It is easy to talk about the many ongoing and successfully completed projects in Cambodia right now because there is an abundance of them. But what is rarely talked about are the factors that contribute to the increasing opportunities in the country for both local citizens and foreign nationals that will support the sustainable development of the real estate industry as a whole, and create a strong secondary resale and rentals market into the future. Two of those factors are the country’s gross national income and the income status of its citizens. The growth of these two factors has a significant influence on the growth of the real estate industry.These two factors have been a recurring indicator in research and reports lately, such as the World Bank’s statement that Cambodia has now moved to a lower-middle income status, contributing to a gross national income per capita higher than $1,026 per year. The World Bank classes lower-middle-income countries as those with average yearly incomes between $1,026 and $4,035. Cambodia has just entered this bracket. The Implications of Higher Income Status:There is great trust placed by investors on a country with a growing economy. And part of that growth in trust will always include lower unemployment rates and a higher income status for the entire country. This ultimately leads to a higher sustainable GDP, which is also good for businesses. But what does this specifically mean for the real estate market? Simply put, this means that people inside the country are now able to afford a wider range of properties that have been previously hard to purchase due to low incomes. Local buyers are also more like to be applicable for home loans and finance for their next property purchase. So, for investors, your potential rental returns and resales prices are strengthened. In fact, land prices in Phnom Penh alone increased by 15 percent in the year 2013. And has only continued to rise since then.Also, with higher amounts of income tax being collected, the government will have more scope for policies to assist in the country’s progress, such as infrastructure and affordable housing projects.Income in Emerging Markets:Emerging markets like Cambodia are one of the best places to invest in because the GNI and GDP are just beginning to rise. This means that there is much more progress to be made and much more opportunities yet to come for those who commit to the market early. Placing your money in a country with a promising future will potentially give you much higher returns than you are likely to get in more developed economies. Yes - emerging markets do come with higher risk, but in countries like Cambodia, the political stability is a standout case in the region, and so it the economic growth rates. This helps to give investors the assurance they need to put money down. For investors, now is the time to seriously consider Cambodia as a destination for a property investment with the potential to sky rocket returns. If you wait too long, the opportunity may be lost. Learn more about the charm of Cambodia for property investors.

The recently released H1 2016 Market report by the independent global property consultancy Knight Frank details both the data gathered by the company from the real estate market’s activities during the first half of the year, in combination with an exciting preview of what is to come in the near future.According to Ross Wheble, country manager of Knight Frank, the outstanding turnout of new construction projects has ultimately led to a stage of moderation as a means to address the short-term risks in the market. If all goes well after that, the report indicates that Cambodia has the potential to climb the ranks and outperform Southeast Asia through the process of diversification, a state in which “robust growth is expected to continue.”Phnom Penh Office Sector:Starting the year with the completion of three large office buildings that totaled to a net lettable space of 5,000 square meters, the second half of the year for the office sector may see a slight difference in trends as companies start to take interest in higher end commercial space and transfer to Grade A and Grade B office buildings. This is due to the difficulties of the Grade C units to keep up with changes in regulations and standards.The demand for higher grade buildings has also been apparent with several projects seeing higher amounts of inquiries, like in the case of the Vattanac Tower where the occupancy rate is now almost at 50%. This may be the reason why most of the supply coming in the next few years is Grade A buildings. These include the units that will come with the completion of projects like the Exchange Square, Diamond Twin Tower, and Olympia City.The report by Knight Frank indicates that for the medium term, the country is expected to capture more foreign investments for the prime office space sector where prices may continue to rise from the current rate of $4,900 per square meter. This indicates bigger names moving in to do business in the country.Retail Sector:If there is anything that the data from the retail market sector is indicating, it’s that there is growing interest from international brands to acquire retail space in the country. Although currently moving at a lower pace in terms of occupancy, the percentage remains constant for malls in strategic locations like the Aeon mall - which still enjoys their steady 95.8 percent occupancy rate.  But this reprieve may not last long as newer retail space projects are expected to hit completion by 2020. The report indicates a projected total increase in retail area of around 209 per cent by that time.   But this may not necessarily be a bad thing, at least for businesses. Because along with the increase in the number of retail spaces available, rental prices will become even more competitive in contrast to the current range of $10 to $70 per square meter.Hotel Sector:The hotel sector had its fair share of both troubles and successes during the first half of 2016. While boutique hotels garnered a significant amount of tourists, international five-star hotels like the Marriott struggled to increase their occupancy rate due to the competition with the local accommodations.Despite this, another 175 keys will come into play with the completion of Rosewood Hotel, in addition to the 259 that was already added earlier this year. But according to Knight Frank, the struggle of international hotel chains is going to end soon as more international hotel giants have expressed great interest in expanding their business into the Cambodian market. Should these plans push through, the estimated 2,732 rooms that are awaiting their completion by the end of the year may just be the start of the growth that is projected to happen by 2019.This is also to address the anticipated influx of business tourists, especially by 2017 when the World Economic Forum will be held in the capital city, Phnom Penh.                      Serviced Apartment Sector:Though most of the serviced apartments are locally owned, the market heavily relies on expatriates to rent and occupy the properties. Currently at around 4,017 monitored units, there are around 1,730 more units that should be completed by 2018. This is expected to cause a significant decrease in rental price which currently ranges from $667 to $4,000 per month, depending if it’s in the high end market or not. The construction of more modern condominiums and small scale serviced apartments will also contribute to the decrease of the current value in the collection of serviced apartments.Condominium Sector:The condo market saw a 4.9 percent increase during the first few months this year. This comes up to a total of 2,797 units added in the supply which includes developments like The 240, Galaxy residences, and 9 East. 929 of these units were sold during the first half of 2016. This represents a decrease of about 26.7 percent since last year. these units were sold during the first half of 2016. This represents a decrease of about 26.7 percent since last year.More and more projects of this type have been slated in the coming years, and 74 projects are noted to reach completion by 2020. 72 percent of these will be made up of high-end or prime condominium projects. For completed, central condominium rental rates, prices remain relatively high at a maximum of $4,000 per month. This is why it would be wise to disperse and move to the outskirts of the capital where land prices are less expensive and concepts much more fluid.Stricter enforcement of the law will also be a factor in drawing the interest of foreign developers and investors who had initial fears of losing money because of unenforced and vague policies. Much friendlier financing schemes for both locals and foreigners also make it more convenient to invest.Download the full H12016 Knight Frank Market Highlights Report

In the process of selecting residential properties, more so than the price, it is important to make sure that it will provide the best standards of living with high quality construction materials to make it ripe for long-term appreciation and future resale or rental value.It is also helpful to consider living with your family in a home that has good environment, and is comfortable and modern. This is what The Penthouse Residence is offering in the heart Phnom Penh. It is an upcoming world-class condominium project that will suit the needs of people who are looking for a more modern flare in their lives.The Penthouse Residence is strategically located in the most desired residential area of Phnom Penh, the capital city of Cambodia. It is the majestic and luxurious condominium project that stands along Sothearos Boulevard, right in front of landmark establishments such as Aeon Mall and the five-star Sofitel Phnom Penh Phukeethra Hotel, and close to many other useful institutions such as embassies and international schools. In addition, this 36-floor tower (about 130m high) is also located close to the Chaktomuk riverside and the fast developing district of Koh Pich (Diamond Island).The developers and contractors have been working hard day and night since the groundbreaking last March 12th, 2016, to ensure that The Penthouse Residence is built according to the highest standards, especially in its foundation work. In a span of just 4 months, the pile boring and foundation work are almost completed. And with the construction going at this rate, it is safe to assume that this project will be finished even before the proposed deadline at the end of 2018.The Penthouse Residence will not only be built with highest quality, lavish decorations, and the safe environment in mind, it will also be built in partnership with many other well recognized construction suppliers includes CPAC by SCG Thailand.The interior designs will be done by Sangiorgio from Italy; the bathroom equipment will be supplied by world class brands such as Grohe and Hafele from Germany, Cotto from Thailand, ToTo from Japan as well as American Standards, which will provide nothing but the best functional and long-lasting products. This helps ensure the project’s safety and build the trust of our customers, now and in the future.According to Mr. Imsouchivy Suos, the assistant project director of The Penthouse Residence, “The Penthouse Residence will offer both great quality and value in real estate market. The project has sold over 50 percent of the units already and has been one of the best-selling condominium projects in Phnom Penh so far due to its prime location, best quality, and reasonable price. We expect to increase our sales to over 70 percent by the end of the year. At the moment, we also offer 5 percent discount and an iPhone 6s for those who decide to book our condominium unit today. Guaranteed Returns of Renting (GRR) will also be offered at 6 percent per year or 18 percent for first 3 years.”For more information please check out the full listing on realestate.com.kh today!

