New York Times has released their starter kit for escaping into the world, namely, through releasing their renowned list of the ‘52 places to go in the world’. The beaches of Sihanoukville ranked at number 13 on the list amongst other top destinations such as New Orleans in Louisiana taking the top spot, followed by Colombia, and  Basilicata in Italy. - see Realestate.com.kh's The Ultimate Guide To Sihanoukville for a complete overview of Sihanoukville.As the list eluded to, Cambodia has been notoriously famous for it's Angkor Wat Temples in Siem Reap - which still remain as the biggest tourist attraction in Cambodia. In 2015 Angkor Wat was labeled by Lonely Planet as the number one tourist destination in the world.However, adorned with white sand beaches, accessible islands, a host of developments and new infrastructure initiatives in play- allowing for ease of access to the seaside province- it seems that Sihanoukville's tourism potential is garnering well deserved global attention.Sihanoukville International Airport has been undergoing major renovations, whilst the construction of a new terminal promises to increase capacity to 500,000 passengers per year. Once completed, Sihanoukville Airport is set to be the kingdom's largest airport. Already new flight routes have been added, with ongoing international flights from China, Vietnam, and Malaysia.Further to this, Grand Union Group, the developer of Dara Sakor Seashore Resort Casino in Koh Kong received permission in 2017 to build another airport. Although Koh Kong is not directly in the province, it still represents another key point of access which is within a few hours driving distance to Sihanoukville.Construction is anticipated to commence on this airport in early 2018 and will involve a total investment of 500 million USD.In terms of the hotel scene- both on the shoreline and the multitude of surrounding islands, including the popular Koh Rong, Koh Rong Sanloem, Koh Russey and Krabey Island- this has exploded over the last few years.Of special note is Six Senses on Krabey Island, a mere 20-minute boat transfer south of Sihanoukville, and Alila Villas on Koh Russey, with both resorts opening in 2018. Both will offer the full island experience, with snorkeling, diving, and all other beach amenities for tourists to enjoy.  Besides hotels, the potential for mixed-use and residential developments has caught the eye of major international developers. D’Seaview, Blue Bay, The SeaGate Suite, Royal Bayview and Sunshine Bay are amongst the major projects which are currently under construction- and will bring luxury facilities, and a new skyline to the province.In addition, infrastructure initiatives such as a direct highway between Phnom Penh and Sihanoukville improved internal roads, port expansions and Cambodia's largest Special Economic Zone (SEZ) are all factors contributing to Sihanoukville's status as a 'boomtown’ for attracting both tourists and investors alike.   Search properties for sale in Sihanoukville and current properties for rent in Sihanoukville!

In the Kingdom, traditionally there are three major classifications of land title which are utilized throughout the country. The ownership titles that are commonly referred to are namely, hard title, soft title, and strata title (enabling for foreign ownership within condominiums- subject to certain conditions). Each title confers different rights and securities.Now there is a fourth form of title that is commonly referred to as an ‘LMAP title’. Although the term ‘LMAP’ refers to a project that was commenced by the World Bank in 2002, and the completion of the nationwide titling project has since been transferred to other agencies, the ‘LMAP’ acronym has stuck.Over the past two weeks, we have explored what an LMAP title is, the benefits and have taken a look at the issuing of LMAP, associated fees and the status of the titling project throughout the nation by government agencies. This week in part 3 we will explore an overview of the application process thanks to Realestate.com.kh. The LMAP Application Process OverviewApplying for an LMAP title involves directly communicating with the Ministry of Land Management, Urban Planning and Construction (MLMUPC) and the relevant cadastral officials. This is due to the fact that this title will be registered and recognized at a national level. An LMAP process takes around 12 weeks to process for land that has already been indexed on a cadastral map - see Realestate.com.kh's Land Title Transfer Process in Cambodia for more information.Further to this, the application process involves your own input, as a landowner, to submit the correct documentation and application form to the MLMUPC office.These necessary documents include; any receipts or letters, or agreements that prove ownership for land that does not already have a title, or certificates of ownership, title, and the sale and purchase agreement- for land that has already received a form of title.Additional documents such as an; identity card, family book, birth certificate, and marriage certificate (if this is applicable) are also necessary during the application process.Once submitted the application will be checked by the MLMUPC and designated land official will examine all the documents to check the legitimacy and legality of them.During the application, the MLMUPC will determine whether the actual land is private property. In case that there are conflicts amongst landowners, the relevant land official can raise it to the relevant local committees to settle the conflicts in place, without bringing their case to the court.However, in this case, you will be eligible to pay a stamp duty tax- which we will explore further in the fourth and final part of the LMAP series- where we will also delve into commonly asked questions.Remember, that in the case of any dispute or questions regarding the LMAP process and specifics of the application, we strongly recommend that as a landowner you should obtain independent legal advice to ensure both certainty and clarity. If you missed the part 1 or part 2, of this article, we invite you to please read them now!

