A study of the Cambodian condominium market shows that buyers and developers often forget to take into account the internal regulations and the management of a condominium before purchasing or selling condominium units.Failure to do so can strongly affect the real estate asset, as internal rules and condominium management can have significant impacts on the value of the units.Some clarifications on the Condominium Law in Cambodia:Since the enactment of Sub-Decree No. 126 on the Management and Use of Co-Owned Buildings, dated 12 August 2009 (“Sub-Decree No. 126”), and the Law on providing Foreigners with Ownership Rights in Private Units of Co-Owned Buildings, dated 24 May 2010, the development of condominiums have significantly increased in Cambodia and, in particular, in Phnom Penh.Indeed, many developments, driven by international and domestic developers, have already been completed and many others are currently in construction with plans to be delivered in 2017 and 2018.  As a consequence, the real estate market in Cambodia provides potential buyers with a lot of options. However, before deciding to purchase, any potential buyer will have to consider various factors, such as the location of the condominium, the description and quality of the materials used, the size and price of the unit, the identity and experience of the developer, and the construction insurance policy.Two others factors, often forgotten, must also be reviewed as they can have a significant impact on the value of the unit and on the sought-after quality of life in a condominium: the internal regulations and the management of the condominium.The internal regulations are essential for a condominium and that is why these regulations are compulsory towards all current and future unit owners. They define the rules of life within the condominium and, in particular, the organization and functioning of the condominium on both legal and practical levels.The purpose of the internal regulations are also to set out the rights and obligations of the unit owners, to define the common areas and the private units and determine their conditions of use, to organize the management of the condominium and determine how expenses, in particular related to the cleaning, maintenance and repairs of the common areas, will be shared by the unit owners.The Royal Government of Cambodia understands that the internal regulations must be reviewed by a potential buyer before that buyer may decide to purchase a unit. Indeed, Sub-Decree No. 126 provides that the internal regulations must be issued at an early stage of the project (i.e. “before announcing the sale or rental of the private units of the co-owned building”)Another indicator of the importance of the internal regulations is the fact that they are required by the Land Office for the registration of the condominium and the issuance of the title certificates for each unit.Therefore, developers and buyers cannot overlook this document which will be in force during the whole life of the condominium and which may be used to resolve many issues which may arise between unit owners in a condominium or between a unit owner and the condominium itself.  It is, therefore, important that the language of the internal regulations be comprehensive and precise to allow for the amicable and efficient resolution of any problem that may arise. Sub-Decree No. 126 provides in its appendix a template of internal regulations.However, this template is very brief and fails to cover many topics such as the use of the common areas, the creation of a contingency fund, the security of the condominium, the powers and responsibilities of the management board, the holding and decisions of the general meeting of the unit owners, and the insurance policies of the condominium, etc.Consequently, it is highly recommended for developers to request the assistance of a professional (especially lawyers) for the drafting of their internal regulations in order to have a clear and comprehensive document. This will improve significantly the quality of the condominium and will surely give comfort to potential buyers.Furthermore, it is also recommended, before purchasing or selling in a condominium, to take into account its management.Indeed, proper management is essential for the good and efficient operation of the condominium so as to not negatively affect the value of the units.Sub-Decree No. 126 provides that a condominium should have a management board or an executive committee set up to manage the condominium but the sub-decree does not specify when the committee or board should be set up and if they are able to delegate their powers. Therefore, the unit owners are free to choose their mode of management and to organize it in compliance with their internal regulations.Generally, two options are offered to the unit owners for the management of their condominium. Unit owners can decide either to assume the management functions themselves or they can decide to appoint a third-party property manager who will bring its knowledge and professional expertise.We have seen in Europe, America and Asia, many cases of bad condominium management due to a lack of qualifications and experience. In these cases, the cleanliness, the maintenance and all necessary repairs and works may not be carried out in time. This always leads to deterioration or damage to both the common areas and private units. This will, of course, ultimately increase the expenses for the unit owners compared to the sums paid for proper maintenance and timely repairs.  We are also aware of many cases where the fees are not collected on time or where many mistakes have appeared in the accounts of the condominium or where inaccurate budgets have been adopted.All these examples of bad management have always for consequence an increase in the expenses and stress for the owners of units and a decrease in the value of the units. This also almost undoubtedly leads to a unit owner who wishes to sell or rent the unit receiving lower value than where proper management is in place.  Therefore, it is recommended to appoint to management qualified people who have the experience and systems in place to handle financial, legal and technical issues and have resources and relationships to ensure that the condominium runs efficiently.The duties and obligations of the property manager will depend on its mandate and the provisions of the internal regulations. A property manager can be responsible for day-to-day management duties, including ensuring compliance and enforcement of the internal regulations, carrying out the technical management and all necessary maintenance, work and repairs, preparing the agenda for the general meetings and the annual budget of expenses and collecting the condominium fees from the unit owners.In conclusion, we would like to highlight that the drafting of the internal regulations and the right management choices are crucial in order to preserve the value of the condominium units and to ensure that the building runs successfully. A high quality condominium building alone is not enough to attract quality buyers and to provide the sought-after quality of life in a condominium.  Clear and comprehensive internal regulations linked with highly qualified management and a high quality development will attract investors and tenants.ON THE AUTHORSING Sophealeak and Charles AMAR, lawyers at Bun & Associates, advise domestic and foreign clients seeking expert advice and innovative solutions in dealing with significant and complex transactions involving both raw and developed properties.  Their work includes advising on all issues relating to real estate investment, project development, construction, asset management. Our real estate team has also hands-on expertise and experience in advising clients on matters related to economic land concessions, special economic zones, agriculture, the environment and mining.For further information, contact: Fax: +855 23 999 566Telephone: +855 23 999 567Website: www.bun-associates.com E-mail: ing@bun-associates.com / amar@bun-associates.comAddress: Bun & Associates#29, Street 294, Phnom Penh, Cambodia, P.O. Box 2326This publication is for your information only. It is not intended to be comprehensive and it does not constitute and must be not relied on as legal advice. You must seek specific advice tailored to your circumstances. Any use of the information contained in this article or the receipt of this article is not intended to create nor does it create a solicitor-client relationship between you and Bun & Associates. Unless otherwise indicated, Bun & Associates owns the copyright of this article. If you seek to reproduce or otherwise use this article or any part of it in any way, it is your responsibility to obtain approval for such use where necessary.Interested to purchase properties with high appreciation poteential? Check out our investor guide on the topic!

Serving as a stronghold for political and economic stability for seven decades, the Kingdom of Thailand is now at a standstill as it grieves the loss of King Bhumibol Adulyadej – the world’s longest serving monarch. The King, who also served as Thailand’s main father figure, passed away yesterday at 2:52pm, Thailand time. The Royal Household Bureau characterized it as a peaceful death.Dealing with Uncertainty:Meanwhile, as crowds gathered at the hospital to show their sympathy, many are also concerned about economic changes arising from a new leadership. The King’s governance had brought about both political and socio-economic stability for the past decades. Some fear that foreign property investors in Thailand, a traditionally popular market in the region with attractive returns on investment, will see this small window of uncertainty as a foreshadowing of a decline in the market.Alex Evengroen, ceo of real estate firm Key Real Estate Co., Ltd., weighs in on the situation and says, “The challenge in Thailand’s real estate industry will be to keep improving and moving forward for foreign as well as for the local investors in Thailand. We will have to wait and see if in the near future the policies in Thailand will stay as it is or will become more flexible for people worldwide.”Property Investment Moving With or From Thailand?Although mixed perspectives are being drawn from this unfortunate event, some experts are hinting that potential investors may choose to place their money in nearby emerging countries like Cambodia until these uncertainties are eliminated and stability is once again ensured.Bobby Peoples, Country Manager of HomeConnect  Cambodia – a premier expat home search company – explains, “Due to the death of King Bhumibol Adulyadej, the military junta must show the Thai people during the following period of uncertainty that they can provide security, stability and political reconciliation. If they fail, both Thai investors and foreigners looking at property investment in Thailand may look to Cambodia as a safer option. Although this remains to be seen.”Evengroen, however, remained skeptical. He explains, “As a specialist in the Real Estate industry I do not think it will affect the Real Estate market in Cambodia due to the fact that not many Thai investors or homebuyers have invested in the real estate sector in general.”But Evengroen remains hopeful. He continues, “I hope that in the near future both countries will come together and discuss potential opportunities for the industry what hopefully will improve the ties and strengthen relationships for the future.”The world has lost a great man, and Thailand has lost the father of its people, but is it also about to lose an economic battle? The next few days are critical, and people will be at the edge of their seats, anxiously waiting as Thailand enters into a new chapter of its history.  Keep up with the latest real estate news, every day of the week!Click here to download your free copy!