Showing a positive turnout for the 1st quarter of 2016 for prime office rentals, Knight Frank has confirmed that there have been various positive effects brought about by incoming investors, government policies, and infrastructure from different markets in the real estate sector in Cambodia.This is something that the managing director of CBRE Vietnam, Marc Townsend, agrees with. But in his presentation about Cambodia Property Market Outlook 2016, during the inaugural Cambodia Property Show organized by Realeastate.com.kh and PropertyGuru Singapore, he adds that there are also different factors that affect what the future of the property market in Cambodia will look like.The China Factor:Townsend explains that much of how Cambodia has progressed and will progress is partially because of its relations with other developed and emerging markets. And these factors have a significant effect on the Cambodia Property Market Outlook 2016.He says that probably one of the biggest contributors and partners of the country would have to be China, since the two countries share a long history of allegiance.This probably applies most to infrastructure, but can also be seen through other sectors such as tourism. The China Daily reports that, according to the Cambodian Minister of Tourism, there will be over one million Chinese tourists who will visit Cambodia in 2016, and is expected to rise to two million by the year 2020.Townsend also says that China very much dominates the policy-making process and the way that investment licenses are granted in Cambodia.Fluctuations:During another part of his presentation about the Cambodia Property Market Outlook 2016, Marc Townsend mentions that another important consideration when looking at emerging markets such as Cambodia is inflation, as it can move anywhere from a ¼ to ½ very quickly due to an increase in money supply. He adds that foreign exchange can also behave the same way, and it may play to the interest of investors to keep a close watch on both indicators.Retail and Psychology:In his travels and his own analysis, Townsend has seen new businesses rise from the ground - mostly FMCG and FMB operations of which young Singaporean or Malaysian entrepreneurs own. This will play a big role in residential space sales since people like this like to live in areas where there are large active retail components like malls, gyms and after-school education. This is one of the things investors should also consider.And it’s no longer just Phnom Penh dominating the retail market: Siem Reap and Sihanoukville are now slowly catching up and gaining competitiveness in this segment.Townsend is also positive that, with new commercial developments like the Aeon Mall and larger populations flocking to the major cities, major retailers will start to flock Cambodia. Being in the crossroads between being an underdeveloped country and an emerging market gives retailers perfect opportunities to do business and invest.Industry:One of the types of properties that has shown significant growth and has contributed much to the Cambodian economy is the industrial property market, paving the way for SEZs, industrial parks and similar properties to flourish. Much of this has to do with the consistently strong garment and footwear industries. Much to people’s surprise though, according to Townsend, Cambodia also has a growing technology market. For example, the creation of cellular phone vibrators is a big winner currently. This attraction centers on the cheap cost of labor, that is becoming gradually more skilled. Townsend warns investors and retailers though that Cambodia is a part of AEC but not part of TPP. And if the TPP goes ahead of the AEC, then investors in these spheres may eventually lose out.Hospitality and Infrastructure:In addition to all these new developments and signs of progress, Townsend also mentions that it’s a good thing that more airports and infrastructure is being built in the Cambodian market. This actually not only helps the tourism sector by providing more direct flights from different countries, but it also helps the hospitality industry and investors who wish to create properties that cater to these travelers.Condominium Market:Though being flooded by foreign investors, Townsend said that the occupancy of residential condominium units is quite high, especially by Khmer families. This may also be due to the fact that there are now stronger local property management capabilities than previous years. Taking all of these factors into consideration, along with a stable political standing, Townsend says that Cambodia as a real estate destination is quickly catching up with its neighbors. There’s a ready primary market, although a secondary market that is still to be tested. So, while it’s best to be cautious, in his Cambodia Property Market Outlook 2016, Townsend believes that Cambodia offers a unique chance for investors to enter an exciting emerging market with very attractive potential gains.Learn more about investing in Cambodia…

Sino Plaza held a press conference at their showroom in Phnom Penh Friday last week, July 29, 2016, to announce their official launch for bookings.Sino Plaza’s 4 towers will rise to a height of 45-storeys each, located in the south of Phnom Penh city near Beoung Trabek Plaza, Sangkat Beoung Trabek, Phnom Penh.The project started construction in early 2015, and now all foundations are complete, with around $15 million already invested into the construction work. The total project of Sino Plaza is worth more than $200 million and will be entirely finished, ready for occupancy, in 2018.This project is a venture of Cambodian Natural Lucky Real Estate Development Co. Ltd, wholly owned by CYTS (China Youth Travel Services) from Hong Kong and China.According to Oknha Cheng Kheng, executive chairman of CPL, exclusive sales partner of Sino Plaza in partnership with Huttons CPL, "Sino Plaza is actually one of the most sustainable developments in Phnom Penh now. The number of units provides economies of scale for maintaining a development with the most-extensive onsite facilities. The Office Tower will ensure that commute time to work is minimized. Meanwhile, the completeness of the retail mall is unique: with International SPA, Gold Center, Supermarket, International  KTV and restaurants serving cuisine from around the world.”“Considering the convenience, completeness and the high potential appreciation from rental yield and capital, Sino Plaza will be the most desirable development for at least the next five years or more."Oknha Kheng continues to say that, “This is the first ever development in Cambodia that the developer is adopting the foreign method of CSR (Corporate Social Responsibility), allocating a certain percentage of units at a very special price for the Local Cambodians only. Encouraging the locals to strive for a better lifestyle at an achievable budget is a very clever approach. This is the developer’s way of giving back to Cambodian society. The whole tower is actually priced slightly lower than market rate to ensure the affordability for Cambodian with end-user financing and the development ultimately will not be a ghost-town.”Chhoeung Sotheara, head of sales for the project Sino Plaza at CPL, said that "this area is a matured neighborhood with amenities and conveniences nearby, surrounded by embassies and government departments. Yet it is only five minutes away from BKK1 where most international schools and eateries are located. The potential for capital appreciation is very high here."Contact today to find out more.

