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The ultimate guide to Toul Kork

January 26, 2019, 5:02 p.m.

Toul Kork district is quickly becoming an extension of the capital’s Central Business District. Often referred to as a “suburb”, this area prominently features family residences as well as business and retail. Buyers are flocking there for affordability, convenience and security. The area is projected to triple in size over the next decade.This guide will show you what Toul Kork district has to offer. We’ll touch on average prices in the area and show you all the amenities. Also, we will try to predict where the neighbourhood is headed over the next few years.ContentsWhere is Toul Kork?Toul Kork plot landCost of living in Toul KorkTypes of Toul Kork real estateTop new developments in Toul KorkTransport in Toul KorkToul Kork schoolsFood, shopping and nightlife in Toul KorkWhere is Toul Kork?Toul Kork is a district in the northwest of Phnom Penh. This part of the city, just a few years ago, was mostly undeveloped and looked more like the Cambodia countryside than the capital city. As the city's commerce expanded, Toul Kork has modernised at an incredible rate. The area has seen many mixed-use projects pop up over the past few years. The Gateway, TK Avenue and Phnom Penh City Center (PPCC) are just a few examples of the the district's booming commercial growth.Of course, we can’t forget about Aeon Mall 2. The second outlet of the country’s most popular mall is right down the road in Sen Sok district. Sen Sok and Toul Kork are very much connected and they have similar trajectories as well. Back to top Toul Kork plot landPhnom Penh is developing and pushing outward from the centre. Because of this expansion, many buyers want land in Toul Kork. According to yearly numbers from Key Real Estate, land prices off smaller roads can average as low as $1,700 per square metre.In high-traffic areas, however, land can go for over $5,000 per square metre. This might seem high, but it’s still less than half of what some plots are going for in the Daun Penh district.Back to top Cost of living in Toul KorkSimilar to land prices, rents are still low in Toul Kork compared to elsewhere in the city. Modest rooms can start at just $300 per month. Places with more rooms, near to main roads can go for up to $2,000 per month.The district average for one-bedroom apartments currently sits around $500 per month, $700 per month for a two-bedroom space and $1,000 for a three-bedroom unit.Serviced apartments with full amenities will, on average, be slightly more expensive than traditional counterparts.Back to top Types of Toul Kork real estateBeing one of the main areas of the city, Toul Kork has a healthy mix of housing types. You can find anything from traditional wood houses to high-end condos. If you’re not picky about what kind of housing you want you can start searching our listings for real estate for rent in Toul Kork or real estate for sale in Toul Kork.Otherwise, keep reading to learn more about the different types. This section is a breakdown of all the types of real estate in Toul Kork district.Condos in Toul KorkIf you’re keen on owning your own space, there are tons of condos in Toul Kork. It seems people expect prices to rise further in the future, so they are eager to own spaces.On the other hand, renting a place is affordable as well. You're still connected to the city and you don't have to shell out a huge amount of money in one go.Sorn Seap, the CEO of Key Real Estate, said the condo market is growing in demand in Toul Kork. They could easily be broken down into three different tiers based on price, he said.Low-range condos are currently going for between $800 and $1,200 per square metreYou can get mid-range places for between $1,200 and $3,000 per square metre.High-end condos sit at the top, going for over $3,000 per square metIf renting a high-end place is what you’re looking for, click over to our page for condos for rent in Toul Kork.Toul Kork has affordable villasIt can be easier to find a villa on the market in Toul Kork than in other places in the capital. Just like elsewhere, however, they are becoming rarer and more expensive.Villas could be rented in Toul Kork starting at just $500 a month. But prices are likely to rise in the following few years!“Prices of villa houses have increased from 5%-10% year-on-year. Average prices of villas range from $700,000 to $4 million,” Seap said.If a villa is what you’re looking for, then look no further. Browse options now on our pages for villas for sale in Toul Kork and villas for rent in Toul Kork.Boreys on the rise in Toul Kork Just like in other areas of the city with more affordable land, boreys are popular in Toul Kork. Many boreys are marketed towards the low and middle portions of the real estate market. Since the property is affordable, this can be a good option for new homeowners.Anthony Perkins, director of special projects, finance & investments at the Royal Group of Companies, says that, "If you have a family and are not particularly concerned about your travel distance to work, Toul Kork should definitely be considered as a prime place to find a home for rent or sale."Perkins notes that Toul Kork "appears to have far less electricity cuts than other parts of town, and the various "Boreys" (gated communities) dotted around Toul Kork also offer security and a guarantee of no ongoing construction adjacent to your house."Back to top Top new developments in Toul KorkIt should come as no complete surprise that new developments have started in Toul Kork for new residential and commercial complexes. This is mainly because Toul Kork is still connected to Phnom Penh while offering land and space at affordable rates.Here are some of the top new developments in Toul Kork:TK Royal OneTK Royal One is a mixed-use complex that sits right off Russian Boulevard. It offers up both residential condo units and office space as well as all the amenities you would