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Take a Train between Phnom Penh and Sihanoukville, the Royal Railway is back!
Take a Train between Phnom Penh and Sihanoukville, the Royal Railway is back!
June 6, 2022, 5:06 p.m.
Realestate News
Fourteen years had passed since the Royal Railway in Cambodia ceased operations for passenger services between Phnom Penh and Sihanoukville due to deteriorating facilities and financial losses, only to resurface onto the radar once more when the company reopened in 2013 for freight services. The railway however has reentered the public consciousness again lately having announced earlier this year that they would be holding a grand reopening and resuming its passenger services between Phnom Penh and Sihanoukville during the Khmer New Year. Now, a few months has passed and reports regarding the new passenger services have been largely positive.Why Now?Though operations for this route only stated last April, the actual rehabilitation program has been underway for years now, with the ADB and the AusAID funding the restoration and the upgrades, the government of Cambodia having outsourced the operations of the railway back in 2009 for an exclusive concession that would last 30 years for Toll Royal Railway. The project’s estimated cost at that time, two years ago, reached up to $143 million. And while the south line from Phnom Penh to the beach town of Sihanoukville has already been completed, other projects under that funding such as the northern line connecting to Thailand at the Poipet border is also nearing completion. Here the tracks at Poipet are expected to connect the Kingdom of Cambodia to Thailand by rail by the end of 2017 - in order to improve both tourism and trade between the two countries, and raise Poipet’s capabilities as a logistics and trade hub.An Inexpensive Alternative for Travellers and Commuters:More expensive than taking a regular bus at $4 and just a bit cheaper than an air-conditioned van at $12, an advantage of riding a train removes the element of traffic from the equation, slashing out an hour or two than it normally would to reach Takeo, Kampot, Kep, and Sihanoukville. It also costs less than a regular flight which can cost up to $140. Given the current traffic situation on the national roads 3 and 4 toward Sihanoukville, generally busy with trucks moving freight to and from the Sihanoukville port, the railway offers a comparatively safe alternative to road travel. According to an article released by The Guardian last June, a one-way ticket between Phnom Penh and Sihanoukville will only cost $7, while a $6 ticket will get you from the capital city to Kampot. These prices do not seem to have changed as of yet.Capacity:Five carriages have been restored and reupholstered to accommodate around 300 people. Two of these are air-conditioned carriages that can accommodate up to 170 people will run under the “blue line;” the other two carriages, which can accommodate 130 people, have fans built into them and will run under the “yellow line”. The last carriage is intended for travelers who may require a more privacy. The air-conditioned cars will travel towards Sihanoukville during odd days and return on even days, while the carriages fitted with fans will run on a schedule opposite to that.Running on a Schedule:According to the Royal Railway website, train operation runs every weekend, even on public holidays. They have also set up an office in Phnom Penh in the hopes of increasing sales for all destinations. Their office, Central Railway Station, Sangkat Sras Chork, Daun Penh, Phnom Penh, is open from 8:00am to 4:30pm on weekdays and 6:00am to 12:00 noon every weekend. For more information on train departure, arrival, pricing, and booking, you can contact Royal Railway at 078 888 582 or 078 888 583 or send them a message through their contact form.Learn more about transportation services in Cambodia in our in-depth location profiles!
Your Dream Home and Dream Home Loan with First Finance on Realestate.com.khTV
Your Dream Home and Dream Home Loan with First Finance on Realestate.com.khTV
June 6, 2022, 5:04 p.m.
Realestate News
As Cambodia’s only licensed, specialist mortgage provider, First Finance provides under-served Cambodians access to long-term housing finance to grow their security and wealth.And, importantly, First Finance offers some of the most flexible and Cambodian-appropriate conditions for loaning, Kingdom-wide. For those of you who have been seeking a home loan but facing rejections at other banks, please read on... First Finance can help you!Tell us about First Finance:First Finance was established in 2009 after a successful concept testing in 2006 by our local founding company First Home, with joint venture from Singapore based Phillip Capital and Luxembourg based Insitor Fund.Back in 2006, it was very difficult for those who have low-middle incomes to buy a house since banks puts more focus on high income customer. Seeing this challenge, our founding shareholder puts together a concept to provide finance to those with low-middle income to purchase their dream house.Although licensed as MFI, First Finance focuses on micro-mortgage which is very different from other MFIs.What type of customers can loan from First Finance?  First Finance focuses on low-middle income households. Those with regular income are able to apply for a loan from First Finance. This include salaried employee, and self-employed (ie, Tuk tuk driver, shop vendor…etc). Even though the client does not have written evidence of the monthly income, our staff are trained to assess the income and monthly repayment capacity of the client to determine the loan amount.How much can I loan with First Finance?Our product ranges from USD2,000 to USD60,000.Besides home loans, what other services does First Finance offer?First Finance focused on micro-mortgage. In addition to home loan, we also provide loan to construct or renovate a house. Client may also take loan from First Finance to buy land for residential purpose. In addition to the three products above, First Finance also extend personal or business loan to our existing clients to use for personal purpose or to extend/set up new business.In summary, we have four products – home loan, home improvement loan, land loan and home equity loan.Is there anything else you would like to say to your customers?For those who think that they cannot afford a home, we encourage them to visit First Finance as we can help them to own their dream home. In addition to accepting soft title, First Finance allows up to three co-applicants per loan application. For every individual, no matter who you are, owning a home is possible with First Finance.Find out more about home loans today at Realestate.com.kh!
Phnom Penh Land Price Growth Slowing, Knight Frank reports
Phnom Penh Land Price Growth Slowing, Knight Frank reports
June 7, 2022, 3:14 a.m.
Realestate News
Knight Frank has just released the Prime Asia Development Land Index for the first half of 2016. The index chart’s prime residential property land prices (land used for apartment or condominium development), commercial space land and offices and prime development land across 13 major Asian hub cities. Phnom Penh prime land prices are show to have cooled notably since last year. The report notes that prime residential land index in regards to Phnom Penh land is now at 5.8% in the first half of the 2016, slowing compared to the first half of 2015 when it was as high as 16.2%. This marks a fall in prime residential land prices across the city. Prime Office land similarly was reported to have taken a fall. In H1 2016, the index for Phnom Penh land records 5.6% - compared to 14.8% the same time last year. Prices aren’t falling, but the rate of growth is slowing. The tables show price increases for the first half of the year (5.8% growth for residential) and price growth during the past year – year to June – so the increase from June 2015 to June 2016 (16.2% for residential). Thus, if we double the 5.8% to give an indication of price increases over 2016, we would get 11.6%. So, it’s still good growth, but it shows that the market is slowing down but not declining (11.6% growth compared with 16.2% growth). Ross Wheble, country manager for Knight Frank Cambodia, comments that, “Whilst Phnom Penh land still ranks within the top four cities for year on year growth in prime land prices, for both residential and commercial land, the figures for the first half of 2016 indicate that the rate of growth is slowing which, in part, can be attributed to the anticipated short term oversupply of condominiums which has impacted on demand for land in prime locations. However, whilst the rate of growth is moderating, land prices are still expected to achieve double digit growth over the course of 2016 and we continue to see investment inflows into Cambodia.” These trends in Phnom Penh appear to come with a region wide cooling. The report details that Asia-wide development land investment volumes are on par with the same period of 2015. The residential index slowed in pace to 1.9% across the region, compared to 2.8% the half year prior. However, office development land however rose 3 points, from 1.9% to 2.8%. Want to read more, check out the latest Market Highlights report from Knight Frank Cambodia.