Within the past two decades, different forms of land titles have popped up. Transactions have made a steady change as a result of that.And Grant Fitzgerald – Country Manager of IPS Cambodia – gives a bit of an overview on each type of title during his recent talk with Realestate.com.kh.Soft Land Titles in Cambodia:Fitzgerald mentions that soft titles are the most common form of land ownership. Around 85 percent of all properties in Cambodia are owned through a soft title and are registered both at Sangkat and Khan – council and district – levels only. He mentions that soft titles are transferred in less than 10 working days at a low cost.Hard Land Titles in Cambodia:Fitzgerald explains that hard titles are “the strongest form of ownership here in Cambodia.” Hard titles are registered at a national level – through the Ministry of Land Management, Urban Planning and Construction. Transfer of hard titles are done at the cadastral office and usually takes 12 weeks to complete. You also have to pay a 4 percent transfer tax.LMAP Land Titles in Cambodia:Fitzgerald explains that the LMAP or the “Land Management and Administration Project” came into existence in 2002 with the help of the World Bank. He says that the project was designed “with the idea of improving the quality of the information on the property titles here in Cambodia.”Similarly, the transfer costs and timeframe are almost the same between LMAP titles and hard titles. The difference though is that LMAP titles are anchored on GPS points and are aimed towards more rural geographical locations.Co-ownership “Strata Titles”:Fitzgerald explains that “strata titles are available for foreigners, where the others aren’t.” He also mentions that strata titles have a much more specific set of qualifications. Among these qualifications is the restriction of foreign ownership of up to only 70 percent of a building, provided that it does not touch the ground floor. It’s only applicable for buildings built after 2010 and should not be within 30 kilometers of any national border.Strata titles are also recognised at the Ministry of Land Management, Urban Planning and Construction.  And both transfer time and transfer costs are similar to Hard titles and LMAP titlesCheck out IPS properties for sale and rent on Realestate.com.kh today!

Siem Reap is a relatively small town with big benefits, having a wide variety of properties such as villas for sale and villas for rent around the area. This is according to the Independent Property Services Country Manager, Grant Fitzgerald, during his interview recently with Realestate.com.kh. He also gives a brief background and what he thinks about the villa market in the Siem Reap area.Are Villas in Siem Reap Readily Available?Fitzgerald says there are a lot of affordable villas here, some with a gardens and two to three bedrooms. These start at about $450 per month. Adding amenities such as a pool would increase this to around $1,200 a month. He adds that there are also new standalone villas, as well as villas inside gated communities - boreys - that are also coming up. He describes them as having gardens, pools, parking spaces, security, and being well-designed. These, according to him, makes Siem Reap an attractive area for both locals and expats looking for the villa life.Why Are There More Villas in Siem Reap Than Phnom Penh?Land prices remain lower in Siem Reap, according to Fitzgerald. This makes it affordable for expats and locals who plan on owning family-oriented properties. He also says that Siem Reap has traditionally been a relaxation and vacation destination for locals and expats. Holiday homes owned by locals in Siem Reap become rental properties for most of the year that the family isn't using it. These properties become rental villas, usually targeting affluent expats, for additional income.What Are the Pitfalls of Buying or renting villas in Siem Reap?Amidst the positive outlook towards villas in Siem Reap, Fitzgerald says that the major drawback of purchasing a villa is the maintenance and utility costs. Comparing it to the serviced apartment market, he states that there’s a huge responsibility that comes with villas. People don’t realize how much work, time, and money they are actually supposed to put into the property in order to maintain it. This task is even bigger when you decide to take on a villa with a pool or garden.Find the best villas in Siem Reap now! villas for sale and villas for rentClick here to download your free copy!

The Municipality plans to build a bridge across the Tonle Sap River to connect from Chroy Chongva Peninsula  to the Russey Keo area in Kilometre Number 6. On October 7th,  2016, The Municipality of Phnom Penh organized a meeting with officials to discuss a plan to build a new road and remove the old railway. Meanwhile, in terms of the construction of a new bridge across the Tonle Sap River, Pa Socheatvong – Governor of the Municipality of Phnom Penh – said that "the budget for the construction of a new bridge has already been prepared, and the construction will start soon."He specified that in the  next step, technical experts will conduct a study of the area and location conditions to ensure that both the east and west ends  will benefit in terms of traffic and the interest of the local population. As of now, the east side is being developed as a satellite city.He said, "The project for the west riverbank of the new bridge will be built on the old railway in Sangkat Russey Keo, Khan Russey Keo, across Route 5, and across the river, towards Street No. 70, Dam of Toul Kork.The governor mentioned that in order to tackle the negative impact of the traffic and to accelerate the process of the building, local authorities will cooperate with the Ministry of Public Works and Transport to take out the old railway and replace it with the construction of a concrete road, measuring 30 meters wide, with a total length of 6 kilometers.He said when these two projects are completed, it will ease the traffic congestion at the entrance in Phnom Penh. This will make it more convenient to travel along National Road No. 5 at Kilometre Number 6, toward the Bridge of Chroy Changva. This will especially benefit the people in the Russey Keo area, who used to cross the Chroy Changva Bridge.Regarding the new project, In Setha, Advisor of VTrust Appraisal, believes that the project will be completed because it was thoroughly discussed as part of the government’s strategic plan for the area.He explains that there are currently only two national roads in the city that serve as entry points – Road No. 5 and 6. In some occasions, such as Phchom Ben Day or Khmer New Year, the traffic worsens. So, building the new road or bridge will help ease the traffic situation, both in the area and the whole city.He continues to say that building this new bridge is important to the local people. When the bridge construction is completed, another commercial road will follow. And this will bring more business on the road side. Some anarchic houses will also be removed, and more developments will reach the area.After the planning of the new bridge is completed according to the standards of the government, there will be 4  bridges across the Tonle Sap River; 2 in Chroy Changva, the Bridge of Prek Phnov, and this new bridge project in  Khan Russey Keo.Find out more the recent development news in Cambodia with Realestate.com.kh!   Click here to download your free copy!

Sihanoukville International Airport (formerly Kang Keng Airport) was established in the 1960s. After the Khmer Rouge period, services in the airport stopped until it started operating again in early 2007. But it wasn’t until 2011 that a scheduled service was formally done.A tri-weekly trip from Siem Reap’s Angkor International Airport began in December of 2011, where it was further adjusted in 2013 to accommodate trips from and across Sihanoukville, Siem Reap, and Phnom Penh.Mr. Sin Chansereyvutha, the Director of the State Secretariat of Civil Aviation said that Sihanoukville Airport is the largest airport in the country, which may be the case for the next 10 to 15 years.He explains that the economy of Sihanoukville had increasingly grown stronger, thanks to the economic contributions of the business sector, industry sector, transportation, imports and exports, and tourism. Sihanoukville is becoming a region of great potential as well for the real estate sector as the region was transformed into a special economic zone. Another important factor is the Sihanoukville Autonomous Port, an international port. This is key for economic growth.In addition, Sihanoukville is also a tourist destination for both local and international tourists, with the Sihanoukville International Airport offering convenience and comfort to travelers.There are also domestic and international flights going to Ho Chi Minh City, Phnom Penh, and Siem Reap, along with options to take private aircrafts and helicopters.The Sihanoukville International Airport also has the same geographical environment as the airports in Japan, Hong Kong, and Singapore, where they are near the ports and the sea.Find out more about new development on Realestate.com.kh !Click here to download your free copy!