Toul Kork is reaching the point of being a fully developed area, in terms of residential and commercial real estate development, whereas Sen Sok has enjoyed a rapid series of growth in the same aspects. The two districts lie in Northwest of central Phnom Penh and have attracted a range of residents and families in middle to high-income brackets.Improved infrastructure has given rise to the development changes in Toul Kork and a rapid surge in land prices over the preceding years. This growth has also contributed to neighboring areas- such as Sen Sok.Due to this fact, residential growth can be seen in  Sen Sok which has attracted a host of new residential developments. According to the 2017 report on the housing market from VTrust Appraisal,  Sen Sok stands second to Pou Senchey district in term of landed housing supply. Although Sen Sok is on the face of it, is a relatively small district, it has a very large housing supply -one of the key reasons being the flow-on effect from neighboring Toul Kork's boom.  Mr. Sorn Seap, CEO of Key Real Estate, said: “Toul Kork and Sen Sok can be considered as 'two brothers' especially Sangkat Boeng Kak 1 & Boeng Kak 2 in Toul Kork and Sangkat Phnom Penh Thmey in Sen Sok which share one border and have very strong development potential.This potential significantly drives the growth to Sangkat Khmuonh where there are many developments such as the Camko City project and Borey projects including; Borey Piphup Thmey, Borey Vimean Phnom Penh, and Borey Angkor Phnom Penh. Further to this, the Sangkat is within close proximity to key amenity developments such as Aeon Mall 2, Makro Mall, international schools, and also large-scale condominium projects.Mr. Sorn added that Toul Kork- an area transforming itself from a majorly residential area to a hub hosting mixed-use developments, needs Sen Sok in order to keep growing. This need is reciprocated by Sen Sok, as the developing area, needs Toul Kork to better connect itself to the city center so the area can continue to grow. Ultimately, both areas will need to rely on each other to solidify future development at a continuous pace.Commenting on the suburbs co-dependence, Mr. Touch Bin Beakna, Valuation Manager at Key Real Estate, said: "Both districts are potential areas for investment. However, the fact is that Toul Kork is more developed, more populated, and the value of the property is more expensive compared to Sen Sok. This is due to the suburb being a new developing area, with more vacancy for construction, more plot land, and a price that is more affordable for families.”Mr. Touch, further believes the well-connected infrastructure between Toul Kork and Sen Sok is one of the major factors in garnering more investment opportunities for both local and international investors. He further explained that Sen Sok has developed a few years slower than Toul Kork, but in regards to in-demand areas in the suburb, the property prices can be comparable to that of central Phnom Penh areas; for example, Aeon Mall 2. However, in general, both land price and availability of land in Sen Sok are more affordable and available compared to Toul Kork.If you are interested in the investment potential of Sen Sok, Please read our article: Investing in land in the Sen Sok District For those who aim to invest in houses or land in Toul Kork or invest in a new home in Sen Sok, in the immediate future, Mr. Sorn urges that they need to keep track on the recent market and especially their own budget plan. At present Key Real Estate is working within Toul Kork and Sen Sok and the company aims at helping both local and international buyers to be fully aware of the value of each type of property- in particular locations, and offer them exactly what they need within their individual budget plan.Key Real Estate aims to sell the companies confidence and knowledge first to the clients in order to give them better and more reliable quality service provided by the agency.  With all the staff fully trained, Key Real Estate is one hundred percent sure they can utilize their knowledge and experience- especially regarding the suburb brothers to serve their clients with the highest quality service.Ultimately Key Real estate has the vision to provide the best quality services when it comes to property valuation in Cambodia and also aims to contribute to Cambodia’s ever-growing real estate sector.Looking to learn more about investment potential in Toul Kork, please read our article Toul Kork, the new Chamkarmon?Click here for current real estate for sale in Toul Kork and current real estate for sale in Sen Sok.

In the Kingdom, traditionally there are three major classifications of land titling namely hard title, soft title, and strata title.  Each different title confers different rights and securities to landowners. Now there is another land title known as the LMAP title- which is the strongest form of land title in Cambodia.Last week in part 1 we examined what an LMAP title is and the benefits for landowners in obtaining one. This week in part 2 we will take a brief look at the issuing of LMAP, associated fees and the status of the LMAP titling throughout the nation thanks to Realestate.com.kh.Issuing LMAP titles and associated fees:In general, the issuing of LMAP title is the responsibility of the Ministry of Land Management Urban Planning and Construction (MLMUPC) with no specific service fee to be charged for the LMAP title itself. However, if you apply for LMAP, you will still have to pay the transfer tax which is generally around 4%, that is applied when obtaining a property title.If you are interested in learning more about land titles and how they subsequently work, please check out our article: land title transfer process in CambodiaIn addition, if you are required to pay property tax, or other taxes (which is dependent on the area your land is in), for example- annual property tax, you need to pay all those taxes before the LMAP title can be issued.LMAP title availability:Another major factor to consider is that the LMAP titling process is yet to be completed throughout the entire country by the MLMUPC. This process involves GPS coordinates being ascribed to every land plot in the country, with the result being a cadastral index map showing land boundaries and land registration data.  At present, it is estimated that 80% of LMAP titling of land plots has been completed.This gives rise to three possible scenarios;-    Firstly, if the MLMUPC is presently undergoing the necessary LMAP titling process in your village or area where you live in, this means you only need to follow what your local authority informs you to do once the project is completed. It is their obligation to communicate with you.-    Secondly, if LMAP titling has already been completed in the area that your land resides in, and you have not applied for the title- do not worry, this can always be applied for a later date.-    Finally, if the area your land resides in hasn't been subject to the LMAP titling process by the government, unfortunately, you cannot apply for an LMAP title. However, you can apply for a hard title in the meantime. This is the strongest form of land title, after LMAP and will still give you legally enforceable rights over your land.Look out for part 3 next week where we take a step by step breakdown of the actual application process for the obtaining your LMAP title and all the documents you will  need.If you missed part 1, make sure to check it out on Realestate.com.kh/news.

