// Saudi Arabia is building the world’s tallest building – nearly twice the height of One World Trade Center. Posted by Business Insider Video on Wednesday, December 2, 2015   Maybe one day Diamond Island will compete??     Want to see one of the world's fastest buildings? Check it out on Realestate.com.kh today.

Abandoned for two years, Gold Tower 42 yet again promised that construction would resume on the long dormant project. This time, however, construction will begin in February 2016 and will be completed by 2018. Similar claims were made earlier this year, when the company promised it would resume construction in March of 2015, with a completion date of 2018.According to the Ministry of Urban Planning and Construction, Choi Jong Hae, CEO and Chairman of Yonwoo Cambodia Co, Ltd, who owns Gold Tower 42, requested permission to continue construction by sending a letter. Lao Tip Seitha, Deputy Director General of the General Department of Construction at the Ministry of Land Management, Urban Planning and Construction, confirmed that the ministry had received the letter. Seng Bunna, CEO of Bunna Realty Group, said that if the project actually begins, yet again, it would be a good sign that the Koreans have faith in the Cambodian market. However, he said that he was unsure if the owner of the property was truly committed to the project. But, from a construction materials point of view, now would be the logical time to resume construction because the materials, primarily all imported, have declined in value alongside the drop in regional currencies as the US dollar has remained strong, he said. “Now would be a good time to build, but to attempt to sell, now is not the time,” he said, hinting at the lack of faith investors have in the project. Siv Meng, Phnom Penh Post, Post Property.

Sihanoukville property market has taken a blow since Chinese nationals living and working in the city upped and left following last month’s police arrest and extradition of 168 Chinese, local real estate agents say.On October 31, Cambodian immigration police working with Chinese Interpol agents raided a villa and a guesthouse in Sihanoukville, busting a ring that was using an internet-based telephone system to extort money from victims back in China. Many of those arrested in the Cambodian raids were working in casinos in Sihanoukville, an industry that has seen strident growth on the back of Chinese investment in the past year, but which will be challenged after hotel and casino owners told The Post last month they have suffered immense losses and risk bankruptcy. Check out Sihanoukville property for sale here.Bonna Realty Group’s valuation manager in Sihanoukville, Phourn Sophy, said the sudden departure of Chinese investors, workers and tourists who have left the coastal city en masse and put investments and staffing in disarray, has also seen such tenants renege on their rental agreements and contracts. “Suddenly, the Chinese people just left, leaving Sihanoukville property developers worried,” he said. Those that are still here have cut down on how many months deposit they are securing in case the situation intensifies, choosing to put down two months’ rent in advance as opposed to six months’ like before, said Sophy. The upheaval has also left developers and landlords, who were swept with excitement six months back when they saw Chinese demand for property increase, saddled with bank loans they will struggle to pay back, Sophy added. “I don’t think this situation is temporary. Those people who have gone won’t come back so yes it’s a problem for the property business.” Norn Thin, director of Sihanoukville Property, said he knows of one building with about 20 rooms that has closed since the arrests. Want to rent Sihanoukville property? “Chinese people tend to all stay in one big building all together with about 20 to 30 rooms,” he said. Thin added that despite the trepidation in the market the rental prices for such large residential properties are still double what they were last year, while Sophy estimates such prices may have fallen by less than 5 per cent. George Styllis, Phnom Penh Post, Post Property.

Over 20 CVEA Executive Committee and Members holding valuation certificates came together on the 2nd December 2015 (Wednesday this week) to discuss average Phnom Penh Land Prices for the First Quarter of 2016. The group discussed average Phnom Penh land prices across all Sangkats of the 4 major Khans of Phnom Penh, namely Chamkarmon, Daun Penh, 7 Makara and Toul Kork. https://www.youtube.com/watch?v=nxURKtpxfxU&feature;=youtu.be The meeting considered the growth of Phnom Penh land prices as according to their proceeding 2015 report, with all members voting on reasonable increases on these statistics for the Q1 2016 report. The follow up from this meeting will include a consultation with Bank and Micro Finance Associations in order to ensure the land price survey includes all relevant stakeholders. The final Phnom Penh land price survey will be released later this month once final agreement is met. Stay tuned to Realestate.com.kh/news for the CVEA Phnom Penh Land Prices Survey's release later this month.

