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

There’s nothing particularly new with coffee places opening in Phnom Penh. There is a different brand of coffee shop at just about every corner.But the recent launching of the Starbucks Reserve brand in Phnom Penh seems to mean something significantly more for both the international F&B franchise sector, and local urbanite Phnom Penh citizens.Been There, Done That:With 45 years of experience in the coffee industry, Starbucks has managed to open around 22,519 stores worldwide (as of June 28, 2015). The brand has become one of the world’s most recognized, through intensive advertising campaigns and aggressive product placement. Fast-forward to October of 2016, another branch just opened to serve the Cambodian public in Phnom Penh’s BKK1 district. It was launched under the high-end “Reserve” brand of the company. The new branch features two floors and 650 square meters filled with local craftsmanship, including a mural centerpiece depicting the Cambodian Folklore of Sovann Maccha.Starbucks Cambodia has partnered up with a local NGO – Cambodian Children’s Fund – as part of its long-term community investment. They said, “We take a thoughtful, disciplined approach to growth in Cambodia that is locally relevant and in line with our company’s values. Our growth story is not just about expanding our store count in the market.”Something Brewing:Yet Starbucks’ opening of another high-end coffee place doesn’t only signal a positive outlook for the F&B industry…It also transcends into real estate. A few months back, the World Bank declared Cambodia a lower-middle income country - where Cambodians currently have an average yearly income of between $1,026 and $4,035. So, locals are now able to afford items that have a higher price tag, according to the Bank.With this rise in consumers’ expendable incomes, Starbucks isn’t worried about the huge difference in price of their coffee compared to local ones. The local coffee costs about $0.74 (and sometimes as cheap as $0.25), while a small latte from Starbucks is $2.95.If a cup of coffee is any indication of rising incomes, then sectors like real estate might follow a similar trend. Investors may be getting closer to a market in which the local population can afford resale units and higher rental rates. The current lack of a secondary market, resale and rental, for new development units is proving one of the biggest risks of the Cambodian market for pure investors.Furthermore, if the market can prove profitable for Starbucks, other international F&B and consumer goods franchises may look to enter the Cambodian market place as well - spurred by this signal of consumer confidence and affluence. So while Starbucks opening in BKK1 has been warmly welcomed by local cafe enthusiasts keen to try an international flavor, its significance for investors may have longer lasting influence. Find out more about Phnom Penh now in our comprehensive location profile!