Following an announcement by Borey Peng Huoth Group in July 2017 regarding the development of a mall, namely PH Diamond Mal,  which is to be constructed in the Chak Angre Krom commune in 2019, the developers have officially announced a second, larger-scale mall project- PH Eco Mall estimated to be completed in 2021.In comparison to PH Diamond Mall, which will span over 2.4 hectares, PH Eco Mall will span over 6 hectares of land. The new project will be built in the Grand Star Platinum Project within the Boeung Snor Area of Borey Peng Huoth along National Road Number No. 1, 2 kilometers from Preah Monivong Bridge. The project is worth an estimated total of $200 million.Oknha Thai Mengly, CEO of Borey Peng Huoth Group, said that the PH Eco Mall project will be a groundbreaking project and will provide both national and international customers with a premium shopping experience- especially considering the shopping mall is prioritizing creating an eco-friendly and fresh environment for shoppers.In addition, this shopping complex will incorporate the traditional Khmer style by integrating Khmer culture through popular and modern lifestyle amenities.The mall itself will cover 26,800 square meters of land, solely dedicated to the mall building, and a further 90,000 square meters available for rent- as well as an abundance of parking space, which can hold up to 5,000 cars and motorcycles.The PH Eco Mall will make the developer’s existing Grand Platinum Project become a more modern and enriching hub, adding to international schools that have operated since the mid-2017. Find out property for sale in Cambodia on Realestate.com.kh

In the Kingdom, traditionally there are three major classifications of land title which are utilized throughout the country. The ownership titles are namely, hard title, soft title, and strata title (enabling for foreign ownership within condominiums- subject to certain conditions). Each title confers different rights and securities. Now there is another land title, known as an LMAP title available and can be classified as a form of issuance of land title for property purchasers and owners.In order for you to understand the relatively new concept of the LMAP title, this week in part 1 we explore what an LMAP title actually is, the benefits and will begin to explore how these will apply to you, thanks to Realestate.com.khWhat is an LMAP title?A titling system, called LMAP (Land Management and Administration Project), is a certificate of land title. It is a project that was first introduced in Cambodia in 2002 by the World Bank after government approval, with the goals of improving land tenure security through registration and issuing titles- particularly for vulnerable property owners. The Ministry of Land Management Urban Planning and Construction (MLMUPC) is the implementing agency in the Kingdom for this process.What are the benefits of an LMAP title?LMAP is the strongest, safest and most updated type of land title- due to the face that GPS coordinates are in the process of being registered for all land plots in the country.Prior to the LMAP title establishment, the MLMUPC had a major need for dispute resolution processes for land titling, due to lack of clarity regarding the boundaries and other contentious areas of land ownership. Ultimately the goal of the MLMUPC is to establish a land administration system which is both efficient and honest.For landowners who now possess an LMAP title, this means their plot of land has been clearly measured by the relevant cadastral officials, the borders of their land are agreed upon and thumbprinting has taken place- which adds a layer of security to property ownership.The LMAP title can effectively give the property owner certainty regarding all aspects of their property and is a tool for preventing conflicts such as boundary dispute and between property owners in the future. Further to this, LMAP is a 100% legal title for hard title owners to obtain.Look out for part 2 next week where we take a step by step breakdown on how to apply for LMAP title, relevant fees, and answers to answer some key questions on the LMAP titling process.Looking to learn more about how land titling system works in Cambodia? Check out our complete Cambodia title  overviewInterested in investing in land, take a look at ourland for sale in Phnom Penh available

The development of high-end residential projects has been a priority of both local and international developers alike over the preceding years, with a host of condominium and big-budget Borey projects concentrated within prominent central areas of Phnom Penh.However, according to local real estate experts, 2017 as a whole has seen a major shift in demand- from luxury residential developments, towards housing that is more affordable for those in lower-middle income brackets and in particular the local market - see Realestate.com.kh's Government’s low-Cost Housing Policy for more information.Meanwhile, these experts are optimistic that this shift in demand that has risen drastically in 2017 will continue to flourish in 2018 and proceeding years. Therefore, developers who have already recognized and responded by constructing more affordable projects are more likely to achieve success in their developments.Hoem Seiha, Director of Research of VTrust Appraisal, has recently released The Housing Market & Outlook Report 2017. The report states that the Kingdom's property market in 2017 performed well- especially low-price housing projects- while the higher-priced developments decreased in both launches and sales.Discussing his report further, Mr. Hoem said: “Due to slow demand for luxury housing, developers have shown interest in the local market and responded by supplying housing priced between $30,000 and $60,000. For example, Borey “New World” is only priced in the $40,000 to $60,000 price bracket. This price range is the most popular among middle-income families- especially those who have recently married.”He continued: “Every year there are many new couples who need housing to work and live in Phnom Penh. These [recently] married couples cannot afford housing priced more than $60,000 dollars.” Therefore Mr. Hoem believes that housing options that are under this price threshold are the only options for these newly established families.Echoing Mr. Hoem’s view, Mr. Cheng Keng, Chairman of Cambodia Properties Limited (CPL), said: “Over the past few years, developers have focused on luxury housing priced over $80,000, but now demand for this type of housing has slowed. Mr. Cheng believes that the majority of the Cambodian people sit in the middle-income bracket and believes that now is the right time for developers across the board to focus on affordable housing developments. “By doing so, they will stand a high chance of a success for their projects,” Mr. Cheng added. In the “Consumer Sentiment Survey” conducted by Realestate.com.kh, which was the largest real estate survey to be conducted in the Kingdom, responses from over 5000 international and local respondents regarding buying power and affordability, reinforced the views of Mr. Hoem and Mr. Cheng. One particular example is that in terms of buying power, more than half of the survey respondents (67%) had less than $70,000 dollars to spend on a property.Further to this, when individuals were asked “How affordable is housing in Cambodia?” 