by 68 percent.
Land Prices
Chrouy Changva District
Situated east of Tonle Sap River and north of the capital,
Chrouy Changva district covers five communes, namely
Key Property Market Performance Indicators:
Chrouy Changva and Ruessei Kaev Districts (2013-2015)
Statistical
Analysis
Sold,
Market
Discount
Sale-to-List
Price Ratio
Last-to-
Initial List
Price Ratio
Sold,
Marketing
Time
(months)
Avg -0.04 97% 115% 9
Min -0.19 84% 68% 4
Q1 (25%) -0.11 90% 100% 5
Median -0.02 98% 120% 9
Q3 (75%) 0.04 105% 129% 11
Max 0.09 110% 167% 18
Std. Dev. 0.09 0.08 22% 4
Note: -0.04*% = -4%; Avg. = average; Q1 = 1st quartile (25%); Q3 = 3rd quartile
(75%); Std. Dev. = standard deviation;
Source: VTrust Appraisal Research Department
Figure 3: Key property performance indicators in Chrouy Changva and
Ruessei Kaev districts
Figure 2: Pricing changes for listed properties during marketing time
(Sellers tend to update list prices throughout the course of listing period.
Figure 4: Land prices by communes in Chrouy Changva and Ruessei Kaev districts
Average Min Max
Chrouy Changva District 20%
Major
Street /
Road
Nat'l
Hwy 6
Nat'l Hwy
6 with
Corner
Inside /
Dead-End /
Gravelled
On Sub-
Street /
Small Road
Sub-Street
Corner
Chrouy Changva 670$ 31% 1,080$ 420$ 1,750$ 1,120$ 1,260$ 1,750$ 420$ 660$ 880$
Preaek Lieb 360$ 17% 480$ 120$ 1,030$ 400$ 670$ 1,030$ 120$ 230$ 310$
Preaek Ta Sek 150$ 33% 250$ 120$ 460$ 250$ n/a n/a 120$ 140$ 190$
Bak Khaeng 139$ 14% 179$ 70$ 310$ 170$ 260$ 310$ 70$ 80$ 110$
Kaoh Dach 40$ 6% 45$ 5$ 80$ 50$ n/a n/a 5$ 15$ 20$
Ruessei Kaev District 8%
Major
Street
Nat'l
Hwy 5
Nat'l Hwy
5 with
Corner
Inside /
Dead-End /
Gravelled
On Street /
Small Road
Sub-Street
Corner
Tuol Sangkae 1,080$ 5% 1,180$ 670$ 2,000$ 1,580$ 1,750$ 2,000$ 670$ 740$ 990$
Svay Pak 280$ 5% 310$ 110$ 760$ 460$ 520$ 760$ 110$ 190$ 250$
Kilomaetr Lekh Prammuoy 650$ 6% 730$ 500$ 1,110$ 810$ 950$ 1,110$ 500$ 580$ 770$
Ruessei Kaev 810$ 4% 870$ 550$ 1,390$ 1,130$ 1,240$ 1,390$ 550$ 620$ 820$
Chrang Chamreh Ti Muoy 560$ 16% 740$ 490$ 1,170$ 800$ 930$ 1,170$ 490$ 530$ 710$
Chrang Chamreh Ti Pir 610$ 11% 750$ 450$ 1,360$ 730$ 1,010$ 1,360$ 450$ 500$ 650$
Source: VTrust Appraisal Research Department
Avg. Y-o-Y
Growth
Rate from
H2:2013 -
H2:2015
Avg. in H2
2013 (per
sqm) Market Prices Classified by
Major Streets (Approx.)
Market Prices Classified by Sub-
Streets (Approx.)
SECOND HALF OF 2015 (PRICE PER SQUARE METER)
Note: Avg = average; Min = minimum; Max = maximum; y-o-y = year on year; H2 = second half (from July to December); Nat'l Hwy = national highway
Source: VTrust Appraisal Research Department

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VTRUST Journal of Real Estate| Volume 1, Issue 4| Land Market Review: Chrouy Changva, Ruessei Kaev Districts| Page 3
Chrouy Changva, Preaek Lieb, Preaek Ta Sek, Kaoh Dach,
and Bak Khaeng. The district is one of the promising top-
tiered zones which have been mapped out with satellite city
plans and mega development projects, thus pushing land
prices to shoot up markedly since the last three years.