Singapore – 21 July 2016: SGX Mainboard Listed HLH Group (HLH) has reported strong demand for its first real estate project in Cambodia. D’Seaview, a mixed-use development of 737 residential units, has sold more than51% to date.SEE FULL PROJECT INFORMATION AND INQUIRE TODAY! The project was successfully launched in Sihanoukville (the third largest province in the country) in September 2015 and the groundbreaking ceremony was held in January this year. Following the successful launch and strong demand for its residential units in D’Seaview, the commercial spaces and the balance 51% of its 737 residential units with an estimated market value of US$88 million, are available for sale. Meanwhile, construction is well underway. The contractor has now confirmed that 100% of all piling work is complete for the D’Seaview Project, as of July 18, 2016. Ryan Ong, Director of PH One Development (Cambodia) Limited, stated at a recent press conference on-site, "I look forward to stand here again in 2018, upon the successful completion of this project." One of the key highlight of the commercial spaces is a 10 stories boutique hotel – the first to be built by a Singapore company in Sihanoukville - is the country’s premier seaside destination for international tourists. The hotel will have up to 98 rooms where HLH will seek boutique hotel operators in Cambodia or the region to invest in and operate the hotel. The commercial units of D’Seaview, which includes a good mixture of commercial spaces, retail spaces, two commercial buildings and a grand tower of ten-storey boutique hotel comprising of up to 98 rooms, are scheduled to be completed in Q4 2017, while the residential units for D’Seaview are expected to be completed by 2018. Dato Dr Johnny Ong, CEO and Deputy Chairman of HLH Group, says “This is a highly opportunistic time to leverage on Sihanoukville’s booming growth by expanding and growing our businesses. Sihanoukville’s tourism growth has been on a rapid rise in recent years. There are many international light industrial parks and special economic zone being set up in the province as Sihanoukville is a deep-water seaport. It is also the third largest province in Cambodia with an international airport.” To kick-start the construction of D’Seaview, the Group has awarded the construction project to Yanjian Group (Cambodia) Co Ltd for US$36,797,993.93. Yanjian Group (Cambodia) Co., Ltd is a subsidiary of Yanjian Group Co. Ltd – a global engineering and construction company listed in the Engineering News-Record Magazine as among the Top 250 Global Contractors. HLH will issue a 30% advance payment to Yanjian Group (Cambodia) Co., Ltd for the construction project. The parent company, Yanjian Group Co. Ltd will provide a 40% performance guarantee on the construction amount to ensure the successful completion of the construction. The D’Seaview project is not expected to have any material impact on the financial performance of HLH for the financial year ending 31 December 2016. About HLH Group Limited:HLH Group was founded in Singapore since 1988, from a sole proprietorship providing construction services to a regional property developer and producer of raw and processed agricultural products. It has been listed on the mainboard of Singapore Stock Exchange since June 2000.The HLH Group operates two core business segments: Property Development and Agriculture.Since the establishment of the Group’s Agriculture Division in Cambodia in 2008, it has become one of the largest privately owned cassava plantations in the Kingdom with land size approximately 11,000 hectares. The Agriculture Division is focused on agricultural investment & development, as well as the cultivation of cassava and sugarcane through collaboration with joint-operation partners.A new cassava starch production line was recently added, capable of producing up to 120 tons of cassava starch daily. The setting up of the cassava production line is part of the group’s overall strategy to extend its agricultural production chain downstream from farming to harvesting to value-added processing on our produces. Currently, the factory is producing around 80-100 tons of starch daily.The Property Division, which has successfully completed numerous projects in Singapore since 2001, officially started its overseas property division in 2015 with the launch of its residential brand “CAMHOMES”. It has also unveiled its first overseas mixed development project called D’Seaview, which will be built in the port city of Sihanoukville. The only deep water sea port in Cambodia. Under “CAMHOMES” the Group will aim to launch more high quality and affordable housing developments to target the growing middle income residents in Cambodia.   SEE FULL PROJECT INFORMATION AND INQUIRE TODAY!

Sun Fair Market is set to be the first flea market in Cambodia, with a huge range of consumer goods and materials, kitchen and office equipment, antiques, artifacts and all sorts of other bits and pieces for sale.Sun Fair Market will be launched in early August, this year, and will be open to the public from 8am to 12 noon inside Olympic Stadium, Sangkat Olympic. According an interview with CTN, Mr. Kem Oeun, founder and director of the Cambodia Japan Cooperation Center and the President of the Association of Trade and Investment Cambodia – Japan, said that “Sun Fair Market will be full of used and secondhand goods. By sharing and selling these home goods these can then be reused. It is a common thing in other countries, but it is the first ever in the Kingdom.”Kem continues, “The location for our sales are very good, inside Olympic stadium, and the selling will start from 8 am to 12 pm every Sunday. We hope each market day will bring big crowds to Olympic stadium.”He added that, “this is the Japanese culture concept called ‘Mottaina’ - passing on things which we no longer use or do not need to others who need them, and saving the environmental damage of just throwing the used things away.”Ms. So Chanleakhena, fresh-graduate from Korea and currently working in private company in Phnom Penh, “Yes, I’m extremely excited about this project. For one thing, Sun Fair Flea Market is a way to get rid of things I am not using in a really useful way, either financially or emotionally - and by emotionally I mean, giving them to people in need. My house and room will undoubtedly become more spacious and tidy.”“‘Kill two birds with one stone’ is a suitable expression for this, I guess. Also, this can be seen as a chance for Khmer people to start socializing, understanding and helping each other. I’m pretty sure that the project could evoke our beautiful and priceless ‘culture of helping’, which we used to possess.”Sun Sinett, designer and private company staff in Phnom Penh, agreed with this concept: “When you buy from the fair flea market you’re not helping the big business to get richer and bigger.”“Instead,” continued Sun, “You’re helping your community and saving the world’s resources by recycling! It could be a gathering that you can enjoy networking with neighbors and friends.”According to the Facebook page of Sun Fair market, the profits derived from operations will be distributed to Olympic stadium, 25%, Foundation Leng, 25%, 5% to the Kantha Bopha Hospital and 5% for the Sunrise Japanese Hospital. The remaining 40% will be given to operating personnel.

The Kingdom of Cambodia uses the Cambodian Riel as its primary currency and, unofficially, the U.S. dollar as its secondary.But this may soon change as the tourism ministry urges businesses to facilitate and allow the use of the Chinese Yuan for transactions as part of their “China Ready” plan. This encouragement comes not long after the news that around 2 million tourists from China will make their way annually to Cambodia by 2020.Having close diplomatic and historic relations with the country, Chinese citizens and tourists feel as if they’re right at home when they visit Cambodia because many Khmer people also know how to speak the Chinese language. But this move addresses more concerns than just goodwill between the two countries. Owners from various businesses have a fear of financial losses as a result of fake currencies and the fluctuating exchange rates, according to a recent Cambodia Daily report.Renaud Fichet, co-owner of the Abacus Garden Restaurant and Bar, says that “as long as they come to the place,” he’s fine with trying accepting the Yuan currency. Others aren’t as forgiving of the idea. Penh, says Khemmara Niza, Manager of the Sentosa Silk Shop in Phnom that this may just cause an issue of redundancy. Already seeing trouble with determining fake U.S. money, she says that accepting the Yuan currency may produce the same issue because local staff will not be able to determine its authenticity. She adds, “We don’t really know about Yuan money.”Anthony Galliano, ceo of Cambodian Investment Management, said that, “The government’s “China Ready” initiative makes sense as it addresses the fact that Chinese tourism is the fastest growing and likely to be the number one tourist inflow market for Cambodia.” Yet, Galliano disagrees with the recent encouragement from the ministry: “While encouraging the hospitality industry to accept the Yuan as payment simplifies financial transactions for Chinese tourists, it unfortunately complicates them and heightens risks for the recipient of the Chinese currency. In addition to assuming exchange rates risk, being able to properly identify counterfeit notes, and having to agree rates with generally financially shrewd visitors, the Yuan is not a freely convertible currency and is unlikely to be so in the near future.”Concerns of exchange rates which may lead to losses have also been brought up as a possible result of this.An unnamed local bank manager noted that, “maybe we should be encouraging local merchants to use point of service (POS) digital devices instead - that way, we don’t need to use cash at all of any currency – that would be a better solution to attracting more tourists.”For now though, accepting Yuan is still just an encouragement from the Government. Businesses are still free to choose whether or not they will take a risk or take the plunge and embrace this suggestion.

