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The rise of Strata Titled Office Space in Phnom Penh
The rise of Strata Titled Office Space in Phnom Penh
June 6, 2022, 5:06 p.m.
Realestate News
Property Buyers & Sellers Advice
With the Cambodia economy growing more and more each year, eyes from the international community are being pulled towards the Cambodian real estate market - and for good reasons. One of these reasons is recent legislation that allow foreign-ownership of strata titled office space. But what exactly is a strata title?ย  Strata refers to apartments being on multiple or different levels of the same building complex. Therefore, the strata title isย designed and specifically drafted for apartment blocks or buildings with multiple levels - and co-ownership rights within these buildings. This concept originated in New South Wales, Australia, but later gained popularity in Cambodia after the โ€œLaw on Foreign Ownershipโ€ was introduced back in May of 2010. This law paved the way for economic growth as it gave investors an ability to penetrate the local market and, likewise, diversify it. Up until a few years ago, there were difficulties doing that for non-Cambodian nationals. Since the legislation, the Phnom Penh skyline has grown beyond recognition as property developers have identified the opportunity to bring foreign investors into the Cambodian market via strata title. Before the advent of strata titles, property owners were now allowed to divide their buildings into multiple private properties which they could sell separately with freehold ownership rights (hard titles). But now, post 2010, foreign investors are free to own up to 70% of these properties as co-owners, provided that they only buy private spaces above the first floor. Slowly, these titles expanded beyond just residential buildings and begun to cater to the international demand for office space in Phnom Penh - which is fast becoming an ASEAN business hub. For investors foreseeing a potential oversupply of condo in the capital city, buying office space seems a less risky alternative given Cambodiaโ€™s exponential economic growth. As James Padden, Commercial Agency Manager of CBRE Cambodia, puts it when he spoke at the first annual Real Estate Market & Outlook Conference 2016 (REMOC2016), โ€œIf we look at the Phnom Penh market, I think it's important to consider the context of what causes demand for office space. So, essentially, it's driven by commerce, trade and economic growth. Without trade and business growth, there's no need for office space.โ€ He continues to say that Phnom Penh is particularly strong in that regard. Padden offers that, โ€œFrom 2010 to 2015, we saw imports grow from 6.7 billion dollars to 11.5 billion - which is a 70 percent increase. Meanwhile, exports grew from 6 to 8 billion dollars which is a 33 percent increase.โ€ Padden also mentioned that in terms of GDP, there was an increase by 7 percent each year and the GDP per capita appreciated from $879 in 2011 to $1,325 in 2016, an incredible 50% increase in a span of only five years. As proof of a growing economy and a successful real estate industry, there are now a total of 689 condominium units announced during the fourth quarter of 2015 alone. This brings in the number of off-plan condominiums launched over the course of 2015 to a total of 7,014. Yet - on top of this - as of 2015, there are also now 5 strata-title office developments in Phnom Penh up for sale to local and international commercial property investors. As the trend grows and furthers into its development, strata-titled office spaces will account for about 25% of total office stock by 2020 - according to CBREโ€™s research. A key benefit of the increase in strata titled office space and residential real estate in Cambodia is the practicality of the new legislation and the amount of time it will save for buyers and sellers transferring the actual titles to new owners upon the completion of new development projects. The process is relatively simple and, at the completion of this process, end buyers have full freehold property ownership rights over that space. Strata titled office space will also allow business entities to conveniently own the properties that are part of their business expansion infrastructure in the Kingdom, which offers superior control and legal protection for their businessโ€™ assets here. It is legislation like this that offers international firms the confidence they need to take their first steps into the Khmer market. As more and more strata-titled properties enter the Cambodian real estate market, both strata titled office space and residential units, international investors can see a smooth, safe and cost efficient ย vehicle available to venture and expand into Cambodian territory.
Realestate.com.kh Official Media Partner for the 2016 South East Asia Property Awards!
Realestate.com.kh Official Media Partner for the 2016 South East Asia Property Awards!
June 6, 2022, 5:05 p.m.
Realestate News
Realestate.com.kh is proud to be announced as Official Media Partner for the 2016 South East Asia Property Awards. Returning for a successful sixth year, the South East Asia Property Awards 2016 is the biggest, most prestigious and most recognised industry awards in the entire region.ย  Organised by PropertyGuru, Asiaโ€™s leading online property portal group, the programme serves as the grand finale for the ASEAN strand of the 11-year-old Asia Property Awards series, with the top and emerging names in real estate gathering on 23-24 November at the prestigious Shangri-La Hotel Singapore. Last yearโ€™s biggest winners included Far East Organization and UOL Group from Singapore, and Front Concept group from Malaysia, while UOLโ€™s deputy group CEO Liam Wee Sin was awarded the coveted Singaporeโ€™s Real Estate Personality of the Year accolade. The event is also a tremendous networking opportunity for real estate professionals who would like to meet the industry leaders who are redefining the property landscape. Donโ€™t miss this! As stated by Director of Realestate.com.kh, Mr Tom O'Sullivan, about the media partnership: "In early 2016, Realestate.com.kh created a strategic relationship with the PropertyGuru Group that allowsย Realestate.com.khย and our clients to leverage off the powerful network of property portals, events and related media in the ASEAN region; including PG Singapore, PG Malaysia, DD Thailand and Indonesia. The South East Asia Property Awards brings together leaders from across the region, including those from our market: the extremely fast-developing Cambodia. Partnering with the SEA Property Awards allowsย Realestate.com.khย and our clients to bring Cambodian property to the world stage, and of course to network and learn from the region's industry leaders."WANT TO FIND OUT MORE?
HLH Group Announce CamFarm
HLH Group Announce CamFarm
June 7, 2022, 5:14 a.m.
Realestate News
HLH GROUP EXPANDS AGRICULTURAL FOOTPRINT IN CAMBODIA BY UPGRADING ITS EXISTING 10,000-HECTARE FARM INTO A FULL-SCALE AGRICULTURE PARK: Camfarm.SGX Mainboard Listed HLH Group, had successfully upgraded its existing 10,000-hectare farm in Aoral District, Kampong Speu Province in Cambodia to become a full-scale Agriculture Park, which covers the cultivation and processing of cassava (Tapioca) into cassava chips or cassava starch. It will also have an area to attract international investors with interest in husbandry and livestock assets to set up farms in the new park. The new cassava starch production factory at the site was completed last week. Known as Camfarm.FIND OUT MORE - contact HLH Group now!Meanwhile, the companyโ€™s first starch production line which was completed in the first week of April 2016 will produce 120 tons of cassava starch daily starting from this week. Production levels are expected to increase to an estimated 150 tons per day and will hit about 35,000 tons of cassava starch annually by the end of this year. Most of these cassava starch will be exported. The current market value of cassava starch is around USD360/ton.โ€œWith the new 10,000-hectare agriculture park in place, we can scale up our production significantly through the supply of cassava products. We are also looking forward to attract and partner with global investors with a robust appetite in the agricultural sector. With the right infrastructure such as the well-equipped deep-water sea port of Sihanoukville for exports, agricultural equipment and production facilities, we can enhance the yield of our plantations as well as raise both production quantity and quality,โ€ said Dato Dr Johnny Ong, HLH Groupโ€™s Deputy Chairman and CEO.โ€œHLH Agriculture (Cambodia) Co. Ltd is also planning to initiate programmes for contract farming and provincial collection center to raise the competitiveness of Cambodian farmers and at the same time provide new employment opportunities in the country by enabling more Cambodians to become self-employed in the fast-growing agriculture industry,โ€ he added. By end of this year, the Agriculture Division expects to export 50,000 tons of both cassava starch and cassava chips. The ultimate target is to export 1 million tons of both products in the near future.Meanwhile, the company has also unveiled a new plan for an integrated Agriculture Food Processing Park to be named CAMFARM on a 400-hectare plot of farm land acquired in 2008. It is expected to be completed in year 2017. The company will be actively sourcing for strategic international investors in food processing industry to set up their assets in this park. THE FIRST AND ONLY AGRICULTURE PROCESSING HUB IN CAMBODIA, BROUGHT TO YOU BY HLH GROUP. We are offering to any investors an opportunity to join us and explore this project of 400-hectare plot of farm land.FIND OUT MORE - contact HLH Group now!AGRICULTURE PROCESSING HUB WITH THE SINGARPOREAN STANDARD:Can fruit processing factory.ย Can food processing factory.Dried fruit processing factory.Vegetable processing factory.Bio-gas Industry.Water treatment plant.Rice industry.Restaurant, food outlet & Entertainment placesโ€ฆetc.Animal farm, such as: Pig farm, Cow farm, Goat farm, Chicken farm, duck farm..etc.Manufacture of food processing industry.Fruit planting, such as: Banana, Mango, Coconut, Grass for cow feed, Sesame, Maringa plant, Vegetable etc.Bee Keeping.Fish Farming.ย Fruits and Vegetables Export.Fruit juice-Jam-Jelly Production.Groundnut Processing.Cashew-nut Processing.Potato Chips Production.Agro-Farming Blogging.Hotel (Farm Resort stay).Shop house.New expressway.Bank etcโ€ฆGoing forward, HLH plans to add another two production lines in 2017 which will raise its daily starch production capacity to 600 tons. The cost of the new production facilities is estimated at USD10 million and will be funded by financial institutions and potential joint investors.FIND OUT MORE - contact HLH Group now!
