The economic stability and strong inflow of foreign direct investment (FDI) during the first half this year is a strong indicator of the continued growth of the Cambodia real estate sector, industry insiders are saying.Late last month, the National Bank of Cambodia (NBC) projected expansion of over seven percent in the Kingdom’s economy over the course of 2019. The construction, real estate and tourism sectors would lead this growth, the banking body claimed.Meanwhile, early this month, the Council for the Development of Cambodia (CDC), revealed that it approved $5.2 billion worth of investments during the first half of the year. This marks a 48.5 percent rise compared to the same period last year.Cambodian real estate services firm CBRE (Cambodia) director, Ann Sothida, said that the continuing inflow of FDI reflects investors’ growing confidence in the business environment in Cambodia. This, she said, means demand is still on the rise.“The robust growth of the economy is a good sign for the real estate sector and it builds the confidence of everyone in the industry,” she said.She added that the growing number of CDC approvals means that demand for factory land is set to grow, especially in the areas surrounding Phnom Penh.“The inquiries for [commercial] land in the suburbs of Phnom Penh is still increasing ... there is no sign that it will slow down.”Factories relocated to Cambodia from ChinaAccording to Sothida, there is a growing trend of factories relocating to Cambodia from China. This is creating more demand for both factory space and office space, she said. CBRE data showed that the uptake of office space in the first six months of this year was 6,500 square metres. This is more than twice the uptake from the same period in 2018. The total amount of centrally-owned office space in the capital hit nearly 360,000 square metres at the end of last month.Many speculate that the Kingdom will take on a more significant role in manufacturing in the coming years, as well. According to NBC, Cambodia exported goods worth around $6.8 billion in the first half this year. This figure represents almost half of the nation’s GDP and increased 13 percent over the same period last year.  Vongsey Visoth, secretary of state at Ministry of Economy and Finance, said in a seminar last month that export growth will remain strong throughout the year.“In the first six months of the year, there was no slowdown. Export growth was strong,” he said, adding that the garment sector is performing well because imports of raw materials have increased.However, despite the positive move, there is also the growing risk that could disrupt the development of Cambodia’s economy. The potential withdrawal of the EU’s Everything But Arms (EBA) trade scheme could hit industry growth.In February this year, the EU announced it had begun an 18-month countdown to strip Cambodia of its trade preferences over what it sees as a worsening human rights situation in the country.Loss of the EBA agreement could impact Cambodia’s garment industry, which accounts for 16 percent of the country’s GDP.Read more about the investment climate in Cambodia inside our Investment Guide 2019.Article by:

The increasing trend of mortgage lending by Cambodian real estate developers has drawn the attention of officials from Cambodia’s central bank. Leaders there have recently urged buyers to stay vigilant and carefully consider interest rates before they sign agreements.Speaking during the National Bank of Cambodia’s (NBC) semi-annual results presentation on Saturday, Chea Serey, the director-general, said the Cambodia real estate sector has seen a massive jump in demand for mortgages. She specifically noted that more young couples are pursuing homeownership.Serey urged property buyers to do their own research before putting down deposits. Taking a mortgage straight from a developer, she said, usually comes with a higher interest rate than one from a bank.Without naming any specific companies, Serey added that, in some cases, real estate developers are attracting customers to in-house mortgages by waiving downpayments or other stipulations.Developers 'just want buyers to feed them'“Some project developers don’t want to facilitate bank mortgages because they want [buyers] to borrow from them,” she said, adding that there were cases of developers purposefully delaying bank mortgages or being uncooperative with buyers who borrow from banks. “[Some developers] just want the buyers to feed them by using loans with high interest rates at 18 percent per annum.” Since real estate developers are under the jurisdiction of the Ministry of Economy and Finance in Cambodia, the NBC has never included developer-issued mortgages in its official lending data.Paying triple the sticker priceThe popularity of developer-issued mortgages has exploded in the Kingdom over the last few years. Typically these are 30-year contracts and rarely require downpayments.Though these mortgages initially appear attractive to buyers, interest rates often double or triple the sticker price of a home. Meanwhile, Cambodia’s banks usually require downpayments of at least 30 percent and involve lengthy checks on credit history and repayment ability. Interest rates for these mortgages, however, regularly clock in at around seven to 12 percent.Young Cambodian couples pushing demandAccording to the latest data from Credit Bureau Cambodia (CBC), mortgage loans taken from lending institutions nationwide amounted to $3.2 billion at the end of March. This marks an increase of 34 percent from the same time last year. “The performance of mortgage loans provided by financial institutions is pretty good in the Cambodia market,” CBC’s Chief Executive Officer Oeur Sothearoath told Realestate.com.kh.“The trend is increasing at the same speed as last year and aligns with overall industry growth.”Real estate experts in the Kingdom have said that young middle-class couples are driving up the demand for mortgages in the country. More people, they say, are wanting to live separately from their parents as they enter adulthood.If you're interested in learning more about real estate in Cambodia, be sure to browse through our Investment Guide's overview of the Kingdom's real estate sector.Article by:

According to Euromonitor International’s Top 100 City Destinations 2018 report, Bangkok is the world’s second most visited city following Hong Kong. Real estate in Bangkok is considered more valuable than other major cities in Asia such as Singapore and Shanghai, according to CBRE’s fifth annual global living 2019 report.Of all the skyscrapers in Bangkok, King Power Mahanakhon is one of the largest mixed-use developments and the second tallest building at 78 storeys. Standing 314 metres high, it is just four metres shorter than the recently completed Magnolias Waterfront Iconsiam Residences with 318 meters. King Power Mahanakhon is an icon of ThailandKing Power Mahanakhon officially launched in 2016 and welcomes a large number of national and international tourists every day.Located in the heart of Bangkok’s Sathorn and Central Business District, the freehold residences are situated on the 23rd to 73rd floors of the iconic building. Units range from two to four bedrooms, with sizes from 135 square metres to 447 square metres. Steps away from Chong Nonsi BTS station, the opportunity to own a residence in the prestigious prime location is now available to those seeking an elegant urban lifestyle.King Power Mahanakhon, Thailand’s iconic landmark destination recently opened its doors to brand new super-luxury show units at The Ritz-Carlton Residences.Units in the tower feature world-class bespoke interiors crafted by David Collins studio. Luxurious facilities include a 54th-floor Residential Club Lounge where owners can enjoy a library, bar, dining area, kitchen, lounge area, boardroom and TV room. Owners will also have access to a fitness centre, swimming pool, private cinema, mini-bar, billiard room, game room, and children’s room among other leisure amenities located on the seventh floor.Marc Begassat, managing director of King Power Mahanakhon said: “It is truly a unique opportunity to own a residence within an iconic landmark, in one of Thailand’s tallest buildings. As we continue to create a destination that combines exceptional hospitality, award-winning cuisine, and world-class attractions, we look forward to offering owners a prestigious urban lifestyle experience that can only be found at King Power Mahanakhon.”Within the same iconic building is the Mahanakhon skywalk, Thailand’s highest observation deck, three levels of retail shops and the Mahanakhon Bangkok SkyBar, Thailand’s highest restaurant and bar. In the next phase, the world’s first Orient Express Hotel will also be making its debut at the landmark destination, with signature dining venues including Mott32 and Mahanathi by David Thompson.In regard to prices, available units at The Ritz-Carlton Residents are selling for $1.3 million per unit or over $10,000 per square metre.A similar mixed-use building is found in Cambodia’s capital of Phnom Penh, where it is known as Rosewood Hotels and Resorts, occupy the top 14 floors of Vattanac Capital, Cambodia’s tallest building. If you're interested in learning more about real estate in Cambodia, be sure to browse through our Investment Guide's overview of the Kingdom's real estate sector. Look for real estate for sale in Phnom Penh now!