expect from a building of this calibre. There’s a pool, gym, lounges and more.Units here start at just under $200,000. You can also rent for around $900 per month.The GatewayThe Gateway, also located right along Russian Boulevard, is a multi-purpose complex that combines office space, retail space and residences - with a tower dedicated for each function. The Gateway is geared toward the life of businessmen and families alike. Units here range from one to three bedrooms and start at just over $160,000.Back to top Transport in Toul KorkToul Kork district has some of the best new roads in the capital. Luckily, living there means you can quickly get to the centre of town and back home on newly paved roads that your car/motorbike will thank you for. Russian Boulevard cuts right through Toul Kork, and Mao Tse Tung Boulevard runs north to south.Going for a stroll or a bicycle ride is easy in Toul Kork since the paved streets are made to be pedestrian-friendly.Some complain that traffic can get congested on the main roads. However, more businesses are setting up shop (even headquarters) in Toul Kork. For this reason, living here is slowly becoming more like the city center, so, keep that in mind.On the other hand, businessmen who travel frequently will be glad to know living in Toul Kork will give them a head start on their way to the Phnom Penh International Airport as compared to the districts closer to the city center.Those who don’t own cars or motorbikes in Toul Kork can use ride-hailing apps. Grab and Passapp are the big names in Cambodia. Back to top Toul Kork schoolsIn addition to businesses, more schools are setting up shop in Toul Kork. Most international schools in Phnom Penh have a set up there. Known international schools in Phnom Penh such as American Intercon, Western International, Golden Gate and Paragon International University all have schools in the area. As far as higher education, the Institute of Foreign Languages, Paññāsāstra University of Cambodia (PUC) and the Royal University of Phnom Penh are all within a few kilometres of Toul Kork.Northbridge International School, one of the most well-known schools in the country, is right around the corner ready to accommodate Toul Kork's residents.For more info on international school in Phnom Penh, check out our full list of Phnom Penh international schools and universities. Or, zoom around the map below:Toul Kork hospitals and clinicsThere is no shortage of medical facilities in the area. Toul Kork has the Cambodian Red Cross, National Pediatric Hospital, Khema Clinic & Maternity Hospital, Toul Kork Clinic & Maternity, Biomed Phnom Penh Laboratory, and the National Institute of Public Health. It’s also the location for Cambodia’s Ministry of Health. There is also the Preah Kossamak Hospital, a public hospital, available for those looking for medical attention.For your dental needs, you can pay a visit to the Dental Clinic Le Sourire that’s located along the Russian Confederation Boulevard or the American Dental Clinic at Street 289.If you want a more detailed look at medical facilities in Phnom Penh, move over to our complete list of Phnom Penh hospitals, clinics and pharmacies. There we’ve got the info on all the best spots you should know.Back to top Food, shopping and nightlife in Toul KorkAs the population grows, a variety of restaurants, shops and entertainment centres are showing up in Toul Kork. There is, of course, TK Avenue. It boasts a cinema, a huge supermarket, as well as tons of international brands for food and shopping. Aeon Mall 2 in Sen Sok City is right down the street, as well. Nearly every major brand in the country has a shop there. There is no shortage of cafes in Toul Kork. All the big names like Starbucks, Koi, Brown, Amazon and Chatime all have stores there. For our pick of the best coffee spots in the city read the article on the top 10 Phnom Penh cafes.Food options are nearly limitless. Local restaurants are on almost every road. Tons of international options are there too. It has some of the most Korean restaurants in the city. Seoul Myeon Ok Restaurant and Dae Jang Geum are a couple of the big names.There’s Chinese and Japanese food, too. Try Dim Sum Emperors or Ajisen Ramen. And if you’re craving something American, there’s even a Burger King.What’s the nightlife like in Toul Kork?Though known to be a quiet area, Toul Kork has plenty of places to wind down after a hard day’s work. If you want to go out for some fun, karaoke, food, and good company, you can go to the numerous KTV bars and restaurants located here. You can choose between the Romantic KTV, M2 Restaurant & KTV, Moonlight Restaurant & KTV, and many others.If you’re looking for dance parties, there’s also the Egypt Nightclub on St. 112 in Boeung Kok II. It has an ample dance floor, good local songs playing, food, and drinks. It’s open from 8:00 pm to 5:00 am.Everyday needs while living in Toul KorkToul Kork has one primary traditional market just north of Russian Boulevard and several other small wet markets such as the Daem Kor Market, the Neak Meas Market, and the Phsar Plaecher. You never have to travel far if you want fresh produce and everyday goods.There’s also Thai Huot and Lucky supermarkets for more Western-style shopping. One of the biggest shopping centres in the area is TK Avenue. It boasts tons of shops, a cinema, and restaurants. Is Toul Kork suburb or centre?Sure, Toul Kork is more family-focused than the rest of Phnom Penh. And it’s a place where more affluent families are choosing to buy land, homes and condos. Given how fast the neighbourhood is growing, however, it might soon be considered the heart of Phnom Penh. But let us know what you think: Is Toul Kork a suburb or is it becoming part of the city centre?Did you find this guide useful? Check out all our other location profiles for all areas of the capital and across the country.Or, if you're interested in business in Cambodia, read through our Investment Guide 2019. Article by:

