Plans for a Chinese Railway network across ASEAN are beginning to solidify, with China pushing the long-stalled project into action in recent news and signing an agreement with the Laotian government, and now, Thailand. If this Chinese railway ultimately extends to Phnom Penh, the real estate market should certainly see benefits. This is not a new story, however.Thailand and China announced the beginning of a cooperation agreement this week to develop Thailand's first standard-gauge double-track railway line, a 845-kilometer line that will link Bangkok with the northeastern city of Nong Khai near the border of Laos. Construction is slated to begin in May 2016. This latest announcement comes after China and Laos reached agreement last month to build a 40-billion yuan ($6.28 billion), 418-kilometer railway from Kunming, the capital of southwestern China’s Yunnan province, to Vientiane, Laos capital, according to the official China Economic Herald report that followed a signing ceremony. The ceremony was attended by the National Development and Reform Commission, China Railway Corporation, and Export-Import Bank of China. According to Chinese media, China will cover 70 percent of the necessary investment for the new Chinese railway line, while Laos will be responsible for the remainder. Once in operation, the Chinese railway will be Laos’ longest and fastest yet, with an average speed of 160 kilometers per hour and 60 percent of the line being bridges and tunnels. The next step for China’s Silk Road railway is yet to be seen, and the world waits to see whether a full-scale ASEAN Railway will become a reality.

Camhomes’ maiden mixed development at Sihanoukville, D’Seaview, aims to bring an integrated concept of living to Sihanoukville, which focuses on the convenience that only a mixed development can offer: living and shopping at the highest standards in the same building. Besides offering high quality homes while retaining affordable prices, Camhomes’ Group General Manager, Ryan Ong, also emphasised on the potential capital appreciation and first movers’ advantage for buyers who invest in a D’Seaview unit, regardless of whether they are residential or commercial buyers. Investing in a mixed development at Sihanoukville that comes to life through commercial and residential owners and tenants, acts as a hedge against future inflation. Having the advantage of being in a prime economic seaside location like Sihanoukville, with its deep-sea port, Special Economic Zone, international airport, as well as its oil and gas industry commencing operations soon, D’Seaview is the market leader in high-standard condos that extends its services beyond just quality housing and to the world of commerce. “With Sihanoukville being an up-and-coming booming coastal city, it is only a matter of time before more foreign businesses start coming into this province, and when that happens, housing will be the first few things they will look out for, thus we are hoping to fill up this hole,” Ong explains. Envisioning what expatriates and locals would appreciate within such a mixed development at Sihanoukville, D’Seaview places its focus on the integration of convenience, facilities, lifestyle, and status. In addition to its two residential towers, D’Seaview has four commercial blocks comprising 66 units. These include a vast ground-level space of approximately 500 square metres dedicated solely to F&B, either a food-court or a restaurant, which is priced at an estimated $1.7 million. Also, there is the second level that will be left as a wide plan for retail purposes. From the third to the seventh levels are smaller commercial units with high ceilings and floor-to-ceiling windows. D’Seaview also has a hotel block, which is open to investors, as well as local shophouse-style blocks that are targeted at Cambodians who would like to set up their business as well as live there. A typical commercial block features a third-storey roof terrace, which D’Seaview visualises to be a childcare centre, a spa, a salon, or even a family karaoke lounge hall. However, the final outcome depends on the imagination of the buyer. The variety and potential of D’Seaview’s commercial hemisphere brings the term mixed development to a whole new level, “which will be satisfying a lot of purchasers’ requirements and demands,” as explained by Ong. Such is the flexibility of D’Seaview in catering to its commercial purchasers’ needs that if a buyer wants to purchase an entire floor, Camhomes will be more than willing to work with them and help them in re-designing the floor plan. The starting price per square metre for a commercial unit within the compound is from $1619. Some commercial units have already been sold since the launch of its retail store spaces last weekend. With a ready pool of customers from the 735 units of residences and the 98-room hotel, D’Seaview’s commercial hub looks to be abuzz with consumer activities once the development is completed in Q1 of 2018. Open to the public, the lifestyle element is a factor of appeal, as the commercial units will feature a slew of trendy bistros and cafes that has the potential to be the new uptown of Sihanoukville. D’Seaview envisions itself to be a cosmopolitan hub with a balanced mix of locals and foreigners. On what sets D’Seaview apart from other housing developments, Ong elaborates, “we have the advantage of the seaside and close proximity to the port, thus reducing travel and delivery of consumer goods. Our central location among the seaport, airport, and the future highway connecting Sihanoukville to Phnom Penh, is also another great advantage.” Realise your housing and commercial dreams now; visit Camhomes’ D’Seaview showroom at Canadia Towers and talk to their property consultants. Phnom Penh Post, Post Property.

Flanked by life-sized statues of Japanese cartoon character Doraemon, and the infamous one-eyed yellow minions made popular by the animated American movie Despicable Me, China’s Prince Real Estate was far from alone at the official launch of their showroom (opposite the National Assembly), and the opening ceremony of its latest development Prince Central Plaza, a HOPSCA—Hotel, Offices, Parks, Shopping Mall, Convention Centre, and Apartments—last Tuesday. Want to learn more about Prince Central Plaza? Here is the full listing, on Realestate.com.kh. While the launch aimed to spice up the humdrum of a typical property launch, Pol Lyta, a property consultant for Prince Central Plaza, explained the deeper meaning behind the unusual marketing strategy, saying, “Doraemon is a robot cat that comes from the future [22nd century], and can go back into the past, and he is also able to fly all over the world.” With the ability Doraemon possesses, it seems to refer to Prince Central Plaza’s outlook on the future of Phnom Penh in making the development the integrated business and lifestyle nucleus of the Kingdom, while retaining an avant-garde take on traditional Khmer architectural design. As countless Doraemons had flown in to Phnom Penh to station themselves at the opening ceremony, Despicable Me’s yellow minions had also come along for the ride, possibly to inject some humour and entertainment to a typical lacklustre affair. Being an entertainment-centralised hub, Lyta elaborated that “the minions from Despicable Me represent the fun and entertaining side of what Prince Central Plaza’s various amenities and facilities can offer.” Want to learn more about Prince Central Plaza? Here is the full listing, on Realestate.com.kh. To emphasise its point, guests at the launch were also given freebies in the form of the one-eyed yellow minion soft toy plushies. However random it may seem, such cute and fun twists are not uncommon here. In 2012, an Angry Birds Foreign Language School had sprung up in Banteay Meanchey province, riding on the wings of the insane global phenomenon that the Angry Birds game had prompted. Nonetheless, the opening ceremony of Prince Central Plaza was not all fun and games. Having sold an approximate 200 out of its 1,786 residential units just at the launch itself, it has also sold an estimated 40 per cent of its homes thus far. Prices range from an average of $58,000 for a one-bedroom apartment, to $100,000 for a two-bedroom apartment. Almost all of its snazzy penthouses, which cost from $250,000 to $600,000, have been snapped up as of the launch day. As with the case of the Angry Birds school, whose owner was nonchalant in using the fowls’ infamousness without consulting their copyright holders, it is unclear whether these future robot cats and one-eyed yellow minions were lawfully licensed as mascots for Prince Central Plaza’s opening ceremony. What is definitely clear, however, is the completion of the impressive Prince Central Plaza slated for May 2018, located at the pulse of Phnom Penh’s heart south of Norodom Boulevard, wherein its residents may just be lavishly greeted with another surprise appearance by the unofficial mascots. Hanamariya Halim, Phnom Penh Post, Post Property. Want to learn more about Prince Central Plaza? Here is the full listing, on Realestate.com.kh.

An administrative building, and a large underground parking lot that can accommodate up to 300 cars will be officially inaugurated in 2016, according to Long Dimanche, a City Hall spokesperson. Dimanche told the Post that the City Hall administrative building, which is 12 storeys high, is almost 90 per cent completed. He added that, “this is a workers’ building of the City Hall, adding to the existing building since the City Hall has many government officials working,[therefore] we need more buildings for work”. As of present, the City Hall has an estimated 340 officials, with the total number adding up to 800 officials with the inclusion of all district and commune officials, according to Dimanche. However, he did not disclose the cost of building this structure and parking lot, only mentioning that the developments were financed by City Hall’s funds. This new administrative building of City Hall is located at the south of the old City Hall building, which was left empty since after the end of the French colonization. Construction of this building had commenced at the beginning of 2015, and is slated to be completed by 2016 if no further adjustments are made to the plan. Seng Lot, spokesperson for the Ministry of Land Management, Urban Planning and Construction, offered no comment when asked about this plan, directing it to the City Hall spokesperson to answer instead. Phnom Penh Post, Post Property.

After a tumultuous year in Cambodia for Singapore-based TEHO International, the developers of the $500 million The Bay condominium project on Chroy Changvar peninsula said construction will begin early next year with a new marketing strategy after another managerial shakeup. Want to inquire about a unit in the Bay? Check out the full listing today, on realestate.com.kh.  Announced on the Singapore Stock Exchange earlier this week, ECG (Cambodia) was bought out and formalized into the parent company ECG Property—a wholly owned subsidiary of TEHO International that handles all marketing and promotional activities. Previously operated by the joint venture’s partner, Sok Bun, ECG Cambodia was purchased to a tune of $71,776, or what amounted to 45 per cent of the initial paid-up share capital. Currently, the unaudited net assets for ECG Cambodia as of July 2015 amounted to $169,836, the statement read. While ECG Cambodia will still perform its duties as the acting real estate agency for The Bay, all marketing and promotional activities will be conducted at the head office back in Singapore. Phua Cheng Boon, Financial Controller for TEHO International, said, “it is good to have full integration of our projects.” “We will have somebody based in Singapore who will be able to run operations regionally as well,” he said. Want to inquire about a unit in the Bay? Check out the full listing today, on realestate.com.kh.  It was previously reported by The Post that 100 condominium units had been sold since the soft launch in September. However, Phua declined to provide current figures. “While we can’t disclose the level of sales, we are confident to say that construction will begin in the first quarter of 2016,” he said. With a new marketing strategy, he added, the development “will not be about big exposure.” TEHO International, which formally launched the project in February of this year, had spent $1.1 million on advertising and promotional activities, as well as around $600,000 in legal and professional expenses to promote the development, an annual filing in August stated. While Sok Bun, who resigned from his position as director of the board, currently awaits trial for the beating of a former TV star, his shoes has since been filled by Yim Chhay Line, the daughter of Deputy Prime Minister Yim Chhay Ly. “She is a good asset to the group and I am confident that all the necessary requirements for construction have been achieved,” said Phua. Kim Heang, CEO of Khmer Real Estate, said that a marketing shift to overseas investors is the “smartest” market strategy for The Bay, as it faces more competition and is also behind schedule. When asked if The Bay would miss out on the local segment, Heang explained that it is too small, “so why [do] they need to waste time and money [on] the local segment?” With a few soft approaches to buyers in Japan, Hong Kong and Taiwan recently, Phua said sales “have picked up.” “We are doing this gradually because The Bay is a rather large project. We are going to all these different countries to do soft launches to get sufficient buying. We want to position [ourselves] as [a] more exclusive development,” he said. Want to inquire about a unit in the Bay? Check out the full listing today, on realestate.com.kh.  Kali Kotoski, Phnom Penh Post, Post Property.

Last Friday, master plan of Phnom Penh until 2035 was fully approved by the council of ministers, as announced by Pa Socheatvong, governor of Phnom Penh. While it is claimed that the plan is complete, those in the private and public sector and other relevant stakeholders fear that they have not been adequately consulted, raising concerns that implementation is unlikely and unjust. Without a publicly available draft that addresses socio-economic conditions as well as infrastructure, zoning, land title rights and all other concerns that come with the development of a city, they say it is unclear as to what the master plan of Phnom Penh actually entails. Takashi Ito, Senior Representative of the Japan International Cooperation Agency (JICA) described the master plan as “a fruit of self-efforts by Phnom Penh municipality,” stating that JICA played no part in the current approved plan. Ito pointed out however, that JICA has submitted a master plan for transportation lines in March of this year, and is currently working on a master plan of Phnom Penh for a citywide sewage and drainage system. “We continue to be interested in healthy development of the capital city, which is why we have engaged in [these] two master plans,” Ito stated in an email. While Ito wouldn’t give Post Property an overview of the resources that are necessary to implement only a few crucial issues concerning city development, he admitted that without adequate resources, “it is not really practical to try to address all the problems,” he said. When it comes to meeting the demands of a burgeoning city and population, “it is, in a sense, a question of priority,” he said. To him, the success of a master plan hinges “not only on the degree of commitment of the municipality itself, but also on the degree of support and participation of other relevant governmental institutions, [possibly including] the private sector” and civil society. Piotr Sasin, country director for Czech NGO People in Need that focuses on spatial planning in Phnom Penh, called it “worrying that the plan has been developed in secrecy without the consultation of civil society groups.” He argues that city development is a complicated process that needs to be carefully coordinated to ensure implementation that properly addresses all issues. “We would appreciate if the municipality shared the plan with all shareholders so they can work on something that we will all be proud about. There are resources and the capacity to do this,” he said. Considering the sheer complexity of a master plan, Sasin admitted that “the majority of all master plans are never really implemented.” “It’s about the process, bringing the people together and it would be the job of the municipality to coordinate these efforts,” he said. Long Dimanche, spokesperson of City Hall, however, said that there have been specialists outside the municipality working on the master plan. “We have been working on this master plan since 2002 and had help from many groups of Cambodian professionals such as architectures, land management, landscaping, environmental, engineering, and [from the] cultural aspect and we had advice from French experts,” he said. According to Nicolas Baudouin, spokesperson for the French Embassy, French involvement in the city master plan ended with the publication of the 2007 White Paper, titled Livre Blanc. While the 330-page long master plan was published by Phnom Penh municipality, and outlined development until 2020, it was never adopted. “The project was considered complete with the publishing of the report and funding stopped. Why it wasn’t adopted, I don’t know,” Baudouin said. Even though French involvement stopped in 2007, governor Socheatvong cited 14 focus points that are identical to the ones listed back in 2007. While the 14 points are meant to address issues such as zoning, open spaces and land title issues, Socheatvong said that what contributed to the adoption of this version was spurred by economic growth, commerce and a rising population. “The main purpose of the 2035 Phnom Penh land usage is the strategic document in order to serve the government’s ambition as well as the aim of Phnom Penh municipality and their vision toward 2035 of managing and setting the direction of economic development… in an attempt to meet the increasing demand of private investment and the population in Phnom Penh,” he said. Dimanche added that he did not know when the overall master plan would be published publicly, despite last week’s approval. However, he said the government will issue a new order to properly implement the city development plan. Meng Bunnarith, spokesperson for the Ministry of Land Management, Urban Planning and Construction, said that while the framework that was adopted by the council of ministers is comprehensive, it only provides a general overview that does not give much insight to critical details. The ministry has to set specific regulations in order to ensure a clearer use of land, he said. Nevertheless, Sasin fears that a master plan can be used to further exclude marginalised groups. “My main fear is that it will be a plan for the privileged,” he said. As an example, he worries that poor urban communities who have been excluded from systematic land titling, such as the evictees in Borei Keila or in Boeung Kak, would still not be addressed. He added that City Hall’s lack of transparency opens the door for misjudgment and misinterpretation. “If they published the document and got other stakeholders involved they could really pass on a positive message to the city which would be: we care.” Julius Thiemann, Siv Meng and Moeun Nhean, Phnom Penh Post, Post Property.

Local and internationally-based real estate agencies, as well as new development sales teams, are using investment junkets to encourage foreign investment into Cambodian real estate, especially for bigger developments that largely depend on cash from overseas.“Investment tours provide a unique opportunity for personal interaction to close the gap between the investor and the opportunity,” says Grant Fitzgerald, general manager of IPS Cambodia.“This can range from professional meetings with local fund managers and banks, development company headquarters, showrooms, law offices, accountants and even local government representatives.”These tours, aimed to grease the wheels and spur investment, are typically subsidized by the agency or developer, and can last from as little as a few days to a week. They will always include visits to popular development corridors, such as Chroy Changvar and Diamond Island, says David Kim, CEO of Informax Real Estate Service.Imtiaz Panjwani, chairman of Seer Realty India and Ivanna Capital London, who consults on London and Dubai properties, as well as overseeing various international investment accounts, is one investor who joined a tour earlier this year.“Living and working in London real estate, few investors venture all the way to Cambodia,” he remarked. “But the chance to relax in a tourism hotspot such as Cambodia has recently become, and also survey the rising property market was, irresistible.”Yet, while the tours are focused on bringing in cash, one of the main goals is to present Cambodia as a whole. Investors generally undertake trips to main attractions, and spend nights out on the town with their fellow investors.“While I came as investor, I had to check out Angkor Wat while I was here and try the local bar and cuisine scene,” said Panjwani.Ly Senleap, CEO of Furi Real estate and F.U.G.I Investment, said that investor tours seek to defeat an outdated mindset.“Honestly, before I came to Cambodia, I expected to land in little more than a large village,” said Panjwani.While Cambodia’s construction boom continues, and the country grapples with wrestling itself out of least-developed country status, many perceptions of the wealth of the country have been overlooked, despite nearly two decades of swift economic growth.Kim recalls when one group of investors brought boxes of Coca Cola to their Cambodian partners as gifts when they arrived. “They thought this would be a novelty for Cambodian people. Little did they know, Cambodia already has its own Coca Cola factory. This is just a funny story, but it is true that many investors are genuinely surprised by the level of wealth among local people when they first arrive.”  “Due to Cambodia’s history and lasting international image, buyers need to witness the growth of the nation for themselves and see just how far from reality the stigma actually lies,” Ly said.With this in mind, Ly’s company, F.U.G.I Investment, is currently planning an investor’s seminar to be held in Phnom Penh in early 2016.Due to fluctuating investment conditions in their home economies,Kim says most tours bring potential buyers from Singapore, Taiwan and mainland China. Meanwhile, few Japanese and Western investors currently make the trip.While these tours aim to wine and dine investors by ramping up a hands-on sales pitch as many sales are sold on speculation, Ly notes that for developers who offer guaranteed rental returns, these tours can legitimise a development.“If the area is growing fast, and current price increases reflect the estimated potential of the proposed Guaranteed Rental Return (GRR) – buyers will have confidence that promised GRR will, in fact, come once the project reaches completion,” he says.However, some think that it takes more than just a stroll around the block to prove if an investment will pay off.“Finding a property with good capital growth profit and positive rental yields is like finding a rare gem,” says Edwin Low, general manager of Axis Residences. “You can research on the rental yields from the surrounding properties but you need real foresight to recognise the growth potential. Investor holidays provide at least a start.”While these tours aim to bring a superficial understanding to a burgeoning market, Chee Yap, project director at Grand Phnom Penh International City, believes that a short holiday tour does not provide a true insight into local business and consumer behavior, “or undefined regulations and policies in Cambodia.”“Investors must also meet with investors already settled in the country who are aware of these less obvious risks, and their country’s embassy representatives. Always obtain third party perspectives and advice,” he advised.Kim suggests investor tours are not seeking to sidestep risks by painting a rosy scenario, but rather to put Cambodian property risks into perspective. “As high risks always come with high returns, it is important to let investors visit Cambodia to see what the market’s risks really are and how best to control them.”Many investors eyeing Cambodia already understand that poorer countries have bigger potential for investment, he explained. While many foreigners have concerns over Cambodia’s political stability, he says “if they visit here they will soon see the market is stable for economic growth.”After one visit, Panjwani views the boom in Cambodian construction as the start of something much larger. He plans to enter investment opportunities in 2016.“Phnom Penh brought flashbacks of the development of the Indian property market of the 1990s and early 2000s. The potential is here,” he said, noting that the heavy construction on Diamond Island was also reminiscent of Dubai in 2002 when freehold ownership laws for foreigners were allowed.“The government of Cambodia should market Cambodia very aggressively as a destination for travel and investment,” said Panjwani. “It is of paramount importance to get people to visit Cambodia and change its perception.”Want to know more about Cambodia? Head over tothe news section of Realestate.com.kh for all the latest updates!

Welcome to another weekly real estate news report, brought to you by Realestate.com.kh.On this week’s show, we’re going to be speaking with Desmond Yap, Managing Director of Yong Yap Properties Phnom Penh, and one of Realestate.com.kh’s featured agents. Tell us about the Riverside area and the attraction of it?Lifestyle-wise, Riverside has the best selection of restaurants and bars, making it very easy to meet new people. Of course it is riverfront, which means amazing views and fresh air. Riverside also has plenty of markets. For people interested in Riverside real estate, most of all this area is convenient – everything is just a walk away.In terms of investment, there’s only so much river and we cannot make more space here. So it is exclusive and a beautiful place to live. It makes it a very attractive location for foreigners, and grants the riverside area a high investment return potential in the coming years.In regards to Tourism, riverside is the #1 spot in Phnom Penh, and one of Cambodia’s travel hubs. Here you can easily access all tourist amenities, such as bus tickets, ferry tours, the night market, royal palace, and riverside is also home to a host of cultural events & festivals.How has the riverside area changed over the years?In our area, there has been huge changes in very little time. We were one of the first western companies opening on street 13 just 2 years ago. Now there are countless new ventures, such as Q Foffee House, Trunkh, Bespoke, Opera Café and many more new brands.St 172 has also flourished into a renowned restaurant street now, with institutions such as Sundance, Sun moon hotel and Oskar Bar.Infrastructure has developed beyond recognition along Riverside too, including improved drainage. Flooding used to be a real risk on riverside - but now there are very few issues with this.Is the Riverside area good for investment?Anywhere in Cambodia is a good for investment in my opinion, as it is a growing, developing country.As I mentioned, riverside is the number one tourism location in Phnom Penh – and because it will retain that prestige for many years to come, prices will always go up. Activities are growing weekly, including new options for food, drinks, entertainment, music and festivals. Looking forward, Riverside is the perfect spot for a “cappuccino” strip for the city.Tell us about Yong Yap Properties. Yong Yap is a boutique real estate agency specializing in the Riverside area and focused on providing relevant, up to date data in a clear transparent way for our clients. In our short time, Yong Yap has established ourselves as the premier agency in the Riverside market and have built a brand around transparency, trust and quality service.What sort of clientele do you find are most interested in the Riverside real estate area?Foreigners are our main clients to buy/rent, and Khmer as owners - though this is starting to change as our real estate agency name develops more. Investors are interested in 3 things on riverside: firstly, buying properties for rental yield. Secondly, investment properties for capital growth (long term). And thirdly, what I call 'flippers', otherwise known as renovators.We also see a fair share of single expats needing accommodation, or deciding to buy for themselves. A part of this demographic are floating expats, especially from Thailand, who need temporary homes in Cambodia due to visa regulations and renewals.Retirees are another demographic we are seeing more and more of. They want to buy now, collect rent while they sort their affairs in their home countries; then, in the future, they have a great retirement home and money in the bank when they eventually move to Phnom Penh.Where do you see Yong Yap growing to in the future?We will stay focused on riverside, this is where we are experts. We are still growing here and just moved into a bigger office. We also offer cleaning service & renovation company - these two side businesses should assist our clients. We want to focus on modern style marketing methods, including video marketing, open homes, mail out flyers and we want to become more and more active in community projects.What’s the easiest way to start looking at Riverside properties?Of course, the best place to look for properties for rent or sale on riverside is by checking out the huge selection on www.realestate.com.kh, or Yong Yap’s website: www.yongyap.com. Don’t forget to call Yong Yap for a free consultation.Check out Yong Yap properties for sale and rent on Realestate.com.kh today!

International property consultancy, Savills, signed a contract earlier this month with Keystone Property Consultants to make the local firm the Cambodia-based associate of Savills.The move strengthens Savills’ presence in South East Asia, and increases Savills’ Asia Pacific presence to 58 operations across 17 countries in the region. Sunny Soo, Managing Director of Keystone, has been working in emerging real estate markets in Malaysia, China and Mongolia since 1997. He arrived in Cambodia in 2010 and continued in the same profession. Soo says, “The hardware of the Cambodian property market is upgrading quickly; in a very short space of time, the country has become host to a new breed of world class projects that will change the city skyline beyond recognition. The advancement of these developments also means the software must keep up, and this means more professional and holistic real estate consultancy is in demand.”Savills, with their Indochina representative in Vietnam, has been in close contact with developers in Cambodia for over a decade. Hence, the Cambodian extension, through the association with a local sought after consultancy, is only natural, says Soo.Neil MacGregor, Managing Director of Savills Vietnam, said, “Current international clients of Savills were seeking investment consultancy and other services within Cambodia and Indochina region. The association with Keystone though will allow us to leverage both parties’ expertise, will further strengthening Savills portfolio across this dynamic region.”Soo also commented that a considerable amount of current projects underway in the Cambodian real estate market currently may encounter difficulties in the future due to lack of necessary preparation and calculated foresight in planning. “We are wishful for the opportunity to serve the industry and hopefully in time the market will recognize and welcome us as a valued consultant”, he said.Presently in the development of business infrastructure, expect to see the physical launch of the Savills’ association - Keystone in early 2016.

Serviced apartments are the creme de la creme of the Phnom Penh, Siem Reap and Sihanoukville real estate sphere, and these luxury abodes include all amenities fit for a king, or queen.Serviced apartments are plentiful in Cambodia’s major cities, but prices are comparatively high and overall occupancy levels can be quite low. Serviced apartments are the number one choice for young professionals who want to live alone in the central city, close to work, and save time managing their home. They are also increasingly popular with families, who appreciate the privacy and quality of living in serviced apartment complexes. The supply of serviced apartments is only set to soar too - with a host of new options ready for occupancy in 2020 and beyond.What should I expect in my serviced apartments unit?When you start considering serviced apartments for rent, or possibly purchase, expect western style interior decoration, plenty of light and windows, views of the skyline, fully functioning kitchens - including ovens, clean and modern bathrooms, and expansive storage space and closets. What should I expect in the serviced apartments complex?Serviced apartment buildings will generally incorporate elevators, full security services (including a 24 hour guard, CCTV, intercom and possibly fire safety provisions), ample parking for cars and motos, fully equipped gym, and in most you can even find a swimming pool. When you live in a service apartment your landlord shouldn’t be hard to deal with - expect professional  and well-documented rental payment collection and fast feedback on requests for property maintenance. Make sure you get a good contract, here are a few tips!What should I expect in my serviced apartments amenities and services?In regards to services included in serviced apartment management fees, expect services such as house cleaning, laundry and drycleaning, fast and consistent internet, cable television, reliable water and a water heater for the shower and bath, and often serviced apartments also include full concierge service. The concierge will be able to help you navigate the city, book taxis and buses, and generally make sure everything is to your taste in your new home.  What's the price range for serviced apartments in Phnom Penh?Let’s compare service apartments vs. non-serviced apartments (prices based on Realestate.com.kh data):For serviced apartments:Lower = $600 – $800Middle = $800 – $1,400High = $1,500 ++For standalone apartments:Lower = $300 – $500Middle = $550 – $900High = $1,000 ++Check out over 200 serviced apartments for rent in Cambodia on Realestate.com.kh!

In the first half of 2015, serviced apartment supply bumped up 14 per cent versus 2014 - meanwhile, rental prices remained similar to the year prior as a host of new offerings entered the local market. CBRE Cambodia’s recent report highlights that a total 349 additional serviced apartment units will come online within the local marketplace before mid-2016. 5797 units presently exist, and 11 more condo projects are currently underway. Check out CBRE's listings on Realestate.com.khHowever, the supply appears to be overshooting the current demand. Want to learn more about serviced apartment expectations?Overall occupancy rates of serviced apartment units have declined from 90 percent to around 70 percent at the end of 2014. However, showing slight improvement, this occupancy across all serviced apartment units rate grew to 80 percent this year, according to the CBRE report. Check out a video interview about how to find the best expat rentals in Phnom Penh. According to the report, on average, for a serviced apartment unit, a one bedroom unit or studio with 50 to 55 square meters varies from $1,000 to $1,500, two bedroom units with 70 square meters varies from $2,000 to $2,500 and three bedroom units with 110 square meters varies from $3000 to $3,500 per month, while “penthouse”units with 250 square meters are priced between $4,000 to $5,000 per month, according to the report, depending on the architecture and design. Make sure you get a good contract, here are a few tips!Check out over 200 serviced apartments for rent in Cambodia on Realestate.com.kh

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Welcome to another Realestate.com.kh Dream Home Report.Every week we will showcase some of Cambodia's most luxurious, interesting and unique properties from throughout our listings database. We want to show you the gems of the Cambodian property market.This week we want to survey some homes with a unique Khmer flavor.Another restored traditional wooden house in Siem Reap, is now home to one of the most popular bars in town. The David Thompson Aqua Mekong River cruise is the ultimate in house boats! Which could be called home for a few weeks - while you float through from Vietnam to Cambodia. This stunning stilt house is located in Siem Reap was certainly built for all weather conditions. The tree top eco-lodge in Ratanakiri is great for those who want to live like a monkey.One of a few stunning private villas in Kep, Cambodia, available to rent! This stunner was built in the 60’s.Check some more Dream Home reports here: [caption id="attachment_79536" align="aligncenter" width="150"] Dream Home Report : Unique Khmer Homes[/caption] [caption id="attachment_78348" align="aligncenter" width="150"] Dream Home : Song Saa Private Island Villa[/caption]

D’Seaview brings Sihanoukville its first residential and commercial mixed development, located alongside Sihanoukville’s most beautiful beaches. Cambodia’s southern coastal resort town, Sihanoukville, is not only one of the nation’s premier tourism destination, but the fastest growing business hub outside of Phnom Penh.An iconic development standing 28 storeys high brings to Cambodia a collection of premium executive condominiums, commercial units and a budget hotel, all in one serene living complex. See the D'Seaview listing on Realestate.com.kh today for full information on this exciting project!Now that D'Seaview sales are off to a strong start, Camhomes would like to announce the opening of sales for their commercial units that will service the residential and hotel complex.These units for sale will be located along the exclusive D`Seaview Boulevard – a new lifestyle hub for shopping and entertainment in Sihanoukville. Want to inquire about the D'Seaview commercial opportunity? Contact Camhomes today!In total, 66 commercial units are up for sale in various sizes suitable for all types of trade. The selection of commercial units includes shop houses, 1 and half or 2 and half storey, standard retail units, and SOHO units with high ceilings and flexible furniture options. These commercial units are located on the trendy D`Seaview Boulevard board walk and will be perfectly suited to café and bar uses, with a serene location ideal for alfresco dining alongside the Sihanoukville shoreline. Camhomes is also seeking tenders on the hotel that will service the D'Seaview complex, and food and beverage vendors for the range of plaza outlets within D'Seaview - and its awe-inspiring sky bar.  This unique lifestyle destination offers commercial vendors an investment opportunity which is set to inject life into the already popular tourism and residential area. Contact Camhomes today for more information, because these residential units will not last long.

Savills, one of the world's largest International real estate and property consultancies, and the largest agency in Vietnam,  has announced that they will soon enter the Cambodian real estate market.Savills will join the Kingdom's market through a partnership with Keystone Property Consultants in Cambodia, according to recent announcements. After Savills joins the Cambodian real estate market, their Asia Pacific presence will increase to 58 operations, across 17 countries in the Southeast Asian region. Phnom Penh based Keystone, is a leading investment and property consultancy in Cambodia. It's executive director, Mr Sunny Soo, was the preceding country manager for Knight Frank Cambodia. Sign up for real estate news updates with Realestate.com.kh to find out the latest developments in this story in the coming months.

Sihanoukville is becoming more than just a place to soak up the sun on a slow weekend; it’s attracting the interest of serious investors looking to cash-in on a growing middle class in the coastal city.Trade and tourism are the city’s biggest revenue generators and with growing numbers of tourists and business people who come to invest for condos in Sihanoukville, especially from China and the rest of Asia, property developers are looking for new opportunities to capture these growing markets.One of the upcoming properties set to make an impression of condos in Sihanoukville is D’Seaview, a 735-unit condominium to be located near Sokha Beach. The project is backed by Singaporean agribusiness company HLH Group Ltd under their newly formed Camhomes branch.  Through private subsidies, the company is marketing units as low as $33,000 for Cambodian citizens – but this subsidized investment opportunity is running out at the end of December 2015. Construction on the project is expected to begin later this year, with a completion date of 2018. New families, young professionals and other prospective buyers will have the chance to secure one of the beautifully appointed units on offer at D’Seaview available from as little as $675 per square metre. D’Seaview will boast state-of-the-art facilities including a swimming pool, a fitness centre and sauna, function rooms and a children’s playground, all catering to a modern family lifestyle and all with a view over the ocean. Real estate experts say major condominium projects such as D’Seaview will bring international standards to the city and draw more sophisticated investors. See full details of D'Seaview, condos in Sihanoukville here! Clement Dupont, a property market watcher and investor based in Sihanoukville, said D’Seaview will give the city a new image, one of luxury and liveability rather than just an affordable holiday destination. “This will make people realize that condos in Sihanoukville is a worthwhile place to invest money and attract homebuyers who are looking to live and work in a comfortable, classy environment, as the city’s economy grows from year to year.” “It’ll definitely be interesting to see how the property market pans out once D’Seaview is complete,” he added. In the first eight months of the year, Sihanoukville airport handled a total of 65,698 passengers, with total arrivals at 35,882, up 149 per cent and 140 per cent year-on-year, respectively. Lucky Air recently launched direct flights from Kunming to Sihanoukville, becoming the first Chinese carrier to offer year-round regular scheduled service to Sihanoukville. “Many Chinese have come here to invest and live and work,” said Y Thearin, a Sihanouk Provincial Hall representative. “Their investment in the city has become important to the way condos in Sihanoukville is moving forward,” he added. The Chinese influence is certainly becoming noticeable as Chinese-backed casinos and hotels multiply rapidly. One of the largest properties to open recently is the 135-room White Sand Palace, which will also feature a casino set to be open next month, in Occheuteal. The casino industry has doubled since last year to 15 casinos, with an additional five applications pending approval. Spurring this growth is the potential of online gambling which is being offered from the majority of Sihanoukville casinos, says the spokesperson Ministry of Economy and Finance, Ros Phirun. Paralleling Sihanoukville’s growth is its property market, with land prices going up fast especially in areas where infrastructure is being improved, says Ruslan Gronov, manager of Sihanoukvilla Real Estate and Consulting. “The new road that is being upgraded from Sokha to Independence beach is resulting in more land available for sale, while prices are also going up around Otres beach where the road joining National Road 4 and the airport are going up.” Gronov says the rental market for small residential properties has not changed much amid the city’s growth but rental prices for commercial properties and full buildings have gone up considerably since November last year as the hospitality industry thrives and Chinese business people living in the city push up demand. Here is another article considering the benefits of living and investing in Sihanoukville! Gronov said the lowest price for a one-bedroom apartment with a kitchen is around $250 per month, located in the downtown area away from the beach. For a similar property near the beach the price is around $100 more. “If you rent commercial and full building, the prices have changed a lot but for residential and small houses it’s the same.” “It is a good time to invest here in condos in Sihanoukville. Some areas are still growing and the price is growing fast.” Check out the investment opportunity here!Gronov added that the cheapest land prices are around $200 per square meter for land not close the beach, while some of the highest prices are in Otres and the Golden Lion, the city’s most prominent landmark just a short walk away from Occheuteal Beach where land can go for about $1,000 per square metre. Sihanoukville has maintained a crucial position in the country’s trade and manufacturing sectors and is set to capitalize on this as the government looks to construct a 190-kilometre-long, 25-metre-wide expressway linking Phnom Penh and Sihanoukville on National Road 4. This project is said to begin next year and finish in 2020. Sihanoukville is home to the country’s largest port and one of the largest special economic zones, but set to create competition is the development of the Stung Hav Port. LCH Investment Group acquired the more than one thousand hectare Stung Hav site in 2005 and began in 2007 constructing the site’s small port about 4 km from the entrance. The smaller port opened in July 2012 and handles general cargo but not containers. However as of January this year, American and Singaporean investors pledged investment that will result in construction of the port starting in January 2016. This will take approximately two years to build and once complete, hopes to attract the business of around 75 factories in the Sihanoukville Special Economic Zone who currently use the Sihanoukville port for shipping. Management says the first step will be to build the International port next year and then the economic zone, and hopes to offer more competitive prices to the main Sihanoukville Port and SEZ, which has around 75 mainly Chinese-owned factories who currently use the Sihanoukville port for shipping. Take a look at D'Seaview's convenient finance terms here.

From January until November of this year, the construction investment mounted to $2.96 billion, marking a 27 percent increase compared to the same time span in 2014, according to new data released by the Ministry of Land Management, Urban Planning and Construction (MLMUPC).Im Chhun Lim, senior MLMUPC minister announced the new figures at the annual construction fair that was organized by Cambodia Constructors Association (CCA) last week. According to Lim, of that total amount, $1.5 billion, or around 54 per cent, is invested in buildings ranging from 10 to 55 storeys. On that note, the investment prompted the minister to call 2015 “The year of condo and apartment construction.”Pung Kheav Se, head of CCA stressed that the exhibition was “to show the development and improvement of the construction investment in Cambodia, as a result, there are multi-storey buildings [and] modern structures roaming up the capital city of Phnom Penh, which is stunning.” He added that the fair was essential to present the supporting activities of the association as well as the government’s plans for the construction sector. Not addressing any government plans for the next year however, Im Chun Lim dwelled on “political stability, the social security and the economic policy of a free market and the good construction investment conditions the government created in previous years,” which has made Cambodia’s economic growth of 7 per cent per annum possible, with the construction sector contributing the biggest growth figure of two per cent. Unmentioned however, was the warning issued by the World Bank this October that pointed out the threat of an over reliance on the construction sector as its growth outpaced traditional industries like agriculture and garments. Nor was there mention that Cambodia ranked among the lowest in the World Bank’s latest Ease of Doing Business report. The report specifically singled out Cambodia as the ASEAN member state where getting a construction permit and registering property was the hardest in the world, ranking 181 and 121 respectively. Supporting the notion that Cambodia’s construction surge came from circumstances, rather than effective policy making, Sung Bonna, director of Bonna Realty Group, said that the recent growth of real estate investment over the last year, happened due to the oversupply of real estate in China, Hong Kong and Singapore, thus resulting in the relocation of investors who see Cambodia as a new market that can draw substantial profits. “As our country is small, when the investors flock in, we feel it is a lot, while in fact some of the investors also spread to other countries like Vietnam and Myanmar,” he said. Siv Meng, Phnom Penh Post, Post Property.

In their purchasing decision condo buyers often pay little or no attention to who will take charge of property management upon completion of the development and what quality property management actually costs. Without effective property management and the necessary according fees, the impact can be catastrophic on re-sale value and the ability to rent a condo, according to Simon Griffiths, associate director at CBRE Cambodia. Check out CBRE's property listings on Realestate.com.kh today!Exclusively for Post Property, Griffiths explains why developers and condo buyers in Cambodia should consider more on property management, management service fees and what it really means to their purchasing decision. “While the real estate market in Cambodia is ‘hot’ and new condo developments are rising out of the ground all over Phnom Penh, a rarely discussed topic is how these new condos will be managed once they are built and online. With property management (PM) being a decisive factor in the enjoyment of a condo, not to mention potential re-sale values and rental returns, the topic neither receives attention nor interest from many buyers. Understandably and rightfully so. Price, location, developer reputation, facilities and amenities are key determining factors on which a condo buyer will make a ‘buy or not’ decision. However, property management and according fees are crucial components when it comes to owning a condo. In one sentence: Buyers beware of low management service fees (MSF)! Consider buying a Porsche sports car. Would you then use the cheapest gasoline off a street vendor or pay the extra 20 cents a litre for the premium gasoline that is meant to protect the engine? Would you clean your car regularly at the additional cost or let it be covered in dirt? You would want to protect and enjoy your investment. The same principle holds true for property investment. Low cost PM will manifest in low quality PM and will quickly become visible to buyers and renters even in the short term. With poor management, the value of a condo investment is at risk, not to mention the enjoyment of anyone living at the condo. Why then, so often, do buyers invest in premium condos and then actively seek-out and desire lowest price MSF’s? Let’s set put this discussion in Phnom Penh’s market context. The often so called ‘standard market price’ for condo management service fees in Phnom Penh is set between $0.5 and $1 per square metre and buyers commonly consider $1 per square metre overly expensive. Consider then a scenario with 100 condominium units at 100 square metre each. If you manage this building at $0.50 per square metre the PM monthly budget is $5,000. This will need to cover a building manager, accountants, handymen, technicians; building insurance; cleaning; 24 hours security; cleaning materials, mechanical and electrical parts and so much more. Simply put, this budget may keep the building functioning but only just, and the initial ‘on the surface’ benefit of a low MSF would quickly transpire into low safety standards, broken machinery and equipment and a poor condition building in a short space of time.  Check out some new condo projects here!Now, would you desire a low price MSF or consider paying more for quality? But even at $1 per square metre MSF for the building in the above scenario, while it would be possible to provide functional PM, there is little room for high quality services and sacrifices would need to be made in cleaning, security and mechanical and electrical maintenance to keep within the budget, thus showing that the MSF so called ‘market rate’ (in some cases) is artificially low and being driven down by buyers who are mistakenly prioritizing ‘low price’ PM as a positive factor in a purchasing decision. In effect, condo buyers’ MSF expectations are often too low set by a ‘market rate’ that makes it difficult for developers to truly deliver promises of high quality. Couple this with the successive increases in minimum wage levels, and achieving a quality PM service becomes an increasingly difficult proposition. In summary, the so called ‘market price’ for MSF in Phnom Penh in many cases is not feasible and creates a situation where there is a disconnect between buyer expectations and what will actually be delivered in terms of PM service quality. The result is a situation where lowering MSFs effectively may secure sales but creates unrealistic expectations. Selling high quality PM with a low budget makes it almost impossible to deliver on such promises. So how should the developers and buyers think and behave? Developers should not be looking for the easy or quick way out of setting an unrealistic MSF to achieve extra sales. This is flawed and would inevitably lead to unsatisfied buyers come the time when the building opens and is short sighted. Developers need to invest time, energy and knowledge to ensure relevant PM services are installed and embedded within a development before they ‘exit’ and ensure MSF’s relevance to the quality of the development. Buyers should consider more than the bottom-line price in relation to MSF. Consider your expectations, quality and what you want from your condo investment. If you desire a low price, expect low quality and manage your expectations accordingly. Simon Griffiths, associate director at CBRE Cambodia, Phnom Penh Post, Post Property. Check out CBRE's property listings on Realestate.com.kh today!

Century 21 Family is visiting Century 21 Japan on the 12th of December 2015 to enhance the level of collaboration and co-operation between Century 21 Family and Century 21 Japan. Hence, Century 21 Family is on international level and work in the global market place.Within the Real Estate arena, Cambodia has the most attractive market for real estate development in Asia right now compared to other regional countries. Owing to Cambodia’s steady economic growth to be number 21 worldwide and number 1 in the region, the expansion of Cambodian property market with affordable price of condominiums, and a sharp rise in the number of condominium in Phnom Penh, there is a huge increase in foreign buyers who are purchasing condominiums for investment or the second home. Also, as the ASEAN Economic Integration 2015 is approaching at the end of this year with the promise of deeper market integration among the states, Cambodia’s real market attracts investment across the region. Century 21 Japan is efficiently operating 767 offices with professional agents of very strong Project Sale of condominium and generate a great achievement. In addition, Century 21 Family is building networks and relationships to create more opportunities necessarily to introduce and bring potential major Japanese investors to Cambodia.

As interest grows in the nascent Cambodia Securities Exchange amid announcements of new floats tentatively scheduled for 2016, real estate agencies push for approval to become panel valuers—the sole legal mediator to value property holdings while pursuing an IPO. Thus far, members of just six real estate agencies have been granted approval for IPO appraisals in Cambodia: V Trust Appraisal, Real Estate VMC Cambodia, CBRE Cambodia, Bonna Realty Group and the most recent entrant joining this month, Knight Frank Cambodia.Although activity on the Cambodia Securities Exchange (CSX) was initially slow, with the Phnom Penh Water Supply Authority listing in 2012 and Taiwanese-owned Grand Twins International listing in mid-2014, Ross Wheble, country manager for Knight Frank Cambodia, believes that the recent activity indicates growing confidence in the Cambodian economy and finance industry as a whole. “Which is a positive sign for Cambodia’s real estate and construction industry,” he said. The recent announcement that Hong Kong-based property developers, Eastland Development, expressed interest in listing on the CSX follows a number of similar announcements by companies such as the Phnom Penh Special Economic Zone (PPSEZ), TY Fashion and Sihanoukville Autonomous Port. [caption id="attachment_79853" align="aligncenter" width="297"] Mr Kuy Vat, VTrust Appraisal Co., Ltd.[/caption] If Eastland’s promises come to fruition and other real estate developers follow suit, “this shall enable investors who may not be able to afford to buy a property a chance to participate in the growing real estate sector by indirectly investing through the purchase of shares within real estate companies,” said Wheble. Regardless if a company like Eastland pursues a listing, a publicly traded entity would bring in the much needed transparency to a vague property market where financial capital and level of investment is often kept in the dark. But besides that, it would allow more investors to enter the market without having to put down the large sums to acquire property directly—and at lower risk. “Small investors will have a chance to invest in the property market,” says Kuy Vat, president VTrust Appraisal, meanwhile “the developer can mobilize more cash and spread the risk. Of course, the CSX will also receive a boost in public confidence with the announcement.” [caption id="attachment_78669" align="aligncenter" width="255"] Ross Wheble - Country Manager of Knight Frank Cambodia[/caption] Simon Griffiths, associate director at CBRE Cambodia, suggests that for property developers with an established and diverse portfolio, new projects in the pipeline, and a well-financed organisation, “risk is diversified and can be stabilized across sectors to some extent” by joining the stock exchange. While diversity is important, especially in the real estate and property developers market which often faces turbulence, “as we saw during the last global economic crash,” said Griffiths, a certain amount of risk will always remain. “Buyers of any stock would consider this and hedge their bets,” he said. However, if more property developers join the CSX, Griffith’s believes that it would allow for investors to capitalize on developments. It could also issue in the unique potential for Real Estate Investment Trusts (REITs)—a type of security that invests in real estate by combining property or mortgages, thus providing more liquidity and high dividend yields. While Kuy believes that there would certainly be an increase in liquidity, additionally, it would also provide a secondary market for investors who want to easily trade out of their investment. “This means adding more lubricant to transactions [across other] sectors,” he said. [caption id="attachment_79857" align="aligncenter" width="225"] Simon Griffiths, CBRE[/caption] But while it is highly debatable if foreign property developers are even considering listing, property valuation is an important step in the IPO process that requires companies to open their books and disclose their assets. “A company is required to have its real estate assets valued to determine its Net Asset Value (NAV),” explained Wheble. But with only six accredited panel valuers currently operating in Cambodia, Griffiths highlighted the high standards required to gain entrance into the club. A foreign agent has to be security checked in their home country and in Cambodia and academic and relevant valuation experience and qualifications need to be verified, he said. One such accreditor that can audit an agent or a real estate company that wishes to be a panel valuer, is the Royal Institute of Chartered Surveyors—a London based organization that values property worldwide. “[Royal Institute of Charted Surveyors] adheres to strict and internationally recognized valuations guidelines, practices and methodologies,” said Griffiths. For smaller, local real estate agencies, the demand for CSX valuations remains too small of a market to service, and with qualification thresholds currently out of reach. [caption id="attachment_79081" align="aligncenter" width="300"] Kim Heang. CVEA[/caption] “Until this stock exchange grows significantly,” Kim Heang, president for the CVEA, suggests, “local agents will continue to focus on [regular] property valuation.” “It is great to have more, and more professional, panel valuers in the industry - so that we can compete with professionalism and quality rather than on price,” said Kuy. However, “considering the market and volume of assignments currently available, the CSX valuations market for local agents likely won’t grow dramatically in the short term.”