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Phnom Penh Serviced Offices, with Anthony Galliano on Realestate.com.khTV
Phnom Penh Serviced Offices, with Anthony Galliano on Realestate.com.khTV
June 6, 2022, 5:05 p.m.
Realestate News
The Phnom Penh serviced offices market is a relatively new real estate market in Cambodia that has made a huge impact on the local business sphere since units started to become available in Phnom Penh a few years ago.Mr. Anthony Galliano – Chairman of BG Serviced Offices in Phnom Penh – recollects from his experience in Cambodia that before 2012, serviced offices was almost a non-existent industry.Galliano explains, “I think, conceptually, the market took its time to understand the model. But it’s been a fantastic business.” He continues to say that serviced offices are now an established business model in Phnom Penh, with many different operators across town.The All-in-one Solution:One of the qualities that have made Phnom Penh serviced offices popular is the convenience of not having to bring in all the tools for business - instead, they are already waiting for you. This is particularly useful for new foreign owned business ventures, especially the small scale, looking to test the Cambodian market without all of the hassle of transporting an entire business abroad.Galliano says that the good thing about set-ups like these is that you’re not just paying for the space. You’re paying for that space and everything in it.But of course, depending on the office grade, different things will be included.The Variations:Galliano details that you can currently rent Phnom Penh serviced offices from the 10 to 46 square meter range and it will only cost you around $25 to $28 per square meter a month. If you are a startup and just need a small office, the 10 square meter unit should be enough for a two-man staff set-up. But prices can still vary depending on which office grade you opt for. Currently, there are a lot of C-grade serviced offices around Phnom Penh.Galliano explains that this is because A-grade offices initially had very high rental prices compared to local norms. But because landlords have come to their senses and gave more realistic rental rates, it’s now seeing an increase in demand.He adds that B-grade offices fill up really quickly now too because it’s better quality than C but still affordable. Another reason for the B grade popularity is because the supply is not as large as C-grade offices, says Galliano.As evidence of this growth in higher grade offices, Regis will be doing higher scale and higher quality serviced offices to take advantage of the growing demand.As a precaution though, Galliano warns that C-grade offices are okay, but you have to look for the right landlord and be able to discuss terms with them. Since this is a lower grade office, landlords tend to be less generous and attentive.Renting Versus Owning:When asked about the developments who are now targeting office strata titles to be able to offer office ownership opportunities for locals and foreign investors, Galliano says that it’s a strange concept because it may not serve the best interest of business owners.He explains that this may cause difficulties in transferring from one office space to another, especially for an expansion or merger. He states, “You don’t want to be stuck owning an asset that you have to pay for,” because it will only bring you additional business costs. He clarifies though that while it may have some potential, right now the economics of this offer just doesn’t make sense to him.No matter the case, there is a clear expectation of continued growth for the office sector in the next couple of years as Phnom Penh continues to attract new business venture from abroad.Find out the latest Commercial space outlook in Knight Frank’s H12016 report!
Cambodia Infrastructural Projects that are Fast-tracking the ASEAN Hub
Cambodia Infrastructural Projects that are Fast-tracking the ASEAN Hub
June 6, 2022, 5:06 p.m.
Realestate News
In their abstract for a paper entitled “Infrastructure Development and Real Estate Values in Meru County, Kenya”, authors Mbaya Murungi and James Gatauwa describe infrastructure as an element that directly affects property value. The ease, convenience, and accessibility these infrastructural developments bring plays a key factor in how properties are sold, anywhere in the world.If this relationship is true, then this should predestine Cambodia’s future real estate growth and can suggest an increasingly positive outlook for buyers getting in the market now. As investors flock towards the nation and its growing economy, newer infrastructures also continue to quite-literally rise from the ground to help both sides of the economic spectrum, the wealthy international investor and the local populous. And while these new amenities will add costs for both purchasers and renters, it will also provide ease and comfort for people moving into different regions of the country.  Phnom Penh International Airport Expansion:Property Report, in their recent article, states their case in showing the correlation between airports and rising real estate prices. They mention a growing interest by wealthy investors with properties located nearby international bound airports, thereby increasing sales of prime developments in the area.As such, a $23 million expansion of the Phnom Penh International Airport by a Malaysian company in 2015 drew an enthusiastic reaction as it was expected to bring in more tourists and more wealthy investors. This was however short-lived as the announcement that the project was halted began to make its rounds, along with news of demonstrations that were being held by neighboring residents of the PPIA. In response to this, soon came news from the Senior Government Minister regarding plans for a totally new airport near the city outskirts. If the plans push through, the government’s target date of completion would be 2025. With this new airport, the government also seems to be considering mass transportation systems upgrades to fast track those travelling to and from the airport into the city.In line with this, new types of multiple entry tourist and business visas are set to come into effect on September 1 2016, easing entry requirements greatly for regional investors and retirees.Completion of Railway to Poipet:Hosting a Thai-Cambodian border in its area, Poipet has long been a transition town where cargo and travelers pass. But delays in this small gateway town have traditionally plagued logistics and trade inefficiencies.One solution that has been put forward and is now nearly within reach is a new railway system that will connect Phnom Penh and Poipet. This new system is expected to allow much more direct access to Bangkok from Phnom Penh and vice versa. With only 6 more kilometers of tracks needed, completion is expected at the end of 2016.In addition to this, Sihanoukville is also expected to experience a boost of trade and tourism through the reopening of the passenger railways that connect it to Phnom Penh.Sihanoukville Port Development: Other than the over-arching improvements currently being implemented in the humble beach town of Sihanoukville, a great deal of work has also been put into the expansion of its port area.Having the only deep sea port in the country, particular emphasis has been made to ensure that it is able to accommodate sufficient trade and transactions. The expansion and functionality upgrades throughout the years has brought many business owners huge benefits and is the overriding factor that is drawing new foreign direct investment into the province. The Sihanoukville Port Multi-purpose Terminal Development project alone, which Japan has helped fund, will cost around $75 million and is estimated to be completed by the end of 2017. The end goal for Sihanoukville Port is that full size cargo vessels will be able to port at Sihanoukville, making long haul import and export around the world less costly and faster. Currently, Sihanoukville can only harbor feeder vessels that would then need to travel to ports such as Hong Kong, Singapore and other regional post in order to transfer containers onto the larger long haul vessels. In the future, full size haulers will be able to travel direct to worldwide destinations.Roads and Transport:With the growing population of Cambodia and particularly Phnom Penh, accessibility and traffic definitely play a big role in the values of residential and commercial properties.So, news of Japan donating 140 new buses, valued at over $10 million, was received well by the Phnom Penh working class. These units are expected to service the citizens much more efficiently by 2020 as bus lines are set to continue to increase yearly. Currently there are 10 lines across Phnom Penh. The regional road systems of Cambodia are also expected to experience changes in the next few years. China – through the firm Henan Provincial Communications Planning, Survey, and Design Institute – will develop an expressway along National Road 4 (Phnom Penh to Sihanoukville) after the go signal was given for the China Road and Bridge Corporation to push through with a proposed highway project recently.This comes at a time when Sihanoukville is under a period of growth and developmental changes; and, as anyone that has travelled to the beach town by road will know, a wider, direct highway will benefit this growth hugely.In addition to this, National Road 5 is also expected to strengthen the efficiency of trade with Thailand through a recent grant from Japan.Learn more about Cambodia in our extensive location profiles!