The amount of office space in Phnom Penh has continued to increase over the past year. This is due in part to the growing number of foreign companies setting up shop in the Kingdom. According to a new report from real estate services firm CBRE, centrally-own office space in Phnom Penh reached 359,300 square metres at the end of June. This represented an increase of 12 percent from 320,900 square metres, where the total stood at the same time last year.CBRE’s senior analyst, Kim Kinkesa, told Realestate.com.kh that there has been an increasingly strong demand for quality office space in Phnom Penh in recent years.She added that despite the rapid growth in office supply over the last 12 months, quick uptakes have kept the occupancy rate high. It has stayed above 85 percent, in fact, over the previous four quarters.“A majority of the inquiries we have received over the last 12 months have been from international companies from China, Singapore, Japan, Malaysia and other countries in the Asia- Pacific region,” Kinkesa said, adding that most companies come looking for offices between 100 and 300 square metres. “The net uptake of office space in the first half of 2019 was approximately 6,500-square metres, more than twice the uptake of the same period last year, which was around 3,100 square metres.” The company’s report breaks down office space into grades A, B and C. According to Kinkesa, while grade C office space has the lowest vacancy rate at just seven percent, demand is shifting toward grade B office space. Both international and local companies, she said, want better quality spaces that are safer.Just as the supply of office space is growing in the capital, the amount of strata-titled space is also increasing, according to the CBRE report. Similar in concept to a co-owned condo building, strata-titled office space first appeared in Phnom Penh last year. Currently, there are just over 40,000 square metres of strata-titled office space in the capital. However, the total is expected to reach nearly 100,000 square metres by the end of this year. Experts in the industry are even predicting that the supply of strata-titled space will hit 600,000 square metres by 2022.The Cambodia Chamber of Commerce (CCC) Vice President, Lim Heng, said that the continuing growth of office space in Cambodia reflects growing business activity in the country as foreign direct investment (FDI) keeps flowing in and new companies keep establishing themselves in the Kingdom.“Cambodia’s investment environment remains attractive, and we get news about new companies setting up shop almost every day,” he said.Heng added that many Chinese manufacturing operations have moved their domestic factories to other parts of Asia, including Cambodia, to avoid recent tariff hikes imposed by US President Donald Trump. This, he claimed, has driven up demand in the Kingdom for both industrial and office space.Not included in CBRE’s figures are data on coworking spaces in Phnom Penh. Popular with young startup companies, these spaces offer up small working areas, usually by monthly or daily rates. Coworking environments have grown in popularity over the last few years. There are several in the capital, including The Factory and ImpactHub. Indeed, many in the industry think that coworking spaces are filling a gap in the current market for low-cost office space, even as demand grows at the top end of the market. To learn more about coworking spaces in Phnom Penh, and across Cambodia, log on to Realestate.com.kh’s guide page where there is a full list of all the coworking spaces in the country.If you found this article interesting, you'll love our Investment Guide 2019: Property ownership briefing. Browse through or download your copy now.

Human resources are the foundation of the economy, especially for developing countries. Across the globe, experts have noted the remarkable growth of China over the past three decades. The country went from an agrarian nation to a global powerhouse in a short span of time. One key factor in this amazing growth was a young and adaptive population. However, now that China’s average worker is over 40, the growth is slowing. It’s no surprise that Chinese real estate investors are turning their attention to new areas. In particular, areas that can attain the same quick growth that China did. Cambodia is firmly in the spotlight. According to data from 2017, Cambodia has a population of around 16 million. The average age at that time was 27, and those under 34 accounted for 70% of Cambodian citizens. Meanwhile, the population is growing by around 1.5%.Therefore, it is believed that Cambodia is in a golden age of economic development. This comes, in part, because of its young and capable workforce. In just a few years, most Cambodians will be at the peak of their working years. That means the economy will be moving at full throttle. Prince International Plaza sits in the heart of the capitalPhnom Penh, the capital of Cambodia, has visibly become a hotspot for overseas investors. According to the data from the Ministry of Construction, the number of available apartments in Phnom Penh, including the newly completed, was nearly 30,000 at the end of 2018. It is estimated that the population of Phnom Penh will increase to seven million by 2030, which means that there will be a great demand for residential property.At present, the price of an apartment is around $3,000 per sqm, and the rental return rate is around eight to 10 percent. Based on the difference between supply and demand, the occupancy rate of apartments can reach as high as 95 percent.So, it is likely to see a considerable long-term rise in apartment prices or rental rates when considering the above factors. The place hitting all the marks is Prince International PlazaPrince Real Estate is a brand that is bringing high-quality properties to the Kingdom. Being dedicated to becoming a leading company in Cambodian real estate industry, a supporter and provider of quality life, Prince Real Estate Group has been creating several landmarks since its establishment in 2015. So far, the group has invested more than US$2 billion. Holding a land reserve more than 12 million square metres, the group will see expanding investments of up to US$6 billion over the next decade.Prince International Plaza, one of the multiple development projects by the group, is in the market for buyers who are up for a home with commercial opportunities.Prince International Plaza is located along Russian Boulevard, one of the most important main roads in the capital. This prime area shares the borders with Sok Sen, Tuol Kork and Meanchey districts. The Phnom Penh International Airport and railway station can be reached by car in less than 15 minutes from the plaza, which is also close to the Prime Minister's office, the Ministry of Commerce and City Hall.Prince International Plaza is a mixed-use complex that provides 5A offices, condos, apartments and a ring of business spaces hosting flagship retailers. It's not only a residence but also a commercial centre with recreation and leisure services. Amenities surround the Prince International Plaza complexMany important city facilities are within a few kilometres of Prince International Plaza. These include Makro wholesale market, TK Avenue as well as educational institutions like RUPP and the Institute of Foreign languages. There are also quality hospitals like the Royal Hospital of Phnom Penh and the National Children’s Hospital.Set to be one of the top commercial centres of the city, the 35,000-sqm commercial section of Prince International Plaza spans the first three levels of the complex. It hosts a massive supermarket, IMAX digital cinema, large fitness club, a number of featured restaurants and bars, game centre and playground. This centre allows residents to enjoy every minute of their lifestyle without needing to travel. It will also attract affluent people from all around the city. On top of those amazing features, Prince International Plaza also hosts a fitness club and infinity pool. It’s the perfect place for residents to relax and unwind after a long day at work. Of course, the entire complex is outfitted with a 24-hour security system. This gives all residents pure peace of mind.But what are the units like at Prince International Plaza?The units at Prince International Plaza range from 50 to 157 sqm. This provides many options for either homes or investment options. Every apartment is laid out to be a luxurious home with a full set of modern appliances and the most fashionable interior designs tailored for elites. With top-tier amenities, a prime location and a reputable backing brand, it’s no surprise that units at Prince International Plaza are already selling like hotcakes.Don’t miss your chance. Don’t wait until the prices climb high or all the units have been sold. Guide's overview of the Kingdom's real estate sector. Look for real estate for sale in Phnom Penh now!