Cambodia Constructor's Association (CCA) will hold the 4th Annual Cambodia Construction Summit & Expo 2015 starting from tomorrow: 3-5 December 2015 at Diamond Island Expo Center. Check out exhibitions from the countries' leading construction developers, constructors and designers, construction material companies and real estate agencies. Get special deals on all types of products and meet new contacts business opportunities. See you there!

A number of nations in Southeast Asia are relaxing property ownership laws in bid to increase FDI. As rules are eased, companies such as property developers, banks and providers of property-related services, like construction, maintenance, insurance and security, naturally flow into the economy and boost it from within. However, industry experts suggest that foreign investors in the region may need more than just attractive ownership provisions to lure them into new markets.Amid the Cambodia, Myanmar and Vietnam bloc, foreigners are subject to a variety of ownership limits. However, in all these markets, lately things have begun to change. Myanmar's constitution establishes the state as the ultimate owner of all land. Yet, under the new Myanmar Foreign Investment Law, an investor may lease land for up to 50 years, with two 10 year extensions. A Condominium Law that is currently in development in Myanmar but not yet in force, likely inspired by the Singaporean example, a local long-time-investor in Myanmar, would allow a foreigner to purchase a condominium on the sixth floor or above of a co-owned building (as in Singapore), up to a quota of 40 percent foreign ownership of the total units in the property.In Vietnam, freehold ownership by foreigners over land is prohibited by the constitution. Yet state authorized leases between 50 and 70 years are widely available, especially for development projects, and renewable at the discretion of officials. Further, pursuant to the Vietnamese Law of Housing 2014, a foreigner may now own a unit in an apartment or condominium building - if it is a no-more-than 30 percent foreign owned building. Cambodia, unlike its three neighboring counterparts, has a freehold land ownership system for its citizens. Foreigners based in Cambodia are also allowed rights of ownership over certain properties, subject to 2010 Law on the Provision of Ownership Rights. These rights, however, are restricted to buildings that have obtained a "strata title", which is available only to newly completed apartment buildings. Foreigners cannot acquire a ground-floor unit legally, and any foreign ownership allocation is limited to a maximum of 70 percent of the units in any one co-owned building. Nevertheless, a foreigner lease term over landed properties can still be up to a 50 year maximum, with a 50 year renewal option included.In Indonesia, Southeast Asia’s largest economy, foreign nationals are not allowed to buy property under current laws. However, recent statements from the government slate loosening restrictions, with changes finalized by the end of the year. These new laws are expected to allow foreigners to buy apartments priced above 5 billion rupiah (US$375,000), although they will still not be able to buy landed property.However, industry experts believe FDI growth is not reliant solely on foreign property ownership allowances. Ross Wheble, country manager for Knight Frank Cambodia, notes that, “when referring to FDI, it’s more related to multinational companies investing in manufacturing, agriculture, infrastructure, the financial sector and commerce in general. Many of these companies do not want to own freehold property;  if a company can secure a long term lease of 20 to 30 years and above, they are generally able to source financing from banking institutions and also payback on their initial investment.” For this reason, Wheble suggests that “small alterations to foreign ownership laws on real estate in neighbouring countries won’t have significant impact on FDI flows into Cambodia. There are more pertinent factors that affect FDI such as political stability, skilled labour force, infrastructure, ease of doing business, anti-corruption policies etc. “Matthew Rendall, senior partner at Zicolaw, agrees, “the laws themselves will not be such a decisive factor for foreigners in deciding where to invest, but rather the market conditions and the implementation of those laws on the ground.  Whereas ownership is usually a secure form of tenure, a test often comes in the legal security offered by leasehold.”For these reasons, Rendall is pleased to see leasehold regulation developing in Cambodia: “It is very important that each country ensures that its lease agreements receive the full protection of the law and that possession acquired through leases receives the same protection as ownership offers.”Rami Sharaf, CEO of World Bridge International (WBI) agrees that Cambodia offers investors a package of benefits, which makes freehold ownership just one incentive among many: “In Cambodia, there is very little discrimination between foreigners and locals in regards to company registration, taxes and customs duties. Meanwhile, the country is geographically central, with a young and motivated labour pool, and, of course, buoyed by the US dollar. Furthermore, Cambodian based manufacturers still enjoy tax-free export to Europe because Cambodia is still classed as a less developed country (LDC).”