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

Toul Tum Poung, better known to most expats as Russian Market, has long been a destination for shopping and eating for locals and tourists - the district being centered by a large traditional wet market, full of stalls stocking everything from motorbike parts to silk, herbs and spices to electronics, and almost anything in between; ideal for anyone in search of a sensory shopping experience.Yet in the last few years, Toul Tum Poung (TTP) has moved beyond a stopover destination and transformed into a hotspot for expats living in Phnom Penh. It has also attracted attention from affluent locals, some seeking a home closer to their inner city workplace and others looking set up retail or accommodation venues.With this inflow of money and foot traffic, retailers are flocking to the area to launch trendy bars, restaurants, gyms and fashion boutiques, with innovation and influences being drawn from the eclectic community here. Meanwhile, apartment and condo developers are also centering in on the area, given the popularity of the area for expat renters and buyers.The cause of this newfound popularity can be traced to a rise in rents and land prices in the Beong Keng Kang (BKK) districts; this area of Phnom Penh once being the first-choice for this class of residents. Yet as condo and hotel developers have dominated land purchases in the BKK suburbs, land prices have risen as high as $7,000 per square meter; and with some of the highest occupancy rates in the capital, rents have jumped significantly also.Celia Boyd, co-owner of LOT 369 cafe and bar in TTP, mentions that “a lot of expats have started moving to TTP because it was still fairly central, but not nearly as expensive as BKK, and in particular BKK1. There are still some great markets, shops and restaurants around, but the area still has a local Cambodian charm.”And unlike other areas in central Phnom Penh, TTP isn’t awash with backpackers, says Boyd: “Tourists come to the markets, but it's not an area for backpackers like street 271, or Siem Reap's Pub street, for example.”“It’s also easy to get around,” continues Boyd, “most places are walking distance from each other in this area, and there's a nice community feel to it.”Brendan McCarthy, proprietor at Long After Dark bar and eatery, notes that, “Life in Russian Market tends to operate at a slightly gentler pace, the community is extremely friendly and it has its own unique rhythm that resonates well with us.”“More and more interesting eating, drinking and shopping options are popping up all the time which is adding to the vibrancy of the suburb,” adds McCarthy, “and I think that the same neighbourhood charm that drew us to the area initially is responsible for this growth.”The boutique fashion industry is rising across the capital city in waves, and none least in TTP. There are more and more boutique vendors such as ESQ, a trendy clothes shop opposite the main market, are opening every month, ideal for those who want a western shopping experience, complete with aircon and fitting rooms. For the best bargains though, or tailored shoes and clothes, stroll around the central Russian market - and get ready to haggle!Seng Hour, co-owner and grill chef at the Toul Tom Poung Grilled Seafood BBQ restaurant, opened his shop in 2012 on the side of the main market. These days Seng’s restaurant serves up over 80 kilograms of freshly barbequed seafood - crabs, fish, shrimp, lobster, shellfish and squid - every night of the week.Seng says his secret to success has been the quality and freshness of his food, fast service and high-hygiene standards, allowing his restaurant to outlive many around him.But Seng say’s it wasn’t always so busy: “The TTP area is completely different than it was just two years ago. Before only few people from around the Russian market came to eat; now local people from Toul Kork and Sen Sok come together with friends and family just to visit our restaurant.”Seng notes that foreigners didn’t really know about his restaurant before, but now “we have lots of foreign diners because they are living in apartments in the area. And more and more serviced apartments are launching in TTP these days.”Yet, as comes with any suburban development, residents of Toul Tum Poung may start to feel its gentrification when it comes to rental rates and sale prices in coming years - just as those in BKK experienced before.Keiko Fujita-Hix, co-founder and owner of Sesame Noodle Bar in Toul Tum Poung, notes that since her restaurant opened in 2012, rents have risen over 50%. Meanwhile, in her venue’s case, the restaurant will soon have to move location - as the landlord looks to convert the section into a new apartment complex development site.But Keiko notes that Sesame will definitely stay put in Toul Tum Poung, even if they need to move venue.“There is a unique community spirit that exists here,” says Keiko, “and a community that our business has invested in - we are close to workers’ family homes, our loyal clientele of diners, and other local businesses that mutually support us, and we wouldn’t want to move anywhere else.”Check out the best properties for rent in Toul Tum Poung on Realestate.com.kh now!

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

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

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

One of the biggest complaints you’ll hear from home and business owners in Cambodia is the high utility bills – particularly, the electric bill.According to the ADB, around late ‘60s and early ‘70s, the power sector started to deteriorate. Attempts at reviving supply ushered in the engagement of  private power producers in the early ‘90s through heavy usage of fuel and diesel. Around 2005, the government started the construction of sub-transmission lines that import electricity from nearby countries.And although Cambodia has locally produced the majority of the supply last year, it still imported 135.5 megawatts from Thailand, 4 megawatts from Laos, and around 277 megawatts from Vietnam. This import process then causes an increase in charges and sets an average Cambodian back $0.25 per kilowatt.Going GreenThe government has been proactive in addressing the issue on power supply and generation throughout the years. And this transcends just constructing eco-friendly buildings. In a recent statement by the tourism department, there are plans to create a garbage-fueled plant and a solar plant which will cost $167 million and $89 million, respectively. The two plants will be situated in Phnom Penh which is expected to generate 30 megawatts and Siem Reap which will generate 55 megawattsThis will be made possible through the ministry’s partnership with French green energy firm Quadran International and Chinese waste incinerator specialty company Shanghai SUS Environment.More Than Power:Other than generating power for Cambodian citizens, the Tourism Ministry sees this as an opportunity to attract even more foreign visitors.Minister of Tourism, Mr. Thong Khon, says, “The policy of green development in Cambodia is transforming the country as a tourist destination, making it green and clean to attract overseas visitors. We hope Phnom Penh will be in the running for Asean’s clean tourist city in 2018.”Not only is it good for tourism, but it will also be good for waste management as this will be one of the primary sources of energy.Will this plan pan out or will the lights dim on these innovative projects? If enough effort is given to making this happen, then there may just be enough spark to make it happen.Find out more about recent infrastructure developments in Cambodia!