Home loans in Cambodia: How do you choose a reputable lender?
Home loans in Cambodia: How do you choose a reputable lender?
June 6, 2022, 5:07 p.m.
Realestate News
The process of choosing home loans in Cambodia and a lender can be quite complicated, but if you tackle it in stages you can avoid disappointment, frustration and wasted time. Realestate.com.kh is here to help.How do you choose a reputable lender in Cambodia? With more than 35 commercial banks operating in the Kingdom, it can be overwhelming to make the right decision and ensure that your lender is conducting its business in a legal and ethical manner.The majority of home loans in Cambodia are provided on flexible interest rates, which means that if your bank wants or needs to change your interest rate during the loan term, then they can. With that in mind, always choose a bank with a trusted reputation and a solid financial position.If you ask a question to your bank lender and they canโ€™t answer you properly, your best bet is to keep looking. Find a bank who has a team of experienced lenders, not โ€œjacks of all tradesโ€.Most commercial banks are generally similar when it comes to upfront costs. Typically, you are expected to pay a loan approval fee (or processing fee), legal fees for the preparation and registration of your mortgage documents at the land titles office, a valuation fee and an insurance fee for basic fire cover over your property.The main point to look out for is hidden costs or clauses around upfront fees and paying off your loan early either partially or in full.Most banks will have a three percent early repayment fee if you make any extra payments or want to pay off your loan within three years, though some banksโ€™ fees are higher and longer.Ask detailed questions regarding the mortgageโ€™s terms and conditions: Ask about the application processing fee and if it is paid upfront or annually; how long it takes to obtain approval for the loan request; and how monthly repayments are to be made - is it by cash or automatically debited from the borrowerโ€™s account?Another loan feature worth considering is portability. This is necessary to learn about if you intend to increase your property portfolio by purchasing an additional property or selling your current home to buy another. This may involve a fee but it will be considerably less than the cost of establishing a new loan.Some banks can be inflexible even if you have sold your house and need to pay off your loan to release the title for property transfer ownership. Be careful of this one as it could mean a show stopper for your sale.Some banks insist that you provide at least three monthsโ€™ notice if you wish to pay off your loan early and that this is often used as a tactic to reduce the instance of people refinancing to another bank. If this is the case, you need to know before you accept the loan.Stay up-to-date on the real estate industry in Cambodia and get real-time updates on real estate news as they happen. Download the Realestate.com.kh App now!Looking for reputable lenders in Cambodia? Let us help!Article by:
The Peak: From Cambodiaโ€™s Most-Renowned Developer
The Peak: From Cambodiaโ€™s Most-Renowned Developer
June 6, 2022, 5:05 p.m.
Realestate News
Cambodiaโ€™s most outstanding mixed-use development is soon to overlook the Mekong River with three 55-storey buildings, set for completion in 2020. The two towers of The Peak will be reserved for residential uses, while the third commercial tower will be the home of 20-storeys of the world-renown Shangri-La hotel, with 35-storeys of Grade A office space below it.With the upcoming ASEAN Economic Community, increasingly international corporations are entering the Cambodian market, and high grade office space and luxury residential units are rising in demand every month. Over 50% of registered companies in the Kingdom are majority foreign owned, and this trend is set to continue as Cambodia rises as an interconnected manufacturing, resource, agriculture and logistics hub for regional firms looking to expand, outsource or diversify. With an additional 5-storeys of prime retail space, The Peak also caters to Cambodiaโ€™s rising middle class, who are proving to have a taste for shopping and international brands.The developer is the renowned Oxley-WorldBridge Cambodia, a joint venture between Singaporean-based Oxley Holdings and WorldBridge Land Cambodia, which first launched in Cambodia in 2013. Oxley-Worldbridgeโ€™s The Peak is the second major residential development undertaken by the conglomerate.The Bridge, the joint ventureโ€™s first Phnom Penh project, marked a turning point for the entire Cambodianโ€™s property sphere. With the release of The Bridge, the world took notice of the Cambodian market, the huge project bringing a new standard of construction and architectural flare to the capital.The Bridge, coming online in 2018, has now sold 96% of the projects 762 apartment units and 71% of 963 SoHo units. The Peak is perfectly located minutes walk from Phnom Penhโ€™s largest AEON Mall, Nagaworld 1 & upcoming Nagaworld 2, and just 2 minutes drive to Business Convention Centres on Diamond Island. And of course, the 5-Star Shangri-La Hotel will be right next door.Donโ€™t miss your chance to own a slice of Cambodian history; get in touch with The Peakโ€™s friendly team today!
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A Villa for Rent in BKK1? A $100 Phnom Penh Apartment? Expat Expectations debunked
A Villa for Rent in BKK1? A $100 Phnom Penh Apartment? Expat Expectations debunked
June 6, 2022, 5:06 p.m.
Realestate News
Many westerners who move to Phnom Penh for work, long-term holidays or retirement often arrive with expectations that donโ€™t add up to reality of the 2016 Cambodian real estate market situation.For example, many have dreams of living in an opulent french-style villa at a rental or sale price that is just a fraction of what they might expect for a similar property in their home market.READ OUR ULTIMATE EXPATS GUIDE TO CAMBODIA Others think that their money will go a long way in Cambodia in terms of budget rentals, even in the big cityโ€™s hottest corridors. However, Phnom Penh, and in particular the expat-friendly suburbs, is a beast that is changing beyond the recognition of expats that settled here for work, pleasure or retirement 5-10 years ago.ย Some commonly-held expectations are becoming unrealistic in the 2016 Cambodian real estate market, and especially in Phnom Penh. In fact, the city is no longer full of the inexpensive, charming villas that many expats blithely assume will be readily available. So too is it beginning to see a shortage of affordable options for renters in central locations, as demand rises and landlord understand the underlying value of their locales. Desmond Yap, general manager of Yong Yap Properties in Phnom Penh, notes that this is only a natural result of supply and demand trends in the capital. โ€œAs wealthy property developers continue to find prime land for their developments in the central city districts, villas are getting snapped up due to the size of their surrounding land. The villas are then knocked down and the land is developed in a condo complex, hotel or commercial venture. Over time, this has limited the supply of villas and therefore prices have increased dramatically,โ€ says Yap. The reality is that Phnom Penh has grown dramatically in the past ten years. Like any high growth city, this has caused two things to happen: 1) Housing prices have gone up dramatically and 2) no matter how much gets built, it is rapidly filled by buyers and renters, leaving a scarcity of supply for the most desirable kinds of developments. Yap also notes that as the standard of living rises in Phnom Penh, the cost of living also increases: โ€œYou can give example of how workers salary in Phnom Penh is rising โ€“ itโ€™s a lot tougher now to find a waiter working for $100/month compared to 5 years ago.โ€ Many expats coming to Cambodia are misinformed as to the true affordability of property, suggests Yap. Yap gives the example of The Lonely Planet guide. This highly popular travelers resource says that expats can get small flats for around $200 with internet and wifi in central Phnom Penh, โ€œyet they need to take this into context; are they referring to inner city Phnom Penh? How long ago did they write it? etc. We actually have had people that come into the Yong Yap office quoting lonely planet and how we should be able to find them a western place for $200 inclusive of x,y,zโ€ฆ If they expect western qualities in their new apartment, this proves a very hard ask!โ€ More realistically, western style luxury apartments with all the amenities, and also serviced apartments โ€” such as a pool, gym and security โ€” can be had for $500-$3000 per month. Check out properties available NOW!ย Alternately, more authentically Cambodian digs can be rented for aroundย $300 per month. As the city has grown, the city has done what so many cities do: Converted housing on busy streets to businesses and demolished low density housing to replace it with high-rise apartments or commercial skyscrapers.ย When high-rise buildings go up, the villas next door to them are negatively impacted by the noise and dust of construction. They often never really recover. For the villas that remain, the demand is not only from residential property seekers but also F&B operators. This means home buyers and renters are having to compete with commercial enterprises who place a high value on the architecture, parking space and also the prime locations. The reality is that, at this point, there is a fairly small pool of highly desirable, Western-style homes in good locations.