Prince Central Plaza represents a new age of living for one of Cambodia’s most exciting and desirable districts: Tonle Bassac. “Local people are starting to have a concern about good location and land - demand for premium land is very high right now,” says a spokesperson of Prince Central Plaza - and this is why Tonle Bassac was the obvious choice. Located on the exclusive Norodom Boulevard, the landmark development is just minutes to Independence Monument, Aeon Shopping Mall and various embassies. The building will have 37 floors in total, with the bottom three dedicated to the retail plaza and restaurants. Inspired by classical art deco lines and style, Prince Central Plaza will fast become an architectural icon of the neighborhood. The unique design is the product of American DF International Building Design Co., Ltd., a company that has already completed around 300 engineering design projects, spanning more than 20 million square meters. The Mansion House – the premium residence within the Prince Central Plaza project – offers a range of 1 to 3 bedroom condominiums, studio and SOHO units, all beautifully furnished with elegance and class, stunning balcony views of the city skyline, and finished with the latest amenities for modern living. The units will all have services provide by the 24 hour concierge staff, including International platinum housekeeper services. The Interior design of all Prince Central Plaza units have been formulated with taste and art deco elegance, by Shenzhen Guangtian Design Group Co., Ltd., a listed Chinese company with a renown portfolio of real estate projects. Inquire today to visit the showroom! Landscape design is also a key element of Prince Central Plaza, with delicately crafted surrounds in both the communal and private gardens of the residential complex. These have been designed by TTR Design Co. Ltd., a company with a wealth of experience designing and implementing gardens for resorts, hotels and recreational facilities across China. The beautifully designed infinity pool gives residents a place to relax and unwind; an impressive, fully equipped gymnasium and a fitness room will help you and your family keep healthy; shopping at your doorstep is assured – with the plaza’s malls; and an international standard business center will guarantee a convenient lifestyle for modern business people. The construction of Prince Central Plaza has already begun, under the management of China Construction Co., Ltd., China’s largest and most renowned real estate and construction enterprise. This will be another benchmark project for a company with many already in its portfolio. Prince Central Plaza is set to be completed by 2018.new Maintaining a 10% – 15% growth rate over 5 years, Prince Central Plaza promises a healthy return on your investment. And priced from just $55,000 per unit, the project is priced to sell – fast. Inquire today to visit the showroom!

Knight Frank Becomes the Latest Real Estate Company to be Approved as a Panel Valuer for the Securities and Exchange Commission of Cambodia: As part of the listing process, a company is required to have its real estate assets valued to determine its Net Asset Value (NAV). Established in 1896 and opening their Cambodian office in 2008, Knight Frank, which is the world’s largest privately owned real estate consultancy, has become the latest real estate company to be approved as a panel valuer for the Securities and Exchange Commission of Cambodia. With over 440 offices in 58 countries, all valuations undertaken by Knight Frank are carried out by professionally qualified valuers, and all valuation reports comply with the highest of standards set out by the International Valuation Standards Council (IVSC), giving investors total confidence in the value of a company’s real estate assets. Check out Knight Frank's listings on Realestate.com.kh here. The recent announcement that Hong Kong-based developer, Eastland Development (HK) Ltd, has expressed interest in listing on Cambodia’s stock exchange follows a number of similar announcements by companies that are also looking to list on the exchange, including the Phnom Penh Special Economic Zone (PPSEZ), TY Fashion and Sihanoukville Autonomous Port. Check out Eastland's property for sale here. If the companies indicated above list on the Cambodia Securities Exchange (CSX) as intended, real estate companies will represent one half of the listed companies (based on number of companies and not market capitalisation) on the CSX. Although activity on the CSX was initially slow, with the Phnom Penh Water Supply Authority listing in 2012 and Taiwanese-owned Grand Twins International (Cambodia) Plc listing mid-2014, the recent activity indicates growing confidence in the Cambodian economy and finance industry as a whole, which is a positive sign for Cambodia’s real estate and construction industry. The announcement by Eastland Development (HK) Ltd signifies their commitment to Cambodia over the long term and also their confidence in the Cambodian real estate sector. Furthermore, it also enables investors who may not be able to afford to buy a property a chance to participate in the growing real estate sector by indirectly investing through the purchase of shares within real estate companies.