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

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

The 88 Suites project will be the first Phnom Penh based project from the developer YCT Land Pte Ltd. Along with the 88 Suites, YCT Land currently have a land division project in Kampot province.YCT Land represents a joint venture partnership between Chong Lim Development SDN BHD and Chip Hock Realty and Development SDN BHD, two Malaysian based property development firms. YCT Land was incorporated in Cambodia in 2012, yet the company’s Malaysian experience spans over 40 years, with over 3000+ units completed and sold.Successful projects of this development team include the University Green and the Pangsapuri Bukit Beruang Bestari, in Malaysia, to name just a couple. See the full catalog of completed projects from Chip Hock Realty.Another example that the members of YCT Land have had some involvement in is the “Leisure Farm” project in Johor Baru, Southern Malaysia - a 1200 acre home and resort development, which has already completed several phases and are selling currently.88 Suites represents a relatively small project for YCT Land, given the company’s history of completing grand scale township developments.The developer also has various experience in the eco-city development sphere, and hopes to bring this concept the Cambodian market in the near future.The reason for this eco-friendly focus is stated by Chip Hock Realty: “we understand our business’ nature directly and indirectly impacts the ecosystem within the society and community that we have operated on. Therefore, it has been the company’s long-term plan to continue building greater communities with balanced social and environmental awareness within our developments.”The inspiration for YCT Land to launch in Cambodia is the emergence of the nation as a real estate destination with exciting opportunities: “Cambodia represents a young and open market, full of opportunities,” says Mr. Tan Kok Thong - CEO of YCT Land Pte Ltd, “in comparison to the Malaysian market; which has matured already and heading towards saturation”.Cambodia represents a new beginning for the firm, and have settled their operations here for the long term. With that in mind, YCT Land want to maintain the standards they have followed in Malaysia in regards to both their production and partnerships with other firms.The mantra of the company is to bring innovative products, centered on quality: “We look to the long term value for our investors, not the short term. And our partners must always maintain the same quality standards that we do,” says Mr. CP Chong - Chairman of YCT Land Pte Ltd.Hence the launch of 88 Suites came in partnership with architecture firm SW1P Collective, Malaysia, and renowned local real estate agency, Royal 5G Realty, as sole agent.Furthermore, the project demonstrates the company's innovation: 88 Suites will be the first SOHO (Small Office, Home Office) development on the Cambodian market, offering a distinct point of difference for investors shopping in the crowded BKK1 new developments market.Located along Mao Tse Tung Boulevard, 88 Suites will reach completion at the end of 2018. But in the meantime, stay tuned for YCT Land’s next exciting project to launch in Cambodia!See the full 88 Suites project information now!

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

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

Prakas No. 965 (MEF) on the Management of Residence Development Business was dated August 24, 2016 and aims to get developers to obtain a license from the Finance Ministry.The Director of the Finance Ministry, Mr. Noung Piseth, said that only around 167 housing developments, 104 gated communities, and 63 condominiums that are currently underway are actually authorized by the Finance Ministry. He estimates that around 10 to 20 percent of current developments have no licenses. And this is causing concern from buyers who have already purchased units from these developers.This prakas (law) affects real estate developments that either have more than 4 apartments, 3 villas, or 4 units. Developers who fit the criteria are considered to be a residence development business company and are now required to have a license through the Ministry of Economy and Finance, for several reasons.Why should developers obtain a license?Other than avoiding a fine for owners of unlicensed housing projects that can reach up to $25,000, getting a license actually has a well rounded advantage for everyone involved in a development. It benefits the customers, the developers, and the industry as a whole.The Head of the Office of Business Management Housing Development at the Department of Industry and Finance, Ms. Chan Socheata, said that “generally, before the issuance of the license for any project development, the ministry evaluates through its checklist to find out whether the development has a clear and strong source of income, capital, collateral, land title, and other assets that support their project.”She continues, “The ministry will check whether it’s a good business, and if it can be successful in the future or not. In some cases, there’s a need to research on the sales strategy of the project, because sometimes a project’s owner does not do an in-depth market analysis with the surrounding market. And another reason is to find whether this project causes a bubble market. So, if this case happens, the ministry can take measure immediately,”And since a residence development business company is also required to deposit 2 percent of their capital, there is an assurance for both the ministry and the customer that there is enough resource for the project to successfully move forward and reach completion. Additionally, once a company is licensed, the ministry can serve as a mediator of sorts for any disputes that may arise between the developer and its customer.What are the types of licenses?Besides the 2 percent secured deposit, there is still a separate fee for each type of license that must paid by the company.There are currently two types of licenses.The first license is for companies which has either loaned from financial institutions or have their own capital that they can use for the development and sale of the property once construction is over.The other license is for companies who have their own capital or loan from a number of financial institutions or capital that comes from installation payments by the buyer, where construction is still not over.What are the Developer licensing requirements?For the first type of license, the development company must already have finished construction with the cost already determined.While the second type of license calls for the same requirement, it also calls for the development company to open a trust account where they will be placing payments from the customer.Socheata also mentions that “project owners need to make a business plan to present to the ministry” before they are issued a license. There are also requirements that should be submitted after the project is finished. This is called a reporting requirement where the Ministry of Economy and Finance needs to be updated after a month of the project’s completion regarding financial soundness and the project ending.With the release of this Prakas on developer licensing, we can expect to see positive changes in the aspects of construction and financing; and more transparency for end buyers - bringing much needed protections to the off-plan real estate market.Learn more about Investing in Cambodia, with your real estate information leader: Realestate. com.kh!