Ultimate guide to Chroy Changvar

The ultimate guide to Chroy Changvar

March 12, 2019, 11:45 p.m.

Ultimate guide to Toul Kork district, Phnom Penh

The ultimate guide to Toul Kork

January 26, 2019, 5:02 p.m.

ultimate guide to russey keo

The ultimate guide to Russey Keo

December 17, 2018, 4:50 a.m.

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Overview of Capital Gains Tax in Cambodia

Overview of Capital Gains Tax in Cambodia

September 19, 2023, 3:14 a.m.

Realestate.com.khTV

What is the Capital Gains Tax in Cambodia?The Capital Gains Tax (CGT) in Cambodia is a flat 20% rate from selling a capital asset. Contrary to what most people perceive. The Capital Gains Tax in Cambodia is not exactly new; businesses in the Kingdom have always paid capital gains. The material difference now is that it applies to individuals, especially those looking to sell immovable property a.k.a. real estate.The CGT was introduced into law through Prakas 346 from the Ministry of Economy and Finance back in April 2020 and was originally intended to be implemented a few months later in July 2020.Due to COVID-19, the law was delayed to January 2021 to reduce the pandemic’s impact on the real estate market. The implementation of the Capital Gains Tax in Cambodia was further delayed to January 2022 as the country saw its first major local community outbreak in Q1 2021. As of September 2023, the Capital Gains Tax is to take effect on January 1st 2024. Who has to pay Capital Gains Tax in Cambodia?Capital Gains Tax in Cambodia applies to both resident taxpayers and non-resident taxpayers. Taxpayers are obligated to pay their Capital Gains Tax within 3 months of realising their gains.Resident taxpayers are defined as physical persons who meet one or more of the Kingdom’s residential criteria.Non-resident taxpayers are defined as either legal entities or physical persons who are not considered residents.How is “Capital” defined in Capital Gains Tax?Capital Gains Tax covers capital gained from selling: Immovable Properties, Leases, Investment/Financial Assets, Goods (Licenses and branding), Intellectual Property, and Foreign Currency.That may sound all-encompassing, but much like other tax laws, there are exemptions to Capital Gains Tax, especially when it comes to immovable property a.k.a. Real estate:The principal residence of the taxpayer - in the event that the taxpayer (or their spouse) has more than one place of residence, only one of them can be exempted from the CGTTransfer of immovable properties between family members as stated in the regulations around Registration TaxAssets of the Cambodian governmentImmovable properties a.k.a. Real estate properties sold for public purposes based on Cambodia’s Expropriation LawsAssets of foreign embassies/consulatesAssets of international organizations or cooperation agencies of foreign governmentsHow is Capital Gains Tax calculated in Cambodia?Capital Gains Tax in Cambodia is a flat 20% rate on gains made after selling a capital asset. At face value, that is a significant portion of sales proceeds but there are 2 methods taxpayers can use that allow for a bit more consideration of their expenses:Actual Expense Deduction MethodThis method takes the sales proceeds and subtracts the expenses the seller made on that property to get the actual Capital Gains Tax to be paid. These deductibles can be the purchase cost, consulting fees, registration tax, commissions, and even advertising. These actual expenses are deducted from the sales proceeds and 20% of the difference will be the Capital Gains Tax to be paid.This method is beneficial for property sellers who spend a lot on overhead/operational costs and who might be looking at more humble margins.Example:Mrs. Phan is looking to sell her home for $250,000 which she originally bought for $100,000 a couple of years ago. She was diligent in keeping essential documents detailing her expenses in the acquisition/renovation of her property, which are the following:Registration Tax: $4,000Loan interest: $3,000Loan administrative fee: $500Renovation: $35,000Now that we have the relevant values, let’s do a sample calculation: Actual Expenses Deduction MethodSale Price$250,000 Actual Expenses (Deductibles)Original Price$100,000Registration Tax$4,000Loan interest$3,000Loan administrative fee$500Renovation$35,000TOTAL EXPENSES$142,500 Capital Gains TaxSale Price$250,000Total Expenses$142,500Capital Gains (Sales Price - Total Expenses)$107,500Capital Gains Tax (20%)$21,500 Mrs. Phan will have to pay $21,500 in Capital Gains Tax once she sells her property via the Actual Expenses Deduction Method.There are more applicable deductibles so we strongly suggest you keep tabs on the expenses you made for your property if you are planning to sell in the future.Determination-Based Deduction MethodThis method takes 80% of the sales proceeds and subtracts it from the entire sales value. The result will be the Capital Gains and 20% of it will be the Capital Gains Tax to be paid. This method is highly beneficial for property owners who buy low and are planning to sell high.Example:Mrs Phan is aware there’s another way of calculating Capital Gains Tax. And being a discerning homeowner, she explored the other method of getting the capital gains tax for her $100,000 property she plans to sell for $250,000.Determination-Based Deduction MethodSale Price$250,00080% of the Sale Price$200,000Capital Gain (Sale Price - 80%)$50,000 Capital Gains TaxCapital Gain$50,000Capital Gain Tax (20%)$10,000 Mrs Phan will have to pay $10,000 in Capital Gains Tax once she sells her property via the Determination Based Deduction Method.It’s quite obvious which method Mrs. Phan will be using and that’s intended as taxpayers in Cambodia are free to choose which method of Capital Gains Tax calculation to use for their tax obligation. As mentioned above, the Capital Gains Tax is planned to finally be implemented in January 2023. This creates a third method of Capital Gains Tax: selling your property before January 2024 so you don’t have to pay this tax!Kidding aside, we highly recommend that you keep any relevant expenses related to your property and do your due diligence in finding the method that gives you the best tax rate. Looking to buy OR sell property? Click here