34% of respondents referred to the local property available as "moderately unaffordable”. and 28% stated “affordable”-’ with the remaining respondents believing the housing markets to be moderate to very affordable.The inference made from these survey results and further analysis is that property in Cambodia is generally affordable for international residents and investors whereas it is still seemingly unaffordable for Khmer nationals.In light of this shift in demand, many developers have already begun constructing more affordable developments to adapt to the needs of the local market. One example of this is Borey Maha Sen Sok, one of Creed Group’s biggest residential development projects in Cambodia, which is among one of the most successful projects targeting middle-income families.Ms.Cheng Sokha, Deputy Sales and Marketing Director of Creed Group, said: “Borey Maha Sen Sok started in early 2016 and is expected to be completed by the end of 2018. Our project starts with $49,500 dollars and has proven very successful with 95 percent of the project being sold out”. Ms. Sokha believes the Creed Group has seen the demand for affordable housing amongst middle-income families, which was the purpose of the developer's launch of the project.Cambodia’s total population is expected to increase from 15 to 19 million between now and  2030 and in Phnom Penh and its urban areas from 4 to 7 million- with 800,000 urban homes estimated to add to current housing stock. This prospective population increase solidifies the true extent of the demand for affordable housing.Mr. Chea Sophara, Minister of Land Management, expressed support for the creation of more affordable housing to address the capital’s rising population figures. During the National Housing Forum held in June 2017, Mr. Chea said: “The Ministry of Land Management, Urban Planning and Construction (MLMUPC) is paying more attention to seek ways for providing affordable housing for lower-middle people across the nation to obtain housing with comfort, dignity, and safety.”The MLMUPC is working with the Ministry of Economy and Finance to establish affordable housing prices and incentives on tax and regulation in order to encourage the private sector to shoulder the task, according to Mr. Chea.Ultimately, it is undisputed that the demand for affordable residential housing in Phnom Penh is a trend that will continue to grow throughout 2018, and the following years. With the expectation of a large population increase, support from the relevant Ministry departments, and developers already tailoring their developments with affordability in mind, it is likely that more families will have the opportunity to enter the residential property market in the years to come.Click here for current  properties for sale in Cambodia and current properties for rent in Cambodia

As 2017 draws to a close, vast amounts of families continue to flock from the provinces to Phnom Penh in search of job opportunities, leading to an ever-increasing demand for affordable residential housing. Developers have recognized and responded to this demand accordingly, with many key industry players changing their focus towards constructing more affordable housing projects - see Realestate.com.kh's Government’s low-Cost Housing Policy for more information.One company in particular, Arakawa, a prominent Japanese developer, has recently announced one of their newest projects: "Arakawa Residence” in Phum Phsar Teuk Thla village, which will prioritize constructing units for those in lower-income brackets, including civil servants, students, and families. This development will be the third project of its’ kind in Phnom Penh, aimed at enabling those with a lower budget for a home an opportunity to enter the property market.2017 has witnessed affordable housing projects and plot land for sale in Cambodia perform stronger than higher end residential developments. Condominium's for sale and big-budget borey purchases are beginning to reach a point of stagnation, with issues of oversupply and slowing demand emerging.Dr. Kim Heang, President of the Cambodian Valuers and Estate Agents Association, (CVEA) said: “2017 has been the year of affordable homes and plot land. Developers are no longer keen to build expensive residential projects anymore because they have already built many of them.”Dr. Kim continued: "Over the past few years, developers have built borey projects to sell in Phnom Penh within the $80,000 to $100,000 price bracket, and those who could afford this price have already bought them." Due to this, Dr. Kim believes now is the time for developers to focus on constructing projects in the $30,000 to $40,000 price bracket in order to target lower-middle income families, as this income bracket is representative of the majority share of the market.Demand for plot land has also seen a significant increase in 2017. Mr. Seng Saramany of Moana Realty, said: "We have two projects, one in the West of Phnom Penh and the other in Siem Reap. Throughout 2017, demand for plot land has grown sharply and most of our customers are lower-middle income families.”“Our projects have proven very successful this year and plot land within in the $5,000 to $7,000 range has been the most popular for our customers to build houses for living in,” Mr. Seng added.Commenting further on the rising popularity of plot land in 2017, Ms. Samnang Cheam, CEO of Lucky Property Services, said: “Demand for plot land- especially outside of central Phnom Penh, in areas such as plot land for sale in Prey Sar, land for sale in Takmao, land for sale in Bek Chan and along National Road No.1 has risen remarkably."Ms. Samnang further explained that lower-middle income families are the target for the plot land market, as they cannot afford to buy more expensive borey or condo for sale in Phnom Penh, and therefore most of them turn to another option-namely plot land. In fact, plot land plays a critical role in helping these families to purchase and construct suitable homes when they do not have the budget to buy within higher-end residential developments.However, Ms. Samnang highlighted that it is important that every developer sells not only the land itself- but basic facilities, such as road access, water, electricity, and sewage systems to buyers. Furthermore, she believes developers should be honest about the presence of these key facilities to prospective buyers when they embark on selling their projects.Moreover, Mr. Teng Rithy, CEO of Property Investment Realty Partner, believes that all plot land transactions