Just a decade ago, the Camko City was merely a lake area of Phnom Penh, Boeng Pong Peay. At that time, it was considered as the Northern end of Toul Kork, which has been traditionally a wealthy residential area. However, so far, the scene has dramatically changed, transforming into Northern center of the capital.Since the first satellite city planning was approved by the government in 2005, World City Co., Ltd., the developer of CamKo City introduced a global standard of residential, commercial, and business complex for the first time in the property market. The development has been slowed down due to external turmoil such as global economic recession, financial crunch and partners’ financial difficulties. However, we now witness that the area has strongly settled down as one of sought-after places.Some of the luxury villas in R2 Secret Garden project are being completed one by one, and ready for move-in.These finest properties will add more value to the existing residential area.Furthermore, commercial activities are becoming livelier. The shops along the Angkor Boulevard, a 30-meter wide road at the center of CamKo City, are recently occupied by more business owners, and they seem to enjoy prosperity with the increased number of residents and visitors.World City Co., Ltd. has resumed suspended condominium projects, and now is rigorously preparing to launch new upcoming projects.Regarding to the new projects, Mr. LEE SeungHyung, Senior Vice President of CamKo City mentioned, “Now, our follow-up projects are under careful planning and preparation. The market, in particular investment sentiment and demand trend, has changed. Our next projects will be responsive to this diversified demand.”“As population continues to increase in this region, there is a strong need for large scaled commercial, business facilities and amenities. Accordingly, an attractive commercial complex and high-street area is under planning for the C10 plot between R1 condominium and R2 Secret Garden villas. Also, in the M6 plot just north of R1 condominium, a mixed development of medical center, office spaces, serviced residence and retail is already planned. These new projects will begin one by one in an appropriate manner,” added by Mr. LEE.Lastly, the contribution to National Housing Policy is one of the biggest interest of the developer as well. Increase in housing demand and lack of affordable housing supply are raising significant social concerns. It is said that, reflecting the demand, a mid-ranged residential complex is already prepared in CamKo City and waiting for the launch.Also in the surrounding area of CamKo City, within Sen Sok and Russey Keo, noticeable developments have got into full swing. To the West of CamKo City, the second AEON Mall recently commenced the construction with the completion expected in 2018. At the North end of CamKo City, a renowned Australian International School Phnom Penh (AISPP) is about to complete the construction. In addition, large number of various high-profile residential projects are already completed and on process nearby.With all these developments both within CamKo City and the surrounding area, and along with Phnom Penh’s expansion,we expect to witness and enjoy the area’s further transformation into the global-standard satellite city, as initially sculpted by CamKo City.View the latest new developments on Realestate.com.kh!This story was featured in the September 2016 print edition of PROPERTY VIEW magazine, produced by the CVEA. Realestate.com.kh is very proud to support the CVEA’s Property View publication. For more information about joining the Cambodian Valuers and Estate Agents Association (CVEA) please click here. And, if you are interested in advertising placement or advertorial in the next edition of Property View Magazine, please contact Mr. Virith via email: virith007@yahoo.com Or call: 078 959 567  or 098 66 26 68