ย And unsurprisingly, these homes are rarely up for grabs. Either the owner knows they have a sweet deal and is not going anywhere any time soon, or these prime locations get sold to people who have connections of some sort, such friends of the family or coworkers. There are a lucky few expats who do enjoy this situation because they locked low rental prices some time ago with a 5-10 year lease. But for new signees, prices remain consistently high. For those new comers looking for a villa for rent in BKK1 - you might be on a waiting list... Some areas popular with expats include BKK1, Tonle Bassac and Southern Daun Penh. They do have a limited supply of villas, but not as many as they once had. Toul Kork remains a relatively good choice for an expat seeking a villa, however. But this may mean a longer commute for workers.ย Tuol Kork is a neighborhood about 30 minutes out of the center of the city that is increasingly attracting ex-pats. As with other large cities, commuting to a suburb outside the densely developed downtown area is a good way to find places renting for much less money. Learn more about expat rentals in Phnom Penh! Additionally, it is important to keep in mind that Cambodia is not a Western country. Although the West has had a substantial influence upon the architecture of developed cities the world over, like any Eastern country, Cambodia has its own history and culture, including its own architectural tastes. Even for homes that are built in a largely Western style, it is common for some details to just seem odd to the Western eye. The colors may seem not quite right. They may seem bolder than you expected. The trim may also seem in some way unusual. The finishing quality too may differ from western expectations. Yap notes that โ€œwestern products/services generally will cost more as many products need to be imported. Quality window frames, light fittings etc. all need to be imported, and this naturally raises expected costs for renters and buyers.โ€ Therefore, advice for those moving to Phnom Penh is that you will be well served by arriving with more realistic expectations concerning the style, price and availability of housing in the city where you plan to live out your expat experience. You may need to go with an apartment instead of a villa. You may need to have a longer commute. You may need to adjust your tastes.ย But after all, the ability to adapt is a key part of the expat experience, in any country, and can come with unexpected pleasures... READ OUR ULTIMATE EXPATS GUIDE TO CAMBODIA
Real Estate News Recap JuneH12016, from your property news leader
Real Estate News Recap JuneH12016, from your property news leader
June 6, 2022, 5:06 p.m.
Realestate News
Welcome to another real estate news recap, from Realestate.com.kh - your leader in property information!ย Keep up to date with market changes, and be an investor with FORESIGHT!ย The Peak by Oxley:May 3 was a special day for Singapore-listed property group Oxley Holdings and its Cambodian partner Worldbridge Land as it marked the first day of construction for The Peak which follows the success of its predecessing project, The Bridge. Among the people who attended the groundbreaking were Singaporeโ€™s ambassador to Cambodia Kevin Cheok and Cambodiaโ€™s senior minister for land management, urban planning and construction, Chea Sophara. Vice-chairman of Kerry Group George Yeo were also in attendance.Young Game Changers:Turnkey founder, Chim Sothea and architecture student Ly Suyi are making waves as they slowly make their mark in the Cambodian Architecture industry. Sothea hope to change the system by providing specialization in the field - as opposed to the old business practice of combining design and construction in one firm. Suyi, on the other hand has won four awards in drawing competitions; where she attributes the success to her grandmother teaching her how to draw so that sheโ€™d stop crying. The future of Cambodiaโ€™s design and construction field is definitely something to look forward to with the addition of young geniuses like these.NagaWorld Destruction:NagaWorld in Phnom Penh has had its fair share of controversies, including a suspension due to a question of legality. So, itโ€™s nothing new when Minister Chea Sophara had ordered the destruction of an awning at NagaWorld this week which exceeded three meters into public property. The ministry hopes this would set an example for other developers who are planning to do the same. They are also hoping that this would instill respect for public land. So, if youโ€™re planning to construct something beyond your boundary, you might just follow suit with NagaWorld and lose more than you bargained for.Cambodiaโ€™s Patent Law:Cambodiaโ€™s Ministry of Industry and Handicraft, together with the Japan Patent Office (JPO), signed an agreement yesterday that would streamline facilitating patent grants as a means of getting protection in Cambodia. The agreement aims to mutually strengthen and protect trademarks in intellectual property, industrial designs, unity models and patents to further expand both Japanโ€™s and Cambodiaโ€™s economy. This is good news for the design and even the construction industry.Construction Investment Increase:The first quarter of the Kingdomโ€™s investment in the construction sector in 2016 saw an increase of 267 per cent to $1.65 billion dollars from last yearโ€™s $448 million. This is due largely to Cambodiaโ€™s convenient investment laws. As evidence, deputy director general of the Ministry of Land Management, Lao Tip Seyha has confirmed that there are 473 ย construction projects that currently take up 3.7 million square meters of land.Tourism is Booming:Kong Sopheareak, director of the statistics and information department at the Ministry of Tourism, confirmed that along with the rise in investment in the first quarter of 2016, the tourist count had also increased by 2.6 per cent which totalled over 1.3 million. This means better opportunities for investments either from the tourists themselves or people who wish to take advantage of and create a business around the massive quantity of tourists.Valuers Congress:The 19th ASEAN Valuers Association Congress will be held in Cambodia on May 4 to May 7, 2016. This will be the first time the Kingdom will host the event and it hopes that with the visit of international movers and shakers who are part of AVA, it will conclude with an alignment to its theme which is One ASEAN, One Valuation Standard. Besides coming to terms with a single standard, this is also a great opportunity to showcase the wonderful investment opportunities Cambodia can share to the world.
Multiple Issue Cambodia Visa for Chinese and Korean tourists
Multiple Issue Cambodia Visa for Chinese and Korean tourists
June 6, 2022, 5:06 p.m.
Realestate News
Aย recent news release from the Cambodian Ministry of Tourism has announced that the Cambodian Government is currently preparing to issue three-year multiple visas, exclusively to Chinese and Korean tourists. Last year, 700,000 Chinese and 400,000 Korean tourists visited Cambodia last year, putting them in the top 10 foreign visitors. The initiative seeks to bolster the tourism sector, according to the report, one of Cambodia's keys to continued economic growth. Such a flexible and long term multiple issue Cambodia visa should encourage repeat travel and bring more tourists from China and Korea to Cambodia. But it may also bolster Chinese and Korean investment in the Cambodian real estate market... Travel is also opening Chinese eyes to real estate investment opportunities outside their borders; and Chinese outward tourism is the largest and fastest-growing tourism market in the world. Despite only 4 percent of Chinese nationals holding a passport, that 4 percent spend $200 billion overseas yearly. In 10 years, 12 percent of Chinaโ€™s population will hold passports, suggests Chinaโ€™s National Tourism Administration. โ€œBy 2020, it is predicted that 234 million outbound Chinese travellers will splurge $422 billion abroad,โ€ says Charles Pitar, CEO of Juwai.com, China's leading international property portal website which introduces mainland Chinese buyers to international real estate investment opportunities. Stay tunes to Realestate.com.kh NEWS for more on this as it unfolds...
Cambodian Property Market: The Big Picture, with Hoem Seiha, REMOC2016 on Realestate.com.khTV
Cambodian Property Market: The Big Picture, with Hoem Seiha, REMOC2016 on Realestate.com.khTV
June 6, 2022, 5:06 p.m.
Realestate News
The first annual Real Estate Market & Outlook Conference 2016 (REMOC2016) was heldย this April at the Phnom Penh Hotel, with a host of the local and regional real estate industry leaders giving their outlooks on the state of the Cambodian real estate market.Realestate.com.kh caught up with Hoem Seiha, Director of Research, VTrust Appraisal Co., Ltd atย REMOC2016 to get hisย 2 cents on the state of the current and future Cambodian property market prospects and, ultimately,ย Cambodian Property Market: The Big Picture!What topic will you speak to at REMOC2016, and why is it a key consideration for the Cambodian Real Estate sphere? At REMOC-2016 to be held on 1 April, Iโ€™m going to present to the audience about the macro perspectives on real estate industry:ย Cambodian Property Market: The Big Picture. Developers, policy makers and related key stakeholders need sound knowledge and in-depth insights into real estate sector at macro level so that they can together work to develop and, if any, curb with challenges in the sector. Construction and real estate sector has recently grown its importance to overall economy by contributing to creation of tens of thousands of jobs, pushing demand on mortgages to rise by 19 percent in 2014, and attracting US$ billions of real estate related FDIs that have spillover impacts on many other economic sectors. With my future outlook for this sector, even though real estate market has grown so quickly that it might pose potential risks and growth volatility, I foresee this sector will soon create a new economic engine alongside with the countryโ€™s key leading sectors such as garment, tourism and agriculture.
