Sihanoukville’s economy is expected to receive a boost from a massive residential and commercial development project that a well-known American developer will soon undertake.Marriott International, Inc. will build Gold Coast at Sihanoukville, a USD 200 million integrated development project on 1.67ha of land facing the Gulf of Thailand. The project, which consists of 888 residential units, will start early next year and targeted to be completed by 2022.Up and center of Gold Coast at Sihanoukville is Le Meredien, a 5-Star, 388-room luxury abode, which is Marriott’s second hotel in Cambodia. The first one, Courtyard by Marriott Siem Reap, opened in Siem Reap two months ago.  Grand Lion Group, a local real estate company, will manage the new hotel.Ross Wheble, Country Head of Knight Frank Cambodia, said he expects a substantial economic boost from the project. Knight Frank Cambodia is a leading real estate consultancy firm in the Kingdom.“The contributions to the Sihanoukville economy will be far reaching.  In addition to the increasing demand for construction workers, which has positive knock-on effects for local business operators as more internationally branded hotels open in Sihanoukville, there will be increased regional and global awareness of Sihanoukville as a tourism destination,” he said.According to Mr Wheble, the project will be beneficial to many.  “This rise in tourism will generate increasing revenue streams which will benefit both the local population as well as the provincial government, allowing money to be reinvested in much needed infrastructure and beautification projects in Kampong Som,” he stressed.Sihanoukville, which abounds in pristine beaches and eco-tourism sites like the Ream National Park, is Cambodia’s second most popular tourist destination. During the first nine months of 2017, 1.5 million tourists visited Sihanoukville. The New York Times ranked Sihanoukville as one of the top global holiday destinations (13th out of 52) in 2018.To maintain their growth and further attract similar projects, Mr Wheble said Sihanoukville and other parts of Cambodia should focus on infrastructure development.  “As mentioned above, infrastructure is a key area that needs to be addressed throughout Cambodia, providing better connectivity between the major tourism hubs in the Kingdom,” he said.“This interlinked with master planning at a provincial level which clearly sets out land use zoning and planning policy, providing more transparency in the market whilst also protecting the environment and ensuring sustainable development for the future growth of Cambodia,” Mr Wheble added.  For the past 10 years, the Cambodian economy has grown by an average of 7 percent, with growth centered in Phnom Penh, Siem Reap, Sihanoukville, and other urban areas. Sihanoukville’s economic growth is even higher than the national average, reaching 8 percent in the  is evenCambodia’s progress has largely been attributed to massive foreign investment and tourism growth.Looking for real estate for rent in Sihanoukville  or real estate for sale in Sihanoukville? or Read The Ultimate Guide To Sihanoukville by Realestate.com.kh

The construction of a new international airport in Siem Reap has already begun. Sin Chansereyvutha, Spokesman for Cambodia’s State Secretariat for Civil Aviation (SSCA), told Realestate.com.kh that project contractor is now busy preparing the land where the new airport will rise.“Airport developer has mobilized its contractor (equipment and resources). Contractor has started earthworks, including cleaning, compacting, and  leveling the land at project site,”he said.Building the runway, terminal building, runway lights, navigation aids and other facilities and equipment are expected to follow suit.Mr Chansereyvutha did not give the exact date for the concreting work, but said it will be done within this year.The new airport, which is expected to cost close to $1 billion, is being built on a 750-hectare property in Sotr Nikom district in the outskirts of Siem Reap City. The project is targeted to be completed in two to three years.The project will be built in three phases. The company will invest $500 million for the first and second phases, which will allow medium-sized and ranged passenger aircraft like the Boeing 737 and Airbus A320 to land.  Another $300 million will be allocated for the third phase.Last October 2017, the agreement to build the new airport was signed between the Cambodian Government and China’s state-run Yunnan Investment Holdings, Ltd. The agreement gave the Chinese firm the exclusive right to run and manage the airport concession for 55 years under a build-operate-transfer (BOT) scheme.The new agreement replaces the exclusive agreement with Cambodia Airports, the operator of the current Phnom Penh International Airport. Cambodia Airports, which is part of France’s Vinci Group, operates the existing Cambodia Airports recently invested $100 million to upgrade its airport terminals in Phnom Penh and Siem Reap.New Siem Reap airport welcomedThe plan to build another airport in Siem Reap was welcomed by many stakeholders, who see it as boosting trade and tourism, not only in Siem Reap, but also in Cambodia as a whole.Chhay Sivlin, President of the Cambodia Association of Travel Agents (CATA), said a new airport in Siem Reap will be good for the tourism industry. “This airport will surely attract more tourists than before, and will be able to welcome giant-sized planes,” she said.The presence of the world-renowned Angkor Wat temples has made Siem Reap Cambodia’s most popular tourist destination. Last year, Cambodia received a total of 5.6 million visitors, most of whom also visited Siem Reap.Third major airport project in CambodiaThe Siem Reap airport is among three major airport projects in the pipeline.A new airport, which will become the world’s ninth largest, will rise on a 2,600 hectare lakeside area in Kandal Province’s Kandal Steung district to replace the current Phnom Penh International Airport. Construction of the $1.5 billion project is set to begin next year.Koh Kong will also see the construction of a new $500 million international airport on a 750-hectare property in Botum Sakor district. Work on the new Koh Kong airport will begin early this year.Looking for real estate for rent in Siem Reap  or real estate for sale in  Siem Reap? or Read the The Ultimate Guide To Siem Reap by Realestate.com.kh

Cambodia is in the middle of a building boom, thanks to massive investments from China and the continuous growth of the country’s economy, which has grown by an average of 7 percent over the last several years - Read more about Condo market saturation and a national election: The Perfect Storm 2018 on Realestate.com.khWhile political developments have little impact on the growth of the industry in the past, there are concerns that it will not be the case this time. The dissolution of the main opposition party and calls for boycott ahead of the July 2018 national election have many worried about future political stability. For some industry experts and leaders the coming election is a cause for concern. Others disagree.Oknha Sear Rithy, Chariman of WordlBridge Group, said there is a tendency for many Cambodians to hesitate buying property come election time, partly because of their bad 2008 experience. Soon after the 2008 national election the local real estate and construction sectors crashed, partly as a result of a global financial crisis.“However, I believe the upcoming election will not affect the real estate market.  But people will still wait to see what happens with the market. I believe that after the election they will be optimistic in purchasing property again,” he added.Nov Linna, Assistant at NC Max World, echoed the same sentiments. According to her, people should worry more about things like the world economy, citing the risk of another economic depression just like what happened in 2009.Ms Nov said many of her clients think elections are a normal thing.  “My clients do not mind and are not influenced by what will happen during an election year,” she said.Oknha Cheng Kheng, Chairman of Cambodia Properties Limited (CPL), said investors will not likely be affected by the election. I believe that proper guidance from experts will ensure that investors will not be affected - whether there is an election or not,” he stressed.Kim Heang, President of Cambodian Valuers and Estate Agents Association (CVEA), disagrees. “I think there will be lesser number of real estate transactions this year compared to the previous years,” he said.Mr Kim said growth will likely return after the election. “By 2020 I believe the real estate market will grow again,” he stressed.Foreign players in the local industry are also convinced that the election will have a minimal impact.Lili Ding, Marketing Director of Parkway Investment, said she sees no long term impact. “Any election will bring uncertainty. Many investors and developers often develop a “wait and see” attitude,” she pointed out.Ms Lili said in the long run the industry and the overall economy will continue to grow. “No matter how the government’s internal structure changes, development will always be the priority of the government,” she stressed.Xiaohua Chen, Legal Counsel at ETC Law Group, said she sees continuous growth at the same time new regulations governing the industry. “The real estate sector will continue to grow despite concerns about political stability,” she stressed.“I believe concerned government agencies will examine and approve projects in a more systematic way,” added Xiaohua, referring to the Ministry of Economy and Finance (MEF) and the Ministry of Land Management, Urban Planning and Construction (MLMUPC).Check out the latest property for sale in Cambodia or property for rent in Cambodia or read the The Ultimate Guide to Cambodia by Realestate.com.kh