With new developments established by foreign investors who find the Cambodian condo market attractive, information and education regarding the condominium market has steadily grown throughout the years. But generally speaking, different experts have different outlooks and opinions regarding investing in this market.Chrek Soknim, CEO of Century 21 Mekong, says that if you’re considering investing in the condo market long-term, then you won’t be encountering any serious challenges any time soon because the trends remain to be stable and projections are optimistic due to the fact that there are still lots of condominium units in supply.But Soknim warns that with the growing number of foreign investors coming into play, sales may regress or slow down a bit due to stiff competition. So, they would have to consider adequate and efficient financing for their projects.Soknim states that "when there is intense competition, it requires investors to have a precise capital. Otherwise, their projects might face a stalemate in middle plan if investors expect to get funding from buyers to develop the construction project."Hoping for a great outcome, he says "even if the sales are slower than before,” he does not see any difficulties that may result to the condominium market getting stuck.Find out real estate news on Realestate.com.kh! This is also what the director of TOWN CITY Real Estate, Vann Chanthorn, thinks. He explains that there are many projects that are still selling well, especially projects that focus on middle-class customers. He reaffirms that overall, there is no urgent problem and that the condominium market remains strong. This is confirmed by a recent survey done by CBRE Cambodia conservative estimates show that the condo market in the country will increase by 794 percent from now until 2018 and that the supply will increase to a total of 21,414 units. Kim Heang, president of the Cambodian Valuers and Estate Agents Association, said that the number of condominiums that have been built for the current domestic market left a surplus. He said that if investors are thinking about the ASEAN market, there is still much that remains to be seen and that what is important now is to get more ASEAN investors into the sector. If the sector remains stagnant, may not always be the developer’s fault because the government should be doing whatever it takes to attract investors. He continues to say that if water, electricity, and transport costs remain high, then no one might invest. But Heang clarifies this by saying "the laws is already existing, but it is important to all people to respect the law. Demonstrations, demonstrations without rules, so let's address this issue altogether." It is a collaborative effort. Kim Heang adds that the biggest pitfall more than 50 percent of condo developers are finding at the moment is that borrowing money to assist in funding construction presents more of an issue than a solution. He says that some of the developers are now facing deadlock. But there seems to be no problem right now for those who have obtained land and a precise investment capital. He explains, "It does not matter in this industry, but it will have trouble for individuals who borrow money or take money from customers to build." Taking a more positive approach to the surplus issue, Kuy Vat – chairman of VTRUST GROUP which bought the Master Franchise Century21 to Cambodia – said that when the condo market reaches surplus it can be used as an opportunity for investors and clients. They can buy a condo while the values are still low. Customers will find this beneficial because they are presented with more options to invest. Henry Wu, CEO of MATSU Property which is based in Taiwan, remains to be optimistic and believes that there are great opportunities in the Cambodia Condo Market. He said that Phnom Penh is small but being the capital, it is the heart of the country and has a total area of about 20 square kilometers. This means that construction of high-rise condos that have pristine accommodation, comfortable service, and amenities like swimming pools, security, shopping malls and management will be strong contenders in the near future and will be a factor in the continuous increase. Wu continues to say that Cambodia is a country which has flexible control over currency and has more freedom among countries in the region. Cambodia also does not collect tax on profits in the sector, and investors can go in and out freely, especially now that the property cost in Phnom Penh is relatively low compared to cities of the of other countries in this area. He added that "people in the city are about 2 million and condo costs at a very low price compared with other countries in the region that all these factors have attracted great interest from foreign investors for real estate here." Wu also establishes that foreigners have known markets in Bangkok, Kuala Lumpur, and Hong Kong, but were not familiar with Phnom Penh. But he expects this notion to change by 2023, when Cambodia hosts the Asian. He predicts that Phnom Penh will flourish during this time. He concludes by saying that "if you invest in condominiums, for people with middle-income, there are no signs of anything alarming, but I worry about the condo kind of luxury, which are expensive." While experts may disagree on certain aspects of the condo market, it is important to note that there are similarities in their individual analysis. These may provide better insight for those who are wishing to invest in Cambodia within the next few years. This story was featured in the September 2016 print edition of PROPERTY VIEW magazine, produced by the CVEA.Realestate.com.kh is very proud to support the CVEA’s Property View publication. For more information about joining the Cambodian Valuers and Estate Agents Association (CVEA) please click here. And, if you are interested in advertising placement or advertorial in the next edition of Property View Magazine, please contact Mr. Virith via email: virith007@yahoo.com Or call: 078 959 567  or 098 66 26 68