AVA CONGRESS 2016 Underway!
AVA CONGRESS 2016 Underway!
June 6, 2022, 5:05 p.m.
Realestate News
The AVA congress is now official underway!This marks the official Opening of the 19th ASEAN Valuers Association (AVA) Congress at the Sofitel Hotel Phnom Penh, Cambodia, May 5, 2016 - and the first ever congress to be held in the Kingdom of Cambodia.ย Realestate.com.kh is extremely proud to sponsor this year's event, and commends the huge efforts from the CVEA to create such a fantastic and well-attended event - which will have lasting benefits for the real estate and valuation industry in Cambodia. Well Done! This morning's opening ceremony includedย Opening Remarksย Byย H.E. Dr. Aun Pornmoniroth, Senior Ministerย Minister of Economy and Finance. "Mr. Kim Heang, AVA President;ย Mrs. Dewi Sri Umi, AVA Secretary General;ย All AVA chief delegates, distinguished guests,ย Excellencies, Ladies and Gentlemen, Good Morning! On behalf of the Royal Government of Cambodia, it is my great pleasure and privilege to welcome you to the 19th ASEAN Valuers Association Congress on the theme โ€œOne ASEAN, One Valuation Standard.โ€ and I would like to take this opportunity to congratulate Cambodiaโ€™s Valuers and Estate Agent Association (CVEA) for taking the chairmanship role to host this important congress, which brings together government officials, representatives from the private sector, professional institutions, research communities, academia and other related institutions to discuss the issues and matter relevant to the theme. Excellencies, Ladies and Gentlemen It has been almost 5 years since Cambodia hosted the 17th AVA pre-congress in 2011 in Siem Reap. Now, we can clearly see that all our AVA member countries have significantly developed their valuation profession; among those some members have even moved a step ahead towards international standards. The theme of todayโ€™s congress โ€œOne ASEAN, One Valuation Standardโ€ reflects the vision of ASEAN Economic Community (AEC) โ€œOne Vision, One Identity, One Communityโ€. As we all know, AEC is an emerging political and economic entity that is increasingly becoming an important force in global political and economic landscape, with a combined population of 600 million and total overall market value of around USD 2.6 trillion. The ASEAN with the GDP average growth rate for 2016 expected to reach 4.9%, is a new emerging market to attract global investment and play a role as economic engine to drive the Asiaโ€™s economy. With the AEC starting last year, the cooperation among ASEAN member countries has further strengthened significantly. Meanwhile, the regional trend toward increasing ASEAN integration in all aspects of business fields has driven the need for regional standards in every sector of business. Regarding the Appraisal and Valuation profession, it has led to the initiative of ASEAN valuation standards. The growth of cross-border investment and markets, including the real estate markets, needs common rules to level the playing field for market participants and thus contributes to insure transparency in business operations. However, establishing ASEAN valuation standards is not an easy task. It requires time and efforts to reach mutual agreement among member states given the different stage of development, and different legal and regulatory framework of each member. In this regards, I would like to bring your attention to some main challenges we are facing in real estate valuation, namely multiple systems, methodologies, lack of national standards, lack of formal education and training, etc. In addition, it is a matter of fact that data related to real estate market is scarce. Some values of properties are out of date due to irregular updating of market values, which greatly impacts many economic and financial transactions based on property value. In this aspect, the 19th AVA congress today is organized in a very timely manner. It provides a forum for all relevant stakeholders to discuss, compare and analyze the different valuation practices of ASEAN countries in order to identify the challenges of the Valuation Standard and practices and to come up with an improvement plan. Excellencies, Distinguished Delegates, Ladies and Gentlemen, While pressing the importance of strengthening the valuation standard, we also have to understand the need to enhance the capacity of valuers. Without professional valuers, we cannot evaluate assets of a company at fair market value. So far, Cambodia have 75 licensed professional valuers who are working in 62 valuation firms. Some well-known international property agencies and valuation firms, such as Knight Frank, CBRE, Century 21, Savills, and so on, are also expanding their business to Cambodia. Compared to other advanced countries, Cambodiaโ€™s real estate market is still at early stage of development, yet a fast growing market. In fact, Cambodiaโ€™s real estate sector is facing a lot of challenges in terms of legal, regulatory, and supervisory framework as well as inadequate human capacity. The rapid expansion of real estate projects requires independent and competent professional services in this sector. These professional services are not only fundamentally important for the development of Cambodiaโ€™s real estate industry, but also for all AVA members. The Royal Government of Cambodia is now working closely and pro-actively with the private sector to develop the real estate market. In particular, the MEF now is drafting our national valuation standards by taking into consideration regional practices and experiences. In the meantime, we are also preparing ourselves to adapt to ASEAN valuation standards as well as the International Valuation Standard Council (IVSC). We are also now working on updating our regulatory and supervisory framework to be in a better position to monitor and safeguard the real estate sector. In this effort, we are in need of Technical Assistance from the advanced AVA member countries and I trust that through the spirit of ASEAN cooperation, Cambodia will receive these necessary supports and assistance. Excellencies, Distinguished Delegates, Ladies and Gentlemen, Moreover, as a chair of this congress, I would like to encourage all advanced AVA member countries to extend their hands to assist less developed ASEAN members to develop competency and professionalism in the real estate sector. By doing so, I strongly believe we will see sustainable development of our regional real estate market which contributes to further enhance the Asean Economic Community. I strongly hope that the outcome of the 19th AVA Congress will bring closer collaboration, harmony and prosperity to all our AVA member countries. This also enables us to promote AVA as a regional community in the international arena. Before conclusion, I would like to thank the organizing committee for the excellent arrangement of this congress. ย I would like to wish the 19th AVA Congress to be conducted successfully and fruitfully and wish Excellencies, AVA chief delegates, Distinguished Delegates, Ladies and Gentlemen happiness, prosperity, and success in all endeavours. For foreign guests, I hope you enjoy your stays in Phnom Penh and make your time to visit and explore the rich culture of Cambodia. May I now declare the opening of โ€œthe 19th AVA Congressโ€. Thank you." Realestate.com.kh is extremely proud to sponsor this year's event, and commends the huge efforts from the CVEA to create such a fantastic and well-attended event - which will have lasting benefits for the real estate and valuation industry in Cambodia. Well Done!Stay tunes for realestate.com.kh's full video coverage of the event on REALESTATE.COM.KHTV
Strata Title Office Space in Cambodia with James Padden, REMOC2016 on Realestate.com.khTV
Strata Title Office Space in Cambodia with James Padden, REMOC2016 on Realestate.com.khTV
June 6, 2022, 5:05 p.m.
Realestate News
The first annual Real Estate Market & Outlook Conference 2016 (REMOC2016) was heldย this April at the Phnom Penh Hotel, with a host of the local and regional real estate industry leaders giving their outlooks on the state of the Cambodian real estate market.Realestate.com.kh caught up with James Padden, Commercial Agency Manager at CBRE Cambodia atย REMOC 2016 to get hisย 2 cents on the state of the current and future Cambodian property market prospects and to learn about strata title office space in Cambodia:ย What makes you optimistic and what worries you about the Cambodian real estate market? CBRE are optimistic about the office market. Exchange Square is due for completion in Q4 16 and has seen strong interest locally and regionally highlighting growing demand for grade A space in Phnom Penh. Increasingly we are seeing interest from companies in office space in secondary cities such as Sihanoukville, Battambang and Siem Reap highlighting that Cambodia is not all about Phnom Penh but these provincial cities are seeing strong economic growth in their own right.I think there is a need for caution regarding the residential market and we are yet to see strong domestic owner/occupier demand that is required for condominiums to really drive the market forwards. Existing investment is predominantly by overseas investors looking for capital growth. This market will be driven long term by Cambodian occupiers and this has been slowly changing but is yet to become a clear segment of demand. What significant changes are you anticipating for the Cambodian real estate market over the next year?We have seen the announcement of strata title office space in Cambodia for the first time in 2014 and this is a welcome trend with this asset being a popular investment in other markets such as Hong Kong and Bangkok. There will be further segmentation of the office market as Exchange Square adds to grade A office stock. High prices and limited availability of land in prime, central areas is likely to continue the trend for development in secondary locations such as Sen Sok and Chroy Changvar.Strata title office space in Cambodia is a good step forward for the investor market. I think we will also see continued development and investment activity in provincial cities such as Sihanoukville, Battambang and Siem Reap. Overall we expect 2016 to be a year of a lot of activity driven by Cambodiaโ€™s continued strong economic growth and further bolstered by the movement towards ASEAN integration as there is continued intra-ASEAN investment and regional expansion of businesses out of their home markets.Want more video content? Check out the Realestate.com.khTV channel now!
