Phnom Penh Condo Resale Competition

Use Time Square 8 in Toul Tom Poung as the working case. The anchor is a one-bedroom unit on the 18th floor, shown at 60 m², south-facing, with a $72,000 asking price and project completion indicated for 2028. The listing describes it as a resale and identifies unit type 18E. It does not, however, label the 60 m² figure as net or gross, and it does not disclose the full remaining contractual balance. That makes $72,000 a useful headline asking price, not a verified all-in transaction cost.

A buyer staying within Time Square 8 can already move across a wide set of alternatives. On 29 September 2026 the live project inventory showed, among others, 47 m² on the 8th floor at $57,000; a 60 m² Type 8G offer at $59,204; 47 m² on the 25th floor at $65,000; 40 m² on the 34th at $69,000; 47 m² on the 35th at $69,800; 48 m² on the 24th at $74,600; 47 m² on the 29th at $75,375; and 60 m² on the 30th at $86,400. The buyer therefore does not need to leave the project to trade price against floor, size or payment structure.

Those figures are not interchangeable. The $59,204 Type 8G offer is described elsewhere as 60 m² gross and 45 m² net, while several portal cards publish only one area figure. The $74,600 unit gives a monthly payment amount and a separate handover payment, which makes its headline price easier to misread if it is compared with a listing that does not show the same contractual detail. Bedroom count alone is too coarse a filter.

Duplicates also matter. Two 60 m², south-facing, 18th-floor cards at $72,000 appeared at the same time and should be treated as one position unless evidence shows otherwise. A pair of 47 m², 12th-floor cards at $48,850 and $55,000 may also represent the same unit or a repriced listing, but the public details are not strong enough to merge them confidently. For that reason, this page does not turn the portal's card count into a precise unique-inventory statistic.

For the seller, the first competitive zone is therefore the project itself. The clearest buyer response to a $72,000 unit is not a citywide average; it is another Time Square 8 unit that offers a different floor, size, view or payment path within roughly the same budget. Nearby projects matter only after that same-building choice has been understood.

Snapshot: 29 September 2026. Anchor: one bedroom, 18th floor, 60 m² as listed, $72,000, Time Square 8. The rows show current asking information and buyer-relevant differences, not achieved sale prices or a fair-value estimate.

In an under-construction project, the word resale can cover very different economic situations. One seller may be transferring a contract position before handover, another may be selling a completed and registered unit, while the developer is still marketing primary inventory. A buyer may see all of them in one search result even though the legal path and cash schedule are not the same.

Time Square 8 makes the distinction visible. Realestate.com.kh's project table shows developer one-bedroom stock at 40–60 m² gross with a starting figure around $50,000. That does not prove that a specific unit is available today at exactly $50,000, so it should not be treated as a direct comp to the 18th-floor anchor. It still affects the conversation because a buyer can contact the project and test what primary inventory is actually available.

Contract-transfer listings need another layer of reading. The 47 m², 12th-floor offer at $55,000 publishes a monthly instalment amount and a $24,410 handover payment. The 48 m², 24th-floor offer at $74,600 also gives monthly payments and a $23,967 handover amount. Those figures show why the headline ask cannot be assumed to equal the buyer's full economic commitment. The paid-to-date amount, remaining developer balance, any documented assignment charge and the timing of the next major payment all matter.

A completed resale in another building can reasonably compete with an off-plan Time Square 8 unit even if its price per square metre is higher, because the buyer may be paying for immediate use, furniture and certainty over completion status. A developer unit may compete on instalment flexibility instead. The seller's job is therefore to understand which route the buyer is comparing, not to force every offer into a single price column.

Once the same-building set is clear, the search can widen, but proximity alone does not make a competing home. For a $72,000 one-bedroom at Time Square 8, a useful external substitute should stay reasonably close on total budget, size and buyer use case. A ready unit may be more relevant to someone who wants to move in now; another 2028 project may be more relevant to a buyer prioritising new construction and staged payments.

Kingston Royale is a useful project-level reference. Its one-bedroom page shows 43 m² from $52,500, while the developer table gives a gross one-bedroom range of 43–55 m² and a 2028 completion year. The project sits in the same broad Chamkarmon/Toul Tom Poung market. However, the $52,500 figure is a starting price rather than proof of a specific currently available unit, so it belongs in the substitute set as context, not as a precise direct comp.

L Residence BKK3 represents a different trade-off. The current project page shows a completed 45 m² one-bedroom on the 11th floor at $56,000, and the building itself was completed in 2018. It is cheaper than the anchor and immediately usable, but it is in BKK3, smaller, and an older product. For a buyer who values immediate occupancy and central access, that difference may be attractive; for someone specifically choosing a new Russian Market high-rise, it is less direct.

PS Crystal is closer to the anchor's budget and size while also being ready. The project page currently shows one-bedroom asks from the mid-$50,000s into the low-$70,000s, including a 54 m² unit at $67,000 described as being a few minutes south of Russian Market. It competes for the same wallet, but with a different completion status, building and amenity package.

The point is to keep the external set small enough to explain. Treating all of Phnom Penh as competition hides the choices a real buyer is making. Looking only at one tower does the opposite and misses a ready alternative nearby that can pull the same buyer away from an off-plan contract.

Two homes can both sit around $70,000–$72,000 while asking the buyer to accept very different obligations. At Time Square 8, the anchor at $72,000 and a 47 m² unit on the 35th floor at $69,800 differ by only $2,200 in headline price. Yet one is smaller and much higher, and the public listings do not disclose area basis or remaining contractual payments with the same level of detail. Price alone does not describe the cash-flow choice.

Area measurement is one of the clearest traps. The Type 8G offer states 60 m² gross and 45 m² net. Several other cards simply show 47 m² or 60 m² without saying which basis is used. Dividing every ask by the published area would create a neat-looking ranking while mixing unlike denominators. A seller can use price per square metre only after confirming that the measurement basis is genuinely comparable.

Payment timing can matter just as much. The $74,600 unit states $748 per month to July 2028 plus a $23,967 handover payment. The $55,000 card publishes a different monthly instalment and a $24,410 handover amount. Those snippets are not enough to reconstruct the entire contract, and unpublished fees cannot be assumed to be zero, but they demonstrate why two similar headline figures can require different cash at different times.

Readiness changes the package again. L Residence BKK3 at $56,000 is in a completed building, whereas Time Square 8 remains a 2028 project. PS Crystal also offers completed alternatives. A buyer paying rent for another two years may value that gap differently from someone deliberately holding an off-plan position. This page does not invent a dollar value for waiting; it simply keeps completion status visible beside price.

Furniture, renovation, parking, view, floor and an existing tenant can all change a buyer's preference when they are genuinely included and documented. None should be converted into an automatic premium. A useful competitor map explains the trade-offs rather than pretending one coefficient can calculate a fair price.

A live list tells you what a buyer can see today, not how many transactions have closed. A card can disappear because the unit sold, the agent removed it, the listing expired, the seller changed strategy or the property was reposted under a new URL. Without separate evidence, a vanished listing has an unknown outcome.

Portal listing dates should not be turned into days on market for the same reason. A card may have been refreshed, paused or duplicated. A consistent NovAsia first-seen and last-checked history can show that an identified unit appeared across more than one observation date, but it still cannot prove uninterrupted availability between checks or reveal the achieved sale price.

The competitor map has a narrower and more useful purpose: it shows the pricing and product environment around the seller today. A larger number of close alternatives means visible supply is denser within that selected pool; fewer alternatives means it is thinner. Neither observation produces a median selling period, a probability of sale or a liquidity score.