Sokha Phnom Penh Residence, Premier Option for Short or Long Time Stay
Sokha Phnom Penh Residence, Premier Option for Short or Long Time Stay
June 7, 2022, 3:59 a.m.
Realestate News
Cambodia is fast becoming a world-leading destination for tourists who want to experience a new frontier on the global tourism stage. And why not? Cambodia has a rich and diverse cultural history; it is full of natural wonders and untouched beaches; and as the Kingdom’s economy grows, Cambodia is offering travelers more and more luxury options to make their stay even more special. In fact, according to TripAdvisor.com’s “Travelers Choice Awards 2015”Cambodia was the 2nd most popular tourism destination in the world.As of 2016, Cambodia has about 500 hotels of note, but only around 30 of these hotels have 100 or more rooms - and just six or seven of these venues offer international standards of hospitality services and execution. In this domain, the SOKHA Group is leading the way across the nation... SOKHA Group has a wealth of experience in tourism and hospitality in Cambodia, with their network of 5 star offerings across the Kingdom: Sokha Beach Resort – Sihanouk Ville; Sokha Angkor Resort - Siem Reap; Thansor Bokor Highland Resort – Kampot; Sokha Phnom Penh Hotel & Residence - Chroy Changvar Peninsular, Phnom Penh and Sokha Siem Reap Resort & Convention that going to open in mid of September 2016. Sokha Phnom Penh Hotel & Residence is the premier luxury residential experience in Cambodia’s Capital city. Whether you want to stay 2 days or 2 years, by selecting Sokha, you are guaranteed the best that Cambodia has to offer every day. Sokha Phnom Penh Hotel & Residence, which completed construction in 2015, consists of 18 floors with 549 units of hotel rooms and 195 units of residential suites (service apartments). Rising high above the shores of the Mekong and Bassac rivers, Sokha Phnom Penh Hotel & Residence is host to the most prestigious luxury living standard, events, business conferences or expos, and a popular choice for fine dining among the local elite.Sokha Phnom Penh Hotel & Residence offers unmatched views of the Mekong River and famous Royal Palace, and a quality of environment impossible to find in the popular inner-city districts. For those who are looking for working stays at the Sokha Phnom Penh Hotel & Residence, you are just minutes from the central business district of the city. Other perks for business guests include a meeting room for international conferences, high speed internet access and taxi services to and from the central city. All 195 residential units have classy polished timber floors and all amenities for your convenience included. The Bassac Suites (52 sqm/560 sqf) are exclusively designed as studio suites, fit for a quiet and relaxing stay. The Tonle Sap Suite (90 sqm/969 sqf) is a 1 bedroom suite with additional space, combining comfort, privacy and a place to call home. The Mekong Suite (104 sqm/1,119 sqf) has 2 bedrooms with highly customized and graceful furniture included, a premium choice of luxury living for both family and long stay business travelers. The suites feature distinctive, breathtaking views of the Great Mekong, Tonle Sap and panoramic view of Phnom Penh. Like swimming? At Sokha Phnom Penh Hotel & Residence you can get your fitness fix, with a huge 1,650 sqm/17,760 sqf outdoor swimming pool. Residents are able to access to gym, the luxurious healthy spa, steam, sauna, and jacuzzi. A comfort package is also available for residents with complimentary electricity and huge underground parking lots. Each room is connected with wireless internet access, fully furnished with full-sized fridge, washing/drying machine, modern kitchen full-equipped appliances, and multi-channel 47 inch LCD TV at the separate living room and dining area.Residents can also get complimentary usage of the hotel Business Centre at the lobby and the BBQ Pavilion Space on Surkea Rooftop (Open Space for Dining /Party /Landscape Deck). And enjoy the international restaurants that serves food from around the world (Chinese, Japanese, Asian, Western, Italian…). Like to party after work? The Wave Club on 19th Floor and Stardust Karaoke below the hotel is ready for you, any time from noon. With 5 star hospitality service, round-the-clock security surveillance, 24 hours room service, housekeeping, linen (bedding and toweling) and daily shuttle bus service from the hotel to Aeon Shopping Mall, guests are able to relax and enjoy with their stay while the Sokha staff take care of almost everything. Of course, the concierge services are ready to help with any need you might have, day or night.Find out more about Sokha Phnom Penh Hotel & Residence and make your stay in Phnom Penh unforgettable!
Influence of Negative Interest Rates on Cambodian property, Alfred Chia on Realestate.com.khTV
Influence of Negative Interest Rates on Cambodian property, Alfred Chia on Realestate.com.khTV
June 7, 2022, 4:12 a.m.
Realestate News
Cambodia has seen a significant rise in its economic value throughout the past decade, but there is a potential threat that it has to watch out for. Negative interest rates are looming to enter Asian countries and are slowly creeping in from the European and Japanese economic policies and implementations from central banks.  This, Sing Capital’s Chief Executive Officer Alfred Chia, explains is a concept taken from the Swiss government when it was fending off a crisis back in 1970. This was a statement he made during the Inaugural Cambodia Property Show held in Singapore this year.What is a Negative Interest Rate?Negative would seem like an odd usage when used in combination with the term “interest rate.” But this has been a concept embraced by countries whose economies are coming into a desperate state. Chia explains the concept as something that goes against what we’ve been taught. Whereas banks are supposed to pay us an interest when we decide to put a deposit, the concept of negative interest rates works the other way around. Banks actually charge you the interest for putting money in their care.This should come as no surprise, but it is definitely an “unconventional” concept, according to Chia. Probably something that we usually take for granted is that banks are still business entities and still have to earn.Why are more countries adopting Negative Interest Rates?He continues to state that there are five main factors affecting why more and more countries are slowly adopting this unusual concept. These factors are Global GDP, China-economy affects, oil & commodities, currency, and interest rates; and these are all interconnected.Since there is a downturn in the global economy right now, we find that countries like China are slowly experiencing the effects through the apparitions of its ghost towns which were once vibrant communities for industrial workers and their families. Having said this, we also see the appreciation and depreciation of major currencies like the US dollar which serves as Cambodia’s main currency.How might this affect Cambodia?What will most likely affect the growth of Cambodia is either the strengthening or weakening of the US dollar, and the Chinese business behavior during this time since the Chinese are also one of the major investors in Cambodia.Though perceived to be signs of a struggle, the aim of negative interest rates is to force banks, businesses and individuals to be creative with how they can make their money grow. Banks seem to have found a means through lending out.And, according to Chia, banks have seemed to found a sort of reprieve through the property market. He uses Japan as an example where its people are able to loan up to 100 percent of the property value at just a 1 percent per annum interest rate. With proper valuation, lending out lessens the risk for them because even if the loan is not paid back, they still have the property itself to fall back on.Should this concept apply for Cambodia, banks may actually be able to profit more due to the booming real estate industry.Learn more about the Cambodia investment climate!