Hong Kong-based developer Eastland Development (HK) Ltd has announced plans to list on Cambodia’s stock exchange within a year.Sam Yang, the company’s CEO, said during a recent company promotional event that Eastland is working with a local underwriter to prepare to float shares on the Cambodian Stock Exchange (CSX). “The application will be ready early next year and the company will have an initial public offering in September next year,” he said, adding that Eastland intends to be the first foreign-registered company to list on the CSX. Yang said that the purpose of listing was not just about raising funds for its projects, but also to raise the confidence of its investors and allow them to be part of a high-standard property firm. Read a related article: Knight Frank authorized to conduct IPO valuations.  Eastland Development (HK) Ltd is a branch of China’s Guangzhou Yuetai Group, a real estate developer with over $1.2 billion in assets. Eastland is focused on real estate development in Cambodia, and claims to have invested $60 million in three projects here: East One Apartments, East View Residence and East Commercial Center (ECC). Phnom Penh Securities, the underwriter for the IPO according to Yang, could not be reached for comment yesterday. Sou Socheat, director-general of the Securities and Exchange Commission of Cambodia (SECC), said he had not received any letter or official documents from the Eastland yet, though he welcomed its intention to join the stock market in Cambodia. He said some foreign-registered companies have submitted letters of interest to list on the CSX, though nothing is official yet. In addition, the SECC is also reviewing the applications of three local companies that intend to list within the next year, namely Phnom Penh Special Economic Zone (PPSEZ), TY Fashion and Sihanoukville Autonomous Port. Sor Chandara, Phnom Penh Post Want to invest with Eastland? Check out their properties for sale on Realestate.com.kh: East One Apartments, East View Residence and East Commercial Center (ECC).

A recent study has found that the hotel service quality in Cambodia is improving due to rising competition and the industry’s readiness to compete regionally. A recent report by the Bunna Realty Group shows that as of the third quarter of 2015, there are 317 hotels with 15,000 rooms in Phnom Penh, and 417 hotels with 17,000 rooms in Siem Reap; 133 hotels with 4,000 rooms in Sihanoukville, and 45 hotels with 1,600 rooms in Battambang. The same study also identified that within Siem Reap, Phnom Penh and Sihanoukville, only 892 hotels could be deemed to have at least a two-star ranking. In addition to the breakdown of the sector, the study also looked at hotel occupancy rates. Of the hotels surveyed in Phnom Penh from January to November of this year, occupancy reached 68 per cent; while it was 66 per cent in Siem Reap, 74 per cent in Sihanoukville, and 75 per cent in Battambang. The study also looked at the hotel’s ranking compared to price. Two-star hotels offered rooms ranging from $21 to $60, whereas 3-star hotels cost from $60 to $200 for a room. 5-star hotels saw the greatest range of prices at $150 to $2000 per night, based on the room type, size and amenities included. Hen Socheat, Bunna Realty Group director announced that private online bookings cost more than bookings made through travel agencies. “The rate of hotel occupancy via online booking is about 71 per cent on average,” he said. He added that the improvement in services seen in the growth of the hospitality sector came from better coordination between the Ministry of Tourism and private sector training programmes. However, the study concluded that during the peak months from December to February every year, hotels reach near full occupancy especially in Siem Reap when bookings rise to 100 per cent. Socheat said that this signifies the need for hotel expansion. However, Ho Vandy, an adviser to the Cambodian Chamber of Commerce, said these statistics are not credible due to the fact that the study was undertaken via an online survey, and did not consult with private hospitality companies that work directly with clients and their partners. Socheat admitted that the statistics in this study could have been skewed. Based on the Ministry of Tourism’s statistics from 2013 to 2014, Vandy explained that in Phnom Penh there were a total of 7,807 rooms across 170 hotels, and 477 guesthouses adding an additional 6,614 rooms. “Meanwhile, in Siem Reap, there were only 175 hotels but they had a total of 11,620 rooms, with an additional 3,927 rooms from 254 guesthouses,” he said. Government data also showed that there were only 54 hotels in Sihanoukville, totalling 2,697 rooms with an additional 2,734 rooms from 187 registered guesthouses. For Battambang, the government study yielded 32 hotels with 1,620 rooms. From this comparison, the number of hotels in Phnom Penh, Siem Reap and Sihanouk province have more than doubled, while those in Battambang province has also seen a notable increase, all within one year. Nevertheless, both statistics show that the hotel industry is growing. Siv Meng, Phnom Penh Post, Post Property.