At this point, everyone knows about China’s One Belt, One Road policy. But how is it playing out in Cambodia? Well, impacts of the plan are being felt in Sihanoukville. The Kingdom’s southern port city is transforming before our eyes into a region hub for tourism, real estate, transportation and industry.With some of the best islands, and beaches in the country, Sihanoukville stands out as a gem of hospitality. What’s more, it is home to numerous special economic zones and the country’s only deep sea port. Transportation options grow in SihanoukvilleJust last month, in July of 2019, 9Air Airlines launched direct flight service from Guangzhou to Sihanoukville.Regional giant AirAsia, also recently launched regular flights connecting Bangkok’s Don Mueang International Airport with Sihanoukville. The route uses a 180-seat Airbus A320 and flies four days a week.A spokesman for the State Secretariat of Civil Aviation (SSCA), Sin Chancery Vutha said that, at present, Preah Sihanoukville International Airport has more than 500 flights a week. In the first five months of 2018, Sihanoukville’s airport received a total of 55,947 foreign tourists, an increase of 88.9 percent year on year. The airport is expected to welcome over one million visitors by 2021.Why are there new routes to Sihanoukville?Thailand is a very popular tourist destination. The direct flight from Bangkok to Sihanoukville will definitely lure visitors to make one more stop in Sihanoukville. According to insiders, it is foreseeable that the number of international travellers in Sihanoukville will be soaring in the coming months, and that the tourism industry in Sihanoukville will reach a new peak in 2019.Sihanoukville is linked to the capital by one of the best roads in the country. By sea, it is accessible from the Port of Sattahip in Thailand, 218 nautical miles away, 420 nautical miles to Ho Chi Minh, Vietnam, 603 nautical miles to Singapore, and 1,210 nautical miles to Guangzhou, China. With a very advantageous geographical location and convenient transportation resources, it will naturally transform into a new hub on the economic corridor in southern Cambodia.Multiple channels of transportation will help to realise Sihanoukville’s takeoff.The transportation development of Sihanoukville has made great progress in recent years with aviation, land and maritime transport. This coastal city is ready to usher in a new era of economic progress..From the sea, there is the Kra Canal. The new route of the Kra Canal to change the shipping route of the Straits of Malacca is going to accelerate the rapid growth of the Cambodian economy. As the first stop for docking, Sihanoukville will become much more vital to the Pacific region.By land, we see on the horizon the Pan Asian high-speed rail and Sihanoukville Highway. With the construction of the Pan-Asian high-speed railway, it will take only 3.5 hours by train to Yunnan province in China. The Pan-Asian high-speed rail will intertwine a network to promote the development of the regions covering Myanmar, Vietnam, Thailand, Singapore and others. This means a new flow of wealth within the economic circle around the Pan-Asian high-speed rail, including Cambodia.New flights to Sihanoukville on the wayBy 2020, the 190-kilometre highway between Phnom Penh and Sihanoukville will be open. By then, the trip from Phnom Penh to Sihanoukville will be shortened to two hours, which will be favourable for both cities.Up in the air, there are direct air routes linking Sihanoukville to the world. Sihanoukville International Airport has fixed flights every week to the major cities of Asean and China, whose southern part is about only two or three hours away by plane.The data shows that from March of 2016 to July of 2019, 29 direct flights from major cities of China to Sihanoukville have been launched, including Beijing, Tianjin, Zhengzhou, Xi'an, Shenyang, Wuhan, Changsha, Nanchang, Shanghai, Hangzhou, Wenzhou, Wuxi, Yiwu, Chengdu, Chongqing, Kunming, Guiyang, Guangzhou, Fuzhou, Shenzhen, Xiamen, Nanning, Jieyang, Sanya, Jinjiang, Zhanjiang, Shantou, Hong Kong and Macao. And there are more to come. Some new flights on the schedule are:Xishuangbanna - SihanoukvilleTaiyuan - SihanoukvilleNanjing - Sihanoukville Yichang - SihanoukvilleAt this pace, the number of direct flights from Sihanoukville to China, Hong Kong, Macao and Taiwan will soon reach 33! The quick expansion of Sihanoukville's air routes will inevitably lead to a great boom in the tourism industry. And the real estate market of Sihanoukville will be nourished by advantages of transportation, infrastructure and tourism. Once a small fishing village on the edge of the Gulf of Thailand, Sihanoukville is now on the path to becoming an international coastal metropolis. Do not underestimate the power of the future development property sector of Sihanoukville. Don’t miss out on Prince Tian Xi WanPrince Tian Xi Wan resort will lead the march of Sihanoukville into the future. Will you join the party or only wait and see? Don’t look back and regret not getting in on this opportunity.Board the train bound for golden shores. Enquire about Prince Tian Xi Wan today.Look for real estate for sale in Sihanoukville​ and real estate for rent in Sihanoukville, visit Realestate.com.kh today!

Condominiums are arguably the hottest type of real estate in Cambodia. Less than a decade ago, however, there were only a few condo projects in the capital. Most of them were geared toward expat clientele. Now, over a decade later, a new trend is emerging as Cambodia’s middle class are pushing the demand for property ownership.Ouk Chandaravuth, sales and marketing director for Seven Residence Co Ltd, has seen first-hand the growing desire for condo ownership among Cambodians.Daravuth said that, previously, there was a gap in the market as the demand for property ownership grew among locals. Condos, he said, are meeting that new demand. Growing demand for condo ownership was a significant factor that led Seven Residence to build The Seven Residence Condominium. The project is an affordable condominium, located in Sen Sok district near Aeon 2 Mall.“More and more Cambodian people are buying condos. They can get them for lower prices than previous high-end projects in the city,” he said, adding that The Seven Residence Condominium has sold nearly a third of its units since presales opened in January. Nearly all of the buyers, he said, are Cambodian.“In five years, Cambodian people will be buying more condos than landed properties [such as boreys]. If they want to buy landed properties, the price is higher, and the location is farther from the city centre. More will turn to affordable condos located near the downtown area,” he predicted.The Seven Residence Condominium represents a new trend in the Kingdom’s real estate sector. More developers are shifting their focus towards local buyers. This often involves keeping construction costs low and choosing secondary locations.Units in this segment are currently going for $1,400 or less per square metre. In other words, units usually clock in at around $50,000. Report shows growing affordable segmentAccording to a recent report by real estate services firm CBRE, 13 condominium projects have been completed and put on the housing market during the first half of this year. Nearly 70 percent of the units that came online, the report said, were condos in the affordable segment of the market. CBRE’s figures also revealed that at the end of June, the total condominium supply in Phnom Penh hit 16,657 units. Over half of those units were classified as mid-range properties, while affordable and high-end units split the remaining half of the market almost evenly. According to CBRE’s data from the second quarter of this year, the average price per square metre of a high-end end unit was $3,254. Mid-range and affordable condo units, on the other hand, averaged $2,568 and $1,501 per square metre, respectively. CBRE’s research and consulting manager, James Hewson, said that affordable condo developments have historically been a small section of the market. Now, however, there has been significant growth of affordable condos over the past six months.He added that international developers were initially drawn to the mid-range and high-end segments of Phnom Penh’s condo market because of the potential for high returns. However, many are now shifting their focus.“Now that there is a high supply of mid to high-end condo projects, developers are beginning to diversify by entering the relatively under-supplied affordable sector,” he said. “It is forecast that the affordable sector will see a sharp increase in supply over the next three years.”Most of the appeal for Khmer buyers, Hewson said, has been in the borey market. He added that much of the condo sector’s growth depends on infrastructure and accessibility. This is primarily a concern for affordable projects, which often choose secondary locations to keep costs low. “It is recommended that developers consider collaborating with the government to ensure infrastructure matches the rapid rate of real estate development currently seen within the city,” said Hewson.According to CBRE’s most recent report, completed condo units are set to hit 40,000 in Phnom Penh by the end of 2020. Over a quarter of these are set to be positioned in the affordable segment of the market. CBRE’s Hewson told Realestate.com.kh that the buyers within the condo market vary greatly. Many projects are marketed to a specific demographic. Often international developers will target expats, while local developers will target Cambodians.“This is demonstrated in the project L’ Attrait located in Chamkarmon district. A Japanese company developed the project, and Japanese buyers purchased 62% of the units,” he said. “This trend has also been witnessed in several Chinese projects, yet statistics are difficult to obtain.”  If you found this article interesting, you'll love our Investment Guide 2019: Property ownership briefing. Browse through or download your copy now.  Article by:

Sihanoukville has been reborn over the past few years. Investments flowing in are set to transform the harbour city into a resort oasis. What’s more, there are still affordable options. New Landmark is offering properties that start at just $40,000.One of the hubs of Sihanoukville is Ochheuteal Beach. It’s one of the most popular beaches in the country. It’s the perfect place for families on holiday, vacationers and more. There are high-end hotels, rich dining venues and, of course, the gorgeous natural surroundings. Soon, there will be a new structure that steals the spotlight among Sihanoukville’s skyline. New Landmark will be that building. Sitting just 200 metres from Ochheuteal Beach and right off the fabulous Gold Lion Roundabout is New Landmark. This complex represents the new trend of Sihanoukville. It illustrates a new urban identity for the city. Indeed, many buildings will follow New Landmark and take cues from its styling. Constructed by a subsidiary of China Construction Group, New Landmark boasts a floor area of 200,000 square metres. The complex seamlessly integrates four buildings. They consist of holiday apartments, a five-star hotel, a massive 10,000-square metre entertainment club and tons of commercial offerings. New Landmark units are the height of luxuryEach high-end luxury apartment is perfect no matter whether you’re looking for a holiday home or an investment opportunity. Units come exquisitely decorated, and built using brand name materials and top-tier hardware.Units at New Landmark come in a range of sizes from studio up to two bedrooms. The most common layouts are from 30 to 51 square metres. However, if you’re looking for an expansive space, New Landmark has units as large as 106 square metres. Right now, New Landmark has launched sales in the 37-storey Building B. It’s scheduled for handover in around two years. That means if you buy early you’ll be eligible for a massive discount. You could pay just $40,000 for a unit at New LandmarkFor early buyers, New Landmark is offering a spectacular deal. Buying a unit on floors 11 to 15 can lock you into a rental return plan of 12 percent a year for three years. This means that if you buy a 30-square metre unit you’ll only end up paying $40,000 to own it when everything is said and done. The average price of units is $1,900, but you can cut this down significantly with rental returns. Don’t pay full price with a deal this good!New Landmark is a state-of-the-art facilityNew Landmark is Sihanoukville’s first eco-intelligent community. It is set to use QR code access control, fingerprint locks, free wifi, drinkable tap water, golfing range, tennis courts, and strolling track.The large on-site business centre covers a wide range of businesses, such as convenience stores, banks, Chinese and Western restaurants, cafes, beauty salons, spas, gyms, private rooftop pools, and more.New Landmark also features a cultural centre, a public meeting room, a large underground car park, and the first musical fountain in Sihanoukville.Within one kilometre of the complex there are many hotels, restaurants, retailers, duty-free shops, and large-scale gaming and entertainment venues such as Gobo East, White Sand Palace Hotel, Jin Bei Casino & Hotel, where the life of fashion is inspiring and delightful.Don’t miss out on this deal of a lifetime. You can have your dream home for less than $50,000.Look for real estate for sale in Sihanoukville, visit Realestate.com.kh today!

Prime Minister Hun Sen recently unveiled plans to increase underground public parking lots in Phnom Penh. The hope is that these facilities will alleviate congestion in the capital. With real estate prices on the rise, however, only a few carpark projects are currently moving forward.  Speaking during a meeting with Cambodian people living in Switzerland last Wednesday, Prime Minister Hun Sen said he has advised Chea Sophara, head of the Ministry of Land Management, Urban Planning and Construction (MLMUPC) and Phnom Penh Governor Khoung Sreng to develop more public parking spaces, mainly underground parking. This, he said, is a move to stop using the sidewalks as parking spaces.“In Phnom Penh parks, [we should] use the underground area as parking. Otherwise, the sidewalks fill up with parked vehicles,” the premier said. “If only 50 percent of all Phnom Penh vehicles are on the road [at the same time], the city is deadlocked.” Car ownership rising fastAs living standards rise in the capital, transportation is one of the first areas people upgrade. Day by day, more people are upgrading from motorbikes to automobiles. Currently, Phnom Penh has very few dedicated parking areas, either public or private. According to the available figures from the Ministry of Public Works and Transport, there were 442,972 vehicles and 1.6 million motorcycles registered in Cambodia up to the end of 2016.Current numbers could be as high as 900,000. Officials from the Ministry of Public Works previous told the media that between 300,000 and 400,000 automobiles are registered in the country each year.   Phnom Penh Municipal Hall spokesman Met Meas Pheakdey said that the city is facing a shortage of public parking space as the number of vehicles is increasing. Pheakdey said that the capital has two functioning underground parking lots and three more currently under construction. He refused to give details on the forthcoming projects, only saying that they are nearing completion. “Underground parking lots are a big investment. We always encourage private investments for this type of project. They speed up development and help solve congestion issues,” he said Three more underground lots expectedAccording to Pheakdey, Oversea Cambodia Investment Corporation (OCIC) built the most extensive underground parking lot in the city. That lot sits in between Vattanac Capital and Canadia Tower in Daun Penh district. The OCIC lot spans 8,704 square metres across two levels and can host over 300 cars. OCIC’s CEO Touch Samnang said that the garage has been open since early 2018. He claimed that the underground structure has helped to reduce congestion in the area and, in turn, kept the street tidier.  “Without having appropriate parking lots, people park their vehicles right on public streets and cause serious congestion,” he said. “It is always a good solution to build more underground parking garages because there is no more space at ground level.”The other underground lot in Phnom Penh is part of the NagaWorld complex in Chamkarmon district’s Tonle Bassac.Vattanac Properties is reported to have submitted plans for a 5,000 square metre private underground lot of its own. Reports also claim that the area between Sunway Hotel Phnom Penh and the capital’s US Embassy is currently being outfitted with an underground lot. If you're interested in learning more about the development of Cambodia, download our Investment Guide 2019