Habitat Condos are a unique collection of boutique condo units, located across 14 floors, on cosmopolitan Street 21, of Phnom Penh’s Tonle Bassac district.With their showroom now open - and the opportunity to take possession as soon as November - Habitat Condos represents an assured asset with no uncertainties. Moreover, with the strata titling process underway, Habitat Condos is able to guarantee full freehold ownership upon signing and handover.Constructed to international standard and quality, Habitat Condos meets all embassy employee guidelines, with fire, electrical, security and construction standards of first-world quality and safety.   The developer, Intan Kosem, Cambodia born - educated in Australia, Switzerland and the USA - brings a homegrown sensitivity to Habitat, along with an international appreciation of quality and delivery, all underpinned by  a passion for living spaces that are sustainable and harmonious. Co-developer, Michael Davitt brings to the project his vast experience in construction in Australia.Reassuringly, with DK Sanctuary Apartments as a benchmark for the developer, the quality of construction, maintenance and property management services at Habitat are guaranteed. The company’s previous residential project, DK Sanctuary, also in Tonle Bassac, has maintained a consistent 95% tenant occupancy since opening in 2010. Its residential apartments are presently home to diplomats, CEOs and other senior managers. Strong occupancy levels, backed by testimonials, and a proven rental and property management record—along with the integrity of the construction—underline the developer’s ability to deliver a high-yielding investment in a competitive residential market.With experience in designing the Hard Rock Café in Siem Reap and Audi Showroom in Phnom Penh, Claire Croste of JPMC Architect & Consultant Ltd. has brought a wealth of experience to the Habitat development. With reputable builders, MEP contractors and designers (e.g., SpaceLogic from-Singapore, Luxury Machine -hotel and condominium security and access control) working alongside her, the outcome has been a residential development that sets a new benchmark for design and lifestyle within the cosmopolitan environs of Phnom Penh.  All units include beautiful hardwood floors, harvested from sustainable forests in Cambodia by a reputable international company, with full line traceability. Electronic key systems come standard, with CCTV throughout, and fire-fighting systems and codes in place, complemented by smart TV connections and ceiling ducted A/C systems in all units.Also inclusive to the property are dedicated community areas which include a rooftop saltwater swimming pool, gym, and a BBQ area on the upper rooftop. The top floor duplex units offer stunning views and benefit from a private direct access to these facilities.All buyers are guaranteed unobstructed views as neighbouring properties comprise new low-rise residential housing (30-40 meters) along with manicured areas of green space (an increasing rarity in downtown Phnom Penh). Habitat’s Tonle Bassac location is ideal, with Aeon Mall, Nagaworld, the newly opened Naga Walkway with luxury duty-free shops, Nagaworld II hotel and casino, and the capital’s famed riverside a walk or a short tuk tuk away. While, with the rest of Tonle Bassac on your doorstep and BKK1 just minutes away, the entertainment and dining options are as boundless as they are unique.The Numbers: The average net price is $2780/m2, at a medium gross price of $1750/m2, with a range of unit sizes and styles available, sized between 87m2 to 186m2 (for inclusions, please visit us at showroom or consult the detailed SPA).With a rental rate of return between 8% 10% and no marketing gimmicks, the developer offers a finished product and an honest appraisal of its worth:  “What you see is exactly what you get!” Ready to live, or ready to rent—the choice is yours.The developer’s moto is ‘Our Habitat is Your Home’.You can contact them today at 010 927 450 / 017445083 info@habitat.condos, visit them on www.habitat.condos or www.facebook/habitatcondos and book a showroom visit.See the full Habitat Condo listing!

In Realestate.com.kh's Insider Analysis, real estate market leaders share their outlook on the 2016 Cambodian real estate market.    Sam Yang, ceo of Eastland Development HK Co. Ltd.1) What has been the overriding trend in the Cambodian real estate market of 2016 so far, and what has been the effect of this trend on the current market outlook?“I'd say the increased interest in landed properties and commercial real estate. In Cambodia the value of landed properties is largely driven by the increase in land prices. However, it is expected that during the Cambodian elections next year there will be a cooling trend regarding the land market. The price of landed properties is expected to remain relatively stable though they may drop slightly.As for commercial real estate, I believe the market will remain strong due to the great demand exceeding supply, especially towards the so-called “grade B” offices. Moreover, traditionally foreign enterprises or funds prefer to purchase or invest in projects near completion. As there will be only a few commercial buildings finished next year, I believe that the demand will drive this particular market upward.”2) In your opinion, what is one facet of the market that is most in need of development right now - and that you believe is crucial for the long term health of the Cambodian real estate market? Why? And how might this be achieved?“Education of investors is the most crucially needed factor to maintain a healthy market in the long-term. This is because so many non-Cambodians do not have a clear understanding about this country or even Phnom Penh. As for locals, they don’t yet appreciate fully the benefits of living in a condo. I suggest that there is a strong need to increase this country’s exposure to the rest of the world via advertising abroad, introducing the beauty of this country. And that’s something that the government can lead on and coordinate with the private sector in order to achieve success.”Ross Wheble, country manager of Knight Frank (Cambodia) Pte Ltd.1) What has been the overriding trend in the Cambodian real estate market of 2016 so far, and what has been the effect of this trend on the current market outlook?“One overriding trend that we have witnessed so far in 2016 is the increasing amount of investment coming from China.Previously, Chinese investment was mainly focused on infrastructure and construction contracts, but there has now been significant investment by Chinese developers into Cambodia, a lot of which is being invested in Sihanoukville and the hospitality/gaming sector.Whilst there have been concerns raised regarding the condominium market in Phnom Penh, Cambodia is still an attractive investment destination and Sihanoukville seems to be the next hotspot, which is largely being driven by improving infrastructure.Sihanoukville represents not only a tourist destination with much potential but also a key economic hub with Cambodia’s only operational deep sea port and several Special Economic Zones, and this will drive demand across all real estate sectors in the province. The medium to long term prospects for Sihanoukville are very promising; this is highlighted by the recent announcement that the five star luxury resort operator, Six Senses, will be operating an island retreat on Koh Krabey, scheduled to open in 2017, in addition to several global hotel chains eyeing up the coastal destination.”2) In your opinion, what is one facet of the market that is most in need of development right now - and that you believe is crucial for the long term health of the Cambodian real estate market? Why? And how might this be achieved?“Cambodia’s real estate market is still at a nascent stage of development and teething problems along the way are to be expected. However, a key area of focus for any developing country should be infrastructure. This includes both hard (physical infrastructure; such as roads, railway networks, mass transportation systems, utilities) and soft infrastructure (the education system, healthcare system, financial system) - and it is well documented that infrastructure development is important not only for economic growth but also for poverty reduction which, in turn, increases demand for real estate over the long term.The Government has certainly been making progress in this regard, with numerous major infrastructure projects having completed, commenced construction or been announced during the past few years, but there needs to be an overarching infrastructure policy to set the proper framework.A key obstacle to overcome is the funding of such projects, which is particularly relevant in developing markets. One way to tackle this is through planning policy, which is another area that needs to be addressed to improve transparency in the market. In developed markets, it is not uncommon for developers to be required to make significant contributions to infrastructure improvements to ensure that the impact of high density development on the existing infrastructure network is mitigated. With the increasing number of development projects being announced in the Kingdom’s capital, this is certainly an area that needs to be reviewed.”Matthew Rendall, senior partner at Sok Siphana & Associates, a member of ZICOlaw1) What has been the overriding trend in the Cambodian real estate market of 2016 so far, and what has been the effect of this trend on the current market outlook?“I think the residential condo development has remained the overriding trend.  This has been followed by the residential/retail mixed developments. The effect has been to broaden the areas of Phnom Penh where the expat community is considering residing. Whereas this was previously concentrated in the downtown BKK area, now it is common to see people considering residential offerings on the outskirts of town – out toward the airport as well as over the bridges. It has effectively expanded the expat residential area of Phnom Penh.”2) In your opinion, what is one facet of the market that is most in need of development right now - and that you believe is crucial for the long term health of the Cambodian real estate market? Why? And how might this be achieved? “Not sure on this point. However, what is crucial is the need for developers to organize a working exit strategy.  I.e. The long term management of the apartments blocks once the development is finished and completely sold. There needs to be a development of the owner-run body corporate culture (where owners come together as the management body and control the sinking fund etc).  Failing this, the developers either have to manage the apartments blocks in perpetuity or risk the development falling into disrepair. Buyers will start to look at developer's previous developments and judge them by how well they are managed (when deciding whether to buy into a developer's subsequent development).”Hoem Seiha, research director at VTrust Appraisal Co., Ltd.1) What has been the overriding trend in the Cambodian real estate market of 2016 so far, and what has been the effect of this trend on the current market outlook?“For Cambodia’s real estate market of 2016, a notable trend has been a flooded market supply of housing, namely condominium, borey landed housing units, and plot land parcels - all creating daunting competition among developers who have recently added a new focus on the middle-income group in order to stimulate their sales growth.Condominium projects launched for presale within Phnom Penh during the first half of 2016 came up to 13.3 thousand units, doubling the number over the same period last year. However, housing market demand has been slowing down since start of 2016 due to this oversupply and weak buyer confidence.”2) In your opinion, what is one facet of the market that is most in need of development right now - and that you believe is crucial for the long term health of the Cambodian real estate market? Why? And how might this be achieved?“The real estate sector for now has lots of room to improve, but one most important aspect that needs timely consideration is: (1) legal issues to do with plot land development; and: (2) a recent stimulus by residential developers to propel their sale growth following the overall slowdown in the housing market.For plot land development, this type of supply is a good move to drive the overall real estate market, yet the authorities should study it seriously and set up response mechanisms to encourage and protect licensed developers as well as curb with the unlicensed ones in order to avoid long-term legal troubles.For the recent market stimulus, developers have now offered another very flexible option for home and plot land buyers by applying a zero down payment scheme to drive their sales, and, in the short run, the practice looks good and helpful for the overall market.Yet, while banks are very careful when releasing mortgage loans to buyers, most developers have not conducted enough due diligence on their clients before releasing installment contracts, to avoid future defaults. If not well managed, this could, in the medium-to-long term, create over-indebtedness among unqualified buyers and therefore potentially lead to a mortgage crash. Regulators should study this seriously.”Sunny Soo, managing director of Keystone Property Consultants Co., Ltd., an international associate of Savills  1)  What has been the overriding trend in the Cambodian real estate market of 2016 so far, and what has been the effect of this trend on the current market outlook?“The trend of the real estate market of Cambodia in 2016 remains rather similar to its previous years, where foreign developers are still mainly the condominium builders whilst the local developers are still dominating the landed, gated-residential development.The effect has been much talked about lately -  a fear of oversupply in the future market. This fear and worry is only going to continue it seems, considering market optimism is subsiding in view of slower pick up rate in 2016.But the way I see it, it is normal to have winners and losers in a competitive market where development is in-itself a higher risk business. If any developer’s pre-development preparation is not market-driven but rather fueled by optimism alone, this is the price of ego the market has to pay.”2) In your opinion, what is one facet of the market that is most in need of development right now - and that you believe is crucial for the long term health of the Cambodian real estate market? Why? And how might this be achieved? “My take is the legal policies of a comprehensive town and country planning system has to be in place now and that it needs to improve continuously and simultaneously adjusting to a larger vision in the future, notwithstanding market transparency and good regulatory enforcement framework. There is no other way about it. Legal guidance and clearer future planning policies in line with good enforcement will be of utmost importance to serve and lead the market toward a healthier city development; whether the aim is to subside a strained city’s infrastructures or serving a role of directing sub-urbanization. But more importantly it also leads to better self-regulation in the future, and that’s when the level of assurance for a healthier real estate market can be elevated.”importantly it also leads to better self-regulation in the future, and that’s when the level of assurance for a healthier real estate market can be elevated.”    Read the latest and greatest real estate news on realestate.com.kh today!