After defining high-end taste in Russia, China and Thailand, an Italian luxury home-décor company aims to conquer the villas market of Cambodia’s rich.Greeted by gold-gilded tables, intricately carved gold-leaf headboards, and polished tiles of marble and ceramics, one would feel as though they had just stepped into a magical place reminiscent of the Winter Palace in St. Petersburg or an oligarch’s lavish home. In actual fact, this place strikes much closer to home. With its palatial and baroque items on display at the launch of their showroom on November 22, Azza Décor is the first of its kind in Phnom Penh; a luxury home-décor company specializing in Italian interior design, mainly in the market for furniture and lighting, tiles and bathroom furnishing and kitchen fittings. Every distinctive product has a “Made in Italy” tag, while its exclusive brands boast of names like Versace (Ceramics), Valentino, Bastianelli Home, and Socci, amongst many others. Marco Cipriani, area manager for CIAC Group which supplies furniture to Azza Décor, explained that, “our first market all over the world [for this style of furniture] is the Russian market, as the Russian people love to buy these types of gold leaf furniture.” However, at $165 per pop for one Versace Ceramic tile-piece or $10,000 for a Versace sink, the question is whether such ornate and lush furniture is prohibitive here in Phnom Penh. “Since our expansion in other Asian countries like China and Thailand, we feel it is time that this kind of furniture comes into the interior market in Cambodia,” Cipriani said. Minea Prach, Azza Décor’s sales and marketing manager, explained that the Phnom Penh launch was due to the exponential growth in the construction sector and an increasing appetite for luxury goods among a few. “Our main target audience is the high-end niche market of those who own private residences or villas,” Prach said. The influx of foreigners and foreign businesses in Phnom Penh does seem to complement the opening of such a company. Azza Décor seemingly fits in with the high-end residences, exclusive condominiums and villas that have been springing up over the past few years. Lorenzo Martini, founder of architecture and interior design company Lorenzo Martini Design Studio, offered his insight on the home décor style that appeals most to Cambodians, as well as how luxury interior décor companies will fare in the Cambodian market. In reference to what style of interior design piques the locals’ interest, “Cambodians with a budget manage to implement what I would say a Neo-Baroque, or Transitional Classic [style],” Martini said. “People would call it ‘classical’, but is a classical style with exaggerated curves, patterns and textures, heavy to the sight, which draws on baroque but while sharing its power, it doesn’t share its elegance. It’s a style that is popular in most developing countries,” he continued. On how high the demand for such a niche market is here, Martini said that it is tempting to affirm a high demand given the number of showrooms showcasing luxury furnishing in Phnom Penh. However, this pertains only to a pocket of very wealthy people who may not have an idea of what defines a real luxury product. Therefore, many end up purchasing overpriced products without much discernment. “I’m happy to see [Azza Décor] stepping up the game, and will give a run for their money to many other shops currently selling average products at high prices under the pretense it is luxury,” Martini said. There is no such pretense at Azza Décor, with each product guaranteeing its authenticity of quality and branding. Partly echoing Prach’s words, Martini said, “I don’t see the market as being ready for luxury commercial projects just yet, I think luxury products are almost exclusively employed in high-end private residences.” Azza Décor currently works closely with luxury housing developer The Bay, managed by the TEHO Group, in supplying materials to them. Having sold a considerable number of products before and during the launch to owners of private villa residences in BKK 1, Borey Orkide, and Borey New World, Azza Décor looks set to make waves in this small, but powerful, pocket of Phnom Penh’s elite. Hanamariya Halim, Phnom Penh Post, Post Property

There are lots of easy things you can change in order to make your home quieter, and fetch a higher market price. Here's why a quiet home is worth more $!  Sam, a local Phnom Penh real estate agent recounts: “I recently checked out a villa home for sale along the main road out of Phnom Penh, Road number 4. The main road there is very loud and dusty - as you may know. But, as soon as I walked in the large gate of this 4 bedroom villa for sale, I found that the owners had created a peaceful garden sanctuary behind the thick and tall street fence. Inside this secret garden wasn't loud or dusty - and it was hard to tell the main road was not far away. This owner had very-cleverly created a quiet home setting able to offset the property’s location shortcomings.” The trick is to stop street and/or neighborhood noise from entering the house. You can do this by adding: Botanical gardensWindow glazingWall insulationBlindsTall secure fences: a good landscape designer will use walls, fencing, plants, hedges and other noise cancelling techniques to bring down the noise levels of your home.Generally - using noise-reducing materials when building or renovating is the best way to start when trying to cut your home noise down.In the design stage consider having bedrooms and living areas away from the noisiest parts of the building.Here's why a quiet home is worth more $!

