Home away from home consists of makeshift lodging that changes as work progresses inside a construction site.
This is not the first time that I have published a post about the way construction workers live in Phnom Penh.
They arrive here from the provinces unable to find work or at least unable to find work that will support them and their families. They don’t make much money in construction either — it varies from as little as $150 a month for laborers to a little more for skilled workers.
However, Continue reading
Source: Phnom Penh Post
The biggest disincentive for investing in land and new construction in Phnom Penh ought to be, in my view, how much of it is taking place. I have written several times in this space about the swelling bubble that I believe I am witnessing.
The bubble notwithstanding, other reasons would seem to militate against considering a building project in Cambodia, and I’ll get to those factors in a minute.
It is my belief that the dimensions of the growing bubble are clear: Construction and real estate investments achieved 13.75 per cent more growth in the third quarter over the same time last year. The government puts the combined worth at $1.752 billion, an increase in value of $1.54 billion over the previous year.
That recently persistent growth somehow has occurred despite Continue reading
This villa, a block from my apartment, exemplifies what is being lost in my neighborhood.
Demolition, renovation and new construction in my neighborhood of Boeung Keng Kang 1 (BKK1) is transforming an area that many expats favor into one that is becoming hard to recognize.
This former villa, which had become a restaurant, is across the street from the house in the top photo. (Warning: Numerous images below.)
What is happening here at a dizzying pace merely reflects a situation in which property development in Phnom Penh has soared and, along with it, prices.
Investors in residential buildings in prime neighborhoods such as mine drove land prices up in the last half of 2014 alone by Continue reading
Families with children live communally in the shelter at the rear as the foundation is prepared, then they move up into the building when construction progresses.
Most construction workers make their way to Phnom Penh from the provinces, where work for them either doesn’t exist or centers on shrinking farmland and inadequate compensation.
They are distinguished by at least two characteristics: skin browned by the sun from all their outdoor work, branding them as lower class, and by painfully thin, if muscled, bodies.
Their makeshift homes here in the capital are where the work is. They inhabit crude, rude, jerry-rigged shelters that are moved and modified as work proceeds on each space they occupy until foundations are completed over weeks and months.
Then, Continue reading
View from our living room of the construction hell below.
As I draft this post, I am being assaulted by the demolition sounds on the floor above our apartment and by the extraordinary amount of construction in the surrounding blocks.
We live in the desirable neighborhood of Bueng Keng Kang 1, where many expats prefer to live and dine, though there are more expensive parts of Phnom Penh that also are popular. Even with rents rocketing up, the amount of new construction here astonishes me.
I count Continue reading
Eight to 17 years is an S&P projection for clearing shadow inventory in the five boroughs
It will take more than a decade to clear up all the shadow inventory in the residential real estate market in New York state, according to new report released by Standard & Poor’s Ratings Services.
That is more than three times longer than it will take the rest of the nation, a difference that the report largely attributes to the greater time it takes to foreclose on a property in New York.
According to the report, shadow inventory in Brooklyn will take the longest to unwind at more than 17 years. Bronx was close behind at 16.5 years, and Staten Island recorded 12 years. Manhattan fared the best, coming in at a little more than eight years.
Unlisted Upper East Side home finds buyer for. . . $47 million
A grand East Side townhouse that has been quietly shopped by its owners for three years is under contract for more than $47 million, further evidence that the top-end of the Manhattan market is soaring.
The 33-foot-wide townhouse on East 69th Street once belonged to Continue reading