From 2013 to 2015, on average land prices in Chrouy
Changva district grew by 20 percent year-on-year, a lot
higher than those of its neighboring Ruessei Kaev district, 8
percent. With some major project completion and promis-
ing future, average growth of land prices in Chrouy
Changva commune grew by 31 percent year-on-year, with
an average price per sqm of about US$1,080 during the se-
cond half of 2015, up from US$670 per sqm during the se-
cond half of 2013. In sum, land prices in the mentioned
commune ranged from US$420 per sqm to US$1,750 per
sqm depending on particular determinants such as signifi-
cance of streets, zoning, and potentiality of development.
Other notable high growth communes in Chrouy Changva
district were Preaek Ta Sek, 33 percent, and Preaek Lieb,
17 percent. The fast growing rate of land prices in those
zones are pertaining to the promising future backed by two
of the satellite city master plans by OCIC as well as L.Y.P
Group and several other major completed projects such as
Sokha Phnom Penh Hotel, Bellevue Apartment, and Young
Commercial Center, just to name a few. Other factors af-
fecting land prices in the areas are the existing gated hous-
ing development projects currently under construction by
Borey Peng Huoth and the Mekong Royal, for instance, and
the newly announced and under-construction projects such
as the Bay and La Vie Residences.
Ruessei Kaev District
Situated west of Tonle Sap and just opposite Chrouy
Changva, Ruessei Kaev district covers six communes,
namely Tuol Sangkae, Svay Pak, Kilomaetr Lekh Pram-
muoy, Ruessei Kaev, Chrang Chamreh Ti Muoy, and
Chrang Chamreh Ti Pir. Looking back over 10 years ago,
many parts of these areas were covered with water bodies
and many large portions of vacant land with wild scrubs.
But thanks to the quick pace of development, the areas are
now a bustling residential district with the large, fast-
growing population. This has ever since pushed land prices
in the areas to rise every year, as in some communes the
prices almost reach a peak.
A recent longitudinal survey by VTrust Appraisal indicates
market prices of land in the areas still continues to go up, at
least maintaining 8 percent of year-on-year growth within
the last two years. With recent developments of gated hous-
ing in Chrang Chamreh zones, the two communes had over
10 percent growth year-on-year, with market prices now
averaging US$750 per sqm in general and peaking at
US$1,300 per sqm in the most robust areas. And Tuol
Sangkae, on the other hand, has already reached a price
peak and therefore price growth has started to slowdown.
Outlook
River culture, or river civilization, had taken a deep root
back to thousands of years ago. While the model has been
adopted throughout the world, Chrouy Changva peninsula
is currently also under the planned map of so-called „river
culture‟ that potentially creates a new civilization trend to
be favored by effluent and elite population. While some
signs of the announced master plans of satellite cities have
been already marked with positive but slow progress, this
concept will form a new shape of the city with a total dif-
ference anticipated over the next 10 years, and 80 percent
of landfill further appears to prove it real promising
Figure 7: Indicative map showing small-large scale housing concentrations
Figure 5: Indicative map showing major developments
Figure 6: Land being filled with sand in Preaek Ta Sek commune

4. 4
Contact
VTrust Appraisal Co., Ltd.
Parkway Square, Mao Tse Tong Blvd.,
Phnom Penh, Cambodia
Contact: (+855)23-220-098
Email: vta@vtrustappraisal.com
Website: www.vtrustappraisal.com
Century 21 Mekong
Parkway Square, Mao Tse Tong Blvd.,
Phnom Penh, Cambodia
Contact: (+855)23-966-577
Email: info@c21mekong.com.kh
Website: www.c21mekong.com.kh
Author
Hoem Seiha (Mr.)
Director of Research | VTrust Appraisal Co., Ltd.
Tel: +855-23-220-098 | H/p: +855-12-699-553
Email: seiha@vtrustappraisal.com
Website: www.vtrustappraisal.com
Advisory Research Committee
Sim Hoy Chhoung | CEO | VTrust Appraisal
Chrek Soknim | CEO | Century 21 Mekong
In Sitha | Business Development | VTrust Appraisal
Tarek Genena | Consultant | VTrust Appraisal
Phin Sopthea |Valuation Manager| VTrust Appraisal
26 January, 2016 Volume 1, Issue 4
A Publication from In Partnership with
Disclaimer
VTrust Appraisal Co., Ltd. informs that the information, including figures, statistics and opinions, is one gained
from resources deemed reliable and expressed solely by the authors of this publication but does not necessarily
reflect the viewpoints of VTrust Appraisal Co., Ltd. Therefore, VTrust Appraisal does not guarantee or bear
any responsibility for any failures pertaining to the information contained herein.
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