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แž›แŸ†แž“แŸ…แžŠแŸ’แž‹แžถแž“ แž”แŸ’แžšแžŽแžทแžแž˜แžปแžแž˜แžถแžแŸ‹แžแŸ’แž˜แžธแžšแž”แžŸแŸ‹แž‘แžธแž€แŸ’แžšแžปแž„แž—แŸ’แž“แŸ†แž–แŸแž‰
แž›แŸ†แž“แŸ…แžŠแŸ’แž‹แžถแž“ แž”แŸ’แžšแžŽแžทแžแž˜แžปแžแž˜แžถแžแŸ‹แžแŸ’แž˜แžธแžšแž”แžŸแŸ‹แž‘แžธแž€แŸ’แžšแžปแž„แž—แŸ’แž“แŸ†แž–แŸแž‰
June 6, 2022, 5:06 p.m.
Realestate News
แž›แŸ†แž“แŸ…แžŠแŸ’แž‹แžถแž“ แž”แŸ’แžšแžŽแžทแžแž˜แžปแžแž˜แžถแžแŸ‹แžแŸ’แž˜แžธแžšแž”แžŸแŸ‹แž‘แžธแž€แŸ’แžšแžปแž„แž—แŸ’แž“แŸ†แž–แŸแž‰แž–แžธแž˜แžฝแž™แž†แŸ’แž“แŸ†แžถแž‘แŸ…แž˜แžฝแž™แž†แŸ’แž“แŸ†แžถแž‘แžธแž€แŸ’แžšแžปแž„แž—แŸ’แž“แŸ†แž–แŸแž‰แž”แžถแž“แž•แŸ’แž›แžถแžŸแŸ‹แž”แŸ’แžแžผแžšแž˜แžปแžแž˜แžถแžแŸ‹แžšแž”แžŸแŸ‹แžแŸ’แž›แžฝแž“แž‚แžฝแžšแžฒแŸ’แž™แž€แžแŸ‹แžŸแž˜แŸ’แž‚แžถแž›แŸ‹ แž แŸแžŠแŸ’แž‹แžถแžšแž…แž“แžถแžŸแž˜แŸ’แž–แŸแž“แŸ’แž’ แžขแž‚แžถแžšแž–แžถแžŽแžทแž‡แŸ’แž‡แž€แž˜แŸ’แž˜แžแŸ’แž–แžŸแŸ‹แŸ— แž‡แžถแž–แžทแžŸแŸแžŸแž›แŸ†แž“แŸ…แžŠแŸ’แž‹แžถแž“แž”แŸ’แžšแžŽแžทแžแŸ—แž‡แžถแž…แŸ’แžšแžพแž“แž”แžถแž“แž€แŸ†แž–แžปแž„แžšแžธแž€แžŠแžปแŸ‡แžŠแžถแž› แžŠแŸ‚แž›แžŸแžถแž€แžŸแž˜แŸ’แž™แž”แŸ†แž•แžปแžแž‡แžถแž˜แžฝแž™แž˜แž“แžปแžŸแŸ’แžŸแžŸแž˜แŸแž™แžแŸ’แž˜แžธ แž“แžทแž„แž”แžšแžทแž”แž‘แžšแžŸแŸ‹แž“แŸ…แž”แŸ’แžšแž€แž”แžŠแŸ„แž™แž—แžถแž–แžŸแŸŠแžธแžœแžทแž›แŸแž™แžšแž”แžŸแŸ‹แžขแŸ’แž“แž€แžšแžŸแŸ‹แž“แŸ…แž€แŸ’แž“แžปแž„แž‘แžธแž€แŸ’แžšแžปแž„แž—แŸ’แž“แŸ†แž–แŸแž‰แŸ”แž€แžถแžšแžšแžŸแŸ‹แž“แŸ…แžšแž”แžŸแŸ‹แž”แŸ’แžšแž‡แžถแž‡แž“แž€แŸ’แž“แžปแž„แž‘แžธแž€แŸ’แžšแžปแž„แž—แŸ’แž“แŸ†แž–แŸแž‰แž”แžถแž“แž€แŸ†แž–แžปแž„แžแŸ‚แž‘แžถแž˜แž‘แžถแžšแž“แžผแžœแž—แžถแž–แž‘แžถแž“แŸ‹แžŸแž˜แŸแž™ แž—แžถแž–แžฏแž€แž‡แž“ แž“แžทแž„แž€แžถแžšแžšแžŸแŸ‹แž“แŸ…แž”แŸ’แžšแž€แž”แžŠแŸ„แž™แž—แžถแž–แž”แŸ’แžšแžŽแžทแžแŸ” แž‡แžถแž€แŸ‹แžŸแŸ’แžแŸ‚แž„แž‚แž˜แŸ’แžšแŸ„แž„แž›แŸ†แž“แŸ…แžŠแŸ’แž‹แžถแž“แž‡แžถแž…แŸ’แžšแžพแž“แž”แžถแž“ แž…แžถแž”แŸ‹แžŠแŸ†แžŽแžพแžšแž€แžถแžšแž›แž€แŸ‹แž‡แžถแž•แŸ’แž›แžผแžœแž€แžถแžš แž€แŸแžŠแžผแž…แž‡แžถแž€แŸ†แž–แžปแž„แžแŸ‚แž…แžถแž”แŸ‹แžŠแŸ†แžŽแžพแžšแž€แžถแžšแžŸแžถแž„แžŸแž„แŸ‹ แž แžพแž™แž›แŸ†แž“แŸ…แžŠแŸ’แž‹แžถแž“แž‘แŸ†แžถแž„ แž“แŸ„แŸ‡แžŸแžปแž‘แŸ’แž’แžแŸ‚แžŸแŸ’แžแžทแžแž“แŸ…แž›แžพแž‘แžธแžแŸ†แžถแž„แž›แŸ’แžขแŸ— แž…แŸ†แžŽแŸ‚แž€แžฏแž€แžถแžšแžšแž…แž“แžถแž˜แŸ‰แžผแžแž•แŸ’แž‘แŸƒแžแžถแž„แž€แŸ’แž“แžปแž„แž“แŸƒแž›แŸ†แž“แŸ…แžŠแŸ’แž‹แžถแž“แž‘แŸ€แžแžŸแŸ„แž’แž€แŸแž˜แžถแž“แž€แžถแžšแž…แŸ’แž“แŸƒแž”แŸ’แžšแžŒแžทแžแžแŸ’แž–แžŸแŸ‹แž•แž„แžŠแŸ‚แžš แž…แŸ†แžŽแžปแž…แž‘แŸ†แžถแž„แž“แŸแŸ‡แž‘แžถแž˜แž‘แžถแžšแžฒแŸ’แž™แž˜แŸ’แž…แžถแžŸแŸ‹แž‚แž˜แŸ’แžšแŸ„แž„แž‘แŸ†แžถแž„แž“แŸ„แŸ‡แžแŸ’แžšแžผแžœแžแŸ‚แž˜แžถแž“ แžŠแžพแž˜แŸ’แž”แžธแž’แŸ’แžœแžพแž€แžถแžšแž”แŸ’แžšแž€แžฝแžแž”แŸ’แžšแž‡แŸ‚แž„แž‘แžธแž•แŸ’แžŸแžถแžšแžขแž…แž›แž‘แŸ’แžšแž–แŸ’แž™แž€แŸ’แž“แžปแž„แž”แŸ’แžšแž‘แŸแžŸแž€แž˜แŸ’แž–แžปแž‡แžถแŸ”แž›แŸ†แž“แŸ…แžŠแŸ’แž‹แžถแž“ แž”แŸ’แžšแžŽแžทแžแžŠแŸ‚แž›แžšแžฝแž˜แž˜แžถแž“ แž•แŸ’แž‘แŸ‡แž”แžปแžšแžธ แž•แŸ’แž‘แŸ‡แžœแžธแžกแžถ แžขแž‚แžถแžšแžแžปแž“แžŠแžผ แžŠแŸ‚แž›แž‡แžถแžแž˜แŸ’แžšแžผแžœแž€แžถแžšแžšแž”แžŸแŸ‹แžขแŸ’แž“แž€แžšแžŸแŸ‹แž“แŸ…แž€แŸ’แž“แžปแž„แž€แŸ’แžšแžปแž„แž—แŸ’แž“แŸ†แž–แŸแž‰ แž‡แžถแž€แŸ‹แžŸแŸ’แžแŸ‚แž„แž˜แžถแž“แž‚แž˜แŸ’แžšแŸ„แž„แž’แŸ†แŸ—แžŠแŸ‚แž›แž˜แžถแž“แž›แŸ†แž“แŸ…แžŠแŸ’แž‹แžถแž“แžŸแž˜แŸ’แžšแžถแž”แŸ‹แžŠแžถแž€แŸ‹แž›แž€แŸ‹แžฌแž‡แžฝแž›แžŠแžผแž…แž‡แžถแŸ–โ€‹ แž‚แž˜แŸ’แžšแŸ„แž„แž›แŸ†แž“แŸ…แžŠแŸ’แž‹แžถแž“ แž“แžทแž„แžขแž‚แžถแžšแž–แžถแžŽแžทแž‡แŸ’แž‡แž€แž˜แŸ’แž˜แž“แŸ…แž‘แžธแž€แŸ’แžšแžปแž„แžšแžŽแž”แž€แŸ„แŸ‡แž–แŸแž‡แŸ’แžš แž‚แž˜แŸ’แžšแŸ„แž„แž‘แžธแž€แŸ’แžšแžปแž„แžขแžผแžกแŸ†แžถแž–แŸ’แž™แžถ (Olympia City) Embassy Residencesโ€‹โ€“Embassy Central แž€แŸแžŠแžผแž…แž‡แžถแž˜แžถแž“แž“แŸ…แž‚แž˜แŸ’แžšแŸ„แž„แž‡แžถแž…แŸ’แžšแžพแž“แž‘แŸ€แžแž•แž„แžŠแŸ‚แžšแŸ” แž€แŸ’แžšแž›แŸแž€แž˜แžพแž› แž›แŸ†แž“แŸ…แžŠแŸ’แž‹แžถแž“ แž”แŸ’แžšแžŽแžทแžแŸ—แž‘แŸ†แžถแž„แž“แŸ„แŸ‡แžœแžทแž‰ แž™แžพแž„แž…แžถแž”แŸ‹แžขแžถแžšแž˜แŸ’แž˜แžŽแŸแžแžถแžขแž‚แžถแžšแžแžปแž“แžŠแžผแžแŸ’แž–แžŸแŸ‹แŸ—แž€แŸแž˜แžถแž“แž€แžถแžšแž€แžพแž“แžกแžพแž„แž•แž„แžŠแŸ‚แžš แžแžพแž“แŸแŸ‡แž‡แžถแž”แŸ‚แž”แž•แŸ‚แž“แžšแžŸแŸ‹แž“แŸ…แžแŸ’แž˜แžธแžšแž”แžŸแŸ‹แž”แŸ’แžšแž‡แžถแž‡แž“แž€แž˜แŸ’แž–แžปแž‡แžถแžฌ? โ€œแž…แŸ†แž“แžฝแž“แž—แŸ’แž‰แŸ€แžœแž‘แžทแž‰ แž›แŸ†แž“แŸ…แžŠแŸ’แž‹แžถแž“ แž€แŸแžŠแžผแž…แž‡แžถแžŸแŸ’แž“แžพแž”แŸ’แžšแžถแž€แŸ‹แž€แž˜แŸ’แž…แžธแžŸแž˜แŸ’แžšแžถแž”แŸ‹แž‘แžทแž‰แž•แŸ’แž‘แŸ‡แž”แŸ’แžšแž—แŸแž‘แžแžปแž“แžŠแžผแž˜แžถแž“แž…แŸ†แž“แžฝแž“แž…แŸ’แžšแžพแž“แž‚แžฝแžšแžฒแŸ’แž™แž€แžแŸ‹แžŸแž˜แŸ’แž‚แžถแž›แŸ‹ แž˜แžถแž“แž‘แŸ†แžถแž„แž—แŸ’แž‰แŸ€แžœแž€แŸ’แž“แžปแž„แžŸแŸ’แžšแžปแž€ แž“แžทแž„แž—แŸ’แž‰แŸ€แžœแž”แžšแž‘แŸแžŸแŸ” แž”แŸ’แžšแž‡แžถแž‡แž“แž€แŸ’แž“แžปแž„แžŸแŸ’แžšแžปแž€แž‚แžทแžแžแžถแž˜แžถแž“แž—แžถแž–แž„แžถแž™แžŸแŸ’แžšแžฝแžŸแžšแžŸแŸ‹แž“แŸ…แž‡แžถแž–แžทแžŸแŸแžŸแž–แžฝแž€แž‚แžถแžแŸ‹แž…แž„แŸ‹แžŸแžถแž€แž›แŸ’แž”แž„แžšแžŸแŸ‹แž“แŸ…แž€แŸ’แž“แžปแž„แž•แŸ’แž‘แŸ‡แž”แŸ’แžšแž—แŸแž‘แž“แŸแŸ‡ แžแž˜แŸ’แž›แŸƒแžขแžถแž…แž‘แž‘แžฝแž›แž™แž€แž”แžถแž“ แžŠแŸ‚แž›แžŸแŸ†แžแžถแž“แŸ‹แžขแž‚แžถแžšแžแžปแž“แžŠแžผแž—แžถแž‚แž…แŸ’แžšแžพแž“แž˜แžถแž“แž‘แžธแžแŸ†แžถแž„แž“แŸ…แž‘แžธแž”แŸ’แžšแž‡แžปแŸ†แž‡แž“แŸ” แž…แŸ†แžŽแŸ‚แž€แž‡แž“แž”แžšแž‘แŸแžŸแž‚แžถแžแŸ‹แž‘แžทแž‰แžŸแž˜แŸ’แžšแžถแž”แŸ‹แžœแžทแž“แžทแž™แŸ„แž‚ แž“แžทแž„แžŸแž˜แŸ’แžšแžถแž”แŸ‹แžŸแŸ’แž“แžถแž€แŸ‹แž“แŸ…โ€ แž“แŸแŸ‡แž‡แžถแžŸแŸ†แžŠแžธแžšแž”แžŸแŸ‹ แž€แž‰แŸ’แž‰แžถ แž แŸแž„ แžŸแŸ’แžšแžธแž“แžถแž„แž˜แž“แŸ’แžšแŸ’แžแžธแžฅแžŽแž‘แžถแž“แž•แŸ’แž“แŸ‚แž€ แž›แŸ†แž“แŸ…แžŠแŸ’แž‹แžถแž“ แžšแž”แžŸแŸ‹ แž’แž“แžถแž‚แžถแžš แž€แžถแžŽแžถแžŒแžธแž™แŸ‰แžถแŸ”แž˜แžปแžแž˜แžถแžแŸ‹แžแŸ’แž˜แžธแž“แŸƒแž‘แžธแž€แŸ’แžšแžปแž„แž—แŸ’แž“แŸ†แž–แŸแž‰แž‚แžบแž‡แžถแž€แžถแžšแžšแžธแž€แžŠแžปแŸ‡แžŠแžถแž›แž“แŸƒ แž›แŸ†แž“แŸ…แžŠแŸ’แž‹แžถแž“ แžŠแŸแž‘แžถแž“แŸ‹แžŸแž˜แŸแž™แž”แŸ’แžšแž…แŸ†แžถแž‘แžธแž€แŸ’แžšแžปแž„ แž…แž„แŸ’แžแžปแžœแžทแžŸแŸแž™แžšแž”แžŸแŸ‹แžขแŸ’แž“แž€แžœแžทแž“แžทแž™แŸ„แž‚แž‘แžปแž“แž‚แžบแž”แžถแž“แžŸแž˜แŸ’แž›แžนแž„แž‘แŸ…แžแŸ’แž„แŸƒแžแžถแž„แž˜แžปแž แž“แŸƒแž”แžšแžทแž”แž‘แžšแžŸแŸ‹แž“แŸ…แžšแž”แžŸแŸ‹แž”แŸ’แžšแž‡แžถแž‡แž“แž€แž˜แŸ’แž–แžปแž‡แžถ แžŠแŸ‚แž›แž‘แžถแž˜แž‘แžถแžšแž“แžผแžœแžŸแŸ’แžแž„แŸ‹แžŠแžถแžšแžšแžŸแŸ‹แž“แŸ…แžแŸ’แž–แžŸแŸ‹ แž”แŸ’แžšแž‡แžถแž‡แž“แž€แž˜แŸ’แž–แžปแž‡แžถแžŠแŸ‚แž›แž˜แžถแž“แžœแŸแž™แž€แžŽแŸ’แžแžถแž›แžŸแŸ’แž˜แžพแž“แžนแž„ 38.9% แž“แŸƒแž”แŸ’แžšแž‡แžถแž‡แž“แžŸแžšแžปแž” แžŠแžผแž…แŸ’แž“แŸแŸ‡แž‡แžธแžœแžทแžแžšแžŸแŸ‹แž“แŸ…แžšแž”แžŸแŸ‹แž–แžฝแž€แž‚แžถแžแŸ‹แž‚แžบแž˜แžถแž“แž—แžถแž–แž‘แžถแž“แŸ‹แžŸแž˜แŸแž™ แž“แžทแž„แž€แžถแžšแž‘แžถแž˜แž‘แžถแžšแžแŸ’แž–แžŸแŸ‹ แž€แž‰แŸ’แž‰แžถ แžŸแž˜แŸ’แž”แžแŸ’แžแžท แž…แžถแž“แŸ‹แž–แžทแžŸแžธ แž˜แž“แŸ’แžšแŸ’แžแžธแž•แŸ’แž“แŸ‚แž€แž›แž€แŸ‹แž”แŸ’แžšแž…แŸ†แžถแž‚แž˜แŸ’แžšแŸ„แž„ Diamond One แž”แžถแž“แž“แžทแž™แžถแž™แžแžถ โ€œแž”แŸ’แžšแž‡แžถแž‡แž“แž€แž˜แŸ’แž–แžปแž‡แžถแž”แž…แŸ’แž…แžปแž”แŸ’แž”แž“แŸ’แž“แž˜แžถแž“แž€แžถแžšแž…แžถแž”แŸ‹แžขแžถแžšแž˜แŸ’แž˜แžŽแŸแž›แžพ แž›แŸ†แž“แŸ…แžŠแŸ’แž‹แžถแž“ แž”แŸ’แžšแžŽแžทแžแŸ—แžŠแžผแž…แž‡แžถ แžแžปแž“แžŠแžผแž‡แžถแžŠแžพแž˜แž–แžฝแž€แž‚แžถแžแŸ‹แž‚แžทแžแžแžถแž“แŸแŸ‡แž‡แžถแžšแžŸแž“แžทแž™แž˜แžแŸ’แž˜แžธแž€แŸ’แž“แžปแž„แž–แŸแž›แž”แž…แŸ’แž…แžปแž”แŸ’แž”แž“แŸ’แž“ แž…แŸ†แžŽแŸ‚แž€แž‡แž“แž”แžšแž‘แŸแžŸแžŠแŸ‚แž›แž…แžถแž”แŸ‹แžขแžถแžšแž˜แŸ’แž˜แžŽแŸ แž›แŸ†แž“แŸ…แžŠแŸ’แž‹แžถแž“ แž”แŸ’แžšแžŽแžทแžแŸ—แž˜แžถแž“แžŠแžผแž…แž‡แžถ แž‡แž“แž‡แžถแžแžทแž˜แŸ‰แžถแžกแŸแžŸแŸŠแžธ แž‡แž”แŸ‰แžปแž“ แžŸแžทแž„แŸ’แž แž”แžปแžšแžธ แž“แžทแž„ แž…แžทแž“แž‡แžถแžŠแžพแž˜แŸ” แž›แŸ„แž€ แž–แžทแž“ แž–แžทแžŸแžธ แž‡แžถแž”แžปแž‚แŸ’แž‚แž›แžทแž€แž“แŸ…แž€แŸ’แž“แžปแž„แž€แŸ’แžšแžปแž˜แž แŸŠแžปแž“แžฏแž€แž‡แž“แž˜แžฝแž™ แž”แžถแž“แž‘แžทแž‰แž•แŸ’แž‘แŸ‡แž”แŸ’แžšแž—แŸแž‘แžแžปแž“แžŠแžผแž˜แžฝแž™แž”แžถแž“แž“แžทแž™แžถแž™แžแžถ โ€œแžแŸ’แž‰แžปแŸ†แž”แžถแž“แž‘แžทแž‰แž•แŸ’แž‘แŸ‡แž”แŸ’แžšแž—แŸแž‘แžแžปแž“แžŠแžผแž”แžถแž“แžšแž™แŸˆแž–แŸแž›แž–แžธแž†แŸ’แž“แŸ†แžถแž“แŸ…แž‡แžทแžแžœแžแŸ’แžแžŸแž“แŸ’แžŸแŸ†แž€แžปแžŸแž›แŸ’แž™แžŠแŸ„แž™แž€แžถแžšแž”แž„แŸ‹แžšแŸ†แž›แŸ„แŸ‡แž‡แžถแž˜แžฝแž™แž’แž“แžถแž‚แžถแžš แž แžพแž™แžแŸ’แž‰แžปแŸ†แžŠแžผแž…แž‡แžถแž˜แžทแž“แžŸแžผแžœแž…แžถแž”แŸ‹แžขแžถแžšแž˜แŸ’แž˜แžŽแŸแž›แžพแž€แžถแžšแž›แž€แŸ‹แžŠแžผแžšแžŠแžพแž˜แŸ’แž”แžธแž…แŸ†แžŽแŸแž‰แžขแŸ’แžœแžธแž“แŸ„แŸ‡แž‘แŸ แžแŸ’แž‰แžปแŸ†แž…แžผแž›แž…แžทแžแŸ’แžแž”แžšแžทแž™แžถแž€แžถแžŸแžšแžŸแŸ‹แž“แŸ…แž”แŸ‚แž”แž“แŸแŸ‡แžœแžถแž˜แžถแž“แžŸแžปแžœแžแŸ’แžแžทแž—แžถแž– แž“แžทแž„แž˜แžถแž“แž—แžถแž–แžฏแž€แž‡แž“แž•แŸ’แž‘แžถแž›แŸ‹แžแŸ’แž›แžฝแž“โ€แŸ” แž€แžถแžšแžŸแž˜แŸ’แžšแž”แžแŸ’แž›แžฝแž“แž™แŸ‰แžถแž„แž›แžฟแž“แž‡แžถแž˜แžฝแž™แž“แžนแž„แž€แžถแžšแžšแžŸแŸ‹แž“แŸ…แž€แŸ’แž“แžปแž„แž—แžถแž–แž”แŸ’แžšแžŽแžทแžแž‘แžถแž“แŸ‹แžŸแž˜แŸแž™แž”แŸ‚แž”แž“แŸแŸ‡ แž‡แžถแž–แžทแžŸแŸแžŸแž€แžถแžšแžšแžŸแŸ‹แž“แŸ…แž€แŸ’แž“แžปแž„ แž›แŸ†แž“แŸ…แžŠแŸ’แž‹แžถแž“ แž”แŸ’แžšแž—แŸแž‘แžแžปแž“แžŠแžผ แžขแžถแž…แž“แžทแž™แžถแž™แž”แžถแž“แžแžถแž“แŸแŸ‡แž‡แžถแž›แž€แŸ’แžแžแžŽแŸ’แžŒแžšแžŸแŸ‹แž“แŸ…แžŠแŸแžŸแž˜แžŸแŸ’แžšแž” แž“แžทแž„แžแŸ’แž˜แžธแžŸแŸ’แžšแžกแžถแž„แžŸแž˜แŸ’แžšแžถแž”แŸ‹แž”แŸ’แžšแž‡แžถแž‡แž“แž€แŸ’แž“แžปแž„แž‘แžธแž€แŸ’แžšแžปแž„แž—แŸ’แž“แŸ†แž–แŸแž‰ แž‘แž“แŸ’แž‘แžนแž˜แž“แžนแž„แž“แŸแŸ‡แž•แž„แžŠแŸ‚แžš แž›แŸ„แž€ แžšแžŸแŸ‹แžŸแŸ’แžแŸ’แžšแžถ แž’แžทแž”แžแžธแž‡แžถแžขแŸ’แž“แž€แžšแžŸแŸ‹แž“แŸ…แž€แŸ’แž“แžปแž„แžแžปแž“แžŠแžผแž”แžถแž“แž”แž“แŸ’แžแŸ‚แž˜แž‘แŸ€แžแžแžถ โ€œแžแŸ’แž‰แžปแŸ†แžšแžŸแŸ‹แž“แŸ…แž€แŸ’แž“แžปแž„ Rose Condo แž”แŸ’แžšแž แŸ‚แž›แž‡แžถแž„2แž†แŸ’แž“แŸ†แžถ แž แžพแž™แž€แžถแžšแžšแžŸแŸ‹แž“แŸ…แž”แŸ’แžšแž€แž”แžŠแŸ„แž™แž•แžถแžŸแžปแžแž—แžถแž– แžŸแžปแžœแžแŸ’แžแžทแž—แžถแž– แž˜แžถแž“แž‘แžธแžแŸ†แžถแž„แžŠแŸแž›แŸ’แžขแžŠแŸ‚แž›แžŸแŸ’แžแžทแžแž“แŸ…แž‘แžธแž”แŸ’แžšแž‡แžปแŸ†แŸ‹แž‡แž“ แž‡แžถแž–แžทแžŸแŸแžŸแžœแžถแž˜แžถแž“แž—แžถแž–โ€‹แžฏแž€แž‡แž“ แž“แžทแž„แž˜แžถแž“แžŸแŸแžœแžถแž‡แžถแž…แŸ’แžšแžพแž“แžšแžฝแž˜แž‚แŸ’แž“แžถแž“แŸ…แž€แŸ’แž“แžปแž„แžขแž‚แžถแžšแžแžปแž“แžŠแžผ แžŠแžผแž…แž‡แžถแŸ– แž•แŸ’แžŸแžถแžšแž‘แŸ†แž“แžพแž” แž€แŸ’แž›แžนแž”แž แžถแžแŸ‹แž”แŸ’แžšแžถแžŽ แž“แžทแž„แžขแžถแž„แž แŸ‚แž›แž‘แžนแž€ แžŸแŸ’แž“แžถแž€แŸ‹แž“แŸ…แžแžปแž“แžŠแžผแž–แžทแžแž‡แžถแž˜แžถแž“แž—แžถแž–แž„แžถแž™แžŸแŸ’แžšแžฝแž›โ€แŸ”NEED A CONDO?
Camhomesโ€™ Sihanoukville Office Launch!
Camhomesโ€™ Sihanoukville Office Launch!
June 6, 2022, 5:06 p.m.
Property Reviews
Realestate News