The 4 big reasons to buy land property today

The 4 big reasons to buy land property today

June 6, 2022, 5:07 p.m.

Property Buyers & Sellers Advice

(The Kingdom of Cambodia’s rapid real estate development has been a boon to land-owners across the country. Photo by Ly Vanna.)One of the first things you learn in real estate is that land value continuously appreciates. In the Kingdom of Cambodia, this has become more apparent.This is especially true in the rapidly developing urban population centres (such as Phnom Penh and Sihanoukville) and major public infrastructure works (such as National Road 3, and the road projects in Kampot and Sihanoukville, or near national planned airports etc).According to CBRE’s Fearless Forecast 2020 report, land prices across Phnom Penh’s districts rose significantly. The districts of Daun Penh, Chamkarmon, and 7 Makara have seen the largest appreciation as these started the decade with prices around 2,000 USD per sqm.These same districts saw prices of ~6,000 USD per sqm in 2019; a 200% increase in value. Toul Kork, one of the most recently developed districts in Phnom Penh, has spiked in land value - from ~1,000 USD per sqm in 2010 and closed 2019 at an average price tag of around ~3,500 USD per sqm.(Phnom Penh's land prices have been on a steady increase since 2010. Source: CBRE Research 2021)Property in the countryside has risen as well due to the rehabilitation of major road networks. In the Kandal province, for example, the price per square metre of land was reported to cost $5 USD. But when road works began for the National Road 3, prices spiked to $13 USD per sqm. That may not sound like a lot compared to prices in Phnom Penh, but you have to remember that land in the countryside is purchased in hectares and not at a few hundred square metres.The uptick of land purchases and developments are showing no signs of slowing down anytime soon either. And that’s why you should consider buying landed property while they’re still affordable and profitable!Read the latest on why investing in Cambodia is a great idea.But before you buy, let’s understand the factors influencing the appreciation of land values.Why does land value appreciate?(The inherent value of land is tied with the versatility it provides when it comes to development.)Land has intrinsic valueLand has unquestionable intrinsic value since it can always be used for something that can produce valuable goods and services - something the Cambodian government, the private sector, and a few enterprising individuals in the countryside duly understand.For a better understanding of how intrinsic the value of land is, let’s take a look at cryptocurrency as a store of value. Without anyone accepting cryptocurrency as a medium of exchange, it cannot be used to produce anything else.On the other hand, even if land cannot be used as a medium of exchange, it can be used to build a house or a condominium that can be rented out. It can also be built into a mall to house shops selling a variety of products. If you don’t have any capital, you have the option of converting the land into a simple parking lot where you can charge cars for parking fees.With a few improvements here and there, a land’s inherent value further increases when there’s adequate infrastructure - which leads us to our next reason.Availability of infrastructure(Electricity in the Kingdom is of particular importance to continue its industrial growth.)Underdeveloped infrastructure isn't a problem unique to Cambodia, it still does greatly influence the development and pricing of property in the Kingdom. This holds true in major economic hubs like Phnom Penh and Sihanoukville - cities which are seeing the fastest rates of development of residential, commercial, and industrial projects which stretch the capacity of existing infrastructure to support them.For landed property developers, such as boreys, some developers have to construct their own electric/water supply infrastructure, further driving up the cost of the development.Land, by itself, is mostly useless for most modern-day purposes. This highlights the need for adequate infrastructure to support residential, commercial, and industrial endeavours. In particular, infrastructure for electricity and running water are key factors in the viability of any residential or commercial prospect.Hence, land property with access to the necessary electric and water supply makes for a valuable purchase for most developers.Location, Location, Location(Real estate is business, and business is heavily dependent on location.)As Mark Twain once said, “Buy land, they’re not making it anymore”.There is only so much land available that’s proximal to any city centre. The areas around the busiest and most populated parts of a city or a province will be most sought after due to their proximity to where people want convenient access to. As a city like Phnom Penh expands, it only follows that the accompanying land prices surrounding its busiest commercial and most popular residential areas rise as well.4 Reasons you should consider