Welcome to Realestate.com.kh’s Dream Home Report. Every week we will showcase some of Cambodia's most luxurious, interesting and unique properties from throughout our listings database. We want to show you the gems of the Cambodian property market. This week we want to survey some homes with a unique Khmer flavor.Located in growing tourist area of Kampot, Samon's Village, this tree house home is something you dream of when you are stuck in the hustle and bustle of Phnom Penh!Fancy a holiday home on a private island off the coast of Cambodia, Song Saa!Known as Khor Sang, located in Wat Kor Vollage, Battambang, the traditional khmer home has been passed down through 4 generations, and now restored to its former glory. And is a must see for tourists visiting Battambang.This locally designed 6 bedroom guesthouse in Siem Reap captures Cambodian culture perfectly, and its unique location inside a pagoda adds to the guests experience!A list of amazing houses in Cambodia wouldn’t be complete without mention of Vann Molyvann’s stunning architecture - and his signature roof design on this home.Check out another Dream Home report here.

CBRE Residential Global Living Report, released this year by CBRE International, has seen two east Asian real estate markets ranking in the top 5 highest value residential property markets worldwide, as decided by average property prices. The rational given for this Asian boom appears promising for the Cambodian residential property market, given hints to parallel trends occurring on a smaller scale in the Kingdom’s residential real estate market currently. The CBRE Global Living Report examines the residential property markets of 31 affluent cities around the world, including hubs such as Shanghai, Paris, New York, Tokyo, London and Madrid. Hong Kong ranked number one in the CBRE Global Living Report this year, having the highest average price per square foot in the world. Singapore has the highest property price by capital value in the world, according to the report, however, when viewed on a per square foot basis it came fifth, internationally. In Hong Kong, property prices leaped by 13.5 percent last year alone, meaning the market saw 20 percent average annual price growth, ranking as the second fastest residential growth market worldwide, according to the CBRE Report. Interestingly, the CBRE report cites increased Chinese investment as a key stimulant behind this boom: “As Hong Kong attracts a substantial amount of Chinese (as well as other international buyers), the market is likely to be buoyed by the recent Chinese stock market crash, which may lead to investors finding alternative homes, such as property, for their capital.” Not surprisingly, therefore, in Hong Kong only 65 percent of all residential properties are owned by owner-occupiers. Cambodia, with the unique invitation of an investment in USD, could also be benefiting from this type of investor. Anthony Galliano, Group CEO, Cambodian Investment Management, believes that, “Cambodia ‘s real estate market had been historically ignored as the country wasn’t viewed as a “quality of life” or “property investment” destination by foreign investors.  With Hong Kong and Singapore being Asia’s 2 most expensive markets and also in the world’s priciest markets, developers are seeking alternative Asian geographies that are more economically viable.” Knight Frank’s Cambodian country manager Ross Wheble explained to the Post, in regards to similar indicators in Knight Frank’s latest Asia Development Index, that the regional cooling “has benefited [Cambodia with] an influx of both foreign developers and investors seeking to take advantage of the comparatively low property prices and the relative ease at which foreign buyers can acquire freehold property (above ground floor level).” Galliano suggests that the surge in investment in Cambodia’s property market has been driven by economic fundamentals, namely, “ a more positive image of the country from frontier to developing market, and to an extent, herd instinct.” Galliano continues that “While property prices currently remain attractive, and the country, more specially Phnom Penh, has welcomed developers with open arms, inevitably once you do the math it is blatantly obviously there will be oversupply given the expected developments coming online in the next 2 years.  Therefore while it is all rosy today, I expect turbulence in property prices in the medium-term.” The Knight Frank report also added that growth in Cambodia has decelerated in the second quarter of 2015, suggesting prices may have reached their peak and will likely level off leading up to the AEC. As to why prices are appearing to peak, Wheble explained the sales rates of newly launched condominium projects in Cambodia for the first half of 2015 compared to 2014 “have eased.”