Cambodia has hit GDP growth of over 7 percent for eight years in a row. It has become one of the fastest-growing countries in the world. Sitting in the centre of that growth is the coastal town of Sihanoukville, home of Prince Tian Xi Wan development.Sihanoukville is home to the largest special economic zone in Cambodia, as well as the country’s only deepwater port. Mainly driven by China’s ‘One Belt, One Road’ strategy, Sihanoukville is on an accelerating pace of change.This growth can be felt in nearly all industries. Everything from shipping and tourism to manufacturing is growing. Here are a few of the key milestones coming from Sihanoukville:A highway linking Sihanoukville and Phnom Penh is currently being built.There are plans for new cargo terminals in Sihanoukville.Chinese companies have pumped US$2.8 billion into Sihanoukville’s deepwater port.The Sihanoukville International Airport is currently expanding.Offshore oil extraction is set to being by the end of this year.There are plans for an Asean International Conference Centre in Sihnoukville.Currently, there are direct flights linking Sihanoukville to 27 Chinese cities.Prince Tian Xi Wan, Sihanoukville’s most exciting resort projectPrince Tian Xi Wan is located in the coastal city of Sihanoukville. It’s adjacent to the provincial headquarters right off Victory Beach. Above all, it has some of the best ocean views in town.Prince Tian Xi Wan resort covers a total area of 340,000 square metres. It hosts a five-star hotel, the largest duty-free shop in Sihanoukville, a luxury shopping mall, IMAX cinema, private marina and a beach lounge. A 13,000-square metre sky garden is a highlight of the complex’s common area. It also boasts an indoor heated swimming pool, outdoor garden-style pool and 25,000-square metre intelligent parking lot.Amenities don’t stop there, either. The resort will feature boutique and luxury shops, a dining avenue, family amusement park, spa club, ice skating rink, KTV facility and much more.The project is expected to be completed in March 2023. Sleek apartments on offer here range in size from 39 to 127-square metres. If you’re interested, don’t hesitate to visit the Prince Tian Xi Wan sales office today. Want to inquiry Prince Tian Xi Wan, Click here. Sihanoukville follows the path of ShenzhenFollowing the trail of Shenzhen, China, Sihanoukville is not only the largest domestic special economic zone, but also, according to the National Industrial Development Strategy 2015-2025, will transform into a green industrial development area. By then, Sihanoukville will become the most critical bonded industrial zone and tourist destination of the Kingdom.Thanks to a series of individual policies, the industrial output of Sihanoukville has accounted for more than 50% of regional GDP. Enterprises that invest in and develop the Sihanoukville SEZ can enjoy the exemption from tariffs, value-added taxes and income tax for up to nine years.Just like Hong Kong, Sihanoukville is a free market port city. In recent years, the amount of foreign direct investment (FDI) has been soaring. For example, the amount of FDI in 2017 increased by 12 percent year-on-year.Gambling in Sihanoukville Sihanoukville also hosts legal gaming industry on a large scale. Seventy-six government-licensed casinos are running in Sihanoukville.In the first half of 2018, Cambodia yielded $18.7 million in taxes from the casino industry.Aiming to compete with Singapore, Sihanoukville is expected to become the largest deepwater port in Southeast Asia, boasting a 10km² free-trade seaport that is responsible for 90% of Cambodia’s import and export shipping. In 2017, the Port operator reached a turnover of US$52.14 million, a year-on-year increase of 16.8%.Japan has provided a concessional loan of $209 million to construct a new container terminal at the port. The terminal will span 350 metres and be 14.5 metre deep.Also, another more massive deepwater terminal, which is valued US$2.8 billion, has begun to be built by Chinese constructor in Victory Beach this year. Upon completion, it will make Sihanoukville the only city of its kind in Asia.Don’t miss out on Prince Tian Xi WanPrince Tian Xi Wan resort will lead the march of Sihanoukville into the future. Will you join the party or only wait and see? Don’t look back and regret not getting in on this opportunity.Board the train bound for golden shores. Enquire about Prince Tian Xi Wan today.Look for real estate for sale in Sihanoukville, visit Realestate.com.kh today!

Many developments have been kicking off construction in Sihanoukville province. What used to be a sleepy beach town is now an investment hotspot. Among the many projects, Borey VIP is one of the closest to completion. It will be ready for handover by 2020. Borey VIP has a unique sense of lifestyle and luxury. It is now offering the most exciting installment scheme for potential buyers. It is convenient and fast compared to similar projects. How much does Borey VIP cost per month?The project requires buyers to pay only $173 a month. Houses start at just over $31,000. Playing off success in the capital, Borey VIP is moving the formula to Sihanoukville. If you want to know more detials about borey VIP, click here. What are the advantages of Borey VIP in Sihanoukville?       1. High quality home furnishings from overseas. Each unit has two bedrooms and two bathrooms. Life here is convenient and relaxed.        2. The environment around the project is attractive. It hosts gardens and lounges. Residents of all ages can go for walks or just enjoy the fresh air.      3. Security guards ensure your safety 24 hours a day. You will always have peace of mind.       4. Currently, Sihanoukville has excellent opportunities for investment. International players are flocking there every day. This means your property will bring you profits quickly. Where is Borey VIP?Borey VIP sits along National Road 4 in Sihanoukville’s Prey Nop district. It’s close to markets, hospitals, schools, banks, and entertainment venues. It’s in an area that is growing more and more wealthy every day. That means that in the future there will be more opportunities and more business. The Borey VIP project hosts over 4,000 houses. Over 80% of the project is already completed. The plan will be 100% finished by 2020.This is an affordable housing project. There are many home sizes for you to select. All are 4.1 metres wide. But they range in widths of 10.75, 14 and 16 metres.  Borey VIP could be your only chance to get a hold of real estate this cheap in Sihanoukville. Don’t look back and regret ignoring this amazing offer.Look for a real estate for sale in Sihnoukville or real estate for rent in Sihanoukville today!