Dโ€™Seaview brings Sihanoukvilleโ€™s first fully integrated residential and commercial mixed development, located alongside Sihanoukvilleโ€™s most beautiful beaches.D'Seaview is selling fast! Inquire todayWith its twin towers standing at 28 storeys each, Dโ€™Seaview will bring a collection of premium executive condominiums, commercial units and a hotel to Sihanoukvilleโ€™s pioneer integrated living complex.The official opening ceremony for the Camhomesโ€™ Sihanoukville office will be held on Saturday, March 26, 2016 - This Saturday!The location of the office, where the opening ceremony will be held, is at Independence Street, beside the 2 Golden Lion Roundabout, Sangkat 4, Khan Mitipheap, Sihanoukville City. This Saturdayโ€™s opening ceremony will open to the public from 8:30AM. The chief guest of honour will be Oknha LAV Kang, from the Sihanoukville Chamber of Commerce, will also be sharing about Sihanoukvilleโ€™s 5 year real estate development plan at the ceremony. With the opening of Camhomesโ€™ Sihanoukville sales office, Camhomes can now provide investors more close proximity information about Dโ€™seaview and other Camhomesโ€™ projects. Residents of Dโ€™Seaview can expect to live, work and play within the integrated commercial mixed residential development complex in the future, with their daily needs and desired lifestyle fully satisfied within the compound. The first phase of residential units in Dโ€™Seaview have already been fully subscribed with its second phase gaining more subscriptions everyday. Dโ€™Seaview is also supported by Camhomesโ€™ unique Guaranteed Rental Returns offering: a significant 30% GRR over three years. With the booming tourism industry in Sihanoukville to both local and international visitors, Dโ€™Seaviewโ€™s integrated hotel and its local shophouse-style blocks are also open to bids from investors and Cambodian retailers looking to maximise their investment returns. Realise your housing and commercial dreams now; and visit Camhomesโ€™ Dโ€™Seaview showrooms in Phnom Penh at the Canadia Tower, level 3, or in Sinhanoukville and talk to their property consultants, or check out the full listing information online at realestate.com.kh. And if you are in Sihanoukville this weekend, donโ€™t miss the Dโ€™Seaview opening ceremony on Saturday morning. To find out more information about the Camhomesโ€™ Sihanoukville Office Launch, please call +855 23 985 828 today.
Guide to Real Estate Law in Cambodia, from BNG Legal
Guide to Real Estate Law in Cambodia, from BNG Legal
June 6, 2022, 5:05 p.m.
Realestate News
BNG Legal Cambodia has released their latest version of the Guide to Doing Business in Cambodia which contains extensive information about Cambodian real estate law and property regulations.This extremely comprehensive Guide to Doing Business in Cambodia gives valuable information for investors and Cambodian-based business people on Banking and Finance, Corporate & Commercial Law, Dispute Resolution in Cambodia, Intellectual Property Laws, Labor Law, Mining Law and Regulations, Marriage and Family Law - and last, but certainly not least, a comprehensive overview of Cambodian law related to Land and Construction.In regards to Real Estate Law and Regulation, the BNG Legal Guide to Doing Business in Cambodia duly covers Legal Ownership of Land in Cambodia, Acquisition of Property in Cambodia, Potential Risks, Enforcement of Property Rights, Establishing Control over Land, Perpetual Leases, Land Concessions, Construction, Encumbrances on Immovable Property andย Recently Issued Regulations and New Procedural Rules.This is a great guide for those trying to get their head around Cambodian Property Law.DOWNLOAD THE GUIDE TO DOING BUSINESS IN CAMBODIA EBOOK NOWBNG Legal Cambodia our a unique law firm in the Kingdom, able to offer a deep understanding of the local business environment while simultaneously supported by international professionalism and integrity. BNG Legal facilitate business, investment and trade between Cambodia, Myanmar and the rest of the world through innovative and cost-effective legal services.ย BNG Legal offer all range of real estate related legal services, including residential, commercial and industrial property transactions, Lease negotiation and agreement drafting, title search and due diligence, land registration and titling, agricultural land concessions, financing, mortgages and other securities, construction contracting, permitting, and financing, environmental compliance consulting, advice on Special Economic Zones and tax-optimization.Contact BNG Legal today at: cambodia@bnglegal.com / hhn@bnglegal.comDOWNLOAD THE GUIDE TO DOING BUSINESS IN CAMBODIA EBOOK NOWCheck out more articles, news and views related to real estate law - on realestate.com.kh today!
Cambodian Banks Show Caution on Condo Lending
Cambodian Banks Show Caution on Condo Lending
June 6, 2022, 5:06 p.m.