After the success of the “East One International Apartments” project – a condo development which is already 70% sold and now under construction in Duan Penh, Eastland Development Co. Ltd. have announced the launch of sales for “East Commercial Center (ECC)” along Norodom Boulevard, near the Malaysian Embassy. The number one real estate need within Phnom Penh moving into the future is a lack of affordable, sole-purposed office space, believes CEO of Eastland, Mr Sam Yang. "There are a growing number of talented local entrepreneurs and small business owners who need a place for their businesses to take flight, without driving them bankrupt." The East Commercial Center (ECC) will be completed in late 2017 and provide the market with 38 floors of pure office space, divided into small and affordable units, with low management fees, and common areas with all necessary business amenities. Inquire about the East Commercial Center (ECC) on realestate.com.kh todayThe ECC project will include a total of 680 car parks, over 6 floors. And in fact, the following stage of this development will be the East View Residence project, which will include four 38-floor high residential buildings. The second Cambodian condominium project for Eastland Development. The current office space market in Phnom Penh is unsuited to the growing demand, believes Mr Yang. "These types of start-up businesses are not interested in A-grade office space, as rental rates are too high, and instead now find themselves adapting villas or flat houses into office space. Meanwhile, International companies are increasingly interested in moving an office to Cambodia at low risk because investment incentives are some of the best in the region."Inquire about the East Commercial Center (ECC) on realestate.com.kh today

Is a property near the action of a higher value? Or are home buyers and renters willing to pay more for some peace and quiet? It may depend on your taste... Learn how to make your home quieter here.For some, such as Brian, who lives on central Street 51, Phnom Penh - the noise is offset by his surroundings: "I'm a heavy sleeper, so I can handle the late night music outside my apartment window. For me, it is a welcome trade-off for being able to walk 5 meters outside my home and be immersed in the heart of Phnom Penh City - I personally love the smells, sounds and great food all at my doorstep! And no need to pay for transport."  However, according to Realestate.com.kh data, most of the housing market does put a higher value on quiet homes. Having your home on a quiet street can increase its value by thousands of dollars, if you can find the right type of buyer. The value of peace and quiet is highly sought after by many property seekers, and this is known by valuation professionals. Homes on noisy main roads generally lose 10% of their value, as compared to homes in the same area on quiet side-streets. Enjoyed this post?  Learn how to make your home quieter here.

On Friday last week, Cambodia’s Global CAM Project Development Plc signed a MoU with Korea’s Green Eco Energy Co. Ltd. slating a high-speed Sihanoukville expressway from Phnom Penh to Sihanoukville, worth over 536 million. The 275-kilometer-long, 20-meter-wide Sihanoukville expressway along National Road 3 could begin as soon as next year, and marks Green Eco Energy Co. Ltd.'s first infrastructural investment in the Kingdom. The Ministry of Public Works and Transportation, however, also signed an MoU in August with China’s Henan Provincial Communication Planning, Survey, and the Design Institute Co. Ltd. for the construction of a 190-kilometer-long, 25-meter-wide expressway linking Phnom Penh and Sihanoukville on National Road 4. This project is also said to begin next year and finish in 2020, weighing in with a cost of around $1.6 billion. According to the master plan by the ministry, Cambodia will need 850 kilometers of expressways by 2020, and 2,230 kilometers of expressway by 2040 - adding up to a total cost of about $26 billion. So it seems the Sihanoukville expressway is just the start...

[embed]https://www.youtube.com/watch?v=aVDmfsV_PJw[/embed] Could underground parking systems like this one be Phnom Penh's answer to rush hour traffic jams in the future?One powerful (but also expensive) solution being used in China, and many other congested cities around the world, are underground parking systems like this: Fully automatic garages...