July 28, 2016 - Phnom Penh, Cambodia Officials have announced that they will be introducing a new category of visa for foreign retirees in Cambodia which will be called “Category ER Visa”. According to the director of the General Department of Immigration, Major General Veasna, this ER Visa entails a minor change in requirements where foreign retirees will have to present documentation from their home country that will prove their financial stability and capacity to live overseas during the duration of their stay. It’s important to note that expatriate retirees already on the “Class E” or business visa will not be required to change their visa type or apply for a new one, but they will be given an option too. Retirees currently residing in Cambodia appear to have no objections to it as well. One retiree, 49-year-old Bruce from Queensland, Australia, currently residing near Wat Phnom, says that this ER Visa is a welcome change, however “most expats staying here will not switch to a retiree Visa unless they have no choice but to do so.” This is probably because business visas have been beneficial because of the lack of enforcement. Many retirees on a business visa have been able to stay for longer periods through a visa renewal every year without actually being employed or owning any business entity in Cambodia.Read more about Retirement Visa in Cambodia here with our comprehensive guideClick Here

The Province of Preah Sihanouk (aka Sihanoukville) is one of the three major economic poles in Cambodia. Sihanoukville is recognized for its numerous valuable resources, including offshore oil reserves, and its strong economic development in the commercial, industrial and agricultural sectors. It is also showing huge potential as a coastal tourism destination: According to Chhit Sengnguon, vice governor of Sihanouk province, there were over 1.3 million tourists who visited Sihanoukville during 2016’s first five months, an increase of around 16 percent compared to 2015. Read full article: “Sihanoukville Property Development Rising Alongside Tourism Boom” According to a recent BayonTV report, in the presentation of the new investment project to the provincial government on 25th July, Mr. Christoph Forsinetti, CEO of KC JSM Services Ltd. said that, “Having seen the potential tourism market in Sihanoukville, the international investment company, KC JSM Services Ltd, has decided to invest in a multi-development project resort along the beach of SES SAR (known in english as White Horse Beach), nearby the Sihanoukville Autonomous Port. And the project will start construction in October of this year.” According to IBC Cambodia, KC JSM Services is a property development company focusing on property development at all stages, from concept design and master planning to property management. Since 2012, the company has worked closely with the Royal Government of Cambodia in relation to policy for the development of the coastal areas of Cambodia, in accordance with the “Industrial Development Policy 2015 – 2025”. “This multi-development project is located in village 3, sangkat 3, of Sihanoukville City; and the new development will occupy almost 60,000 square meters of land area, with a total investment cost of around 119 million dollars,” Forsinetti confirmed. He stated that his company has spent 4 years accessing the environment impact and other potential problems of the planned project before confirming their investment in Sihanoukville, and has provided suitable solutions for all circumstances moving forward. In total, the development will require approximately 2 years to complete all necessary infrastructure. KC JSM Services will offer not only tourism services, says Forsinetti, but also employment opportunities for around 3000 local workers, paying a minimum salary of $200 per month. In regards to this new investment in Sihanoukville, Mr. Van Chanthorn, the CEO TownCity Real Estate, said that there are many big projects underway in Sihanoukville currently, such as the Camhomes project, D’Seaview, and maybe a new airport project underway soon. “This ongoing investment in Sihanoukville will naturally bring more people to live there,” says Chanthorn, “and the price of real estate will also increase in the coming years.” He added that, “This new project, white horse resort, is a very good investment in Sihanoukville because it will bring multiple benefits; One benefit is a direct advantage and another is an indirect advantage.” He explains that this new tourism venture will provide direct benefits to the people of Sihanoukville province in terms of employment and income opportunities. Meanwhile, its will benefit the province indirectly, as the flow-on-effect shall be more investment in Sihanoukville as the tourism industry continues to increase. Chanthorn says, “More visitors are coming to visit Sihanoukville to stay at resorts like this, and these visitors may also consider investment in Sihanoukville real estate in the future.” But Mr. Den Sakal, CEO of Universal Real Estate, a realtor based in the province, stated that this is a very high-end project, and hence it will not benefit the local people because of the very high price of admission. “The purpose of this project is for high-class families and foreigners only,” says Sakal. “The announcements of projects like this focus on the positive benefits of investment in Sihanoukville and dreamy ideals; but the reality in Sihanoukville does not equate to these grand proclamations. Some major development projects in Sihanoukville have become ghost town’s already, and there is a risk that others will too.”   Sakal added that, “in 2015 there was huge investment in Sihanoukville in terms of condo projects, villas and hotels. And at this time, there was still a large demand in the market. However, while investment continues in 2016, many projects now remain empty because of an oversupply in the market after the 2015 boom, and now there is low demand amid buyers.” Despite his pessimism regarding demand for very high-end projects such as the White Horse Beach development, Den mentions that the demand in the real estate market in Sihanoukville does seem to be picking up again generally in the second half of 2016. Images sourced from: www.thekingstrip.com Learn more about Sihanoukville as a real estate destination, and other great insights in our comprehensive investor guides NOW!

There are many locations in Cambodia that are fairly attractive for both expats and locals. And one of the most attractive areas people are eyeing these days is Toul Kork, especially since land prices in BKK have skyrocketed in recent years.In an exclusive interview with Realestate.com.kh, CEO of Key Real Estate, chief adviser of the CVEA and vice-chair of Eurocham’s Real Estate & Construction Committee, Alex Evengroen answers questions about why Toul Kork is becoming an increasingly popular area and why it deserves all the attention it’s getting right now, and more.Toul Kork Character:Toul Kork is a place that’s vibrant with life and its own unique spirit. And according to Evengroen, it’s also brimming with youthful energy which is a complement to the many activities you can do there - such as watching dance performances in the nearby Apsara Arts Association center, or “bicycling or walking around, or having barbecues outside without getting run over by trucks and cars.”This means that it’s also a safe place to live, just a few minutes away from the hustle and bustle of the big city. And much of the area is still owned and resided-in by locals, so Toul Kork does offer a mix of modern and traditional cultures.But it will soon also cater to more expats during its expansion process, with all types of international franchise brands entering the retail space, and a new generation of condos for sale under construction and more and more serviced apartments for rent coming online.Anthony Perkins, director of special projects, finance & investments at the Royal Group of Companies, says that, “If you have a family and are not particularly concerned about your travel distance to work, Toul Kork should definitely be considered as a prime place to find a home for rent or sale.”Investment Opportunity:Speaking of expansion, Toul Kork is also a growing area full of opportunities for investment and construction. Evengroen says that there are already ongoing projects and new developments that are expected to come into completion in the next few months to the next few years. This will make land and properties more attractive for investment, as these new projects will attract all kinds of new residents and retail options to the area.He continues to say that most of the ongoing construction projects in Toul Kork are for commercial properties. He also predicts that even with the large supply of shop houses, villas and condos being built right now, detached and semi-detached properties will become even more popular in Toul Kork.Evengroen adds that if you have the money and you can invest, it would be wise to invest now while land prices are competitive and the government is stable. In a few more years, you can resell the properties in Toul Kork and make significant profit.Traffic:One concern potential investors and buyers are particularly wary of in Phnom Penh generally is the traffic situation. Be careful to consider the current developments’ eventual effect on traffic.Evengroen brushes this off, however, and says that the traffic situation is already something that’s been anticipated in Khan Toul Kork. This is why wider roads have been built in Toul Kork, to proactively address the large volumes of vehicles that will occupy the streets once developments and construction in the area reaches its peak.Services & Accessibility:Another factor that makes Khan Toul Kork appealing is the convenience of being near international standard malls, shops, and service centers.Restaurants and fast food places like Burger King, Pizza Company and various cafe chains are everywhere these days. There are also nearby schools and hospitals for families, such as the Toul Kork Health Center and the Zaman International Primary School. It has everything you may ever need to survive and live a comfortable life in central Phnom Penh.There are many more things that make living in Toul Kork desirable. But words can only do so much. Evengroen suggests taking a ride around the area on a peaceful Saturday afternoon to see its beauty up close - and to grasp the fullness of the area’s life.Check out more insider tips and tricks on Realestate.com.khTV today!

