Since 2015,Stephen Suen has been the co-owner and head of Yifung Properties in Phnom Penh, focusing on commercial and industrial real estate. Demand for industrial real estate in 2023 is higher than in 2022, he said.
According to industry experts, manufacturing demand has surged, with high-margin manufacturing giants entering the Cambodian market in sectors such as auto parts, renewable energy and electronics. In addition, logistics companies are also expanding, resulting in a shortage of warehouse space.
Stephen Suen said demand for industrial land began to soar in late second and third quarters of 2023, with investors seeking larger sites of 10 to 60 hectares for self-employment or investment. Unlike in the past, buyers and tenants are now more geographically focused, showing a growing awareness of the actual transaction. Stephen Suen also emphasized that 2023 is the post-epidemic era, and the market expects to return to previous levels, but there are not many Chinese investors.
Surprisingly, many Hong Kong investors are looking for investment opportunities in Phnom Penh this year, possibly due to the slow recovery of Hong Kong’s economy and weak domestic demand.