buying land property todayLand appreciates, your money does not. As Cambodia grows, so does its need for more residential, commercial, and industrial development. More projects from the government and private sector will be unveiled hence buying bare plots of land today, at incredibly low prices, can be a good means of protecting your wealth from inflation and grow it at a pace no savings account ever will.Read here if you want more advice on what you need to know BEFORE you invest in Cambodian land.Here are a the FOUR main reasons why you should consider buying land in the Kingdom:1. Boreys are becoming more popular in Cambodia(Boreys are gated communities in Cambodia offering shophouses, linked houses, and villas to the local real estate market. Phorn Seiha / Realestate.com.kh)Boreys have become increasingly popular among Cambodians as these gated communities provide a sense of community and security to their residents. Amenities such as parks, pools, and activity centres also have value-added appeal to buyers. Developers have also taken interest in the mid-range market to appeal to more Cambodians looking to buy a home.To give you a measure of how popular Boreys are, let’s crunch some numbers: According to Knight Frank’s H1 2019 report, there were a recorded 51,278 Borey houses distributed across 131 Borey developments in Cambodia. By the end of that period, there were 18 more Borey developments launched with more than 22,500 units expected to be added by 2021. Borey developers are also seeing up to 80% sales rates for their projects.In a few years’ time, more than 80,000 Borey units consisting of villas, shophouses, and linked houses will be available to local buyers. It probably goes without saying, that’s a lot of landed residential property coming into the market very soon.2. Rehabilitation of national roads(The rehabilitation of National Road 3 has caused surrounding land prices in the Kandal prices to increase. Photo by Valinda Aim from Khmer Times.)Development is stretching outward the major economic centres (Phnom Penh, Siem Reap, and Sihanoukville) every year. The Cambodian government has announced several major road rehabilitation projects stretching out of Phnom Penh, most notable of which are National Road 2, National Road 3, and National Ring Road 3.It’s also important to note that each of these major national roads is linked with other national roads leading to other parts of the country. It would be best for you to consult your local google maps to see where you can potentially buy land.3. Less management requiredMaintaining an empty plot of land doesn’t require much work or attention. As opposed to managing a business or rental property, all an empty plot of land probably needs is a fence and the ocular inspection every now and then, or maybe even a post to say that someone owns the property.Either way, maintaining a plot of land has comparatively fewer headaches than most other investments.4. Competition doesn’t existNo two pieces of land are exactly the same. At least one or more major factors (available infrastructure, access to roads, proximity to the city centre, land quality, etc.,) will always be different.Comparing that to condominium or borey property developers - who have to spend a lot on marketing their projects - you as the owner of a bare plot of land will not have to go through the same level of competition to acquire a buyer.What to do with the land you bought in Cambodia(Respondents from the Realestate.com.kh Consumer Sentiment Survey indicate they would buy real estate property as an investment over as a place of residence.)As anti-climactic as it may sound; this entirely depends on you. Many people, according to realestate.com.kh’s consumer sentiment survey, indicated that they wanted to buy land property mainly for investment purposes. In a story previously posted on realestate.com.kh, a resident of Kampong Speu along with his friends bought several plots of land around National Road 3 prior to the announcement of its rehabilitation. They expected their investment to profit in a few years but little did they expect they would more than double their earnings in just a few months once the government officially announced the rehabilitation project.If you’re not savvy when it comes to flipping land, and you don’t have a home to call your own, there’s always the option of using the land you own to finance a house.There’s also the additional option of leasing your land. This is a different process altogether but it’s essentially renting your property to an individual or entity that can make better use of it. This keeps you as the owner of the land while you’re paid fees for simply owning property.Again, this entirely depends on the land you have and what your future goals are. If you want to get started, you may check our listings page for properties you may be interested in!Stay up-to-date on the real estate industry in Cambodia and get real-time updates on real estate news as they happen. Download the Realestate.com.kh App now!Article by:

What Is Sinking Fund ?

