Cambodia Investment Review
New construction starts in Phnom Penh dropped sharply in 2026, while projects on hold edged higher, according to a new report tracking development activity across the capital.
The Green Net 2026 Report, published by property services firm APS Cambodia, monitors construction progress, project types and locations in Phnom Penh. APS says it uses site visits, satellite imagery and identifiable government construction permits to build its project database. Its latest fieldwork took place from September 15 to October 22, 2026.
APS recorded 22 new projects in 2026, down 71% from 76 the previous year. Its survey tracked 273 projects. For a year-on-year comparison, APS used an adjusted total that includes projects completed in 2025; on that basis, the number of projects rose 6% to 389.
Construction activity slows
The number of projects under construction fell 37% year on year to 98, while completed projects declined 49% to 59. Projects reaching practical completion increased 56% to 25. The number in the fitting-out stage rose to 54 from seven in 2025.
APS said projects that were structurally underway last year were moving toward completion, partial operation or fitting out. With fewer projects starting, completions could taper in the coming years, the report said.
On-hold projects weigh on the pipeline
Projects on hold rose 4% to 79. Of these, 44 had been inactive for at least two years. APS also found that 28 projects previously on hold resumed construction, while 35 projects that had been under construction in 2025 were newly put on hold.
The report said projects were accumulating on hold faster than they were restarting, reducing the likelihood that much of this inactive stock would add supply in the near term.
Development remains concentrated in key districts
Boeng Keng Kang had the most tracked projects, at 45, followed by Daun Penh with 43 and Sen Sok with 34. APS said development was also taking place in peripheral districts, particularly in the south, while new projects in the city centre were more limited.
Condominiums made up the largest share of the tracked projects, with 65, or 24% of the total. Mixed-use developments accounted for 51 projects, while apartments and hotels accounted for 44.
APS cautioned that Green Net is a directional survey, not a complete count of all construction in Phnom Penh. Projects completed before September 2026 and those started after October were outside the survey period, and smaller food and beverage developments may be underrepresented.
