On September 21st of 2016, a first-of-its-kind forum at the Intercontinental Hotel in Phnom Penh which will deal with the recent changes in the taxation system.Eurocham Cambodia – who has been helping the business community since 2011 – will hold their inaugural tax forum, that aims to align businesses with current taxation policies.In a recent interview with Realestate.com.kh, Blaise Kilian and Anthony Galliano – advocacy manager and Chairman of Eurocham’s Tax Committee, respectively – discussed the benefits of attending this Eurocham tax event.What’s the inspiration to have an event like this?When asked about what prompted the inaugural tax forum, Mr. Kilian mentioned that since the government is now more assertive on tax reform, the system is becoming even broader. He said that attending the event is an opportunity to improve one’s understanding of recent changes and the event will be informative and educational on existing tax law, encouraging compliance.According to him, “We also understand that it is not always easy to be compliant because you need to understand the system, you need to be able to understand and implement correctly the new regulations that are being adopted. Therefore, we thought it would be very important and useful to organize a tax forum for the business community to provide the opportunity to present, explain, and discuss recent regulations so that entrepreneurs, corporations, and businessmen can find answers to their questions on how to be more compliant.”Who is the Eurocham tax forum most suited for?Kilian continues by explaining that while it is an event on taxation, it is targeted towards the whole business community that comprises entrepreneurs, CFOs, accountants, auditors, and tax preparers. Whether big or small, he says it is open for anyone in the business community who wishes to “understand the tax system and be compliant.”What is this year’s agenda?When asked about what sorts of things will be discussed in the forum, Galliano responds by saying, “Since it was our first tax forum, we wanted to make sure we’ve put a very comprehensive agenda together, one that covers the issues that are really pertinent today and issues that taxpayers may be struggling with given their degree of complexity.”These issues include recent tax changes and complications with current taxation law. The forum will also cover topics such as changes in tax regime, patent tax, tax registration, key tax issues for SMEs, common VAT issues, withholding tax, tax audits and disputes,and the double tax agreement with Singapore.Eurocham will also discuss their White Paper, specifically on tax related issues, an effort generated by their Tax Committee which is representative of tax issues from their membership and discussed directly with the GDT. CamEd will also be speaking to attendees about certain taxation qualifications.There are a lot of topics that will be covered in this forum. As Mr.Galliano puts it, it is “very comprehensive, very much to the issues of today that taxpayers are facing. And we couldn’t have put a more fabulous agenda to address the occurring issues in the market.”And who are some of the Sponsors and Speakers for this year’s event?Attracting a great deal of interest, Eurocham has managed to get sponsorships from big entities like the Cambodia Bureau Credit,CamEd Business School, BRED Bank, Infinity Insurance, R&T Sok & Heng, DFDL, AGS Four Winds, Deloitte. Its media sponsors are the Khmer Times and Realestate.com.kh. Presentations will be made by the industries top professionals and tax experts which include His Excellency Kong Vibol, the Director General of the Department of Taxation, Eurocham’s Chairman Arnaud Darc, Ambassador of the EU Delegation, Mr. George Edgar, Anthony Galliano, CEO of Cambodian Investment Management and Chairman of the Eurocham Tax Committee, Ms. Kimsroy Chhiv, Director of Tax at Deloitte and Vice Chairwoman of the Tax Committee, Mr. Sean Wong, CFO of Cambodia Airports, Mr. Thibaud Sournia, Managing Director of Europe Continents, Clint O’Connell, Director, Head of Cambodia Tax Practice of DFDL, Mr. Vann Sinat, Tax Advisor of  Bun & Associates, Brendan Lalor, Director of Tax & Advisory Services for Ernst & Young, and Ronald Almera, CEO & Partner of Grant Thornton.Why should I join?As the interview came to an end, Galliano encouraged people from the business sector to participate in the said event. He said, “You should come to this event because we’re seeing a tremendous and dynamic change in tax regulation, we’re seeing a much more sophisticated and educated tax department who is certainly enforcing more assertively with stronger oversight. With regulations changing, it’s important to keep up to date. You’re hearing about changes in tax regulations and how to properly comply with existing ones directly from industry professionals.  It is also a great opportunity to hear from the General Department Taxation,represented by  H.E. Kong Vibol who will deliver the opening speech. There will be some insightful presentations on what’s coming up. It’s a full day of amazing coverage of topics that are so relevant and pertinent today that it’s a great opportunity to take advantage of what is going to be the tax forum of the year.”Kilian adds, “If you want to be compliant. If you have a hard time understanding all the regulations including the existing one and newer ones, if you want to have the opportunity to engage directly with the best tax specialists in the country, and if you want to meet a larger network in the wider business community in Cambodia, well, then you have of the good reasons to attend this forum.”So, if you want to improve your knowledge and understanding on taxation in Cambodia, joining this event is a must. Tickets for the forum for Eurocham members go only for $50, and non-members can register and participate for only $60. FIND OUT MORE!Eurocham is still has sponsorship opportunities available for the event. Interested parties can call their executive team or talk directly to Blaise Kilian by emailing at  b.kilian@eurocham-cambodia.org

Imperial Crown is strategically located in the most-desired residential location available in Phnom Penh, namely street 360, BKK 1, Khan Chamkarmon.Since as early as the 1980s, NGOs, diplomats and expats have viewed BKK1 as the safest and most valuable residential area in Cambodia. Today this label remains; BKK is home to the majority of embassies, expatriate residents, upmarket and international style restaurants, cafes and nightlife. The elite of Phnom Penh is and will continue to center itself around this prestigious district; and current land prices as high as $6000-$8000 per square meter are a testament to this demand.see the full listing for Imperial Crown condominium and find out more!Imperial Crown has by far the highest standard of interior decoration out of any project currently underway in Phnom Penh. 15th-16th century Baroque interior design has been maintained throughout Imperial Crown condo units with impeccable attention to detail and high quality materials, finishes and fixtures. Every unit’s entrance door is imported and handmade in Italy and Taiwan from carbon fiber steel, and it is totally thief, fire and sound proof, available in a series of unique, artistic designs. Each unit includes classic Baroque style furniture handmade from 50 year old mahogany, all of which is hand painted with real silver.Swiss and German ceramics and faucets are standard throughout: Kitchenware is imported from Germany with the brand of Bauformat; and full oven, dishwasher, induction heating cooker, and high quality cabinetry is standard throughout. Sanitary equipment is imported from Switzerland with the brand of Teka, Laufen and Steinberg. Each house unit comes with Rinnai water heater, and air conditionings.And absolutely all furnishings are included in the completed units, as shown in the BKK1 showroom and Sales and Purchase Agreement.In other projects in prime districts such as BKK, developers are generally sacrificing parking space in order to maximise profits on residential units. However, given the current shortage of parking facilities in this area, the Imperial Crown developer has ensured their residents will have ample car parking space. A total of six floors of car parking is reserved for residents, with a total of 144 parking spaces. Meanwhile, Imperial Crown residents will not need to wait on elevators; the project will include four high speed elevators, each able to travel at three meters per second.While some developers in Phnom Penh are retaining rights of ownership over the common areas of the finished condominium, Imperial Crown unit owners will automatically own a share of the common area when they receive their strata titles, totalling 25.8% of the total property - and the developer retains no ownership of this area to ensure that no conflict of interest arises. Once the project is complete and occupied, the management and maintenance fees for the common areas will be paid directly to a third party. Once the third party property management company receives this money, it will be kept in a cash pool to maintain or repair the common areas when need be.The development is now underway with the guidance of renowned construction company, RockStone from Taiwan, along with Beijing Urban Construction - renowned for famous projects such as the Beijing National Stadium “Bird’s Nest”. This is their first project of many in Phnom Penh, all of which will soon become landmarks of the city.The Imperial Crown project will include the highest grade of structural engineering elements, including 53 counts of all casing concrete pile drilled straight into the bedrock, with the use of reinforced concrete for the basic building structure. The outside wall, from the ground floor to the fourth floor, will be constructed from marble; and from the fifth floor upwards, colored sand stone coating will be used. This stone coating is waterproof and blocks incoming heat from the sun. Painting on the exterior wall will generally deteriorate in around three years, while sandstone used in Imperial Crown lasts more than 20 years without maintenance.Available units at Imperial Crown include two bedroom condos with one smaller office room integrated into the design. However, on the buyer's request, these units can be modified into three bedrooms. There is a total of of just 161 units, with 6 units on each floor.  Prices range from $500K to $700K, and uniquely this net price includes all the interior electronics, fixtures and furnishings. Loan financing is available for buyers and the project has already sold around 55% of units. Guaranteed Rental Returns are guaranteed at 6% per year, for the 3 years, totalling 18% yields. see the full listing for Imperial Crown condominium and find out more!

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

Experts have said that the group of islands off the coast of Cambodia will be able to help the real estate and tourism industry rise faster if development companies are willing to develop them to be more attractive to guests.During the past two years, there were 2 developers who announced plans to develop the islands in the province of Sihanoukville to become a favorite destination for tourists, both national and international.Kim Heang, the president of the CVEA and CEO of Khmer Real Estate, said that Cambodia is a country with many islands located in its coastal area. But so far, there doesn’t seem to be any significant changes you can see in these islands, even if there are already private developers licensed by the Cambodian government.He continues by saying that even with the licensing by the government, so far, some real estate investment companies have not used a lot of money to develop the islands. In other cases, some developers just sell out to another developer.He said that “when the project owners spend the money to develop maritime islands, then Cambodia will attract more tourists and investors. And also, the land price can potentially increase. The developer can start building infrastructure on the island to capture a higher market value of real estate after the roads, bridge, and travel become more convenient and comfortable.”He suggested that “if the company retains the right to invest in the island, they should work on the development of infrastructure because transportation will be taking guests around the island.”Chrek Soknim, CEO of Century 21 Mekong, said that a clear plan of development will bring out the potential of the area. And when foreign investors come to invest, it will be more profitable for Cambodia. Development in the island area can easily be done because the natural view of the island is very attractive.Vorn Chanthorn, CEO of Town City Real Estate said that investment on the huge islands need a lot of capital. The government also requires those companies to abide by the national and international environmental standards. Investment is not just for the sake of investing, but there’s also a need for proper, clear, and detailed inspections. Otherwise, it will damage the environment in the islands. So, there’s a requirement of a detailed research before retaining the right developers to invest.He said that “The development of the island is a positive thing for the tourism realm of Cambodia. If a company has the right to invest in the island, they should build bridges and if possible, build a resort or holiday home as well.Mr. In Sitha, director of business development of VTrust Appraisal Co., Ltd., said that “Real estate developers cannot develop the  island unless they get the license for long-term development - because a large amount of capital is needed to build infrastructures here. In such investments, it helps promote the beautiful island view for tourism and helps to employ citizens with jobs from food processing companies, souvenir shops, vendors, hotels, guesthouse services, and other entertainment places.There are 64 islands in Cambodia, where 54 are situated in the territory of the Sihanoukville Province. Koh and the rest of these islands are located in the Koh Kong, Kep and Kampot provinces, but so far 28 of these islands totally occupy an area of more than 18,000 hectares. These were leased to private companies as investments to turn them into tourist sites with luxury and attractions in mind. But in practice, we found that only a few islands are developed gradually as a tourist area such as Koh Pos island, Koh Dek Koul, Koh Song Saa, Koh Tang, and Koh Rong.In late 2015, the Royal Group of Oknha Kith Meng started the construction of a 5-star hotel called “The Royal Sands”, located on Koh Rong in Sihanoukville. After the project is completed, a new hope springs to attract more tourist to come.Check out the Cambodian Investment guide and learn more!This story was featured in the September 2016 print edition of PROPERTY VIEW magazine, produced by the CVEA.Realestate.com.kh is very proud to support the CVEA’s Property View publication. For more information about joining the Cambodian Valuers and Estate Agents Association (CVEA) please click here. And, if you are interested in advertising placement or advertorial in the next edition of Property View Magazine, please contact Mr. Virith via email: virith007@yahoo.com Or call: 078 959 567  or 098 66 26 68

According to the data from the Ministry of Land Management, Urban Planning, and Construction, there were around 2,500 developments covering an area of 7.7 million square meters of land last year and about 700 buildings – ranging from five to 55 floors – that were built across the country. Most of which are located in the Kandal, Siem Reap, Sihanoukville, and Battambang provinces. This contributed to investments in the construction sector which rose to an all-time high at nearly $3.5 billion or up to 40 percent from 2014.But despite the construction sector showing strong investment growth, construction owners still seem to take the topic of getting insurance lightly.According to the director and general manager of Forte Insurance, Youk Chamreounrith, with the rapid growth in the sector, risks become an inevitable factor in construction site management and should be one of the primary issues that owners and companies are keeping their focus on. He says that “in the insurance sector on the construction in Cambodia people seem to understand about it limitedly, while the other countries care of construction insurance a lot and take care of risks in the construction sites.”He states that the growing problem even urged him to demonstrate the risk issue to construction owners. He further encourages that “people, investors, and as well as construction owners should clearly learn and consider the importance of construction insurance. If the construction meets a small problem, it’s okay. But if the problem in the construction is big or the contractor runs away, the construction will get stuck” and will cost the owners more than they had anticipated.Hopeful for the future of insurance though, Chamreounrith says that “in the previous time, Forte paid millions of dollar insurance for some construction owners; however, the number of construction owners’ insurance purchasing is low. But I hope people and the owners will understand clearly about the construction insurance.”This is a sentiment that is backed up by Chhay Rattanak – the deputy director-general of the General Department of Financial Industry, Ministry of Economy and Finance – who says that the insurance sector plays a vital role in both developed and developing countries and is one of the pillars of the financial system and economic development through risk curb in the construction, industry and service sector.“Last year insurance capital in total was $8 million as insurance in the engineering sector was $3.5 million. In the last five years the sector saw an increase of 20 percent year-on-year which requires stakeholders to prepare regulations to improve the sector,” Rattanak said. He further expounds that “with the strong growth of the construction sector, the ministry called for construction companies and as well construction owners to buy insurance to protect their construction site. However, insurance purchasing from construction owners is still low which requires the ministry involved to prepare and urge them to buy insurance.”In 2015, about 500,000 people had life insurance worth about $22 million, which increased three-fold from the year before. The total premiums for general insurance also rose 16.4 percent last year from $53 million to about $61.6 million, with property, fire, vehicle, and the medical categories leading the way. This is according to the Insurance Association of Cambodia.The report from the association shows that the fastest-growing segment of insurance was property and fire that had premiums rising 35.1 percent, followed by vehicle insurance that grew 14.5 percent, medical insurance by 26 percent, and personal accident insurance up by 18.8 percent from 2014.Slowly, Cambodia is seeing the rise of construction security through insurance education and appreciation where hopefully, one day, the vision of Chamreounrith and Rattanak will come to be a reality.

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

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

EuroCham is pleased to announce their first Cambodia Tax Forum, a special event focused on Cambodia’s evolving tax system.And Realestate.com.kh is proud to be the official "Online Media Partner" for this year's Cambodia tax forum event.The event will open with remarks by H.E. Kong Vibol followed by a full day of expert-led panels.Discussions will include:Changes in tax regime, patent tax, tax registrationKey tax issues for SMEsCommon VAT issuesWithholding taxTax audits and disputesDouble Tax Agreement with Singapore   The panels & presentations will be led by experts from:Bun & AssociatesCambodian Investment ManagementDeloitteDFDLErnst & YoungGrant ThorntonR&T Sok & Heng   Sponsorship packages are available. Cost: Members: 50 USD, non-members: 60 USD (paid at the event) Find out more and sign up today, with Eurocham Cambodia!

Though the road was long and winding, Cambodia has reached new heights in the past decade across many industries - none less, the real estate sector. And along with continuing success, there is also a need to understand how the market is developing in comparison to the region. By studying Cambodia alongside an understanding of similar markets nearby we can better predict the future of the real estate sector, and handle potential problems before they occur.This is according to CBRE Vietnam and CBRE Cambodia managing director, Marc Townsend, who spoke in depth regarding the latest CBRE Cambodia's Marketview Q2 2016 report last week in Phnom Penh.The resounding remark from Townsend was that, “All of us who have been involved in the real estate industry for sometime understand that any market is cyclical. What is happening in Cambodia currently has happened in neighboring markets.”With this sentiment in mind, we can better understand current market conditions in Cambodia - and concepts such as the potential oversupply in the condo market, speculative price growth in Phnom Penh land, and issues regarding credit issues around lending for property - in a context of curb and flow.A downside for the market now offers opportunities down the line as it naturally adjusts itself - and ultimately, a maturing of the real estate market as a whole.CBRE Cambodia’s Marketview for Q2 2016 Recap:The World Bank officially elevated Cambodia to the status of a ‘lower-middle income’ economy at the close of Q2.Hongkong Land’s mixed-use development, Exchange Square, held its topping-out ceremony over Q2, with overall completion set for Q4 2016. Prime sales and rental prices broadly appreciated over Q2, with the exception of serviced apartment rents, which remained stagnant over the quarter. Average quoting rents across Grade B buildings grew by 4.5% q-o-q, while average quoting rents across Grade C stock decreased by 3.9% q-o-q. 2,796 condominium units, across 8 projects, launched over Q2, with Russey Keo district welcoming its first off-plan sales launch. Land & Investment in Cambodia Q2 2016:While foreign buyers are focused on the hottest areas on the market where land prices have reached all time highs, namely central Phnom Penh districts such as BKK and Tonle Bassac, Townsend explains that “the local Cambodian land bankers and landowners are obviously moving in a different trajectory. They’re thinking four to six years ahead.” This is also due to many local buyers being priced out of the downtown market.These local land buyers understand that infrastructure such as bridges, roads and sewage is, and will continue to, drastically affect pricing of land on the outskirts of the city. This has been highly apparent in Chroy Changvar, where land price is rising significantly year on year, at a much faster rate than land in the CBD.Investors targeting the lesser known districts of Phnom Penh that are able to predict these improvements in infrastructure will make large returns in the not so distant future. Given the need for local connections and understanding however, this opportunity remains in the realm of local buyers and agents for the time being.Phnom Penh Residential Market Q2 2016:Although the number of foreign developments are continually growing and expected to contribute to a supply of condominiums of around 25,000 units by 2018, Townsend states that “the local developers are the main players. It may not be that way every quarter. But obviously, the strength and depth of Cambodian developers are growing.”These local developers have a better understanding of the means of the local market buyers, and this is creating more affordable options in the market. These developers often look outside the most expensive corridors of Phnom Penh where, once again, a lesser degree of infrastructure plays a big role in allowing developers to acquire affordable land and ultimately create a more affordable end condo-product. If they are lucky, the infrastructure will come as their project nears completion.Townsend then describes that as the market matures a variety of other property types have been popping up in the Phnom Penh new developments market, such as hybrids, SoHo and smaller units.Mixed-use developments have also made their way to Phnom Penh, a way of developers offsetting their risk in a unit-heavy condo market by combine a mix of retail, residential and commercial options for buyers within a single development.Despite growing competition though, condominium prices have still seen small but steady growth from 2015, up until the second quarter of 2016. It is with this slow growth that Townsend says that, “trajectories have changed from being favorable to the developer to favorable to the buyer.”Townsend explains that if there are no secondary sales from the primary residential market, then it’s a sign that the market’s only going to get worse. Cambodia developers must heed this advice with care.Yet, Townsend notes that it is with this change in trajectory that the serviced apartments market is suddenly playing a much bigger role.As Townsend puts it, “When the residential market dries up or begins to change the trajectory of sales per month or per quarter,” developers begin to look to see if they’re able to convert some of the units to serviced apartment units to cut cost, and assure returns. Townsend notes that the serviced apartment market in Cambodia seems to still be going strong.In regards to the condo market for international investors, Townsend also notes that, “It’s a limited market at the moment. And obviously, at some point, it will come on the radar screen of a wider group of people”. Once Cambodia enters the consciousness of investors around the world, the market has the potential to change dramatically.It seems that so far we have only seen the tip of this iceberg…He emphasizes that it’s important to be out there and getting your story across, and marketing internationally - not just individual developers and agents, but the national as a whole.He adds the need for a diversified investor pool to negate risk across the market: “We need investors from all over the region. Not just from one place. You need to have a balance.” Otherwise, when one set of investors for some reason boycott the market or lose their influence in the country, the market can still be sustained by the overall investor pool.Given Cambodia’s current reliance on condo investors from Taiwan, China and Korea in particular, this word of warning seems highly valid.Phnom Penh Office Market Q2 2016:Townsend mentions that big businesses aren’t as enthusiastic to go to Cambodia for expansion as other markets.He says, “Unfortunately, we’re at that stage where most of the people that are going to be here expanding and upgrading are here already.” So, he doesn’t predict a whole lot of new activities happening in this market.He adds, “The reality is not a lot of those Fortune 500 companies will be coming here. But the ones that are here want to be here.”He also addresses the audience of developers saying, “some of you will be thinking that you can fill your building in a year – not retail, but an office building. When things tighten up and everybody gets the same idea to have coffee at the same time, or go to the lift at the same time, or when the pilot puts the lights on in the airplane to go the bathroom at the same time, the same thing happens in office markets. So, sometimes, some of you may have mistimed it. And instead of taking one year to fill, your building may take three years to fill. This is the reality of real estate and commercial office space in a developing market.”The data gathered by CBRE shows that while supply in the office market has risen drastically – most especially with Grade A office units – occupancy has lowered from 2008. It also shows that the biggest business type occupying these office spaces are the banking & finance and logistics industries, which comes in at 22% and 14%, respectively.Townsend also explains that more and more strata titled office space is appearing in the Cambodian market, and that it’s not necessarily a bad thing - but it is a sort of inflection point because it’s more difficult to handle a strata title building from the developer's perspective.Phnom Penh Retail Market Q2 2016:The retail market is also seeing an increase in supply, mainly with shopping malls, community malls, and retail podiums, where CBRE expects it to only go up even more in the next two years.Their data also shows prime shopping malls, prime retail podiums, prime high street, and prime retail arcade at an average rental rate per square meter of $31.44, $48.3, $30, $52.5, respectively. These developments include the Exchange Square, AEON Mall, and the Naga Citywalk.Townsend says that the market’s maturing, as evidenced by new products like row houses and shop houses. He also says that there is high demand right now for long-term leases that usually comes hand in hand with quality investment opportunities for incoming investors.He says that the Cambodian retail market is slowly gaining traction as well, with the coming of different international brands like Levi’s, Starbucks, Hugo Boss, Long Champ, Salvatore Ferragamo, and L’Occitane.CBRE’s researched data for Q2 2016 shows that these have contributed to the high occupancy rate for the retail segment, where the majority of those who are occupying the space do so for financial & professional prime retail use. It also shows that “26 percent of retailers surveyed identified SEA countries as target markets for 2016.”As a result of this, CBRE is expecting even more construction and expansion for the retail industry.Siem Reap and Sihanoukville Q2 2016:According to Townsend, there are a lot of things happening in Siem Reap and Sihanoukville, in particular, a lot of activities in retail and hospitality. Infrastructure upgrades are also helping shape the two provinces. Just recently, the Royal Railway has restored its services to transport passengers from Phnom Penh to Sihanoukville, for example.He adds, a rising level of infrastructure will, “Obviously drive retail and condo sales, and second home sales.”Some of the properties available here are located in different islands such as Dara Sakor, Song Saa, Koh Rong and Koh Chanloh. But Townsend explains that the current difficulty here is getting people to actually go to these provinces, because there is actually more work that needs to be done in terms of basic infrastructure. But he balances this out and says that prices here are very attractive: Luxury resort villas range in the $2,000 to $3,000 per square meter range, for example.Talking about the competitive pricing in these provinces, Townsend adds, “when developers start to move their total focus away from the primary residential market in the main cities and concentrate on the coast, then obviously where they’re looking for new markets and looking for new product, again you can see this reflected here with that sort of pricing.”Outlook Overall Q2 2016:Townsend also talked about finding new markets that may already be in existence but have just not been captured yet, such as the opportunity to seize the growing interest for retirees.In a report by International Living, Cambodia ranked 21 as one of the best places to retire in the world. Townsend adds, “We’ve got to keep finding new markets, new things, and put some analysis behind it.”One of the sectors that are also being extensively marketed is the industrial sector; where industrial parks and Special Economic Zones are starting to slowly pick up as there is a growing need for increased fit-for-purpose space for factories, according to Townsend.He also mentions that tourism is one of the primary driving forces in Cambodia’s economy, “but you’ve got to get out and market it. You can’t rely on one group. You’ve got to rely on a wider source. And so much of it comes down to that airport. So much of it comes down to infrastructure.” Townsend says that as these things continue to come up across Cambodia, tourism will surely grow.In conclusion, Townsend says that “if you haven’t already started building a retail center, you’re too late. If you’re building Grade A, finish it quickly. If you’re building or thinking about building Grade B and C, just make sure you put enough lifts in, and enough car parks, and enough motorbike spots, because if you haven’t, there’s already enough in the pipeline. If you’re going to build something in the industrial park, you’re probably going to need to heavily spend more money on marketing and be prepared to invest in factory space on behalf of the tenants that hopefully, you can attract either from Europe or North Asia, or indeed, out of China. And if you’re doing a big residential project and it’s got six phases, then look at the resale market.”Be an investor with valuable foresight, stay tuned to Realestate.com.kh news!

Although relatively new to the market, the Phnom Penh-based Land and Houses (Cambodia)(LHC) Group has already established themselves as a standout player in the the Cambodian real estate sector.LHC asserts its presence through five individual companies, each carrying a distinct expertise under their individual brands - yet overseen by the overall group director. The mother company is Land and Houses (Cambodia) Investment Co. Ltd., first established and officially registered with the Ministry of Commerce by Madame Se Lily, an experienced Phnom Penh real estate entrepreneur, in August of 2015. This company specialises in property investment broadly. The other four companies are the Land and Houses (Cambodia) Construction Co., Ltd., Golden Han Fei, Phnom Penh Land Development, and the LHC Architecture.Uniquely, through this network of companies, LHC is able to offer comprehensive services to clients without needing to outsource outside the group.Diversification; the Key to LHC’s Market Offering:With the list of different entities under the LHC umbrella collaborating and consulting with each other, the LHC group is able to offer a range of specialty services that can ensure the group can take property investors, developers and real estate sellers from the start to the finish of their projects, whatever those projects may be.These services include local and international property investment, property development, property consultation and feasibility studies, property and asset appraisals, property management, construction and architectural design. These services are readily available for international, local, and corporate clients. Contact LHC today and find out more!Quality and Excellence; LHC’s merger of International Talent with Local Understanding:Land and Houses (Cambodia) Group also maintains standards of trust and reliability through the use of high-grade materials, high-caliber manpower, and a culture of transparency. This has been achieved by forging joint venture partnerships with vendors from around the region, creating new companies that can draw from international experience, coupled with a firm experience in the local Cambodian market.Managing Director of the Group, Tyler Stuart, is a UK-born real estate and marketing professional with years of experience in the international & local market. Tyler Stuart has a clear focus for the direction of the Group’s companies as a whole, and maintains all staff are aptly specialised, and are driven to reach their personal and company goals.Armed with locally and internationally trained skilled professionals, LHC has already worked on several projects. Their group of researchers, advisers, marketers, analysts, consultants, property agents, and surveyors have collectively used their abilities and knowledge to market, sell and consult developments such as the Borey Varina, Chroy Chongva Residence, Borey Mohasensok, and their most high-profile mixed-development project yet, The Skyline, a 39-storey, 3 tower mixed-use development in central Phnom Penh, covering a total land area of 4,836 square meters. The Skyline boasts a 6-storey car park, and a 3 storey commercial shopping plaza on the ground floors. The project reaches completion in December 2018. LHC is exclusive sales vendor and manager of the Skyline project.Commitment to Follow-through:What sets Land and Houses (Cambodia) Investment further apart from other real estate firms and groups in Cambodia is their unique ability to provide a start-to-finish service, allowing clients to relax and know their property assets are secure.Six reasons why LHC’s service offerings are a cut above the rest include a solid marketing philosophy, a sellable website presentation, a positive and enthusiastic team, immediate buyer leads management, negotiation expertise, and administrative support.They are with you from the start, from purchasing the property and producing feasibility plans, right through to the property management, maintenance and leasing, committed to a long-term partnership with its clients.So, if you’re looking for a one-stop service provider for your real estate needs, whether you are a private seller, current property owner and operator, or a developer looking to launch a Cambodian based project, consider the Land & Houses (Cambodia) Group to assist you through each step of the process.Contact LHC today and find out more!

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

With a growing range of condominium units coming into the Cambodian market, many have expressed their concern over ongoing and future condominium projects which may contribute to an eventual oversupply. But this did not deter YCT Land Pte Ltd, an established Malaysian developer, from constructing what would be a first in this country.Paving the way and utilizing the expertise of Kuala Lumpur-based architectural firm, SW1P Collective, 88 Suites – a “small office, home office” property – will now be introduced into the Phnom Penh skyline and property market.Otherwise known as SOHO, this type of property has been popular in different countries for quite some time now such as in Malaysia and Hong Kong. This is due to its dual-purpose characteristics. This, according to Mr. Chee Eun Tang – the Director of SW1P – will cater to both the younger and older generations who are looking for either self-use or for future investment.For 88 Suites, SW1P has created a tall, elegant, and eco-tropical building that glimmers under the sunlight. The external metal mesh screen not only provides sun-shading purposes while optimizing incoming natural daylight, but is also a design tribute to Cambodian traditional textile. Within that narrow exterior are three types of SOHO units which are thoughtfully finished and furnished to international quality and standards. These units include the 85 square meter SOHO Luxe, 100 square meter SOHO Loft (duplex unit), and the 50 square meter SOHO Executive.88 Suites will also feature the first Intelligent Car Parking System in Phnom Penh which will allow auto mechanisms to park a car without the need for a driver or valet, keeping everything compact, convenient and secured for unit owners."Life in Balance", the SOHO concept for 88 Suites, according to Mr. Tang, promotes a modern lifestyle for "live, work, play."Unit owners live in a comfortable and fully secured environment, while enjoying the convenience of both business and leisure amenities such as the sky lounge with meeting rooms, business centers, infinity pool, sky gymnasium, saunas, 24-hour and 4-tier security system, modern bathrooms and kitchens fitted with products from world-class brands such as Villeroy & Boch, and GROHE. The building will also have wireless internet connection throughout.Located in the heart of the capital in Boeung Keng Kang 1, 88 Suites is accessible to nearby destinations, including the Mao Tse Toung Boulevard, Preah Norodom, Naga World, Phnom Penh International Airport, Sisowath Quay, and the Aeon Mall. It also comes with an impressive 360-degree view of Phnom Penh  City that also overlooks the Mekong River.Amidst the growing number of the usual condominium developments, 88 Suites serves as a breath of fresh air and as a challenge for future and existing developers to step up their game. Should their SOHO concept find success, this may be the start of a whole new property market in Cambodia.See the full listing and inquire today!

On the 20th of August 2016, the Cambodian Valuers and Estate Agents Association (CVEA) conducted a public forum regarding "Today’s Real  Estate Industry in Cambodia" at the Sofitel Hotel in Phnom Penh. The discussion-based event was joined by an eclectic group of stakeholders – including property developers, media organizations, real estate agencies, banks, and the general public.In a panel discussion about the “Opportunities and Challenges of Housing development,” Ms. Chan Socheata, the Head of the Office of Business Management Housing Development at the Department of Industry and Finance, said that “everyone needs to posses their own house. So, why do they need to have a legal license? How is it significant or important for the buyer?”What does a developer need to do while Licensing a development project in Cambodia?She mentioned that “generally, before the issuance of the license for any project development, the ministry evaluates through its checklist to find out whether the development has a clear and strong source of income, capital, collateral, land title, and other assets that support their project, especially because project owners need to make a business plan to present to the ministry.”“The ministry will check whether it’s a good business, and if it can be successful in the future or not. In some cases, there’s a need to research on the sales strategy of the project, because sometimes a project’s owner does not do an in-depth market analysis with the surrounding market. And another reason is to find whether this project causes a bubble market. So, if this case happens, the ministry can take measure immediately,” says Socheata.Socheata also mentions, “If we find that the sale price of this project is under the market price, we can allow managers to reconsider again about the selling price – comparing start cost and other conditions – in order for them to sell at a good rate.”How much upfront capital is required for a developer licensing a development project in Cambodia?“The project development needs to have at least 2% of the total capital deposited in the bank of Cambodia or any commercial bank in Cambodia. Even though this deposit money is a small amount, it shows that the development has its capital. And it also causes the customer to trust the project too,” she added.  Socheata concludes by saying that “all project developers have to get a license from the Ministry of Economy and Finance. And this is something that any buyer should seriously consider before buying residential properties off plan, whether condo or borey. Keep in mind to ask whether that project has got a license in order to protect your own benefit and not waste money with unnecessary trouble.”Check out the latest Boreys and New Developments on Realestate.com.kh today!

According to recent Khmer Times report, after a year-long feasibility study by the Japan International Cooperation Agency (JICA), the Cambodian government is now seeking $800 million funding in order to undertake development of an automated gateway transit (AGT) system for the capital city, Phnom Penh. An Automated Guideway Transit (AGT) system is an automated, driverless transport system where vehicles are guided along a "guideway" or rail system. Most are rubber tired, but some systems have steel wheels. It is somewhat similar to a SkyTrain, Tram or Monorail system, depending on the design. “Through the evaluation, the AGT is the most flexible system in terms of geometric design among other alternatives such as a metro, monorail, LRT

On the 20th of August 2016, the Cambodian Valuers and Estate Agents Association (CVEA) conducted a public forum regarding "Today’s Real  Estate Industry in Cambodia" at the Sofitel Hotel in Phnom Penh. The discussion-based event was joined by an eclectic group of stakeholders – including property developers, media organizations, real estate agencies, banks, and the general public.In a panel discussion about the “Opportunities and Challenges of Housing development,” Ms. Chan Socheata, the Head of the Office of Business Management Housing Development at the Department of Industry and Finance, said that “everyone needs to posses their own house. So, why do they need to have a legal license? How is it significant or important for the buyer?”What does a condo or borey buyer or investor need to consider regarding the Licensing a development project in Cambodia?Ms. Socheata said that “buyers should ask for more information before deciding to buy a condo and seriously consider whether this project has gotten a legal license from the ministry.”She added that “if the condo and borey project is licensed, it is a really good condition for buyers because licensed projects are guaranteed to be safe for buyers. And if there is conflict, the ministry is also easy to reach for a suitable solution for both parties.”For instance, Socheata notes, there are some buyers who don’t want to pay money to the Borey 999.  Even if this is the issue of the individual, it will affect this licensed project as a whole. So, the committee of the ministry is allowed to help by going to the root cause of the problem and negotiate with the company to get the project owner negotiating with the buyer.Condo and Borey Buyers need to be aware that buying from a licensed project guarantees that:The Ministry has checked whether the condo or borey development has a clear and strong source of income, capital, collateral, land title, and other assets that support their project, especially because project owners need to make a business plan to present to the ministry. The ministry will check whether it’s a good business, and if it can be successful in the future or not.The ministry also often researches the sales strategy of the project, because sometimes a project’s owner does not do an in-depth market analysis with the surrounding market.To obtain the license, the project development company must to have 2% of the total capital deposited in the bank of Cambodia or any commercial bank in Cambodia. Even though this deposit money is a small amount, it shows that the development has its capital. “And it also causes the customer to trust the project too,” Socheata added.   Socheata concludes by saying that “all project developers have to get a license from the Ministry of Economy and Finance. And this is something that any buyer should seriously consider before buying residential properties off plan, whether condo or borey. Keep in mind to ask whether that project has got a license in order to protect your own benefit and not waste money with unnecessary trouble.”Check out the latest Boreys and New Developments on Realestate.com.kh today!

The successful sale of the Oknha Peich Boutique Hotel on 18 February 2016 - prior to construction completion - serves as a celebratory and momentous milestone for Kingsland Global, and the company's Cambodian arm. Slated to be completed in the 2nd quarter of 2017, the hotel was sold to Vivaz Holdings Pte Ltd at US$13.4 million.This early sale is not only an exciting but significant achievement for Kingsland Global, which signifies the company’s firm belief in producing quality projects and moving further into frontier markets.Managing Director Mr. Jeremiah Lee said, "As we align our future plans to fit into Cambodia's changing landscape, we look forward to realizing this exciting opportunity to deliver our standards of excellence and quality to Phnom Penh’s community and the citizens of Cambodia. We look forward to making larger steps with our partners and associates, making Kingsland a leading developer in Cambodia over the ensuing years.”The project is currently in its fitting out phase as it works towards the completion of the 13-storey, 88-room luxurious boutique hotel that the Oknha Peich Boutique Hotel sets out to be. As the project gradually nears its completion date, Kingsland Global is looking forward to every subsequent success and future opportunity that will sharpen and refine its repertoire with the undertaking of every project. Another upcoming iconic development, One18 Residences, is a luxurious 24-storey apartment providing quality living and hotel-like amenities right in the heart of Phnom Penh city. Look forward to a first-class residential experience like none other when the project is completed.For more info on Kingsland in Cambodia, please get in touch with Kingsland (KH); (Address) No. 34 Street 200, Boeung Riang, Duan Penh, Phnom Penh, Cambodia (Tel) +855 77 3399 20, (Fax)+855 23 2217 07/08 or Kingsland Global Headquarters (Singapore); (Tel) +65 6362 8998, (Fax)+65 6363 7031; or email info@kingslandglobal.sg

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

Cambodia has been seeing more and more businesses enter the country’s growing economic sphere. This comes as a result of the country’s increasing capacity to entertain an even more dynamic business structure. Specifically, office spaces have been thriving in the property market of late and are one of the aspects that investors have taken great interest in. Chairman of Phnom Penh BG Serviced Offices, Mr. Anthony Galliano, spoke about the current and upcoming trends for office space in Phnom Penh during a recent interview with realestate.com.kh.Is there a need for more office space in Phnom Penh?Grade A office space in Phnom Penh:Having an an impressive run during the first quarter of 2016, Galliano refers to the needs for specific grades of office spaces and confirms that there is a lesser demand for Grade A office properties right now. When asked about it, Galliano comments, “perhaps not A, but for certainly B and C grade, there’s demand out there” - because they are inexpensive alternatives that do not sacrifice much in terms of a company’s specific requirements.Grades B and C office space in Phnom Penh:While both are certainly lower classifications, Grades B and C remain more popular options within Phnom Penh – especially in the central region – because of geographic factors and the availability of this grade of office space, Galliano says. He explains that “there’s certainly office space more on the outskirts of town which is cheaper, but people really prefer to be within the town.” So, prices vary greatly on location.Will the specific needs be addressed for the office space in Phnom Penh market?Galliano is certainly optimistic for office space rentals in the coming years. As the demand rises, the supply will surely follow as well. This is also something that is held on to by Lim Pusithavrith, the leasing management officer of Vattanac Tower. Pusithavrith says that the target occupancy rate of developers for the office space market is at 80 percent, just a few more percent value away from the current 74.4 per cent. And with five more Grade B and Grade C office buildings rising soon, this target does not seem too impossible to reach and even exceed.Investors may want to think of inquiring about possible office spaces they can rent out for additional business income, as long as these spaces are centrally located. However, shortly, they may find themselves looking at properties on the outskirts of Phnom Penh if they need to keep costs down.Find office space in Phnom Penh for rent now!Find office space in Phnom Penh for sale now!

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.

According to a recent August 5th 2016 “Reminder Notification from the General Department of Taxation to Property Owners to Comply with Prakas No. 493 SHV. BrK concerning Property Tax Collection” all property owners in Cambodia need to be aware of their annual property tax obligation. The reminder states that payment for annual property tax is due no later than 30th September, 2016. Anthony Galliano, ceo of Cambodia Investment Management, notes that, “Although the obligation for all property owners to make an annual payment of property tax was reinforced since Prakas  NO. 493, dated 19th July, 2010, there is still a degree of non-compliance and outright avoidance. Being a non-corporate tax, this is one of the very few direct personal taxes, and the average Khmer remains reluctant, making enforcement within the general population much more complicated.” Nevertheless, the tax should be paid, and non-compliance is increasingly being punished. In the “Reminder Notification” the GDT notes it has observed that some property owners have failed to comply with this annual tax obligation and the GDT encourages those property owners to pay the property tax by the approaching deadline. Failure to do so in punishable by law. Learn more about Cambodia property tax today on Realestate.com.kh!