Three outer districts of Phnom Penh topped the list of rising land prices for the first half of 2019, according to a report from Key Real Estate.The document, released earlier this week, stated that Prek Pnov, Dangkor and Chbar Ampov districts were the areas that saw the biggest jump in land prices so far this year.Top three districts for land price growthPrek Pnov district rates grew by over 27 percent in the first six months of the year, according to the report. A specific example was given for central land in the district’s eponymous commune. Plots there started 2019 at between $280 and $1,500 per square metre. Now, the same plots are going for between $300 and $1,700 per square metre.Dangkor district came up in second place. Located on the south end of the city, the district still has some of the most affordable land in the city. Average prices there grew by over 26 percent over the first half of the year, however. Cheung Ek and Dangkor communes saw huge growth, plots in those areas rose to over $2,000 per square metres on the high end. Prataslang and Sak Sampeou communes remain some of the cheapest areas in Dangkor district. There plots along the main roads can be found for as little as $40 per square metre.Rounding out the top three was Chbar Ampov district. Land prices there increased by almost 15 percent. Land in that district’s Prek Pra and Prek Eng communes are going for between $300 and $1,000 per square metre. Communes like Chbar Ampov 1 and Chbar Ampov 2, on the other hand, host land that averages between $1,300 and $3,200 per square metre.Sorn Seap, founder and CEO of Key Real Estate, said that while average land prices in central Phnom Penh remain largely unchanged compared to last year, prices in the suburbs are growing fast. He added that Prek Pnov is becoming an investment hotspot, as infrastructure in the area grows near the ring road, National Road 51 and the railway station at Bandoeng Market. “Developments in neighbouring Sen Sok and Chroy Changvar districts have led to increases in land prices as well,” he said.Prices stable in centre of Phnom PenhReflecting on the growth in Chbar Ampov, Seap mentioned the recent 200-hectare expansion of Borey Peng Hout, which has attracted plenty of attention to the area.Dangkor district, he said, owes its success to the development of the second and third ring roads, Hun Sen Boulevard, new residential complexes and the upcoming Aeon 3 shopping centre. “I believe the city is expanding, that’s why property values are rising in the outer areas,” Seap said. He contrasted this to land prices in the central districts of Phnom Penh. Land prices there are relatively stable.According to the report, Daun Penh, 7 Makara, Chamkarmon, Toul Kork districts saw land price increases of 0.4%, 1.6%, 0.8%,  and 0.3%, respectively. These districts, however, still remain at the top of the list for land prices in Phnom Penh. Daun Penh, for example, has an average land price of $5,000 per square metre. Space in premium locations there can command as much as $12,000 per square metre.If you're interested in learning more about the development of Cambodia, download our Investment Guide 2019! Article by:

When Heng Sengly was hired as general manager of Park Café in 2014, he was ready to help grow the brand and boost its status in Cambodia. His strategy was simple: increase the number of outlets as the market grew in size.Back then, Sengly reflected, Park Café had six branches and the Kingdom’s food and beverage industry was much smaller than today. There were plenty of affordable locations with high potential, he said. Bringing in new customers was the biggest challenge. Four years on, however, the sector has changed completely.Now entering his fifth year as general manager, Sengly isn’t worried about growing his customer base. His challenge now lies in finding good locations that will remain profitable.“Food outlets, coffeeshops, and convenience stores have grown rapidly over the last three years and they are driving up real estate prices in Phnom Penh,” he said, adding that Park Café is currently operating 15 stores and spends about $5,000 per month per location on rent. “For the same location, we spend almost twice as much on rent as we did three years ago.”International brands come to CambodiaThe Cambodia retail industry has emerged as one of the fastest-growing markets in the region. Indeed, international restaurant and convenience store chains have come to get a piece of the action.Looking at coffee shops alone, industry insiders have estimated that there are more than 300 outlets in Phnom Penh, a city of under four million.CBRE Leasing Manager Thyda Pov attested that the retail industry has been growing at an unprecedented rate. The entrance of international brands, she said, has caused demand to rise for premium locations.“Currently, there is a shortage of space for standalone shops in commercial areas. Prime locations, such as the zone around Toul Kork’s TK Avenue, are almost full,” she said. “In the future, many retailers may look to malls instead.”Convenience stores clamour for spaceIn addition to the number of food outlets and coffee shops, convenience stores are also vying for premium spaces in the capital’s retail market.Super Duper, a Western-styled 24-hour supermarket that first launched in early 2015, is now operating four stores.US-based Circle K, meanwhile, officially launched Cambodia operations in February of last year. It now boasts 23 stores in the country. Earlier this year, the Bangkok Post reported that Thailand’s biggest mini-mart operator, CP All, is ready to bring the iconic 7-Eleven brand to Cambodia.Aeon Maxvalu, a sister brand of the famed Aeon Mall, is today opening its ninth store today in BKK1, at the corner of streets 63 and 306.Chey Ratana, Aeon Maxvalu’s assistant manager of operations, said another four stores are set to open before the end of the year. Ratana added that Cambodian consumer demands are changing. People are willing to spend extra to shop in a comfortable environment with air conditioning and top-quality goods, he said. “We have experienced rental fees rising for our shop locations. This trend can present a challenge for reaching our long-term expansion goals,” he said.Not all brands are worrying about rising rental fees, however.An executive at Super Duper, who asked not to be named, said that rental fees for standalone shops have increased only slightly in the last four years.Rising competition, he said, is pushing smaller names out of the market.“Some shops will close and we expect more location will be available in the future,” he said. “We hope rental fees will stay relatively stable over the coming years.” If you're interested in learning more about the development of Cambodia, download our Investment Guide 2019Article by:

Already a hotspot for investment from around Asia, Cambodia, especially its capital Phnom Penh, is particularly popular with high-net-worth individuals from China. The overwhelming changes in the Kingdom over the last few years have commanded the regional spotlight. Among a flurry of new developments, CPEC Roman Garden has caught the eye of many.Located in Phnom Penh’s blossoming Sen Sok district, CPEC Roman Garden sits squarely in the business zone. This ring of infrastructure includes the Phnom Penh International Airport, and many other amenities. CPEC Roman Garden covers an area of ​​1,200 square metres, stands beside two main roads, boasts floor space of ​​16,000 square metres, and hosts more than 200 luxury apartments. The building’s design is inspired by ancient Roman architecture. It elicits feelings of majesty, a rich cultural heritage and solemnity. Overall, it introduces a unique texture to the city. The 20-storey building is high enough to have magnificent skyline views of the city.Being tailored to Chinese clients in Phnom Penh, CPEC Roman Garden sits in the perfect locale. It is just a short drive away from the famous “China street” that runs past the Central Market. Indeed, this development is set to become a hallmark of the Chinese legacy in the Kingdom.Sitting just beside Road 2004, CPEC Roman Garden is close to Northbridge International School, 10 minutes from Phnom Penh International Airport, five minutes from Ratana Plaza, and 30 minutes from NagaWorld or Aeon Mall 2.CPEC Roman Garden benefits from accurate planning, ingenious design and a clear market orientation. It is uniquely suited for Asian individual investors.Key advantages of CPEC Roman Garden:A minimum price per unit of about US$60,000, an extremely low threshold for a property investment. In fact, the development has tons of different types of units. There’s something to fit every portfolio.The massive common areas in this development account for 40 percent of the space. Selling prices start at just $1,700/m².Handover is planned for August of 2020. This means you can start getting returns almost immediately. Plenty of payment options are available. You can either make one single payment or make interest-free installments over one year with a final payment of 34% on delivery. Constant demand for home renting in this area means that you can expect rental returns as high as 8% to 10% per year.At present, in the vicinity of , the price of apartments is usually around $2,300 per square metre. However, prices at the CPEC Roman Garden start from only $1,700 per square metre.This means that buying a 60-sqm apartment at the CPEC Rome Garden costs $36,000 less than a comparable space. What significant savings!More importantly, CPEC Roman Garden is developed by China CPEC Development and Construction Investment Co., Ltd., and constructed by a world's top 500, the China Railway 11th Bureau. It was designed by local famous architects and officials from the Ministry of Construction, who have worked overseas for 15 years and have many successful local cases. The quality has been undoubtedly guaranteed.Key points of quality:1. The common area accounts for over 40%. The floor height is 3.3 metres. The corridor is 2.3 meters wide, with floor-to-ceiling windows at both ends, it has excellent in light and airflow.2. With two different refined package to choose from, you can have a turn-key home for just $3,500-$5,500 extra. Or, you can add more personality to your space with basic furnishings like tile floors, painted walls, a fully-furnished kitchen and bathroom and Gree air-conditioners.3. It is designed to be a truly green building integrating aesthetics, architecture, mechanics, aerodynamics and other technologies.4. There is a rooftop swimming pool. This area is both indoors and outdoors so no matter what the weather is like you can enjoy and relax.5. Each unit’s air-conditioning unit has a special enclosure that traps condensation. This means that the water is recycled and can be used to water the plants on the building’s exterior and in common areas.Of course, CPEC Roman Garden offers tons of valuable amenities including an infinity pool, sky bar, auditorium dance room, gym, cafe, supermarket, three-storey car park and outdoor parking spaces, intimate and meticulous property service provided by a top-notch local experienced property operator and much more. Each homeowner can enjoy their life here and maintain peace of mind!Apartments come with a range of sizes from 37 to 98 square metres. Each one has a balcony which opens up to the amazing outdoor views. Single elites or small families can easily find their place here. Needless to say, it is easy to find a perfect space for your next investment.Look for real estate for sale in Sen Sok or real estate for rent in Sen Sok, visit realestate.com.kh today!