Penthouse Residence in Aeon Mall this week!
Penthouse Residence in Aeon Mall this week!
June 6, 2022, 5:05 p.m.
Realestate News
The Penthouse Residence will host a special event at Aeon Mall between May 5th and 6th, 2016.ย For every unit purchased at the Aeon Mall event, all customersย will receive a special 5% discount together with a brandย new iPhone 6S!!!Learn more about Penthouse Residence in this great video on Realestate.com.khTV!ย FIND OUT MORE ABOUT THIS GREAT PROJECT RIGHT HERE!The Penthouse Residence are strategically located on Sothearos Boulevard and architecturally designed to meet the demand for luxurious condominium living within the contemporary city of Phnom Penh, Cambodia.With its bold and innovative architectural design, nothing has been spared in creating Cambodiaโ€™s first luxury condominium development. 36 floors of luxurious residence complemented by every amenity will result in nothing less than lavishing, from the spectacular panoramas of the city skyline to the attentive services of the concierge and our management team. Setting on prime & unique real estate location, The Penthouse Residence comes with roof top terraces, infinity swimming pool,fitness center and the first and only one world class revolving restaurant (in Phnom Penh) to give you a 360 degree panoramic view of the city skyline. Surrounded by conveniences of international standard, located next to premium residences and business centers such as the Sofitel hotel, Aeon Shopping Center and ICAN British International School to name a few, make The Penthouse Residence the most desired address in Phnom Penh. Designed to surpass expectations, The Penthouse Residence exude a warm Cambodian feel, which is subtly manifested in the premiseโ€™s architectural style, choice of furnishings and landscaping. Residence enjoy privacy and warm hospitality. A wealth of recreational facilities and luxurious services make The Penthouse Residence the most desired address in Phnom Penh. Come along to theย special event at Aeon Mall thisย May 5th and 6th, 2016.ย For every unit purchased at the Aeon Mall event, all customersย will receive a special 5% discount together with a brandย new iPhone 6S!!!FIND OUT MORE AND INQUIRE TODAY
Land bordering the new city of Tbong Khmum in hot demand
Land bordering the new city of Tbong Khmum in hot demand
June 6, 2022, 5:14 p.m.
Realestate News
While Tbong Khmum advances towards becoming Cambodiaโ€™s first model satellite city, land prices along the outskirts of the proposed development area are skyrocketing as investors who foresee the rapid growth of the new province rush to capture roadside plots for future commercial and retail purposes.Tbong Khmum city, the new centre of the province formed in late 2013, is the first ever Cambodian city to have zoning and infrastructural plans firmly in place before any official groundbreaking.Sorn Seap, CEO of Key Real Estate, visited the site over the Khmer new year to inspect progress and survey land investment opportunities; and said all road construction was underway.Zoning is already clearly defined and signposted on site, to include commercial, industrial, residential and administrative areas.โ€œThe combination of strict zoning, open roads, green space, and the gentle slopes of the city, will create a new urban centre that will look more like a western-style city,โ€ Seap said.Tbong Khmum governor Prach Chan said this week that current plans are to complete all basic roadwork in the precincts development plan before the onset of monsoon season, while the water treatment system is slated for completion in 2017.According to Chan, no private companies have yet invested in the new city.ย โ€œHowever, the land prices are still cheap here, and offer a good chance for investors in the near future,โ€ he said.Although land within the borders of the Tbong Khmum development zone are not yet up for sale, land along the border of the site on the eastern side of National Road 73 remain a hot ticket for local investors.Investors from the provincial capital of Suong, currently the largest city of Tbong Khmum province, and other parts of the neighbouring Kampong Cham province, are racing to get their hands on some land.Despite the new provinces isolation from other major real estate hotspots, the land prices remain high along National Road 73, with land prices commanding up to $4000 per metre front.โ€œThe land is not being sold by meters squared, however, but rather according to meters of road front access,โ€ noted Seap, adding that investors were buying purely for retail and other commercial purposes.โ€œThe current land for sale is being resold now, having been subdivided by the original buyers into smaller sections.โ€While large parcels of land were originally available for first movers, Seap said since plans for the city had become more concrete, all plots have been divided to a maximum of 10 meters road front, with between 30 - 50 meters of land attached behind.Co-written by James Whiteheadย and Siv Meng
Phnom Penh Land Market Outlook with Sorn Seap, REMOC2016 on Realestate.com.khTV
Phnom Penh Land Market Outlook with Sorn Seap, REMOC2016 on Realestate.com.khTV
June 6, 2022, 5:05 p.m.
Realestate News
The first annual Real Estate Market & Outlook Conference 2016 (REMOC2016) took place April 1st at the Phnom Penh Hotel, with a host of the local and regional industry leaders giving their outlooks on the state of the Cambodian real estate market.Realestate.com.kh caught all the actionย with the speakers of REMOC2016 to get their 2 cents on the state of the current and future Cambodian property market prospects.Here is what Sorn Seap, ceo of Key Real Estateย had to say...What topic will you speak to at REMOC2016, and why is it a key consideration for the Cambodian Real Estate sphere? At REMOC-2016, Iโ€™m going to present about the most updated Phnom Penh land market, going in-depth into market prices, zoning and development trends in the future. Phnom Penh land market prices continue to rise up by 10 to 20 percent a year. Nevertheless, the whole Phnom Penh land market has many areas that see different price growth rates depending on many factors, including zoning, planned infrastructure, and location special features. Over the last 10 years, Iโ€™ve seen that Phnom Penh has expanded quickly. Residents not only concentrate in central business zones but also spread out to form new clusters of housing in the outskirts โ€“ with some areas are now home to tens of thousands of residents. Other locations, furthermore, will also have the same experiences in the next few years.
The ULTIMATE Expat Guide to Phnom Penh
The ULTIMATE Expat Guide to Phnom Penh
June 6, 2022, 5:06 p.m.