Sihanoukville has undergone a massive transformation in the last few years. Carved out from a jungle in the 1950s, the city has emerged as one of the most important urban and trade centers in the Kingdom of Cambodia.Development in Sihanoukville is evident in massive residential development projects and the many high-rise buildings that dot the once empty city skyline.  But development also comes at a price. Environmental damage and pollution are its most obvious downsides, and Sihanoukville is no exemption.To learn more about the transformation of Sihanoukville and its impact, Realestate.com.kh talked to the Australian couple, Mark and Kerry Morton. The Mortons are managing Purely Projects, a real estate consultancy firm based in Sihanoukville.  The following is excerpts from their interviews, which have been lightly edited for length and clarity.REAKH: Please, could you tell me briefly about your company(ies), your background in general and how long you have lived in Sihanoukville for?Purely Projects: Purely Projects is a boutique real estate consultancy firm. We have been consulting in South East Asia for the last five years, for the last 12 months, we have been based in Sihanoukville, Cambodia.We provide consultancy services to many sectors of the industry, specializing in retail, commercial, hotel and residential development and management.Kerry is Managing Director of Purely Projects. She has over 20 years’ experience in the retail environment both in Australia and South-East Asia. Kerry specializes in Retail Development, Concept, Tenancy mix and design, lease management and marketing.Mark Morton is the firm’s Executive Director. He has specialized in the asset management of many leading developments in Australia, Cambodia, Laos and Vietnam.REAKH: Could you elaborate on any changes you have seen in terms of the real estate market in the time you have lived in Sihanoukville?Purely Projects: The changes in Sihanoukville and its outlying areas over the last 12 months has been incredible. This is not restricted just to Chinese investment in casinos.  For example, in Otres Village, sixteen new hotels and bungalow resorts have either been completed or are under construction within a 1-kilometre radius of the Village center.The majority of these are Cambodian owned. Interestingly, a high percentage of these developments are “For Sale or Rent” on speculation. All have signage in Chinese or Khmer, few are in English. Let’s not forget the major mixed-use developments such as D’Seaview, Blue Bay and Seagate to name a few are well underway in Sihanoukville.REAKH: It is undisputed the Chinese investment is major in Sihanoukville, what effect has this had on you as both an individual person (quality of life) and a business owner?Purely Projects:  We live adjacent to the Chinatown development. This is a massive project covering nearly 100 hectares. In truth there has been quite an impact on the lifestyle of the local community.  The high number of truck movements daily through Otres Village is creating issues with the road condition and the impact of dust and noise on the residents and business in the area.As a consultant, it is difficult to create a dialogue with the developers, due to the lack of signage on the projects or contact details to establish the identity of the development company. Those firms with Chinese speakers have a great opportunity to establish a positive relationship.REAKH: What are your thoughts regarding Chinese investment in Sihanoukville in general? Do you believe this is positive/negative and why?Purely Projects: Any form of investment, whether foreign or local, creates an impact on the community. Whether large or small, investment will influence both lifestyle and the economy.China and Japan have contributed billions of dollars to Cambodian infrastructure, as has Australia, the UK and the USA. The positives of the Chinese investment are the accompanying improvement to infrastructure, whether roads, water reticulation or electricity.REAKH: What do you think the impact has been on the local Khmer's that live in Sihanoukville?Purely Projects: There is no doubt there has been an impact on local Khmer lives, again some positive and some negative. Those Khmer landholders that possessed a hard title are selling for prices they would never have hoped to achieve would they have marketed their property to local investors.Within Sihanoukville city limits, there has been anecdotal evidence of tenants, both expat and Khmers not having their leases renewed, or the lease amount is beyond their individual budgets due to the upward pressure on prices created by the Chinese interest.REAKH: Do you still believe that Sihanoukville offers viable opportunities in real estate and business for both expatriates/local Khmers?Purely Projects: There are opportunities available in both real estate and business if the expat investor applies and follows a well thought out business plan.At present, there is one “major” supermarket (with limited offerings) and a handful of mini marts. The first major retail player to enter in Sihanoukville will be enjoying a booming environment with minimal competition.A number of long standing Khmer businesses in the hospitality sector in Otres Village have expanded their operations.REAKH: Do you believe there is a shortage of available housing in Sihanoukville?Purely Projects: The majority of rentals are studios marketed as one bedroom. The nearest alternatives are three to four-bedroom villas. There is a shortage of mid-size housing, namely two separate bedrooms, kitchen, etc. favored by the expats.If purchasing, there are a number of quality developments in Sihanoukville. These range from High End to Mid-range.REAKH: From what I have seen on social media, there is a major anti-Chinese sentiment, do you think that this sentiment would be the same if there was overwhelming investment from say: UK or USA or a western nation? Or do you believe there is a racial element involved?Purely Projects: When large scale development occurs, there is an impact on the lifestyle and the environment. This is a major source of discussion on social media, not only in Cambodia, but across the globe.When one particular nation, whether US, Russia, UK or China or another nationality is the dominate investor in a region, the community can feel their former lifestyle, “ownership” and nationality is threatened.REAKH: In absence of the influx of Chinese investment in Sihanoukville, what do you think the province would look like today?Purely Projects: Sihanoukville beaches and beauty, combined with the SSEZ and the port, would continue to attract foreign investment, mainly targeting hotel and resort beachside lots, albeit perhaps at a slower pace, without Chinese investors.REAKH: What is your personal outlook on the real estate market, and the future of Sihanoukville in the coming years?Purely Projects: It is difficult to forecast the outlook for both the market and Sihanoukville in the future, however I would venture that eventually land prices and rents will stabilize, as they did in Australia after the Japanese investment boom of the 1980's. In addition to this one can expect to see better roads, infrastructure and a healthier, cleaner environment for Cambodians and tourists alike, no matter where they come from.Looking for real estate for rent in Sihanoukville  or real estate for sale in Sihanoukville? or Read the The Ultimate Guide To Sihanoukville by Realestate.com.kh

ERA Realty Network (ERA), a top US-based real estate agency with a global presence, has expanded into Cambodia recently.ERA already has a presence in Africa, Caribbean, Europe, Middle East, and Asia-Pacific.In Asia, ERA is present in Singapore, Indonesia, Japan, Korea, Malaysia, Taiwan, Thailand, and Vietnam.  It has 661 offices and close to 17,500 agents in the region.A company press release disclosed that ERA Cambodia was introduced and welcomed during the recent 2018 ERA Asia Pacific Business Conference held in Singapore. Cambodia is the 9th country added to ERA’s Asia-Pacific network.ERA joins a coterie of existing local and international real estate agencies operating in Cambodia. ERA’s entry into Cambodia means that it is bullish about the country’s economic prospects.ERA expanded into neighboring Vietnam last year on account of the country’s economic potential and tremendous growth in homes sales recorded the previous year.ERA was established in the US in the 1970s.  It quickly made a name for itself for pioneering the use of the fax machine to connect buyers and sellers across the US. It also was the first real estate agency to post listings online in 1994.ERA was the first residential real estate brand to go international when it opened its Japan franchise in 1981, followed by expansion into Singapore a year later, then Taiwan and Indonesia in 1991.Its Singapore affiliate is the only real estate agency listed on the Singapore Stock Exchange.ERA currently has a presence in 45 US states and 32 countries worldwide. It has 2,250 offices and 39,557 affiliates worldwide.The company has a reputation of providing excellent and innovative products and services to its clients. The company’s global network enables ERA agents to work together and share their expertise to be able to give the best service to their clients.Services it provide include private and public property transactions, residential leasing, marketing, property management, and valuation.Looking for best real estate agent in Cambodia? Or want to invest in real estate for rent in Phnom Penh and real estate for sale in Phnom Penh? Visit Realestate.com.kh today!