Junior Chamber International (JCI) is one of the many active non-profit organizations in the world that has a Cambodian division.Officially recognized by the Cambodian government in 2012, JCI Cambodia has spearheaded several useful programs and collaborative projects in the hopes of creating a platform for professionals and students from different industries to engage in. JCI hopes that these projects will pave the way to a better and more stable economy, through education and dialogue. One such project is the upcoming event, JCI Entrepreneur Square.What is the JCI Entrepreneur Square?Alongside its business exhibition, JCI has also prepared a series of talks which will feature 7 distinguished speakers and experts from the areas of Food & Beverage, Real Estate, and Organic Agriculture products.Although speaking about different sectors, the discussion will center on one key topic, “Key Success and Investment Opportunity in Real Estate, Food & Beverage, and Organic Products in Cambodia”.In line with this, the organization and its various sponsors and partners hopes to showcase the multitude of opportunities Cambodia already has in its resources and utilize the time the speakers have to educate how current and potential investors can tap into those specific resources to develop a healthier business environment. It also aims to create an event that will allow its participants to network and exchange business ideas and experiences.Who are the Speakers?The event will have several key speakers, both in the morning and the afternoon, and will be moderated by equally distinguished people from the same industries.Moderators: Mr. Khorn Chhundara– CEO of KOI Café Cambodia Ms. Dek Dary – National VP of JCI Cambodia, Managing Partner at 360 Event Management HE Dr. Sok Siphana – Advisor of the Royal Government of CambodiaAgricultural sectors: Dr. Tan Monivann - VP of Mong Reththy Group Co., Ltd. Mr. Neak Tharen - Board of Directors of Cambodian Organic Agriculture Association and CEO of Natural GardenFood & Beverage: Mr. Kouch Sokly - President of Cambodia Restaurant Association Mr. Chang Bunleang - Operations Manager and Co-founder of Brown CoffeeReal Estate: Oknha Sear Rithy - Chairman of Worldbridge Land Co., Ltd in Cambodia Mr. Kim Heang - President of Cambodian Valuers and Estate Agents Association (CVEA) Mr. Kenn Yeo - General Manager of Orkide Villa Condominium (Mall & Condominium Project)What Will The Speakers Talk About? The presentations and panel discussions will touch on a few things. For the F&B industry, the speakers will talk about trends, sources, franchises, and methods in the industry that will help drive businesses to success. For the speakers from the agriculture and organic products industry, they will be presenting about geographical factors and characteristics of Cambodia and how it affects each sector. They will also talk about the current challenges and demands in the market. All of this will be done in the morning, while real estate speakers will do their presentations in the afternoon. They will discuss certain points on policies and development in the industry, along with triumphs and recommendations for investment. This event will surely bridge the gap between businesses and individuals hoping to break into these specific markets and start investing not only in their own future, but also the future of the country. There is a huge potential in Cambodia right now and it is important to understand how you can tap into that potential and get your payout once it grows.If you’re interested in going to the event, it will be held at the Sokha Phnom Penh Hotel & Residence on August 27th, 2016. The event will start at 8:00am and is expected to run until the late afternoon.For interested participants, you can contact Mr. Horm Chanreaksmey at +855 12 540 033 or his e-mail hchanreaksmey@gmail.com.For those who are interested in the sponsorship packages and in public relations, you can contact Mr. Soth Sothearak at +855 17 59 46 19 or you can e-mail him at sothearak2510@gmail.com as well.

The Pokemon augmented-reality smartphone app has become an online phenomenon the world over. It has caused half the world to stop what they are doing and chase mythical creatures on their smartphones, with crazy outcomes... It has led to car crashes, huge public gatherings, trespassing, accidental deaths and even robberies. But lately, it has also influenced the real estate market. Some players are even believing that the sighting of a pokemon might just increase the value of their property for sale or the leasing rate for their apartment for rent…According to a CNBC News report, US real estate agent Jay Glazer, listing a property near Manhattan's Washington Square Park, included in his advertisement for the property that, "I'm fairly certain there is a PIKACHU at this open house, don't miss it." According to News.com.au, Realestate.com.au, Australia’s largest property portal, has also been struck with Poke-fever, with listing descriptions such as this: “Just across the road is a huge park with sporting facilities — and we’ve even spotted some rare Pokemon!” for a property listing in Townsville’s Cranbrook.A two-bed apartment for rent at Playfield Street in Brisbane’s Chermside is said to have an “easy five-minute walk to the busway” and “close by to Marchant Park — Pokemon Go Central”, claims the agent.And according to an atlasobscura.com report, Craigslisters around the world have also begun using their relative proximity to Pokemon “gyms” and “PokéStops” as a marketing message to catch potential new roommates. For example, a couple from San Francisco have an available apartment for rent near an "awesome Pokemon spawn area!", while a Cincinnati property "has pokestops in range."How long until an apartment for rent within the radius of Pokemon stops and gyms command higher rental prices than those without? It seems this crazy question may actually soon be a reality is some of the world's real estate markets under the trance of the new Pokemon Go phenomenon.Rob Levy from Re/Max in Townsville, Australia, notes that, “Especially among the under-35 first home buyers market, yes... When you have 300 identical houses to choose from, why wouldn’t you choose one near a PokeStop?”Will Cambodia be next to fall under the Pokemon spell? If it is, find out what Pokemon are hiding away in your home and you might just get a better price when it comes time to put it on the market...

Realestate.com.kh caught up with Andre de Jong, Managing director of Bosch in Cambodia and Chairman of the Real Estate and Construction Committee of the EuroCham Cambodia, to find out what the European chamber of commerce in Cambodia is currently doing to assist the progress of the real estate and construction industry.In this interview, we find out more about the initiatives being pursued to develop Cambodia’s green building sector.Tell me more about Eurocham's green building focus? Why is this directive so important in a nation such as Cambodia?Green building is currently still under the Green Business Committee which is one of the other working groups of the EuroCham. However, the RECC has recently started to work more closely with the Green Business Committee on this topic. We have two members from the Green Business Committee who are actively joining us.Green building has become an important topic for many countries. In Cambodia, although the concept is still new, there has been a growing interest among not only foreign investors but also local developers to ‘go green’.Recently, there is a worldwide rollout of a new green building certification called the EDGE which is available for free in 125 markets including Cambodia. The concept would be even more receptive and attractive if the government granted tax benefits to developers who adopt the green building processes.The green building concept is becoming more relevant and essential globally. We have witnessed the impact of the climate change over the last decades with the recent years becoming more significant especially in Cambodia where there was a dramatic increase in average temperature, a longer dry season and more rainfall during the wet season. It is important to focus on regenerative solution for the green building that includes green architecture, energy-efficient solutions, and smart technologies that save energy. Smart technologies will play an important role in this development.With the upcoming rise of the Internet of Things, especially in the Asia Pacific, we expect to see more adoption of IoT solutions in the green building process. Learn more about Eurocham’s Real Estate and Construction Committee (RECC) now!Learn more about the real estate and construction industries in our comprehensive Cambodia investor guides!