What Is Sinking Fund ?

July 14, 2023, 2:01 a.m.

Realestate News

When purchasing a property, it is essential for buyers to consider the importance of long-term maintenance and sustainability. Thus, having a reliable financial mechanism is crucial to meet eventual repairs or major renovations. This is where the concept of a sinking fund comes in handy. In this article, we will explain the significance of a sinking fund, exploring its purpose, relevance in real estate, calculations, and how it operates within the local contextWhat is a Sinking Fund?A sinking fund is a designated pool of money set aside by an individual, corporation, or homeowners' association to accumulate funds over time for a specific purpose, such as repaying a debt or financing future expenses. It involves making regular contributions or deposits into the sinking fund with the goal of accumulating enough funds to meet a future financial obligation or goal.Purpose of Sinking FundThe primary purpose of a sinking fund is to ensure that there are adequate funds available when needed, thereby reducing sudden financial burdens. It is commonly used in various contexts, including corporate finance, personal finance, and real estate. In corporate finance, companies may establish sinking funds to gradually set aside funds for the repayment of long-term debts, such as bonds or loans. This allows them to systematically retire the debt over time.On an individual level, sinking funds can be used to save for significant purchases or expenses, such as a down payment for a house, a vehicle, or a vacation. By regularly contributing to the sinking fund, individuals can accumulate the necessary funds and avoid the need for excessive borrowing or draining their savings all at once. How are Sinking Funds Relevant to Real Estate?Sinking funds are also relevant in the context of real estate, particularly when it comes to strata buildings or condominiums. In real estate, a sinking fund is a financial tool utilised by owners' corporations or homeowners' associations to ensure the availability of funds for future maintenance, repairs, and refurbishments of the property. For example, in a condominium, the sinking fund is set up to cover common emergency expenses and major capital works related to the building. This fund is built up over time by contributions from the individual unit owners, typically through regular payments or levies. The purpose is to accumulate sufficient funds to address significant expenses that may arise in the future, such as roof replacement, elevator repairs, or structural renovations.By establishing a sinking fund, it can proactively plan for and finance the ongoing maintenance and improvement needs of the property. This helps distribute the financial burden among the owners and ensures that adequate funds are available when necessary, preventing the need for sudden special assessments or significant increases in fees.How are Sinking Funds Calculated?Using examples from other countries, sinking fund fees are calculated based on an audit of the building known as a sinking fund forecast. This audit is undertaken by a suitably qualified surveyor engaged by the owner’s corporation. This audit looks at the condition of the building, plant and machinery, and calculates the life cycle of these items, forecasting either the plants’ replacement or refurbishment in a set number of years, for example, 7, 15 and 20 years from the date of the audit. The audit will also calculate what these works may cost in the future. These costs will be broken down into per lot fees paid either monthly or annually, to be held in trust by the owners’ group until the refurbishment is required.Sinking Funds In CambodiaAlthough the Cambodian Government introduced the 2009 Sub-decree on the Management and Use of Co-owned Buildings that requires “ the co-owners to establish a management board or an executive committee as agreed among themselves following the prescribed internal regulations” the requirement to establish a sinking fund and its associated requirements are not completely covered by this decree.If you're a newcomer to property investment in Cambodia or eager to make an informed decision, reach out to our real estate experts today for a consultation on the Cambodian property market. At Realestate.com.kh, we offer current insights and help customers find their dream properties every day. If you are interested to learn more in detail about the properties available in Cambodia, our real estate experts are ready to assist you. Contact us today. Free Consultation Here

Best serviced apartments for long-term stays in Phnom Penh

Best serviced apartments for long-term stays in Phnom Penh

June 7, 2022, 5:50 a.m.