Realestate News
Want to start living in Phnom Penh? You should. Over 80,000 expats have already moved to the Kingdom and life is good!ย The ULTIMATE Expat Guide to Phnom Penh covers all things you need to know before moving to the kingdom of wonder, thanks toย Realestate.com.kh, Cambodia's home of real estate.ย Real Expat Reviews:Firstly, letโ€™s see what some expats currently living here in Phnom Penh have to say:Daniel Santantoniou,ย an Insurance Broker originally from Geneva, Switzerland, who has lived in Cambodia for 20 months, says that โ€œthe best thing about living in Cambodia is the cost of living, business opportunities, overall growth in all sectors, proximity to the beach and the influence of Buddhist culture.โ€ Daniel lives in a one bedroom apartment, local Khmer style, with a view of Royal Palace and the National Museum. This costs just 430$/month, including water and cleaning once a week, which Daniel says is โ€œgood value for money given the location and view. However, we found serviced apartments way overpriced in Phnom Penh compared to Bangkok.โ€Alexander Evengroen, a Netherlandโ€™s native and a business developer, real estate professional and motivational speaker by trade, has lived and worked all over the world, including China, Singapore, Thailand, Ghana, Malawi, and now Cambodia... โ€œI have stayed in beautiful Cambodia for around 5 years. The best thing about living here is my beautiful Cambodian wife,โ€ says Alex. In terms of advice for new expat residences, Alex says that, โ€œsomeone moving to Phnom Penh soon needs to be open-minded and go further than the tourist attractions. Dare to explore more provinces and meet the fantastic people of Cambodia. The amazing food, the culture and so much more. Meet other expats to share experiences and join events to learn from each other - but donโ€™t only hang around them! See and feel the beauty of this great country.โ€ Alex lives in a beautiful spacious 5 bedroom, 5 bathroom villa home with โ€œall the needs and facilities you can dream of - Seldom do we get power cuts, and fully air-conditioned - in the Attwood area of Phnom Penh.โ€Filipino native Carmela Torres, a real estate marketer by day, band vocalist by night, has resided in Phnom Penh for 1 year and 3 months. She says, โ€œThe best thing about living in Cambodia is the affordable yet high quality of life (cheap cost of living). Also, the unique freedom to start a business and not get killed with taxes.โ€ โ€œMy advice for an expat moving here,โ€ says Carmela, โ€œwould be shop around to find the best deals on property and to always try to barter the price. Do not be overly anxious about safety and security when moving in Phnom Penh, and when it comes to healthcare I think the medical care facilities here have greatly improved, and many ailments can now be treated in Phnom Penh by foreign doctors and foreign-trained Cambodian doctors. Dental care is also professional and affordable. But have medical insurance in your home country in case of the worst! Finally, beware the heat!โ€ Carmela lives in a stand alone apartment in the BKK1 area, which she says is โ€œdefinitely good value for money: Centrally located, easy access and very close to everything.โ€Hayley Flack, a student instructor from London, has lived in Cambodia almost fourteen years. Hayley comments that, โ€œI enjoy my job and the easy going lifestyle of Phnom Penh. On weekends, the hardest thing is deciding where to eat - as there are so many great restaurants, and which gigs to go to. We are generally spoilt for choice. A piece of advice I would give is to stay calm and do not lose your temper. A smile will go a long way even when you get frustrated, which will happen.โ€ In regards to where you should live, Hayley explains that, โ€œI have lived in the same apartment for nearly ten years. The rent is very good and the landlord is very hands off, apart from when we need help. We live behind the University of Fine Arts. It is very good value for money. However, one thing I will say is the apartment next door and many others in our area lie empty. Why? Because the rent is more than double than ours. I don't understand why the landlords keep the rent high and therefore the apartments empty. I have had friends look at them and try to haggle the price, but they won't budge.โ€Adolfo Perez-Gascon, a Spaniard who has lived in Cambodia for 2 years already working as a journalist, thinks that, โ€œthe best thing about living in Phnom Penh is the fact that you have access to a big and vibrant community of expats, while also having the opportunity to interact with a very friendly and open local population. Living in Phnom Penh, you'll find that you have access to almost all western commodities and activities that you enjoy back home, but you are still in a foreign and exciting country; a country that you'll feel compel to explore and learn more about. In this regard, Phnom Penh strikes an almost perfect balance.โ€ Adolfo notes that, โ€œa lot of people move to Phnom Penh without a plan; they don't really know what they want to do here, and, of course, do not have a job waiting for them. They are lured to the country by lax visa requirements and the prospects of an easy life. My advice to any person planning the move to Cambodia is to come here with a job. Do your research, find an employer that you'll like to work for, and don't board that plane until you are sure of what you are going to be doing. Having a concrete plan of action will help you enjoy your experience in the Kingdom a lot more. Starting work right away will help you integrate into the community. I shared an apartment (with 2 other people) on the second floor of a traditional Khmer building located in the vicinity of the Genocide Museum. Rent is extremely cheap (we pay 400$/month for the whole apartment). Compared to my home country, this is an amazing deal. Put bluntly, you'll never find such cheap accommodation in Spain. The apartment is nice, spacious and comfortable. We have all the amenities that you'd expect of a modern house, including wifi and aircon.โ€A Little History That Ex-Pats Should Know:Cambodia has a rich history going back at least five thousand years. However, it was an experiencing a Dark Age from the 1400s until 1863.ย This Dark Age ended when the French came in and established a protectorate. Over time, this situation changed and Cambodia became a French colony. In the early 1940s, events that occurred during World War II weakened the French Colonial Empire. In 1953, Cambodia established itself again as an independent kingdom. Thus, from the 1940s through the 1960s, development in Cambodia was comparable to what was occurring in Vietnam and Thailand at the time. Unfortunately, the war in neighboring Vietnam negatively impacted Cambodia, resulting in sections of Cambodia being bombed by various parties, including the USA. This helped bring a group to power known as the Khmer Rouge. Most likely, you have heard the term "Khmer Rouge" and are aware that it has negative associations. They came to power in Cambodia in the 1970s, and, during their relatively short reign of terror, killed approximately a third of the country's population. These events affected everyone in the nation and still do. But this era was particularly hard on educated professionals, such as doctors, lawyers, and teachers. They were targeted first. Although these events are history, they are not yet resolved. The country is still struggling to heal its wounds from these events. The trials of the Khmer Rouge leaders for their atrocities started relatively recently and are still ongoing in The Extraordinary Chambers in the Courts of Cambodia (ECCC) located outside Phnom Penh. Additionally, the country developed the Tuol Sleng Genocide Museum and Choeung Ek Killing Fields in Phnom Penh. These are tourist sites aimed at educating the world, as well as a form of national therapy, helping the country to come to terms with these recent events.History and The Ex-Pat Community:Modern Cambodia was established in 1993. Thus, it is a relatively young nation, yet it has a long and rich history. The recent events detailed above have some of the following impacts on the ex-pat community today: 1) The tremendous recent loss of so many educated people is the primary reason that Cambodia has such a thriving ex-pat community. The country needs far more educated, skilled professionals to fill vital roles than it can supply internally. So, if you are an ex-pat living in Cambodia, you have been welcomed here to help with the recovery process that the country is still undergoing. 2) If you want to fit in and be comfortable in your interactions, it helps to understand the culture a bit. One of the take-aways from this short history lesson is that there is a significant French influence in Cambodia due to the years that it was a French colony. Another is that Cambodia is right now undergoing a process not unlike The Nuremburg Trials from some years ago, when European leaders were similarly tried for war crimes from World War II. 3) The country still has a lot of landmines and other visible scars from being embroiled in conflict for decades. It is wise to be mindful of potential danger in some parts of the country when you travel.Phnom Penh for Expats:As the capital and the largest city in the nation, Phnom Penh is a locus of the ex-pat community. Not only are there a lot of jobs here that are well-suited to attracting ex-pats, it has development more comparable to that of many western nations. This gives ex-pats the chance to find their comfort zone, anywhere from largely recreating a life similar to what they had in their country of origin to living much like a local for an especially broadening personal experience. The ongoing influx of foreign investment and foreign workers living here has brought with it western style businesses and amenities, plus international school amenities geared to the needs of ex-pat families. As with any big city, more development tends to lead to higher prices. However, going local can give you an exotic experience on the cheap, if you so desire it. Western style luxury apartments with all the amenities, and also serviced apartments -- such as a pool, gym and security -- can be had for $500-$3000 per month. Check out properties available NOW! Alternately, more authentically Cambodian digs can be rented for less than $300 per month. If your comfort zone involves organic, upscale food stores, you can find that for prices comparable to what you would pay at home. Or you can shop the local outdoor vendors (similar to western Farmer's Markets) for substantially less, often about half price. A western style coffee from a foreign chain can be had for around $3, while a cup of coffee from a local stall is typically well under $1. In fact, the first Cambodian Starbuck's recently opened in the Phnom Penh International Airport. If you just must have a taste of home, it can be found there at typical Starbuck's prices. There is plenty to do and see within the capital, including fine dining, live music, movies and other entertainment venues. But, living in Phnom Penh also gives you easy access to the recently expanded international airport and bus services, making regional travel very do-able for the more adventure-minded types. All of this means that an ex-pat living in Phnom Penh can live what would be a very upper class lifestyle in most large western cities, but on a relatively modest income. A housekeeper can be hired for about $5 per visit, making it affordable to have one come once or twice per week. A mid-price restaurant meal for two is approximately $15-20, about the same as or not much more than you would pay for fast food in many western cities. Plus, simply being here means that when you take a day trip or a weekend jaunt, it is invariably to see things that many westerners would only dream of visiting if they were incredibly rich.The Ex-Pat Work Scene:Most ex-pats in Phnom Penh live on anywhere from $12,000 to $60,000 per year. They are employed in NGOs, the hospitality and tourism sector, education, tech and business. Some are hired to come here. Others choose to simply show up and look for work. Simply showing up is not as crazy as it might sound. Cambodian visas have some of the most lax rules in the entire world, and being here allows one to find jobs via word of mouth that won't ever be advertised online. You can also check newspaper listings if you are here. Some people start by looking at online job listings. The two most popular Cambodian job sites are Bong Thom Dot Com and HRinc.How to Get a Visa:There is a low bar to entry here. Many people get a standard E-class visa by simply showing up. Airports and border check points both allow you to get one by filling out very nominal paperwork and paying a few extra dollars above what a tourist visa costs. For about $300, you can extend it to a year. However, in 2014, Cambodia passed a new law that requires foreign workers to have a government issued work book. This is really a responsibility of the employer, not the employee, and, so far, enforcement has not been stringent.Currency:It may surprise you to learn that US Dollars and Cambodian Riel are the predominant currencies here. In fact, most ATMs dispense US Dollars only (unless otherwise noted). With the exchange rate in the neighborhood of 4000 Riel to $1, it is typical for transactions to be made primarily in dollars, with "change" given in the form of Riel instead of US coins.Popular Ex-Pat Neighborhoods:A popular area for ex-pats is Boeung Keng Kang 1, 2 or 3. Don't worry! Everyone just abbreviates this as BKK 1, 2 or 3. The Russian Market and the Riverside area also have many ex-pats. BKK 1 and 2 are more upscale, with more amenities geared specifically towards foreigners. BKK 3 and the Russian Market both offer an attractive mix of western and local shops.