A first of its kind development is in the limelight right now for its unique offering…Set to rise completely by the end of 2018, 88 Suites will be the first SOHO (Small Office Home Office) development on the outskirts of the Boeung Keng Kang I area. It is a product of both taste and quality that are upheld by renowned Malaysian-based architecture firm SW1P Collective and developer YCT Land Pte Ltd, with a host of highly successful projects across Malaysia. It is also funded by Malaysian property developer Chip Hock Realty who likewise have been part of several successful projects such as the University Green and the Pangsapuri Bukit Beruang Bestari, Malaysia.Only two months into construction, 88 Suites is enjoying a good turnout for where Sor Thida, CEO of Royal 5G Realty Co. Ltd – the exclusive marketing and sales agency of the project – says around 30 percent of the units have already been sold.In an interview with Realestate.com.kh, she also mentions a few factors that have made 88 Suites an particularly attractive property in the Phnom Penh residential market.Life in Style:Thida mentions that 88 Suites is “the first full-facility SOHO” property in the area which is meant to provide a dual-use area for small business owners and individuals. It was specifically designed to feature a slim, tall, modern, and spacious theme throughout the whole property with the use of high ceilings and modern fixtures that have been purchased from international brands like Villeroy & Boch, MEX, and GROHE.To get a feel for the space, you can visit the 88 Suites showroom just behind the Australian Embassy, just near the National Assembly.Life in Balance:88 Suites is staying true to its mantra – work, live, play – by offering modern amenities that are apt for both office, residential, and entertainment use, all in one address.Their facilities include free internet access in common areas, meeting rooms, discussion rooms, lobby/lounge, a communal business centre, and an intelligent car parking system. Meanwhile, residents can live here and enjoy the shuttle service offered by 88 Suites, along with the offering of three unit types –  the SOHO Luxe, SOHO Loft, and the SOHO Executive. It also includes international standard security features.But you can also wind down and relax at 88 Suites - the property includes features for play such as a sky deck with a swimming pool, a gym with sauna, and a rooftop with a view of the city.Situated along the edge of BKK1, at the Mao Tse Tung Boulevard, the property is also near establishments like the Parkway Square Shopping Center and Aeon Mall, where you can shop, eat, buy groceries, or grab a coffee. It is also near brand shops, international schools, embassies, and airports. These include Footprints, the Phnom Penh International School, the Embassy of Brunei, and not a long drive from Phnom Penh International Airport.Thida also mentions that this prestigious location, alongside Mao Tse Tung Boulevard, offers a more convenient flow of traffic and accessibility for residents than the tight, and often jammed, streets of BKK central.Investment Opportunities:Thida explains that there is a high demand for commercial spaces in BKK1, and 88 Suites offers the flexibility of being both a residential and a business property that can house up to 5 or 6 employees per unit.Each unit can range anywhere from 50 square meters to 101 square meters and can be priced anywhere in between $150,000 and $400,000.So far, the developers have partnered with RHB Bank and is able to offer up to 60% loan with easy approval criteria, given the Bank’s trust in the developer. This loan can be paid off up to 10 years for foreign buyers and up to 15 years for local buyers.Thida also mentions that 88 Suites is a great opportunity for investors to gain long-term monthly rental income returns, which can potentially be as high as 8% yearly. She adds that the units are perfect for small to medium size businesses who are looking to resell later on and get capital gains.So, if you’re thinking about buying a property that has some good opportunities for future personal investment or your current small business, then it might be worth purchasing a unit at the 88 Suites project.See the full 88 Suites listing today, and visit the showroom in Phnom Penh!

