Condominium demand in Phnom Penh remains low, despite an excess in supply and many construction projects continuing to rise.

In a forecast report on real estate, CBRE Cambodia said the number of condominium rooms in the capital this year will see a 120 per cent increase compared to last year.

The Post’s Hin Pisei met with CBRE Cambodia director Ann Sothida last weekend to discuss the progress of the condominium sector in the capital and get tips on how to be successful in the sector.

How do you see the current progress of the condo market in Cambodia?

Since early 2008, condominium development projects began a significant spike in the capital. It was at this time that we saw the arrival of Korean investors, with the development of their De Castle projects.

However, it was only in short-term then, due to the global financial crisis in mid-2008 caused the property market to collapse nearly to zero.

At this point, I’d like to say that in 2009 and 2010, the condominium sector in Cambodia did not have any new investments, and construction activities were also quiet.

At the time, they [investors] had to wait until the end of 2011, when two or three new condominium projects began to appear. Some of the projects that had been suspended during the crisis also began construction.

When did the sector begin to recover? And what brought about the renewed interest?

The condo market began to recover in 2013. It especially began to show during the The Bridge project, a cooperation between local investors and companies from Singapore. The 763-unit project was more successful than anticipated.http://www.phnompenhpost.com/business-post-property/condo-developers-should-focus-locals