Currently, there is significant growth in the Cambodian market for subdivision plot land because it returns a good profit - and the idea of buying land is a lot easier to understand for local investors. It’s possible for them to have a quick return on investment if they find a good location and invest wisely. It can also be done with just a little savings - so this market has opened up opportunities for the lower middle class to invest in property.But in terms of subdivision plot land buyers, there is a great need for a holistic consideration of the project and the original investor before deciding to buy land in a plot land project.In the discussion regarding the challenges of buying plot land in the Cambodian market, Yin Leangkong – editor in chief of Property View Magazine, and presenter and editor of real estate and economics at BTV – suggested that in the past, the plot land market has faced various problems between developers and buyers.He raised up three corelated aspects that need consideration to avoid disputes that occur over plot land now and into the future.Buyer's due diligence:Buyers must be cautious before buying any land area. You need to know what type of land title the seller has - whether it’s a soft or hard title. Leangkong explains that if there’s an investor with a hard title but only transfers the soft title to the buyer,  this creates great risk for the buyer. In the case when the seller migrates or dies, the hard title will be transferred to their children, relatives or anyone else, according to the law, and a buyer who only has a soft title will not gain possession of the plot land that they have already paid for.Developer/Seller’s Ethics:The second aspect, plot land developer/investors themselves should respect professional ethics and not deceive people. If you have a soft title, transfer it to buyer. If you also have the hard title, transfer it to buyer. Leangkong believes that this is one way of protecting people who buy the land from plot land projects.Meanwhile Leangkong also said that investors need to consider the residential layout and the infrastructural layout that is being provided for all citizens within the project - such as road plans, sewage systems, and electricity connections. He said that when the layout is properly managed, the area of plot land will become a fast development area in the future that’s organized and aesthetically pleasing for residents. This equals investment returns in the short term for buyers, and even more in the longer term.Yet, in recent years, while many plot land projects have been sold with promises of infrastructure to come, in fact, these investors ultimately did not provide what they said they would. Also, some took no control over the management of the land post-sale. Some plot land buyers built high houses, some small, some together or even some for business - which didn’t look like an appealing place to live in once it was all finished, says Leangkong. And some buyers didn’t even build homes because they were waiting for the right time to sell again to make a profit, effectively degrading the whole area.If this continues in the future, this will create anarchy for housing construction within developments, according to Leangkong.Government's Role:The third aspect relates to the Ministry of Land Management, Urban Planning and Construction, and the Ministry of Economy and Finance. Leangkong urged the two ministries to speed up the establishment of a law pertaining to the subdivision plot land management.He said that if we have clear and proper legal provisions, the Ministry will easily be able to implement regulations for investors - such as how many meters to keep for building the road, what the residential layout will be, the drainage system etc. These are for sustainable development which comply with environmental standards and the visual character and beauty of the city.Plot Land Buyers Advice:When asked about what critical point plot land buyers should inspect before buying, Leangkong mentions that most of the buyers of plot land are in the middle and lower middle class, and some of them bought the land for future investment returns. He stressed that most of the prices of plot land aren’t rising anymore. If prices do go up, it won’t be by much because the large-area investors have already taken most of the profits. So, buyers should consider this point before buying in the hopes of dramatic returns.He explains that well-off and wealthy citizens will not buy plot land because it’s a slow development site with relatively slow returns. He adds that the already existing houses that are built without proper planning will most likely not see an increase in value as well.However, Leangkong clarifies that the subdivision plot land has been beneficial to the whole society in some ways because it allows the middle-class or lower middle class to afford to buy land. Everyone should have land for building a good home down the line, concludes Leangkong.Invest with care: Read the ultimate Plot Land Buyers Guide - from Realestate.com.kh

Scouting for your dream home can be an exciting process, but it can also be a disheartening one if you have your priorities mixed up. This is true when deciding whether or not to get a home loan first.There’s a general notion that home shopping should come before applying for a loan. But is it really more efficient?Save your breath:Sure, you might think that knowing the cost of a home first would serve you well because you can get a ballpark range as to how much financing you’d need to get. But buyers are usually disappointed after going down this route. Banks are not magical wallets you can take money from any time you want to. There’s a limit that banks set, depending on their evaluation of your application. And there’s a computation they have to base the loan amount off of. Sometimes that means they can only approve half of the price of your desired home. This can be disappointing for some, especially if you’ve already gone through an exhaustive search for properties.Pre-approved loans also save you more time. Instead of waiting to get your loan approved to purchase the home, you can get bargaining power by having the money at hand already.Let’s be realistic:There is a financial advantage in applying for a loan first. Knowing how much you can spend gives you a more realistic perspective. You can then budget your finances. This removes any oversized fantasies and gives you the ability to adjust your home shopping flexibility, leading you to revisit your checklist to see which features of the home you really need.This also helps you plan out your future expenses after the purchase of the home, like mortgage, interest rates, out-of-pocket home repairs you’d be willing to pay for as well. It gives you an overall sense of where you are and how much you’d be willing to do financially.Insider Info:Should you decide to get a home loan pre-approved, you’re also opening yourself up for better opportunities you may not have been aware of. These loan officers have had several interactions with people under the same situation as you. They can offer you practical tips and advice on several topics from their own experience. It also allows you to study the loan terms better instead of rushing through it once you’ve already found your home.Whether you’re a first-time home buyer or not, it’s helpful to see what options you have by doing your research and knowing where you stand. Because sometimes, knowing your limitation doesn’t mean there is a restriction. Depending on how you look at it, there can even be greater freedom in your limits.Need a home loan? We are here to help. It’s free, easy and secure.Lookin for property for rent in Phnom Penh or property for sale in Phnom Penh!