Realestate News
Condominium sales saw a slight decline in 2015, despite the rise of supply in the market and there is speculation that this pattern may seep into 2016.A 2015 CBRE report noted that the number of condos sales decreased last year largely due to investor concerns around uneven supply and demand in the market, and that many local investors prefer villas over condos. See our recent article Villa vs. Condo.ย In a recent Realestate.com.kh story on the real estate market predictions for 2016, Simon Griffiths, Associate Director at CBRE Cambodia stated confidence in the Phnom Penh real estate market ย particularly in the condominium market, may remain low within Cambodia due to oversupply and too-rapid growth causing over-saturation, ultimately heightening exposure to risk.ย  [caption id="attachment_81456" align="alignleft" width="205"] Anthony Galliano[/caption] Anthony Galliano,ย CEO of Cambodian Investment Management adds that despite speculations of decreased confidence the market is still healthy, "The price acceleration in 2015 made Phnom Penh one of the top performing real estate markets in Asia for both commercial and residential property, and has only encouraged both investors and developers to further participate in market. ย Although Cambodia has been impacted by the ups and downs of the global real estate market, it hasnโ€™t had enough of a scale-able real estate market of its own to experience cycles, and real estate is very cyclical.โ€ย  [caption id="attachment_78669" align="alignright" width="255"] Ross Wheble[/caption] Ross Wheble, Country Manager of Knight Frank Cambodiaย predicts that the supply of condominiums will increase by more than six-fold by 2018 which could drive a slowdown in sale rates of condominiums, leaving developers looking for alternative asset types to appeal to investors.ย It seems that the writing is on the wall with warning signs of a serious oversupply issue by 2018.ย However, itโ€™s not just investors having these concerns. It seems the banks are too.ย โ€œSome banks will then tend to take a more conservative view on lending money for condoโ€™s when there is an oversupply as most of these condoโ€™s are purchased for investment purposes, not for owner occupation,โ€ says Joe Phelan, Head of Personal financial Services at Hong Leong Bank Cambodia.ย  [caption id="attachment_81446" align="alignleft" width="300"] Stephen Higgins[/caption] โ€œIf I was bank, I would be extremely cautious about lending to the condo market at the moment,โ€ adds Stephen Higgins, Managing Partner at Mekong Strategic Partners investment firm, โ€œThere appears to be a serious oversupply of apartments emerging, which will only get worse given the current level of construction that we're seeing. That means there is likely to be downward pressure on condo prices in the coming years, and that naturally makes banks cautious."ย Phelan notes that most banks in Asia know if a customer encounters problems with servicing their loan repayments for their owner-occupier home, they will do everything it takes to rectify the situation. But if something was to go wrong with an investment property venture; this comes with more risk for the lender.ย โ€œTo make matters worse for the bank the oversupply of condoโ€™s just makes it even harder for a bank to sell this property (if it is taken as security) through the legal process as there will be a very limited secondary buyer market out there for condoโ€™s,โ€ explains Phelan, โ€œIt could take 3-4 years to sell this property and no bank wants an impaired debt on their books for that long as it will hurt their bottom line too muchโ€.ย ย  [caption id="attachment_81084" align="alignright" width="300"] Joe Phelan[/caption] But buyers shouldnโ€™t be alarmed just yet. ย Phelan adds that if the condo was being purchased for owner occupation in the right location, then most banks would still consider lending money to the customer for the condo just as they would for a landed property.ย Galliano adds, โ€œThe concerns expressed by the government on a potential property bubble on several occasions and the construction sites that litter the skyline may be a prophecy of a peak in prices for now and the downward trajectory of prices to come. Investors may want to sit tight on buying and take advantage of anticipated low rentals as a significant supply of empty apartments will be seeking tenants."ย  [caption id="attachment_80510" align="alignleft" width="225"] Simon Griffiths[/caption] In response to governmental concerns, banks are adjusting lending overall in Cambodiaโ€™s current economic climate so as to avoid a future credit crunch. Banks are taking a conservative approach to counteract rapid credit growth and its associated risks as a preventative measure. This retraction is only a positive for the market in the longer-term adding to its sustainability and healthy growth.Learn more about Home Loans in Cambodia, on Realestate.com.kh today!Learn more about the Cambodian Condo Market, or Realestate.com.kh today!
What are Global Investors Intentions in 2016? CBRE
What are Global Investors Intentions in 2016? CBRE
June 6, 2022, 5:06 p.m.
Realestate News
CBREโ€™s 2016 Global Investor Intentions Survey is the culmination of interviews with more than 1,250 major investors worldwide. The 2016 CBRE survey shows that investors are still strongly expansionary, reaching outside of their local markets, with 82% of respondents indicating that their external investment activities will be the same or greater compared to 2015.โ€œThe report highlights global investorsโ€™ clear appetite for expansion, with 82% of respondents indicating that their investment activity will be the same or greater compared to 2015. 37% of those surveyed stated capital appreciation as their principal requirement, combined with a renewed focus on core assets benefiting from consistent revenue streams,"ย said Chris Hobden - Manager of Research, Consulting & Valuation at CBRE Cambodia.While there is currently limited existing stock of significant, income-bearing commercial assets being offered in the Phnom Penh market, we saw a clear rise in interest from international groups in exploring such opportunities in country over 2015. As the local market develops further, and a greater diversity of stock comes on stream, we feel that Cambodia will be well placed to draw attention from the 4% of major global investors noting โ€˜Emerging Asiaโ€™ as their primary focus for investment over the course of the year,โ€ continuesย Hobden.Property returns are particularly appealing in lowโ€‘yield world according to the CBRE report: โ€œThe single most important motivation for investment in real estate is the expectation of capital gains: 37% of respondents state this is their main reason for investing in the sector (Figure 14). Americas based investors are more interested in this component of return than those of other regions. This said, 25% of global investors mention the steady income from rents and a further 15% say yield relative to debt or other asset classes as their top motive. EMEA-based investors have a relative preference for income and yield. Asset class diversification is most important for 11% of investors, but only 3% state that geographic diversification is important. As interest rates in some areas of the world head into negative territory and are set to remain lower for longer in others, we suggest returns will continue to attract capital even if there is only modest rental growth.โ€Check out a cool infographic on Retailer trends in Southeast Asia, also from CBRE
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Retailers Trends 2016, CBRE Southeast Asia
Retailers Trends 2016, CBRE Southeast Asia
June 6, 2022, 5:05 p.m.
Realestate News
CBRE Research Southeast Asia has released the results of the 7th edition of the โ€œHow Active are Retailers reportโ€. Within this report, statistics suggest that 26 percent of all global retailers surveyed identified Southeast Asian countries as primary target markets for 2016.CHECK OUT THE FULL INFOGRAPHICRetailers primary interests in the Southeast Asian region appear to focus on Mid-range Fashion and Luxury & Business retail sectors. [caption id="attachment_81434" align="alignleft" width="225"] Muyngim Lim, CBRE Cambodia[/caption] 48ย percentย of retailers particularly targeting the Southeast Asia economies come from Europe, ahead of the North America and Asia Pacific regions.ย "The fact that 26% of global retailers surveyed identified South East Asia as a target market for 2016 expansion is highly encouraging, with European mid to high-end fashion retailers showing particular interest. While Cambodia is yet to attract the level of interest enjoyed by more developed South East Asian markets, 2% having noted Cambodia as a target market for this year, with the arrival of new high-quality shopping malls, combined with growing domestic disposable income, we are optimistic that Phnom Penh will continue to benefit from new retailer entrants over the course of 2016,โ€™โ€™ saidย Muyngim Lim, Analystย atย Research, Consulting & Valuation at CBRE Cambodia. In regards to potential effects on retail supply in Southeast Asia, according to the CBRE report, 65ย percentย of retailers have typical store size requirements of less than 500 sqm. It is not all smooth sailing though for retailers targeting Southeast Asian countries; Cautious sentiments prevail with the majority of surveyed retailers targeting to open less than 10 stores in any chosen Southeast Asia country. The top five major risks for retailers in Southeast Asia were UNCLEAR ECONOMIC PROSPECTS, COST ESCALATION, CURRENCY FLUCTUATIONS, LACK OF QUALITY RETAIL SPACE, LACK OF QUALITY RETAIL SPACE & CHANGES IN CONSUMER BEHAVIOR. Learn more about Phnom Penh Retail Space!CHECK OUT THE FULL INFOGRAPHIC
Axis Residences unique quality commended at the Cambodia Property Awards 2016!
Axis Residences unique quality commended at the Cambodia Property Awards 2016!
June 6, 2022, 5:04 p.m.
Realestate News
AXIS RESIDENCES is proud to be the First Cambodia Development by a Singaporean Developer to receive the 'Highly Commended Award' for the โ€œBest Condo Development (greater Phnom Penh)โ€ at the inaugural Cambodia Property Awards 2016, part of the Asia Property Awards series.And why not? Axis Residences is proving to be a trailblazer in the Cambodian developments market - setting the benchmark with a host of innovative design, finance and quality features.Axis Residences is the pioneering condominium in Phnom Penh to adopt sustainable solar PV technology (Solar Panels) into the development.By doing so, Axis Residences will be the first and the only condominium in Cambodia that incorporates this innovative green feature that benefits the buyers with both a stable electrical supply and a reduced utility and maintenance bill. It is also nice to know that your home is supporting the reduction of carbon footprint for our mother earth and elevating a cleaner Cambodia into the new century.By utilizing clean renewable energy from the sun, all residents at Axis Residences benefit from cheaper maintenance rates and likewise reduce the carbon footprint of the condo in its entirety. The green energy generated from the rooftops of Axis Residences reduces CO2 emissions equivalent to that of 3222 trees every year. Axis Residences is the forerunner for new quality condo developments in Cambodia โ€“ and firmly believes that innovation as such will pave the way for future condo and commercial developments in considering the incorporation of clean sustainable energy sources in their design.The sleek and contemporary design of Axis Residences is also impressing Cambodian celebrities and film makers. Recently, the renowned film production company, Hong Meas HD TV, has been using the Axis Residences showroom to film various drama series and movies.The directors and producers of these productions are well-aware that the younger generation of Khmer are craving a higher standard of living, and a taste in design style that the market currently sorely lacks. Because the Axis showroom epitomizes the style and quality that the new generation of home buyers are craving, and feature brand name appliances and fixtures throughout, it is only natural that Axis Residences should be the ideal location to film these popular films and drama series.Spring CJW, the renowned Singaporean development company behind Axis Residences, however, is well-aware that many younger Khmer interested in purchasing their first condo home currently lack access to sufficient finance to make such a dream a realityโ€ฆWith that in mind, Spring CJW has created a very attractive 15 year end-financing package in partnership with Phillip Bank, uniquely designed for their customers. As the payment schedule for this loan is based on each construction stage, off-plan buyers will only have to pay as each stage of the development is completed.The Partnership between Axis Residences and Philip BankThe Phillip Bank loan package, available to Axis Residences buyers, only charges interest for the amount that is supposed to be paid. For example, if the sub-structural phase of construction is competed, just 10% has to be paid to the developer by the end-buyer. This means that customers who purchase via the Phillip Bank loan will only need to incur interest for that initial 10%.This is not a common practice at all in Cambodia, as most projects will charge the loan interest on the full sum owing, and few banks are willing to support condo buyers. Not only that but, again uniquely, the principle sum for the Phillip Bank loan will only be payable at the completion of the Axis Residences project in its entirety, which is around 2 years later. Customers who use the Phillip Bank loan option will thus be looking at only around a $90 installment payment per month for the first year.This is not only affordable for young buyers, but acts as a guarantee that the project is completed to the promised standards, in the promised timeframe. Although this is Spring CJWโ€™s first condo project in Cambodia, they have entered the market to stay โ€“ and customer-friendly initiatives such as this are a testament to that!At Axis Residences, younger buyers are offered a chance to secure a state-of-the-art home on finance terms that they can genuinely afford. This is a golden opportunity for young couples to own a new home with a lifestyle that will be the envy of their peers for many years to come.If you would like to learn more about Axis Residences, click HERE to check out the full listing on Realestate.com.kh today.Inquire directly with Spring CJW and join their friendly and knowledgable property consultants right here in Phnom Penh for a tour of the famous Axis Residences showroom.Click HERE to request an information pack today!