Fig1: Energy Management PlatformFounded in Taiwan by Mr. Stan Ho, Eco Saving are international experts in sustainable building and energy saving solutions. Our team is proud to establish U.S Leadership in Energy and Environmental Design (LEED) standard buildings and products as this certification is a globally recognized symbol of sustainability achievement and a framework to recognize highly efficient ‘green buildings’.Our services range from contracting and consulting on LEED standard buildings, the design and construction of cost and energy-efficient air conditioning systems, and to further provide other green building’ products and technology. Based on Eco Saving’s professional knowledge regarding sustainability, our clients can increase the energy efficiency and save costs for their projects.The Eco Saving team is composed of U.S. green building professionals, health building professionals, World Bank certified auditors, and ASHRAE (The American Society of Heating, Refrigerating and Air-Conditioning Engineers) certified Building energy modeling professionals –the  10th highest certified professional in Asia in this field.Mr. Stan Ho - CEO | Eco Saving Co., Ltd.Eco Saving has completed many renowned international projects like ASUSTeK Headquarters & Le Architecture, and aligned with a variety of renowned projects and developments in Cambodia, such as TK Royal One, Mercedes-Benz demo center and many others.Ultra Low-Cost Smart Energy Management SystemIn addition to highly efficient air conditioning system, Eco Saving knows that energy management is also very important.We have developed a ‘cloud-based’ energy management system with the installation fee only about 5% of traditional energy management systems.We use Bluetooth and Wifi to transfer the data- you don’t need to charge or use any electricial wires. For example, a thriving coffee shop would only need to spend a mere USD800 with us to build an energy management that can monitor total energy, air conditioner, lightings, sockets and all else. When there is abnormal electricity usage- like high current, your businesses phone will receive an alarm, which can prevent short-circuit and save your energy costs, through professional management.Fig2. Le Architecture: U.S. Green Building Certification LEED-CS GoldWe also provides monthly report to clients about energy usage trends and energy saving suggestions. Eco Saving’s low cost and smart energy management system has the largest benefits for factories, chain stores, group companies and hotels.Highly Efficient Air Conditioner SystemDue to Cambodia’s high electricity rate, saving energy costs is the key to keeping operating costs at a manageable level.Eco Saving® is the member of U.S. Green Building Council (USGBC), and also constitutes as the only ASHRAE Building Energy Quotient qualified provider in Cambodia. Our team’s knowledge and experience means we know how to design a highly efficient air-conditioning system, to save businesses operating costs in the future- for a low initial cost.Fig3: Eco Saving FilmOur high-tech computer simulation technology can analyze and optimize building orientation, solar radiation intensity and air-conditioning systems that cater to each business or property’s needs. Our air-conditioner system efficiency is higher than the other systems on the market by 30%.We specifically can make a major difference, with our air conditioning system in hotels, supermarkets, hospitals, office buildings and mid-size coffee shops. We can further design highly efficient chilled water system to reduce energy usage and ultimately outgoing electrical costs.Eco Saving FilmsEco Saving®‘s innovative window films can reflect away solar heat. The Eco Saving® film reflects up to 85% of solar rays providing you with a comfortable home or office environment with moderate temperatures and reduced solar glare. This invariably means- less energy consumption to cool your home or office, and less need for costly air conditioning units and other cooling systems.In ideal conditions, our energy saving window films have proven to lower energy use for cooling homes and offices by up to 41.7%. Many Cambodian clients have chosen Eco Saving Film,including, AIA Life Insurance Office, Costa Coffee, VEHAA Bar, Hops Brewery and Craft Beer Garden, Orkide Villa and many more…For more information about Eco-Saving, please contact:Address: #31A, St. 576 Sangkat Beung kork II, Khan Toul Kork, Phnom Penh, Kingdom of Cambodia Tel.: 015 333 184 English/ Chinese         0965 333 184 Khmer Email: service@ecosaving.asiaFacebook: Eco SavingRealestate.com.kh, Cambodia’s home of real estate, has the most up to date information for buyers, sellers and property enthusiasts! Sign up for our newsletter today and stay up to date with the latest info…Looking for real estate for rent in Cambodia or real estate for sale in Cambodia?

As major real estate developments flocking into central Phnom Penh drive up the value of real property, many developers have shifted their attention to new areas with cheaper land. These areas include Dangkao district, which has recently generated interests from local and foreign property developers.Located in the southern part of Phnom Penh, Dangkao is the capital city’s largest suburbs occupying 197.89 square kilometers. Dangkao district is divided into 13 sangkats (communes), namely: Dangkao, Pong Tuek, Prey Veaeng, Prey Sar, Krang Pongro, Prateah Lang, Sak Sampov, Cheung Aek, Kong Noy, Preaek Kampues, Roluos, Spean Thma, and Tien.Kim Heang, President of the Cambodian Valuers and Estate Agents Association (CVEA), said, “The potential of Dangkao is similar to Por Sen Chey due to low land price, affordable homes and abundance of factories that have encouraged more people to move into the area.”The population of Dangkao increased from 92,461 in 1998 to more than 200,000 today. He said that compared to other up-and-coming areas like Chbar Ampov or Chroy Changvar, Dangkao has cheaper land, which is attractive to people in the low-middle and middle-income brackets.  “Dangkao is very ideal for residential and industrial development like building houses or factories,” Mr Kim stressed.Mam Sereypanha, CEO at Easy Property Investment, said development in an urban area usually moves towards the suburbs after some time.  “Dangkao is still behind Sen Sok in terms of amenities and infrastructure. But it is located very close to the city and has already become a target area for borey and plot land projects,” he said. Dangkao is a mere 10 kilometers away from the city center.According to the 2017 Housing Market and Outlook Report  by Vtrust Appraisal, Dangkao is number three housing supplier in 2017 after Por Sen Chey and Sen Sok.  The area has 26 major developments and 37 smaller-scale projects underway. Once completed, these projects will result in a combined 17,000 available units.Hay Ravy, Marketing and Sales manager of Daily Realty Group, said the presence of cheap, readily-available land in Dangkao offers many opportunities. Mr Hay identified Prey Sar, Cheung Aek and Sangkat Dangkao as key areas for development in the district. “These areas have existing infrastructure and are the most promising in terms of property and economic development,” he said.Mr Hay  noted the increase of real property value in the area over the years. “Before, land along the main road fetches below $100 per square meter. But now, the same can be bought at $150 to $250 per square meter,” he said.According to him, land in the village areas and along less important roads are priced between $40 to $100 per square meter, dependent on its location and potential.  “But for agricultural lands, the price is only $5 to $10 per square meter,” he stressed.Dangkao is home to many garment factories and several borey development projects, including: Borey Chip Mong, Borey Piphup Thmey, Borey Chamkar Dong, Borey Lim Chheang Hor, Borey Phnom Meas, and Borey Lim Chheang Hak.Dangkao is also host to many ongoing plot land projects that are targeted at local buyers. Seng Oudom, Sales Executive at Phnom Penh Home Land (PPHL), Dangkao has a greater potential compared to other suburb locations because of its inclusion in the government’s latest development plan, among other factors.“The area is close to the city center, well-elevated, and is served by an excellent road system that includes the Hun Sen Boulevard,” he pointed out.PPHL recently completed a plot land project in another part of Dangkao, Sangkat Spean Thmor. The project comes in two parts, occupying 15 and 8 hectares, respectively.Mr Seng said buying a general land or plot land in Dangkao is a good investment, with an investment return of 40 percent to 60 percent after one year.“For those who invest in general land or any plot land projects, which are well constructed according to a standard master plan, same as what PPHL doing- with adequate sewage system, quality roads, lights, and water system- their land will increase in value between 40 percent to 60 percent after one year,” he stressed. Mr Seng said a subdivision plot land fetches between $15,000 to $100,000. Mr Seng said PPHL will invest in another location in Dangkao because they believe in the area’s potential.While everyone agrees on Dangkao’s potential, some people think there is more to it. “The future development of the Dangkao area is unpredictable. No one knows what will happen if such a huge project as Aeon Mall 2 will officially open in nearby Sen Sok,” Mr Mam said. AEON Mall 2, which is slated to become Cambodia’s largest shopping and recreation center, will open sometime this year.Looking for real estate for sale in Dangkao  or real estate for rent in Dangkao? or Read the The Ultimate Guide To Phnom Penh by Realestate.com.kh