One Park Condominium represents one of Cambodia’s most sophisticated and holistically-planned mixed use developments yet. Covering a total landed area of 7.9 hectares, and a floor area of approximately 2.5 million square feet, One Park is situated in the very heart of the Phnom Penh CBD, inside the newly-developed Phnom Penh City Center area - which is adjacent to the ministerial and financial hub along Confederation de la Russie or Russian Boulevard. Given that the area has been recently developed with no prior structures on the land, the developer, Graticity Real Estate Development (GRED), was presented with an opportunity to plan the entire development layout from the outset, unrestricted by surrounding buildings, caveats or infrastructural limitations - a unique proposition in inner city Phnom Penh.  This has resulted in a design which ensures state of the art base level infrastructure, a relatively low-density design throughout, North-South facing buildings, and a project that is designed with natural forces considered - thanks to in depth studies by the developer on wind flow and shade patterns.Furthermore, thanks to One Park’s central “Parking Podium” concept, the project has a discreet, centrally located car parking facility with over 1,600 self contained car parks. The retail area also caters for fully-off street parking for all owners. These features create convenience for residents and will protect the project from any congestion issues into the future. The layout of the project comes in european style, with wide boardwalks containing retail outlets, bars, cafes and restaurants encircling the entire complex, meeting in the center to create an internal plaza boulevard which cuts between the twin residential sections. The centerpiece of this plaza will be a statue of Eros, better known as cupid - a concept imported from Piccadilly Circus in London. These retail and shophouse units are now almost 100% sold. At the far end of the shopping plaza will be an international school, creating traffic flow for the retail outlets and a buzz of culture inside the One Park complex. Opposite the development, residents will also have access to various green spaces and sporting amenities. Again, wide roads and township planning is assured in the surrounding neighbourhoods of Boeung Kak.Starting from just $170,000 per unit, One Park condo units are sleek, modern and spacious, with fully furnished options available, thanks to GRED’s partnership with DP Architects Singapore, a renowned architectural design firm. Common areas include swimming pools, gyms and children's play areas, with a high proportion of green features maintained throughout the complex.The end result of the One Park design is a truly international product, and a product that will hold its value for decades to come. Graticity Real Estate Development (GRED), the developer behind One Park, is a Hong Kong based real estate development company with a wealth of experience completing grand scale projects to spec, always uniquely tailored to the surroundings and cultural context. Having broken ground in H2 2015, construction is racing forward at the One Park site, under the experienced guidance of China Construction 2nd Engineer Bureau, with over 1,200 workers currently on site, and 24 hour construction works. This means that the Phase 1 of shophouse and retail units will be ready for handover as soon as Q1 2017; and the first phase of  around 1,600 condos will be released to residents by the end of 2017. The international school, within the One Park complex, will be operational by 2018.Find out more about One Park today and secure your place in the new world of Phnom Penh!

Big cities with lots of small spaces are an old tale that’s been told many times before. It may be because of a housing budget issue or maybe because of a lack of proper planning and innovation. And while some choose to focus on what isn’t there, others have chosen to make use of what they have as they try and expand their property – or at least give an illusion of it.So, what should you do if you find yourself cramped and uncomfortable in your own home?Here are some handy tips to make that small condo unit, apartment of shophouse feel more spacious and open, without knocking out any walls! This can improve your lifestyle as a resident in that condo, but it is also a useful trick to use when it comes time to sell or rent that space.Play with Colors:For years, psychologists have deduced that colors play a significant role in affecting our emotions and our behavior. But you can push that a bit further and use that concept to trick your brain.Using light colors on your walls can create the illusion that a room is actually bigger than it is. The reason for that is because we associate dark colors with enclosed spaces like prisons, coffins, and closets. Brighter colors remind us of the sky, the beach, and the open sea. It’s all about using colors and the concept of association.Create Dimensions:While you can go for a more monochromatic feel, using only light colors doesn’t mean you can’t use different shades on the wall to create more depth. It’s all about balance. Alternately, you can also achieve the same effect by actually eliminating the depth between the wall and your furniture. You can do this by using objects of the same color as your wall or use a slightly different shade to create some variation. You can also make use of light and bright color palette to keep your house looking fresh and alive.Spacing Your Space:There is a natural tendency for people to push the furniture as far back to the wall as they can in order to create a big centralized space inside a room. But this hurts your cause more than it helps.Providing small spaces in between furniture not only literally gives you more space, it also gives you the appearance of a bigger room. You can even angle it out so that lines on the room begin to bend and break. This takes the focus away from the corners and effectively widens the visual perspective.Open Up:Just because you’re trying to make your space look bigger doesn’t mean you can’t utilize the space outside the room for continuity. Infinity pools are great examples of this concept.If you have windows, it’s best to not put up curtains. This not only keeps the room’s aesthetic light, it also helps incorporate the view into the space. If you’re at an area at the center of the house though, you can opt to have small windows installed that go through to other rooms. For example, you can install a window between the dining room and the kitchen. This then opens up both spaces and makes both look wider than it is. Make it Magical:Magicians are full of tricks. They use a lot of distractions, slight of hand, and illusions in order to show the audience what’s there and even what isn’t. We can take a cue from that and use tools like mirrors to magically make enclosed areas look bigger by visually duplicating the space. This simple and subtle tip has been effectively used by interior designers for years now.Small spaces don’t have to make you feel like you live in a small space. The only limit to how big small spaces can feel is a little bit of work and a little bit of creativity! Try some of these tips in your home today!Catch the coolest property tips on Realestate.com.kh news today!

Knight Frank just released its 2nd quarter Asia-Pacific Prime Office Rental Index Report. The report highlights current trends across the Asia-Pacific wide office rental market.Phnom Penh Office Rental Rates remain fairly stable, according to the report.“For the Phnom Penh prime office sector, Q2 2016 recorded mixed results; whilst net absorption of office space was negative, and the average vacancy rate increased to 34%, prime net headline rents recorded a Q-o-Q increase of 1.1% to $22.5/sqm/month. This can largely be attributed to the stronger performance of Vattanac Tower which has propped up the overall average rent despite the negative take up of office space,” notes Ross Wheble, country manager for Knight Frank Cambodia.Source: Knight Frank (Cambodia) Research 2016The Downs:There were some slight hiccups in the market in Q2 2016 as cities such as Perth, Beijing, Jakarta, Kuala Lumpur, and Singapore are expected to decrease rental rates in the coming 12 months. According to Knight Frank, this was due to an abundant supply and a muted demand for office rentals, most especially in Jakarta and Singapore. The report continues, that “prime office rentals are expected to continue to decline” as the end of 2016 approaches.The Ups:Success in the office market for Q2 of 2016 correlates to the growing technological sector. This is apparent in cities like Melbourne, Sydney, Shanghai, Hong Kong, Bengaluru, Mumbai, Seoul and Bangkok – with the highest gross effective rent coming from Hong Kong, at $191.9 per square meter, per month.The evolution of technology industries is a primary driver of the rental index, according to the report. Shanghai – which made a 75% increase in Technology, Media, and Telecommunications from 2007 to 2015 – saw a rise in rental rates and a decrease in vacancy. Meanwhile, growth in parts of Australia continue as companies like Facebook, Amazon, and Electronic Arts come into the market.On another note, cities like Brisbane, Guangzhou and Phnom Penh office rental rates remain stable amidst activities going on in cities surrounding them.The report also states that over the next 12 months, rents in majority of the 19 cities included in the report will either continue to rise or remain steady.Find Offices for Rent in Phnom Penh now!