and developments within Phnom Penh should take into consideration the city’s master plan. Mr. Teng said: “A number of [plot land] developments do not follow the capital’s master plan and will inevitably face some problems in the future. For example, some locations are solely designated for industrial purposes but developers are using those areas to develop residential projects.”Mr. Teng continued: “In industrial areas, there will be a lot of factories which make a lot of noise and as a resident there, this will definitely have an adverse effect on your health. Another problem is that there will be no hospitals or schools in those areas since it is for industrial, not residential purposes”. Therefore, it is paramount that purchasers in Phnom Penh make a proactive effort to look at Phnom Penh’s Master Plan 2035 prior to purchasing, to ensure the sustainability and longevity of their investment.Ultimately, the demand for affordable housing and plot land in Phnom Penh and throughout the Kingdom is a trend that is likely to continue to escalate throughout 2018. However, with any type of property investment, market experts believe it is critical that the prospective purchaser undergoes adequate research to ensure they can secure the perfect future home for their needs.   Want to learn more about land titles in Cambodia? Read our article on  Land Title Transfer in Cambodia  on Realestate.com.kh Search for the land for sale in Cambodia on Realestate.com.kh!

Purchasing a new home is one of the biggest financial decisions you will make and one of the most critical assets you will acquire in your lifetime. Therefore, making a decision of such gravity requires a large amount of initial thought, comprehensive planning and forward thinking. One of the major considerations that you need to take into account is whether you require a home loan - and, with such a variety of current and emerging banks in Cambodia, it is important that your home loan provider is trustworthy and reputable in the market. These qualities - amongst many others positive traits - are exemplified by PPCBank.Why Choose PPCBank as Your Home Loan Provider?Phnom Penh Commercial Bank (PPCBank) has made its first step in 2008. After changing shareholders to Joint Venture of Jeonbuk Bank Co., Ltd and Apro Financial Co., Ltd, in 2016Mr. SHIN Chang Moo took on the role of PPCBankPresident.  The combination of expertise from an already thriving bank in South Korea and a clear vision to be “the best financial retail group” in Cambodia has resulted in PPCBank's success and continuous growth from day to day. A bank with experience is critical when choosing your home loan provider.PPCBank also genuinely cares about their current and prospective customers needs. This is reflected through their clear focus on customer service. Even the PPCBank logo embodies this ethic, featuring the Chinese symbol meaning ‘people’. PPCBank strives to cater for all ages, demographics and income brackets and make the home loan process simple for all.Loan Terms:With a PPCBank home loan you can borrow up to 80% of the value of your chosen home (or up to USD 200,000); with up to a 20-year repayment term. The process is administered with speed and competitive interest rates starting at as low as 0.65% per month.Conditions & Requirements:Every home buyer will have different financial needs and loan requirements. However, having additional savings and funds of your own available prior to applying for your home loan is important. This will enable you to easily pass the initial stages of your home loan application and ensure you have the necessary deposit amount.Below are the conditions and requirements needed in order to apply for a home loan with PPCBank:●   Complete a loan application form (obtainable from any PPCBank branch);●   ID Card or Passport (copy),●   Family book or Book of Residence amortization (copy),●   Guarantor's for the loan (name, phone number and signature)●   Letter of confirmation of your employment & remuneration from current employer and any sufficient income that warrants your ability to pay back the loan ;●   Permanent residential address in Cambodia;●  Repayment mode: This can be in installments or through amortization. There are also the options with an available grace period(first 2 years) and partial payments. PPCBank is happy to discuss the best mode of repayment for your needs.●    Collateral in the form of  land and building.●   Letter of offer confirming the purchase price of the house and a copy of the state lease;It is advisable that as soon as you find a property that suits your needs, you ask for the necessary proof of ownership from the current owner. A copy of the hard title is one of the key documents that you will need possession of to ensure that you have a legitimate right to the land. If your proposed property is  off-plan or currently under construction, make sure that the developer/seller writes you a ‘Letter of Sale’ indicating the amount that they will sell the property to you for. You should also write a Letter of Acceptance to the developer/seller showing your acceptance of the offer. Those two documents, together, show a legally binding contract between you and the seller of the property; and having these documents assembled will accelerate the processing of your home loan application.Additional costs:Whether you are purchasing an existing property or one that is off-plan, there are always costs that are associated with being a homeowner that extend beyond the price of the house itself. There are basic costs associated with the transferring of the property and even once you have obtained ownership, maintenance costs and potential renovations are also financial factors to be considered. Therefore, it is critical that before you obtain your home loan you think about your purchase as a whole as a  long term investment.Consultancy services:Although the prospect of obtaining a home loan may seem overwhelming - with the body of paperwork involved and the forward thinking involved with repayments - this is not a process you need to go through alone. PPCBank has a renowned and cost free consultancy service which will guide you through every step of the home loan process. From acquiring the necessary documentation, to finding a repayment scheme that works for you - the team at PPCBank will ensure you find a financial solution that is ultimately sustainable and right for you and your family.When you are ready to consider a loan more seriously, we can even put you in touch with Cambodia’s leading lenders