Caring for women in the Construction sector: CARE Cambodia
Caring for women in the Construction sector: CARE Cambodia
June 6, 2022, 5:05 p.m.
Realestate News
Taking a stroll around Phnom Penh is enough to show anyone that the real estate and construction sector is booming. Investments have risen from US$840 million in 2010 to US$ 2.7 billion in 2013.But did you know that approximately 30 per cent of the workers on construction sites are women?Women, along with men, are building Phnom Penh and itโ€™s important for them and their families that they are treated fairly and protected. Thatโ€™s why CARE International is undertaking the EU-funded project: Labour Rights for Female Construction Workers. The project aims to enhance protections for women in the construction sector and builds upon CAREโ€™s proven history of improving womenโ€™s working lives in the hospitality and garment industries. This project is a chance for responsible construction companies and developers to work with CARE to make sure investing in real estate is investing in the community. Interested private sector partners can take part in this project with CARE on to build up their corporate social responsibility portfolio.But beyond CSR, investing in women has been found to make good business sense. When companies invest in their female workers, they are much better placed to notice talented individuals that can contribute more. Why waste the potential of your women workers when, with the right support, they could be your best employees?CAREโ€™s approach in this construction project is threefold. CARE, through local partners, will work with women directly to improve their capacity. This will include facilitating peer-to-peer training to help women understand protections in place, their own potential and encourage them to make the most of work in construction. It will also include educational resources that will be offered for free to workers.By engaging with employers and peak bodies, CARE will help construction companies and developers to invest in the human capital of their female workers through providing training to managers and human resources personnel. CARE will work with women workers and the private sector to facilitate avenues of communication between managers and women workers to provide managers with better understanding of the specific situation of their female workers. To complement these approaches, CARE will also work with Government stakeholders to improve institutional protections.CARE is looking for industry partners in the real estate and construction sector to be part of this project.If this is something that interests you, please contact the Project Manager, Ms Kalyan Rath, at kalyan.rath@careint.org or Adviser, Ms Adriana Siddle, at adriana.siddle@careint.org.
Phnom Penh Infrastructure Rising
Phnom Penh Infrastructure Rising
June 6, 2022, 5:05 p.m.
Realestate News
To cope with the cityโ€™s expansion and rapid growth in vehicles, more infrastructure projects are expected to be completed in Phnom Penh before 2020. At the grand opening of the 5-January Overpass (Techno Overpass), Prime Minister Samdech Hun Sen approved several more projects for the capital. After acknowledging the ongoing congestion at the Kbal Thnal Sky Bridge, construction will start soon on an additional curved overpass and underground road near the existing bridge. The US$10 million project will see an 810 metre overpass and a 606 metre underground built by the Overseas Cambodian Investment Corporation (OCIC). This is a great boost for Phnom Penh infrastructure! An underpass at the junction of Russian Federation Blvd and Preah Monivong Blvd (PKC stop) will also be constructed by OCIC to ease traffic in the vicinity. The plan features a 340 metre long, 15 metre wide road running through a 5 metre high tunnel. Following a successful soil analysis conducted on January 8, construction will commence later this year. Another overpass will be erected at the congested intersection between Russian Federation Blvd and Hanoi Street reflecting the significance of Russian Federation Blvd as the main artery connecting the city centre and the airport. The bridge is to be 611 metre long and 16.5 metres wide and will be built by Chinese Shanghai Construction and financed by the Chinese government. Phnom Penh will see also its first elevated expressway that will stretch 13km above the existing rail line connecting Preah Monivong Blvd and the international airport. The toll road will help ensure air passengers do not miss their flights due to congestion. While City Hall previously announced that the project is being developed by a Chinese investor, it appears that OCIC is also negotiating with City Hall to win the bid for this project. ย  Muhibbah Engineering (Cambodia) Ltd has also claimed to have won the bid to build a $200-million expressway connecting Phnom Penhโ€™s downtown to National Road 4 and the capitalโ€™s airport. Stretching over 14km, the 24 metre wide, 4 lane highway will also run parallel with the current rail track that connects Toul Kork Roundabout to National Road 4. The Phnom Penh infrastructure project will commence soon once compensation to affected households has been completed this year. ย  A 220km highway linking Phnom Penh and Ho Chi Minh City worth around US$2.2 billion proposed by the Japanese International Cooperation Agency (JICA) has also been announced with completion hoped for by 2030. ย  The capital will also see construction of a second ring road that will run 16.67km across two lanes from Russian Federation Blvd to National Road 2 across the districts of Dangkor, Sen Sok, Meanchey heading south to Takmao town, another boost for Phnom Penh infrastructure. The road will be built by Chinese Shanghai Construction via Chinese government financing. Built with 20-cm thick concrete it will be 23 metres wide with a 1.5 metre drainage system on both sides. The exact starting and completion dates for all these projects are not yet known. While the government is pinning its hopes on more infrastructure solving congestion, urban planning expert Dr. Van Vat told the Phnom Penh Post that infrastructure projects alone canโ€™t mitigate the jams. ย โ€œTo avoid this problem, we need to have a detailed plan for each district as to which roads need to be expanded in the next five or ten years, and which roads will have overpasses,โ€ he stressed, adding that, โ€œIf we donโ€™t do that, the congestion issue will continue.โ€ Dr. Vat also requested the government to limit vehicle imports and design and implement appropriate traffic light systems. This article was submitted by: Tim Vutha, Construction and Property Magazine [caption id="attachment_81252" align="aligncenter" width="229"] Download Issue 20 of the Construction & Property Magazine today![/caption]
Knight Frank Prime Asia Development Land Index released
Knight Frank Prime Asia Development Land Index released
June 6, 2022, 5:06 p.m.
Realestate News
4 March 2016, Singapore โ€“ Knight Frank, the independent global property consultancy, today releases the Prime Asia Development Land Index for H2 2015. The index derives the price of prime residential (apartment or condominium) and commercial (office) development land in 13 major cities across Asia.Knight Frank Prime Asia Development Land Index shows prices of residential sites in the region appreciating 3.0% in H2 2015, up from the 1.2% seen in the previous six months. On the other hand, the price growth of office land slowed to 1.5% from 3.6%Report highlights:H2 2015 witnessed development land investment volumes in Asia rise by 14.1% year-on-year.Cross-border volumes increased by 55.3%, driven by intra-Asian investment flows.China bought almost two times more land in the rest of Asia.While the average price of a piece of development land has been climbing steadily since mid-2012, the average land size has been shrinking. In Indonesia, the governmentโ€™s efforts to tackle tax evasion is discouraging big-ticket purchases.Mr Nicholas Holt, Head of Research for Asia Pacific, says, โ€œThe confluence of easing construction costs and rising residential prices and office rents propelled Phnom Penhโ€™s prime land prices upwards. Although the growth rates in H2 2015 moderated slightly from the previous six months, they nonetheless were among the fastest in the region.โ€œTokyoโ€™s prime residential land index recorded the fastest growth among the cities tracked in H2 2015 โ€“ it is also the only market that outperformed Phnom Penh. With Japan joining the negative interest rate club, there could be more yield compression and price appreciation.โ€Download the full report!
Where to Buy Development Land in Phnom Penh: Realestate.com.khTV
Where to Buy Development Land in Phnom Penh: Realestate.com.khTV
June 6, 2022, 5:06 p.m.
Realestate News
Jum reap sour! And welcome to another weekly Real Estate News Report brought to you by RealEstate.com.kh. The leader in real estate news in the Kingdom and the best place to find your new home. Missed Part 1 or Part 2?On this weekโ€™s show, weโ€™re going to be speaking with Mr. In Sitha, Director of Business Development at VTrust Appraisal, about where to buy development land in Phnom Penh. Sitha has over 20 years experience in the real estate business in Cambodia and he now specializes in property development consultancy and real estate business development. He's also a renowned real estate teacher in real estate law and real estate practice. In this 6 Part series, we're going to get some tips for property developers and real estate businesses seeking to gain an edge when entering the Cambodian real estate market.PART 3: WHAT ARE BEST AREAS TO BUY DEVELOPMENT LAND IN PHNOM PENH?Realestate.com.kh: What districts are the best to buy in in Phnom Penh for developers? ย Say if you got a new developer client seeking consultation, which areas would you recommend buying land in now for a new development project?In Sitha: I think right now Chamkarmon District is one of the four districts of Phnom Penh that I would consider as the good place to invest at the moment and into the future. I think that's where to buy development land in Phnom Penh.ย Realestate.com.kh: Land's expensive right?In Sitha: Yeah, the land is little bit expensive but it's still good to invest. As you see, Chamkarmon District is the place with the most expats, restaurants and the prime hotel area of approximately 1,073.72 hectares. In this district, I consider two communes, BKK1 and Tonle Bassac, to be best to invest in.Realestate.com.kh: Which ones?In Sitha: Number one is Boeung Keng Kang 1 and number two is Tonle Bassac. You see, they are in the central area, so the southeast of Independent monument, and this district has a lot of wealthy residents, NGO, corporates, etc. And the landscape is very nice, very beautiful and wide, leafy streets. Realestate.com.kh: Will developers who choose to build in BKK1 increase their chance of higher rental returns?In Sitha: That's correct.Realestate.com.kh: Because of all the expats and lots of money in this area?In Sitha: In Boeung Keng Kang 1 and Tonle Bassac, there are many rich people. One unit of a serviced apartment with two bedrooms can be priced from 800 US to over 1800. Yet, ultimately, it is based on the quality and the design of the construction.Realestate.com.kh: Much, much higher than the rest of the country?In Sitha: Yeah, it makes it a good investment opportunity if for a one bedroom unit you can get almost 1000 to 1500 in rental returns. These areas offer easy access to all sorts of entertainment and food venues, and also the government institutions, hospitals, international schools and universities. This is a centralized area. Market price increases yearly so this is a very good place to invest in these two sangkats/communes.Loving it?ย Then you should watch part 4ย now:WHY PHNOM PENH BOREYS ARE PROVING SUCH A POPULAR MARKET FOR DEVELOPERS AND HOMEBUYERS coming soon
Veng Sreng Road and National Road 4 Charges Dropped
Veng Sreng Road and National Road 4 Charges Dropped
June 6, 2022, 5:05 p.m.