Infrastructural projects like railway completions, airport expansions, and road widening have been fast-tracking growth in Cambodia. As a result, the tourism sector is experiencing a sudden surge.  According to the Ministry of Tourism, around 2.7 million international visitors traveled to Cambodia. Leading the herd of visitors are the neighboring Vietnamese, Thai, Chinese, and South Koreans.  So, this is being utilized as a resource towards a better tourism strategy.Anticipation Builds:Though declining to communicate project cost and timeline, Chinese-owned development company Tianjin Union Development Group (UDG) announced last week that a plan to construct a coastal airport has already been finalized and that “a geological survey and initial design work has been concluded for this high-grade international airport.” This is according to a representative from UDG. The representative adds, “The construction is ready to go.”The Union Development Group signed a 99-year lease with the government and has been developing projects in its 45,000-hectare of land concession in the districts of Kiri Sakor and Botum Sakor since 2008. Along with this is the government’s commitment to deny any application to construct new airports in the area, making UDG’s development the main airport of the province.The Bigger Picture:Most of the arrivals into Cambodia go through Phnom Penh and Siem Reap, accounting to around 90 percent of visitor arrivals. In comparison, coastal areas only received 8.8 percent of visitors who mostly arrive either by sea or by land. The developers are hopeful that this move will bring that number up. This airport will be a part of a bigger plan that includes the Dara Sakor Seashore Resort and a free trade zone with ports. And much like the expansion project of the Sihanoukville airport, the construction of the new airport in Koh Kong is expected to address any possible congestion.The airport development will be a part of the UDG’s $3.8 billion dollar plan to turn Koh Kong province into one of Cambodia’s main tourist destinations. Once completed, this airport is expected to bring in planes as big as an Airbus 380 and around 10 million travelers.So, will the construction of the Koh Kong airport allow the province to soar high or struggle to fly? We just have to wait for more details about the project to see.Find out new development in Cambodia on Realestate.com.kh

For almost two decades, the real estate sector had flourished in Cambodia. For instance, many tall buildings have grown like mushrooms in the City of Phnom Penh. Land prices had also risen robustly. Some areas have doubled, tripled, and even quadrupled in terms of land prices too.Are you planning to invest in land for sale? How much money do you have? Where and what should you buy?The third issue of Property View Magazine from the CVEA has brought professional knowledge from experts as basis to consider and analyze profitable areas for investment and development.What is the purpose of buying land?Do you intend to buy land for quick profit through resale or do you intend to buy it for development? Kim Heang, the president of CVEA explains that if you want to buy land for a condominium project, office building, or hotel, it’s best to buy land within the Chamkarmorn area.If you’re planning to buy land to sell for future profit, you should buy in Toul Kork and New Phnom Penh. However, if you decide to buy land that are 7 to 10 kilometers away from the city, you have to wait at least 7 years to get profit. If the distance is about 30 kilometers away from the city, you can make a profit in around 10 years.Buying land for investment, good or not good?Kim Heang says now is the great time to invest in land if you already have a significant amount of money and don’t know where to invest. But he warns, it’s not advisable to invest using a loan from the bank. Experts have given a firm "no". Some may think that bank loans are just 8 percent a year and land prices rise up to 20 percent a year which makes it is possible to borrow from the bank to buy. But it's confusing because you cannot immediately sell that land. It takes time, and you may be stuck with it for two or three years.Which areas have the potential to make the fastest profit?Areas with the fastest potential for investment returns on land for sale is in Khan Sen Sok, Khan Por Senchey, and particularly in the Toul Kork and New Phnom Penh (Phnom Penh Thmey) area. Land prices in these areas are expected to double in the next two to three years.Which Provinces are the hottest area to buy land right now?Experts say that it’s best to buy land in Siem Reap and Sihanoukville because other than these two provinces, there are no other areas that have higher potential in this sector. Between these two provinces though, Sihanoukville has higher potential than Siem Reap. But if you’re purchasing land in the province for a good return on profit, it’s best to wait around 10 years.Land Investment is not always a good choice Investing in land for sale is not always a good option, because there are far better and faster investment options in other industries than in the construction and real estate sector.Kim Heang said that if you’re already 50 years old or are almost at the age of retirement, you shouldn’t invest in land any more. Instead of that, you should buy a condo unit. If you’re going to buy land, buy it to build houses to rent out. You can also purchase an apartment for rental that can be paid immediately. Conversely, if you are aged between 30 and 40 years old, you should invest in land because it can be highly profitable.How much money do you have?How much money do you have? How is your life situation? Since decision in this condition is very important before investment for land for sale in this sector.Kim Heang mentions that no matter where you invest, you should also have specific conditions in terms of capital, job conditions, life conditions, etc. He said, if you’re a newly married couple and have around $10,000, the first priority to buy a house for accommodation. If you already own a house but still have a bit of money, you can opt to buy a condominium unit because it’s the new trend for the younger generation.This story was featured in the September 2016 edition of PROPERTY VIEW magazine, produced by the CVEA.Realestate.com.kh is very proud to support the CVEA’s Property View publication. For more information about joining the Cambodian Valuers and Estate Agents Association (CVEA) please click here. And, if you are interested in advertising placement or advertorial in the next edition of Property View Magazine, please contact Mr. Virith via email: virith007@yahoo.com Or call: 078 959 567  or 098 66 26 68 Check out available land for sale on Realestate.com.kh now!

