With the new year upon us and the schools having re-opened across Cambodia, there is generally also an influx of new residents to the Kingdom, some of whom will undoubtedly have made the move for the first time with their families.Although Phnom Penh, for example, can’t ever claim to be the greenest city in the world, there are some green spaces and parks as well as other family-friendly attractions and great activities to be enjoyed, with other Cambodian cities and urban areas also taking these into consideration. Beyond the usual commercial and retail property developments, markets and tourist attractions help contribute to the economy and encourage small and medium-sized businesses, while foot traffic and motorised traffic at these attractions and activities also play their part in urban planning and on residential and business property prices. What Cambodian Parks Can You Enjoy In 2024The capital of Cambodia and other towns and cities have been diversifying the use of available land by adding new family-friendly attractions to their urban environment, and hopefully, more green spaces, as these have been proven to be important for many reasons. Samdech Vibol Panha Sok An Kirivong Cultural Park - TakeoThe cultural park is due to be completed in Q1 2024 and is being developed by SOMA Construction & Development Co., Ltd. in Boeung Tonleab, Preah Bat Choan Chum commune, Kirivong district, in Takeo province. Intended to be 500 meters long and 100 meters wide, the Samdech Vibol Panha Sok An Kirivong Cultural Park is located along National Road 2 and has been funded by the family of Samdech Sok An in tribute to the deceased former Cambodian Deputy Prime Minister who grew up in the area.Based on the initial photos released by SOMA towards the end of 2023, it is looking very family-friendly and picturesque.Included at the park will be a statue of Samdech Sok An, a library, sports court, gyms, café, a lounge, as well as a kid's playground. In addition, the water features mean there is a boating area planned as well as other public events areas.The Cambodian park is intended for locals and guests to enjoy a leisurely walk and to exercise, while the public library will be available to help empower education and “to serve other public interests in the future”, said the province's governor. Takeo is also one of the stops on the southbound passenger train from Phnom Penh so it's an easy day trip from the capital.Coconut Park - Phnom PenhOne of the most popular parks in the Cambodian capital, Coconut Park is a free public park located on Koh Pich and has some greenspaces as well as restaurants, bars, a roller skating rink (CIS Roller Dome), bike trails, a Splash Pad, and the area also has been host to markets and other events.The Makerspace Ceramik Art Studio also has a range of interactive activities for kids and adults with the creative space providing a Lego studio.Aquation Phnom Penh / Treellion ParkNot far from Coconut Park, Treellion Park is home to the city’s only put-put course (Birdies Mini Golf), and the DIB club swimming pool is popular for all ages. The surreal statues and garden decorations make Treellion Park an interesting place to wander around and there are increasing choices of eateries such The Bus and the Glasshouse.  The area has also been used for concerts and music and themed events. There was even karting introduced in 2023 (Kart Station) but this appears to have been suspended.Sunshine Family Park - Phnom PenhThe Sunshine Family Park is located in Phnom Penh on Ayasmayan West Street (113) which was completed towards the end of 2023 and is self-billed as a “power-free amusement park” thus, the first of its kind in Cambodia.Presented as a theme park with staff in costumes, there are plenty of Instagram moments, with inflatables set up for youths to play on, but there are also slides, jungle gyms and other attractions intended for kids. The venue has already been holding live music concerts so it may not suit everyone’s tastes, and there is a night market selling food and drinks. Garden City Waterpark - Phnom PenhAlthough not a green park, this water park is a welcome relief to the endless hot months in Cambodia, and the Phnom Penh water park is probably the biggest in the country offering more than 38 slides as well as a 550-metre-long Lazy River. The Kids Paradise water playground is PG13-safe but older kids can still get their thrills on slides such as the Kamikaze water slide.Kampot River ParkAlthough it can get busy, especially over the weekends, the Kampot River Park offers water slides, a water park, zip lines, as well as activities such as kayaking, paddle boards and pedal boats to be used on the river. There are also bungalows and a restaurant serving local food as well as drinks.Located at the Toek Chhou Rapids approximately 10 kilometres from Kampot in Bat Kbal Damrei village, Makprang commune, the park is meant to be open from 10am to 5pm.Suggested Cambodian Family Activities 2024Angkor Eye - Siem Reap Siem Reap has ample green space and plenty to do for locals, tourists, and expats. One of the attractions worth families checking out away from the temples is the Angkor Eye, which is a 60-metre-high Ferris wheel (the tallest in the Kingdom) offering stunning views of the countryside and a different perspective of the famous Angkor Wat complex. It's worth booking a trip at sunset for the Golden Hour at and stunning views and family portraits. You can also book an afternoon tea or cocktail experience in one of the capsules.Kids of all ages are welcome if accompanied by an adult, and as a bonus, children under 3 ride for free if accompanied.KHMER Streat - Food Festival & Night Market There have been an increasing number of markets to pour over the weekends in Cambodia’s capital - with farmers markets proving a hit.This new food and night market is planned to launch in January 2024 and will be located in the Koh Norea area which is undergoing massive development.KHMER Streat - Food Festival & Night Market is intended to be for families and individuals and will offer Cambodian and international cuisine with entertainment also planned such as live music, cultural performances, and games. The market is scheduled to be open from 4-11 PM on Fridays, Saturdays, and Sundays.N5 Night Market - Phnom PenhOpened in November 2023, N5 is the Biggest Night Market in Phnom Penh. There are several such markets in the city, including the Night Market in Borey Peng Huoth Boeung Snor, Prince Plaza Night Market, and 60M Night Market etc. On its debut to the north of the city, it was estimated to have received as many as 30,000 visitors enjoying goods from over 300 vendors! The park was developed by Prince Real Estate which has a view of ‘building a better life’ and modernising urban Cambodia through high-quality developments. The development costs totalled USD $1 million, and the park covers an area of 18,000 square meters. There are food, drinks, handicrafts, a graffiti wall, as well as live music shows, a kid’s playground, grass lawns and even a gaming zone.These are just a small selection available but with the anticipated publication of ‘Projects for Phnom Penh: Urban Green Network Regeneration’ by Urban Lab and the American University of Phnom Penh in 2024, more eco-friendly and sustainable markets and urban spaces will be placed in the spotlight as the urbanisation of the Kingdom of Cambodia races into the future.

On January 9th, Picasso City Garden, a luxury apartment in BKK 1 owned by Titan Stone Real Estate Group, entered into a partnership with five institutions under the Health & Wellness POWER TEAM, a combination of well-known local medical and health care institutions. Through this formal MOU Signing Ceremony, Picasso Property The powerful combination of management brand and medical brand has achieved a "win-win" strategy for both parties, allowing better medical and health care services to benefit all residents of Picasso.The Health & Wellness POWER TEAM is composed of five well-known local medical and health care institutions, including:IMI Dental Clinic: With nearly 30 years of business experience with a team of senior international dentists, serving local and foreign high-end political and business customers.Meta Eye Clinic: A well-known local ophthalmology clinic with the most advanced ophthalmic medical equipment and technology, and efficient medical technology for children with severe eye diseases.KS Clinic: A well-known local otolaryngology clinic with a professional medical team， cooperates with a various government hospital to efficiently exchange resource and technology for patients' medical treatment.EKIP Medical Center: A well-known local comprehensive hospital, with a wide range of medical services and customers of all ages, and is pretty active in well-known local business associations.RD Keto Fasting: As a rare local nutrition training institution, RD Keto Fasting mainly provides online training courses on diet and nutrition, especially weight control for trainees. Currently, there are thousands of online students.Mr. Darren Teng, chairman of Titan Stone Real Estate Group and Picasso City Garden, said in his speech at the signing ceremony: "We always regard the safety and health of our residents as the most important concern. Via the collaboration with local outstanding and professional medical units, combine the mutual demand for each party, is an important part of Picasso property management. Therefore, today's signing ceremony is considered to be a great significance to Picasso residents and Picasso's brand value. It will further enhance the richness and diversification of Picasso property management services and achieve a "win-win" situation.The first serviced apartment to provide exclusive resident preferential packagesLocated in the core area of Phnom Penh - BKK District 1, Picasso City Garden is the only high end artistic serviced apartment in Asia. Since the building completion in late 2022, the occupancy rate has continued to rise and currently reaches about 90% of the total units. The property services have been supported and recognized by the market, and most of the residents are international corporate executives and business people from all over the world. In order to continuously improve the quality standard of property management services, in the past year, PICASSO FAMILY PACKAGE (Picasso Family Package) has been introduced to provide more detailed, high-end and distinctive services to owners and tenants. Based on the more relevant living needs of residents, actively negotiates collaboration with businesses or suppliers in various fields, such as health care, catering, education in the fields of daily necessities, travel, beauty salons, etc., there are currently more than 40 partners providing residents with exclusive benefits and discounts. Residents only need to show their Picasso access card to enjoy the preferential discounts of the collaborationThe healthcare and medical field is the top priority among all. The MOU signing is a value-added upgrade of property services, it also basically reflects the intentions and efforts of Picasso Property Management to cover comprehensive service operations. In the future, Picasso will continue to create a higher-quality living experience for customers and deliver warm community life. At the same time, will also provide more confidence in the building planning and property management of Picasso 2, a new project to be developed by Titan Stone Real Estate.Learn more about Picasso City Garden

Realestate.com.kh is proud to announce its fifth annual Cambodia Real Estate Awards  (CREA 2024). The grand gala event, set for April 2024, aims to honour and celebrate outstanding achievements within the Cambodian Real Estate industry.The CREA 2024 awards feature categories across different real estate disciplines, including:Real Estate Developer / Development AwardsReal Estate Agency AwardsReal Estate Hall Of Fame AwardsBENEFITS OF JOINING CREA 2024The Cambodia Real Estate Awards is a prestigious event celebrating the best of the best in Cambodia's growing real estate sector. Joining the CREA 2024 allows agencies and developers to establish themselves as recognised and trustworthy members of the industry.Winners and nominees also benefit from the following:Brand and development exposure to local and international buyers, homeowners and investors.Judged by respected leaders in the Cambodian real estate industry and the general public.Endorsed by the Ministry of Land Management, Urban Planning and Construction.Endorsed by the Real Estate Business and Pawnshop Regulator.Endorsed by the Cambodian Valuers and Estate Agents Association (CVEA)..All winners receive the iconic CREA trophy and plaque to display in their office, showroom and at events.All winners receive the official CREA seal to use on all marketing material. Enter the Cambodia Real Estate Awards 2024WHO CAN PARTICIPATE IN CREA 2024All licensed firms and individuals are welcomed and allowed to participate in CREA 2024, regardless of the size or wealth of their operation. With industry and government involvement from the Ministry of Land Management, Urban Planning and Construction, the Real Estate Business and Pawnshop Regulator as well as the Cambodian Valuers and Estate Agents Association (CVEA), participants can be sure that the process is objective, fair, and done with integrity from start to finish.All these steps are taken to recognise the achievements of the Cambodian real estate industry objectively, fairly, and on a wholly inclusive basis.HOW TO PARTICIPATETo participate in CREA 2024, interested parties are welcome to get in touch with our team or download the relevant submission form here.Benefits of Participating:Further strengthen your position in the Cambodian real estate marketBe recognised as a leader in the Cambodian real estate industryNetwork with fellow professionals from the real estate industryLearn more about new industry developmentsReceive an iconic Cambodia Real Estate Awards trophy and certificateReceive high-quality marketing assets to leverage across your businessInterested in learning more about CREA 2024? Visit our website at www.cambodiarealestateawards.com Enter the Cambodia Real Estate Awards 2024Key Contacts for Cambodia Real Estate Awards 2024English & Khmer:Name: Ms. Annabelle Vong (Anna)Position: Event - Sales ManagerEmail: annabelle.vong@realestate.com.kh Phone: +855 (0) 17 426 797Chinese:Name: Zhao Shaochun (Halley) Position: Corporate Partnerships Advisor Email: halley.zhao@realestate.com.kh Phone: +855 (0) 86 394 459ANDName: Ms. Stefania Khiem (Steff)Position: Event ManagerEmail: stefania.khiem@realestate.com.kh Phone: +855 (0) 10 699 333