Don't miss the International Business Exhibition JCI 2016 THIS SATURDAY
Don't miss the International Business Exhibition JCI 2016 THIS SATURDAY
June 6, 2022, 5:05 p.m.
Realestate News
On this Saturday 27 August 2016, JCI Cambodia will hold the International Business Exhibition and JCI Entrepreneurs Forum at the Sokha Phnom Penh Hotel from 8am.Realestate.com.kh is extremely proud to be sponsor for this year's event! Alongside its business exhibition, JCI has also prepared a series of talks which will feature distinguished speakers and experts from the areas of Food & Beverage, Real Estate, and Organic Agriculture products. Although speaking about different sectors, the discussion will center on one key topic, “Key Success and Investment Opportunity in Real Estate, Food & Beverage, and Organic Products in Cambodia”. This topics will be divided into two parts, morning and afternoon. For discussing on food and drinks sector, and agriculture sector, there are 4 speakers such as: Kouch Sokly president President of Cambodia Restaurant Association, Dr. Tan Monivann – VP of Mong Reththy Group Co., Ltd. Mr. Chang Bunleang – Operations Manager and Co-founder of Brown Coffee, Mr. Neak Tharen – Board of Directors of Cambodian Organic Agriculture Association and CEO of Natural Garden and facilitated and Moderators by young entrepreneurs Ms. Dek Dary – National VP of JCI Cambodia, Managing Partner at 360 Event Management, and Mr. Khorn Chhundara– CEO of KOI Café Cambodia.Discussions in the afternoon turn to speakers from the real estate sector such as: Mr. Kim Heang – President of Cambodian Valuers and Estate Agents Association (CVEA), Mr. Harry Martin IV, the sales and marketing manager of Worldbridge Cambodia, Mr. Kenn Yeo – General Manager of Orkide Villa Condominium (Mall & Condominium Project), and coordinated by HE Sok Siphana –  President of Sok Siphana law firm and  government adviser.In 2016, we expect participants Entrepreneurs Forum, there are guest 250 to 300, with regular ticket price is $50 and $40 for members JCI YEAC, CIC, BNI, CWEA, CVEA and CRA.For interested participants, you can contact: Tel: 017 59 46 19 or email:  sothearak2510@gmail.com / jci.phnompenh@gmail.com
SHUKAKU INC. Signs MOU with the DON BOSCO Foundation
SHUKAKU INC. Signs MOU with the DON BOSCO Foundation
June 6, 2022, 5:04 p.m.
Realestate News
Phnom Penh, 23 August 2016 - SHUKAKU INC. signs MOU with the DON BOSCO Foundation in order to equip young Cambodians with the skills to build the Cambodian of tomorrow.Under this partnership, the Phnom Penh- based Real Estate Company and the master developer of the Phnom Penh City Center (PPCC) will grant scholarships to 20 students from the Don Bosco Technical School over two years tuition, and sponsor a brand new computer lab at the Don Bosco campus.The Memorandum of Understanding (MOU) with the Don Bosco Foundation will pave the way for a two-year partnership worth more than $69,000.The Don Bosco school is an educational non-profit organization that provides free vocational training to young Cambodians from disadvantaged backgrounds.Roel Soto, Country Representative of the Don Bosco Foundation, said: “We are grateful to Shukaku Inc. for aiding us in our efforts to fight social exclusion through practical education and skill building.”He added, “These scholarships will equip young Cambodians with real-life-proof technical skills and knowledge, crucial learning and development, all of which will enable us to build the Cambodia of tomorrow, today.”The company will also sponsor a brand new computer lab comprising of more than thirty computers at the Don Bosco campus. This is another effort that is part of Shukaku’s commitment to enhance IT literacy across Cambodia and provide a conducive learning environment for the students of Don Bosco. Michelle Lau, Executive Director of Shukaku Inc., said, “This signing is only the beginning of what we hope will be a fruitful and long-term partnership with the Don Bosco Foundation. I continue to be truly inspired by Don Bosco’ s core values of inclusiveness, generosity and excellence - and I trust our relationship will strengthen over the years as we find more opportunities to help Cambodians unleash the full potential of Cambodia.” Ms. Lau also underlined that this partnership is only “the first of many to come.” Under Shukaku’s new “Sustainable Growth Initiative,” the company’s comprehensive community engagement and empowerment program will aim at making a tangible contribution to the communities in which it operates. The program will help build a collective vision to a future of share prosperity through various and long-term income –generation initiatives. Learn more about Shukaku's Phnom Penh City Center project today!
Investing in Cambodia with Care, with Guillaume Massin on Realestate.com.khTV
Investing in Cambodia with Care, with Guillaume Massin on Realestate.com.khTV
June 6, 2022, 5:06 p.m.
Realestate News
Even with the constant year-on-year 7 percent GDP growth of Cambodia and the boom of construction development across the nation, many investors still seem to be intimidated by the country and are hesitant when investing in Cambodia property.There is a perception that investing in Cambodia might cause certain conflicts or complications, if not immediately, but down the line. Guillaume Massin expressed a different opinion in his presentation at the Inaugural Cambodia Property Show in Singapore, organized by Realestate.com.kh and PropertyGuru Singapore. Massin is the managing director & partner of DFDL Cambodia.Massin states that Cambodia made a choice to build its legal framework before it was fully ready for implementation. Now, the country is still continuing to develop and enact the rules and regulations put in place years ago.This started in 2003 when the government developed hundreds of new laws. Thus far around two-thirds of these laws have been implemented, says Massin.This, of course, includes policies concerning civil procedure codes, criminal codes, and a court system. Although “it’s [still] getting there,” Massin states that it is now more developed and systems are now more transparent than ever before.Improvements very relevant to Singaporean investors include a double taxation treaty between Singapore and Cambodia where there will be a 10% cap on tax for foreigners investing in Cambodia. And this can be advantageous since the tax usually goes up to 14%.Another advantage that was brought about by these changes include the investors in the industrial sector being able to register their companies and seek government incentives. “Qualified” projects, with necessary licenses, will be able to get a tax holiday which can last up to 9 years.When investing in Cambodia, it is also important to note you must choose to engage with developers with a valid license for their project. This is important because when something goes wrong, your properties and assets are only protected by the law if the license is valid. Massin states that these licenses can and should be verified through registered legal counsels.Massin also says that despite some restrictions, investing in Cambodia is still a good idea because it remains a very open economy and a flexible market. You can even incorporate your company in two to three weeks, provided you show residency requirements. Massin also notes the flexibility of the strata titles.Probably the biggest restriction when investing in Cambodia is that foreign investors are not able to buy land. Although, he says that long-term leases can also be utilized as a workaround for these types of investments, and are well tested.He advises that there are two more ways by which an international investor can enter the land and landed properties market. Either purchase through a Cambodian national or through establishing a Cambodian company where the majority shareholder is a Cambodian national. Massin says to use the latter rather than the former, if given the option.The presentation closed with Massin reminding investors considering investing in Cambodia about what documents to ensure you have before proceeding with development or property investment projects.For one, you have to do a property background check. You have to have the title inspected by a lawyer as they are the only ones authorized to do that. Second is to check if the licenses are in place and valid. This includes the license of the developer. Lastly, you have to check the necessary documentations such as the letter of intent and the sale and purchase agreement.“There are still some efforts to be made, there are still some projects to be implemented in terms of legal development, but definitely, it’s on track,” concludes Massin.This is the emphasis of Massin’s presentation: While there are plenty of things that are still not in order, there is are many things to be optimistic about and opportunities that have long past in other markets.  Find out more about foreign ownership in Cambodia now!