Q: As 2018 begins, what do you believe was the defining theme of the 2017 real estate market in Cambodia?Oknha Cheng KhengChairman, Cambodia Properties Limited (CPL)In the course of 2017, buying and selling operations were relatively strong in terms of plot land, boreys and condominiums. Land price was also higher compared to that of previous years. The potential in 2017 was not only in Phnom Penh but also in Sihanoukville, with strong competition due to many Chinese investors.This comes as a result of Cambodia’s incentivizing investment law, proposed infrastructure initiatives - such as the highway between Phnom Penh and Sihanoukville, deep sea port and growing tourism potential.With regards to living trends, condominiums have become popular as many Cambodians start to embrace quality lifestyle and convenience.Ann SothidaDirector, CBRE CambodiaLand prices throughout Phnom Penh grew by 6.6%, with the most noticeable increases in the north of the city & second CBD (such as Toul Kork & Sen Sok), whilst there was only modest growth in the traditional CBD (such as Daun Penh & Chamkarmon). Occupancy ranked at the high level of 80% or higher across a number of sectors including office, retail & residential. Sihanoukville received an influx of investment in the construction and real estate market, dominated by Chinese developers building resorts, hotels, condominiums and casinos.Dr. Kim HeangPresident, Cambodian Valuers and Estate Agents Association (CVEA)2017 was the year of affordable homes and plot lands. Developers launched a lot of projects in response to high demand for low-cost housing priced between $30,000 and $40,000 targeted at lower-middle income families. This market represents a majority of the population.With regards to condos, the number of projects launched was lower compared to the previous years. In contrast, the demand of warehouse for rent, especially for import and export products, was high.Apart from the rising number of low-cost housing projects, there was also a high demand  among investors for plot lands in the suburbs of Phnom Penh. There were lesser demand among investors for plot lands in central Phnom Penh, with many of them already bought by developers.Oknha Sear RithyChairman, WorldBridge GroupIn 2017, the real estate market was strong, with many new development projects started, including “The Palm” project. Many condominium and borey projects were also built.While demand for new projects stagnated in some respects because of location problems, both condo and borey developers were able to adapt to the needs of the local market, moving from high-end projects to the more affordable projects in local residential areas.Plot land sales also showed strength in 2017, with an increase in demand and more plot land projects underway.Q: Looking Forward: What is your prediction for the key strengths and weaknesses of the Cambodia real estate market over the course of 2018?Oknha Cheng KhengChairman, Cambodia Properties Limited (CPL)The buying and selling of land will work normally as in 2017, and land prices will not decrease in 2018. I believe projects such as Golden 42,  which was delayed for many years, will re-start in 2018 and this will be a good sign for the real estate market.When it comes to concerns regarding the 2018 election, I believe that proper guidance from experts will ensure that investors will not be affected - whether there is an election or not.If Phnom Penh continues to develop according to its Master Plan, then everything will be fine. Now is the right time to expand the Master Plan. The Government should introduce new infrastructure initiatives that will be good for the business and tourism sectors, though development could also mean higher prices for land and other real estate.Dr. Kim HeangPresident, Cambodian Valuers and Estate Agents Association (CVEA)There will be lesser number of real estate transactions this year compared to the previous years. I advise that those who have a lot of cash should buy real estate this year as there would be lots of real property for sale in 2018. This will mean more supply and cheaper prices that buyers can take advantage of. The opposite happened in the past few years where high demand drove the price of real estate up.In 2020, however, I believe that the real estate market will grow again. I am convinced that politics will remain stable and will not impact the real estate industry. Those buying this year can sell for a handsome profit in the next few years. I suggest that buyers, as much as possible, should refrain from borrowing money from banks to finance real estate investments.Oknha Sear RithyChairman, WorldBridge groupWith regards to the real estate market,  there may be some hesitation from buyers because Cambodians are often hesitant to invest in property when the national election comes.However, I believe the upcoming election will not affect the real estate market.  But people will still wait to see what happens with the market. I believe that after the election they will be optimistic in purchasing property again.For the time being, let us continue to welcome foreign investors, particularly Chinese investors who have invested heavily in the Kingdom’s real property market. From what I have seen, the Chinese are not concerned about the election. I believe that Chinese investments will continue to flow and Chinese buyers will continue to purchase property here.In addition to the Chinese, I believe that other foreign and local investors will also put their money in residential and commercial properties such as office space and malls.  To cap it all, I believe the Cambodia real estate sector will continue to move forward.Ann SothidaDirector, CBRE CambodiaOccupancy levels and demand will remain strong within the retail & office sector (centrally owned building). Land prices in the CBD will be stable with little growth expected, mainly due to the slowdown of speculative high rise residential developments.  Land prices in the outskirts of the city will increase due to improved infrastructure (road & bridge) making peripheral locations more accessible and attractive for development. With the announcement of new airport to be built in the south of the city, we expect to see an increased demand from speculative investors for development land close to this project, thus driving up the price of land in the south of the city.A number of strata-title offices will be delivered to the market, we are skeptical about how these buildings will be managed.  The ownership structure may cause concern of those tenants whom requirement large portions or entire buildings.  There will be an additional 13,000 condominium units brought to the market in 2018, we expect this will have an effect on investment yields as there will be more supply and competition in the market.Check out the latest property for sale in Cambodia or property for rent in Cambodia or read the The Ultimate Guide To Cambodia by Realestate.com.kh