As Phnom Penh’s real estate development continues to boom, interest in land and residential property within the city’s suburbs has risen accordingly. Chroy Changvar, nestled in Northeast Phnom Penh and running alongside National Highway No. 6A, has proven to be a hot spot in this regard- in particular for families looking for a lifestyle of convenience, with ease of access to solid infrastructure.A host of borey projects in Chroy Changvar have emerged over the preceding years as developers have sought tracts of land to host their developments, to keep up with the area’s rise in popularity. Major projects include; Borey The Flora, Borey The Mekong Royal and Orkide Villa’s The Botanica, which marks the developer’s third project in this area.One of the main areas of appeal about Chroy Changvar is its’ strategic location and connectivity, with main highway access and direct routes to key provinces such as; Kampong Cham, Kampong Thom and Siem Reap. The two rivers running on both sides of the Khan also provide an eco-friendly and natural environment.Mr. Cheng Sothea, a customer who purchased a villa house in Borey The Mekong Royal, said: “Chroy Changvar is a great place for living because it has expansive roads without traffic jams, which is different from central Phnom Penh.” Moreover, Mr. Cheng believes that with several large projects in the pipeline- including a new stadium funded by China and the relocation of  Cambodia’s biggest zoo, that a large amount of growth is imminent in this area- and he is anticipating a positive return on his investment.Mr. Teng Rithy, CEO of Property Investment Realty Partner, commented on the area’s  development: “Chroy Changvar is a rapidly developing area and has already attracted many famous borey projects and large firms to invest in both residential and commercial projects.” Mr. Teng further believes that the developments in the area are luring the upper-middle and high income class to buy property, and that the area is developing into a hub for residential living, commercial offices and tourism.Mr. Yim Socheath, Director of CDN Property, agrees with Mr. Teng’s view on the target market of Chroy Changvar and believes that while most residential developments in other suburbs are designed to target lower to middle income families, residential projects in Chroy Changvar are specifically developed to target those in higher income brackets.“The area is developing faster, and in a much more civilized fashion than any other suburbs in Phnom Penh, with comparatively large and famous investment projects” Mr. Yim said.Mr. Yim explained that the price of land for sale in Chroy Changvar has risen substantially, estimating a 300 percent increase compared to four years ago. Land price within a two kilometer radius of The Chroy Changvar Bridge is estimated to be between $1,200 and $2,000 per square meter in residential areas, and between $2,000 and $4,500 in prime commercial areas.However, outside of the two kilometer radius, the average land prices demonstrate a dramatic drop to approximately $400 to $600 per square meter, and the prices continue to decrease with further distance from Chroy Changvar’s in demand areas.Mr. Yim believes the reason for the growth in land prices is largely due to the famous borey development companies that have flocked to the area already, and have bought large plots of land. “In fact, two large development projects in particular; Chroy Changvar Satellite City by Overseas Cambodia Investment Corporation (OCIC), and the collaboration of LYP Group and China Minsheng Investment Group to establish a second Satellite City, have played a fundamental role in attracting residential borey projects. These projects have been driving forces behind the land price increases” Mr. Yim said.In addition, OCIC also plans to build a new $35 million concrete bridge across the Tonle Sap River from the Sokimex gasoline station in Russey Keo, to the Prek Tasek Commune in Chroy Changvar.It is believed that the planned new bridge by OCIC will not only reduce traffic congestion when crossing the Chroy Changvar Bridge, but will also help drive land prices in the area to rise further.Ultimately, with sound infrastructure and a host of future developments underway in both commercial and residential capacities, it is likely that developers and investors will continue to flock to Chroy Changvar over the coming years allowing for the area’s true potential to be realized. For a detailed overview of Chroy Changvar, please read our Chroy Changvar Location profileSearch properties for sale in Chroy Changvar and current properties for rent in Chroy Changvar!

The  process of buying or renting business is often time consuming and may seem complex. However, by following a step by step process this can be simplified and help you ensure acquiring your new asset achieves your desired results.Last week in Considerations when buying or renting business property - part 1, we discussed about acquiring business property as a whole and the first steps in identifying the right business for you. This week we take a further look into identifying the right business for you and the role that real estate agencies and lawyers play in this process, thanks to Realestate.com.kh!Identifying the Right Business For You:One of the final steps that should been taken once you have specifically researched the type of business you would like to invest in, and have embarked on looking at the longevity of your investment- is maintaining an interest in the relevant market.Last week we used the example of investing a hotel business and how you will need to delve deeply into looking at your potential investments’; brand, reputation, duration of operation- among other factors. Once this specific research has been completed, the last step is keeping yourself fully informed about the property market going forward.This will mean proactively taking into account legal changes taking place, legal requirements, local and up-and-coming competition within the market. Make an effort to cast your eyes over real estate and business news, magazines, newsletters and website advice- these resources can provide definitive information and help solidify your choice of business property.Lawyer assistance:Generally if you buy or rent a large scale business property, this always requires good a lawyer. The lawyer will create all the legal documents, payment, and responsibilities. All these will  be set down in the heads of agreement at a point in the negotiations. The bigger contract - the harder it is. The Heads of Agreement is an important and useful stage in the negotiations process. It essentially condenses the key elements of a sale into a single document for both parties to see the agreement.Agency services:A good real estate agency is always crucial, as a buyer or a renter -especially if you are not sure about the market. When you come to agents, they can guide you towards the right property within your budget plan and to a preferable location.Ultimately, when it comes to buying or renting a business, doing your research and fully informing yourself about your prospective investment is critical. Enlisting the help of experts, lawyers and agencies are all ways to solidify your investment and it’s longevity.Interested in buying a business property? Check out the latest property for sale in Cambodia on Realestate.com.kh!

Surrounded by several potential development areas: Sangkat Boeung Kak, Sangkat Phnom Penh Thmey, Sangkat Khmuonh, Sangkat Krang Tnuong, and Sangkat Teuk Thla, Toul Kork is currently considered as one of the four developed areas in Phnom Penh joining Khan 7 Makara, Khan Chamkarmon, and Khan Daun Penh. Toul Kork is also known as “a fast-up-and-coming-area” in terms of both residential and commercial real estate development - see Realestate.com.kh article Houses for Rent in Toul Kork: Renter's Guide for more information!Mr. Sorn Seap, founder and director of Key Real Estate, said: “Toul Kork is now considered the second most popular residential area after Beung Keng Kang 1 (BKK1) since this area has big houses, huge vacant plot land, and improved infrastructure.”“Recently Toul Kork has transformed itself into actual BKK1, showing great potential down the line because the area has bounded by new developments. Moreover, there will be a new thirty-meter wide road, which is underway on the old railway located between Toul Kork and Boeung Kak lake connecting Russian Boulevard to Sankat Russey Keo,” Mr. Sorn added.In regard to land price, Mr. Sorn said: “land prices in Toul Kork is relatively stable at the moment compared to other developed areas in the city. land price in Toul Kork has seen neither increase nor decrease over the last 2 years even though there have been a few significant price increases in 2014 and 2015, before the property market achieved its current stability. In any circumstances, the land price will never decrease, even though there are few buyers.”Mr. Touch Bin Beakna, Valuation Manager at Key Real Estate, said: “The most potential areas in Toul Kork are Sangkat Boeung Kak 1 and Boeung Kak 2.  Land price in the two areas can be divided into two parts: the land along the main road favorable for large-scale commercial purposes, and the land along the smaller road conducive to residential development such as condominiums, serviced apartments, and hotels.”“Along the main road No. 289, No 315, and No 337, land price averages between $2,500 and $3,000 per square meter while along smaller roads, land prices range from $1,500 to $2,000 per square meter,” added Mr. Touch.“Other areas in Toul Kork have less opportunity for future investment because the are is already fully developed with residential development and land price is remarkably high. Along the main roads such as Mao Tse Toung Boulevard, Phsar Depo road, and Oknha Tep Phan street, land price has an average of $3,000 - $4,000 per square meter while along the  smaller roads in Sangkat Phsar Depo 1, 2 and 3, Sangkat Teuk Laak 1, 2 &3, Sangkat Boeung Salang and Phsar Deum Kor, land price starts between $1,500 and $2,500 per square meter.”Key Real Estate is basically working in Toul Kork area and the company hopes to help both local and international buyers to be fully aware of the value of each type of property in particular locations, and especially offer them exactly what they need within their budget plan.For Mr. Sorn, Key Real Estate aims to sell the confidence first to the clients in order to give them better and more reliable quality service provided by our firm. With all the staffs being fully trained, Key Real Estate is one hundred percent sure they can utilize their knowledge and experience to serve their clients with the highest quality service.Key Real Estate has a vision to provide the best quality services for all property valuation in Cambodia and also aims to contribute to Cambodia’s ever-growing real estate sector. Key Real Estate is your win-win partners!Read more article about Toul Kork Transforming Itself from Residential to Mixed-use AreaClick here for current properties for sale in Toul Kork and current properties for rent in Toul Kork

Asian Development Bank (ADB) has funded $950,000 for Environmental Infrastructure Project that will rehabilitate the area around renowned Crab Market (Phsar Kdam) in Kep province, according to Sok Sokhun, deputy general director of the Ministry of Tourism.During the recent groundbreaking ceremony held by the Ministry, Mr. Sok said: “ADB funded the project to further attract more foreign and local tourists to the coastal destination, and would be building a tourism centre, installing a drainage system and erecting a network of public toilet facilities. The infrastructure project will be completed by August of next year.”Kep is among Cambodia’s popular coastal tourist destinations along with Kampot and Sihanoukville and is also well-known for its eco-tourism. In September 2017, the Environment Ministry, a committee consisting of all Asean member countries, awarded Kep for the “Asean Environmentally Sustainable Cities.”Local real estate agents welcome ADB’s infrastructural funding in Kep. Sok Ken, the founder of Kampot Property, said: “infrastructural development in Kep will further make this coastal province more attractive for local and international tourists. Meanwhile, the project will help push land price surrounding Phsar Kdam to rise in value, a good news for local landlords.”At the same time, Mr. Mam Sereypanha, the CEO of Easy Property Investment, said: “Infrastructure development is very necessary for the new town such as Kep. ADB’s infrastructure funding in the province plays a vital role in improving the province’s development, especially tourism sector. Kep is similar to Phuket in Thailand or Bali in Indonesia because it has excellent eco-friendly environment, a popular destination for wealthy local and European tourists.”Search property for sale and property for rent in Kep on Realestate.com.kh!