Tuol Kork, Sen Sok Market Review H1 2016
Tuol Kork, Sen Sok Market Review H1 2016
June 6, 2022, 5:05 p.m.
Special Reports
Realestate News
Market SummarySen Sok district (Khan in Khmer) has experienced a rapid growth, especially in term of residential, commercial, and infrastructure developments. Thus, land prices in the whole district increased markedly within the last couple of years. By the end of 2013, average market price of land in Sen Sok was US$380 per sqm. In the first half of 2016, average market price in the district rose to US$690 per sqm, with average growth of 27 percent y-o-y from 2013 to 2015. Nevertheless, land market prices across Sen Sok district have stagnated since the beginning of 2016, making Q1-to-Q2 2016 list price ratio to drop to 99 percent, though minimally, as property sellers were testing the market at which a reasonable market price should be met.Tuol Kouk district, on the other hand, experienced a slight rise in land price within the same period, from average market price of US$2,150 per sqm in 2013 to US$ 2,530 per sqm in early 2016, growing at 6 percent y-o-y within the tracked period. However, across Tuol Kouk district, Q1-to-Q2 2016 list price ratio dropped to 99 percent due to real estate market stagnancy since the start of this year.In sum, these two districts both of which lie northwest of the central Phnom Penh have enjoyed a rapid growth in term of residential and commercial developments. The suburban Sen Sok district, for example, has witnessed a noticeable pace of developments, especially mixed-use landed housing and infrastructure, which gives rise to a change in the skyline and rapid surge in land prices over the course of the previous three years. This growth will continue its pace as developers foresee market optimism over the next coming years.Land Market PricingTuol Kouk DistrictOver the last preceding decade, Northern fringes of Tuol Kouk district was the first main destination for residential relocation because of its available large portions of vacant land and a neighborhood of the central parts of the capital.  Land prices across the district, therefore, started to surge ever since. In 2005, average market price across the district was about US$1,100 per sqm, with a threshold of US$450 per sqm along secondary streets to US$1,900 per sqm along primary streetsEarly this year, average land market price across Toul Kouk rose to US$2,530 per sqm, while some of the prime commercial streets could fetch a market price as high as US$5,750 per sqm. Over a decade, average growth rate of land prices in the district was about 10 percent y-o-y, and during the last three years the growth was about 6 percent.Remarkable land price surge was seen in Boeng Kak Ti Muoy and Boeng Kak Ti Pir, both of which are Tuol Kouk’s northern communes adjacent to emerging Phnom Penh Thmey of Sen Sok and densely-populated Tuol Sangkae of Ruessei Kaev district. The former grew at 17 percent y-o-y within the period from 2013 to 2015, and the latter, 13 percent. The two communes’ higher growth in land market prices, if compared to that of other communes in Tuol Kouk, was pushed by two key factors. First, because of their relatively small market price base (from a minimum of US$650 per sqm in the last three years), a small price jump could see an enormous growth in y-o-y rate. Second, their attractive, emerging locations have been ideal for residential towns, high-rise developments, and commercial establishments, all of which pushed market demand to rise. As a result, buyers were willing to accept the offers and through this, the market prices started to increase relatively more quickly over the last three years.On the other hand, many parts of the Tuol Kouk seemed almost to reach their price caps, as many available development and establishment opportunities have now appeared elsewhere throughout many of the peripheral parts of the district and its neighborhoods, offering much lower prices and promising opportunities. Such parts almost reaching land price caps are Phsar Depou, as high as US$5,750 per sqm and Tuek L’ak, as high as US$5,200 per sqm.Sen Sok DistrictOver the previous three years, property market prices across Sen Sok witnessed a double digit growth, with 27% y-o-y from 2013 to 2015. Back to 2013, average land price across the district was US$380 per sqm, and it grew to US$690 per sqm in the first half 2016.Khmuonh, one of the four fastest growing communes (sangkat in Khmer) of Sen Sok district, enjoyed a relative quick pace of residential town (such as Grand Phnom Penh International) and infrastructure developments, with main streets such as Hanoi (St. 1019) almost finished this year and Tumnup Kop Srov Road (the capital’s ring road) due to completion sometime soon. As a result, average growth for land price in Khnuonh commune was 35 percent y-o-y, from US$230 per sqm in 2013 to US$480 per sqm in the first half of 2016, with market prices along main streets ranging from US$300 per sqm to US$710 per sqm.Krang Thnong, adjacent to Phnom Penh Thmey commune and a quick access to the prominent Russian Boulevard, also witnessed a double-digit growth in land prices, with an average of 29 percent y-o-y, from an average of US$110 per sqm in 2013 to US$210 per sqm in the first half of 2016 across the commune. The enormous growth in land prices was driven mainly by residential potentials thanks to many available parcels of vacant land, including residential plot land movements and ongoing town development such as Borey Maha Sen Sok by Japanese developer Creed Group.Phnom Penh Thmey, adjacent to Boeng Kak Ti Muoy and Boeng Kak Ti Pir, the two prominent communes among 10 of Tuol Kouk district, also experienced a double-digit growth, having stood high thanks to its development potentials and strategic market position where several remarkable development projects such as borey New World (La Sen Sok), second project of AEON Mall, and borey Chip Mong Land, to name a few, have already been pinned up on the map. Thus, land prices grew at average 19 percent y-o-y within 2013-2015 period, from an average of US$530 per sqm in 2013 to US$830 per sqm in the first half of 2016. Remarkable potentials in Phnom Penh Thmey commune have been also seen after the completion of main infrastructure, for example, Oknha Mong Reththy and Hanoi Street.Market Performance Tuol Kouk DistrictA central zone of the capital, Tuol Kouk district has experienced a tremendous change in its skyline and infrastructure, which led to an increase of property demand as well as prices across the district over the last three years. Yet, average SP-to-LP ratio across property market in Tuol Kouk was 95 percent in 2015, while average original-to-last list price ratio dropped slightly to 99 percent Q1-on-Q2 2016.Low pricing ratios were noticeable in Phsar Depou Ti Muoy commune, where SP-to-LP ratio went down to 90 percent, lower than those in any other communes across Tuol Kouk district. The low pricing ratios in the two communes could be dragged down by the disruption of Techno Flyover construction process that affected on profitability of prime business spots along Russian Boulevard and its surroundings, thus resulting in less-commercial options for buyers to seriously consider the properties over there.Sen Sok DistrictDespite enjoying a significant growth in most parts of the districts over the course of the previous three years, Sen Sok’s property market heat has been slightly cooled down since early 2016 due to overall slowdown in property transactions. Given that average sale-to-list price ratio (SP-to-LP) was 93 percent in 2015, average achieved sale rate across the district was 7 percent below the original list prices, although H1-on-H2 2015 list price ratio (LP) rose to 101 percent. However, during