5 Grown Men Vs. 1 Big Snake

According to the CBRE report, there are currently 49 buildings under construction in central Phnom Penh above eight floors within a one and a half kilometre radius of the CBD (this does not include outlying areas of Phnom Penh). The majority of the buildings under construction range between eight to twelve storeys, with a footprint (land size) of less than 1,000 square-metres. This is quite small in terms of built floor area, notes Griffiths, but demonstrates the increasing demand for space within central Phnom Penh that is naturally pushing the city upwards. The majority of these developments are intended to become apartments with varying levels of quality and servicing. They will provide mid-range accommodation within central areas that may appeal to both local and foreign occupiers. The apartments under construction shall contribute a total of around 1,000 units across the survey area. Local developers are behind the majority of low- to mid-level developments in terms of scale and quality apartment developments, says Griffiths, and they are generally targeting locals. These developments typically have fewer services and facilities due to their smaller scale, with rents averaging $350 to $400 a month per unit in the central areas. This shows that while international developers compete to fill the high-end of the market, savvy local developers are building to fill the gaps and needs of the local market.