Dispatch
Down, but not out The pandemic was poison for Phnom Penh as it checked the city’s supercharged property boom. But there are signs that the market is gradually turning a corner By Liam Aran Barnes
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he impact of the global financial crisis on Phnom Penh’s then-fledgling property market loomed large over the city for years. Literally. In the heart of the Cambodian capital’s central business district, the abandoned Gold Tower 42—set to be the country’s tallest building by a margin when construction started in 2008—stands both as a reminder of the city’s ambitions and just how quickly fortunes can change. When construction eventually resumed in 2018, the skyline was almost unrecognisable
PHNOM PENH’S REAL ESTATE FRENZY WAS SLOWED DURING THE PANDEMIC, BUT THE CITY’S SKYLINE LOOKS CERTAIN TO EVOLVE FURTHER IN FUTURE
from the low-rise sprawl surrounding the 31-storey concrete husk a decade earlier. Phnom Penh had gone vertical. Fuelled by overseas investment and Cambodia’s average annual growth rate of 7.7% between 1998 and 2019 — making it one of the fastest-growing economies in the world — the city is now home to roughly 40 buildings with 40 or more floors. Many of these monoliths are mixed-use projects, featuring a series of firsts for the country: luxury retail outlets, five-star hotel brands, and high-end condos.
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