the first half of 2016, average original-to-last list price ratio was 99 percent Q1-on-Q2.The fact that pricing ratios, typically sale price, went down to 93 percent across property market in Sen Sok district means there were many available properties, especially numerous unoccupied homes and vacant parcels of land, and therefore buyers have more power to negotiate for a lower price. Nevertheless, that average original-to-last list price ratio went down to 99 percent was a sign that many of sellers were adapting their asking prices to cope with less aggressive market demand during the first half of 2016.Outlooks and TrendsWith an organic trend of relocation from the central city to suburban and peripheral areas of the capital in a bid to cope with rapid land price growth, accelerating traffic pressure, and increasingly overcrowded city dwellers, a number of people have started to move out to several suburban parts where they form new towns and communities, remarkably since the five years, and Sen Sok district is no exception.Major development trends have been noticeable across Sen Sok, especially its Phnom Penh Thmey commune, which is situated northwest of its neighboring Boeng Kak Ti Muoy and Boeng Kak Ti Pir of Tuol Kouk district. Today, throughout many parts of Phnom Penh Thmey are situated many of finished housing projects such as (1) two of Borey Peng Hout projects the Star Emerald and the Star Quarteria, all of which are along Oknha Mong Reththy Street (1928 St.), (2) two of Borey New World projects, one of which is located a hundred meters off Mong Reththy Street and another is on Oknha Try Heng Street (2011 St.).Another ongoing Borey New World (La Sen Sok) on Oknha Mong Reththy Street has been almost finished, whereas only its community shopping mall remains under construction. Further, Borey Park Land (Sen Sok) along the same street is due to completion sometime next year.More importantly, the second project of AEON Mall by Japanese developers has been pinned on the map in the most promising zone, immediately adjacent to Borey New World (La Sen Sok) and less than 800-meter-radius ring of Camko City (southeast), Borey Angkor Phnom Penh (north), Borey Park Land (southwest), and Borey Peng Huot (south). These factors have brought about more demand for the area, including housing unitsand parcels of land, thus pushing prices to hike rapidly.Phnom Penh Thmey is a popular location for buying a first home,being voted by 20 percent of the surveyed prospective buyers (conducted by VTrust Appraisal), ahead of other areas such asChrouy Changva (16 percent), Stueng Meanchey (11 percent),Toul Kouk (11 percent), unspecified areas (17 percent), and otherareas combined (25 percent).This research report was a production of V Trust Appraisal.
D’Seaview offers a Highly-Manageable Payment Scheme
D’Seaview offers a Highly-Manageable Payment Scheme
June 6, 2022, 5:04 p.m.
Property Reviews
Realestate News
Being the first residential project of the HLH Group in the country that is outside the realm of agriculture, D’Seaview project by the company’s residential project entity – Camhomes – has embraced great success since its introduction last year. Currently, more than 51 percent of the 737 residential units in the D'Seaview mixed-use development had been sold and the piling work has already achieved a hundred percent completion since the 18th of July, 2016. Deferred Payment Scheme: You will now be able to pay for a unit by giving 30 percent down payment first, then deferring the other 70 percent to only at the completion of the unit. This entails an absorbed fit out cost of approximately 5 percent of the purchase price and a guaranteed rental return of 30 percent over 3 years at 10 percent per year. Initially, a down payment of 5 percent is required. This is then followed by a 25 percent payment which is due upon signing the sales and purchase agreement, along with the guaranteed rental return side letter. The remaining 70 percent will be given once the unit is handed over. Installment Scheme:  To further enhance the choices to interest buyers, one can also purchase a unit from D’Seaview through the new revolutionary way, via a 5 years installment plan. This gives buyer the added benefits of having 0 percent interest, 100 percent installment for 60 months, and has 0$ down payment. Only a selected limited number of residential units in D’Seaview qualifies for this type of payment scheme, therefore it is while stock last basis. Getting a residential unit with high-class amenities and a beautiful view of the beach has never been easier. See the full listing and Inquire today!
Phnom Penh Riverside Lifestyle, with Anthony Galliano on Realestate.com.khTV
Phnom Penh Riverside Lifestyle, with Anthony Galliano on Realestate.com.khTV
June 6, 2022, 5:05 p.m.
Realestate News
Phnom Penh is a relatively small area that is marked with varying subcultures. This is one of the things that gives the capital city its unique spirit and dynamic lifestyle.And according to Chairman of Cambodian Investment Management, Anthony Galliano, the merging of ideologies, structures, and tradition is best observed through the properties along the Phnom Penh Riverside.There are a number of things you can see and do in this area, and Galliano lists a few of them during his recent interview on Realestate.com.khTV.Stunning Scenery:Imagine the reflection of the sun in the river as it sets, all the little boats just passing by your view from the window. That is exactly the picture Galliano paints for the Riverside area.Living here means that you will be able to bask in the rays of the golden sun and just absorb all the beautiful sights around you - which includes the rivers of Mekong, Tonle Sap, and Bassac rivers. You can also see diverse architecture and a landscape that had been influenced by different time periods.But wherever in the Riverside area you go, you are guaranteed to see something eye-catching.Festive Occasions:People say that you can tell a lot about a place and its people through the types of festivals they celebrate. And Phnom Penh’s Riverside surely does not have a shortage of festivities.Galliano explains that you have a pretty good vantage point you can utilize if you live in the area because you’re right in the middle of all the celebrations. But probably one of the best festivals in Cambodia you will be able to attend is the Water and Moon Festival, otherwise known as Bonn Om Touk, which ushers in and welcomes the fishing season. During this time, you can also opt to watch the annual boat race which is the festival’s main attraction.Convenient Location:The Phnom Penh Riverside area is conveniently located near the central business district of the capital city. This makes it relatively easy for workers and even families to move around Phnom Penh without having to worry about the increasingly congested traffic situation there. It is also close to facilities such as hospitals, schools, and grocery stores. Residents can testify that once you move into this part of Cambodia, there is little that you need to ask for. Everything you might need is there.Scrumptious Food:Because this area is also home to a growing number of expatriates, there are also plenty of restaurants to serve dishes which originated or are derived from Germany, Italy, France, Canada, America, Korea, China, Japan, and even Australia. So, choosing food will no longer be a problem as there is a wide range available.  The Phnom Penh Riverside area is definitely one of the best places to live in Phnom Penh. Having been well-developed throughout the years, you’re assured all you need to live comfortably here alone or with your family. Learn more about the perks of living Phnom Penh Riverside in another in depth Realestate.com .khTV report!