A number of Cambodian women actively contribute to the development of Cambodia’s Real Estate Industry. When in the past they mostly work from home, many women now work as CEOs, managers, salespersons, etc. for real estate companies.These women’s role in developing Cambodia’s real estate sector is very significant and should never be underestimated.Realestate.com.kh caught up recently with few of these trailblazers. Khmer Content Writer and Editor Ky Kosal spoke to Tang Hour, President of Amatak Property Service Co. Ltd. and Linna Nov, Assistant at NC Max World about their own experiences, role, and prospects for women in the industry.This article will also include an interview with Xiaohua Chen, legal counsel at ETC Law Group, and Lili (Katherine) Ding, Parkway Investment Co. Marketing Director. Ms Ding previously served as Parkway’s Sales Manager. While not Cambodian, they nevertheless contribute a lot to the advancement of the industry thru Ms Chen’s Real Property Law-focused legal practice and Ms Ding’s leadership role in one of top real estate developers in Cambodia.  The following are excerpts from their interviews. They have been slightly edited for content and clarity.REAKH: Please tell us about your background:Tang Hour: I am not a highly educated woman and my family only expected me to look after the household. But that was not comfortable with me. Then I studied English and started working at Le Royal Phnom Penh, and then later for Sunway Hotel as a Spa Manager. Later, I decided to have my own business. I operated a beauty spa for seven years. In 2014, I began working as freelancer for a local real estate agency. I saw the great potential. So, in 2015, I started my own company, Amatak Property Service.Linna Nov: I was still completing my university studies in Finance when I began my career in real estate. I have been selling and listing properties in Cambodia for the last 4 years and had my fair share of transactions. In my culture, women are kept in the house before and after marriage and never have any chance to gain financial independence like I have. Life is good since I started to work at NC Max World. The company has taught me all that I need to know about the industry.Xiaohua Chen: We first came here as investors. Seeing the lack of property management and professional advisory services in Cambodia, me and my husband decided to leave Australia for Cambodia. We wanted to grow our own investment in a more sustainable and profitable way. We also found a dearth of legal services available to the Chinese, despite the fact that they have the most investors in Cambodia. These encouraged us to step in and focus on the Cambodia Real Estate Industry.Lili Ding:  I have more than 10 years of experience working for the real estate industry both in China and Cambodia, specializing in sales.REAKH: What has been your greatest achievements? Greatest challenges?Tang Hour: My interest in real estate started in 1997. I started buying several cheap flats in Phnom Penh, renovated them, and then sold them at a higher price. Founding and owning a real estate company is my greatest achievement. Clients trust me and we have many new and return clients. However, I am busy most of the time. Sometimes, I don’t have time for my family. This job requires working “under the sun”, reason why many women doesn’t like it.Linna Nov: I started to work at NC Max World while I was still in school. I decided to work for the company because I wanted to come out of shell of women’s submissive culture in this country and to achieve financial independence. The business has raised my self-confidence and taught me professionalism in representing both seller and buyer.I have listed and closed over US$8 million in sales on my own listings and buyers. This year I have already closed two large real estate transactions! I am now able to support my entire family and provide them with a good stable life.Xiaohua Chen: Our law firm was officially launched in March 2017. In 2017, we were honored to participate in two projects left over by history for more than ten years, respectively the Oil Refinery Project in Kampot Province and Gold Tower 42 in Phnom Penh city center. Since these two projects were once significant symbols of industry development of Cambodia, resuming these two projects not only pushed the project forward, but also showed to investors that Cambodia is developing way better than expected.The biggest challenge we are facing is the lack of transparency in Cambodia's legal system. It is very hard to access updated legal documents and materials, especially their English translations, from public databases. The number of multinational companies coming to Cambodia is increasing. They follow the classic pattern of exploring new markets, which requires accurate and updated legal regulations for decision-making. The lack of legal transparency could pose some problems in the future. We are doing our best to make a clear legal analysis for our clients.Lili Ding: Deep plowing in the real estate industry for more than 10 years, I created numerous sales records. My pursuit of excellence made me the leader of the whole sales team step by step.Selling houses, which are considered a luxury for many people, has been one of the greatest challenges I have meet in my long sales career in real estate. But it also gave me the opportunity to enhance my sales skills and other aspects related to customer communication. I look forward to breaking more capacity constraints.REAKH: Why is a career in real estate attractive to women?  What is your advice to other women interested in having a career in real estate?Tang Hour: I think a career in real estate is not only for men, but also for women.  It depends on whether they love their work or not. The present and future prospects for the real estate industry are good.  This generation of women has freedom to pursue to their own careers.  If you have a passion for real estate, go for it.Linna Nov: The real estate business is very attractive to women who do not mind working hard and can be ready 24/7. Many women do not have the freedom here and it is hard to have careers. However, for agents, the real estate business is no easy task. But you just have to believe in yourself. The company has given me an opportunity and has believed in me and that is main reason why I can do what I do.I would like to encourage more young women to believe in themselves and come out of their shells so that they can excel in their careers. You just have to work hard, be honest, and maintain high ethical and moral standards.Xiaohua Chen: As far as I can see, the real estate industry is still and will always be a male-dominated industry. The call for gender equality will provide an opportunity for competent females to get promoted, which means being female itself may be an advantage in this industry. Like us, female overseas legal-service providers are playing a more than a simple role. A good application of our advantage in language and flexibility will no doubt help advance our careers.Lili Ding: Everyone, whether they may be men or women, likes luxury goods. People are chasing after luxurious and branded goods like LV and Chanel. Houses are considered a luxury and they are the hardest to sell. Most people only buy one house in their whole, in their own country. Properties overseas are luxury among luxuries. The challenge, just like what I encountered in selling houses, attracted me most to the real estate industry. The industry also gave me the opportunity to enhance my sales and communications skills. Read more Women taking a Lead in the Cambodia Architecture Sectoron Realestate.com.khLooking for Real estate for rent in Cambodia or Real estate for sale in Cambodia on Realestate.com.kh

Long-standing Japan-based valuation & advisory firm, Japan Valuers Co., Ltd, is officially opening their central Phnom Penh branch in Khan 7 Makara on January 11th, 2018, through the establishment of their subsidiary company, namely, Japan Valuers (Cambodia) Co., Ltd.               Japan Valuers (Cambodia) Co., Ltd was founded as a joint venture between Mr. Sim Hoy Chhoung, and Mr. Hiroyuki Isobe.Mr. Chhoung is a locally based expert on valuation and consultancy of different asset classes, mainly focused on commercial real estate, plant and heavy machinery and businesses, and is the Managing Director of the newly established firm.Mr. Hiroyuki, on the other hand has had over 30 years of experience in Japanese and international based property valuation and advising, with the establishment of multiple global companies throughout his career- including the founding of Japan Valuers Co., Ltd.Japan Valuers (Cambodia) Co., Ltd. will provide a wide variety of valuation and advisory services, covering commercial real estate transactions and due diligence, market and feasibility studies as well as property management.  Discussing the company’s entry into Cambodia, Mr Chhoung said: “It’s my great excitement to work with the firm and share my passion as well as experience in the fields of valuation and advisory services.”He further added that the company is committed to making a major contribution to the real estate and valuation industry in Cambodia.Mr. Chhoung believes that by entering the Cambodian market this will help enhance the professionalism and the confidence in the real estate market for both local and foreign investors alike, through the improvement of consistency and transparency in the market, with their valuation and consultancy services.“We aim to be a professional firm who will provide up-to-date market knowledge and provide quality services to our clients, regardless of where they are from,” said Mr. Chhoung.He further added that a professional code of ethics is the core pillar of long-term success for any company, which the firm will bring to Cambodia.“This will also help better facilitate the decision-making process of investors across national borders.​ ​We will help attract more foreign investors and source those investors for our local [Cambodia's] real estate development,” he said.Mr Hiroyuki, expressed a similar sentiment as Mr. Chhoung: “We also aim to develop and deliver timely, proper and fair valuation services in liaison with local experts.”“At the same time, we aim to be responsible for enlightening the local society, where a property valuation system has not been firmly established, and we believe that our knowledge of the  infrastructure of valuation will provide further stability and professionalism to the Cambodian real estate market.”The history behind the formulation of Japan Valuers Co., Ltd, the parent company of Japan Valuers (Cambodia) Co., Ltd, goes back to 1983 when Mr. Hiroyuki Isobe founded HIRO & Associates, Inc.Following this, Mr. Hiroyuki launched REAS Network Co., Ltd in 1998 and subsequently merged these two companies into HIRO & REAS Network, Inc. in 2002. The re-naming to Japan Valuers Co., Ltd took place in 2010- with Mr. Hiroyuki remaining as the current Chairman and is presently located in Tokyo and Nagoya.Due to the wealth of over 30 years experience in valuation and consultancy Japan Valuers Co., Ltd has created a vast network of partnerships in various regions worldwide including the USA, Korea and Hong Kong.The services provided by Japan Valuers  Co., Ltd include property valuation and advisory services for both Japanese and overseas corporations and further extends to individual clients, including developers, investors, banks, arrangers, public institutions and many others.Since 2010, Japan Valuers Co., Ltd have been proactively aiming at structuring a global network that enables the company to give more solutions to businesses on a global scale. In 2016, Japan Valuers (Myanmar) Co., Ltd was established, where property valuation and consulting industry has not been properly formulated.Now with the establishment of Japan Valuers (Cambodia) Co., Ltd, yet another arm of the globally expanding company has grown. Located within a key business hub in Phnom Penh,  Japan Valuers (Cambodia) Co., Ltd will be a valuable asset to improving the professionalism and bringing extensive valuation and advisory services to Cambodia’s real estate market.Learn more how valuations are estimated or get advice on a Professional Property Valuation at Realestate.com.khCheck out the latest property for sale in Cambodia or property for rent in Cambodia

Phnom Penh, February 9th, 2018 – CBRE Cambodia has been officially appointed by DTT Property Management Co., Ltd., as the property management agent for the office space at Diamond Twin Tower, Koh Pich, located at Phoenix Bridge, Koh Pich. The instruction was confirmed at a signing ceremony held today at the Diamond Twin Tower showroom.Ms. Borapich Dan, Chairwoman of DTT Property Management Co., Ltd., signed the agreement on behalf the building’s operator whilst Ms. Sothida Ann, Director, represented CBRE Cambodia.  Diamond Twin Tower occupies a prime position adjacent to a main entrance way to Koh Pich and comprises 2 towers, including a 32 storey serviced apartment block of 352 units, a 30 storey high grade office tower, retail space, leisure amenities and both basement and above-ground car parking. The project will come into phased operation from mid-2018.Sothida Ann – Director of CBRE Cambodia, expressed the company’s enthusiasm for the project, saying “CBRE Cambodia are delighted to have been selected to assist in the launch of one of Phnom Penh’s most high profile mixed use developments, Diamond Twin Tower. By applying diligent and careful planning, as well as through the employment of international standards in our property management practices, CBRE Cambodia believe we can build advantage for the occupiers of Diamond Twin Tower, ensuring it becomes a desirable address for commercial occupiers in the very rapidly developing Tonle Bassac District.”Interested in the Diamond Twin Tower in Koh Pich? You can learn more by visiting the Diamond Twin Tower property listing.Looking for Real estate for rent in Cambodia or Real estate for sale in Cambodia on Realestate.com.kh