Realestate News
After receiving complaints from commuters regarding toll fees along Veng Sreng Road, the prime minister cancelled the road investment contract in late December 2015 and placed it under state management and abolished the collection of fees from commuters. โ€œI am giving the Veng Sreng road back to the people to use free of charge as a New Year present. I am grateful to our citizens who brought this news on Facebook about their problems regarding the Veng Sreng road to my attention,โ€ the Prime Minister Hun Sen said.Chinese firm BOTT WAYS invested in the Veng Sreng - Chom Chao road which runs for 6.5km and is 22 metres wide. Built with 20-cm concrete, the road is divided by 2.5-metre wide garden. When contract was cancelled, the road has almost been completed. The remaining works have subsequently been transferred to the capital department of public works and transport. ย ย As with Veng Sreng Road, Prime Minister Samdech Hun Sen also decided to cease charges for commuters on National Road 4 from 13 January after receiving complaints from people via Facebook. The decision was made just a few days after he removed toll fees for people who own vehicles and reside along National Road 4 that have to pay daily. The 230-km National Road 4 has been operated and maintained by AZ Group under a 34-year concession since 2000. This main artery to the coast is currently being expanded from 2 lanes to 4 lanes with an unspecified completion date. ย  This article was submitted by: Tim Vutha, Construction and Property Magazine [caption id="attachment_81252" align="aligncenter" width="229"] Download Issue 20 of the Construction & Property Magazine today![/caption] http://realestate.com.kh/news/remoc2016-is-here http://realestate.com.kh/news/phnom-penh-infrastructure-rising
ASEANโ€™s Tallest Tower Proposed for Phnom Penh
ASEANโ€™s Tallest Tower Proposed for Phnom Penh
June 6, 2022, 5:06 p.m.
Realestate News
Plans have been submitted for a super skyscraper to be built in Phnom Penh which would make it home to the tallest building in Southeast Asia (ASEAN) in 2019 should it be completed. The Thai Boon Roong Twin Tower Trade Center is being jointly developed by local firm Thai Boon Roong Co., Ltd and Chinese giant contractor Kia Nip Group. The development has been revised upwards from a proposal submitted to City Hall in June 2015 of 111 floors worth $3 billion to a new design of 133 floors worth over $1 billion.The capitalโ€™s Land Management Urban Planning and Construction department and the Phnom Penh municipality consecutively endorsed the revised master plan in mid-February. The plan has already been submitted to the Ministry of Land Management Urban Planning and Construction for a final study that is expected to take at least 45 working days before a final decision is released. ย If final permission is granted, construction is planned to kick off later in 2016 with completion scheduled for 2019. The project is expected to becomeย ASEANโ€™s Tallest TowerThe Thai Boon Roong Twin Tower Trade Center is to be situated on the five-hectare Dream Land plot in Tonle Bassac commune and will feature commercial office space, a cultural centre, hotel, retail and shopping centres and many more entertainment facilities. ย If completed, the structure will be ASEANโ€™s Tallest Tower ahead of Malaysiaโ€™s Petronas Twin Towers (452 metres with 88 floors), Vietnamโ€™s Keangnam Hanoi Landmark Tower (345 metres and 77 floors), Malaysiaโ€™s Menara Telekom Towers (310 metres and 55 floors) and the 304-metre Baiyoke Tower II in Thailand with 84 floors. ย It will also be the 5th tallest high-rise in Asia as well as in the world following the UAEโ€™s Burj Khalifa (828 meters), Chinaโ€™s Shanghai Tower (632 meters), Saudi Arabiaโ€™s Makkah Royal Clock Tower Hotel (601 meters) and Taiwanโ€™s Taipei 101 (509 meters). However, if the 555-metre Diamond Tower proposed by Overseas Cambodian Investment Corporation (OCIC) in 2010 is successfully built on Diamond Island, the tower will rank only second in Phnom Penh. ย While such high-rises are usually welcomed by the public, building safety systems - especially related to fire prevention - are usually the main concerns due to the fact that the Cambodian authorities still have limited capacity and legal regulation in dealing with safety issues on tall buildings, let alone super-skyscrapers. Prof. Tous Saphouen, Secretary General of Board of Architects Cambodia and also the Dean of Pannasastra University of Cambodiaโ€™s Architecture Faculty was involved in the architectural design of this project. He told local media that the development was the result of a very detail architectural study done by experienced Cambodian and Chinese architects. According to Prof. Tous, giant Chinese constructor and main contractor Kia Nip Group has developed many high structures especially in China. Since it is the first super-tall building in Cambodia, the developer it is not sure whether local firms can be sub-contracted to parts of the building works. According to data from the Ministry of Land Management Urban Planning and Construction, 628 buildings ranging between 5 and 40+ floors have been erected in Cambodia so far. Among them, 407 buildings are between 5 and 9 floors, 187 buildings are between 10 and 19 floors, and 22 are between 20 and 29 floors. Only four towers surpass 40 floors. Phnom Penh Governor Pa Socheatevong has indicated that Phnom Penh will attract more high-rises in the next few years, especially in the area surrounding Diamond Island, and in Chamkar Morn and Daun Pinh districts. Despite general industry enthusiasm for the project, questions continue to be raised about not only the viability of the project for the Cambodian market but also about whether due diligence will be followed in the approval, investment and construction of the project. This article was submitted by: Tim Vutha, Construction and Property Magazine [caption id="attachment_81252" align="aligncenter" width="229"] Download Issue 20 of the Construction & Property Magazine today![/caption]
Launch a Development project in Cambodia: How To; Realestate.com.khTV
Launch a Development project in Cambodia: How To; Realestate.com.khTV
June 6, 2022, 5:04 p.m.
Realestate News
Jum reap sour! And welcome to another weekly Real Estate News Report brought to you by RealEstate.com.kh. The leader in real estate news in the Kingdom and the best place to find your new home.On this weekโ€™s show, weโ€™re going to be speaking with Mr. In Sitha, Director of Business Development at VTrust Appraisal. Sitha has over 20 years experience in the real estate business in Cambodia and he now specializes in property development consultancy and real estate business development. He's also a renowned real estate teacher in real estate law and real estate practice. In this 6 Part series, we're going to get some tips for property developers and real estate businesses seeking to gain an edge when entering the Cambodian real estate market.PART 2: THE PROCESS TO START ANY DEVELOPMENT PROJECT IN CAMBODIA, FOR DEVELOPERSย Missed part 1? View it here!Realestate.com.kh: For developers, when you meet the developer that's considering launching a project in Cambodia, can you briefly explain the process for starting a new development project in Cambodia? What do they need to do?In Sitha: Thank you, this is a good question as well. Most developers have to understand a few things when they decide to enter the Cambodian market. To start a new development project in Cambodia, number one, the developer must get the business license from the Ministry of CommerceRealestate.com.kh: Number one, business license. This takes how long?In Sitha: I'd say a few weeks, usually from one week to two weeks. Now everything's online so the developer can go to the website of the Ministry of Commerce and apply to get the business license.Realestate.com.kh: This process is much faster now?In Sitha: Yes, it is faster now. This is a new system for the Cambodian government so everything's online now. ย Second, the developer needs to get permission from the General Department of Taxation. They have to apply to get VAT number and tax patent. You can also apply for tax patent online. The developers then apply to get the construction license from the Ministry of Land Management Urban Planning and Construction.Realestate.com.kh: The construction license, that's general - or you take a different license for different type of projects?In Sitha: Actually, it will be specific in regards to the size and type of the development. And we have specific periods. Realestate.com.kh: And if they don't complete the comstruction in a certain time?In Sitha: They can extend. At the same time the developers are applying to get the construction license, they need permission for their project from the Ministry of Economy and Finance as well. The same registration applies for a developer as applies to a real estate agency. In the real estate business, first we have to apply to get the business license from the Ministry of Commerce and then get the Tax Patent. Then we have to apply to get our license and certificate from the Ministry of Economy and Finance for the specific professional field as a developer, agent and property manager in some cases. The developer is no different, and needs to get licensed for any type of business it undertakes.Realestate.com.kh: So the developer, they need to apply for a license to sell their property also? They need to apply for a real estate license?In Sitha: Yes they do.Number five in the process is that ย the developers have to prepare the master plan for the development project, and submit this to the Ministry of Land Management Urban Planning and Construction and wait for the approval. After the approval, the Ministry of Land Management provide construction permission. Developers then can start the development project at the site that they propose. Realestate.com.kh: Roughly how long does it take to receive these permissions to begin? How fast could they do that?In Sitha: It takes a few months. It depends on how busy the government is. Some Months they are busy, like for the official meetings or something, so it takes a longer. Broadly, it's between one month and three months start to finish.Realestate.com.kh: When they submit the project plan to the government, how specific, how detailed does the plan need to be at this stage?In Sitha: They should include the floor plans as part of the master plan, in order for a professional architect from the land management ministry to check. Which means that before construction starts, developers have to prepare the master plan, the complete of construction prediction, and submit all information to the Ministry of Land Management. ย The Ministry of Land Management will then check and verify whether it shall proceed.Realestate.com.kh: You must have a registered construction company in this plan?In Sitha: Yeah, yeah. It shall be under one company who can also be registered for construction, or in partnership with a separate registered construction company. Number six, in the process for a developer to start in Cambodia, the marketing and selling strategy is also important. How to do the marketing and how to sell your type of development in Cambodia. Many developer donโ€™t pay enough attention to this. It's all about the marketing. I say developers need to do the market research and see whether the project could be a healthy seller in this market. And donโ€™t wait until after the construction to do this! Can customers buy or not? And research the right price or something like that. The developer needs to understand the market price, and likely changes, which means the price that could be affordable to the customer compared to the neighboring development projects. My company, VTrust Appraisal, are specialists in research and market study. We are an independent organization that can bring a lot of useful knowledge to those considering development projects. [caption id="attachment_81203" align="alignleft" width="300"] The Ministry of Land Management Construction and Urban Planning, Phnom Penh.[/caption] Realestate.com.kh: The developer can sell 70% of a condo project to foreigners right?In Sitha: Of course, developers can sell 70% to the foreigner owners.Number eight, in the process for a new developer, is to select the right type of customer to sell your units to. Not all customers are the same, and not all will suit your development. It depends on how much is the unit price for each condo. And this depends on the area, and whether you want to target local or ย international customers. It is a very good time, and a good opportunity for the developer to join in the condo development in this country. Number nine, in the start-up process for any developer is finding referral agents.Realestate.com.kh: When you say referral agents, you mean the developer has one agency working exclusively for them and then referral agents, all those other agencies who can co-sell and refer clients.In Sitha: Yes, you see, the CVEA (the Cambodian Valuers and Estate Agent Association) can be extremely useful for this because they are the mother of the real estate companies within Cambodia, the big umbrella of the industry - and the CVEA has a lot of real estate members.Realestate.com.kh: They're very interested to meet new developments?In Sitha: The real estate agents in the CVEA are professional, and they are well known, so the developer can get them to help out in selling the project as referral agents. They will share information among all members. Ten, the last point, cooperate for home loan options from the banking sector. To invest in the property I believe that we cannot have 100 percent of the money to own the properties. Now the banking sector in Cambodia generally provide home loans to the real estate developer up to 70%. To invest in property in this community, we use 70% of our own investment and the other, 70% or more from home loans. Everything they have to set part with the bank. Could be the reliable bank for the coverage in terms of loan financing. Loving it?ย Then you should watch part 3 now:WHAT ARE BEST AREAS TO BUY DEVELOPMENT LAND IN PHNOM PENH
Why develop and invest in Cambodia? Realestate.com.khTV
Why develop and invest in Cambodia? Realestate.com.khTV
June 6, 2022, 5:06 p.m.