Moving away from its undeveloped past, these days Toul Kork has become a popular suburban area filled with a variety of villas that people can either rent or own, apartments and office complexes.Offering land prices significantly lower than hot inner city districts such as Chamkarmon and Daun Penh, families have the chance for a larger living area when they move to Toul Kork. The outskirts of Toul Kork are key industrial areas of the city, and many residents in the area work nearby. Toul Kork in 2016 is seeing a huge rise in establishments such as restaurants, clinics, and private schools, and an increasingly eclectic mix of Traditional Khmer families and expatriates.How’s the property market?LAND MARKET:According to a report released by V Trust Appraisal, there was a slight increase in land prices in the area from 2013 to early 2016 which moved average rates from $2,150 to $2,530 per square meter. Prime commercial streets have also been reported to reach up to $5,750 per square meter in central Toul Kork. The lowest land price average comes from the Boeung Kak Ti Muoy Sangkat, at $1,820 per square meter. The highest land price average comes from the Phsar Depou Ti Bei Sangkat, at $3,630. According to V Trust, “Over the last preceding decade, Northern fringes of Tuol Kouk district was the first main destination for residential relocation because of its available large portions of vacant land and a neighborhood of the central parts of the capital. “V Trust also notes that many of the locations in the Toul Kork District now appear to have reached their market price caps. Hoem Seiha, the company’s director of research, says “The market started to show sign of slowing down since the fourth quarter of 2015. The whole year (2016) is foreseen to be a bit sluggish.”RESIDENTIAL PROPERTIES:Depending on your preference and needs, you may opt to rent a condominium in Toul Kork. You can get a furnished one-bedroom condo unit to rent for $180 a month up to a four-bedroom fully-furnished lower-end unit for $2,000 a month near TK Avenue. Prime Units in Boeung Kak 1 have three bedroom units, for around $2,100 per month.Serviced apartments are also widely available, starting from $350 upwards to around $4,000 per month, depending on the area, services and amenities.For a villa, the rental prices range anywhere from $550 upwards, depending on quality, rooms and amenities such as swimming pools.  Villa’s are much more freely available for rent and sale in Toul Kork, as compared to prime inner city districts where the availability of villas is now very low, and also much more expensive than those in Toul Kork.An increasing number of borey developments are also popping up around Toul Kork, proving very popular with local buyers seeking shop houses and villas with sound infrastructure and a safe, neighbourhood environment.OFFICE SPACES AND BUSINESS CENTERS:There are a number of office spaces for rent in Toul Kork. Rental fees of these offices start as low as $4.50 per square meter per month.  You can also rent out a decent multi-level building for around $8,000 a month.Other than renting office spaces, entrepreneurs, small businesses and startups may want to check out the SmallWorld Business Center, a unique business center that provides the necessary facilities, amenities, guidance, community support, and provision for budding businesses. They mostly cater to the younger generation, but all entrepreneurs are welcome to both seek assistance and contribute here. It has a set of foreign and local entrepreneurs in its roster.NEW DEVELOPMENTS:The new Appenines Condominium by KHSI Investment PTE LTD will reach completion around early 2018 or late 2017. It will rise to be 17 storeys tall, and will include units that will range from one bedroom to three bedrooms. It will also have shared condo facilities such as a gym, car parks, and a pool.Conveniently positioned in front of the Royal University of Phnom Penh – TK Royal One is a luxury residential and office complex on Russian Boulevard, very close to Toul Kork. This property provides residents with sweeping views of parklands and the greater Phnom Penh City.Lifestyle facilities include the fitness center,swimming pool, community lounge and roof garden. TK Royal One is close to the Prime Minister’s Office, major banks, shopping malls and the three overpasses along the Russian Boulevard to ensure the smooth traffic between Phnom Penh International Airport and downtown.Toul Kork Lifestyle:What schools are in the Toul Kork area?There is no shortage of schools in Toul Kork. The educational institutions in the area which cater to the needs of students from kindergarten all the way to college. This area is perfect for those who need to live nearby key educational institutions.There are a mix of local and international schools in the area such as the Footprints International School, Learning Jungle School, Hope International School, Western International School, Western University, Stamford International Academy, Paññāsāstra University of Cambodia, the Institute of Technology of Cambodia, and the Royal University of Phnom Penh.Most of these schools also have international accreditation from organizations like the Western Association of Schools and Colleges, the Ministry of Education, Youth and Sport, the Cambridge International Examination Centre, and the International Baccalaureate.How do I move around the city?There are a few familiar modes of transport that people may be familiar with such as the taxi, tuk tuks and the occasional public bus.Motodops are motorbike taxis that serve as a source of income for locals. Tuk tuks and motodops may be the most convenient and fastest way to get around if you don’t have a vehicle of your own, but bus routes in Phnom Penh also pass through Toul Kork. Bus stations in the area include the Daem Kor Market bus station and the Kampot Express Limousine Bus terminal. How is Infrastructure in Toul Kork improving?There are already two major roads – Mao Tse Toung Boulevard and Russian Confederation Boulevard – that connect Toul Kork to different districts around Phnom Penh, making neighbouring Khans and Sangkats accessible, and also offering Toul Kork residents a quick drive to the Phnom Penh International Airport.The Russian Boulevard overpass connecting Toul Kork to the rest of the city has recently undergone a massive improvement, and already traffic congestion at these key crossroads points have decreased significantly. Roads such as Hanoi Street have also seen drastic improvements over the last year. The ongoing development of Boeung Kak lake will also greatly ease pressure on Toul Kork infrastructure moving forward.What if I get sick? Are there Toul Kork Medical Centers?There is no shortage of medical facilities in the area. Toul Kork has the Cambodian Red Cross, National Pediatric Hospital, Khema Clinic & Maternity Hospital, Toul Kork Clinic & Maternity, Biomed Phnom Penh Laboratory, and the National Institute of Public Health. It’s also the location for Cambodia’s Ministry of Health.For your dental needs, you can pay a visit to the Dental Clinic Le Sourire that’s located at the Russian Confederation Boulevard or the American Dental Clinic at Street 289.Is the Toul Kork area prone to natural disasters?When the government and private sector developed Boeung Kak Lake, pumps were installed to transfer water to the surrounding rivers, as the lake previously helped regulate floods in the area. But since the lake’s development, flooding became an issue in surrounding areas such as Toul Kork and Daun Penh. But not all locations here are easily flooded. This “no flood” attribute has been a selling point for some of the properties that are listed online. So if you are looking at ground floor properties in Toul Kork, it is best to check with your agent and previous owners/tenants as to whether or not your future house, and the street you live in, is a flood free area. If it’s not, you may get a surprise next rainy season!What’s the nightlife like in Toul Kork?Though known to be a quiet area, Toul Kork has plenty of places to wind down after a hard day’s work. If you want to go out for some fun, karaoke, food, and good company, you can go to the numerous KTV bars and restaurants located here. You can choose between the Romantic KTV, M2 Restaurant & KTV, Moonlight Restaurant & KTV, and many others. If you’re looking for dance parties and loud music, there’s also the Egypt Nightclub on St. 112 in Boeung Kok II. It has a wide dance floor, good local songs playing, food, and drinks. It’s open from 8:00 pm to 5:00 am. Are there any places to shop and eat in Toul Kork?There are a number of shopping malls and facilities in the area such as Hin Sokha, but most of the people are drawn to the open air shopping experience of TK Avenue.For those seeking international cuisine and want to do some shopping, or catch a movie in the cinema, your best bet is TK Avenue. A trendy shopping and eating plaza, famous among local culture vultures and expats, TK Avenue has french, korean, japanese and american food on offer, and a whole lot more. You can also catch the latest blockbuster movies here on the big screen. The plaza has its own supermarket too, if you need to pick up your groceries while you are there.Find several retail, electronic, and F&B businesses like Dairy Queen, Chatime, Browns coffee, Breadtalk, Penshoppe, Romanson, Pedro, Chateau De Sable, Lily, Sony, OSIM, and Esprit.If you’re searching for a wider selection of food, drinks, and produce though, you may also want to check out the Thai Huot Market, just a drive away from TK Avenue. It was built to serve the needs of both locals and expatriates by providing local and international products you would rarely find elsewhere. But there are also other markets in the area such as the Daem Kor Market, the Neak Meas Market, and the Phsar Plaecher.There are also many restaurants around Toul Kork, but one of the favorites in the area is a branch of the Sonivid Fresh Seafood Restaurant that serves a hefty serving of seafood in asian style. But if this does not satisfy you, you can also go to Burger King, Ratana Srey Mao, Metro Azura, The Blue Pumpkin, J8 Korean Grill & Casual Dining, or the Red Wine House to satisfy your cravings.Toul Kork will also be the location for the Aeon Mall 2 which will stand with four floors and a total area of 151,000 square meters that aims to serve the growing number of tourists and middle-class citizens. The Aeon Mall 2 is expected to be completed by May of 2018.Where are the Gyms, Fitness and Wellness Centers in Toul Kork?For the fitness buff, a couple of gyms are scattered within the area such as the Core Fitness Center along Russian Confederation Boulevard and SeaStone Fitness Center along Street 219.But if you’re looking to get some action through actual sports, there are a couple of sports centers in Toul Kork as well where you can play Soccer, Badminton, and other activities as well. The list includes the Akira Sport Club, Tuol Kork Sport Club, Premium Sport Club, and the Ramar Football club.If you get exhausted after that, spas like the TK Steam Sauna Massage Spa and New Men City Hotel & Spa await you to help you relax and unwind.What Costs of living should I expect in Toul Kork?In a recent Numbeo survey, it was shown that one way transport tickets may cost you an average of $2 and a monthly pass might cost you $29.69. Taxis, meanwhile, start at $1 for short trips in the city. If you have your own vehicle though, gasoline prices in Phnom Penh are expected to be around $0.93 per liter.Depending on your usage, utilities may vary. But the basic utilities such as waste disposal, water, and electricity are at an average of $84.12 per month for a one room apartment, and the internet is approximately $34 for 10mbps of unlimited data. A minute of call on your prepaid phone sets you back just about $0.06.For the food, milk is priced $2.36 per liter; a dozen eggs costs around $1.55; rice is $1.03 per kilogram; a loaf of white bread is at $1.33; and water is $0.77 per 1.5 liters. Meals prices also vary. A meal at an inexpensive restaurant costs an average of $2.75 per person. A three-course meal for two at a mid-range restaurant costs around $16. Learn more about life and real estate in Phnom Penh!

Cambodia isn’t really known for its healthcare system, which is why Cambodians choose to travel to another country to receive treatment. This is how the term “health tourism” was coined.But the government has taken it upon themselves to build trust in local doctors and healthcare.This is assisting the Kingdom in raising its profile as a retirement investor destination. As the level of healthcare rises, more and more retirees will look to Cambodia - the nation already has favorable climate for the elderly, a low cost of living, and many other enticing features. Yet, for Cambodia to become a respected retirement destination, the level of healthcare must continue to rise.Addressing the need:As part of their initiative to lessen health tourists going to nearby countries like Thailand for medical care, the Government of Cambodia has allowed foreign private investments over the years to build quality healthcare developments.One of these private investments include the Sunrise Japan Hospital. This state-of-the-art 50-bed hospital is set to do their first consultations on the 17th of October, where it will officially join the ranks of Phnom Penh’s top hospitals, like the Royal Phnom Penh Hospital, Sen Sok International University Hospital, and the Embassy Medical Center.Although there is no guarantee that this facility will also be able to cater to lower-income citizens, fees will still be relatively lower than what Singapore and Thailand doctors and hospitals charge. If that’s not enough though, a charity fund is also in the works to assist less fortunate patients in receiving quality healthcare.  Bridging the gap:Sunrise Japan Hospital’s clinical director Dr. Yoshifumi Hayashi says, “Here, maybe without me, some cases can’t be solved.” This is something that the hospital wants to improve on. Already sending 80 of its non-Japanese staff to Japan for training, Dr. Hayashi hopes that students from the university and doctors from different hospitals can also utilize the premises to facilitate learning.On top of new learning opportunities though, Prime Minister Hun Sen also mentions that new developments like the Sunrise Japan Hospital will usher in not only an advantage for the citizens. He explains, “Having a hospital with such high standards isn’t just beneficial for the Cambodian population. It builds trust among investors and tourists with money who come from far away,” offering relief for both the healthcare sector and Cambodia’s economy. Read more about expat life in Cambodia!