The Kingdom of Cambodia is considered as one of the fastest-growing economies in the ASEAN region. According to the World Bank, Cambodia’s economy grew annually by 7 percent both in 2015 and 2016, and is forecasted to grow 6.9 percent year-on-year over the next three years.The Sihanoukville Autonomous Port is Cambodia’s only deep sea port and is the most important trade gateway driving the country’s economic growth. The port is strategically located in an ideal location in Cambodia’s  coastal southwest and is safe from typhoons, tsunamis, and other natural  disasters.Occupying about 125 hectares, Sihanoukville port was constructed in 1956 and started operations  in 1960. Currently,  the port has 8 terminal berths with a total length of 1,330 meters and is equipped with modern cargo-handling equipment.Over the last five years, the amount of container throughput  increased by an average of 11% per year. In 2015, the port generated a total revenue of $49 million, nearly an 18% increase from  the $9 million generated in 2014.The Royal Government of Cambodia has recently designated the port as an  industrial development zone.  This port has seen great potential in expanding the trade between Cambodia and other countries in the ASEAN, Asia-Pacific rim and the rest of the world.Sihanoukville port has entered into an IPO to further improve its business prospects. The IPO netted nearly $27 million for the purchase of land and equipment for expansion.Looking for real estate for rent in Sihanoukville  or real estate for sale in Sihanoukville? or Read the The Ultimate Guide To Sihanoukville by Realestate.com.kh

Time and again, the issue of foreigners obtaining Cambodian citizenship has cropped up.While not coveted as the citizenships of countries like the United States, Australia, and Canada, Cambodian citizenship is, nonetheless, pursued by some foreigners. For foreigners, the most cited reasons are ability to acquire land and other property in their own name and ability to travel to other ASEAN countries visa-free - Read more How to invest in Land in Cambodia for foreigners on Realestate.com.kh!Cambodian citizenship has also been bestowed to foreigners with exemplary contributions to the Kingdom.Chinese and South Korean investors are said to be the most common recipients of Cambodian passports. There was a spike in Cambodian passport applications starting in 1993 after the country was admitted to the ASEAN.Prominent people who have obtained Cambodian citizenship include American actress Angelina Jolie (for her conservation work), Japanese Olympian Kuniaki Takizaki, and Australian humanitarian Geraldine Cox for her work in an orphanage in the country’s southeast.There are five ways for a foreigner to obtain Cambodian citizenship. We explain in this article each and every route to obtaining a Cambodian passport:Naturalization- This is the most common and takes the longest time to complete. Seven-year residency, fluency in the Khmer language (speaking and writing), and a clean criminal record are the requirements for obtaining Cambodian citizenship by way of naturalization.Citizenship by marriage- A foreign man or woman married to a Cambodia national can obtain Cambodian citizenship after living together for at least three years after their marriage was registered with the proper authorities.Citizenship by Investment Program - This cash-for-passport program bestows Cambodian citizenship to a foreigner who invests 1.25 billion riels ($312,500) in Cambodia. In this case, the 7-year residency is waived. However, other requirements for naturalization like language fluency still apply.The cost of obtaining citizenship by investment is said to be in the region of $75,000.A local agent revealed that many Japanese, Chinese, Korean, Australian and Vietnamese business people obtained Cambodian citizenship by way of investments.Citizenship by donation- A foreigner could also be accorded Cambodian citizenship if he donates 1 billion riels ($250,000) or more to the national budget.Special achievements in Cambodia’s interest also give foreigners the right to apply for honorary citizenship.Citizenship by birth and descent - Those born to at least one Cambodian parent anywhere in the world are legally entitled to Cambodian citizenship. The same applies to children born in Cambodia to foreign parents who were born and legally living in the Kingdom.While having a Cambodian passport will not bring you far vis-a-vis visa-free travel, Cambodian citizenship does offer some advantages. Obtaining Cambodian citizenship is very advantageous in terms of living, working and investing in the Kingdom.Firstly, you will no longer need a visa to enter and work in the country for as long as you want.Secondly, you can own land and other property in your name.  Currently, foreigners are restricted to owning the first floor and up, up to 70 percent of one building with a strata title.Thirdly, you can apply for concessions and licenses from the government that are otherwise only available to Cambodian nationals.The process of applying for and obtaining Cambodian citizenship:The Ministry of the Interior processes applications for Cambodian citizenship. The process usually takes two to three months. There are several steps that a foreigner who wants to obtain Cambodian citizenship needs to complete:1)   Go to the Ministry of the Interior to find out what is need to obtain Cambodian citizenship. Inquiries can also be made at Cambodian embassies and consulates worldwide.2)   Gather the needed documents and submit the application to the Department of Citizenship under the Ministry of the Interior. Documentary requirements include: Proof of birth (birth certificate, hospital birth record, baptismal certificate, etc.); recent passport photographs; police clearance certificate; identification documents (driver’s license, passport) medical clearance certificate; and proof of residential address (utility bills, rental/lease agreement).3)   Application will undergo verification. Interviews and investigations are carried out as part of the verification process.4)   After verification is completed, a decision to reject or approve the application is made.5)   The applicant is notified about the decision in writing. If application is approved, it is published to allow anyone with an objection to come forward.6)   When the publication period elapses and no objections were raised, the applicant is required to take an oath court.7)   After taking the oath, applicant signs it and is pronounced as a Cambodian citizen.Looking for real estate for rent in Cambodia or real estate for sale in Cambodia? or Read investment opportunities by Realestate.com.kh

The Prince Real Estate (Cambodia) Group is set undertake several large projects in the next few months. Tianlun Hu, Marketing Director of Prince Real Estate Group, told Realestate.com.kh that the resort city of Sihanoukville will host Prince Cullinan Bay and Prince City Centre. The Prince International Plaza will be built in the capital city of Phnom Penh.Mr Tianlun stressed that Prince Cullinan Bay is designed chiefly as a leisure and recreational complex, covering an area of 2.6 hectares. It will include mixed-use, hotel, and retail facilities and will be built in Victory Beach/Hill.Prince City Centre, according to him, will be an international-standard complex and landmark in the city. The complex will occupy 16 hectares.The Prince International Plaza will be built on a 2.8-hectare lot and is designed as a one-stop metropolitan center. A one-stop center provides many services and amenities like shopping and recreation in a single location.Mr Tianlun also revealed that Diamond One and other major projects they have undertaken lately are faring well. All projects are located in downtown Phnom Penh. Located within the renowned Diamond Island, the one-hectare stretch comprising Diamond One is crammed with real estate projects aimed at affluent locals and Chinese. Also in this list are the 37-storey Prince Central Plaza and the 27-storey twin towers of Prince Modern Plaza.Of Diamond One’s 454 units, according to Mr Tianlun, only 10 percent remains unsold.  Same with Prince Modern Plaza’s 570 units. Around 70 percent of Prince Central Plaza’s 1,786 units has been sold.Half of these units was bought by Chinese investors, with the rest going to local and international (other nationalities) buyers. Mr Tianlun noted that 60 to 70 percent was bought for investment purposes, while the remaining units were used as residence.Established in 2015, Prince Real Estate (Cambodia) Group has grown to become one Cambodia’s biggest developers with 13 subsidiaries. It has partnered with other big international companies to undertake projects in the real estate, communications, and finance sectors.Check out the new development or Prince modern plaza and prince central plaza  listing today on Realestate.com.kh!Find out property for rent in Phnom Penh or property for sale in Phnom Penh!