Foreign direct investment (FDI) is luring a new breed of foreigners to Cambodia, and the region more generally. With foreigners comes an increase in demand for property, and different types of property - and a series of new allowances in national property laws to accommodate this demand.Foreign investors come to the South East Asia region for the low labour costs, connectivity between the neighbouring economies, and the huge supply of land, resources and business opportunities. And as local markets grow, FDI will naturally follow as international companies are spurred by the chance of jumping on the wagon of a fast moving economy. Foreign capital presents a huge engine of growth in South East Asian countries such as Cambodia, Vietnam, Myanmar and Laos - which cumulatively saw an average annual rise in FDI of 9.2 percent in the years 2010 to 2013. In this FDI growth, Myanmar was the leader of the pack with a 35.8 percent increase over the three year period. Cambodia followed with 22.3 percent; Laos came third at 15.2 percent; and finally, Vietnam, fell behind with just 2.6 percent growth over the three year survey. Yet, amid the Cambodia, Laos, Myanmar and Vietnam bloc, foreigners are subject to a variety of ownership limits. The foremost of these is being barred from owning land on a freehold basis, otherwise termed as outright ownership in perpetuity. This is a rule which is largely steadfast throughout the four nations’ borders. This may not be surprising, however, as freehold possession of land is likewise unavailable to citizens of Laos, Myanmar and Vietnam, where government policy holds the state as the principal owner of all land. Long-term leasehold is, therefore, the accepted form of land ownership for foreigners based in these nations. Lease terms are flexible for most purposes, whether it be for a new business property or a residential address, and allow room for ownership limits to potentially ease in the years to come as governments in the region increase efforts to attract quality FDI. Given the relative political stability in the region, investors are generally happy to accept these long term leases. Cambodia, unlike its three neighboring counterparts, has a freehold land ownership system for its citizens. Foreigners based in Cambodia are also allowed rights of ownership over certain properties, subject to 2010 Law on the Provision of Ownership Rights. These rights, however, are restricted to buildings that have obtained a "strata title", which is available only to newly completed apartment buildings. According to the strata title regulation, foreigners cannot acquire a ground-floor unit legally, and any foreign ownership allocation is limited to a maximum of 70 percent of the units in any one co-owned building. Nevertheless, a foreigner lease term over landed properties can still be up to a 50 year maximum, with a 50 year renewal option included. In Laos, land is owned by the "national community", meaning no individual or business entity, foreign or local, can truly own land. Land-use rights are only granted to individuals or organizations by the state, and these rights are able to be transferred or inherited. 50 year leases are commonly granted to foreign individuals or companies. Myanmar's constitution similarly establishes the state as the ultimate owner of all land. Yet, under the new Myanmar Foreign Investment Law, an investor may lease land for up to 50 years, with two 10 year extensions. Structures affixed to land are the property of the foreign owner, but these rights revert to the lessor or the state with no prescribed compensation when the lease comes to an end. A Condominium Law, likely inspired by the Cambodian example, that is currently in development in Myanmar but not yet in force, would allow a foreigner to purchase a condominium on the sixth floor or above of a co-owned building, up to a quota of 40 percent foreign ownership of the total units in the property. In Vietnam, freehold ownership by foreigners over land is prohibited by the constitution. Yet state authorized leases between 50 and 70 years are widely available, especially for development projects, and renewable at the discretion of officials. Further, pursuant to the Vietnamese Law of Housing 2014, a foreigner may now own a unit in an apartment or condominium building - if it is a no-more-than 30 percent foreign owned building. The influx of FDI and the relaxations upon ownership laws is pushing local real estate developers to create and sell more residential space suitable for the needs of this new investor class. The massive boom in construction in all of these countries, Cambodia’s condo explosion being a prime example, reflects this drive to meet a new FDI based market. As rules are eased, companies such as property developers, banks and providers of property-related services, like maintenance, insurance and security, soon flow into the economy and boost it from within. In evidence of this, the GDPs’ of Cambodia and Myanmar each grew 9.7 percent last year; Vietnam's shot up by 8.8 percent; and Laos experienced 5.2 percent GDP growth.

There are three basic components to any mortgage. You must understand these clearly before you start the home loan application process. If you missed Mortgage Matters Part 1, read it here!In short, these are the home loan amount, interest rate, and loan term:Mortgage Component #1 - The Loan Amount: The loan amount is the principal amount that you want to borrow. Banks in Cambodia generally give a loan of up to 70% of the property value. Mortgage Component #2 - The Interest Rate: The interest rate is very important to understand! It is the percentage of annual interest that you have to pay on the total loan amount. It can be a fixed rate, a flexible rate, or a combination of both. Mortgage Component #3 - The Loan Term: The loan term is the duration/length of time that you take to completely repay the loan. Loan generally range from 15 to 30 years in Cambodia. If you combine the principal loan amount and the interest amount, you will then know the overall loan amount. Most home loans are usually repaid via monthly installments.The repayment comprises two parts or portions. One part is for the repayment of the principal amount. The other part is for the repayment of the interest.This information should help you calculate your monthly mortgage payment... These home loan calculators should help too! Ready to get a Mortgage?? Inquire for a home loan here.