Phnom Penh has just gained another prime freehold mixed use development property - except this one presents a truly holistic investment opportunity for new homeowners and investors. The project is named The Skyline  Cambodia and was proudly launched in April of 2015. Find out more about the Skyline today!Reaching New Heights:Located at the very heart of the central business district of Phnom Penh, in 7 Makara District, the Skyline is expected to reach completion by December of 2018 and will stand with a total of 39 floors.The first 3 floors will be solely dedicated to retail and mall space, followed by 6 full-floor parking levels - significantly more than most parking spaces offered by other developments in the area. The 9th level is where the communal facilities and pool deck will be located, while the 38th floor will serve as the sky deck featuring a breathtaking view of the whole city.The Skyline will stand amidst numerous landmarks of Phnom Penh urban life, such as the Peace Palace, Olympic Stadium, Canadia Tower, Vattanac Tower, and alongside the Central Market. It is also strategically located near embassies and schools like the German Embassy, Norton University, Tuol Kork Primary School, and the Phnom Penh International University.7 Makara district, in which the Skyline is located, is seeing significant land prices rises over the last year and a half, as developers begin to shy away from districts such as BKK and Tonle Bassac, with fears of an oversupply of units in these areas, and growing concerns about traffic congestion and infrastructural limitations.Soaring with a World-class Partnership:The Skyline is the product of a joint venture by international developers SGDP Development of Singapore and China-based Hong Lien, with a strategic partnership with local company Land & Houses (Cambodia) Investment Co, Ltd. (LHC) as their preferred sales agent.LHC was founded by a young entrepreneur Madame Se Lily who has also managed sales and development for several projects already, such as the Borey Varina, Chroy Chongva Residence, and Royal Bayview. Learn more about Land and Houses Cambodia now!Staying on Cloud 9:The Skyline development has a host of amenities and facilities within the property.Other than the sky pool deck, 3 floor retail shopping mall, and 6 floors exclusively reserved for car parking space, residents will also be able to enjoy eating at the outdoor dining area, cooking at the BBQ pit, working out at the outdoor fitness area, holding events in the various function rooms, relaxing on the landscape deck, or just catching up on their literature at the reading room.The Skyline will have two 29-storey blocks of residential units that come in either one bedroom, two bedrooms, three bedroom penthouses, or four bedroom penthouses. These units are fitted with built-in wardrobes in every bedroom, built-in kitchen cabinets, air-conditioners, heaters, and a whole lot more, all inclusive in the asking price.High time for Flexible Financial Terms:Buyers will be able to benefit from the developers 6% leaseback options, providing rental revenue of 6% for at least three years after the project’s completion. But there are also other options for buyers who want to continue this scheme after three years. This offer marks the developer’s strong confidence in the rental yield strength of 7 Makara.The developers, SGDP Development and Hong Lien, are also offering lower cash outlays at only $2,000 deposit. Property taxes are also straightforward and all inclusive in maintenance rates, with a stamp duty of 4 percent, 0.1 percent per annum property tax, a rental tax of 14 percent per annum, and a VAT of 10 percent.If you are looking to invest in a piece of high-end real estate that offers an international standard lifestyle with a development team you can trust, then find out more about the Skyline today!

When it comes to apartment supply, thorough research is needed before investing in properties. You would have to consider the needs and essentials before placing your money into the market, especially with factors like the supply in comparison with the demand. Currently, the increase in supply may mean a significant amount of competition for those seeking to invest in the country. But this might actually be a good thing for buyers at the expense of the developers and investors who have ongoing projects.General Director of real estate company KFA, Nuon Rithy, said that apartment prices dropped between 10 and 20 percent compared to last year due to the influx of supply of apartments entering into the market. This forced some investors to install equipment with low quality, enabling them to lower rent prices. This is especially true for owners of apartments who have not updated their properties in a while. Rithy said, "The market currently is competitive in price, service and quality.” So, investors who do not think about their projected profit will have problems in the future.  He continues to say that “apartments that have not installed swimming pool on the top, no parking and gym are really faced with problems intensified in finding tenants."The General Manager of the company Asia Real Estate, Po Eavkong, backs this up and explains that the apartment market is also competing with the condominium market which has grown rapidly as well. This is because both condominiums and apartments can be used for the same style of living. This is one of the reasons why the margin for the apartment market remains narrow. He added that the rental cost – depending on region and condition – dropped to around 5 to 10 percent.Eavkong warns, "occupancy rate of apartments might have a slight growth this year, but the apartment supply has increased more and more compared to the real demand." He continues, "It's time the apartment and condominium sectors compete from this year, but in terms of the number of apartments currently available, it’s not yet too high."According to the study conducted by Bonna Realty Group last year, the number of apartments in 2015 that were supplied in the market saw an increase of up to about 35 percent compared to 2014, where the number of apartments rose to an estimated 6,000 units.Kim Heang, the president of Cambodian Valuers and Estate Agents Association concurs with the data, and gives further clarity by qualifying that the apartment market has reached the stage of "big fish eat small". This means that old apartments that are 5 to 7 floors in height in BKK1 have to be update their services or risk being demolished to make way for high-rise buildings that will have style design, interior design, equipping services, and material facilities to attract customers. He continues to say, "The current market reached a round that a strong one in this market takes a stance, and the weak will die."However, the consultant chairman of Daily Realty Group Khom Monyroth is not sold on the said idea. He said, "I observed that the occupancy rate of apartments have not changed, especially luxurious apartments in Boeung Keng Kang 1 still have consumers between 90 and 95 percent." He further states that the rental apartment price do not decline in these apartments which are designed with modernity in mind. But he still recognizes that competition in the sector has increased and remains to be a threat.He said that the number of people renting apartments have increased due to investors from Singapore and Japan entering Cambodia this year and because Cambodia has had a more stable start in the ASEAN Economic Community. It is with this that the Cambodian apartment market remains hopeful for its future.Please check out more full condos listings on Realestate.com.kh!This story was featured in the September 2016 print edition of PROPERTY VIEW magazine, produced by the CVEA.Realestate.com.kh is very proud to support the CVEA’s Property View publication. For more information about joining the Cambodian Valuers and Estate Agents Association (CVEA) please click here. And, if you are interested in advertising placement or advertorial in the next edition of Property View Magazine, please contact Mr. Virith via email: virith007@yahoo.com Or call: 078 959 567  or 098 66 26 68