Property Reviews

Property Buyers & Sellers Advice

(The living room of a serviced apartment in The Elysee in Koh Pich, Phnom Penh. Realestate.com.kh)Whether you’re a tourist, expat, or even a local, serviced apartments offer plenty of conveniences not often included in other real estate properties. The “serviced” in serviced apartments particularly appeal to tourists and expats looking to have quality-of-life conveniences “built-in” with their residence.Included services in these apartments usually range from weekly cleaning services, regular laundry services, consistent supply of drinking water, and even a full concierge service similar to hotels. It’s important to remember, however, that service offerings will vary from apartment to apartment. For a more detailed discussion of what you should expect from serviced apartments as a whole, you can check out this brief guide to what makes for a well-serviced apartment in Cambodia.For this guide, we will be talking about where you can find serviced apartments (and what’s included in each one) for a long-term stay in Cambodia.Where can I find serviced apartments in Cambodia?Serviced apartments in Cambodia are largely concentrated in Phnom Penh. According to Knight Frank, an international property consultancy firm, most serviced apartments can be found in the following districts: Boeung Keng Kang (BKK) with 35%, Chamkarmon with 20%, Daun Penh with 13%, and Toul Kork with 12%.If you’re looking for commercialized districts that come complete with modern city staples like shopping malls, markets, banks/ATMs, restaurants, cafes, convenience stores, and offices, you should be considering living in these areas as they make up the city centre of Phnom Penh.What serviced apartments are good for long-term stays?We’ve come up with a few of the best-serviced apartments in Phnom Penh well suited for a range of the tourist/expat market looking to stay long-term in Cambodia. This list is by no means all serviced apartments in Phnom Penh, but a shortlist of what best represents the serviced apartment sector of Cambodia’s advancing real estate market.Silvertown Metropolitan(An aerial view of Silvertown Metropolitan, one of Phnom Penh's upscale serviced apartments. Photo courtesy of Booking.com)Starting Rent: USD $1,000 per monthOfferings: 1 bedroom to 3 bedroomsSilvertown Metropolitan is a high-end development that offers luxury condos, studios, and serviced apartments in BKK1. Expats, most especially, will appreciate the comforts immediately available. And given Silvertown Metropolitan’s proximity to the Mao Tse Tung Boulevard, anyone staying here can easily find their way to wherever they need to go in the city.Their tagline of “bringing L.A. to Phnom Penh” becomes apparent once you see their offerings and accompanying price tags. Starting at $1,000 per month, Silvertown Metropolitan is one of the more upscale and expensive serviced apartments in Phnom Penh. But does its services justify its price? If money isn’t an object and you don’t want any punches pulled in city pampering, then it certainly does. Their services include a 24-hour full concierge, housekeeping, and high-speed WiFi. Each unit comes fully furnished with a complete kitchen and dining area, laundering facilities, a refrigerator, hairdryer, robes, cable TV, towels, linen, and A/C. All rooms are outfitted with modern furnishings popular in posh West Coast apartments. Amenities such as the rooftop pool and fitness centre are also available for use.(An image of a bedroom in Silvertown Metropolitan serviced apartments. Photo courtesy of Silvertowncambodia.com)But if you’re more into what it offers beyond its premises, then it doesn’t differ too much from the other serviced apartments mentioned in this guide. Silvertown Metropolitan is in the mid-point between Preah Norodom and Preah Monivong Boulevard and sits close to Mao Tse Tung Boulevard. All these roads lead to the popular spots in BKK1, the Russian Market, and Riverside in Daun Penh.Silvertown Metropolitan represents one of the higher ends of the serviced apartment sector and with good reason: It tops the discussion when it comes to what condo has the best service and is well-managed in Phnom Penh.Silvertown Metropolitan Property ListingThe Elysee(The Elysee by Dara is inspired by the French monument, Arc de Triomphe)Starting Rent: USD $750 per monthOfferings: 1 bedroom to 4 bedroomsLocated in the French-inspired suburban area of Koh Pich, a.k.a. The Diamond Island, the Elysee is designed after the majestic Arc de Triomphe. And much like the actual monument, The Elysee’s vicinity takes after the iconic townhouses and boulevards of modern-day Paris. The Elysee is also one of the newest serviced apartments developed in Phnom Penh.The Elysee certainly tops this shortlist as its French-influenced design comes with luxury amenities and services without necessarily breaking the bank. Units can be rented out for as low as USD $450 a month which already comes fully-furnished and includes Cable TV, internet WiFi, and housekeeping included in the monthly rental - a good package we’re certain anyone definitely appreciates. Renting here gives you access to a fully-equipped fitness center and steam & sauna within the comforts of the apartment.