With the area containing tourist attractions, the riverfront, the French Quarter with its beautiful colonial-style buildings, the central market, the renovated old train station, and the new emerging Central Business District, Daun Penh becoming an exciting area for commercial interests.
Located in Daun Penh, Chamkarmon, the area consists of many amenities, entertainment, bars, restaurants, office buildings and embassies. It is a haven for tourism, with the famous Tonle Sap river running through the area into the Mekong basin.
Daun Penh is the city’s historical centre where Phnom Penh was supposedly founded in 1327 in Wat Phnom‘s location in the Northeast area of the district.
Covering over seven square kilometres, the district is split up into 11 Sangkats:
From a property perspective, the area comprises many low-rise buildings compared to other sites seeing multiple new condominium projects either completed or underway.
Here you will find plenty of 3-4 storey shop-houses with additional apartment space above; many of the structures are pre-1950’s or colonial-era buildings. However, many of these have been renovated and modernised to Western-style and standards.
The area is home to popular local markets such as Phsar Thmei and Phsar Kandal. However, the main attraction for living near Wat Phnom is its proximity to the riverfront and the tourist attractions such as the Royal Palace and the National Museum.
Apart from the Riverside itself, which has considerable tourism in high season, it has kept its charm and gives a more authentic Cambodian experience than newer city areas.
Sisowath Quay, referred to by Westerners as ‘Riverside’, has a picturesque boulevard that runs a long way adjacent to the Tonle Sap and the river basin that meets the Mekong.
The esplanade is also very popular with local Cambodians. Here you will find perfectly manicured lawns, walkways lined with palm trees and plentiful bars and restaurants with global cuisines available.
Here Cambodians flock to exercise in the mornings and enjoy the space in the evenings that sometimes become almost like a semi-party atmosphere.
Here apartments are generally cheaper than other areas of Chamkarmon; however, if you are looking to buy or rent on the riverfront, prices are premium for Phnom Penh.
With the area containing tourist attractions, the riverfront, the French Quarter with its beautiful colonial-style buildings, the central market, the renovated old train station, and the new emerging Central Business District, it’s becoming an exciting area for commercial interests.
In the last decade, the area has become home to four high-rise office buildings, two A Grade and two B Grade, two developed by international developers and two by local developers, giving many office space options.
In the CBD, you will also find other sizeable office buildings occupied by major international companies such as:
Plus many more, and several 5-star hotels. Of course, you can expect to pay premium prices for commercial space with these types of occupiers in the area.
Here you will also find international quality hospitals located on France Street.
With a plethora of retail shops, office space, shopping centres and a varied amount of touristic options, it’s safe to say Daun Penh has been a magnet for real estate for many years.
However, in this current market, we are now seeing the value we have not seen for a long time and realistically may never see again.
Hospitality is also a big draw in the area, with one of the most vibrant food scenes anywhere in the country.
Street food to fine dining restaurants are everywhere and have always done well.
On Riverside alone, you will find plenty of restaurants.
There are many Western restaurants, and the following are easy to find and plentiful:
Most of Asia is well represented in the area and easy to find:
International cuisine covers a wide range of countries such as:
Daun Penh also has a lot of outlets for other global brands such as Lucky Burger and KFC.
Coffee has come to the forefront of everyday life in the last decade in the districts and now house multiple popular brands such as:
So it is safe to say that a franchise or your bar, restaurant or cafe has the potential to do well in the area, not relying on tourism but the burgeoning middle-class of Khmers that are in the area during the daytime and after work.
Shops and retails outlets do well here with many shopping malls and markets in the area such as:
Daun Penh also boasts a fine array of retail shops that cater for:
Daun Penh is well-known for its vibrant nightlife and entertainment scene, boasting the country’s highest concentration of entertainment outlets.
In the evening, the areas around streets 51 and 172 come to life as bars and nightclubs open up to locals and foreigners alike. The scene is mixed with many Khmers enjoying Western-themed entertainment.
A premium price tag hasn’t seemed to scare foreign investors from still coming into Daun Penh enforce.
Many new projects are currently underway and, although slightly delayed due to the pandemic, are still moving forward, and completion dates will be forthcoming soon.
In the subsequent years between 2022 and 2030, we believe that Daun Penh could become the most developed and progressive area in the country.
Some people in the real estate business have likened it to potentially emulate Orchard Road, the stunning tourism and shopping belt in downtown Singapore, famous not only in Asia but the world over.
Here at Lux, we have years of experience dealing with a wide variety of real estate options for tenants, homebuyers and long-term investors in the Daun Penh area. Although prices are high, you will get plenty of risk-reward in this ever-evolving Riverside touristic and business district.
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