This might not yet seem very evident in 2018, but I believe the Chroy Changvar peninsula is largely underestimated of its value. The location is strategically important and no island or peninsula of similar size and position in any other capital city of a fast-developing country has ever been so ignored.
Civilizations develop along rivers. Properties are expensive to buy and to rent wherever there is water nearby. For instance, London had its busiest and best developed areas between the Thames and Hyde and The Regent’s parks in Queen Victoria’s age:
(credit: Edward Weller, hand-drawn map of 1868)
Today, the highest valued properties are still along the Kensington Palace to Tower Bridge line, only ever closer to the river:
(image excerpted from one of my Chinese articles)
And in Asian cities, for instance Seoul:
The blue block had for hundreds of years been the capital center surrounding the Gyongpok Palace. However, the purple ones over took all other neighborhoods in price after the Han River Miracle economic take-off in recent decades, with the smaller purple one (Yeouido, the river island) being the seat for Korea’s national assembly and home to the most expensive office buildings.
Traffic has undone Chroy Changvar. Despite the present accessibility, I believe the peninsula is still the only location in Phnom Penh fit for luxurious home-living: one is granted the freedom in tuning into various modes: across the Japanese-Chinese bridges, there is vibrancy starting from Wat Phnom, stepping back, there is idyllic land, water and tranquility. Regretfully, very few respectable projects have been done thereon to match the peninsula’s worth yet.