For anyone who has spent even a few years in Cambodia’s capital of Phnom Penh, the changing skyline, fuelled by rapid development and investment, is one of the most obvious changes to the city aesthetically. There are multiple mixed-development buildings, condos, hotels, and malls which have contributed to changing the characteristics of the expanding city. As Phnom Penh reaches new city limits, what are the tallest buildings in the capital and which are still under construction?Tall buildings referenced in this article are meant to be enclosed buildings with continuously occupiable floors. The information varies from source to source on the actual height and even the number of floors of the buildings, but we have tried to be as accurate as possible based on the information available.Which Are The Worlds And Asia’s Tallest Buildings?There is a sense of competition between nations and conglomerates to own the coveted tallest buildings on the planet as a means of prestige and often results in attracting tourism too.The international non-profit organisation Council on Tall Buildings and Urban Habitat (CTBUH) puts out a list of "The World's Tallest Building" and is regarded as setting the standards by which buildings are measured. According to CTBUH, the Burj Khalifa in Dubai is the tallest building and stands at 828 meters high! Out of the tallest ten buildings in the world, 8 are located in Asia, and 75 per cent of the 50 tallest skyscrapers in the world are in the region. China leads the charge with fifteen of the tallest skyscrapers, while the UAE has also several top contenders, and the city of Dubai has the most skyscrapers in the top fifty tallest buildings in the world.Burj Khalifa (Dubai, UAE) - 828mMerdeka 118 (Kuala Lumpur, Malaysia)  - 678.9mShanghai Tower (Shanghai, China)  - 632mAbraj Al-Bait Clock Tower (Mecca, Saudi Arabia) - 601mPing An International Finance Centre (Shenzhen, China) - 599.1mLotte World Tower (Seoul, South Korea) - 554.5mOne World Trade Center (New York City, USA) - 541.3mGuangzhou CTF Finance Centre (Guangzhou, China) - 530mTianjin CTF Finance Centre (Tianjin, China)  - 530mChina Zun  (Beijing, China)- 527.7mTop 5 Tallest Buildings In Phnom PenhThere are currently 8 buildings in the Cambodian capital which surpass 200 meters in height, but there are many under construction (and even many more which never materialised). As a reference, for many who are familiar with the city, Canadia Tower was for the longest time the tallest building in Phnom Penh, and it stands at 118m high - and now would only just make the top 50 tallest buildings in the city - while the Vattanac Capital Tower was the tallest building in the capital for nearly a decade from 2014-2022, standing at 187.3 meters! This will soon be nearly less than half the height of some projects under construction.1. Morgan Enmaison 2Developed by Morgan Group, who also successfully completed the Morgan Tower, Morgan Park Villa, and Morgan Champs-Elysees projects in Phnom Penh, the tallest building in the capital by the close of 2023 stands at 243.8 meters high. The Morgan Enmaison 2 development has 54 floors, includes 4,480 units, and covers 400,000 sqm! The condo building is located in Chroy Changvar along the Mekong River and some of the features include a yacht dock, helipad, rooftop sky bar and more than 15 acres of landscaped gardens for the residents. 2. The Peak Shangri-la TowerThe 228-meter-tall building was completed in 2022, and The Peak Shangri-la Tower has 55 floors in this mixed-use building located near AEON mall and the NagaWorld complex. The second tallest building in Phnom Penh offers condos, shops & restaurants, office space as well as the Shangri-La Hotel. There are over 1,000 condo units in this Phnom Penh building and two viewing decks for views of the capital.3. Urban Village Sky Prime TowerUrban Village Sky Prime Tower is a staggering 225 meters high with 58 floors, and is located to the south of Phnom Penh, along Samdech Hun Sen Boulevard, and is the tallest building along that major road.Urban Village Phase 2 Sky Prime Tower H is the tallest tower at the residential development from Urban Hub Cambodia and offers a podium viewing deck with a panoramic view of the Bassac River.4&5. The Peak Residential 1 & 2Part of the same development as The Peak Shangri-la, The Peak Residential 1 and 2 are listed as separate buildings and contain 55 floors each and stand at 224 meters. Completed in 2022, the Phnom Penh residential towers also include a gym and five floors of retail, a swimming pool, and a sky lounge on the top floor.Highest Proposed Buildings in Phnom Penh - CambodiaJ Tower 3 was launched late in 2023 and is under construction, while Cambodian Prime Minister Hun Manet has lauded the proposed 555m OCIC project due for development on Koh Norea - although details on that development are still unclear.There is an unverified list of buildings under construction in Phnom Penh, which indexes as many as 20 properties which could be higher than 200 meters when completed.J Tower 3 - Condo Over 300 MetersWhen completed in approximately 2028, the J-Tower 3 Condominium could be the tallest building in Cambodia and stand at over 300 meters high (planned to be 310.5m) and feature 77 above-ground floors.Although construction only got underway in 2023, there are some grandiose plans for the building which is located in Tonle Bassac, Khan Chomkarmon. A sky pool and sky bar will be located on the 77th floor, and if completed, it means the J Tower 3 could have the highest outdoor infinity pool in the world. One floor above the pool will be an observation deck with panoramic city views.OCIC Koh Norea Project - 500 Meters HighThe Overseas Cambodia Investment Corporation (OCIC) unveiled plans for a monster-sized building in November 2023, which is expected to be over 500 meters high and based in the Koh Norea development area of the capital - which could make it easily the tallest building in Cambodia.OCIC Deputy General Director, Touch Samnang, confirmed the project but we know over the years that a project being announced does not necessarily mean it will come to fruition.The building is planned to be constructed on the left-hand side of the Koh Norea Bridge, and the Cambodian PM cited the development, adding,“As I know, Koh Norea is planning to build the tallest building with a 555-metre height. Hopefully, it will be here, not just a high building in Cambodia, but also a high building compared to the region.”Naga World 3 Tower - 75-Story Hotel When Naga 3 was first announced, it was going to be the tallest building in Cambodia and stand at 358 meters tall. The 75-story hotel tower and casino project in Phnom Penh was due to be completed in 2025, however, in 2023 it was announced the plans for the project were placed on hold and completion would not be possible before 2029.The addition of the Naga 3 complex would see the addition of 5,000 hotel rooms across three towers and initial costs were placed at USD $ 3.5 billion.Picasso 2 - Phnom Penh CondoThe Phnom Penh condo residential property is located in BKK1 and construction launched at the tail-end of 2023 with limited information available. Based on the proposed plans of 56 floors, this condo could be in the mix for making the tallest buildings in the capital when it's completed in approximately 2027.With an estimated number of 700+ buildings in Phnom Penh exceeding 9 floors, and more than 50 buildings with 40 floors or more, the city continues to rise skywards and it will be interesting to see what buildings stand tallest in the city by 2030 and beyond.

As 2023 draws to a close, we look at some of the most exciting condo units which were launched and are being developed in the Cambodian capital of Phnom Penh, with each residence set to add something new to the urban skyline and increase the choices for potential home-buyers and investors.There were ten completed condo projects and three new launches in the first half of 2023 in Phnom Penh alone, which added 1600+ condo units to the market, while 8,000 were expected to be added to the supply by the close of the year. While the market has faced headwinds, according to the inaugural semi-annual report released by the National Bank of Cambodia, the condominium market saw a 12.9 per cent increase in the first half of 2023.In total, across the first three quarters of 2023, the Ministry of Land Management, Urban Planning and Construction (MLMUPC) granted licenses to 2,600 construction projects worth a total investment of $4.96 billion.For foreigners and locals looking to purchase real estate, Cambodian condominium units remain attractive, so which are some of the residential condo projects that have launched that are most exciting?J Tower 3 - Luxury Condo In Phnom PenhJ Tower 3 is a residential property condo developed by a trusted Japanese real estate developer Tanichu Group who have a proven track record and completed three successfully launched projects in the Kingdom (J-Village Apartment, J-City, J-Tower 1 & J-Tower 2).When completed, the J-Tower 3 Condominium will be the tallest building in Cambodia at over 300 meters high and will contain 77 floors (with two additional underground floors offering 252 rental parking lots) and it hopes to establish itself as a new landmark in the capital. There are ambitious plans to offer its residents comfortable and luxurious living standards in a prime location and the building could also be among the ten highest in Asia when completed.Standing at 310.5m on completion, the condo covers a total area of 98,480 m² and is constructed with reinforced concrete to ensure durability and safety. Some of the features include:A sky pool and sky bar will be located on the 77th floor, with breathtaking 360-degree views of the expanding city and its surroundings. An observation deck will be installed on the 78th floor.The 50th floor will house a high-end cafe and luxury lounge, a mini shop, as well as a business room.An inner pool, kids pool, sauna, public bath, and spa, will also be available on the 49th floor.The swimming pool and fitness gym are located on the 29th floor.An outdoor park is planned for the 28th floor.The 11th floor will provide a dedicated Kids' Play Space, a pool bar (billiards), and a table tennis hall.Tani Shunji, the CEO of developer Tanichu Group claims the infinity pool on the 77th floor will be the highest pool in the world, although depending on the type of pool, there are higher pools in China, Hong Kong and Dubai - but this could be the highest outdoor infinity pool on the planet!In total, the developer plans to offer 360 3-bedroom condo units to residents, which range from 166m2 to 178m2. There should be smooth and efficient access to the floors via the building's eight elevators.Location: Tonle Bassac, Khan Chomkarmon (Phnom Penh)Prices: USD $320,000+Completion Date: Q4 2028 (estimated)Time Square 302 (Time Square 6) - BKK1 Urban Living CondoTime Square 302 (which is also known as Time Square 6) is the 6th property project from Mega Kim World Corp who have a reliable track record of successful condo projects in the capital.Based in centrally located BKK1, the Time Square 302 condo property will offer buyers a range of one-bedroom and two-bedroom units as well as 3 and 4-bedroom duplex units (from 57 m² to 170 m²).  The developer aims to provide contemporary and modern urban living in the Cambodian capital with construction brought forward and getting underway in Q3 2023 with off-plan sales already tracking very well.There are 370 units located at Time Square 302 which covers 977 m². Some building and residence highlights will include:48th-floor rooftop with fitness and lifestyle facilities, including a yoga studio, fitness centre, swimming pool and a canopy garden.The 37th floor offers a ping pong room, golf simulation area, cafe/ lounge/ games room, a kid's play area, meeting room, cinema & karaoke.At 190 meters tall, the developer aims to offer quality and affordable homes to local Cambodians and foreigners as well as investors.Location: Boeung Keng Kang 1 (BKK1), Phnom PenhPrices: USD $100,000 - $300,000Completion Date: Q1 2028 (estimated)Picasso 2 - BKK1 Mixed-Use Development Our final highlight from 2023 is the Picasso 2 condo residential property located in BKK1. The premium urban living project is being developed by Global Titan Stone Development, who also have a reliable track record of property projects in Cambodia. They previously launched a sold-out Picasso 1 City Garden in BKK1 which was completed in 2021.Located in the centre of Phnom Penh at the intersection of Street 57 and Street 282, Picasso 2 offers a prime location which covers 56 floors of luxurious condominiums as well as high-class amenities, and even shophouses.There will be one-bedroom units available and the development will include fitness centres, landscaped gardens, and communal spaces as well as a rooftop leisure area providing residents with panoramic views of the capital.More details on the pricing of the units are still to be confirmed and the condo has an estimated completion date of 2027.Location: Boeung Keng Kang 1 (BKK1), Phnom PenhPrices: TBCCompletion Date: 2027 (estimated)Property Outlook For 2024In Southeast Asia, a recent survey by price-tracking platform Numbeo, tracks Phnom Penh as fourth in terms of least affordable based on property price-to-income ratio in the region, with the Cambodian capital behind Ho Chi Minh City, Manila, and Bangkok. This is meant to reflect apartments which are least affordable in the region, as a higher price-to-income ratio indicates lower affordability. However, the CEO of developer Tanichu Group remains optimistic, saying in late 2023; “There will be ups and downs in any city’s real estate sector on the basis of fund flows and in the Kingdom, the situation is quite stable. Of course, there is a slowdown caused by the pandemic and a decrease in fund flows from China. But the sector will resurge.”As we have highlighted throughout 2023, the economic outlook for the Kingdom remains comparatively strong in the region, especially compared to global GDP growth. Cambodia also has the strongest FDI momentum heading into 2024 and remains an attractive option for investors.The adjustment of prices in the local housing market, a shift in developers and agents' marketing tactics as well as a change in construction styles and payment procedures have been seen as positives, while the need to buy from trusted developers has been a priority for buyers and investors in Cambodia.

Price Waterhouse Cooper (PWC) and Urban Land Institute (ULI) have authored a report describing key Asia Pacific real estate trends witnessed during 2023 and projected the likely course of real estate for 2024.Localising the findings and applying local market characteristics, realestate.com.kh has provided additional commentary, insight and analysis.Key Findings - Asia Pacific Real Estate TrendsA key finding of the report was the impact of interest rate hikes on commercial real estate in the region. As a result of the myriad of knock-on effects on businesses, commercial real estate transactions are declining with traditional sectors such as commercial office buildings being out of favour with developers who are pivoting capital to alternatives.Overall, the outlook is more optimistic for a recovery once markets stabilise from the early years post-pandemic. The IMF expects Cambodia to be the fastest-growing economy in Southeast Asia in 2024, with inflation contained at 3 per cent in both 2023 and 2024. How Rising Interest Rates Have Disrupted Asia Pacific Real EstateCentral banks across the globe initiated unprecedented interest rate hikes in 2022, marking an end to over a decade of ultra-low rates. These changes in the cost of capital are having wide-ranging impacts on real estate markets across Asia and the globe generally.In mid-2023, National Bank of Cambodia (NBC) Governor Chea Serey hinted at some risks, saying, “Falling credit growth and higher borrowing costs brought on by heightened interest rates across the globe may diminish domestic investment…”The average loan interest rates in Cambodia were up by 14 per cent (riel) and 11.66 per cent (USD) between January and June 2023.  Fixed-term loan interest rates during 2023 ranged on average from between 7.5% to 10%.In October 2023, the World Bank also heeded caution, calling for continuous monitoring for signs of overheating in the real estate credit market in Cambodia. In response to these higher rates, banks have tightened both commercial and development lending.  Along with the current market conditions, this is having the effect of reducing the number of new development projects which are likely to continue at least into H1, 2024.A reduction in the pipeline of new supply combined with a rapidly growing economy in Cambodia will mean the excess supply in the market begins to be absorbed in 2024, and further into 2025, which will help correct the current supply vs demand imbalance.In respect of Cambodia’s rapidly growing economy, there remains an overall positive outlook for the economy, with estimates unanimously above 5 per cent GDP growth from the leading financial institutions for 2023, and above 6 per cent for 2024 and beyond.Locally, there has been a noticeable slowdown in the pace of land sales in 2023. The key reasons include large investors (domestic and international) holding back, in addition to the financial institutions reducing lending with tightening financing conditions. These cooling effects will help to restrain and reset land prices after speculation within the land market began to drive and rapidly increase prices in the Kingdom between 2016 - 2019.Currently, the Ministry of Land Management, Urban Planning and Construction (MLMUPC) confirmed licenses have been granted to 2,600 construction projects with total investments of just under USD $5 billion in the first three quarters of 2023. A further positive was that early indicators of construction investment might even be heating over the course of Q4 2023.Traditional Investment Strategies Not As EffectiveOffice and retail assets that previously dominated property investment strategies are now out of favour, suggested the trends report. This is because fundamentals such as high vacancies and structural concerns around long-term demand have deterred investors. In the Asia-Pacific region, the traditional asset classes of office and retail are seen as less sought after by investors. One example was that office deals decreased by as much as 50% year-on-year in the first three quarters of 2023. In Cambodia, the oversupply situation within the retail and office sectors has been widely reported.Occupancy rates in commercial office buildings within Phnom Penh are thought to have dropped from 85% to 60%, and for modern retail developments, from 70% to circa 63%.The increased adoption of technology across work-from-home for office and online shopping, and delivery services in the retail sector, have also contributed to weakened demand.Outlook Remains Cautiously Optimistic For Real EstateThe report suggested that the real estate market's reset process remains incomplete but recovery is expected once new norms stabilise.Emerging countries like Cambodia could benefit as the trend for foreign investors to diversify manufacturing bases away from China has accelerated. The real estate sector in the Kingdom has seen growth in Trust investments, and the key property announcements from Cambodia’s G-PSF 2023 showed that the government is trying to put in measures to help protect the sector and reassure investors.The recently published FDI Standouts Watchlist also ranked Cambodia as having the strongest investment momentum into 2024 using data of nations which are entering the new year with a strong macroeconomic and FDI momentum.The combined incentives such as government support for foreign investment, a young and available workforce and investment into the supply chain infrastructure, all bode well for the medium to long -term. Ultimately, Cambodia is still viewed as an attractive target for foreign and local developers, as well as investors.

Cambodia is heavily investing in modernising and expanding its infrastructure, and in November 2023, the Council for the Development of Cambodia (CDC) confirmed that 10 major bridges with a total length of 10.89 km and a budget of USD $372 million were under construction.These bridges are; a bridge over the Sekong River, Stung Treng, 2 bridges along the Tonle Sap River (Cambodia-China Friendship Bridge, Prek Kdam and Cambodia-China Friendship Bridge, Chroy Changvar II), 3 bridges along the Bassac River (Cambodia-China Friendship Bridge Takhmao, Cambodia-China Friendship Bridge, Koh Thom and Cambodia-China Friendship Bridge, Sitbo), and one flyover, Cambodia-China Friendship Bridge, Sen Sok).This is in addition to several new airports under development (with Siem Reap International Airport the only one in operation) and 31 new roads (measuring 3,077 km) at a cost of USD $2.18 billion via Chinese concessional loans and grants.These Chinese-approved concessional loans and grants have thus far resulted in the completion and construction of projects to a total value of USD $3.34 billion.These include the construction of bridges which span the Mekong River:Mekong Stung Treng BridgePrek Tamak BridgeStung Treng-Krouch Chhmar BridgeJapanese and South Korean funding for bridges has also enabled the capital city of Phnom Penh to be better connected to the neighbouring provinces and internally. Koh Pich-Koh Nora Cable BridgeThis cable-stayed concrete bridge was completed in October 2023 after three years of construction and connects Koh Pich to Koh Nora across the Bassac River. Its development is seen as a significant development in the city, easing traffic congestion that has been a sore point in the area and was limiting its growth.The official inauguration of the cable-stay bridge was held on October 15, and was initially temporarily opened to cater for the increased traffic during the cultural Pchum Ben holiday.The bridge aims to address traffic congestion at the Monivong Bridge, which connects the Chhbar Ampov commune to central Phnom Penh - so the bridge is a crucial link between the eastern and western parts of the capital. It now directly connects two major districts: from Russey Keo and via National Road 5, passing through the roundabout at OCIC Boulevard to National Road 6 in Chroy Changvar. Although a passenger ferry service operates near the site of the bridge, it was not sufficient to meet the needs of an increasing number of users and the bridge also contributes to improving the transportation of goods and services across the city.With a total length of 824 meters and a width of 20.5 meters, there is a speed limit on the bridge of 40 km/h. The total cost of the project was approximately USD $35 million and its construction was overseen by the Overseas Cambodian Investment Corporation (OCIC) and the funding provided by the Koh Norea Development Area Fund of the OCIC.As a spectacle with the Cambodian flag emblazoned brightly at night along the cable structures, it has become a popular landmark in the city and served as a backdrop to many a photo during the Water Festival held in Phnom Penh in November 2023.Russey Keo BridgeThis 20.5 meter-wide cable-stayed concrete bridge crosses the Tonle Sap River and is accompanied by a new Russey Keo overpass in Prek Tasek commune of Chroy Changva district. The Phnom Penh bridge was trialled during the Khmer New Year in April 2023 to test its development.The expectations were that this would ease traffic congestion in the northern area of the capital and the Russey Keo Bridge was finally inaugurated in June 2023. At a length of 922 metres long and 20.5 metres wide, construction began in October 2017 and the total cost was USD $35 million before its competition.Cambodia-Korea Friendship Bridge - Phnom Penh to Svay ChrumThe proposed Cambodia-Korea Friendship Bridge would be the first bridge to connect Phnom Penh to Svay Chrum, located in Kandal province - with the city being linked to Arey Ksat from the Phnom Penh Night Market area.This means the bridge would need to cross two rivers, the Tonle Sap and the Upper Mekong.The Korean government is exploring the project, and in November 2023 it was confirmed the development would go ahead with a concessional loan from the South Koreans. It is proposed the Cambodia-Korea Friendship Bridge will be divided into two parts;One part crosses from the Phnom Penh old market/ night market area to Chroy Changva;The second part would be built between Chroy Changva to Svay ChrumThe bridge project will also facilitate travel on the two Chroy Changva bridges, the Cambodia-Japan Friendship Bridge (old bridge) and the newer Cambodia-China Friendship Bridge (new bridge). The latter was completed in November 2021 so it is also a relatively new addition to the Cambodian capital.Chak Angre - Prek Pra Bridge (over the Bassac River)The Prek Pra Bridge was announced in August 2023 and is planned to be built from Chak Angre (which is located in Meanchey district) to the south of the city, and across the Bassac River to Prek Pra (which is located in Chbar Ampov district).The intention is to further help relieve traffic congestion on both the Monivong Bridge and Prek Samrong Bridge (Takhmao Bridge).The most recent news is that the Ministry of Public Works and Transport is negotiating with the Chinese for the construction of this bailey (or truss) style bridge, which when completed, could be 845 meters long and divided into 4 traffic lanes at an estimated cost of approximately USD $60 million.The bridge project was studied by the Chinese company Shanghai Construction Group Co., Ltd. (SCG) and had previously been approved by former Prime Minister Hun Sen. This Prek Pra bridge was scheduled for foundation work starting in 2023 and a groundbreaking ceremony to be held before the end of the year.Kratie BridgeThe 1,761-metre-long bridge with a 13.5 meters width is being built across the Mekong River in Kratie province with a budget of approximately USD $110-114 million after being launched by former Cambodian PM Hun Sen and Chinese Ambassador to Cambodia Wang Wentian on January 2, 2023. The funding is sourced with concessional loans from the Chinese government and will also include a contribution from the Royal Government of CambodiaThe project is expected to take about 42 months to complete with a target completion date in 2026. The projects will also connect  31.69 kilometres of roads as well as four intermediate bridges with a total length of 384 metres.By July 2023, the bridge was reported as being 15 per cent complete and is being overseen by the Kratie Provincial Department of Public Works and Transport.It's another location with ferry services but crossing the completed bridge is expected to be free so it will benefit local users.Funan Techo Canal ImpactThe proposed Funan Techo Canal, which is planned to cost about USD $1.7 billion and could take four years to complete, was announced in May 2023. This project could (or should) result in further waterway and bridge construction from Phnom Penh all the way to the Cambodian southern coast.Interconnectivity Leads To Increased Property PricingAs a recent article illustrated, the completion of these urban bridges can breathe new economic life into areas that previously were more difficult to reach from the city centre. Koh Norea is seeing increased land and property pricing with an average of $800-$1,700 per square metre while the land within the OCIC development zone is in the region of $2,500-$4,000 says Singapore Development Company AKRAM Development Co., Ltd. Its anticipated prices will also rise in areas such as Koh Pich and Tonle Bassac.Private land sale prices in Chbar Ampov are estimated to be around $2000 per metre, while rental prices on Koh Pich for a studio costs $350-500 per month, a one-bedroom from $450-650 and two-bedroom units average $700-$1,200.

Recently we discussed some of the key themes around Sihanoukville and why there is a dual government drive to promote the region, as well as the reasons for why investors are still keen to see the area be developed to its full potential.From large infrastructure projects, increased and more frequent transport links to international hubs by sea and air, tracking Cambodia’s Industrial Development Policy 2015-2025 & Sihanoukville Masterplan, as well as the plans to address the unfinished buildings in the city - there remain many reasons to be cautiously optimistic.Settling in the region obviously offers the dream of a tropical seaside lifestyle that is still enviable for most retirees, remote workers, and long-term expats, and appeals to investors and Cambodians.Off-plan condos are a type of property which is sold before construction has been completed (sometimes before it's begun!), or while construction is still in progress - but is there much supply and demand in the market in Sihanoukville? And what should buyers be considering when looking at an off-plan property?Can Foreigners Buy A Property In Sihanoukville?First of all, Cambodia’s favourable foreign property ownership laws continue to remain a strong drawcard for property buyers and investors who can acquire freehold condominiums which can then be rented or sold at their discretion.Foreign or expat buyers can own a strata-title condominium outright with some minimal caveats (such as not being on the ground floor) which we have covered previously. It also means there is investment potential and resale potential as the condo unit, for example, can be sold and/or the property title can be transferred to another non-Cambodian at a later date.This is why in all recent Cambodian property surveys, condos remain the most in-demand property type among foreign buyers in the Kingdom. With the advancement of the Trust Laws, there is rising interest in land ownership too through that mechanism.Buyers should also be aware of the 19th Cambodian Government-Private Sector Forum (G-PSF) announcements of several tax updates relevant to the Cambodian property sector.Buying A Condo In Sihanoukville - What To ConsiderPurchasing off-plan properties has seen a dip in interest in Cambodia and buyers are more confident in purchasing in a condominium that is complete or nearing completion - in fact nearly twice as many preferred to invest in a condo that was ready to move into over an unfinished condo development.Keep in mind, that one of the key trends we have highlighted in the Cambodian property market post-pandemic, is that due diligence is still required and sourcing developments from reliable developers with a good track record is paramount. There have been fewer buyers, or interest, in buying off-plan due to potential construction delays, or the very real fear (as Sihanoukville highlighted) of cases where a project might not be completed.For context, many of the unfinished buildings in the city are casinos and larger developments that never materialised rather than condo developments.Currently, the number of off-plan properties available on the market in the southern coastal city of Sihanoukville is limited to only a few developments, and those properties that are available are mainly villas and borey properties will are less sought after by foreigners due to the restrictions of foreigners legally owning the hard titles.Financing Options For Your Condo Purchase in CambodiaAs is the case anywhere else in the Kingdom of Cambodia, there are different financing options available at condo developments for sale. Most often, bank mortgages and loans are exclusively available to Cambodian citizens unless there is some sort of collateral a foreigner can provide to the lender, such as local property titles or other reliable assets.From affordable condos to luxury condo developments, foreign buyers will likely need the finances to buy the condo outright due to the difficulties in obtaining a mortgage from a bank in Cambodia, whereas local buyers will have a wider choice of financing options through Cambodian lenders.In the case of off-plan properties, property and condo developers in Cambodia traditionally offer varying financing schemes to make buying the property easier. Payment options for purchasing property in the Kingdom of Cambodia for foreigners might include one of the following:Full Payments - This usually requires the full amount for a property to be paid within 30 days of signing the sales agreement.Monthly Installment Payments - These allow for regular payments over a set period of time to make the payment more manageable for property buyers.Bank Financing - Financing provided by a traditional lending institution such as a bank or credit union via a mortgage or loan (rare for foreigners to be eligible)Sihanoukville Construction SectorKheang Phearum, spokesman of Sihanoukville Provincial Hall, said in October 2023, that 1069 high-rise buildings are being built or in the process of being developed in the city. Nearly half (475 buildings) are completed but a further third (364 temporary buildings) were halted due to paused investments.To address this issue of halted projects, the government announced a long-term and phased package of measures to help build investment confidence and short-term market demand.Crispian Knowles, Sales Manager in Sihanoukville for Realestate.com.kh says that new developers won't necessarily take on unfinished projects in the city due to a range of reasons which could be design or location, for example. The benefits of new developments are a commitment by the developer to finishing the project and also offering more attractive incentives, returns, and packages for buyers at representative market prices.Popular Property Areas In SihanoukvilleThis is a key consideration when looking at investing in a condo in Sihanoukville as well as the mid to long-term goals and returns. There are some key districts or sangkats in the city:Sangkat 1: A busy district which is also the location of the Sihanoukville autonomous port and 18 km away from the airport.Sangkat 2: A residential area which also offers upmarket sea-view condos and local malls.Sangkat 4: A sought-after residential district with beachfront condos and the popular Ochheuteal and Serendipity beaches.Sangkat Bei: One of the condo-led areas with a mix of restaurants and malls.Sangkat Buon: Well-known for its pristine beachfront and accompanying apartments, villas, and condosIn terms of sizes, condos and apartments in Sihanoukville have an average floor area of approximately 58 sqm with the larger condos being 80+ sqm.On the opportunities in the rental yields from the property market. Knowles sees Sihanoukville as offering rental yields of 8-10 per cent due to the low cost of living and high demand for rental properties in the city.He adds that property developers are also now offering greater discounts on the remaining property stocks in Sihanoukville with some providing interest-free developer loans as well as increased agent commission incentives.With affordable condo units available from around $45-50K and rising to over a million dollars for penthouse suites at in-demand locations, the median property price is around $120,000 in Sihanoukville - so potential buyers need to have a clear understanding of their strategy.

Following the 19th Cambodian Government-Private Sector Forum (G-PSF) held in Phnom Penh this week, several new tax incentives were announced relating to property and development including the news that the Capital Gains Tax was once again delayed.Cambodian Prime Minister Hun Manet has stressed that moving forward, The Pentagonal Strategy Phase 1 which is defined by five factors: growth, employment, equity, efficiency, and sustainability, will be used by the Royal Government to select the five key priorities with a core focus on: people, roads, water, electricity, and technology.Cambodian Tax Administration Reforms The government aims to establish clear standards and transparency in tax implementation, putting in place standard operating procedures (SOP) for tax officers to adhere to.These SOPs will provide common standards for the implementation between tax officials and taxpayers and we have picked out those relevant to property:Real Estate Surveys and Procedures for Real Estate Surveys,Unused land tax and procedures for tax officials and taxpayers,Property tax and procedures for tax officials and taxpayers,Stamp taxes and procedures for tax officials and taxpayers,Taxes on real estate fees and procedures for tax officials and taxpayers.Capital Gains Tax Delayed Until The End Of 2024The Capital Gains Tax was confirmed to be delayed again with the implementation on capital relating to immovable property, finance leases, investment assets, goodwill, intellectual property, and foreign currency not coming into effect before the end of 2024. The Ministry of Economy and Finance (MEF) issued Prakas No. 346 to implement capital gains tax with a flat tax rate on capital gains of 20 per cent. Initially, this was due to come into effect on 1 July 2020 but has been delayed several times.For immovable property, the tax authorities provide a choice where the taxpayer can claim a standard tax deduction of 80% of the taxable income or actual expenses with supporting documents. For capital gain from the sale or transfer of other assets, taxpayers must claim tax deductions based on actual expenses incurred. You can find out more here on the process and calculations of the Capital Gains Tax in Cambodia.Changes To Cambodian Property TaxesStamp Duty Exemptions ExtendedSeveral key points were highlighted relating to Cambodian Stamp Duty. This tax exemption extends to stamp duty on real estate transfers within family relationships, including parents to children, grandparents to grandchildren, spouses, and husbands for gifts and inheritance.Continuation of stamp duty exemptions on the transfer of ownership or possession of all types of housing in the form of housing development (boreys) with a value of less than or equal to $70,000 until the end of 2024.Additional stamp duty exemption on the transfer of ownership or possession of all types of housing in the form of a city and a value of more than $70,000, allowing the deduction of that amount from the stamp duty base to buy a home in a housing development project (borey) that has a real estate business license and is properly registered until the end of 2024.Tax On Immovable PropertyProperty owners can now register and pay taxes on immovable property that was not previously registered. Penalties and interest rates on the tax on immovable property will be waived until the end of June 2024. However, this does not apply to taxes already paid. Exemption from administrative penalties on property tax and/or unused land tax, where property owners can only pay tax without additional tax and interest until the end of June 2024.Exemption from tax reassessment, which includes taxes including administrative penalties (additional tax and interest) from the year the tax is applied until 2023 for properties that have been registered and declared property tax in the past with an incorrect land value or construction land size construction type of construction, or construction life. From 2024 onwards, the laws and regulations in force must be complied with.Authorised the registration and payment of taxes from the year of occupancy or the last beneficiary of the property (with or without a title deed) that has not been registered and declared for property tax in the past.Unused Land Tax To Be Implemented in 2025The government will provide further clarification and incentives regarding this Unused Land tax to be implemented in 2025 but they could be looking to tax unused land that exceeds 5 hectares or more in size with initial details provided below. It should be noted that there has been a property tax applied only to real estate located in the 14 districts of Phnom Penh and 27 cities in the provinces throughout the country.The tax on Unused Land applies to land with construction and unused construction land and unused land, which is generally land not in Phnom Penh city. This is being introduced for four reasons, with Cambodian Prime Minister Hun Manet explaining, “The government has four purposes in taxing land which is not in use. First, we will prevent people from buying dozens of hectares of land for speculation. This will also prevent them from selling it at a higher price and taking advantage of the market, leading to a loss of productivity. Second, it will encourage them to use the land in line with our development goals. Third, we aim to increase economic activity and create employment opportunities and fourth, we aim to increase tax revenue, to increase the available budget for sub-national expenditure.”It is a tool to prevent the purchase of large hectares of land, leaving it unused for sale, raising prices for profit, or as a farming activity that reduces the productivity of land use as a resource.To promote appropriate and developed land use.Increase economic activity and labour force.Ensure revenue collection benefits the budget of the sub-national administration.The government wants to avoid double taxation and a new policy from the GDT and MEF will revise the legal documents to ease the conditions for obtaining tax exemption for unused land. This will be as follows:Land subject to unused land tax refers to land outside the property tax area;Land subject to unused land tax is allowed to be deducted at 5 hectares per site;Land in excess of 5 hectares can be exempted from tax on unused land in accordance with any of the following conditions:Agricultural land being cultivated with the approval of the commission or sub-committee to assess the land for unused land tax,The land serves the economic activities of a natural person or legal entity registered with the tax administration,Land with or without construction under lease,Land owned by the Royal Government or government institutions,Economic land concessions leased from the state, or community land,Land owned by the state leased to a legal entity or a natural person for use in various economic activities under a contract or agreement between the two partiesLand in a special economic zone that directly serves agricultural, industrial and service activities, andIn accordance with the request by the Education Working Group, the land is registered as the property of the enterprise in the field of education, education and vocational training for the purpose of working in the field as mentioned above. Foreign Land Ownership in Cambodia & Growth Of TrustsPrior to the G-PSF, there were rumours that the government would allow foreigners the legal right to purchase houses and land in borey projects but Prime Minister Manet said that only natural persons and legal entities of Khmer nationality have the right to own land. The Cambodian prime minister said, “I think that the current challenges in the real estate sector do not require a constitutional amendment,” suggesting that foreigners can purchase land in Cambodia via the 2019 Trust Law which allows foreigners to buy and occupy land by appointing a representative as the owner in the land ownership document.The Director General of the Trust Regulator of Cambodia (TR) Sok Dara confirmed this week that there were 683 trusts registered with the TR with a total investment fund of USD $1.22 billion as of November 14, 2023. A further 83 new trusts (total investments of USD $35 million) are expected to be added by the end of November 2023.As many as 580 of the trusts were registered in the Cambodian real estate sector.

The “will it” or “won't it” recovery seems to be an ongoing lingering question on the future of Sihanoukville. Without a doubt, the southern coastal region of Cambodia saw unprecedented booms and the last few years have been tough going but there appears to be a more cooperative and long-term vision shaping the pathway for the province with infrastructure, developmental, investment and tourism all key aspects and synergies of the plan to re-instil confidence into the property sector and investment in general.Since the new Cambodian Prime Minister took office, Hun Manet has been on a mission to extend and mend international relations and look to diversify the partnerships that the Kingdom is working with - lessons no doubt learned from the pandemic - and Sihanoukville is a focal point of these efforts.Phnom Penh-Sihanoukville ExpresswayThe Chinese-invested Phnom Penh-Sihanoukville Expressway has been a success story for the multi-infrastructure investment projects that have been undertaken, and many more are underway and in the pipeline.On the one-year anniversary of the opening of the only active Cambodian expressway on November 7 2023, Hun Manet said the expressway had played an important role in improving the efficiency of travel, as the travel time (one on the expressway) had been reduced to approximately two hours.He added it has “become a new economic artery to serve the transportation and connectivity” and the Ministry of Public Works and Transport confirmed that between 4.7 and 5.1 million vehicles had travelled on the expressway during its first year of operation (depending on the reports used)Crispian Knowles, Sales Manager in Sihanoukville for Realestate.com.kh said, “The new Phnom Penh to Sihanoukville Expressway has reduced travel time going from the capital to the coast. From travelling around 6 hours before, the travel time now stands at 2 hours.  He added on the general sentiment for the region, “Despite previous setbacks over the past years, I predict that Sihanoukville is on the cusp of a comeback, suggesting that redemption may be near for the city. I believe that Sihanoukville will continue to be an attractive investment area due to its accessibility.”More Direct Flights To Sihanoukville Are NeededIn November 2023, there were renewed calls for Cambodia’s airports to increasingly connect with more airlines and airport hubs as tourism remains such a core pillar in driving economic growth and in employment .With the launch of the new Siem Reap Angkor International Airport, and the pending operational launch of the new international airport in Phnom Penh potentially by 2025, the government will want to see a large influx of tourism to reward their investment into expanding the airport's capabilities in Cambodia.As such, Hun Manet called for more direct flights from other tourism spots in the region to Cambodia (with a particular focus on Sihanoukville). He said, “The establishment of direct flights to Sihanoukville is crucial. We need to figure out how to improve the connectivity of Sihanoukville with other tourist destinations. Some of the potential target routes included Thailand, Vietnam, the Philippines, Maldives, China, and IndonesiaJanuary-September 2023 saw a 162 per cent increase in air travel as 1.34 million foreign tourists (34 per cent of 3.7 million total tourist arrivals) came to Cambodia and the country remains on track for its 2023 estimates but currently, it is still only 50 per cent compared to 2019 (before the global pandemic). The State Secretariat of Civil Aviation (SSCA) reported:The total number of flight movements was 37,200 for the three Cambodian international airports between January and September 2023.A weekly average of 850 flights (combined for domestic and international flights) at the three international airportsSihanoukville - Model Multi-purpose Special Economic ZoneSihanoukville is being developed into a “Model Multi-purpose Special Economic Zone” but its intended design and the strategy for the coastal Cambodian city has morphed over the years.The master plan is highly ambitious and projects to increase the city’s population to one million (with current population estimates at 300,000). This spike will be boosted by the growth in the SEZ and seaports, utilising smart technology, and ongoing mass-scale developments and investment.Previously we have addressed some of the impressive and important infrastructure projects underway, particularly on the Cambodian coast and the plan to connect the waterways and new ports to increase exports, tourism and general connectivity in the region.Hun Manet in November 2023 again reaffirmed the plans to develop Preah Sihanouk province as THE logistics hub of Cambodia.We have also learned that in addition to the strong Asian interest in the hub and the existing Sihanoukville Special Economic Zone (SSEZ), an American delegation will be visiting Preah Sihanoukville in mid-November 2023. The SEZ is Cambodia’s largest industrial park (size and occupancy) and is estimated to employ about 30,000 people.Further to the announced plans to deal with the issues of the large number of abandoned buildings in Sihanoukville city, (as part of Cambodia’s Industrial Development Policy 2015-2025 & Sihanoukville Masterplan), the Cambodian Ministry of Public Works and Transport (MPWT) has been entrusted with developing the railway and deep seaport infrastructure to facilitate the increased and more efficient movement of goods from and into the Kingdom.To make the port more competitive, three development phases aim to transform Sihanoukville Autonomous Port into a deep-sea port by 2029. When the first phase of the multi-phase deep-water Sihanoukville Autonomous Port expansion is completed, it is expected to reduce the cost of shipping from between USD $400-$500 currently, to USD $200 per container.Knowles added, “Nowadays, Sihanoukville offers some opportunities in terms of rental yields. Actually, you can easily achieve 8-10% due to the low cost of living and high demand for rental properties in the city.”One of the most impressive and ambitious projects is The Bay of Lights. The 934-hectare developmental city encompasses a huge and diverse range of accommodations, amenities (including clinics and education centres), entertainment and leisure facilities. Upon completion of the first stage, 427 hectares will be completed with a built space providing infrastructure and amenities.The area will be less than a ten-minute drive by car from the Sihanouk International Airport and will be connected to key industrial hubs such as the Sihanoukville Autonomous Port and the Sihanoukville SEZ.Knowles added, “This is yet another great attraction or addition to the Sihanoukville province, with various real estate residential options. Various leading real estate investors like Canopy Sands Development and Prince Real Estate Group are taking the front seat for a strategic partnership, which in turn has built confidence in the investor mindset, and with prices at below market value, this makes for the perfect opportunity to secure future growth investments.”Realestate.com.kh Presence In SihanoukvilleIn September 2023, Realestate.com.kh opened a brick-and-mortar presence in the coastal city.The leading online property company in Cambodia said at the time, “We are thrilled to announce that Realestate.com.kh has expanded its presence with the opening of our brand-new office in the beautiful coastal city of Sihanoukville. With a strong market recovery, we are excited to serve renters, buyers and sellers to the high level of professionalism and dedication that realestate.com.kh is known for.”

Property management in Cambodia, much like property management anywhere globally, entails the professional management of real estate properties on behalf of property owners. The property sector in Cambodia, as we know, has seen massive and rapid growth and much of this has been fueled by foreign investment in Cambodia, but also increased domestic property investment. As investment portfolios continue to include property in the Kingdom, property management services have become increasingly important to ensure the efficient operation and maintenance of properties and offer peace of mind to overseas-based investors.What To Consider For Property ManagementProperty management companies in Cambodia are responsible for various tasks. These can include the marketing and advertising of vacant properties, screening and selecting tenants, payment and rent collection, handling lease agreements, coordinating property maintenance and repairs, as well as ensuring compliance with local regulations and laws (which can be tricky at times).Here are some key aspects of property management in Cambodia:Property Types: Property management covers a wide range of properties, including residential apartments, condominiums, commercial buildings, office spaces, retail spaces, and industrial properties.Tenant Management: Property managers play a crucial role in tenant management and handle tenant inquiries, address maintenance requests, and mediate disputes between tenants and property owners.Legal and Compliance: Property management companies in Cambodia must have a good understanding of local laws and regulations related to property management - laws can have grey areas and good relationships with local Sangkats and law enforcement would be seen as a plus.Reporting and Financial Management: Property managers can provide regular financial reports to property owners, and handle all financial aspects eg. rent collection, budgeting, accounting, and financial forecasting.Market Analysis and Marketing: This will be increasingly important, and overseas investors will also rely on property management services to stay updated with market trends and understand the market to grasp competitive rental rates and property values, as well as having a realistic ear on the ground to market conditions and trends.It is advisable to consult with local property management companies or professionals to get accurate and up-to-date information on property management practices specific to your location of interest (whether it be Phnom Penh, Siem Reap, Sihanoukville or elsewhere).Cambodian Property Management For Overseas InvestorsWe previously covered some of the main points for overseas property investors and what they should consider in terms of Cambodian property management and the services available.Simon Griffiths, Realestate.com.kh Head of Real Estate, said every market is different. “Every market has a unique set of legal and regulatory requirements around renting property. These include requirements around safety, the move-in condition of the property as well as landlord and tenant rights. Further differences include how services, amenities and utilities are sourced and provided.  At realestate.com.kh we adopted international property management systems and processes common in the U.S., UK, and Australia and tailored them to the unique legal, regulatory and market requirements of Cambodia thereby establishing international service quality curated to Cambodia.”Realestate.com.kh Personal Property Management Service (PPM)In Q4 2023, Cambodia’s leading integrated real estate platform, Realestate.com.kh introduced its Personal Property Management service (PPM) with the promise of providing “hassle-free property ownership in Cambodia”.PPM has extensive experience in condominium, apartment, villa, and shop-house management, as well as the marketing and leasing of them. Between 2011 and 2023, the PPM team has managed over two million (2,000,000 sqm) of real estate within Cambodia and they are experienced in handling various aspects of property management.With an average of 50+ lease transactions per month, they have seen it all in the local market. Simon Griffiths says, “Realestate.com.kh Personal Property Management service (PPM) utilises the best property management technology, making life easy for landlords and tenants while combining this with highly qualified property management personnel who have managed hundreds of thousands of square meters of real estate.  Combining the best technology with the best personnel including qualified technicians, trade-skills as well as qualified accountants and property managers elevates Personal Property Management service quality beyond what has been previously available in the Cambodian market.”Among the range of assistance offered are maintenance management, tenant relations, leasing, and property foreclosure but their full brochure explains in detail how they can offer added value professional services to property owners, such as:Proper maintenance, and strategic planningTenant management, care, and rent collectionFinancial management, and legal mattersPPM also has procedures in place to handle emergencies related to properties and tenants, in essence, they save the valuable time of the property owners by ensuring the professional management of condominiums, apartments, villas, and shop-houses in Cambodia.Peace of mind is key and PPM provides regular but non-invasive reports and these benefit overseas investors. Griffiths told us they, “Find and move-in a tenant who has been checked and qualified. Send rent revenue each month while resting assured that bills have been paid promptly and effortlessly. For the investors, knowing that their property is safe, regularly checked and professionally maintained. All with minimal effort and without stress.”Five Top Challenges Of Property ManagementProperty management in Cambodia does face several common challenges but despite these challenges, the property management sector in Cambodia is evolving. Professional property management companies are emerging to meet the growing demand for reliable and efficient services.These are five of the top challenges:Lack of Professionalism in the sector: The property management industry in Cambodia is still developing, which means there can be varied levels of professionalism. The lack of standardised practices leads to inconsistencies in service quality.Limited Regulatory Framework: As mentioned, there is still an absence of a regulatory framework for property management and this creates ambiguity.Communication and Language Barriers: Although less of a concern than in the past, there can be some language barriers - effective communication between property managers, property owners, and tenants is a key element of the partnership but tools like Zoom and translation apps have come a long way compared to phone calls and emails.Property Maintenance: Cambodia's property management companies may face challenges in ensuring regular maintenance and repairs due to the limited availability of skilled labour, but this should be one of the key services they should be on top of to make life easier for the owners and tenants - a reliable network of technicians.Security and Safety Concerns: Property managers need to prioritize security and safety measures to protect properties and tenants. This includes implementing robust security systems, addressing maintenance issues that may compromise safety, and staying informed about local security concerns and measures.By utilising a combination of research, networking, data analysis, and industry partnerships, property management companies in Cambodia should be able to stay updated on market conditions and best use the available information and industry experience and insights to provide accurate assessments and optimise property values for property owners and management solutions. Register Here

Realestate.com.kh have opened up access to their 2024 Cambodia Real Estate Survey which will help property buyers and investors, renters, as well as professionals in the Cambodian property sector gain great insights into the market’s sentiment and trends.The previous 6th edition of the Realestate.com.kh Cambodia Real Estate Survey indicated a good number of leading trends within the Cambodian property market. 12 months ago, the overall sentiment was positive as the Cambodia property and real estate sector was coming out of the global pandemic for its first full year.More than 2,000 respondents, who consisted of Cambodians and foreigners, took part and provided their personal experiences and insights about a range of issues.These included rental and purchase demand, spending power, consumer preferences, and locations of interest for renting and buying in Cambodia.Complete the 2024 Cambodia Real Estate SurveyThe leading Cambodian-based property platform said in October 2023 it was “pleased to launch the 2024 Cambodia Real Estate Survey” and is offering participants the chance to win a Samsung Galaxy S23 Ultra if they spend only 5 minutes to complete the survey.Realestate.com.kh added, “The Cambodia Real Estate Survey is an annual initiative that we use to create valuable reports and insights on the local property market. Your answers go a long way in helping improve the Cambodian real estate industry.”Questions include gathering insights on the pricing of the properties in the market, as well as the expectations for the market over the coming year (until the end of 2024).For renters, similar questions along the lines of budgets, preference for types of properties, ideal locations and renting timeframes are all included.Some Key Insights From 2023In the previous survey, Phnom Penh was again overwhelmingly the most popular area for all buyers in the Kingdom, followed by Siem Reap & then Sihanoukville. Within the capital, the three areas most in demand to buy property were:Chroy ChangvarChamkarmon / BKKSen SokThere were a large number of respondents last year who expressed their eagerness to buy but were unsure of their timing, so it will be interesting to compare the data in this new survey and whether the sentiment has improved during the past 12 months. With a third of respondents indicating they were looking to buy property over 18 months since the survey was done a year ago, and with more than half under the impression that property prices in Cambodia would increase over this timeframe, how many have made purchases?In terms of what buyers are seeking, the trends have already shifted and we have seen indications that buyers want better quality projects and there remains a strong preference for condos (the latter will always likely be the top choice for foreigners due to legal reasons). Buyers were also happy to wait until a project had been completed before purchasing rather than off-plan which had been the preference among many buyers pre-pandemic.For potential buying opportunities, the quality of property was paramount, but other influences were the return on investment, location, price, and low-interest rates. Considering the interest rates and loan situation in 2023, it will be interesting to keep tabs on. The World Bank has already called for monitoring of signs the  Cambodian real estate market could be overheating.Cambodian Property Market 2023-2024Cambodia has approved 20 per cent fewer properties in 2023 thus far compared to 2022. In total, just over 2,300 construction investment projects were approved, according to the Ministry of Economy and Finance.However, the size of the areas and capital investment in the construction sector are showing signs of recovery with several large-scale developments on the go even though the overall number is down from 2022. Some industry experts believe this slowdown could also be seen as a positive as it allows the Cambodian condo market to absorb the existing supply as other projects are ongoing.With regards to the pricing in Phnom Penh for condos in 2023, according to CBRE;  high-end condominiums are $2,700 per sqm, mid-range $2,200, and affordable categories just under $1,500. Landed properties averaged quoting sales have been between $800 and $1,200.The capital now has over 8,200 serviced apartment units and Boeung Keng Kang (BKK) is still the most popular area (containing a third of the total supply!) The total cumulative supply of serviced apartments in Phnom Penh is expected to reach around 9,000 units by 2026.There are over 41,000 condo units in the capital - Chamkarmon has the highest number (22 per cent), followed by Sen Sok (18%), Mean Chey (18%), Toul Kork (11%), and Boueng Keng Kang (9%) as the top five areas. By 2028, the total supply is projected to reach 83,023 units.In addition to investors focusing on quality products, secondary sales have also been one to watch.Phnom Penh is likely to be the most popular destination again in this new survey and the south of the city seems to have gained a lot of attention in 2023. Only a few areas of the capital’s south featured as the most valuable of the 2023 land prices in Phnom Penh indicating there remain opportunities.

Phnom Penh, Cambodia - Le Condé BKK1, a premium residential project located in the heart of Phnom Penh, is celebrating an important milestone with its Top-Out Ceremony on 26th October 2023. This marks the completion of the highest level of the building and is a significant step towards the final delivery of the development.Le Condé BKK1 has been one of the most sought-after residential projects in the region, offering luxurious and sophisticated living spaces to its residents. The property is strategically located in the prestigious BKK1 district, with easy access to major commercial and entertainment areas of the city.Designed by a renowned international architectural firm and inspired by the first Cambodian architecture Mr. Vann Molyvann, Le Condé BKK1 features a unique blend of contemporary and traditional architecture. The development boasts state-of-the-art amenities of more than 10,000 sqm, including a swimming pool, fitness centre, 240m of Sky jogging track, 800 sqm of Children's Play Paradise, 1,000 sqm of immersive sky garden, and Boutique Reading Space.As part of the celebration, the developers of Le Condé BKK1 have announced a 5% increase in the price of the remaining units. This increase will come into effect on 1st November 2023. Interested buyers are encouraged to take advantage of this opportunity to secure their dream home in this iconic development before the price increase.“We are thrilled to have reached this important milestone in the development of Le Condé BKK1,” says Mr. Dylan Hao, Wang Fu Guo Ji Property Development General Manager of Sales & Marketing. “We have worked tirelessly to ensure that this project is of the highest quality and we are confident that it will exceed the expectations of our valued clients.”Le Condé BKK1 is expected to be completed in quarter four of 2024, and the developer is committed to delivering a world-class living experience to its residents.About Le Condé BKK1:Le Condé BKK1 is a premium residential development located in the prestigious BKK1 district of Phnom Penh. The project offers luxurious and sophisticated living spaces, with state-of-the-art amenities and 24-hour security. The development is designed by an internationally renowned architectural firm and is expected to be completed in quarter four of 2024. Click Here To View Le Condé Listing

With the opening of the Siem Reap Angkor International Airport (SAI) on 16th October 2023, which garnered local, regional, and international news coverage, there comes a weighted amount of expectation the international hub can reinvigorate tourism and help propel a tourism recovery well into the future.The airport’s inauguration was attended by Vongsey Visoth, Permanent Deputy Prime Minister and Minister in charge of the Office of the Council of Ministers, Mao Havannall, Minister responsible for the State Secretariat of Civil Aviation, and Sok Soken, Minister of Tourism and representative of Angkor International Airport Investment (Cambodia) Co., Ltd.At the opening, State Secretariat of Civil Aviation's Undersecretary of State and Spokesman Sinn Chanserey Vutha said, "With a 3,600-meter runway, the SAI is a 4E-level international airport that can accommodate long-distance flights from across the world. We hope the airport will attract new international airlines to operate direct flights to Siem Reap province, home of the UNESCO-listed Angkor Archeological Park." Cambodia’s Latest Economic NewsAs we approach the final financial quarter of 2023, most economic data still point to one of rebounding recovery for the Kingdom. Cambodia approved more than 2,350 construction investment projects between January-August which is a drop compared to 2022, and construction space and costs have risen 184 per cent and 186 per cent, respectively, reported the Ministry of Economy and Finance.For the period from Jan-September 2023, 191 new foreign direct investment (FDI) projects were approved which represented a 27 per cent increase compared to 2022. Chinese investors were the largest source of FDI but other investors included Vietnam, the Seychelles, Thailand, South Korea, Samoa, the United States, Singapore, and Sweden to name some.Economic growth forecasts generally range above 5 per cent for 2023 which are still in the top echelon in the region but there remain short-term and real threats too. In Siem Reap, which is so heavily reliant on tourism, the recent closure of The Lucky Mall was a shock to some but the decline in tourist numbers compared to pre-pandemic and fewer Chinese tourists have impacted the local economy, there might be a brighter horizon but there is a strain on local business.Siem Reap Angkor International AirportThe first flight to arrive at the new airport was a flight operated by Thailand’s Bangkok Airways, and the opening day saw 17 commercial flights operate.SAI has a capacity for 7 million air passengers per annum from 2024 onwards and is expected to increase to 12 million from 2040 after all phased construction is completed. This represents 65,800 flights per year from 2023 and 112,700 flights annually from 2040. This far surpasses the capabilities of the current Siem Reap International Airport (REP), which first opened in 1932.Funding for the airport was provided as part of the Belt and Road Initiative and with a price tag of approximately USD $1.1 billion. According to the Economic and Commercial Office of the Chinese Embassy in Cambodia, this is the first overseas international airport to be constructed under a “Build-Operate-Transfer'' model.The airport’s design is inspired by the traditional Cambodian architecture style and offers 38 aircraft berths. Another key economic consideration is the airport's ability to handle 10,000 tonnes of air cargo per year from 2023, climbing to 26,000 tonnes a year from 2040.What Is Available At SIA For TravelersFor travellers, although there has been little official information promoting what is available at the airport, there is a wide range of retail and F&B offerings at the airport. There are duty-free outlets run by China Duty-Free Group (CDF Cambodia), Newrest operates the food & beverage operations, and Seal & Go operates the baggage wrapping concession, and sells travel accessories and suitcases. Monument Books, the country’s largest bookstore chain, runs mobile retail kiosks under a franchise agreement with the Relay brand owned by Lagardère Travel Retail (as part of a 10-year contract.)Transport Options for Siem Airport International AirportSAI is located about 40 kilometres away from the Angkor Park and travel to and from the airport was a potential concern as it is relatively easy and cheap from the current airport in Siem Reap.In addition to informal transport services, transportation services at the new airport were issued by Angkor International Airport Investment (Cambodia) Co., Ltd. to the Tourist Transport Association for Siem Reap International Airport (TTA) to operate the taxi service to ensure the travel of tourists. There is also paid parking at the airport.TTA operates 261 minivans (less than 7 seats) and 69 minibuses (8-15 seats). The costs are $35/40 for a minivan or $8 per person on the minibus.One of the early criticisms is the frequency of the shuttle service which is reportedly only four times per day.Travel And TourismCambodia’s Ministry of Tourism reported that 3.7 million air travellers arrived in the Kingdom between January - September 2023. This is a massive jump of over 250 per cent compared to the same period in 2022 but still down nearly 20 per cent compared to 2019.The State Secretariat of Civil Aviation has forecast 4.6 million flyers by the end of 2023, with the end of the year usually signalling the peak season for tourism to Cambodia.In total, 37,200 flights operated to Cambodia in this period - a year-on-year rise of 103 per cent.Travelex has partnered with the National Bank of Cambodia to start trading Cambodia’s currency, the Khmer Riel (KHR), at Singapore’s Changi Airport.AirAsia plans to begin flights through its new Cambodian air operator’s certificate (AOC) by the end of 2023.The Right Marketing Is Needed To Promote CambodiaThe many ministries of the Cambodian government have embarked on positively promoting Cambodia to international travel, and there have been ongoing efforts to partner with agencies to showcase the country to travel, as well as efforts to increase direct flights with a number of new territories.One interesting potential boon is the impact of cinema. Lara Croft: Tomb Raider came out in 2001 and propelled Angelina Jolie to stardom and initiated a long-standing connection between her and the Kingdom. More recently Raya and the Last Dragon drew inspiration from Asia including Cambodia.Over recent weeks images (unverified) of a new Disney Pixar movie called Angkor Wat appeared on social media with a release date slated for 2025. We can find no official listing of the production from Pixar, but a theatrical release like this would undoubtedly garner huge global interest and attention which should be capitalised on.There have also been plenty of efforts made to improve Siem Reap itself, with the refurbishment of roads, adding bicycle paths and the city continues to boast some of the best and award-winning hotels in the region. Cultural activities such as the Phare Circus are a big attraction and new projects such as an Immersive Angkor museum remain in the pipeline.Gateway to AngkorSiem Reap remains a compelling tourist destination as it is the gateway to visit the 401 sq km World Heritage Angkor Archeological Park - the most popular tourist destination in Cambodia.Ministry of Tourism Secretary of State Top Sopheak said Cambodia received over 360,000 Chinese visitors in the first 8 months of 2023. This is a rapid year-on-year increase of 611 per cent but compared to 2019, it still is far off the pace, when more than 2.36 million Chinese visitors explored the site. There is a narrative from government and tourism officials that Siem Reap Angkor International Airport will help bolster these numbers, which may well be true. But data shows overall that Chinese tourism in the region is waning and the county has its own economic headwinds, as well as some stigma attached to travelling to parts of Southeast Asia.In the mid to long term though, the new Siem Reap Angkor International Airport will allow international airlines to fly directly to Siem Reap, and boost the number of tourists, businesspeople, and investors to come and understand the potential of Cambodia.

Phnom Penh, Cambodia – We are pleased to announce that Digital Classifieds Group (DCG), the parent company of Realestate.com.kh, has successfully acquired the leading online property platform marketplaces ‘Lamudi’ in Indonesia and the Philippines, consolidating its position as a major player in the Southeast Asian real estate market.Lamudi was established in 2013, with its primary focus initially being the development of leading property classifieds in emerging markets. In recent years, much like realestate.com.kh, the company transitioned from an advertising-based approach to transaction-based business models, creating more opportunities for our clients by aligning with their goals. The acquisition of Lamudi's assets from the Dubizzle Group, formerly known as the Emerging Markets Property Group, and the purchase of Bangladesh's top real estate platform, Bproperty, in January 2023, solidifies the group's position as the second-largest property portal operator in Asia.Tom O'Sullivan, CEO of realestate.com.kh, said "I'm incredibly excited about the opportunities this acquisition brings. Lamudi has a range of technologies and systems that will enhance our offering to agents and property seekers. Plus Lamudi's massive reach into Indonesia and the Philippines will drive huge additional exposure for our clients. Indonesia is the fourth most populous country in the world, and the Philippines has a population of roughly 117 million people, making this a game changer for property developers in Cambodia to access even more buyers through realestate.com.kh than ever before. Cambodia and Indonesia built a strong relationship over the years through trade and politics. The IndoCham is well-established in Cambodia, and the addition of direct flights between both countries makes it more convenient for Indonesians to visit the Kingdom, and consider investing in the property market. For our staff, our ability to share knowledge and exchange ideas with the other classified businesses in the DGC portfolio means we will remain a driving force in Cambodia and the region."Anthony Galliano, DCG Board member and the Director of Tanncam Investment, expressed his enthusiasm, saying “This is a game-changer for our business. DCG’s geographic coverage of the real estate market expanded exponentially and the group is now on track to becoming the leading property platform in Southeast Asia. While organic growth has been phenomenal, the Board recognised that targeted acquisitions will accelerate our growth and expansion ambitions and dramatically improve value to our customers and shareholders. Tanncam Investment fully supports its investment in DCG and commends the Board for its work on this strategic acquisition which positions the company as a market leader in its space.”DCG's Group CEO, Mathew Care, expressed his vision, saying, "Our vision is to build a market-leading classifieds group in Southeast Asia, a region of incredible opportunities. This acquisition is a catalyst for delivering this vision, and I am incredibly excited to enter these markets and welcome the Lamudi team to the DCG family.

The Cambodia 2023 Business Confidence Survey was released at the recently held ASEAN-Cambodia Business Summit in Phnom Penh in September 2023. This comes at a time when several high-profile business events have focussed on the changing economic climate, and future-looking strategies. Despite ongoing global challenges, unanimous predictions from the leading financial bodies predict Cambodia is poised for good economic growth in 2023 and 2024 - so what is the investment and business sentiment for the Kingdom?Cambodia 2023 Business Confidence Survey - Positive OutlookBased on the results in the survey, more than two-thirds of businesses consider Cambodia to be competitively average compared to other ASEAN countries but 9 per cent feel that Cambodia’s competitiveness is still strong as was the sentiment in the 2023 survey. The ease of doing business is key to attracting investment and the latest data for January-September 2023 doesn't suggest this is waning. Cambodia attracted USD $3.76 billion of fixed-asset investment from January-September 2023 - an increase of 8.6 per cent compared to the same period in 2022.Leading financial institutions have updated their economic outlooks for the Kingdom:The ASEAN+3 Regional Economic Outlook (AREO) projects Cambodia’s economic growth for 2023 at 5.9 per cent with forecasts for 2024 at 6.7 per cent.The International Monetary Fund (IMF) outlook for Cambodia, updated on October 10th 2023, suggests 5.6 per cent growth in 2023, and 6.1 per cent in 2024.The Asian Development Bank (ADB) adjusted its forecast for Cambodia’s economic growth in 2023 to 5.3 per cent, slightly down from its prior 5.5 per cent projection.Among the businesses that participated in the EuroCham survey, there is also positivity about the future. More than 60 per cent plan to invest further in the Kingdom in the next 12 months.Businesses are also seeing profitability increasing post-pandemic, with as many as three-quarters having met or exceeded their annual profitability goals. A third of respondents even expressed that they had exceeded their profitability targets in 2023.It should be noted that a number of investment guides for Cambodia have been released in 2023 by various business chambers and sectors, which all offer a good overview of the potential of the market but sensibly also offer caution and advice.The advice includes that any investor should first visit the country (possibly multiple times), assess and study the market, and be familiar with the local conditions and business culture - all of which can be applied to property investment in Cambodia too.ASEAN-Cambodia Business Summit 2023The recently held ASEAN-Cambodia Business Summit in Phnom Penh featured several key addresses from local and regional business and government leaders.H.E. Dr. Aun Pornmoniroth, Cambodian Deputy Prime Minister and Minister of Economy and Finance highlighted what he perceived to be the main actions the government has undertaken to improve the local business environment.The Pentagonal Strategy – Phase 1 outlines the intention to focus on implementing institutional reform and introducing new measures to address current issues that businesses and investors face in Cambodia.Improvement of market access and integration to regional and global supply chains has resulted in increasing multilateral and bilateral free trade agreements (FTAs) - there is no slowdown in chasing new agreements which will help diversify trading partners.Acknowledging the impact of the private sector and its role in improving the Kingdom’s prosperity, the government wants to streamline administrative procedures, reduce transportation and logistics costs, promote vocational and skills training, and introduce further investment laws to incentivise investors in Cambodia.Connectivity is crucial - this applies to infrastructure such as new bridges, deep water ports, new airports, road extensions, etc. as well as digital connectivity.  New digital business processes and payment systems, as laid out in the Digital Economy and Society Policy Framework 2021-2035, are intended to encourage investments in Cambodia’s digital economy.Dr. Pornmoniroth wants to see continued increased dialogue between the public and private sectors so that strategies can target the challenges businesses face in Cambodia. Certainly, the right signals are being broadcast that there is every intention to maintain the view that Cambodia is investor-friendly. Shifting Models And Mindsets In CambodiaWe have addressed several times the shifts the Cambodian property and construction industry has had to make to adjust to the post-pandemic realities and these include realistic pricing as well as ensuring quality developments, well-managed marketing campaigns, and appreciating the buying portfolio has changed.The same shifting paradigms are being applied to all businesses in the Kingdom. Dr. Stefan Hanselmann, Cluster Coordinator for Economic Development and Private Sector Promotion at GIZ, said at the ‘Investment Promotion Conference 2023’, that “Cambodia is in need of a new business model because the model guaranteeing economic growth over the past 25 years has now come to an end.”He made the point that the previous business model of relying on low-tech industries with low-skilled labour at very low costs could no longer persist - and with the government-led goals of leaving the LDC status over the coming years, this is true.Attracting foreign direct investment is crucial across all sectors but the combination of positive economic data and business sentiment suggests that the Cambodian government and other institutions will continue to demonstrate an astute level of awareness about attracting and managing FDI while remaining honest and committed to listening to the concerns raised by the private sector.

Phnom Penh, Cambodia 5th of October 2023  — Realestate.com.kh, the leading integrated real estate platform in Cambodia, is pleased to announce the appointment of Simon Griffiths as its Head of Real Estate. Griffiths, a prominent figure in the Cambodian real estate industry, brings over a decade of experience and a proven track record of success to his new role.Simon Griffiths has spent more than 10 years in the Cambodian real estate sector, contributing significantly to its growth and development. Griffiths founded The Mall Company in 2017 and shall continue to lead The Mall Company while taking on his new responsibilities at Realestate.com.kh. Prior to The Mall Company, Griffiths played a pivotal role at CBRE Cambodia (2011 – 2017), where he helped establish the firm’s presence in Cambodia establishing himself as a respected and knowledgeable leader in real estate.At realestate.com.kh, Griffiths will spearhead the launch of a new range of professional real estate services. This includes residential sector market research, condominium development consultancy, and personal property management (PPM). His deep knowledge of the Cambodian real estate market and his strategic acumen will be invaluable in further enhancing Realestate.com.kh's offerings and strengthening its position as the leading platform for real estate solutions in Cambodia.Griffiths' appointment as Head of Real Estate at RealEstate.com.kh marks a significant milestone for the company. His leadership and expertise will undoubtedly play a pivotal role in driving innovation, growth, and excellence in the Cambodian real estate industry."We are thrilled to welcome Simon Griffiths to the RealEstate.com.kh team," said Tom O’Sullivan, CEO of Realestate.com.kh. "His wealth of experience and industry knowledge make him the perfect fit as the Head of Real Estate. With Simon on board, we are confident that we will continue to deliver exceptional value and services to our clients, ensuring our place as the leading real estate service provider in Cambodia."Griffiths commented “It is an honour to join realestate.com.kh as Head of Real Estate. Realestate.com.kh is already well known as the leading property portal in Cambodia, but the extent of its capabilities goes well beyond being a property portal. Through the introduction of a series of new professional services, realestate.com.kh will launch a range of high-quality end-to-end assistance for investors and developers.I am looking forward to this and working closely with Tom and the team at realestate.com.kh!”For more information about RealEstate.com.kh and its real estate services, please visit www.realestate.com.kh.About Realestate.com.khRealestate.com.kh is Cambodia's leading property platform for buying, selling, and renting real estate. With a comprehensive database of properties, buyers, extensive market knowledge, and a team of dedicated professionals, Realestate.com.kh provides a one-stop solution for all real estate needs in Cambodia.Media Contact:Marie LamyHead of Content Realestate.com.khmarie.lamy@realestate.com.kh

Cambodia’s economy has been growing steadily, with the latest revised GDP growth rate still expected to be above 5 per cent in 2023. Much of the recent focus has been on the newly appointed government's Pentagonal Strategy and how this will shape the future growth of the Kingdom and what industries could benefit.The tourism sector remains a key pillar in this plan but one aspect we want to address is the events industry in Cambodia which should play an important contributor to the country’s economy as this space can boost tourism but also is a vital cog and platform in showcasing the potential of Cambodia.Events and the required MICE (Meetings, Incentives, Conventions, and Exhibitions) venues are a necessary means to pave the way for trade agreements, potentially transforming urban transport, and increasing employment (and range of skills) within the Cambodian workforce.Cambodia’s Events IndustryCambodia hosts various trade shows, expos, and exhibitions throughout the year and 2023 has already seen the successful hosting of the SEA Games as well as important product launches, business community forums and seminars and property and trade shows.Some upcoming events for example in late 2023 and into 2024 include the Cambodia International Construction Industry Expo (December 2023) and the Global Health Expo4 (2024). These events provide opportunities for businesses to showcase their products, establish partnerships, and network with industry professionals.In determining the real value of the events, what will contribute to them being seen as a success are the scale, participation, and economic conditions so partnering with experts in the event space and securing the best possible MICE venue will help determine these.What Is The MICE Sector WorthAccording to recent research, the demand for global MICE Market size was valued at approximately USD $645.7 billion in 2022, whereas the Asia-Pacific MICE industry generated revenue of USD$229 billion in 2017, and was expected to grow at a CAGR of 8.6 per cent to reach USD $441.1 billion by 2025.Thailand for example has targeted wellness attractions and MICE to help revive their tourism sector post-pandemic and these are expected to be worth 20 per cent of the Southeast nation's GDP. The Tourism Authority of Thailand (TAT) and Thailand’s Conventions and Exhibitions Bureau (TCEB) are driving the promotion of this sector and attracting high-value events and exhibitors. MICE Venues In Phnom PenhCambodia does provide a wide range of world-class MICE facilities which include international hotels and some standout Khmer-designed venues and large event spaces. The most popular locations remain  Siem Reap, along the south coast in Sihanoukville, and in the capital of Phnom Penh.MICE venues that are of international standard attract tourism and business events and activities such as meetings, incentives, conferences, and exhibitions.In Phnom Penh for example, some of the leading venues are:Diamond Island Convention and Exhibition Center - established in October 2009 and owned by the Canadian Integrated Enterprise Group, the large venue halls also come with ample parking and is situated close to the AEON Mall Phnom Penh. The venue is regularly used for exhibitions, wedding reception, parties & birthdays, conferences, seminars and other MICE activities.NagaWorld - The only casino and integrated resort venue in Phnom Penh, their MICE facilities at the only offer some of the best-in-class meeting spaces at its centrally located location. With a grand ballroom and several meeting spaces across its two properties, NagaWorld has hosted many conventions, exhibitions and events over the past two decades and onsite there are a number of entertainment and restaurant options as well as 5-star accommodation and associated resort facilities.The Premier Centre Sen Sok -  Located to the northwest of the capital, the large venue space has been used for wedding receptions, business meetings, and exhibitions and has previously hosted the Realestate.com.kh EXPO in 2022.  Covering more than five hectares and with seven event halls, the space can accommodate 5,000 guests,and parking spaces for 1,200 cars and 700 motorbikes.Wowee - On Expanding The Cambodian Events SpaceWe heard from THACH Chenda, Founder and CEO of Wowee Advertising, who formed her company with other partners post-pandemic, saying “I created the company to cater for local companies looking to elevate their brand and international companies looking to build a brand in the Cambodian market.”When it comes to events and the MICE venues and whether they are suitable for local and international events she is positive. “Certainly some are yes, like the 5-star hotels and AEON Malls have proven successful for road shows. But exhibitions are generally in halls that don’t seem to be purpose-built for these events. I think it’s a good opportunity for someone to bring more venues like this to the market and I think it will attract more international events to Cambodia and increase the quality of locally-run expos.” Chenda and Wowee have been involved in many roadshows for brands like Foodpanda, as well as big award ceremonies, expos, brand launches, and MOU signings, and were the exclusive co-organiser of the Home & Lifestyle EXPO 2023.“Expos are always a nice challenge. You deal with the organiser, but then they bring in hundreds of exhibitors and everyone has high expectations of the event, so it’s a lot of stress to handle to ensure the event goes smoothly. But that’s also half the fun.”On the available talent for high-value exhibitions, she adds: “There is an opportunity for local creatives and artists to create different performances. Sometimes, to meet client expectations, we need to bring in acts from overseas (Malaysia, Vietnam, Thailand), and also for skills like digital mapping, etc. She also is adamant it would be “great to one day see a purpose-built venue for live music which is a step to attracting more international artists to Cambodia.”On her most memorable event story to date, she added “The most exciting project was building the Bay of Lights / Prince Real Estate booth at the recent 2023 Real Estate expo. They wanted to display a 75 sqm LED screen to showcase their projects as well as a centre walkway. The project was challenging, but it was one of the best projects I’ve worked on. The concept was great and to see it come to life was amazing.”In terms of opportunities, she says there are currently no big car shows in Cambodia, “when I travel overseas I have seen impressive shows like this, but never in Cambodia.” Cambodian MICE & Events Standards And AmbitionsThere are guidelines for businesses in the local travel sector on how to apply for the ASEAN MICE standard certification and logos.Ho Vandy, an adviser to the Cambodia Association of Travel Agents said “Achieving the ASEAN MICE Standard certification, its logo and the ASEAN Sustainable Tourism Award is not merely a matter of prestige for the businesses, but also a mark of distinction for the nation.’Chenda agreed that more can be done to make Cambodia and Phnom Penh attractive to host international and regional events and a unified effort to continue to “promote Cambodia as a destination that will create a lot more opportunities for events in Cambodia. Whether that’s attracting more international guests to expos, attracting international events, business delegations and even Cambodian companies being part of events outside of the country.”The Cambodian government’s new ‘BUILD’ initiative is also built upon five strategic pillars when it comes to tourism:Brand ManagementUnique Selling Points (USPs) MarketingInbound Design Quality TravelLeverage on Tourism Endowment and DiversificationDevelop Competitive Tourism Sites.The Wowee CEO added that these efforts are a collaboration between the government and private companies. “It would be great to see the public and private sector continue to work together to promote the country. I know they already do some international events promoting our country as a destination and promoting Cambodian products. It would be good to see this become bigger over time.”

The Techo Takhmao International Airport is a joint venture between the Overseas Cambodia Investment Corporation (OCIC), the Royal Government of Cambodia, and the SSCA called the Cambodia Airport Investment (CAIC) - the largest investment group and local conglomerate in Cambodia.With the site under construction and not due for completion until 2024 before heading into operation in 2025, CAIC has the rights to own, design, construct, finance, operate, maintain and manage the project. The vast scale of the airport means it will be able to cater for larger Airbus A380s and other passenger and cargo transport aircraft - plans are in place to make it a key international transit hub.It was confirmed in late 2022 that well-regarded international airport operator Changi Airports International (CAI) was also brought into the fold.Lenen Mar Porras, the Head of the Marketing and Creative Division at Overseas Cambodian Investment Corporation and Mega Asset Management Co, told us: “We are activating Changi International Airports to help out with meeting areas, food and beverage, retail etc. at the new Phnom Penh airport. I think they will partly be involved with the marketing as well for the first phase of the airport.”The addition of the Singaporean company brought added trust to this ambitious and large-scale project as there were some question marks raised when the airport was initially announced a few years ago, especially with the location and the since-reported development cost of USD $1.5 billion.Porras added on having Changi on board: “They manage one of the most popular airports in the world (Changi Singapore) and we need to complement each other as our airport will be bigger in terms of land size. We are looking at bringing some of the biggest international brands to the Phnom Penh airport and to our other retail businesses as well.”On the diversity of retail outlets planned to be offered at the Techo Takhmao International Airport, she added “Every country in ASEAN will be represented in the airport is my initial understanding, so, for example, there will be an area offering traditional Cambodian arts, crafts and foods and another one might offer Indonesian food and wares, so it's promoting the whole ASEAN region.”Techo Takhmao International Airport - Phnom PenhThe airport is located around 35 kilometres south of Phnom Penh and will replace the existing Phnom Penh International Airport as the Cambodian capital’s main airport. Spanning over 2,600 hectares (6,400 acres) in Kandal Province, the airport will be larger than the Changi Airport in Singapore and is due to be the ninth largest airport in the world - importantly it will be designated as a 4F class airport allowing for the aforementioned larger aircraft to make use of the transport hub.Porras said of the ambitions for the operational airport, “The plan is for the airport to be an international hub, and if not the biggest in the world, then one of the biggest in Asia which can accommodate connecting flights globally….that's why we are working with the best of the best in this field (such as Changi) so that whatever vision we have can be achieved.”The current Phnom Penh International Airport can not be extended any further and has been caught up in the rapid urban sprawl of a rapidly changing city. The ambitions for the new airport are lofty but not unrealistic. Porras said, “I think that Phnom Penh right now is the perfect place with the way it's developing - it's the fastest progressing country in Southeast Asia and it's the best time possible to invest in Cambodia.”According to the master plan, the new airport will handle 13 million passengers a year in the first phase, 30 million passengers in the second phase in 2030, and up to 50 million passengers in 2050 in the third phase.In September 2023, the Ministry of Land Management and Urban Planning claimed that the new Takhmao Techo Airport was now more than 50 per cent complete.Phnom Penh International Airport ConnectivityA highway is being constructed to connect the airport to the southern part of Hun Sen Boulevard (which is located to the south of the capital). The road will be 60m wide and 13.5 km long, and by July 2023, construction of this key access road to the airport was halfway done. It is expected to be completed by 2024.In July 2023, the idea of a light railway connecting the city to the new airport was first publically considered, and could even form part of a larger urban railway project. Although these have been mulled over the years and several feasibility studies carried out, new Cambodian Prime Minister Hun Manet is keen on the idea of a skytrain and subway train project for Phnom Penh.One suggested idea was to have a light rail line run from Techo International Airport (TIA) to Phnom Penh, with a station at or near AEON MALL Mean Chey to the south of the city. A Ministry of Public Works and Transport (MPWT) Public Service Center has since been established at the Aeon Mall Meanchey.New Comprehensive Air Transport Agreement & Air RoutesAccording to the Asia Development Bank (ADB), pre-pandemic, Cambodia was connected to 14 markets, all within Asia, and had flights with eight SEA nations – Only Brunei Darussalam and Timor-Leste do not have nonstop connections with Cambodia.The ADB suggested that the Kingdom should develop routes with key markets such as India, Japan, and the Republic of Korea, while routes with Australia, Europe, and North America are also important source markets. In 2023, new direct air routes have been suggested for Turkmenistan (and Central Asia) and India, The Comprehensive Air Transport Agreement (CATA) between the ASEAN and European Union (EU) is also expected to boost travel between the two regions. The CATA allows airlines to operate as many flights as possible between the regions and in effect replaces the 140 different bilateral air transport pacts signed in the past by the countries in the two regions with a single set of rules.The ASEAN-New Zealand Air Services Agreement (ANZ-ASA) was also signed in September  2023 which could open up passenger and/or cargo services between ASEAN and New Zealand.All of signs point towards growth in the Kingdom and the region. The Global Business Travel Association (GBTA) said in Q3 2023 that it anticipates business travel in Asia Pacific to see significant growth and that business travellers in APAC may spend less per business trip but will seek more premium options and blended travel than corporate travellers in other global regions.The new Siem Reap International Airport (SIA) will also be operating in October 2023.

Phnom Penh as a city has not stopped expanding for decades, nor does Cambodia’s capital show any signs of reducing its spatial expansion in all directions, as developers look for more affordable land and buyers move along new major developments such as key access routes, megamalls, schools, and the new international airport.The scale of infrastructure in the south of Phnom Penh is expanding rapidly, and as a result, there has been significantly increased interest in the area ever since Hun Sen Boulevard was announced a few years ago. The area has become a prime location for all types of real estate development due to the growing infrastructure and relative abundance of affordable land.The Royal Cambodian Government's decision to open the new ambitious international airport in the south of the city has prompted further development and could lead to rail links, new roads and other services to provide for travellers to reach the airport and connect them to the city. Therefore the area has the potential to foster increased well-developed and good-quality residential, commercial and industrial activities.Population Growth And Urban Expansion Bring Opportunities To Southern Phnom PenhThe latest census report released by the National Bureau of Statistics of Cambodia highlighted some important trends. In 2019, Cambodia's population reached 15.6 million, an annual growth rate of 1.4% compared with the 2008 census of 13.4 million and the urbanisation rate remained relatively stable, with an average annual growth rate of 3.2% from 2013 to 2019.Phnom Penh continues to see urban population growth which has created new challenges for the capital's infrastructure and public facilities and resulted in the Cambodian Ministry of Land Management, Urban Planning and Construction adopting the Capital Phnom Penh Land Use Master Plan 2035 to guide land use and ensure the promotion of sustainable urban development.The city has increased its total area more than six times, reaching 679 square kilometres in 2019 with a World Bank study indicating that Phnom Penh’s urban space expanded at the second fastest rate in East Asia. The urban sprawl means that potentially the southern corridor of Phnom Penh offers among the greatest development potential due to fewer geographical constraints, large amounts of undeveloped low-cost land and improving infrastructure accessibility.Within the capital, combining interest from Cambodians and foreigners in the recent survey on property preferences, the three areas most in demand to buy property in at the start of 2023 were:Chroy ChangvarChamkarmon / BKKSen SokThis suggests that the south has room to grow and rise in the rankings as it becomes more connected and developed to match the same attraction as the other more popular areas.New Overpasses, Roads, And Maybe Even Light Rail - How has Infrastructure In Southern Phnom Penh ImprovedThe development of the southern parts of the city extends to Kandal Province and Takhmao which means that bridges, overpasses and other infrastructure (which has completely transformed the lakes and rice fields present here just a few years ago) into a ever increasingly connected urban jenga of residential, commercial, industrial, and logistic developments.A new overpass located at the triple intersection of Samdech Techo Hun Sen, Street 271, and Monivong Boulevard at a cost of USD $36.7 million got underway in August 2022. The construction period is 36 months and is due to alleviate the growing traffic congestion issue which has become more serious.There are several bridges planned or under development, including as many as three bridges across the rivers which would facilitate traffic flow in and out of the capital.In mid-2023 an asphalt concrete road 4 km in length and 50 meters in width was started that will connect National Highway 2 and Road 271, and will also include two concrete bridges. Reports indicated this is the 3rd main road of the ING City development project - in addition to more than 60 other roads being constructed as part of the ongoing satellite city development project.This southern region of Phnom Penh is already home to international schools such as ISPP, mega malls, and The Factory, and will likely be a thoroughfare for the new Phnom Penh International Airport. The Techo Takhmao International Airport could introduce new travel options such as express bus lanes, and other transport routes connecting the airport to the city, including the possibility of a light rail. H.E. SUN Chanthol, Senior Minister, Minister of Public Works and Transport suggested in June 2023 that the proposed light rail line may run underground from Phnom Penh to the airport which is located around 35 kilometres south of Phnom Penh. Modern transport connectivity is key, as the airport when completed, will be among the top ten largest in the world and is due to be operational by 2025. In addition, the number of mega malls and other new retail spaces that have opened in the south of Phnom Penh has also addressed any issues of catering for shopping needs, entertainment and much more for those relocating to the area, and serving the surrounding urban population.Increased Land PotentialThe active residential and commercial growth should mean that the south of Phnom Penh will be in a good position over the coming years. These new infrastructure facilities will reduce travel times between economic hotspots, expand accessibility, and further increase property values. Only a few areas of the capital’s south featured as the most valuable of the 2023 land prices in Phnom Penh which suggest they should have the biggest potential to increase.As the number of residential projects continues to increase as developers and homebuyers take advantage of the market trends, as many as 54 completed residential projects are now located in the southern part of the capital while 30 projects are under construction. These include the previously absent high-rise residential projects in the areaThis all means the southern region of Phnom Penh is undergoing dramatic changes, with continued improvements in infrastructure, relatively affordable land prices, growing population and urbanisation trends, and interest from local and international investors and buyers - making it an area to watch for property buyers and investors.