The city of Poipet on the northwestern border of Cambodia is quickly becoming Sihanoukville’s rival in terms of real estate development. Poipet real estate sector is growing rapidly in the city that hosts an important border crossing between Cambodia and Thailand.
Casinos, hotels, commercial buildings, and residential developments, fueled by massive foreign investments, are going up throughout the city. As a result, Poipet real estate property values are also increasing rapidly.
Poipet, home to over 140,000 residents, is divided into three communes (aka Sangkat):
- Phsar Kandal
Hor Kunthea, CEO of Sokha Residences Group, isn’t surprised by the development and has identified Sangkat (Commune) Poipet as the area with the most potential.
According to him, many developments are entering the Poipet property market. “Many investors from the outside are eyeing Poipet as a great investment destination,” he said, noting that this has contributed to the continuing increase of property values and prices.
16 projects were completed last year in the city, releasing 1,694 units into the market. 909 units have already reached the market since the beginning of 2018.
The current government in Poipet is encouraging investors to put their money into various real estate like hotels, guesthouses, residential houses, restaurants, and other facilities for tourists.
According to the governor San Sean Ho, there are many existing and ongoing projects that are happening now! The growing city currently hosts nearly 30 casinos, 10 boreys (gated residential communities), and an increasing number of factories.
The Government is planning to develop Poipet’s tourism potential by turning 500 hectares of land into a premier destination complete with a golf course, artificial river, giant garden, and a floating market. They are expecting that once the project is complete, thousands of tourists will visit Poipet.
This, along with the plan of the Cambodian Government to open more border crossings to Thailand, a Chinese-funded road along the Thailand-Cambodia border, and the re-opening of the rail link between Poipet and Phnom Penh bode well for further development.
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