Owing a significant part of its recent economic growth to international property investment, Cambodia has come into force as one of the leading emerging economies in Asia. Preferred by neighboring countries for its massive growth potential, it’s no surprise that infrastructure is being developed quickly due to the increase in demand for properties – most of which comes from Chinese investors. As confirmed by the Agence Kampuchea Presse, “Currently, China is the biggest foreign investor in Cambodia followed by South Korea, EU and Malaysia.” And the numbers continue to grow each year.When asked why Chinese property investment in Cambodia is such a hot ticket in recent years, current president of CVEA, Kim Heang, says that it has to do with a lot of things that mostly relate to diplomatic relations, convenience, and currency: The Diplomacy of Chinese Property Investment in Cambodia: He explains that China and Cambodia have long-standing diplomatic and military relations which transcends into business and investment dealings. China provided Cambodia a loan amounting to $12.4 million just after it erased the Kingdom’s debt in the recent past so that the government can start repairs on the Angkor Wat. In return, Chinese nationals are welcomed with open arms for any opportunity to collaborate or to invest in the vast lands of Cambodia.Special projects such as infrastructure developments are also awarded to Chinese companies because of the amount of trust that has been formed between the two countries. This diplomatic relations has also lead to a sea of people moving from China to Cambodia with no problem at all. Convenience and Chinese Property Investment in Cambodia: Heang says that it feels just like home for Chinese moving to Cambodia because there is a high value placed on Chinese people in Cambodia, more so that other countries. Locals are not only more accommodating, but a lot of them also speak the Chinese language.This makes it easier for Chinese people to transition into whichever area they choose to settle in, whether it’s in the busy streets of Phnom Penh or in scenic places like Sihanoukville and Siem Reap. Another factor that contributes to their interest is the convenience of flying in and out of Cambodia at any given time. The flight from both countries takes approximately two and a half hours, which is relatively fast if you have meetings in between the two countries.Businessmen also profit from this because they can easily address certain emergencies and issues as they come about. Currency and Chinese Property Investment in Cambodia: Chinese buyers are especially motivated by US$ investments, as it represents a very stable currency. This is obviously available in Cambodia. Also, Chinese investors love to pay in cash - and the Cambodian market is also very open to this.Taxes and extra costs are low in the Cambodian property market also, even when moving money in and out of the country. At the end of the day, along with the government’s continuing initiatives to create policies that will benefit local and international investors, Cambodia will see an even more profitable future for the property and land markets as Chinese investors continue to come to the Kingdom. Check out more on the Cambodian investment climate in our Cambodia Investor Guides! Search for real estate and property all over Cambodia on Realestate.com.kh NOW!

The Realestate.com.kh team caught up with Joe Phelan, Head of Personal financial Services at Hong Leong Bank Cambodia, to learn more about Hong Leong Bank’s home loaning criteria and incentives.What are Hong Leong’s criteria for new home loans and home loaners? “You need to have a minimum income level of US$10,000 per annum and hard title collateral. This collateral can either be the property you are looking to buy or an existing property that either you or your direct family member currently owns. The property can also be either residential or a mix of residential and commercial, and we can lend up to 70% of this property value.” Apply for a home loan with Hong Leong NOW!Who can borrow from Hong Leong Cambodia?“Any local or foreigner with a permanent and consistent income stream in Cambodia, whether it be from salary, your own business or property rental income.”What are the lending limits for Hong Leong Cambodia home loans?“The minimum criteria is $10,000 for Home Equity Loans and $20,000 for all other mortgage products - and there is no maximum limit.”What other services does Hong Leong provide for home buyers?“We provide our free internet banking service and soon to be free mobile banking app as well,” notes Phelan, “so you can keep a close eye on your finances whenever and wherever you like, including your home loans. On top of this, you may automatically qualify for our Priority Banking package which also brings numerous free and discounted lifestyle benefits like golf, brunches at 5 star hotels, spa treatment and much more.”What other types of loans are available at Hong Leong Cambodia?“Our mortgage products are home loan, home equity loan, home investment loan and commercial property loan. Other than this, at the moment we have a full suite of business loans to cater for our business customers.”There are many Banks in Cambodia - Why choose Hong Leong Bank?“Our customer experience,” says Phelan, “we believe we have the most experienced mortgage lenders in the market that will be able to support your, ‘for some’, once in a lifetime dream home purchase. It is a big decision in anyone’s life to purchase a home, and we can make this process as easy and smooth as possible, ensuring we have provided the best financial solution for you.”Strong footprint in Asia. Formed over 100 years ago in Asia, the bank has a number of subsidiaries in Malaysia, Singapore, Vietnam, Hong Kong and China. You can trust Hong Leong bank.The right staff with a personalised focus. “This is the key to our success”, says Joe Phelan, Head of Personal Financial Services at Hong Leong Bank, “We believe we have the right senior staff who are dedicated to service and know how to satisfy their customer’s needs. Our priority account managers know their customers 100%”.Tailored financial products for SMEs. “Consumer is king and we need to look after business owners. We have a focus on SMEs to help you to grow your wealth,” says Phelan.Digital banking “With our user-friendly mobile app to be launched soon to complement our existing Internet Banking platform, we will be able to offer the best digital banking service to our priority customers in Cambodia.with a simple user-interface, more functions and ecommerce capabilities”.   Take your banking to the next level with Hong Leong Bank.Inquire today to find out more!

Realestate.com.kh caught up with Andre de Jong, Managing director of Bosch in Cambodia and Chairman of the Real Estate and Construction Committee of the EuroCham Cambodia, to find out what the European chamber of commerce in Cambodia is currently doing to assist the progress of the real estate and construction industry.Tell us about the role of the Eurocham real estate and construction committee generally? When was the committee formed? What is your mission? Who are your members? And what are some of your key activities?The Real Estate and Construction Committee (RECC) is a working group under the EuroCham Cambodia. The committee was formed in early 2014. The RECC advocates the improvement of safety and quality of construction and building, urban planning, and land management in Cambodia through events, sharing information, and fostering networking.The RECC is open to companies/individuals that provide services or have strong interest in the construction or real estate industries in Cambodia.In 2014, the RECC organized its first Real Estate and Construction Forum at the Sofitel hotel in Phnom Penh on the topic of the vision for growth of the real estate and construction industries in Cambodia.In May this year, the RECC together with Cambodia Constructors Association (CCA) hosted another Construction Forum focusing on construction and building safety.Besides members’ meetings and networking, the individual working groups of the RECC are also working with the Ministry of Land Management, Urban Planning and Construction (MLMUPC) in their specific fields of specialization.What successes have you experienced since your formation?The first Real Estate and Construction Forum that the RECC organized was a success. The event gathered over 200 participants, about 40 of whom were representatives from MLMUPC. As a result of the forum, the RECC has become a partner of the Ministry which subsequently allows both parties to collaborate more closely on information sharing and policy development. The forum also led to a MoU signing between the RECC and the Ministry in mid-2015 to improve legislations related to real estate and construction topics such as workplace safety. It also focuses on urban heritage concepts, spatial planning, and coastal development.What are the most important policy directives that the Eurocham construction and real estate committee are pursuing currently? And why are these directives of such priority?The RECC is divided into three pillars: Real Estate, Construction, and Urban Planning and Land Management. The MLMUPC has similar pillars, of which Real Estate is under the cadastral department.For the Construction working group, the main goal is for Cambodia to derive a building code that consists of a number of set regulations and rules for building and construction with a strong focus on safety standards. These include, for example, worksite safety, fire safety, health and safety of workers, and structural design of buildings. The RECC has also been working alongside the government on Prakas on an advisory level. The committee is also pushing to improve the Prakas related to health and safety in Cambodia.The Real Estate working group focuses on property measurement and valuation, as well as investor confidence. There are some ambiguities in the current regulations that this working group is focusing on. The goal is to minimize investment risks due to regulations and improve investor confidence. Moreover, we are advocating to have one agreed property measurement system by adopting an existing system from another country. The realization of this system will help to tackle uncertainty or deception in property measurement and valuation.The Land Management and Urban Planning committee has been actively working alongside the government. We are making good progress on an urban heritage study, coastal development planning, and spatial planning in a designated province. The expertise from this committee, including our French experts, is paramount here to support the royal government to achieve positive results. Learn more about Eurocham’s Real Estate and Construction Committee (RECC) now! Learn more about the real estate and construction industries in our comprehensive Cambodia investor guides!