(An image of an apartment for rent in The Elysee. Realestate.com.kh)Koh Pich island lies east of Phnom Penh’s mainland and is one of the fastest-developing areas in the city. Commercial amenities such as banks, cafes, restaurants, and offices can be found throughout The Elysee’s immediate vicinity. The Elysee sits right on Koh Pich road leading to Samdach Sothearos Boulevard where AEON Mall 1 stands. The same road is connected to Preah Norodom and Mao Tse Tung Boulevard, giving residents access to even more commercial establishments in BKK1, Chamkarmon, and Daun Penh.Koh Pich’s inspired urban design offers a new and unique experience of living in Phnom Penh, making it one of the hottest properties to watch out for - and at a good price. If you’re interested in living in Diamond Island, we highly recommend checking this propertyThe Elysee Property ListingUrban Loft(An image of Urban Loft's exterior in Sen Sok. Photo courtesy of Google Map contributors)Price Range: USD $600 per monthOfferings: 1 bedroom to 3 bedroomsUrban Loft is a serviced apartment located in Sen Sok. While this area is quite some distance from the center centre, Sen Sok itself has seen massive developments in residential and commercial real estate. We recommend this area more for expats rather than tourists as it’s still in the early-mid stages of development and doesn’t have much to offer if you’re not staying long-term.(An image of a bedroom in Urban Loft Sen Sok. Photo from Urbanloft.com)Regardless, Urban Loft offers plenty of space for quality long-term living. Its wide interior design allows for large open-plan condos that maximize light and airflow within each unit. It’s also fully furnished so moving in is easy and quick - something we know expats would definitely prefer. Urban Loft’s spacious units are complemented by an expansive pool and gym. Families living here can avail of the kindergarten and babysitting services. An array of excellent schools are not too far away as Sen Sok is where boreys (gated communities) are becoming increasingly popular among Khmer families.AEON Mall 2, the biggest mall in the city, is just a 5 to 7-minute drive away. And down the road is the popular wholesale grocery Makro. Choices are becoming increasingly abundant in Sen Sok that going into the city proper is starting to become an option rather than a necessity.Urban Loft Property ListingThe View Serviced Residences(An image of The View Serviced Residences in BKK1. Photo courtesy of Agoda.com)Starting Rent: USD $1,000 per monthOfferings: 1 bedroom to 2 bedroomsThe View Serviced Residences is one of the premier serviced apartments in BKK1. Inspired by Japanese interior design, The View’s units offer a simplistic charm many tourists and expatriates would find attractive.The View is at the crossroads of Phnom Penh’s many attractions and modern conveniences. Its location in BKK1 surrounds it with the city’s best places to eat and the newest and biggest shopping centres around in the form of Chip Mong Noro Mall and AEON 1, respectively. Its proximity to popular tourist and expat spots makes it a good choice for foreign travelers wanting to get a peek of the many offerings within the Kingdom.(The View Serviced Residences was designed by Japanese architect Kato Yoshio. Realestate.com.kh)But what’s a serviced apartment without talking about services? Starting at $1,000 per month, residents get fully-furnished rooms, twice-a-week housekeeping, fitness centre, and access to an infinity pool, jacuzzi, and steam room in the common areas. A cafe and restaurant are also serving residents inside the apartment building.Whether you’re by yourself or with your family, just visiting or staying for some time, the View’s units may be what you’re looking for considering its ambiance and location.The View Serviced Residence Property ListingTK Royal One(An image of the exterior of TK Royal One in Toul Kork. Realestate.com.kh)Starting Rent: USD $900 per monthOfferings: 1 bedroom to 3 bedroomsTK Royal One Serviced Condominiums is a mixed-use development featuring offices and serviced residences. Its location in Toul Kork, right along the Russian Federation Boulevard, has made it a landmark of sorts in the area, making it hard for passers-by to miss.The Toul Kork district has developed over the past few years as an extension of the many conveniences available in the Phnom Penh city centre. TK Royal One is one of the district’s more iconic developments as its offerings of office spaces and residential units is a sort of testament to how much Toul Kork has improved in a short amount of time. As such, TK Royal One’s location along the Russian Federation Boulevard gives residents access to a lot of markets, shopping centers, restaurants, cafes, schools, sports facilities, and other entertainment centers now established in Toul Kork.(An image of TK Royal One's spacious living rooms and balcony. Realestate.com.kh)TK Royal One’s residential units come fully furnished and designed to accommodate renters living by themselves or expat families looking to live long-term in Phnom Penh. Each unit is spacious and comes with a private balcony providing an astounding view of the city’s rising skyline. Amenities in TK Royal One include internet Wi-Fi, a fitness centre, swimming pools, a parking area, and a rooftop garden.TK Royal One Property ListingAre serviced apartments worth it?The choice entirely depends on you as you are the best judge of your personal needs and budget. Most serviced apartments in Phnom Penh are proportionally more expensive than standalone apartments without 24/7 concierge services, regular housekeeping, fitness centre, and a swimming pool. If these services are important to you, then serviced apartments could be well worth the extra hundred or so dollars a month.On the other hand, if you’re the type of person who can live without these services, you can save a few hundred dollars which you can allot more to necessities like food or other luxuries like traveling across Cambodia and its neighbouring countries. You can check out several listings of apartments for rent in Phnom Penh here.Looking for other properties? Click hereArticle by: