With Phnom Penh‘s main roads Norodom Boulevard, Sihanouk Boulevard and Mao Tse Toung Boulevard, running through the area, plenty of business opportunities and commercial services continue to increase.
People refer to the area as the ‘foreign quarter’ of Phnom Penh.
Most of the NGO’s that started appearing during the 1990’s used BKK1 to set up headquarters here, and that’s where it got the nametag.
Formerly in the district of Chamkarmon today, BKK1, 2, 3, Tuol Tom Poung and Tonle Bassac are fast-developing vibrant areas that offer the best and highest standards across many amenities and services within the city.
BKK1 today is synonymous with international brand outlets, businesses, high standard condominiums and apartment blocks, chic bars, coffee shops, cafes and fine dining restaurants everywhere.
If you are looking at a map from 2019 or earlier, then possibly it would seem like that.
Back in 2019, the government decided to separate BKK from Chamkarmon and create a new district.
The area is changing as it has seen a massive influx of expats from other countries come in, such as Japan, Korea and China. Asian expats now outnumber Western expats in the area.
We tend to see BKK1 and Tonle Bassac get the most initial interest from Asian and Western expats.
However, with the city developing many cheaper areas we find people renting only for maybe 1-2 years here then relocating further away from the city centre.
BKK1 is the luxury quarter of Phnom Penh, as most condos and apartments come fully furnished and serviced. However, we do have a continual flow of affordable units here too.
The majority of listings we approve for BKK1 are in the ‘Full service’ category. Meaning accommodation is furnished, has daily or weekly cleaning services, parking, and probably a gym and pool.
People coming into the city more often than not buying furniture is not at the top of their agenda. So, BKK1 was always the area to look for a complete place to live and then potentially move on later.
Although the area has the tag as the upmarket commune, you can find good value in the area. In BKK1, we have listed full-service apartments and condos this year as low as $400 per month due to the global economic downturn. Still, usually, most units are priced anywhere between $800-$1200 per month with 3-bedrooms and penthouses sometimes double that.
There are plenty of villas for rent in BKK1, and they can serve numerous needs and requirements.
A small family villa in the area offers a safe environment and a good choice for office space. For many years before significant development occurred, villas were the preferred option for businesses. Even some prominent names still use these locations.
BKK1 has the most extensive price range of villas in the district, some ranging from as little as $1500 per month to $8000 plus.
Office Space in BKK1
BKK1 still holds the prestige for a young business to have their office address. The area lends itself to high-end meeting places and other amenities.
It isn’t easy to put price ranges on offices as space and location determine factors. Many offices now come in multi-use condominiums such as Sun City, a mix of residential condos and four floors of commercial space.
For those looking to buy or rent, low market prices are the key to success. With travel restrictions still in place, the market is well priced for smaller business owners to consider the area before 2022 seriously. As a result, you could benefit from getting at least 1-year of favourable rental prices or a great deal to buy property.
Raw land is scarce in the area now as almost all of the commune is developed.
If we do get the occasional plot of land for sale, it is usually at premium prices. We get renovation jobs that are technically land as the old building needs to be raised and started again, but these command premium prices in Phnom Penh.
Anywhere close to the main road can be priced between $4000 and $10,000 p/m2 and more minor access roads between $3000 to $5000 p/m2.
The area is teeming with amenities and has been the big drawer for many years. BKK1 has plenty of:
All of the above are in abundance, and some of the country’s finest restaurants are found here, with global cuisine covered from street food to fine dining. The selection of Sushi is by far the most decorated in the city, with multiple restaurants of the highest quality.
Big name and chain coffee houses are all around BKK1, such as:
Convenience stores are also everywhere with:
Given that BKK1 has banks and organisations, you may well find plenty of meetings in the area if you work, as it is only a short drive south of the CBD.
Gone are the days where investors or businesses were worried about Cambodia’s infrastructure and its standing in the global arena.
Phnom Penh has areas that would not stand out in Singapore, Tokyo, Hong Kong, and Kuala Lumpur. In recent years, Phnom Penh has completed more visually pleasing development projects than its neighbours in Thailand and Vietnam.
With the whole city now under development and developers coming in with modernistic state-of-the-art buildings and amenities, BKK1 was coming under price pressure before the economic downturn. Prices were already levelling out as foreigners living in the area long-term acquire transport and decide to live further out of the central areas after one or two years.
Our advice is that together we can now find better prices in BKK1 than we would have in the 2010s, so there is still excellent buy and rent opportunities but not at steep prices.
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