Realestate News
Jum reap sour! And welcome to another weekly Real Estate News Report brought to you by RealEstate.com.kh. The leader in real estate news in the Kingdom and the best place to find your new home.On this weekโ€™s show, weโ€™re going to be speaking with Mr. In Sitha, Director of Business Development at VTrust Appraisal. Sitha has over 20 years experience in the real estate business in Cambodia and he now specializes in property development consultancy and real estate business development. He's also a renowned real estate teacher in real estate law and real estate practice. In this 6 Part series, we're going to get some tips for property developers and real estate businesses seeking to gain an edge when entering the Cambodian real estate market.PART 1: WHY PROPERTY DEVELOPERS AND INVESTORS ARE INCREASINGLY LOOKING TO CAMBODIARealestate.com.kh: Mr. Sitha, I understand you have a lot of experience in advising property developers in Cambodia. What do you believe is driving the current high levels of property develop in the country now, in Phnom Penh in particular? Why do people want to invest inย Cambodia?In Sitha: Well, thank you for your excellent question. In Cambodia now, the business opportunity is good compared to the late 90s. You see when the country and the world had the economic crisis. After 2009, the market is better and better. More foreign investors are looking to this market. Most from China, Hong Kong, Malaysia, Japan, America and local developers. All these people are looking to invest in Cambodia.Come to the questions. What drives the property development in the country currently? I think the investors themselves firstly have to have unlimited/sufficient investment capital for the investments in Cambodia, meaning they canโ€™t enter without foresight. Number two, the investment projects licensing fees must be taken into consideration. Number three, investors must choose the right locations given their target market and budget, so location is also the most important to set up the development project. I think the central city is the best location at present, and also in the peninsula areas, or the other side of the river, if you're talking by areas.Realestate.com.kh: Why's that?In Sitha: Actually in Chroy Changvar the environment is good. The heart of the land between the Rivers is very beautiful, ideal to build a hotel or condo development. Realestate.com.kh: The infrastructure's really improving that side of the river now? [caption id="attachment_81189" align="alignleft" width="278"] Mr. In Sitha, Director of Business Development at VTrust Appraisal.[/caption] In Sitha: Yeah. A developer could build high rise buildings without limitations in this location as there are still no restrictions in the Chroy Changvar ย area, which means we could build high as long as they maintain construction qualities. Construction qualities that I just mentioned are also an important consideration for the investor. Quality construction ensures a project will have a long lifetime in the market. Number four, company brand name and reputation is also very important to this industry. Any new developer in the Cambodian market must build its brand reputation also. So how to build our brand name? My recommendation is to make a joint venture agreement with a good quality construction company and an experienced development company - preferably with experience in multiple international markets. Number six, you need to understand what is the competitive price in the market for a project like you are looking at. This means understanding the market price. It should in line with demand in the locality as well as considering what is reasonable for the foreign investor coming to our market as well.Number seven. You must consider the marketing tools you will use to expose your development project. I think RealEstate.com.kh is the one of the best digital marketing options for them to choose.Loving it?ย Then you should watch partย 2 now:ย THE PROCESS TO START ANY DEVELOPMENT PROJECT IN CAMBODIA, FOR DEVELOPERS
Asian Outbound Investment: Another Record Year, CBRE
Asian Outbound Investment: Another Record Year, CBRE
June 6, 2022, 5:04 p.m.
Realestate News
CBRE Hong Kong has released a new report that chartsย Asian outbound investment in real estate in 2015.ย โ€‹Asian outbound investment has seen another record year for 2015, reaching US$62.4 billion.And the Cambodian real estate market are drawing some of this capital. ย Chris Hobden, Manager of Research, Consulting & Valuation Services at CBRE Cambodia notes that, "while 2015 saw a significant increase in allocations of Asian outbound capital beyond the Asia Pacific region, Cambodia has evidently benefited from the growing appetite of both developers and investors, notably from China, Singapore, South Korea and Taiwan, to expand development activity and holdings beyond their respective domestic markets. With sustained GDP growth, attractive returns and the widespread adoption of the US dollar, Cambodia is well placed to attract continued real estate investment from the wider region over the course of 2016." ย  [caption id="attachment_81159" align="alignleft" width="226"] Chris Hobden, Manager of Research, Consulting & Valuation Services at CBRE Cambodia[/caption] Key highlights of the CBRE Hong Kong report: Asian outbound real estate investment reached another record high year in 2015, standing at US$62.4 billionโ€”a 37% year-on-year increase. ย  Underpinned by more active institutional investors from Singapore and China, 2015 saw a significant increase in big ticket transactions (deal size worth over US$500 million; up 167% year-on-year) and portfolio transactions (accounting for 28% of total Asian outbound investment turnover, up from 16% in 2014). ย  Active sources of capital continued to be led by Singapore, China and Hong Kong, with an increase of outbound capital deployment at 58%, 41% and 49% year-on-year, respectively. ย  Outbound investment into major gateway cities were more diversified. London, as the top destination of Asian investors, has contributed to a lower portion of outbound investment, decreasing from 17% in 2014 to 13% in 2015. On the contrary, other major gateway cities such as New York, Sydney, Shanghai and Hong Kong have all received a higher proportion of Asian investments in 2015. ย  The Americas have overtaken EMEA to become the top region attracting the largest share of Asian outbound investment, reaching US$22.4 billion (up 109% year-on-year). The Pacific region also saw significant increase of Asian investment (up 45% year-on-year). Meanwhile, growth rates in EMEA (up 7% year-on-year) and within Asia (up 12% year-on-year) are relatively moderate.
The Gateway Official Launch
The Gateway Official Launch
June 6, 2022, 5:05 p.m.
Realestate News
The Gateway, a project of TA Corporation Ltd, is pleased to announce its official launch in Cambodia on Sunday the 28th of this month.The official launch festivities shall take place at the Gateway showroom on Russian Boulevard, which is located directly beside the actual site of the project now beginning phase 1 of construction.Russian Boulevard is the main road or the gateway of Phnom Penh; and essential route for all VIPs entering the city, especially those traveling to the Prime Minister's office from the International Airport. By positioning itself here on the main artery of Phnom Penh, the Gateway promises sustained appreciation for all investors. The launch event this Sunday will be attended by the most prominent political and business figures from across Phnom Penh and over 500 guests are expected. All are invited to join, including the general public. The ceremony with commence from 7.30am and from 12 noon onwards the showroom will be open to the public. The Gateway showroom is open everyday from 9.00am to 6.00pm. The launch of โ€˜The Gatewayโ€™ project is an iconic step forward for the Cambodian real estate community, and represents the first mega-project of TA Corporation in Cambodiaโ€™s capital city of Phnom Penh. This project represents a significant milestone in the company's history, and will be the start of a much larger commitment from TA Corporation to the development of the Cambodian property market into the future. As a real estate developer and investor, TA Corporationโ€™s reputation as a preferred property developer of uncompromising quality and excellence is hard-earned through their efforts around the Asian region over the past four decades. As a construction contractor in Singapore, TA Corp has grown rapidly over the last 40 years, leveraging their capabilities as a class โ€œtier-1 construction company,โ€ the highest class of Singaporean construction standard, to carve a niche as an established property developer inside Singapore, and increasing outside of their national borders. TA Corp have observed that the demand for quality accommodation in Cambodia, especially in the capital city, is on the rise. Interest for well-located, quality condominiums continues to outstrip supply, and this is a slice of the market that โ€˜The Gatewayโ€™ mixed-use development is uniquely positioned to capture. Learn more about this iconic project: Check out the full listing.
Invest in Cambodia: A history of a highly-open marketplace
Invest in Cambodia: A history of a highly-open marketplace
June 6, 2022, 5:06 p.m.