Cambodian Real Estate Law, with Allen Pheap Prak on Realestate.com.khTV
Cambodian Real Estate Law, with Allen Pheap Prak on Realestate.com.khTV
June 6, 2022, 5:06 p.m.
Realestate News
Since the government’s commitment from the past decade to improve transparency and economic growth through Cambodian real estate law, the Kingdom has been one of the front-runners - and, in fact, one of the fastest growing economies in Asia.This is due largely to the numerous Cambodian real estate law and policies that have been passed and put into effect during this time. A few of these was discussed by Allen Pheap Prak, Legal advisor of P&A Asia, during his presentation at the inaugural Cambodia Property Show organized by Realestate.com.kh and Property Guru.Buying Condominium Units in Cambodia (Legal Qualifications):Pheap Prak mentioned that before the law on foreign ownership for co-owned buildings was implemented, sales of condominium units were really low and needed a quick boost. This is why Cambodia began accepting investments from foreign investors – through strata titles – to increase sales. Title deeds that are in the form of freehold strata titles could originally be held for 50 years and can also be mortgaged and put in a hypothec as collateral. But according to Pheap Prak, this policy didn’t initially have a provision to protect the locals. So, after a year, the Ministry of Economy and Finance decided that foreigners should only be allowed to purchase units above the ground floor and should only be allowed to own up to 70 percent of the property. This way, the occupancy rate goes up without giving any unfair advantages.He also states that a lot of developers have worked around the issue by either placing the parking area at the first few levels or turning the ground floor into a leasable commercial space.Although, if you look at the condominium market today, Pheap Prak mentions that locals are currently buying 40 percent to 50 percent of these condominiums for rental income. So, it’s not much of an issue these anymore.According to Cambodian real estate law, the typical transaction for purchasing a co-owned building in Cambodia requires a sales and purchase agreement. All sales and purchase of real property in Cambodia should have certification or notary by a Cambodian lawyer.But Pheap Prak mentions that if you were to sign a sales and purchase agreement outside of Cambodia, it’s important that you get a notary to witness on your agreements.He adds that if you want to rent a unit or retail space to operate food and beverage ventures, you do not need to get the tenancy agreement stamped by the local state council. However, if you were to rent a unit for office or residence, as a foreigner, that lease should be registered with a notary public so you can get a residence certificate to show that you can be in Cambodia and that you’re doing business here.For a company though, if you’re using it as an office address, you also want to register it because you would have to withhold 10 percent to pay to the government as tax.But it’s also important to note that for leases, it does not make a lease invalid if you’re not registered. Registering just means you’re compliant. Leases with 15 or more years, however, should be registered with the Ministry of Land. They give you a certificate of long term lease which is also valid collateral to use for mortgages and hypothecs.If you have long-term lease on a property, whoever the owner is, they cannot sell their landed property. A lot of foreigners like to register their lease in order to protect their interest, especially if they have a trustee hold or property for them.On top of all this, Pheap Prak also mentions that Cambodia is in the works for developing the trust law to further provide provisions to improve the way transactions are handled.Property Tax:In terms of taxation, just recently, Cambodia signed a double taxation treaty with Singapore which means that Singaporeans do not have to pay 14 percent tax for foreign remittance.  They now only have to pay 10 percent which is the same for Cambodian nationals. Pheap Prak also mentions other scenarios such as having a 10 percent VAT on a sale of a condo and that if you transfer property in Cambodia, especially freehold, 4 percent stamp duty for the transfer is a requirement.He further adds that when you purchase a condo, Cambodian real estate law declares that you’ll have to take care of the property tax which is once a year. It’s 0.1 percent per annum. Property tax does not fluctuate with the market though. It’s important to keep in mind that the Ministry of Economy and Finance has their own index for what your unit would cost in what area, and the prices are usually half the value.If you’re looking to buy for a capital appreciation though, Pheap Prak says that there is no capital gains tax and you can buy as a company or as an individual. He recommends buying as an individual though because, “if you buy as a company, you have to pay 20 percent tax on profit or 1 percent of your revenue. Even though there are no capital gains, it will come out somewhere when you’re declaring profits or dividends to take back.”Legality of Foreigner Opening Bank Accounts:It’s pretty easy to open a bank account in Cambodia. Creating bank accounts usually just require a passport valid for 6 months. Some banks require additional proof though, such as proof of ownership of property.But Pheap Prak says that generally, most foreigners don’t like opening accounts and borrowing from banks in Cambodia because interest rates are high. So, what most foreigners do is they leverage finance in their own country, take the lower interest rate, and then purchase overseas.But banking in Cambodia does have an advantage. Cambodian banks support locals and foreigners to obtain financing of up to 70% of the value of the unit. This is mainly because banks usually work with developers from the start to support the whole project.Pheap Prak explains that “they don’t like to share the end-users going into other banks. And usually, they have an agreement where, okay, the bank will support the project, help split the title. So, usually buyers are more confident when banks are splitting, instead of developers splitting themselves.”With regards to refinancing, he clarifies that banks don’t restrict refinancing, but it depends on the market’s supply and demand. Banks usually loan to a developer only if they have a cooperation agreement with them. He advises that you would also want to take your title deed back and go to a different bank. Most of the international banks are okay with this but the local ones might frown on it. You can do this because once the strata title is out, legally, the banks cannot hold onto your title deed.But in practice, they won’t loan you a mortgage a second time around. This is why a lot of foreigners like to get leverage from their own country and buy overseas.A lot of things have definitely changed in the structure of policies and governance, especially in Cambodian real estate law, but it’s definitely done a lot of good for the economy and for the country. And while many laws are still in the process of getting approval, we can be assured that the future will hold better opportunities because of them.Learn more about investing in Cambodia!
With Japanese-quality ensured, Borey Maha Sensok phase 1 already 80% sold!
With Japanese-quality ensured, Borey Maha Sensok phase 1 already 80% sold!
June 6, 2022, 5:05 p.m.