Cambodia is at a pivotal stage in its process of urbanisation. Experts at a seminar Tuesday in the capital said now is the time to push smart city technology.The event, dubbed Smart Cities and The Future of Urban Development, was organised jointly by the Kingdom’s CBRE, legal firm DFDL and construction company Archetype.Guillaume Massin, partner and managing director of DFDL Cambodia, said at the seminar that Phnom Penh is a fast-growing city and has transformed into a hub of economic development.“Ten years ago, we could not imagine how a large shopping mall or high-rise building [would appear],” he said, adding that new developments and the city’s international airport are already onboard with smart city principles.“There is more to come, but Cambodia is keeping up with other countries where it needs to be. I think it has quite a competitive advantage in terms of urban planning.” What is a 'smart city'?By definition, a smart city is a sustainable urban development that uses technology to address problems such as housing shortage, traffic congestion and environmental degradation.Phnom Penh, Battambang and Siem Reap are the three cities in Cambodia that have been included in the Asean Smart Cities Network. The municipalities are set to receive assistance from the Japan government in implementing advanced tech in their urban spaces.ASCN is seen as a collaborative platform. Usually, three cities from each member state are included in the initiative. Some developers in Phnom Penh have already started building up to ASCN specifications. Overseas Cambodian Investment Corporation’s Chroy Changvar district satellite city and Ing City, south of the capital, follow the initiative’s framework.Phnom Penh City Hall’s administration director Seng Vannak said during the discussion session on Tuesday that the concept of promoting smart city concepts is good but there are several challenges surrounding implementation. One of the biggest challenges, Vannak said, is increasing awareness among Cambodian people and help them navigate the changing urban space.“The main challenge is how to help people understand their place in the city and how they can be a part of its development.”If you're interested in learning more about the development of Cambodia, download our Investment Guide 2019Article by:

There are always some risks when investing in real estate. But risks are minimal as the project is close to completion. Blue Bay, one of the latest developments in the coastal city of Sihanoukville, is almost done. That means its potential is already clear.Sihanoukville, an emerging coastal city, is building up great potential and has become one of the most captivating investment destinations in Southeast Asia.One of the best ways to avoid risk when buying real estate is to buy projects that are already completed or near completion. However, in Sihanoukville, many developments won’t be finished for another few years. Blue Bay, on the other hand, will be ready to go in a matter of months.In fact, Blue Bay is one of the first high-end condo projects that will be delivered by the end of this year. The developer of Blue Bay is offering a fixed annual return of 8 percent for the first eight years to buyers. On top of that, Blue Bay is one of the condominium projects that are very close to the beach. That means when you open the window all you can see are blue sky, beautiful beaches and the oceans.What’s more, PPCB Phnom Penh commercial bank is working to provide mortgages to buyers up to five years. Don’t sit waiting for years. Start reaping benefits right now with Blue Bay now, click here.Breaking down Blue Bay’s advantagesCurrently, an ordinary hotel room, with no view of the ocean, near Blue Bay’s location goes for around $110 per night. This means monthly income here can be as high as $3,000.A conservative estimate would show that a 58-square metre apartment at Blue Bay could bring in $2,000 per month. This works out to $24,000 per year and almost $100,000 in four years.Units at Blue Bay are now selling for around $3,400 per square metre. That means the total cost will be around $200,000. Think about it: You could get annual returns of around 12 percent.Invest now and you could be eligible for a three-year preemptive property return. This opportunity is totally unique to this area and means you could get up to a 40 percent discount.As a testament to Blue Bay’s progress, the complex’s Building C was already completed in October of last year. Now, the countdown begins to the December 2019 handover. Homes at Blue Bay range in size from 58 to 100 square metres.Quick facts about Blue BayThe Blue Bay is located on Sihanoukville’s Independence Beach. Sitting on an area of 110,000 square metres, Blue Bay soars 37 storeys high. It hosts nearly 1,500 apartment units. Notably, 80% of the units have ocean views.Life at Blue Bay is convenient. The Gold Lion Roundabout is just a stone’s throw away. Many other attractions of Sihanoukville are near as well. Independence Beach, Ochheuteal Beach, Soka Beach, Victory Beach, Serendipity Beach, Koh Rong Island, Koh Rong Samloem Island, Bamboo Island, Monkey Mountain Park are all there for exploring. Blue Bay also has rich facilities. These include a premium gaming club, yacht marina, infinity pool, sky pool, beach volleyball court, featured Chinese and Western restaurant, roof canopy restaurant, beach bar, beach billiards room, business club, fitness centre, supermarket, cafe, property service centre and much more.What’s more, the famous five-star Wyndham Hotel and a large duty-free shop have signed on to join the project.Blue Bay also stands out in terms of design. Its modern architecture has detailed carvings and luxury at every corner. Living here is truly about beauty, wellness and style. Blue Bay’s building qualityBlue Bay uses the highest standards in its construction. Features include:Framework of high-density steel and concreteCommercial space on the lower levels with granite-tiled wallsFloor-to-ceiling windows framed with aluminium alloyInsulating double-paned glassAdvanced thermal insulation on both inner and outer wallsPlentiful options at Blue Bay are waiting for you. You can configure your unit to match your exact needs. Whether you want a holiday home, a place to generate rental returns or a second home, there’s something here for you. Don’t hesitate. Pay a visit now to Blue Bay’s sales office or contact us now via email or phone.If you're interested in learning more about the development of Cambodia, download our Investment Guide 2019Registration for Cambodia Real Estate Awards 2019 is open.