ย The Riverside area is popular with tourists and has a number of bars and nightclubs. It is, perhaps, less family friendly than the other neighborhoods, but a good place to go if you love the nightlife. More recently, Tuol Kork is a neighborhood about 30 minutes out that is increasingly attracting ex-pats. As with other large cities, commuting to a suburb outside the densely developed downtown area is a good way to find places renting for much less money. Housing:In addition to the aforementioned luxury apartments and local style rentals, Phnom Penh also has French colonial architecture and western style homes tucked away on tree-lined streets. Single ex-pats who choose to share an apartment can find accommodations for as little as $150 per month. Those who choose to live on their own may pay up to $500 for an apartment, depending upon its size, location and amenities. Couples or families are typically looking at costs between $250 and $1000.Should I opt for a long or short term lease in Cambodia?ย Here are some pros and cons.ย If you go through a real estate agency to help you find a place, it shouldn't cost you anything as they are typically getting paid by the landlords. They can help you understand what is available and what is in the lease. Just like you would in other countries, it is not uncommon to sign a lease for a set period of time, pay a security deposit and your first month's rent prior to moving in.Hereโ€™s how to choose the right Cambodian real estate agent for you!Utilities:Although some landlords cover utilities for you, such as cable, water and trash, they typically charge you for electricity. The typical rate is around $0.25 USD/kilowatt. Read your contract before you sign. Some landlords may try to pad that. Make sure you understand your contract before you sign!English is Common:As with many countries, a lot of the locals speak English. This makes it easier to shop, dine and make friends than you might expect. Many shops and restaurants can assist you in English, even with local goods.Petty Crime:If you look like a well-heeled foreigner, you may find yourself the target of petty crime. This is pretty normal in less developed countries, but Phnom Penh is actually safer than Vietnam and Bangkok. Crime levels have gone up recently, but if you take reasonable precautions, this shouldn't be particularly more concerning than in any big city. Bag snatching is a minor issue in downtown areas at night, especially for western women. This also occurs from the side of Tuk Tuks at night, perpetrated by thieves on motorbikes. To be sure, make sure you keep your bag on the inside of you at all times.Learn more about home and personal security in Cambodia.The State of Medicine in Cambodia:Perhaps you have heard that you should "Go to Thailand" if you need medical care while in Cambodia.It was not that long ago that this was the standard wisdom in the ex-pat community, but medical care has come a long way in recent years. Increasingly, Phnom Penh has first rate doctors available, whether foreign doctors who came here to practice or Cambodian doctors who were trained abroad. Dental care is also comparable to that in more developed nations, while costing far less.None the less, some kinds of procedures may not be available locally. Thus, it is not uncommon for people to go elsewhere if they require certain things. Thailand is still popular, followed by Singapore and Malaysia. Bangkok is particularly popular for OB care. However, even after you factor in travel expenses, you will find that medical care in this region will generally be less expensive than what you would pay in the USA. To give you a general idea of the price range: Visiting a local emergency clinic for stitches, plus two follow-up appointments, can cost less than $300.Getting Groceries:Ex-pats can shop at modern grocery stores for many of the same amenities they would find in a western country, often at prices that are not substantially different, though there are certainly some notable exceptions. For example, apples and are not native fruits here. Since they are imported, they may be surprisingly expensive compared to the prices in your country of origin. However, many ex-pats enjoy checking out the numerous open air markets that dot the city. Similar to Farmer's Markets, these are a great place to get great prices on locally grown produce. Bonus: You may get a chance to learn some of the local language (Khmer) and it puts you directly in touch with local culture in a low risk, comfortable manner. You do not have to be too adventurous to partake of this ex-pat experience, while collecting charming stories to tell back home someday. Ex-pats may love the local outdoor markets with their fresh, surprisingly cheap in season produce, but for more perishable items, like meat and dairy, many ex-pats prefer to shop at stores geared towards western sensibilities. These are western style grocery stores with air conditioning and refrigeration for perishables. Unsurprisingly, they are more readily available in some of the same neighborhoods where ex-pats tend to concentrate, such as BKK 1 and 2 or the Russian Market. You may especially enjoy the lingering French influence that is clearly present at such places. Their bakeries routinely carry croissants, baguettes and other authentic French style baked goods. Most ex-pats can find all their familiar favorites, just like back home. If you are feeling a bit homesick, you can just stock up on all of your "normal" foods and cook at home, giving some of the local eateries a rest for a bit. Then dip back into Cambodian culture again at will, whenever you feel like it.Wine and Spirits:If you are fond of good alcohol, it is surprising how readily available and affordable such things are in Cambodia. Many familiar brand names, such as Absolut Vodka, are readily available, usually for under $20. You can find wine shops and craft beers. There are bars and restaurants that will serve you cocktails. Happy Hour often means cocktails are half price. A can of local beer from a local shop is astonishingly cheap. You can also find experiences such as weekly rum tastings.Local Transportation:Within Phnom Penh, ex-pats and locals mostly travel by hiring tuk-tuk and "motos" (local slang for motorbikes). Tuk-tuks are carriages pulled by a motorbike. Going across town via tuk-tuk should cost around $5. Shorter trips within the city will be less.If you are traveling alone, you can catch a ride for a small fee on a moto. This will be cheaper, but more of an adventure. They are not particularly regulated here, thus most drivers are engaging in a casual form of unregulated entrepreneurship. Pretty much anyone who owns a motorbike can hire themselves out. They do not usually provide helmets for their passengers. Of course, they typically do not wear a helmet themselves either. Taxis can be found, but they mostly service the airport. If you really want a taxi, you should call and arrange one. They do not typically cruise the city looking for passengers, so it is not realistic to assume you can readily flag one down. In 2015, local bus service was established in the city. Unsurprisingly, given how new the system is, routes are limited and service is not yet reliable. This is something to look forward to for the future, but not something you should count on for basic transportation just yet.Travel Outside of the Capital:Phnom Penhโ€™s International Airport is still being upgraded. Its ongoing expansion has added more international flights, both to and from the capital. There are multiple daily flights to Bangkok, Thailand, and Ho Chi Minh City, Vietnam for less than $100. For about $50, you can take an Air Asia flight to their Kuala Lumpur hub, and from there go on to other parts of Asia. Although the local bus service is in its infancy, regional bus service has been around for some time. Thus, it has had the opportunity to mature. Typically for less than $20, you can find air conditioned buses to most parts of the country via Giant Ibis. For not much more money, it is also possible to find buses that will take you to a bordering country, such as Thailand. If you wish to go someplace not on an established bus route or you wish to retain additional control over your schedule, for a bit more money, you can also hire a car and driver to take you anywhere you wish to go.A Magnet for Foreign Nationals:Phnom Penh has much of the charm and opportunity that our parents found in so many places around the world, but which is nearly non-existent these days. This unusually low cost cosmopolitan city offers ready access to relatively obscure, exotic regional destinations. Plus, it has economic access to major markets, such as India, China and Australia. This makes it one of the few places left in the world where educated people from more developed nations can find abundant career opportunity while living like they are on a permanent vacation.Retireeโ€™s Mecca:InternationalLiving.comโ€™s Annual Global Retirement Index has just named Cambodia as 1 of 3 top retirement destinations worldwide. The retirement index seeks to compare and contrast retirement destinations around the world โ€“ all of which are exhibiting relatively low costs of living by global standards. Retiring in weaker economies is becoming a global trend for expats from more expensive, developed economies, as the relative costs of living in cheaper retirement destinations guarantees a better quality of life for pensioners.ย In the past 10 years the Kingdom of Cambodia has become one of Southeast Asiaโ€™s most up-and-coming destinations for tourists and expats looking to enjoy the exotic charm of a country that also offers the most attractive cost of living in Asia.Cambodia has flexible visa requirements for citizens of Western countries who can obtain annual long-stay visas with a minimum of paperwork and a processing fee of just $285 per year. When you get there, everything from entertainment to renting is very affordable in Cambodia. Meanwhile, the Cambodian government looks set to make it even easier to retire in the Kingdomโ€ฆMeanwhile, the government has released plans to increase Cambodiaโ€™s attractiveness as a destination for foreign retirees, according to a draft policy from the Ministry of Tourism obtained by the Cambodia Daily. โ€œThe draft includes a range of proposals to extract more income from Cambodiaโ€™s tourist industry by encouraging foreigners to buy property and stay longer in the country, with involvement from the ministries of tourism, finance and land management,โ€ said the Cambodia Daily report.The proposed policies are said to include measures such as the development of โ€œspecial residencesโ€ throughout Cambodia with commercial tourist properties and a wide range of useful facilities. โ€œSpecial touristsโ€ such as retirees would have the right to buy, rent or sell property in these special residences, and also be entitled to longer-term and more flexible viยญsas, according to the draft of the policy.Enjoyed the Expat guide to Phnom Penh?ย Learn more about real estate investment in Cambodia!