The end of 2017 saw the launching of a brand new Realestate.com.kh website with the most comprehensive and powerful real estate search functions ever.Leading the way was our map search functionality. After three months of beta testing, the new feature was officially launched. The new feature did not disappoint and has proven very popular, with thousands of people using it to find a home.Good as it may be, the new map functionality found itself hobbled by a number of property listings with incorrect map locations. This resulted in these properties missing out on high-quality leads that the map search generate.As such, we put here the steps you need to remedy the problem. 3 steps to ensure a property appears correctly in the Map SearchStep 1: To begin, please login to your account. Then check to ensure the mandatory location details are correct: City, Khan, SangatStep 2: Include the Street Name and Street Number OR Click & Drag the pin to make sure your property will appear in the exact locationStep 3: Select ‘Show full address’  Look for real estate for rent in Cambodia or real estate for sale in Cambodia? Or find out the best real estate news on Realestate.com.kh

Making sure that you get the best tenants for your rental property is no easy task. But a few helpful tips can make the difference whether you get the best, average, or the worst of them.Last week in “Tips to attract the best tenants- Part 1” we discussed a few helpful reminders. This week we will enumerate and discuss some more tips that can help property owners avoid problems that later come with less-than-desirable tenants, thanks to Realestate.com.kh.Know the competitionKnowing your competitors and knowing what they can offer will give you an edge when you want to snag the best renters in town.You can start by inquiring in your own area to find out the number of competitors, their facilities, marketing methods, unit types, rent range, and functional units.You can later expand your inquiry into other areas. The Internet and real estate search portals like Realestate.com.kh are also helpful in this regard.Let prospective tenants know you are a great landlordGood tenants are attracted to landlords with excellent reputation. Let prospective tenants know that you could be trusted, respectful, and attentive to tenants’ needs and inquiries. Testimonials from previous tenants are also helpful in this regard.Conduct a background checkThis is a very important thing to do. As much as possible, you don’t rent your property to someone with a criminal history or a dark past.A simple criminal background check, as opposed to the more extensive criminal checks done in Western countries, will suffice.It is also important to check on the rental history of the prospective tenant. You may do so by inquiring from his/her previous landlords.Google is a very helpful tool in conducting a background check. Many people, especially younger ones, are very active on Social Media. Information posted on their Facebook, Instagram, Twitter, LinkedIn, and other Social Media accounts will give you a hint on what kind of person you are getting.Be picky and don’t rushDue diligence and being a picky landlord will save you much grief in the future. Bad tenants often come when you don’t set high standards and settle out of desperation. Don’t just settle for the first person who appears at your door with an offer. Take your time and settle for the best.You need to have good contract/lease agreementA good contract spells out clearly the terms and conditions for tenants. These include the number of occupants allowed, when rent is due, policies and basis for eviction, and so on.Look for real estate for rent in Phnom Penh? Or want to read about critical tips for prospective lessors? Check out Realestate.com.kh!

Phnom Penh is developing at a rapid pace, and with this development comes an influx of investors, mostly foreign, seeking to build and expand their businesses in this capital city of this Kingdom.As building an office from scratch is mostly out of the question, especially for foreigners, because of the high expenses involved and limitations set by local laws and regulations, the foremost concern now for these people is to find the best space they can rent at the most reasonable price.If you go around the city, you can see a lot of signs advertising buildings and other properties for rent. While some of them can be rented at a low price, especially if the building is located far from where the main commercial activities are being held, most of them are expensive, especially if rented for commercial purposes.To date, there is a glut of office space in Phnom Penh. Massive investments in the infrastructure and property sectors have pushed the number of office spaces in the capital city. The most conservative forecast put the increase at 77% by 2020.While Phnom Penh is not as expensive as other metropolitan areas in the world like Tokyo and Singapore when it comes to office rentals, the high rental rates offered by many establishments would make it hard to attract many would-be investors, especially the not-so-moneyed small and medium enterprises like a minor consultancy firm, media company, mini-mart, drug store, and the like.Such unfortunate scenario would not be good not only for the local economy, but also the economy of the entire country, which by and large is dependent on the outflow of capital and investments from the outside.But a careful study made for a startling and very significant finding that shows some of those firms offering office space for rent actually offer much reasonable rates compared to their peers and competitors in the Office rental business.Take the case of TSE. Focused on small and medium enterprises, TSE provides full office services to all of their tenants with emphasis on client satisfaction.A comparison of rental rates shows that while TSE charges more for rental for a typical office and flat compared to its competitors, its rates are actual lower when you factor in everything.A TSE renter for an office space for an average of 10 persons will have to pay a total of $8,400 in one year, inclusive of monthly rental, cleaning, security, pantry, and meeting room. Monthly rental for a TSE office is $700. For other rental companies, rental of the same office space would entail charges reaching $10,800 ($900 monthly rental) in one year. This is because the $500 monthly rental is compounded by $150 in cleaning/security fees and $250 in pantry/meeting room fees, which increases the monthly rental to $900.For a flat, the total rate for one year reaches to $9,400 due to the fact that the $300 monthly rental increases to $1,700 in the first month due to the addition of $200 fee for cleaning, $200 charge for security, and $1,000 for pantry/meeting room. A $700 monthly rental is charged in the second to the 12th month of the rental contract. For more detailed comparison, please refer to the graph and table at the bottom.While one may have doubts whether TSE offers the best services considering that it offers the cheapest rates in the long run, we have some testimonials here that can attest to the company’s topnotch service to its clients and customers through the years.“It’s a pleasure to work here. I am satisfied with the office environment. It is a modern, comfortable, and clean office that makes hard work for me and other staff easier,” said TOS TOV marketing staff Hong Sokunraksmey.For Okoone CEO Julien Meunier, the experience with TSE has been remarkable.“The Office #106 has proved to be a valuable asset to our company over the last year, providing a convenient and comfortable working environment for our employees and reinforcing our corporate image of an innovative digital agency,” he said.“With continuously expanding operations, we are often in search of clean, modern and well-designed office spaces with staff amenities and proper building management, and enough flexibility to accommodate anticipated growth: The Office has proved to meet all these criteria. I would definitely recommend The Office to any company looking for high-quality and well-managed office facilities in Phnom Penh,” Mr. Meunier added.Other companies that have rented office space from TSE include the job search website PHNOMLIST, One Degree, Prasat Study Abroad Consultancy (PSAC), and The Furniture Express (TFE).Obviously, as the findings above show, TSE offers the best rates for office rental around town. No doubt about it.Comparison of TSE rental rates with that of its competitors Please check the office for rent in Cambodia on Realestate.com.kh!

The Seagate Suite project is the foremost mixed-use development on the coast of Sihanoukville, Cambodia; and will soon be the tallest building in the province. The development is located in Phum Bei Village, Sankat Bei; adjacent to Victory Beach and what shall likely become the future CBD area of Sihanoukville city. The project offers residents a 360-degree view of both the ocean and fast growing city.On the 17th of December 2017, The Seagate Suite officially commenced sales at its official opening ceremony. The launch informed the market and general public as to how The Seagate Suite is operating in Cambodia and how the developer will play an influential role in the real estate sector both now and into the future.H.E. Sar Kheng, the Minister of Ministry of Interior, congratulated and welcomed to Cambodia the Hefei Friendship Association. The Hefei Friendship Association initiated the cooperation between public and private partners in order to launch The Seagate Suite project. His Excellency added that this new project will offer another option for Cambodian and non-Cambodian Nationals who want to live in the Kingdom.H.E. Sar has also encouraged the local authorities to focus closely on their roles to ensure convenience for all investors, local and international, who want to process documents related to purchasing and securing condo units in Sihanoukville province.   Lok Oknha Ouk Socheth, Chairman of the Cambodia Hefei Friendship Association and representative owner of The Seagate Suite development, said that: “The vision of the Cambodian economy, along with the Cambodia-China relationship through strategic investment policies, is showing notable growth. The residential development of The Seagate Suite reflects this positive trend of development through cooperation.”  Developed by KHCN Investment & Development Co,. Ltd, The Seagate Suite will be an iconic building in Sihanoukville for years to come. The Seagate Suite condominium is designed to bring an international standard of living to life for all residents; through both its inside and outside facilities and amenities. The project will be 45 stories tall and cover a total area of 1,118 square meters. Studio rooms will range from 31.21 square meters to 70.12 square meters. 1-bedroom units span anywhere from 60.15 square meters to 88.62 square meters. Meanwhile, 2-bedroom units measure 113 square meters.  Buyers will have multiple options when it comes to unit designs, as they are able to choose between 6 different and distinct unit styles. These include Northern European, Minimalist, Southeastern, Luxurious Baroque, New Oriental, and Neoclassic. The Northern European, however, has a free design and comes fully-furnished.In addition, each unit comes with a Smart Home System that operates via application. Each unit is a smart home, with app controlled air-conditioning, sockets, TV, music, security cameras, keys, water heating system and lighting system.In term of safety and security, The building also has built-in security features such as smoke detectors, sprinklers, fire extinguishers, hose reels, and an emergency sound alarm. Management will even include 24/7 security.Lok Okhna Ouk said that the project aims to bring a unique value for residents, including a 700 square-meter infinity pool, private meeting hall, shopping center, market, fully-equipped gym, steam room, spa and sauna, restaurants, business center, multi-functional conference room, rooftop tarmac, banquet hall, luxury casino, cinema, ktv, bar, art gallery and even a helipad on the roof.The Seagate Suite is now officially open for sales, at a starting price of just $70,000 per unit. This new development guarantees rental returns up to 16 percent over two years (or 8 percent per year). As an added bonus, buyers won’t need to spend any additional money on furniture when they move - as a full set of furniture is included, custom designed to suit the space, style and design of the building. Another useful perk is that if the buyer wishes to resell the unit, the developer also guarantees to absorb the 10 percent sales tax.Check out the new development or The Seagate Suite  listing today on Realestate.com.kh!Find out property for rent in Phnom Penh or property for sale in Phnom Penh!

When you are a landlord who wants to rent out a property fast to the best tenants, you need to be aggressive and do things that will defeat the competition.The best tenants are those who pay their rents on time, keep the property in good condition and want to stay for medium to long-term.In Part 1 of this two-part series we will discuss a few important tips you need to consider and do when you want attract the best tenants for your property rental, thanks to Realestate.com.khLocation of the property is importantIf your property is located in areas in the Phnom Penh suburbs like Steung Meanchey, Chom Chao, or Chbar Ampov, most likely you can only rent your place to locals, particularly students and employees.If you want to buy property for rent and have expats rent it, you should consider the following areas: Chamkarmon--BKK1, BKK2, BKK3, Toul Tum Poung, Tonle Bassac, Toul Kork and Sen Sok or Chroy ChangvarAdd extra value to your propertyThe better the property, the more it will attract tenants. In Phnom Penh, the competition is strong because there are many apartments and condos for rent. So if you have the better property, then you will thrive well among the competition.It is proven that most of the renters want to get extra facilities and amenities. A property with decorations and furnishings will be more attractive to prospective renters. With regards to decoration, if the tenants want their own style you change it for them.With regards to decoration, if your tenants prefer to have their own decoration style, get it change for them.You can also offer extra incentives such as putting in cable TV, Internet, and means of transportation such as a bicycle or motorbike.Make sure you market your property wellGood advertising often brings in the best. You can market and advertise your property for rent by word of mouth, through the media (newspapers, magazines, and other news portals) or by way of social media (Facebook, Linkedin, Twitter, Instagram, etc.)If you want others to do it for you, you can also hire a real estate agent to market your property. You can also seek the advice of a reputable advertising firm.The advertisement should be attractive as possible (with glossy pictures) and clear description- rent, rooms, location, price, responsibilities, condition of property, facilities, surrounding amenities  and other features including parking, garage, garden, etc. Relevant contact details (email, phone number) should also be included.Stay tuned for Part 2 of this series where we will discuss more tips to win over the competition, importance of contract, and how to keep your tenants happy.Look for real estate for rent in Phnom Penh? Or want to read about critical tips for prospective lessors? Check out Realestate.com.kh.

Just like what happened when the Prek Tamak Bridge project was announced nearly a decade ago, the recent announcement that one of the largest airports in the world will rise in Kandal Province’s Kandal Steung district sent the price of land around the future airport to stratospheric heights.The Cambodian government approved late last year an investment proposal from the Cambodia Airport Investment Co. Ltd. to build a replacement for the Phnom Penh International Airport. The new facility is proposed to be built on a 2,600 hectare lakeside area of Kandal Steung district at a cost of $1.5 billion.Soon after the announcement, there were reports that lands previously selling for $1 to $2 per square meter were now being sold for a whopping $5 to $6 per square meter. This was apparently due to the general belief that big development projects like airports bring up the value of real property around it.Such phenomenon is not uncommon in Cambodia. Nothing best illustrates this than the Prek Tamak Bridge in Kandal Province where the price of land surrounding the proposed location dramatically increased after the project was announced. Completed in 2010, the Prek Tamak Bridge spans the Mekong River and is an important link between the eastern and western parts of Cambodia.It is also believed that rampant land speculation is due to reports that an “Airport City” will rise in the area after the airport is completed. The approved investment proposal includes setting aside a 700-hectare portion for a commercial center and residential property development.Experts: Sudden price hike is based on wrong assumption, risky for buyersWhile optimistic on the airport project, some experts cautioned that it is wrong to assume that the value of real property in Kandal Steung district will increase with the airport project.Ung Bunthoeun said that in developed countries the value of land where airports are to be built often decreases.A 1996 study in Washington State, United States found that the expansion of the Seattle-Tacoma Airport would cost five nearby cities $500 million in property values and $22 million in real-estate tax revenue. To further illustrate the point, the study reveals that a housing unit near the airport would sell for 10.1 percent more if located elsewhere. Simply said, airports are anathema to quiet and comfortable living, making them inhospitable to residential property development.“Unlike land near train stations which offer residents a convenient commute to work or schools, those near airports offer little added value while increasing the risk of aviation accidents. Moreover, residents suffer constant disturbance from aircraft noise,” Mr. Ung stressed, saying that he can relate to many negative things associated with airports from his time living within earshot of  Siem Reap airport.Ann Sothida, Director of CBRE, supported Mr. Ung’s assertion. She told the local media that noise often makes areas near airports unsuitable for residential houses.She also said height restrictions preclude the building of condo towers and other high-rise residential projects near airports.Experts also said buyers ran the risk of wasting their money if the airport project does not push through or is built in a different area.Kim Heang, President of the Cambodian Valuers and Estate Agents Association (CVEA), said, “there is no exact location yet. What we know is that it is in Kandal Steung district. This district is huge and we do not know exactly which village or commune will host the airport.”Mr. Kim said he believes the release of information was only meant to sell the land surrounding it at a higher price.“Local residents and speculators can then claim that their land is close to the airport, thus asking higher price for their land,” he stressed.Tang Hour, CEO at Amatak Property Service, agreed with Mr. Kim. “The sellers set high price by themselves. This is very dangerous for the market. Buyers who take out loans to buy expensive property in the area will lose some money if the airport will be built in another place,” she said.In order to keep the market safe, Ms. Tang said increasing the value or price of land should be done by real estate experts and based on the proper valuation standards.Sorn Seap, CEO of Key Real Estate, noted that in developing countries speculators usually buy land at a low price from local people and then announce that they are selling them at a much higher price, claiming that their land is close to the planned development site.Local economy to benefit from new airportNotwithstanding concerns on land speculation and noise pollution, there is a universal agreement that a new airport will be a boon to the local economy.The pace of development for the site surrounding the proposed new airport is expected to be comparable to that Sen Sok and Porsenchey, areas that have experienced growth due to their proximity to the Phnom Penh International Airport.Mr. Sorn said trade and tourism will greatly benefit from a new airport. “Airports are very important to the country’s transportation system. A new airport will help the import-export business and will bring in more visitors,” he said.Ms. Ann agreed, adding that she believes the airport will bring in more infrastructures like roads, water works, and electricity lines to the area.The new 4F-class airport will be a joint venture between the government’s State Secretariat of Civil Aviation (SSCA) and Overseas Cambodia Investment Corporation (OCIC), a local conglomerate owned by Oknha Pung Kheivse. Construction is projected to commence in early 2019.Looking for Real estate for rent in Cambodia?  Check out other great resources on Realestate.com.kh now! Go to our Location Profiles and Investor Guides pages for more information!