Realestate News
Why Is Cambodia An Excellent Investment Opportunity?The reasons to invest in Cambodia are many: Cambodia is a relatively young nation with a rich, old culture. It is a relatively untapped market, offering potentially substantial upside to foreign investors looking for green field investment opportunities. There is plenty of room for improvement in terms of the legal and judicial climate, but the current head of government -- Hun Sen -- has been in charge for more than 25 years, providing uncommon levels of stability in a country that was wracked by war not that many decades ago.ย  Rami Sharaf,ย Member of International Advisory Council, APCO Worldwide, and a well-known advocate for the Cambodian market, says that, โ€œthe major attraction for foreign investors considering whether they should invest in Cambodia is the ASEAN-member nationโ€™s steady economic growth; phenomenally steady growth: 7.5 per cent average for the last 5 years, year on year. This puts Cambodia as the number 21 worldwide in growth, and number 1 in the region.โ€ ย The Current Outlook:The country enjoys a relatively low cost of living, which helps keep wages low, thus making it a place investors can get their feet wet with relatively low risks. The government has liberal business policies and is actively seeking to attract additional foreign investment. It is a beautiful country with a rich heritage, fueling opportunities in tourism. It has an unusually good geographic position, giving it access to some of the largest, most active and growing markets in the world. Due to its membership in ASEAN, it has access to the ASEAN Free Trade Area. ASEAN is kind of like the European Union for the Southeast Asian Nations. For comparison, the countries of the European Union have 508 million people and the ASEAN countries have 625 million people and are a less mature market, providing vastly more opportunity for growth. Additionally, Cambodia has been designated one of the Least Developed Countries (LDC), which gives it preferential access to both the European and North American markets. Cambodia joined the Association of South East Asian Nations (ASEAN) in 1999. This multinational organization has substantial goals of economic development for the group of countries located roughly between Australia and China, many of them island nations. If ASEAN were a single country, it would have the seventh largest economy in the world, after the US, China, Japan, Germany, France and the United Kingdom. Please note that Germany, France and the United Kingdom are all members of the European Union, the organization ASEAN is hoping to emulate to some degree. Additionally, Cambodia is midway between China and India. Very recently, India displaced China as the world's fastest growing economy. Due to its location, Cambodia has excellent geographic access to both of this huge, emerging markets. The wealth of the future is practically guaranteed to be determined by who has access to these extremely large and very fast growing markets. In 2010, the Chinaโ€“ASEAN Free Trade Area (CAFTA) became a reality, giving member nations access to a trading block of 1.7 billion people. ASEAN also has an agreement with Australia and New Zealand that creates yet another free trade area in the other direction (AANZFTA). Additionally, talks are under way between India and ASEAN, which could create a similar trade block. Last, Cambodia's LDC status gives it preferential access to some of the richest markets in the world for certain products. In 2003, the Heritage Foundation's Index of Economic Freedom ranked Cambodia 35th among 170 countries in terms of economic freedom. This puts in on par with Japan and places it well ahead of many of its neighbors in the ASEAN community. Thus, it constitutes one of the most open economies in the region. At that time, the Index of Economic Freedom commented on positive governmental policies. Obviously, the country's qualification as one of the Least Developed Countries has some downsides, such as limited infrastructure and widespread poverty. But, increasingly, there is evidence that foreign companies typically provide both better pay and better working conditions for local nationals. This means that investing in an LDC can be a case of doing good while doing well: You can feel good about the improvements your investment is bringing to the country while also being happy with the benefit to your own bottom line. In fact, the poverty rate in Cambodia has dropped dramatically from 47.50 percent in 1993 to just 23 percent in 2011. So while it is still a poor country, it is seeing incredible forward progress. This fact helps ensure that investment will be profitable for the investors.Cambodia has been noticed for its unusual degree of market-friendliness for an LDC.ย The areas of note include:Opportunities in Tourism: Unlike its neighbors, such as Thailand and Vietnam, Cambodia explicitly desires to attract foreign investment in its tourism sector. Tourism is the area in which Cambodia rightly most wants to attract foreign investment. This goal is little different than its neighbors like Thailand , Vietnam and most recently even Laos. In recent years, tourism to Cambodia has exploded, enjoying double digit increases many years and hitting 4.5 million tourists in 2014.ย In 1992, Angkor Wat, the world's largest religious monument, was named a World Heritage Site. It attracts significant interest, fueling growth of hotels and other amenities in the nearby town of Siem Riep. While it is certainly the best known site in Cambodia, there is no shortage of cultural heritage and natural beauty for attracting additional tourism dollars to the country. Development of hotels, golf courses and other amenities are a strong market. The government has a track record of dealing progressively with this development segment, such as at the Phnom Penh International Airport.Agricultural Investment Opportunities:An abundance of water and fertile land combined with affordable local labor creates significant opportunity for agricultural investment and development, such as in organic farming and agro-processing. Foreign partners bring not only capital, but also essential knowledge and skill to the table. The combination of forces is very often a win/win for both sides. Although land cannot be owned by foreign investors, access to land is readily available via 99-year leases and joint ventures where a local partner owns at least 51 percent of the equity. Some hot agricultural areas include: fisheries, rubber processing, sugar processing, jute, palm oil refineries, and large varieties of tropical fruits and organic produce. Learn more about controlling land in Cambodia...Foreign Direct Investment (FDI): Throughout the 1990s, Cambodia attracted increasing amounts of Foreign Direct Investment. Malaysia got in early and captured a great deal of "first mover" benefit, as well as concessions for their investments, such in mining and forestry. Cambodia has come a long way since Malaysia first took notice of the country in terms of internal improvements and development, yet there remains a great deal of room for additional growth. The good track record of improvement combined with so much remaining upside is a situation that is extremely attractive for investors.
Phnom Penh City Master Plan 2035: Legality will lead to Fruition
Phnom Penh City Master Plan 2035: Legality will lead to Fruition
June 7, 2022, 5:35 a.m.
Realestate News
The urban planning and construction panel discussion held as part of the second Global Alumni convention (GAC) at the Intercontinental hotel on Saturday 30th January 2016 presented the figures of 151 borey projects currently underway, 186 real estate companies in operation in Cambodia and that there will be approximately 20,000 condos in Phnom Penh by 2018. This fell into a wider discussion about the proposed Phnom Penh City Master Plan 2035, and how the city canย sustainablyย grow into the future...So what implications does this have for the sector and the investor?There were several questions raised at this yearโ€™s GAC event around construction quality control and the legality of the building and construction industry if the Royal Government seeks to achieve its vision of a Phnom Penh City Master Plan 2035. โ€œHow do you know that this building is built to standard?โ€ asks H.E. Dr. Sok Siphana, legal advisor to the Royal Government of Cambodia, โ€œThereโ€™s a lot of issues around quality of construction, especially if you are building 20-30 stories. How do you know who is qualified?โ€ The government sought the assistance of the experienced legal drafter, Dr. Sok Siphana, to develop a comprehensive building and construction law to regulate the industry, and this experience has no-doubt influenced somewhat the Phnom penh city master plan. โ€œGood construction is a business within itself and itโ€™s good for the economy,โ€ says Dr. Sok Siphana, โ€œQuality class A building attracts reliable investors. How do you attract sub-regional companies to set up in Cambodia in low quality shoddy buildings? We have to regulate the industry and the practitioners within it. We have to introduce the concept of certification.โ€ Dr. Sok Siphana says that public safety is paramount. โ€œFor example, in general, the current laws governing contracts for boreys do not protect the consumer. As the State, we have to think about the public... How to ensure that thereโ€™s no fraud and that the public are safe, and that buildings wonโ€™t collapse while youโ€™re still paying the mortgage.โ€ So how will people within the sector build their knowledge and understanding of the law and how will it be enforced? How will they be educated on real estate technical skills such as quality building codes, practices and property evaluation?That being said, the Phnom Penh City Master Plan 2035 seemingly must come as part of a wider regulatory reform framework. And, so it seems, tertiary and vocational training development throughout Cambodia. Kim Heang, CEO of Khmer Real Estate and current President of the Cambodian Valuers and Estate Agents Association (CVEA), says that the peak industry body plans to start a training institute after Khmer New Year with the view of providing essential technical vocational training for the real estate industry. โ€œWe plan to create a specialised institute - as the bulk of the dirty work is not done by the architect or engineer; itโ€™s done by tradesmen. In Cambodian culture we value high position professions but forget about these trades such as plumbers and electricians. These people have a lot of value. This is where the role for vocational training lies. Not everyone can decide to be a crane operator and just go and do itโ€, he says. Kim notes that the CVEA has the full support of the Ministry of Banking and Finance to undertake their training institute project later this year, โ€œWe have the backing of the ministry for a real estate training school. Over the next year we plan to provide three months vocational training in agency work and property valuation.โ€ Simon Griffiths, Associate Director of CBRE, believes along with technical training, realtors need to take the lead in upholding high standards. โ€œStandards and quality all exist in Cambodia. We need real estate firms to take the lead to act responsibly while those valuation standards and new laws are being put in place. The industry as a whole needs toย recognizeย the importance of valuation and not bend theย rules when it suits because the impact it can have is very severe. ANZ and the other banks will know the risk of improper valuation.โ€ โ€œCambodia has so much potential,โ€ says Kim, โ€œWe have to compete with our neighbours now we are part of the Asean Economic Community (AEC). We hope our trainees will go out and even work abroad, then bring back this knowledge to Cambodia to advance the real estate industry as a wholeโ€.
Villa Vs. Condo? The Verdict is out
Villa Vs. Condo? The Verdict is out
June 6, 2022, 5:05 p.m.
Realestate News
Looking to invest in the abundant real estate market in Phnom Penh but not sure whether to purchase a villa or a condominium? โ€œVillas are the better choiceโ€, advises Ms. Tang Hour, President of Amatak Property Services, โ€œInvestors will make more money in the short-term depending on the location.โ€ Chee Yeong Yap, Project Director of Grand Phnom Penh International City agrees, โ€œOwnership of landed property is better than condos, especially in underdeveloped countries like Cambodia.โ€ ย Tang suggests Boeng Keng Kang 1 (BKK 1) as the top location with those located around Monivong or Norodom Boulevard as the next best choices. BKK 2 and BKK3 as well as Toul Tom Poung and Toul Kork are also lucrative options. [caption id="attachment_80518" align="alignleft" width="225"] Chee Yeong Yap, Project Director of Grand Phnom Penh International City[/caption]ALL VILLAS FOR SALE IN PHNOM PENHโ€œYou can make up to USD 1,000 extra per square metre after just six months to one year of selling a villa in BKK 1,โ€ she says, adding that villas are far easier to resell than a condominium.ย It is important to note that when purchasing a villa in Cambodia, the average deposit amount required is between 20-30 percent of the total price. Then the outstanding balance is expected to be paid in one lump sum. Whereas when purchasing a condo, an initial deposit of between USD 1-3,000 is required up front, then 5-10 percent of the total price is paid each month as a mortgage repayment.ย Tang advises against investing in a villa within a Borey as this does not make as much money as a stand-alone location. โ€œBuy landed property that has a hard title and proper development planning,โ€ says Chee, โ€œMake sure there is a longer term plan such as Township development as opposed to a Borey Development. Ensure that plans meet the governmentโ€™s minimum requirements.โ€ For those set on buying a condo, Tang says your best bet is to purchase more than one; aim to buy multiple units in order to get a better return in the longer-term, โ€œBuying individual units wonโ€™t make money, itโ€™s better to buy between 2-5 units if you can afford itโ€. [caption id="attachment_80918" align="alignright" width="200"] Tang Hour, president of Amatak Property Services[/caption] Chee advises to invest in a condominium located near international schools as this will be relatively safe in the longer term.ย Another good money-making option is to purchase land around riverside or BKK 1 and develop a condo complex. Tang says this will give you a decent return over time but to bear in mind the management costs involved. โ€œNot many local buyers are willing to pay the monthly maintenance fees as these can be expensive,โ€ says Chee.INVEST INย CONDOS IN CAMBODIAHe adds, โ€œMany condos in the city do not provide sufficient car parking for owners not to mention parking for their visitors. Long term this is a nightmare for residents particularly around high density condo developments.โ€ Keep in mind that legislation passed at the beginning of April 2010 allows foreigners to own property in Cambodian buildings above the ground floor. This works well for apartments in condominiums, but does not apply to villas. Learn more about Cambodian land titles here.Enjoyed this article? Learn more on Realestate.com.kh today. Here is a great guide to buying property off plan - that means, buying before the house is completed. It's a great way to secure a modern home at a great price...