Real Estate News Recap, April 26 2016
Real Estate News Recap, April 26 2016
June 6, 2022, 5:06 p.m.
Realestate News
Welcome to another real estate news recap, from Realestate.com.kh - your leader in property information!ย Keep up to date with market changes, and be an investor with FORESIGHT!ย Cambodia Microlending Industry Expands:As the consumer economy grows, many foreign investors are thinking it wise to establish businesses that would be mutually beneficial for both them and Cambodia. One of the interested companies who want a slice of the pie is Japanese-owned Mothers Financial Japan Plc. The microfinance institution aims to give Cambodiaโ€™s microlending industry a competitive edge as it introduces lower monthly interest rates of 1 to 1.8 per cent. This will provide access for 20 to 30 per cent of the 3.4 million families who are still in need of financing.Five More Protected Forests in CambodiaFive forests that were previously owned by the ministry of fishery, agriculture and forestry are set to be made into protected forests as part of Cambodiaโ€™s efforts toward biodiversity. Minister Say Samal said that this plan was developed roughly two-and-a-half years ago but had only been approved recently. ย Though environmentally geared towards biodiversity, this also means that thereโ€™s one less area where infrastructural developments can be made. Will the government decide in the long run that this wasnโ€™t such a good idea and will this affect major investment in potential businesses? We hope not.Cambodia Gives Multilevel Marketing a Chance?Multiple advisories were released before by the Securities and Exchange Commission of Cambodia regarding MLM scams and abuse, but it seems that Malaysian-owned company Zhulian Corp Bhd may be able to convince them otherwise. With plans of business expansion, Zhulian Corp Bhd is eyeing on Cambodia and Laos as another location for investment. With the decline in demand in Thailand, the company suffered substantial loss but ultimately gained thrust once more when they decided to make a few more investments with outside entities and business partners. Zhulian Corp Bhd carries items like jewelry and gadgets. Having said this, it may not be far off too that they would adjust their business model and profit from the countryโ€™s growing real estate industry.Preview of Stars of Kovan While Cambodia has had its fair share of profits and loss, Singapore is making headlines as they finally unveil their first commercial development thatโ€™s British-inspired. Though a new development concept may not appeal to the general public, itโ€™s estimated to have a grand total of 390 condominium units, five strata houses and 46 strata shop units that will ensure profit for its developers who plan on completing the project by 2020.ย From Cambodia to Thailandย  Itโ€™s been no secret that there is tension between Thailand and Cambodia, most especially with regards to Preah Vihear where Cambodian officials had closed the Thai entrance to the Hindu temple complex. This is one of the reasons why Thai soldiers decided to create a scale model of the complex along their side of the border. They hope to attract more tourists to their side as the months go by. Though Thailand may have waged a big game of tug-of-war against Cambodia with its tourist population, Cambodia is still a force to be reckoned especially when it comes to real estate. Research shows that there was a 60 per cent increase in condominium prices since 2009 in Thailand but is still relatively cheap while Cambodia remains to be competitive in terms of its real estate financial affordability.
Make your money work for you, with Hong Leong & Realestate.com.kh
Make your money work for you, with Hong Leong & Realestate.com.kh
June 6, 2022, 5:06 p.m.
Realestate News
Realestate.com.kh is extremely proud to be working together with Hong Leong Bank of Cambodia to make your dreams of owning a home a reality. We want to help all Cambodianโ€™s leverage their finances effectively to improve their life, and the life of their families, today! Through this unique partnership, we want to help all Cambodianโ€™s manage their finances effectively to afford the things most important in their lives, ensuring sustained prosperity for businesses, households and the families within - and help you spend less time worrying about money, and more time enjoying your life. Hong Leong Bank (Cambodia) Plc. or HLBCAM is a wholly owned subsidiary of Hong Leong Bank Berhad โ€“ one of the leading banks in Malaysia. HLBCAM further cements Hong Leong Bankโ€™s legacy of meeting the evolving needs of customers by offering a broad range of banking and specialized financial services in Cambodia. Relating to their home loan product range, HLBCAM has a 20 year home loan and home investment loan, a 10 year home equity loan and a 10 year commercial mortgage loan all allowing you to borrow up to 70% of market value. Living up to the Groupโ€™s tagline of โ€œReaching Out to Youโ€, the Bank reaches out to its customers in Cambodia through its inaugural head office branch and Priority Banking lounge, strategically located in the heart of the city and 4 other supporting branches throughout the busy Phnom Penh districts. Hong Leongโ€™s vision in Cambodia is to become Cambodiaโ€™s โ€˜preferredโ€™ financial services provider among the leading banks, and our mission is to partner with our targeted business community. Hong Leong strives to help create better value as we fulfill our customersโ€™ financial needs with the highest level of integrity and professionalism, where our highly capable people make the difference. A standout feature of Realestate.com.kh is being able to apply for a home loan directly โ€“ and you can even use our clever home loan calculators to work out how much you will likely need to loan, based on the price of the property you are considering. Once you know the value of your dream house or commercial property, with Realestate.com.kh you can apply for a loan directly to Hong Leong with the click of your mouse.ย This process makes getting a home loan easier than ever before โ€“ all from the comfort of your home, office and even from your mobile phone! Find out more today about how you can finance your dream home with Hong Leong and Realestate.com.kh, Cambodiaโ€™s home of real estate.
TK Royal One: Modernity has arrived in Phnom Penh
TK Royal One: Modernity has arrived in Phnom Penh
June 6, 2022, 5:06 p.m.
Realestate News
With over 30 years of experience in the property development business, the Taiwan-based TC Royal Manor Co., Ltd. steps back into the Cambodian prime developmentโ€™s market with their latest project: TK Royal One. TK Royal One started construction in early January 2015 and is slated for completion by the end of 2017. The project is located along the cityโ€™s main artery street, Russia Boulevard - well positioned in front of the renowned Royal University of Phnom Penh. The new project is also conveniently backed onto street 122, meaning easy access off the main road for those using the extensive car parking facilities.On your doorstep, find great cafes and eateries, such as Brown Cafe, the Pizza Company and the TK Avenue shopping plaza and cineplex. And for International buyers and those that work in Phnom Penh, TK Royal One is just a 10 minute drive to the Phnom Penh International Airport and the Phnom Penh Special Economic Zone. The project offers both office and residential units, providing state-of-the-art amenities suited to a modern urban lifestyle. Freehold ownership is available to both local and foreign buyers, with prices starting from $2,800 per square meter. And there are more than just condos and offices in this new project - all tenants will enjoy fully managed services such as the gym center, swimming pool and rooftop garden overlooking the entire city. Luxury, security, privacy are the hallmark features of the International Grade TK Royal One project.Taste a life that is defined by modern living - and donโ€™t miss out on this great investment opportunity. Inquire with the professional sales consultant team today!