Property Reviews
Realestate News
Recently, Borey Maha Sensok, the biggest landed housing development by a Japanese company in Cambodia, has received massive interest from local customers.Only 4 months after soft launch, Borey Maha Sensok has been sold out around 80% for its first phase. This sales success is due to the affordable prices, starting from $49,500 per unit, flexible payment terms and home loan/financing options. Presently, the project is under construction, along with road construction and sewerage facilities development.This latest project of the Creed Group, Borey Maha Sensok, is located just 3km from the Phnom Penh International Airport, in Krang Thnong District, Sen Sok Commune, a fast developing area near the upcoming Lion Mall project and AEON Mall 2.Borey Maha Sensok covers a total area of 120,684 square meters and consists of 683 units, including one floor flats (E0), two floors flats (E0E1), and land lots for villas. Common amenities include solar power street lights throughout, beautiful flower gardens and landscaping, a children’s playground, and an exterior gym. Japanese elements are brought into the design also, such as a foot massage path and tree trunk path, and a full equipped garden cabana.According to Mrs. Cheng Sokha, assistant to the Sales and Marketing Director at Creed Group, the project has had high interest from clients because of the trust for the development company: “our project offers concise and fully legal documents for buyers, and the construction quality is strictly controlled by Japanese engineers.”Borey Maha Sensok is the second project of the Japanese investor, Creed group, who has already invested in Cambodia with their first project, Bodaiju Residences, located on Russian Boulevard in front of the Phnom Penh International Airport. Creed Group’s main office is in Japan and has been investing in projects throughout Asia, including Cambodia, Vietnam, Bangladesh, Malaysia, Japan and Singapore.Looking for a new landed borey home? See the full listing for BOREY MAHA SENSOK now!Or want to buy a modern condo? See the full listing for BODAIJU now!
Apennines Condominium Property Review, on Realestate.com.khTV
Apennines Condominium Property Review, on Realestate.com.khTV
June 7, 2022, 2:09 a.m.
Realestate News
Jum reap sour! And welcome to another Realestate.com.kh property review. On this week’s show, we’re live at Apennines Condominium showroom in Phnom Penh with Ms. Vatey, sales manager at the Apennines Condominium project.See the full listing and inquire today!Tell us about the location of Apennines Condominium:Apennines is a modern condominium strategically located in one of the fastest-appreciating districts of Phnom Penh city - Toul Kork. More specifically, the location of our project is at house 40, Street 604, Sangkat Boeung Kak 2, Khan Toul Kork, Phnom Penh - just right behind Pannasastra University Toul Kork Branch. Apennines condominium is located just 10 minutes drive from Phnom Penh International Airport, and is also surrounded by schools, restaurants, supermarkets, sports clubs, coffee shops and entertainment centers.Tell us more about the developer:Apennines condominium is developed by KHSI INVESTMENT PTE LTD, an award winning architecture & engineering company with a wealth of experience in both Malaysia & Singapore. KHSI is uniquely committed to optimizing best standards and creating modern and quality lifestyle living through innovative and creative means.What sort of features does this condo have?Standing a total of 17 storeys tall, 1, 2 & 3 bedroom condos are available in a variety of sizes. All units’ interior has been uniquely designed by Singaporean experts, and fully equipped with high quality fittings. Shared condo facilities include a swimming pool, pool deck, gym; and the unique perfect car parking system, a car parking elevator.What does KHSI offer to buyers?Home loan is available through RHB and Phillip Bank.Freehold ownership titles, for locals and foreigners. Full security (CCTV, security guard 24/7).Great common facilities such as swimming pool, fitness center, gardening and minibar.Full property management and maintenance of the building (interior and exterior). An enticing GRR package of 6% annually.The first Car elevator parking system ever to be used in Cambodia, which is efficient, secure and convenient - and maximising space. How does Apennines Condominium stand out above the rest of the condos coming online in the market?Our architectural design (interior and exterior) is from award winning architect, EDP Architect Malaysia. Our engineering structure has been designed by LSW Consulting Engineer Singapore. The structure of the building includes reinforced Concrete walls and transferred floor technology, a feature unique to other projects currently in Cambodia.And our project is located in a residential area that is a hotspot for potential investment returns.  What types of Units are available?Type A: 89.72m2; Type B: 132.62m2; Type C:  67.74m2; Type D: 110.22m2 - with prices starting from $150,000.If you want to find out more, come and take a full showroom tour with Ms. Vatey today in Toul Kork; and while you are there, check out the construction progress of the project, located just down the street!See the full listing and inquire today!
The Evolution of Cambodian Real Estate, with Bretton Sciaroni on Realestate.com.khTV
The Evolution of Cambodian Real Estate, with Bretton Sciaroni on Realestate.com.khTV
June 6, 2022, 5:05 p.m.
Realestate News
As with established markets all over the world, the Cambodian real estate market right now is an outcome of an evolutionary process that involved many things. And much of what it will become is part of that evolutionary process.This is what the Chairman of the American Chamber of Commerce in Cambodia (AMCHAM) and the International Business Chamber (IBC), Mr. Bretton Sciaroni, believes.In an exclusive interview with Realestate.com.kh, Sciaroni discussed the many factors that have played into shaping the laws, policies and environment of the Cambodian real estate sphere as we now know it.Cambodian Real Estate in the Past:As one of the first foreign lawyers in the country, Sciaroni has had vast experience in business dealings and law in the Kingdom. In fact, he negotiated the first foreign investment deal in 1993 for a $60 million brewery venture.Sciaroni recalls that it wasn’t always smooth sailing for the real estate market. He says that after Pol Pot was kicked out, the communist constitution made it difficult for the citizens to go back to their former land because all the land title documents had been destroyed. But around 1988 or 1989, a proper land titling system was put into place.Another key event that shaped how Cambodia real estate transactions are made nowadays was the National Elections in 2008. According to Sciaroni, it was normal for activity in the real estate market to slow down months to a year before elections. However, the international financial crisis added another layer of issues that the government needed to address. Sciaroni adds that at this time it was a “superheated real estate market environment.”Cambodian Real Estate Now:The country has since recovered from those tough times.When asked about why he stayed despite having to go through those hurdles, Sciaronii says that “the growth rates have been unbelievable.” A contributing factor to this is that the government is now very open to foreign investment and the citizens are more confident in the electoral process.As evidence of this growth, new developments like the Exchange Square building and the prestigious Shangri La are already underway.Sciaroni notes though, “So much needs to be done and so much can be done”.He says that the current challenges that Cambodia faces are only stepping stones to a more dynamic future for the Cambodian real estate industry, and the society as a whole.Cambodia’s Bright Future:The past has proven to be the perfect testing ground for Cambodia’s potential.And with many changes, such as having His Excellency Chea Sophara take over as the new minister for the Ministry of Land Management, Urban Planning and Construction, it can only get better, says Sciaroni.Now we have an improved communication system where industry professionals and the government can have an open dialogue. Sciaroni believes that the past is not bound to repeat itself in these new times with new approaches.But he adds that there are still many more things that need to be set in their proper place. He says, “So, what we need to do: we need to encourage the government to continue to work towards getting the laws and policies in place. We really need these laws and policies in place to help the growth continue.”Cambodia is one of the new lands of milk and honey. It’s a land of opportunity, but it definitely will not come without a little bit of work.Learn more about investing in Cambodia today!