60-Metre Boulevard Land Prices Reach $1,500/sqm Amid Southern Phnom Penh Development Surge

Land prices along Phnom Penh’s 60-Metre Boulevard have surged to between US$1,200 and US$1,500 per square metre, more than doubling from pre-development levels, as the capital’s southern expansion accelerates around the future Techo International Airport. According to APS Real Estate, land values along Samdech Hun Sen Boulevard, commonly known as the 60-Metre Road, have risen significantly from around US$500 per square metre before major infrastructure and commercial developments transformed the corridor. Kim Kinkesa, Chief Executive Officer of APS Real Estate, highlighted the boulevard's strategic positioning as a growth corridor directly connecting the capital to the new airport. She noted the airport project is acting as a major catalyst for investment, positioning the boulevard as an emerging economic corridor. Beyond residential and commercial real estate, the boulevard is rapidly developing into Cambodia’s largest automotive retail district. More than 20 international vehicle brands have either opened showrooms or are preparing to establish operations along the corridor, reflecting growing confidence in the area’s long-term commercial potential. Ly Chongheng, Project Director of Auto City, stated that despite rising land costs, the company has invested in a five-hectare automotive exhibition and dealership centre along the boulevard, aiming to establish the area as Cambodia’s largest automotive business community. Despite the sharp appreciation, land prices along the 60-Metre Boulevard remain well below Phnom Penh’s established central business districts. APS estimates that land in the Boeung Keng Kang (BKK) area currently trades at between US$4,000 and US$5,000 per square metre, reflecting its position as one of the capital’s most mature commercial and residential markets. This pricing difference influences the type of developments considered financially viable. While premium condominium projects are feasible in central Phnom Penh, developers along the 60-Metre Boulevard are more likely to focus on affordable and mid-market housing projects, with condominium selling prices typically ranging from US$800 to US$1,000 per square metre. Looking ahead, APS expects land prices along the corridor to remain relatively stable over the next four to five years, unless new large-scale investment projects significantly accelerate demand. The company believes developers are still primarily focused on acquiring land in central Phnom Penh, with suburban corridors like the 60-Metre Boulevard expected to attract larger development projects only once inner-city land prices become less commercially attractive.