Dozens of Korean companies in the construction sector have shown growing interest in Cambodia’s booming property sector. The firms, which are mainly building material suppliers, gathered this week for a roadshow at Sofitel Phnom Penh.Put on jointly by the Korea Trade-Investment Promotion Agency (Kotra), the commercial section of the Korean Embassy, and the Cambodia Constructors Association (CCA), the event was the first-ever road show in the Kingdom for nearly 30 Korean companies.Kyungmoo Kwon, director general of Kotra Phnom Penh, said on Thursday that the construction industry in Cambodia is booming and there are a lot of opportunities for Korean companies. He added that much of Cambodia’s construction materials are currently imported from China, Vietnam and Thailand.“We really want to introduce more efficient, safer and better quality Korean products and equipment to the construction sector,” he said.“After this first roadshow, we will expand to do roadshows about construction machinery and design, and seek more cooperation related to construction projects.” Korean investors lose prominence to Chinese counterpartsAccording to Kyungmoo, there are 40 Korean companies operating in Cambodia in the construction and real estate sectors. He said that as more enter the market, Korean-backed projects will gain a better image.Korean investors were originally considered first movers in the Cambodia construction scene. However, they have since been superseded by investors from China. The capital’s Gold Tower 42 was originally a project backed by Korean interests. Announced in 2006 the building was plagued by numerous delays. Progress sped up again this year and completion is forecasted for 2020.  Hann Khieng, vice-president of the Cambodia Constructors Association (CCA), said that Korean construction material suppliers offer a wide variety of products, which is helpful to the growing Cambodian construction sector.“The developers now have more choices. I see many attractive materials that are needed in the construction sector. Korean products are quality and the price is competitive.”If you found this article useful, you should read our overview of the Cambodia construction sector in the Investment Guide 2019.Article by:

Sovanna Shopping Centre, in Phnom Penh’s Chamkarmon district, will temporarily suspend operations starting in September in order to renovate. The complex, inaugurated in 2008, has faced stiff competition from newer capital shopping venues, the mall’s executive director confirmed Friday.Sovanna Shopping Centre’s Executive Director Chea Sokheak told Realestate.com.kh that the renovation was aimed at giving the mall a new look. She added that the venue would be closed for at least a year.Sokheak claimed that the building would continue to be a shopping centre, however, other types of spaces such as offices could also be included in the next iteration.“Current tenants can continue their business until the end of August. Starting in September we will start to refurbish the centre. It will be a large-scale renovation so it could take at least one year,” she said.  Sokheak did not give any data about the financial performance of the mall. However, she did confirm that it has been impacted by competition from the increased number of shopping venues in Phnom Penh.“Stronger competition always affects the business whether [the competitors are] big or small … The location of Sovanna Shopping Centre is still a good place and investors are willing to put up funds to make it better.”Sokheak said that it is normal for shopping centres to renovate after over ten years of operation in order to keep up with safety standards and visitor demands.  Concerning current tenants, Sokheak said the mall’s management company will compensate those with standing contracts. She added that many will be given the option to lease space at other shopping centres managed by her company.Following in the footsteps of Sorya Center PointLocated in the Chamkarmon district’s Tumnup Teuk commune, Sovanna Shopping Centre spans around 50,000 square metres across five floors. The mall is currently owned by developer Overseas Cambodian Investment Corporation (OCIC). In addition to Sovanna, the company also owns Sorya Center Point in Daun Penh district and Ratana Plaza Market in Sen Sok district.OCIC’s Sorya was Cambodia’s first modern shopping centre. Introduced in 2003, the complex sits adjacent to the capital’s storied Central Market. Sorya was considered the most successful shopping complex in the country until the Japan-backed Aeon Mall was inaugurated in 2014.Sorya itself was given a major facelift in early 2016. After the $5-million renovation, it was renamed Sorya Center Point.For daily updates on real estate, business and commerce in Cambodia, stay tuned to our news blog. And don't forget to use our listings if you're looking for real estate for rent in Phnom Penh!Article by:

The anticipated follow-up to the inaugural Cambodia Real Estate Awards is almost here. The Cambodia Real Estate Awards 2019 is set for later this year. It will take place at Phnom Penh's Sofitel Phokeethra. Entries are now open to all real estate agencies and professionals operating in Cambodia.Over 20 awards will be given out on the night in a variety of categories. Agencies will be split into two categories based on their size. To be sure, true excellence in the industry will be recognised.If you think your company is the best in the business, enter now. For more information about entering the awards contact Realestate.com.kh here:Email: info@realestate.com.khPhone: 090 921 000Make sure you get your entries in soon! We want this to be an all-inclusive event. ***ALL REGISTERED AGENCIES ARE INVITED TO ENTER!***After entries close the materials will be passed to the Ministry of Economy and Finance to verify that all businesses are legally registered in the country. NOTE: They will only be checking your business registration number.Then, the entries will be passed to a panel of distinguished judges. This year the panel will be headed by Dr Sok Siphana of SokSiphana&associates. Dr Siphana is highly accomplished lawyer and leading corporate figure who has been held in the highest regard by Cambodia’s real estate sector for many years.Judges on the panel will deliberate and determine a list of winners. The whole process will be audited by a third party to ensure fairness and due diligence at every step. Cambodia Real Estate Awards gala eventLater this year there will be a gala dinner at Phnom Penh’s Sofitel Phokeethra. It will be an evening of excitement, excellence and fun. All industry professionals are invited to book their tickets, dress their smartest and show up to this high-class event.If you are a winner you will be given a magnificent trophy and become a superstar for the evening and the rest of the year. Professional photo and video teams will be onsite to capture every moment and the awards will be broadcast live on Facebook and rerun on Cambodia TV via CBS.Winners will have exclusive use of the CREA logo to adorn all their business materials for the coming year. They will also have tons of photos and videos to use in their own marketing.Contact Realestate.com.kh to enter and book your tickets for the gala. Even if you’re not entering the awards you’re welcome to join the event and perhaps even buy a sponsorship.For more information about the awards, click over to the main page for the Cambodia Real Estate Awards 2019.

Cambodian financial institutions saw a huge jump in the amount loaned out for mortgages early this year. Experts in the financial and real estate industries say the trend illustrates the growing strength of the Kingdom’s property sector. According to the latest data from Credit Bureau Cambodia (CBC), mortgage loans nationwide at the end of March amounted to $3.2 billion. This marks an increase of 34 percent from the same time last year when the amount stood at $2.36 billion.“The performance of mortgage loans provided by financial institutions is pretty good in the Cambodia market,” CBC’s Chief Executive Officer Oeur Sothearoath told Realestate.com.kh via e-mail. “The trend is increasing at the same speed as last year and aligns with overall industry growth.” Mortgage loans make up one of the total three categories within the consumer credit index recorded by the CBC. According to Sothearoath, the sum refers only to mortgages given out by financial institutions such as banks or microfinance groups who are CBC members. Mortgage loans from housing developers and borey companies are not accounted for in the figure.Key Real Estate founder and director Sorn Seap said on Thursday that the demand for houses in Cambodia is increasing. This is driven by an increasing number of middle-class and young couples who have higher incomes and want to live separately from their parents. Seap added that the increasing amount proves that financial institutions have confidence in the property sector. Lenders, he said, routinely grant mortgages with down payments as low as 20 percent.“The prices of houses and property will keep growing and this proves to banks that putting their money in the sector is safe and profitable,” he said, adding that the government has allocated more of the national budget toward infrastructure development for things like roads, bridges, and expanding utility services. “With more infrastructure development, there is more buying and selling of property.” CBC’s consumer credit index encompasses personal finance loans, mortgages and credit cards.The total outstanding balance of consumer credit in Cambodia stood at $6.7 billion at the end of March. This was up 7.4 percent from the end of December, according to the latest report from the CBC.Article by: