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The ultimate guide to Toul Kork

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

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

The ultimate guide to Chroy Changvar

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

Ultimate guide to Toul Kork district, Phnom Penh

The ultimate guide to Toul Kork

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

The ultimate guide to Phnom Penh

February 28, 2018, 12:04 a.m.

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Phnom Penh Development and Infrastructure Challenges, on Realestate.com.khTV

Phnom Penh Development and Infrastructure Challenges, on Realestate.com.khTV

June 6, 2022, 5:04 p.m.

Realestate News

Policies, construction, infrastructure, and population: These have all played an important role in the stages of growth in Phnom Penh. Having been resilient to extreme pressure in the past decade, the city has made for itself a society and an economy that is now conducive for progress.But of course, all success stories share a page in their book with struggles and difficulties. This is exactly what CEO of Cambodian Investment Management, Mr. Anthony Galliano, has pointed out in his interview with realestate.com.kh about how Cambodia has evolved and about what current issues it will have to address in order to move forward in the next few years.In an anecdotal account shared by Galliano, he shares that it was very different a few years back when he arrived in the country. He states that “there was no Canadia Tower, there was no Vattanac Tower” and the country was largely only known to the outside world for the temples of Angkor Wat. But since then, Phnom Penh has sort of reinvented itself into a place that is extremely welcoming to foreigners, building upon the architectural and structural remains of its history. For example, currently 4,017 serviced apartment units make up the body of the capital city and this is continuing to grow. This is far from the less than one thousand units that were available back in 2009. And different types of developments have also been built during this period. Galliano says, “From 2008 till now, it’s just been incredible.” But he also warns that this is also scary for several reasons.Population:While there has been a surge of construction projects for both commercial and residential spaces, Galliano states that the lack of sustainable growth in the Phnom Penh population might soon cause an imbalance in the market and cause an oversupply. It is also important to understand that unlike in Jakarta and Thailand where people flock towards the bigger cities for opportunities, Phnom Penh does not have that component. At least, not yet. Income Status:Even with the recent announcement of the World Bank that Cambodia is now a lower middle class income status economy, Galliano explains that it may still not be enough for these lower middle-class workers to afford the types of developments that have been and are currently being built in the city. He adds that an unabated expectation of these concepts make it even more dangerous for the city in the next couple of years after 2016.Credit:Since the city started growing, enforcement has been stricter, but a few things have also become laxer such as the availability of credit. But Galliano clarifies that the scale of credit growth is something that has already been recognized and being addressed by the National Bank of Cambodia. He says that though credit is freely available, it is still “not to the extent of other markets.”Addressing the Concern:In conclusion, Galliano states that effective urban planning and intentional targeting of issues such as traffic through the construction of infrastructures will greatly alleviate and offset these concerns. Should these hurdles be overcome by both the market and the government, then Phnom Penh will continue to reap the benefits in the future. If not, there may be troubled times for the economy ahead. Invest wisely, and know the Cambodian market inside-out with our in depth investor guides.

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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!

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Sino Plaza VVIP Launch TODAY - all welcome for special discounts and prizes

Sino Plaza VVIP Launch TODAY - all welcome for special discounts and prizes

June 6, 2022, 5:05 p.m.

Realestate News

August 29 2016, Phnom Penh - Sino Plaza VVIP Launch is underway at the showroom on Monivong Boulevard! Hundreds of guests joined to witness the VVIP Launch of sales for the long anticipated Sino Plaza condo launch.The Sino Plaza VVIP Launch is open from 8am-8pm tonight. Special offers are available for buyers who join today’s event! ALL ARE WELCOME!Buyers of any unit TODAY will receive a free 50 inch Toshiba TV, and a 2% discount on the total payment sum.Buyers who sign TODAY or in the NEXT 2 WEEKS will receive a VVIP 2% discount on the total payment sum.Sino Plaza’s 4 towers will rise to a height of 45-storeys each, located in the south of Phnom Penh city near Beoung Trabek Plaza, Sangkat Beoung Trabek. The project started construction in early 2015, and now all foundations are complete, with around $15 million already invested. The total project of Sino Plaza is worth more than $200 million and will be entirely finished, ready for occupancy in 2018.This project is a venture of Cambodian Natural Lucky Real Estate Development Co. Ltd, wholly owned by CYTS (China Youth Travel Services) from Hong Kong and China.INQUIRE TODAY TO FIND OUT MORE!

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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!

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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!

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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.

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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!

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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!

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Is now the time to Buy or Rent a property? Experts share their view

Is now the time to Buy or Rent a property? Experts share their view

June 6, 2022, 5:05 p.m.

Realestate News

Many Cambodians are faced with the question of whether it makes most financial sense to buy or rent a property, whether it be an apartment or condominium in downtown Phnom Penh, or a villa or shop house around the border city limits.Others are looking for purely business purposes, and some want a piece of property fit for both living and commerce.Realestate.com.kh spoke with real estate industry insiders and a range of buyers and renters to get their opinions on what is the best option for those seeking a property now, but not sure whether they need to buy or rent a property…Buy or rent a home for living?Home ownership is very common in Cambodia, and most local families aspire to owning their own home and having total control over that property. Yet, despite this desire to have a place that is truly yours, for some purposes renting may make more sense in terms of you and your families long term financial health.Advisor of VTrust Appraisal, Mr In Setha comments that, “buying a house to live in is better than renting one.” The reason being, as the price of property continues to rise in the Cambodian market currently, your purchase now should become a more valuable asset in the future.“As the population grows in Cambodia, through both local increases and immigration, more businesses will start. This will lead to more demand in the market overall, and the price of property will generally increase too. When the home buyer of today wants to sell that home in a few years, they will come out with a profit,” says Setha.He continued to say, “if renting a house, you need to pay the rental price and other operational costs every month, and these costs can become quite expensive. If you can afford to purchase a home outright, instead of paying your landlord, why don’t you choose to buy a home and pay part of your own money and some via a home loan paid back in affordable installments.”That way, “Ten to fifteen years later you possess a residential asset.”Mr. Va Vireak, chairman of Century 21 Fortuna Investment, agrees that if you need a house to live in, buying is a good choice, whether or not you have enough money to buy now.“You can manage the costs with a bank loan and then you have your own asset on 10-15 years,” says Vireak.He adds one warning, however, “you must make sure you have a safe income every month to pay the installments for the bank loan, or else it is very risky to take a home loan. Only borrow what you can afford to pay in installments and don’t be greedy.”Mr. La Sithol, a recent homebuyer in Phnom Penh, said that, “When asked if I should buy or rent a home, I prefered to buy a house. Buying a house is good because in the future the price of this property will only increase. Even if it puts you in debt now, you can profit in the future.”“Personally, i believe by buying a home you are investing in the future,” said La.La also mentioned that “if you don’t have enough cash to buy upfront now, or are unable to borrow from a bank, rent an affordable house for the time being, and save your extra money to invest down the track. Don’t waste your money renting the perfect house - instead, live cheap now and save for your perfect home in the future.” However, Mr. Ky Sophoeun, a teacher in Phnom Penh said that, “I think that renting a house is a better option for those in business, because by not committing to a home loan or large upfront payment, we have more capital to inject into our growing business.Sopheourn continues, “It is even better if you can use that rental house for dual purposes, living and running a business: If you can lease a house at the right place and the right location, it is not only a convenient place for you to live with your family, it is concurrently available for doing business to generate more money. This will soon legitimise your rental rates.”Sopheourn says, “Renting a house allows us to have some extra capital to operate the business. If we spend all our savings purchasing a house outright, all money saved will flow into that payment or into supplementing the home loan, and there will be no money left for trading, and that means no money coming back either!”However, Sopheourn does say, “But, if we have enough money for a house, let’s buy - but always make sure we still have money do business!”What about when purchasing a business property?Mr. Chhim Saolim, staff of a financial institution in Phnom Penh said, “The situation is different depending on what you need the property for: if it is the place to live, buying a home is better. But if it is for commercial uses, renting is always better.”He explained that, “for business purposes, renting is always the best option. Why? Because a business is always changing… When you are just renting, you are able to be flexible to this natural change when it occurs. If your business grows, you can change your property - and the same if it shrinks or changes its purpose.”However, Va notes that, “While renting a place is generally the best option for a business, for an established business buying may be the right choice. For example - your company has a very good brand and everybody knows where it is, and it is perfectly set up for your business operations; If you are renting and then the contract for your office ends and you cannot renew, nobody knows where you are anymore and you lose the setup you have. Meanwhile, someone else can use your business property if they take the rent, which is already perfectly set up for your kind of business, and start to do the same business. What happens for your business then?”Want to learn more about investing your money in property? Get in touch with the leading real estate agents in Cambodia today!

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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!

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The New Face of Property Management with Ms. Sou Monypich on Realestate.com.khTV

The New Face of Property Management with Ms. Sou Monypich on Realestate.com.khTV

June 6, 2022, 5:05 p.m.

Realestate News

With the release of 13,730 new condo units through ‘off-plan’ proposals during the first half of 2016 in Phnom Penh alone, it seems that there is no backing down for developers in the real estate market in Cambodia as both the number of condominiums being built and the number of sales in the market continue to rise.But if you’re a property owner or investor, you may want to consider getting a dynamic property management team like Emerald+ so that you can avoid the stress of juggling different aspects and requirements of your investments. Whether it’s your first property asset or you are aiming to diversify your portfolio, Emerald+ offers an all-around property management solutions to protect your property from both anticipated and unforeseen issues.Taking a 360-Degree Approach:In a recent interview with Realestate.com.kh, Ms. Sou Monypich, General Manager of Emerald+ said that the demand for property management services will begin to rise in the next couple of years - just as the supply in different real estate markets increases drastically as well. She adds that the involvement of Emerald+ in various large-scale projects during this time of growth has given them an advantage that allowed them to develop a competitive standard of operating procedures to benefit both the customer and the property owner.Among the services Emerald+ has to offer is property maintenance, customer care, staff trainings, audits, asset management, marketing, and even equipment provision. They also provide their services for a wide range of property types including condominiums, boreys, and corporate offices.Venturing Out:During the interview, Ms. Monypich also mentioned Emerald+ is working alongside its sister company, Emerald Architect, to provide well-rounded solutions to help cover other aspects like landscaping, design consultancy and construction for both the interior and exterior designs of a property. She adds that this is a step towards bridging the gap in the current market where there is a shortage of companies providing these sorts of services.They have also branched out into offering effective business solutions through the Emerald Hub by creating a co-working space where young entrepreneurs can nurture their skills and ideas to pursue the start-up businesses that they are trying to build with limited means.The Heart of the Company:Ms. Monypich also states that the strength of the company, the heart of Emerald+, lies in the skills and the wellbeing of its people. This is why they provide comprehensive and ongoing training for all of their staff.More than that, Emerald+ also teaches their employees the value of good and meaningful customer service, which is vital to their business model. This is accomplished through various activities that enable their employees to attend and organize charity events that make a significant impact in communities across Cambodia.Despite its young age, the company has accomplished a lot already. It is a testament to the capacity of Emerald+ to follow through with their promise of total property management and protection.Find out more about Emerald+ today!

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Borey Villa Toul Sangke: Where You Belong

Borey Villa Toul Sangke: Where You Belong

June 6, 2022, 5:05 p.m.

Realestate News

Everyone needs a warm environment where they can live with their loved ones. So before you decide to buy a residential property, carefully consider a few things first such as its atmosphere, it's construction quality, and its potential for future investment. These are just some of the things that shouldn't be overlooked in the buying process. The Borey Villa Toul Sangke development project has gained popularity mainly due to its success in selling its past projects. It is strategically located in the Russey Keo district in Phnom Penh, Cambodia. They offer residential units such as landed homes and condominiums.The Borey Villa Toul Sangke project includes a variety of villas and condominiums that come in different sizes that you can choose from. Each and every home has been designed by construction professionals with quality and beauty in mind. Attention to detail is obvious. Some of the villas that are available are the Single Villa, Link House, Twins Villa, and Flat houses. Families will also have the flexiblity to choose the City Sangkeo villa type too, as they see fit.Check out full listing on realestate.com.kh"We think about the quality and the best standard of living for families. The Borey has been completed. For all projects, the Borey is almost sold out. The condo project started construction and is at around 20 percent completion. And an estimated 30 percent had already been booked. We also have a special offer for customers which is a 10 percent discount for owners who have paid off their residential condominiums. At the meantime, the developer also provides ultimate offer that only require customers to pay $ 660 in per month with no interest and no deposit. The Borey Villa Toul Sangke condo project concept is focused on helping locals change their standard of living and pursing a more modern life. It also aims to make you feel comfortable. This residential property is exactly that. It brings a high standard of living, which is fully furnished like a 5-star hotel." This is according to Mr. Andy Kong , the general manager of the Borey Villa Sangke company. Ky Kosal, an employee of a private company, says, "After I saw the showroom of the different projects from Borey Villa Toul sangke and researched about it, I think that this is a good projects because the investment location is just near the new Aeon Mall and because it also has a great future investment potentials."Living in the Borey Villa Toul Sangke project offers a more modern, stylish, and luxurious way of living for you the people you live with, whether it's your friends or your family. The Borey Villa Toul Sangke project also has an extremely competitively-priced condominium development located in Russey Keo. It is situated in the business district, which is really close to the main road, government institutions, shopping malls, riverside, sports clubs, banks, hospitals, schools, and entertainment. More importantly, it's also very near the toul Sangke market.The Borey Villa Toul Sangke project consists of around 174 residential units with various designs, all of which were made with the vision of providing spacious, and comfortable homes for individuals and for families. There are also a range of amenities which include swimming pools, a sauna, a gym, a small market, and a golfing club. So, families are sure they will never run out of things to do and places to go to. Check out full listing on realestate.com.kh

22894 views

Government encourages use of Chinese Yuan in Cambodia, with mixed reactions from public

Government encourages use of Chinese Yuan in Cambodia, with mixed reactions from public

June 6, 2022, 5:05 p.m.

Realestate News

The Kingdom of Cambodia uses the Cambodian Riel as its primary currency and, unofficially, the U.S. dollar as its secondary.But this may soon change as the tourism ministry urges businesses to facilitate and allow the use of the Chinese Yuan for transactions as part of their “China Ready” plan. This encouragement comes not long after the news that around 2 million tourists from China will make their way annually to Cambodia by 2020.Having close diplomatic and historic relations with the country, Chinese citizens and tourists feel as if they’re right at home when they visit Cambodia because many Khmer people also know how to speak the Chinese language. But this move addresses more concerns than just goodwill between the two countries. Owners from various businesses have a fear of financial losses as a result of fake currencies and the fluctuating exchange rates, according to a recent Cambodia Daily report.Renaud Fichet, co-owner of the Abacus Garden Restaurant and Bar, says that “as long as they come to the place,” he’s fine with trying accepting the Yuan currency. Others aren’t as forgiving of the idea. Penh, says Khemmara Niza, Manager of the Sentosa Silk Shop in Phnom that this may just cause an issue of redundancy. Already seeing trouble with determining fake U.S. money, she says that accepting the Yuan currency may produce the same issue because local staff will not be able to determine its authenticity. She adds, “We don’t really know about Yuan money.”Anthony Galliano, ceo of Cambodian Investment Management, said that, “The government’s “China Ready” initiative makes sense as it addresses the fact that Chinese tourism is the fastest growing and likely to be the number one tourist inflow market for Cambodia.” Yet, Galliano disagrees with the recent encouragement from the ministry: “While encouraging the hospitality industry to accept the Yuan as payment simplifies financial transactions for Chinese tourists, it unfortunately complicates them and heightens risks for the recipient of the Chinese currency. In addition to assuming exchange rates risk, being able to properly identify counterfeit notes, and having to agree rates with generally financially shrewd visitors, the Yuan is not a freely convertible currency and is unlikely to be so in the near future.”Concerns of exchange rates which may lead to losses have also been brought up as a possible result of this.An unnamed local bank manager noted that, “maybe we should be encouraging local merchants to use point of service (POS) digital devices instead - that way, we don’t need to use cash at all of any currency – that would be a better solution to attracting more tourists.”For now though, accepting Yuan is still just an encouragement from the Government. Businesses are still free to choose whether or not they will take a risk or take the plunge and embrace this suggestion.

16951 views

Cambodia ER Visa: New Expat Retirement Visas Available Next Week

Cambodia ER Visa: New Expat Retirement Visas Available Next Week

October 4, 2023, 1:51 a.m.

Realestate News

Property Buyers & Sellers Advice

July 28, 2016 - Phnom Penh, Cambodia Officials have announced that they will be introducing a new category of visa for foreign retirees in Cambodia which will be called “Category ER Visa”. According to the director of the General Department of Immigration, Major General Veasna, this ER Visa entails a minor change in requirements where foreign retirees will have to present documentation from their home country that will prove their financial stability and capacity to live overseas during the duration of their stay. It’s important to note that expatriate retirees already on the “Class E” or business visa will not be required to change their visa type or apply for a new one, but they will be given an option too. Retirees currently residing in Cambodia appear to have no objections to it as well. One retiree, 49-year-old Bruce from Queensland, Australia, currently residing near Wat Phnom, says that this ER Visa is a welcome change, however “most expats staying here will not switch to a retiree Visa unless they have no choice but to do so.” This is probably because business visas have been beneficial because of the lack of enforcement. Many retirees on a business visa have been able to stay for longer periods through a visa renewal every year without actually being employed or owning any business entity in Cambodia.Read more about Retirement Visa in Cambodia here with our comprehensive guideClick Here

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International Investment in Sihanoukville brings $100 Million to White Horse Beach, but local agents question market demand

International Investment in Sihanoukville brings $100 Million to White Horse Beach, but local agents question market demand

June 6, 2022, 5:05 p.m.

Events & Announcements

Realestate News

The Province of Preah Sihanouk (aka Sihanoukville) is one of the three major economic poles in Cambodia. Sihanoukville is recognized for its numerous valuable resources, including offshore oil reserves, and its strong economic development in the commercial, industrial and agricultural sectors. It is also showing huge potential as a coastal tourism destination: According to Chhit Sengnguon, vice governor of Sihanouk province, there were over 1.3 million tourists who visited Sihanoukville during 2016’s first five months, an increase of around 16 percent compared to 2015. Read full article: “Sihanoukville Property Development Rising Alongside Tourism Boom” According to a recent BayonTV report, in the presentation of the new investment project to the provincial government on 25th July, Mr. Christoph Forsinetti, CEO of KC JSM Services Ltd. said that, “Having seen the potential tourism market in Sihanoukville, the international investment company, KC JSM Services Ltd, has decided to invest in a multi-development project resort along the beach of SES SAR (known in english as White Horse Beach), nearby the Sihanoukville Autonomous Port. And the project will start construction in October of this year.” According to IBC Cambodia, KC JSM Services is a property development company focusing on property development at all stages, from concept design and master planning to property management. Since 2012, the company has worked closely with the Royal Government of Cambodia in relation to policy for the development of the coastal areas of Cambodia, in accordance with the “Industrial Development Policy 2015 – 2025”. “This multi-development project is located in village 3, sangkat 3, of Sihanoukville City; and the new development will occupy almost 60,000 square meters of land area, with a total investment cost of around 119 million dollars,” Forsinetti confirmed. He stated that his company has spent 4 years accessing the environment impact and other potential problems of the planned project before confirming their investment in Sihanoukville, and has provided suitable solutions for all circumstances moving forward. In total, the development will require approximately 2 years to complete all necessary infrastructure. KC JSM Services will offer not only tourism services, says Forsinetti, but also employment opportunities for around 3000 local workers, paying a minimum salary of $200 per month. In regards to this new investment in Sihanoukville, Mr. Van Chanthorn, the CEO TownCity Real Estate, said that there are many big projects underway in Sihanoukville currently, such as the Camhomes project, D’Seaview, and maybe a new airport project underway soon. “This ongoing investment in Sihanoukville will naturally bring more people to live there,” says Chanthorn, “and the price of real estate will also increase in the coming years.” He added that, “This new project, white horse resort, is a very good investment in Sihanoukville because it will bring multiple benefits; One benefit is a direct advantage and another is an indirect advantage.” He explains that this new tourism venture will provide direct benefits to the people of Sihanoukville province in terms of employment and income opportunities. Meanwhile, its will benefit the province indirectly, as the flow-on-effect shall be more investment in Sihanoukville as the tourism industry continues to increase. Chanthorn says, “More visitors are coming to visit Sihanoukville to stay at resorts like this, and these visitors may also consider investment in Sihanoukville real estate in the future.” But Mr. Den Sakal, CEO of Universal Real Estate, a realtor based in the province, stated that this is a very high-end project, and hence it will not benefit the local people because of the very high price of admission. “The purpose of this project is for high-class families and foreigners only,” says Sakal. “The announcements of projects like this focus on the positive benefits of investment in Sihanoukville and dreamy ideals; but the reality in Sihanoukville does not equate to these grand proclamations. Some major development projects in Sihanoukville have become ghost town’s already, and there is a risk that others will too.” Sakal added that, “in 2015 there was huge investment in Sihanoukville in terms of condo projects, villas and hotels. And at this time, there was still a large demand in the market. However, while investment continues in 2016, many projects now remain empty because of an oversupply in the market after the 2015 boom, and now there is low demand amid buyers.” Despite his pessimism regarding demand for very high-end projects such as the White Horse Beach development, Den mentions that the demand in the real estate market in Sihanoukville does seem to be picking up again generally in the second half of 2016. Images sourced from: www.thekingstrip.com Learn more about Sihanoukville as a real estate destination, and other great insights in our comprehensive investor guides NOW!

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Why Should I Live in Toul Kork? With Alex Evengroen on Realestate.com.khTV

Why Should I Live in Toul Kork? With Alex Evengroen on Realestate.com.khTV

June 6, 2022, 8:38 p.m.

Realestate News

There are many locations in Cambodia that are fairly attractive for both expats and locals. And one of the most attractive areas people are eyeing these days is Toul Kork, especially since land prices in BKK have skyrocketed in recent years.In an exclusive interview with Realestate.com.kh, CEO of Key Real Estate, chief adviser of the CVEA and vice-chair of Eurocham’s Real Estate & Construction Committee, Alex Evengroen answers questions about why Toul Kork is becoming an increasingly popular area and why it deserves all the attention it’s getting right now, and more.Toul Kork Character:Toul Kork is a place that’s vibrant with life and its own unique spirit. And according to Evengroen, it’s also brimming with youthful energy which is a complement to the many activities you can do there - such as watching dance performances in the nearby Apsara Arts Association center, or “bicycling or walking around, or having barbecues outside without getting run over by trucks and cars.”This means that it’s also a safe place to live, just a few minutes away from the hustle and bustle of the big city. And much of the area is still owned and resided-in by locals, so Toul Kork does offer a mix of modern and traditional cultures.But it will soon also cater to more expats during its expansion process, with all types of international franchise brands entering the retail space, and a new generation of condos for sale under construction and more and more serviced apartments for rent coming online.Anthony Perkins, director of special projects, finance & investments at the Royal Group of Companies, says that, “If you have a family and are not particularly concerned about your travel distance to work, Toul Kork should definitely be considered as a prime place to find a home for rent or sale.”Investment Opportunity:Speaking of expansion, Toul Kork is also a growing area full of opportunities for investment and construction. Evengroen says that there are already ongoing projects and new developments that are expected to come into completion in the next few months to the next few years. This will make land and properties more attractive for investment, as these new projects will attract all kinds of new residents and retail options to the area.He continues to say that most of the ongoing construction projects in Toul Kork are for commercial properties. He also predicts that even with the large supply of shop houses, villas and condos being built right now, detached and semi-detached properties will become even more popular in Toul Kork.Evengroen adds that if you have the money and you can invest, it would be wise to invest now while land prices are competitive and the government is stable. In a few more years, you can resell the properties in Toul Kork and make significant profit.Traffic:One concern potential investors and buyers are particularly wary of in Phnom Penh generally is the traffic situation. Be careful to consider the current developments’ eventual effect on traffic.Evengroen brushes this off, however, and says that the traffic situation is already something that’s been anticipated in Khan Toul Kork. This is why wider roads have been built in Toul Kork, to proactively address the large volumes of vehicles that will occupy the streets once developments and construction in the area reaches its peak.Services & Accessibility:Another factor that makes Khan Toul Kork appealing is the convenience of being near international standard malls, shops, and service centers.Restaurants and fast food places like Burger King, Pizza Company and various cafe chains are everywhere these days. There are also nearby schools and hospitals for families, such as the Toul Kork Health Center and the Zaman International Primary School. It has everything you may ever need to survive and live a comfortable life in central Phnom Penh.There are many more things that make living in Toul Kork desirable. But words can only do so much. Evengroen suggests taking a ride around the area on a peaceful Saturday afternoon to see its beauty up close - and to grasp the fullness of the area’s life.Check out more insider tips and tricks on Realestate.com.khTV today!

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Chinese Property Investment in Cambodia, with Kim Heang on Realestate.com.khTV

Chinese Property Investment in Cambodia, with Kim Heang on Realestate.com.khTV

June 6, 2022, 5:05 p.m.

Realestate News

Owing a significant part of its recent economic growth to international property investment, Cambodia has come into force as one of the leading emerging economies in Asia. Preferred by neighboring countries for its massive growth potential, it’s no surprise that infrastructure is being developed quickly due to the increase in demand for properties – most of which comes from Chinese investors. As confirmed by the Agence Kampuchea Presse, “Currently, China is the biggest foreign investor in Cambodia followed by South Korea, EU and Malaysia.” And the numbers continue to grow each year.When asked why Chinese property investment in Cambodia is such a hot ticket in recent years, current president of CVEA, Kim Heang, says that it has to do with a lot of things that mostly relate to diplomatic relations, convenience, and currency: The Diplomacy of Chinese Property Investment in Cambodia: He explains that China and Cambodia have long-standing diplomatic and military relations which transcends into business and investment dealings. China provided Cambodia a loan amounting to $12.4 million just after it erased the Kingdom’s debt in the recent past so that the government can start repairs on the Angkor Wat. In return, Chinese nationals are welcomed with open arms for any opportunity to collaborate or to invest in the vast lands of Cambodia.Special projects such as infrastructure developments are also awarded to Chinese companies because of the amount of trust that has been formed between the two countries. This diplomatic relations has also lead to a sea of people moving from China to Cambodia with no problem at all. Convenience and Chinese Property Investment in Cambodia: Heang says that it feels just like home for Chinese moving to Cambodia because there is a high value placed on Chinese people in Cambodia, more so that other countries. Locals are not only more accommodating, but a lot of them also speak the Chinese language.This makes it easier for Chinese people to transition into whichever area they choose to settle in, whether it’s in the busy streets of Phnom Penh or in scenic places like Sihanoukville and Siem Reap. Another factor that contributes to their interest is the convenience of flying in and out of Cambodia at any given time. The flight from both countries takes approximately two and a half hours, which is relatively fast if you have meetings in between the two countries.Businessmen also profit from this because they can easily address certain emergencies and issues as they come about. Currency and Chinese Property Investment in Cambodia: Chinese buyers are especially motivated by US$ investments, as it represents a very stable currency. This is obviously available in Cambodia. Also, Chinese investors love to pay in cash - and the Cambodian market is also very open to this.Taxes and extra costs are low in the Cambodian property market also, even when moving money in and out of the country. At the end of the day, along with the government’s continuing initiatives to create policies that will benefit local and international investors, Cambodia will see an even more profitable future for the property and land markets as Chinese investors continue to come to the Kingdom. Check out more on the Cambodian investment climate in our Cambodia Investor Guides! Search for real estate and property all over Cambodia on Realestate.com.kh NOW!

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International Schools in Cambodia: Expat Advice

International Schools in Cambodia: Expat Advice

June 6, 2022, 5:06 p.m.

Realestate News

Cambodia, despite a turbulent modern history, is now respected as one of the most dynamic emerging markets in Southeast Asia. Along with this improvement in its economic stability, many expats who have families and children are also moving into properties in the country.Fortunately for them, the heightened sense of economic importance has also paved the way for the education sector to restructure and enforce new standards of quality. According to the World Bank’s census, the rate for net admission for primary school rose from 81 percent to 95.3 percent in 2014 in Cambodia. But higher education and universities in Cambodia aren’t so far behind in growth either, having thousands of people graduating each year from over 162 institutions.However, expatriates – just like in any other country – should still be careful to consider different factors before enrolling their children in any school. So, here are a few things you might want to consider first before choosing which place to send your kids.Location: There are plenty of international schools in Cambodia, but international schools in Cambodia are more focused on the Phnom Penh area because this is where a large concentration of expatriates are located. But there are also a couple of international schools in other parts of the country that you can take a look at if you’re establishing your temporary home outside the capital, such as the International School of Siem Reap and the Ecole Française de Sihanoukville. It’s important to choose the right school with an accessible location so that children will find it convenient to come to and from your home, given that Phnom Penh can experiences some serious congestion around peak travel times. It also helps in terms of attending school gatherings where parents are required to go.Future-proofing: It’s important to note that public schooling in Cambodia is not something that’s offered to expat students. This is why you’ll see most of expat children going to international schools. But before choosing International schools in Cambodia, you may have to carefully plan out the next few months or years of your life first. It would be helpful to know whether or not you’ll be staying for long and where you’ll be moving to in the near future, because different schools will offer varying curriculums. Some of them might not be accepted in other countries you plan on calling your next home. So, if your family is thinking of moving to Canada or a place with a similar educational system, the Canadian International School has adopted the Canadian K-9 Curriculum in English which is approved and regulated by the province of Alberta to make sure that the school maintains the quality that is consistent to the education given in Canada. Northbridge International School, iCAN British International School and the International School of Phnom Penh (ISPP) are some other Phnom Penh institutions that import international standards of teaching and offer universally accredited qualifications. By ensuring that your child undergoes a curriculum that is compatible with the next country you’ll be travelling to, you’ll make transitions much easier and you’ll also avoid getting into complications such as repeating grade levels. This is also applicable for expatriate secondary students who are thinking of attending universities around the world.Qualifications and Credentials: Some institutions will claim international status but will not have the resources and facilities to prove it. So, taking your time and asking officials from schools should be a vital part in your decision-making process. This way, you can see the facilities and safety standards and also interview them about the experience and background of their teachers. Because international schools in Cambodia are mostly home to children of different cultures, one thing you can look for is a school that has teachers with the necessary experience to lead a multicultural class. On top of checking the school’s physical infrastructure, do a bit of online research and see if the school’s been accredited by any international regulating bodies. An example would be the Northbridge International School which has the Western Association of Schools and Colleges international accreditation.Skills Training: The iCAN British International School is one of the more popular international schools in Cambodia as well because it offers something that’s also essential for children’s growth. More than the academic aspect, they also focus on integrating skills development through their Early Years and Foundation Stage program where students are able to enhance their skills inside and outside their classrooms. Expatriates will find this as an attractive quality because it offers their children something to do while they’re in another country. At this point, they not only develop skills but also friends that will have the same interests as them. Cost: Cost is a vague topic with international schools in Cambodia as tuition fees for different institutions differ widely. Application fees, enrollment fees and capital fees may also vary. These can be attributed to many factors such as facilities, curriculum, miscellaneous charges, quality of education and the competence of its staff. There are schools out there such as Footprints International School which offers great quality but inexpensive schooling for expatriate students up until the 10th grade but may have a different curriculum than what your children may need. So, while institutions that charge more may give you the best education and curriculum, it is important to note that there are inexpensive alternatives that you can consider as well. However, for universally accredited schools you can expect yearly tuition fees anywhere from $5000 per year, up to $30,000.Requirements and Inclusions: In terms of cost, it’s also important to check out what you get in return for the tuition you pay. Some schools offer just the facilities but not resources like textbooks, while others may offer resources but not facilities such as a computer laboratory. A good example would be the International School of Phnom Penh (ISPP) which has a “Bring Your Own MacBook” policy which requires students in the 6th to 11th grade to have their own MacBook. Since “ISPP is a non-profit parent-owned association and relies almost completely on fee income to assure sufficient resources for the school's operation,” there are certain expenses that parents would have to shoulder. These are just a few basic things you need to look at during your decision-making process, but there are other things you can add to the mix to help you narrow the list down even further. Take your time, and make sure you choose the best school for your children’s needs.Learn more about living in Phnom Penh trhough Realestate.com.kh now!

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Where is Cambodian property valuation industry heading?

Where is Cambodian property valuation industry heading?

June 6, 2022, 5:02 p.m.

Realestate News

Property valuation is one of the factors that helps determine whether buying a property asset will either enhance or depreciate the value of an investor’s portfolio. Valuation is often done by skilled professionals in the real estate industry to help protect the interest of investors and developers for long-term success.Since Cambodia is relatively new in terms of developing policies to promote proper valuation standards, it still has a few things in need of improvement. This was a topic that was addressed in-depth during a business luncheon entitled, “Addressing the Current Gaps” - which brought key speakers together to provide clarity among the various major stakeholders in the industry. Speakers included ASEAN Manager of the Royal Institution of Chartered Surveyors (RICS), Salim Aslam, President of the Cambodian Valuers and Estate Agents Association (CVEA), Kim Heang, and Country Manager of Knight Frank Cambodia, Ross Wheble.Macroeconomic and Banking Standpoint:Before anything else, David Marshall, Head of Multinational Corporation and Financial Institutions of ANZ Royal Banks, discussed property valuation from a banking perspective. He states that valuations play a key role in the lending process of the country.Marshall explains, “One of the pitfalls in Cambodian property valuation that I’ve seen is there could potentially be some collusion with valuers in assessing the value of the property, inflating the value, and then the banks lending more money on that property than they should have.”Marshall stresses that, “in order for banks to protect their clients, there is an obligation to ensure that there is minimal loss during investment transactions; and property valuation serves as that safety net for both parties.”Ethical Practices and Transparency Issues:In terms of developing a guideline for quality assessment, Aslam explains that many countries such as Singapore and Malaysia have adopted the valuation standards of the Red Book which have been developed by RICS and widely used in the US and UK.However, he clarifies that this is not something that has been applied in Cambodia as of yet because there are issues of compatibility with the type of government and current economic setup of the country.Heang substantiates this by saying that it is not impossible to integrate this system full at present, but it must be tailored to fit the unique needs of Cambodia at this point of time. “What can be done in Malaysia and Singapore now can apply to Cambodia, but we need to check if it needs something extra to work," he says. He adds that a law on real estate is already being discussed and might be enacted by 2018 to help move towards the end goal of improved valuation policies.When asked how to bring international valuation standards to Cambodia though, Wheble answers by saying that there is a skills gap in terms of educational infrastructure and that there are no real estate qualifications available in-country at the moment. This becomes an immediate issue in accordance with international standards.He believes “with more and more of these training sessions and also in terms of exchanging knowledge between ourselves and through the CVEA,” this will soon improve, especially with the efforts of companies like RICS and Knight Frank who are willing to participate in the development of a better education system for real estate professionals in Cambodia, inside and outside of their businesses direct interests.Calls for Education:Since Cambodia has a shortage of programs to address the gap of knowledge in the valuation industry, Aslam says that, “knowledge, training, learning, and education is one way to solve the gap of expertise,” because Cambodia is a young country in terms of organization. He also says that it may take some time to address these gaps, but as long as efforts are being done, this disparity will soon shrink.Aslam adds that local organizations like CVEA will play a big part in harmonizing this gap to adopt certain Cambodian property valuation standards. Wheble also states that, “promoting real estate as a profession in and of itself needs to become a focus for Cambodia.” New job applicants in the industry have generally gone to university and gotten a degree in finance, law or banking. “What we really need to promote is real estate as a long-term professional career path,” says Wheble.According to Kim Heang though, there is already a five-year plan for CVEA to help in this area. He states that three universities are willing to offer a faculty for a bachelor’s degree in real estate and we will see four-year courses with 30 to 50 subjects being offered soon. The University of Technology in Malaysia is also interested in working with universities in Cambodia to bridge the gap for a two-year associate valuation degree. This will affect how the real estate industry professionals will conduct their business because, as education increases, regulations will certainly evolve and have stricter implementation as well.Insurance and Valuation:On the topic of insurance, Aslam explains that valuers have a pre-requisite of professional indemnity insurance, as the Ministry of Economy and Finance has now released a new regulation requiring this type of insurance coverage.Aslam continues by saying that Cambodian property valuation can be subjective and valuers may end up with different figures based on individual research. In these cases, insurance becomes important as it protects the valuers and their client should there be errors or lapses on their part.According to Kim Heang though, if you’re working with international investors or buyers, some do not require you to have this insurance because they trust you enough. These include buyers from Taiwan and Vietnam.He also says that if you’re very careful with valuation, the insurance seems to matter less. He goes so far as to say that having no insurance can actually help valuers at times because they have nothing to fall back on, and will then be less negligent. But he clarifies that having insurance can actually be good for competition because buyers feel safer with companies that do have insurance.Government support:On the question of whether the government should establish a governing body to overlook issues with real estate and valuation, Heang responds by explaining that there are actually people who do that right now, but there are less than ten under the general real estate and industry department who are able to do it.This is a cause for concern as there are thousands of ongoing and new projects in need of attention. This sometimes makes the management of all issues impossible for the current government department. Although, Heang says that recently the CVEA has served as the right hand for the government whenever possible in this field.Data collection:Another issue Cambodia has with valuation standards is that there is no central database for valuation transactions to serve as the basis for valuers to gauge relative values across the market. However, individual international firms like Knight Frank do their own data gathering through their research teams, using collected sales data.When asked why these firms are not teaming up with local organizations like CVEA in order to form a singular data, Wheble explains that they are actually open to doing so, but not all companies are as open to becoming transparent with their data as Knight Frank.He says that this is stopping progress on this front. Kim Heang says this is due to tax regulation. Some companies do not pay their tax completely and that’s why these companies choose to remain silent with sold price data. But if this is not the case, he says that the CVEA can do the data collection and analysis to be able to create a more centralized database. Having this reference will then affect what professionals use for valuation, as comparable data will be easier to obtain.Marshall closed the luncheon by saying that Cambodia still has much to do for Cambodian property valuation, but they “know that the industry is moving towards more professionalism.” And certainly this step towards a more organized and systematic future will have positive effects on how transactions will be made in the Cambodian real estate industry, and sustainable growth for the greater economy moving forward. Need a Cambodian Property Valuation? We can put you in touch with Cambodia’s best valuers NOW!