Sarah Nicholson seeks to explain emerging markets, once and for all, in her “Overseas Property: The increasing popularity of emerging markets explained” presentation, thanks to PropertyGuru Singapore.Nicholson is the international project marketing director for CBRE Asia Pacific. Nicholson qualifies that in 2015 – according to CBRE’s independent studies – emerging markets form 80% of the global population and 20% of the world’s economy and deeply affect how investors make decisions in 2016. What are emerging markets? Emerging markets are countries that have low to middle per capita income and are in a transitional state. This transitional state means they are moving to an open market through economic and exchange rate reforms that encourage both local and foreign investments, contributing to the overall growth of the country’s economy. Why are emerging markets so popular? There are quite a few reasons why this type of market can be attractive to foreign and local investors, whether they’re looking for a long term or short-term investment project. According to Nicholson, emerging markets offer affordable opportunities for individuals and businesses to get a good investment return rate. She also states that economic and exchange rate reform programs help instill a sense of confidence in investors.She says that it’s “going to just lead to a much stronger and more responsible economic performance levels. And it becomes a much more transparent and efficient economy” as these type of changes occur. To add to its charm, emerging markets also offer strong domestic and export-led growth. This means that there will be more opportunities for construction, employment, and business which may or may not be limited to real estate.Cambodia as an emerging market: Although Cambodia is experiencing a delay in the release of an accurate house price index, Nicholson assures that Cambodia is well on its way to becoming one of the most established markets in the South East Asian region. She adds that among the top three highest marketed locations in emerging markets are Malaysia, Thailand and Cambodia. This is according to the CBRE research for “Singapore Exhibitions for Emerging Market Residential Development” with data gathered from 2012 to 2015 H1.Nicholson supports this by saying that among their dealings with Singaporean developers “Cambodia has gone from marketing nothing to 9 so far.” She also states that Phnom Penh land prices increased by 15 percent in 2013 and that “it feels like it’s just sort of at the beginning of that growth period which is really at the stage you want to be considering investing into these markets.” House loans are also increasing, which means that there is a lot more money circulating in the economy and that there are a lot more people now who can afford buying properties. Most of these loans come from local investors or individuals.This is important for foreign investors because it helps them with their exit strategy because when it comes high time to sell, as you are able to sell to locals. So – according to Nicholson – if there are no local buyers, then that’s a red flag for a project. Despite this though, Cambodia does have a bit more work to do in terms of its interest rates and its predominantly poor population.Reminders when investing in emerging markets: In addition to discussing the advantages and disadvantages of buying into emerging markets in different countries around Asia, Nicholson also discussed a few things that might be helpful for different kinds of investors. She states that emerging markets present a bigger risk so this might only appeal to people who are looking to diversify their investment portfolios.Although first-time investors will also find great opportunities in these countries, Nicholson warns them to keep careful watch of how their investments are handled. In these cases, make sure to buy from a developer with a strong track record and a high success rate so that you’re sure to reach your investment’s potential.Nicholson also advises to monitor supply and demand as these are also strong indicators for which direction prices will go for preceding years. Data from emerging markets may be scarce and difficult to obtain, but once you gather enough insight and proceed with the proper mindset and expectations, investing in these types of markets may offer you more than you’d expect when it’s time to cash out.It’s essential to remember though that policies are still being developed in these countries and may require a bit of patience.Stay tuned and get more updates from Realestate.com.kh!

Cambodia, despite a turbulent modern history, is now respected as one of the most dynamic emerging markets in Southeast Asia. Along with this improvement in its economic stability, many expats who have families and children are also moving into properties in the country.Fortunately for them, the heightened sense of economic importance has also paved the way for the education sector to restructure and enforce new standards of quality. According to the World Bank’s census, the rate for net admission for primary school rose from 81 percent to 95.3 percent in 2014 in Cambodia. But higher education and universities in Cambodia aren’t so far behind in growth either, having thousands of people graduating each year from over 162 institutions.However, expatriates – just like in any other country – should still be careful to consider different factors before enrolling their children in any school. So, here are a few things you might want to consider first before choosing which place to send your kids.Location: There are plenty of international schools in Cambodia, but international schools in Cambodia are more focused on the Phnom Penh area because this is where a large concentration of expatriates are located. But there are also a couple of international schools in other parts of the country that you can take a look at if you’re establishing your temporary home outside the capital, such as the International School of Siem Reap and the Ecole Française de Sihanoukville. It’s important to choose the right school with an accessible location so that children will find it convenient to come to and from your home, given that Phnom Penh can experiences some serious congestion around peak travel times. It also helps in terms of attending school gatherings where parents are required to go.Future-proofing: It’s important to note that public schooling in Cambodia is not something that’s offered to expat students. This is why you’ll see most of expat children going to international schools. But before choosing International schools in Cambodia, you may have to carefully plan out the next few months or years of your life first. It would be helpful to know whether or not you’ll be staying for long and where you’ll be moving to in the near future, because different schools will offer varying curriculums. Some of them might not be accepted in other countries you plan on calling your next home. So, if your family is thinking of moving to Canada or a place with a similar educational system, the Canadian International School has adopted the Canadian K-9 Curriculum in English which is approved and regulated by the province of Alberta to make sure that the school maintains the quality that is consistent to the education given in Canada. Northbridge International School, iCAN British International School and the International School of Phnom Penh (ISPP) are some other Phnom Penh institutions that import international standards of teaching and offer universally accredited qualifications. By ensuring that your child undergoes a curriculum that is compatible with the next country you’ll be travelling to, you’ll make transitions much easier and you’ll also avoid getting into complications such as repeating grade levels. This is also applicable for expatriate secondary students who are thinking of attending universities around the world.Qualifications and Credentials: Some institutions will claim international status but will not have the resources and facilities to prove it. So, taking your time and asking officials from schools should be a vital part in your decision-making process. This way, you can see the facilities and safety standards and also interview them about the experience and background of their teachers. Because international schools in Cambodia are mostly home to children of different cultures, one thing you can look for is a school that has teachers with the necessary experience to lead a multicultural class. On top of checking the school’s physical infrastructure, do a bit of online research and see if the school’s been accredited by any international regulating bodies. An example would be the Northbridge International School which has the Western Association of Schools and Colleges international accreditation.Skills Training: The iCAN British International School is one of the more popular international schools in Cambodia as well because it offers something that’s also essential for children’s growth. More than the academic aspect, they also focus on integrating skills development through their Early Years and Foundation Stage program where students are able to enhance their skills inside and outside their classrooms. Expatriates will find this as an attractive quality because it offers their children something to do while they’re in another country. At this point, they not only develop skills but also friends that will have the same interests as them. Cost: Cost is a vague topic with international schools in Cambodia as tuition fees for different institutions differ widely. Application fees, enrollment fees and capital fees may also vary. These can be attributed to many factors such as facilities, curriculum, miscellaneous charges, quality of education and the competence of its staff. There are schools out there such as Footprints International School which offers great quality but inexpensive schooling for expatriate students up until the 10th grade but may have a different curriculum than what your children may need. So, while institutions that charge more may give you the best education and curriculum, it is important to note that there are inexpensive alternatives that you can consider as well. However, for universally accredited schools you can expect yearly tuition fees anywhere from $5000 per year, up to $30,000.Requirements and Inclusions: In terms of cost, it’s also important to check out what you get in return for the tuition you pay. Some schools offer just the facilities but not resources like textbooks, while others may offer resources but not facilities such as a computer laboratory. A good example would be the International School of Phnom Penh (ISPP) which has a “Bring Your Own MacBook” policy which requires students in the 6th to 11th grade to have their own MacBook. Since “ISPP is a non-profit parent-owned association and relies almost completely on fee income to assure sufficient resources for the school's operation,” there are certain expenses that parents would have to shoulder. These are just a few basic things you need to look at during your decision-making process, but there are other things you can add to the mix to help you narrow the list down even further. Take your time, and make sure you choose the best school for your children’s needs.Learn more about living in Phnom Penh trhough Realestate.com.kh now!

Property valuation is one of the factors that helps determine whether buying a property asset will either enhance or depreciate the value of an investor’s portfolio. Valuation is often done by skilled professionals in the real estate industry to help protect the interest of investors and developers for long-term success.Since Cambodia is relatively new in terms of developing policies to promote proper valuation standards, it still has a few things in need of improvement. This was a topic that was addressed in-depth during a business luncheon entitled, “Addressing the Current Gaps” - which brought key speakers together to provide clarity among the various major stakeholders in the industry.  Speakers included ASEAN Manager of the Royal Institution of Chartered Surveyors (RICS), Salim Aslam, President of the Cambodian Valuers and Estate Agents Association (CVEA), Kim Heang, and Country Manager of Knight Frank Cambodia, Ross Wheble.Macroeconomic and Banking Standpoint:Before anything else, David Marshall, Head of Multinational Corporation and Financial Institutions of ANZ Royal Banks, discussed property valuation from a banking perspective. He states that valuations play a key role in the lending process of the country.Marshall explains, “One of the pitfalls in Cambodian property valuation that I’ve seen is there could potentially be some collusion with valuers in assessing the value of the property, inflating the value, and then the banks lending more money on that property than they should have.”Marshall stresses that, “in order for banks to protect their clients, there is an obligation to ensure that there is minimal loss during investment transactions; and property valuation serves as that safety net for both parties.”Ethical Practices and Transparency Issues:In terms of developing a guideline for quality assessment, Aslam explains that many countries such as Singapore and Malaysia have adopted the valuation standards of the Red Book which have been developed by RICS and widely used in the US and UK.However, he clarifies that this is not something that has been applied in Cambodia as of yet because there are issues of compatibility with the type of government and current economic setup of the country.Heang substantiates this by saying that it is not impossible to integrate this system full at present, but it must be tailored to fit the unique needs of Cambodia at this point of time. “What can be done in Malaysia and Singapore now can apply to Cambodia, but we need to check if it needs something extra to work," he says. He adds that a law on real estate is already being discussed and might be enacted by 2018 to help move towards the end goal of improved valuation policies.When asked how to bring international valuation standards to Cambodia though, Wheble answers by saying that there is a skills gap in terms of educational infrastructure and that there are no real estate qualifications available in-country at the moment. This becomes an immediate issue in accordance with international standards.He believes “with more and more of these training sessions and also in terms of exchanging knowledge between ourselves and through the CVEA,” this will soon improve, especially with the efforts of companies like RICS and Knight Frank who are willing to participate in the development of a better education system for real estate professionals in Cambodia, inside and outside of their businesses direct interests.Calls for Education:Since Cambodia has a shortage of programs to address the gap of knowledge in the valuation industry, Aslam says that, “knowledge, training, learning, and education is one way to solve the gap of expertise,” because Cambodia is a young country in terms of organization. He also says that it may take some time to address these gaps, but as long as efforts are being done, this disparity will soon shrink.Aslam adds that local organizations like CVEA will play a big part in harmonizing this gap to adopt certain Cambodian property valuation standards. Wheble also states that, “promoting real estate as a profession in and of itself needs to become a focus for Cambodia.” New job applicants in the industry have generally gone to university and gotten a degree in finance, law or banking. “What we really need to promote is real estate as a long-term professional career path,” says Wheble.According to Kim Heang though, there is already a five-year plan for CVEA to help in this area. He states that three universities are willing to offer a faculty for a bachelor’s degree in real estate and we will see four-year courses with 30 to 50 subjects being offered soon. The University of Technology in Malaysia is also interested in working with universities in Cambodia to bridge the gap for a two-year associate valuation degree. This will affect how the real estate industry professionals will conduct their business because, as education increases, regulations will certainly evolve and have stricter implementation as well.Insurance and Valuation:On the topic of insurance, Aslam explains that valuers have a pre-requisite of professional indemnity insurance, as the Ministry of Economy and Finance has now released a new regulation requiring this type of insurance coverage.Aslam continues by saying that Cambodian property valuation can be subjective and valuers may end up with different figures based on individual research. In these cases, insurance becomes important as it protects the valuers and their client should there be errors or lapses on their part.According to Kim Heang though, if you’re working with international investors or buyers, some do not require you to have this insurance because they trust you enough. These include buyers from Taiwan and Vietnam.He also says that if you’re very careful with valuation, the insurance seems to matter less. He goes so far as to say that having no insurance can actually help valuers at times because they have nothing to fall back on, and will then be less negligent. But he clarifies that having insurance can actually be good for competition because buyers feel safer with companies that do have insurance.Government support:On the question of whether the government should establish a governing body to overlook issues with real estate and valuation, Heang responds by explaining that there are actually people who do that right now, but there are less than ten under the general real estate and industry department who are able to do it.This is a cause for concern as there are thousands of ongoing and new projects in need of attention. This sometimes makes the management of all issues impossible for the current government department. Although, Heang says that recently the CVEA has served as the right hand for the government whenever possible in this field.Data collection:Another issue Cambodia has with valuation standards is that there is no central database for valuation transactions to serve as the basis for valuers to gauge relative values across the market. However, individual international firms like Knight Frank do their own data gathering through their research teams, using collected sales data.When asked why these firms are not teaming up with local organizations like CVEA in order to form a singular data, Wheble explains that they are actually open to doing so, but not all companies are as open to becoming transparent with their data as Knight Frank.He says that this is stopping progress on this front. Kim Heang says this is due to tax regulation. Some companies do not pay their tax completely and that’s why these companies choose to remain silent with sold price data. But if this is not the case, he says that the CVEA can do the data collection and analysis to be able to create a more centralized database. Having this reference will then affect what professionals use for valuation, as comparable data will be easier to obtain.Marshall closed the luncheon by saying that Cambodia still has much to do for Cambodian property valuation, but they “know that the industry is moving towards more professionalism.” And certainly this step towards a more organized and systematic future will have positive effects on how transactions will be made in the Cambodian real estate industry, and sustainable growth for the greater economy moving forward. Need a Cambodian Property Valuation? We can put you in touch with Cambodia’s best valuers NOW!