Phnom Penh has undergone surprising changes in the last decade. Commercial buildings and skyscrapers have been and are being built, turning this once haunting ghost city to one of the newest civilized and modern cities in the world.But the changes aren’t quite done yet. A 78-storey commercial building will rise from the ashes for the first time in Phnom Penh where construction will begin in early 2017. This will add to the estimated 600 existing tall buildings – living up to the Asian Development Bank’s designation of Cambodia as "Asia’s New Tiger Economy.”A staff of the Yung Chung Company who does not wish to be named said that “the building design has been completed, and the construction is scheduled to begin in early 2017. The development will reach total completion by 2021, but its showroom will be launched in November this year.” He added that “this building will be a mixed-use development and will include shopping malls, condominiums, hotels, as well as a swimming pool and a rotated restaurant on the 78th floor.”He continues, “The detailed plans of using this building was completed, but details are still confidential at the moment. This project has already been approved by the Ministry of Land Management, Urban Planning and Construction.”Seng Lot, the spokesman for the Ministry of Land Management, Urban Planning and Construction confirms, “The ministry has already agreed to provide a license for Yung Chung Real Estate to construct a building of 78 floors.”Ann Sothida, director of CBRE Cambodia, said that as far as she’s gathered, this mixed-use business center will be built in the future. But the market is not doing good, and that could cause a delay in the construction of the project. She added that with the company’s innovative approach of the building though, this project should not have any problems in the Cambodian market once it is completed. According to her, the project will be located behind “The Bridge” building, which is near Diamond Island (Koh Pich). However, she did not show the feature details of the plan.President of CVEA, Kim Heang, said that “Investors of the skyscraper project will be through a developer from China. The project will also  occupy a total area of 4,500 square meters and will cost lower than $20 million.” He adds that “if the project owner has enough money to complete this huge building project, it will not be a problem for this market.”Once completed, it will become the 2nd tallest building in Phnom Penh, next to the 133 floor Thai Boon Roong twin trade center which is 500 meters high.Dr. Van Vat, Planning Specialist, explains that Cambodia already has a regulation to limit tall buildings. So, if our law enforcement is good, it will not only protect the heritage in the city, but it will maintain the beautiful sceneries and will minimize the environmental impact as well. He continues to say that normally the construction of  such a high building requires the company to have studied all the technical standards, and the specialist from the ministry has to inspect and go over the construction standards to make sure that the company’s complying with the request or not.He adds that "Having these tall commercial buildings, it is a national pride because it is not only improving the economy, but it also provides employment and income for the people as well."Check out the hottest new development homes and offices!This story was featured in the September 2016 print edition of PROPERTY VIEW magazine, produced by the CVEA.Realestate.com.kh is very proud to support the CVEA’s Property View publication. For more information about joining the Cambodian Valuers and Estate Agents Association (CVEA) please click here. And, if you are interested in advertising placement or advertorial in the next edition of Property View Magazine, please contact Mr. Virith via email: virith007@yahoo.com Or call: 078 959 567  or 098 66 26 68

In an effort to manage the demand for properties, the Singapore government went to great lengths starting in 2009 to curb the real estate market's growth, fearing too-faster growth may cause issues in the long term. This is what they called cooling measures.Given the current market climate in Cambodia as of 2016, this Singaporean story offers various points worthy of reflection by local market stakeholders and policy makers. During this time, policies like the Total Debt Servicing Ratio (TDSR), Additional Buyer’s Stamp Duty (ABSD), and Seller’s Stamp Duty (SSD) were implemented to keep property prices at bay. And while this was presented as an opportunity for homeowners and buyers, developers and investors took a great hit when house prices started to plunge. Bloomberg says that this property curb initiative dragged house prices down by almost a tenth. But is that enough to encourage the authorities to backpedal and ease some curbs in Singapore now? For the People: The TDSR framework has assisted and relieved homeowners throughout the years, but everyone took a deep breath as the Monetary Authority of Singapore (MAS) announced last week that it had fine-tuned the rules of the TDSR refinancing. The Managing Director of Singapore’s Central Bank, Ravi Menon, clarifies that this is not meant to make a demand for housing loans. Instead, the goal of the MAS is to ease the debt burden of homeowners.He explains, "This doesn't represent an easing at all. If you look for a prop up to the market, this is not going to help as it doesn't apply to new loans. This is to improve financial prudence without creating new demand for housing loans. We won't ease anytime soon."Proper Pacing: In March this year, Singaporean Finance Minister Heng Swee Keat said that easing the curbs might be premature.But Executive Chairman of City Developments Ltd., Mr. Kwek Leng Beng, says “I think they will do something this year, that’s my speculation, as there are a lot of mid- and low-end homes coming up. I suspect it will be the abolishing of the buyer’s stamp duties.”And while this has stirred negative reactions from investors who wish to enter the market, some still believe that there is a potential to accommodate both ends.The Real Estate Developers Association of Singapore President, Augustine Tan, calls for a reform and re-evaluation as he explains that the government still needs to tweak its cooling measures to avoid crashing and burning. If not, Trading Economics projects a gradual decrease of new home sales from 1,091 during the 2nd quarter of 2016 to only 400 in 2020.Temperatures rise and they also fall. And as climates begin to change, we are yet to see what the next season will hold for Singapore.Looking Outside of Singapore:Since the implementation of these policies, developers and investors have taken a keen interest in surrounding countries such as Cambodia where yields are much higher – a value of 5.33 percent compared to Singapore’s 2.54 percent, according to Global Property Guide. And although there is increasingly stricter enforcement of existing laws such as taxation, the market climate in Cambodia still huge freedom for investors compared to more developed markets.Some classic examples of this are the Oxley Holdings Group and the HLH Group, both Singaporean based companies that have entered the Cambodian real estate and development market in force over the last half-decade.Yet, not only developers are pointing their capital towards Cambodia; individual property investors are increasing purchasing investment properties in the Kingdom as a means to escape the low-rewards of the Singaporean domestic investment market.While there is some potential for an oversupply in the Cambodian foreign investment properties market in coming years as developers flock to capitalise on the property boom; still, with the correct guidance, the market appears robust in the longer term and still highly competitive against the cooling Singaporean property market climate given the continued regulation.Ross Wheble, Knight Frank’s country manager, says “the Cambodian economy has recorded impressive growth over the past decade and, with the implementation of prudent macroeconomic policies, this is forecast to continue over the coming years.”Learn more about the state of the Cambodian market from a regional perspective with CBRE Vietnam  and CBRE Cambodia managing director, Marc Townsend

The Cambodian Valuers and Estate Agents Association held its 3rd quarter general members assembly last September 13, 2016 at the Cambodiana Hotel. Members of the association gathered to discuss the different challenges they’re facing and to share their knowledge ofthe real estate sector in the country.In the forum, they also presented about the study tour held in South Korea late last August, entitled “Incheon International Realtor Conference and Expo 2016” (IIRCE) which talked about the “Advantages and the real estate industry of Cambodia today”Kim Heang , president of the Cambodia Valuers and Estate Agents Association, said that after the workshop was completed in Korea, CVEA was also invited to participate in workshops that will be organized by the National Association of REALTORS (NAR) for the month of November 2016. The NAR has more than 1.5 million members."As we are members of this association and are colleagues, I spoke as if we’re friends. But we are also competitors. We should expand knowledge more here, we need to provide education and skills for our staffs and stakeholders who are involved with the real estate industry in order to make it stronger in the country. Traveling abroad does not provide answers to anything. We must look at ourselves first in order to progress and reach that stage,“ said Alex Evengroen, CEO of real estate firm KEY Real Estate Co., Ltd.When asked about what else was discussed in the meeting, Director and founder of KEY Real Estate Co., Ltd. Sorn Seap said, "We have taken important topics that will explore the typical challenges and business experience in real estate as a whole, particularly regarding professional ethics and the transparency of competition in the real estate sector. These are important in order to help the real estate industry grow. In addition, we also discuss about election the next president of CVEA.”He adds, “The CVEA also plans to invite a professor from the University of Technology Malaysia (UTM) to teach in Cambodia for 3 weeks, training participants to have the best interests of the real estate industry. Knowledge from the course can effectively be employed in the development of the real estate industry, to strengthen professionalism in providing property evaluation services to a wider network in the country.”Please find out more about real estate news on Realestate.com.kh