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How to find International Investors, with Kuy Vat on Realestate.com.khTV

How to find International Investors, with Kuy Vat on Realestate.com.khTV

June 6, 2022, 5:06 p.m.

Realestate News

Property Buyers & Sellers Advice

Recently, Century 21 Cambodia released it’s Condominium Market Report H1 2016 in Phnom Penh at the Raffles Le Royal Hotel.The release was well attended by various partners, investors, and Century 21 agency managers from across the nation. In the speech of Mr. Kuy Vat, Chairman of Century 21 Cambodia, he mentioned his appreciation of Realestate.com.kh and offered thanks for Realestate.com.kh’s cooperation with Century 21 Cambodia, and the development of the real estate sector in Cambodia generally.“It is with pleasure that Century 21 Cambodia work closely with Realestate.com.kh,” said Vat. He added that, “I think that Realestate.com.kh has become a renowned company in Cambodia. As this company has grown, they have played a very important role in the development of Cambodia, especially within the property market realm.”He also mentioned that in order to have the Cambodian property market continuing its strong growth, stakeholders in the market should partner to develop the industry together for the good of all, whether they are developers, constructors, real estate agencies or media companies. “For instance, Realestate.com.kh is an online marketing company which works to advertise property inside Cambodia on behalf of agents and developers. But, Realestate.com.kh also has a very comprehensive marketing reach outside of Cambodia,” said Vat.“Innovation like this will significantly help our country in promoting our real estate market to foreign investors,” says Vat.Century 21 Cambodia is the exclusive holder of the Century 21 Trademark & Systems in Cambodia and oversees all Century 21 franchise offices across the Kingdom. Realestate.com.kh is the official property portal partner of Century 21 Cambodia, and has actively cooperated and supported Century 21 Cambodia in bringing the Cambodian real estate sector to a wider international market. By doing so, Realestate.com.kh has increased the exposure of Cambodian property to investors across Cambodia and the world. And nowadays, Century 21 Cambodia is working and very hard to develop international networks of investors and agencies in order to take the Cambodian property market to the center of the world stage.Century 21 Global is present in over 78 countries worldwide, and Century 21 Cambodia are currently leveraging these connections to bring new investment opportunities and new investors to the Cambodian market. Vat believes that with strong connections between all stakeholders in the real estate sector, together we can support the long term development of this market.He also believes that development companies with long-term interests in Cambodia will only survive when they work with strong and innovative real estate agencies. “Success may not happen overnight, but if we partner with the right companies it is a matter of time before our real estate industry is very successful,” concluded Vat. Check out more videos about the Century 21 Condo Report from Mr Chrek Soknim, CEO of Century 21 Mekong and Mr Seraj Sutton, Director of Global Strategic Business Development at Century21 Cambodia.

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