There are many modern residential homes in Phnom Penh city, whether they are villas, boreys or condominiums. But looking at the different types of properties, it is apparent developers are increasingly interested in building high-rise condominiums that are suitable with the local standards of living and are marketed at this group of buyers, particularly the young and modern Khmer families.Find out more about new developments on Realestate.com.khBut what do the local Cambodian buyers think about living in a Condominium? In terms of the standard of living in Cambodia, the concept of high-rise residential units has already become a trend. As Mr. Vorn Chan Thorn, CEO of Town City, puts it: "If we have sufficient financing and want to have a monthly income, we can buy a condominium in the city for leasing because it is convenient and brings in a fixed monthly income of about $ 1,500." Many people today are also changing the way they think about the standard of living, where comfort and privacy are held in high regard. These are things that those who buy a condominium need, according to businessman Pin Pisey. He says, "I bought a condo a year ago near Sansam Kosal Pagoda. I bought it with a bank loan, and I wasn’t interested in buying it for resale. I like the atmosphere of living like this, it has security and privacy."Condominiums are also now adapting quickly with a more modern and younger generation. Mr. Ros Chesdathepadey says that he’s lived in a condo and just bought a new unit at D' Seaview at Sihanoukville. He adds, "I’ve lived in the Rose Condo approximately 2 years and living with safety, good environment and in the center of town - it is private and there are various services together in condominiums, such as: shopping malls, gyms and swimming pools, all the service in condo very convenient"In contrast, Mr. Mao Sambath said, “I think that condominiums are very nice and offers a modern way of living. However, it is not fit for the Cambodian lifestyle yet. I will not buy a condominium because most of the developers are not trustworthy. Most of the time, they don’t own the land and they use the customer’s money to construct the building. What if the sales aren’t as good as expected? The project would stay still. And who likes a 99-year plan? We need assets for the future generation. Who would not love living life in the heart of the city, above everyone? But condominiums aren’t good investments yet for Cambodians. There are many lands and houses available. I’d rather buy a house and then decorate it nicely. I would not buy a condominium and then worry for the rest of my life about the future of the building, the quality of the building, and all the hidden costs for monthly services.”It seems like there’s a shift happening for the way of life of the locals, and foreigners who come to work or live in the country."The number of housing purchases and loans for condos are more noticeable for both domestic and foreign guests. Locals think it’ easier to live in these types of properties in particular because it’s in or near the center of the city. Foreigners buy them for investment and for residential use", said Heng Sreyneang, the Housing Loan Officer at Canadia Bank.“The Borey Villa Toul Sangke condo project’s concept is focused on helping locals change their standard of living from traditional to a more modern one. It also aims to provide comfort. This residential property is exactly that. It brings a high standard of living.” This is according to Mr. Andy Kong, the general manager of the Borey Villa Sangke company.As a newly-released Century 21 record says there is a total of 110 condo projects with 148 individual buildings, both finished and ongoing, or around 37,570 units slated through to 2020. Will the local market grab the chance to live in these new style of homes? Time will only tell.Find out more about new developments on Realestate.com.kh