Toul Kork, once an underdeveloped area, has become an attractive suburban area thanks to its continuous rapid developments. Over the last few years, there have emerged a number of big projects such as The Gateway, Parkson Mall and TK Avenue as well as Phnom Penh City Center (PPCC), the most well-known and largest mixed-use project in the area.All these projects are gradually transforming Toul Kork from residential to mixed-use area similar to Boeung Keng Kang (BKK)’s development model. Toul Kork, also known as a rapidly developing area, is becoming the next target for local and international investors seeking for a good return on investment after development in BKK is saturated.  Mr. Sorn Seap, founder and director of Key Real Estate, said: “Toul Kork has become a popular investment destination for local and international investors and is now transforming itself from residential to mixed-use development area similar to what Boeung Keng Kang did 6-7 years ago.”“Recently, Toul Kork has seen many necessary facilities such as international schools, hospitals, malls, retail space, bars, restaurants, coffee shops, hotels, serviced apartments, and condominiums. And even if it has yet to have all amenities as much as BKK1, it’s no doubt Toul Kork will become the next BKK because its development structure looks almost the same as that of BKK, Mr. Sorn added.Two Sangkats in Toul Kork: Boeung Kak 1 and Boeung Kak 2, have recently become the most popular area, largely because the possibility of investment return is high compared to Boueng Keng Kang where land for sale in Toul Kork has reached its price cap.Toul Kork has more available big plots of land for development and land price is also not as high as that in BKK. The collection of amenities in Toul Kork which cater for local and international newcomers will attract more people to come, pushing the demand for more property and so the value of property in the area will automatically increase, according to Mr. Sorn.For those investors interested in investing in Toul Kork, they can contact local real estate agency Key Real Estate with over 10 years experiences in buying, selling and evaluating all properties in the area.The company has highly motivated and skilled staff with strong capacity and knowledge to serve the clients with the highest quality service. The company hopes to help both local and international buyers to be fully aware of the value of each type of property in particular locations, and especially offer them exactly what they need within their budget plan.Key Real Estate has the vision to provide the best quality services for all property valuation in Cambodia and also aims to contribute to Cambodia’s ever-growing real estate sector. Key Real Estate is your win-win partners! Click here for current properties for sale in Toul Kork and current properties for rent in Toul Kork

Cambodia’s real estate sector growth is set to be pushed further through active efforts by the Government to increase the number of Chinese tourists entering the Kingdom. The second national forum on the "China Ready for Cambodia Tourism” policy initiative took place on the 31st October 2017.If you are interested in learning more information about the growth of Cambodia's tourism nationwide check out our tourism extract from our upcoming 2018 Cambodian Real Estate Foreign Investment Guide 2018 in Issue 5 of our Cambodia Real Estate Magazine. This white paper policy initiative aims to increase annual Chinese tourists visiting the Kingdom by outlining the initial steps to be taken by the Ministry of Tourism to facilitate Chinese tourism, including; encouraging the use of the Yuan currency, tailoring food and accommodation choices and providing Chinese signage and documents for visa processing Cambodia Tourism Minister, Thong Khon, stressed the country’s aim is  to attract two million Chinese tourists entering the Kingdom annually by 2020.Cambodia welcomed 3.5 million foreign tourists in the first eight months of 2017, up 11.8 percent from the previous year, of which 742,586 were Chinese tourists. According to the Minister, this represents a 44 percent increase of Chinese tourists- which is great news for the Kingdom’s economy-  especially for the real estate sector, which is buoyed by the continual influx of Chinese investment.Ms. Somnang Cheam, Director of Lucky Property Service, commented on the effect of Chinese tourism on the real estate sector: “When more Chinese tourists arrive in Cambodia, the real estate market will be more robust, with land prices rising in accordance with the demand for more affordable residential developments; such as condos, hotels, and guesthouses to meet the demand of rising Chinese tourists.” Ms. Somnang further believes this will also have a positive effect on Cambodia’s economy in the form of more job creation for Cambodian workers in the construction sector.Ms. Somnang continues: “However, landlords with properties for rent and properties for sale should be cautious with price setting. When there is more demand- especially from Chinese tourists who are looking for rooms for rent, landlords should not intentionally increase the price too high, which is affordable for the Chinese- but unaffordable for westerners or locals”Echoing Ms. Somnang’s view, Mr. Hay Ravy, Marketing and Sales Manager of Daily Realty Group, stated, “More Chinese tourists will lead to demand for more land to build hotels, resorts and guest houses - which means that land price surrounding key tourism hot spots will rise”. Mr. Hay believes employment opportunities will extend beyond workers in the construction sector and will create more job opportunities in the hospitality industry - in particular a demand for skilled Chinese speakers in hotels and resorts. “Rising Chinese tourists will also contribute to the nation’s revenue in the tourism sector,” Mr. Hay saidMr. Hay believes that the main reason Chinese tourists flock to Cambodia is due to the positive relationship between the two nations in many fields such as diplomacy, trade, and investment. Over the last five years, China has invested heavily in Cambodia’s real estate sector- particularly in Sihanoukville. China is dominating the real estate sector in the province, demonstrated by many major developments such as Blue Bay Condominium  and The SeaGate Suite which are underway.“Another crucial reason attracting Chinese tourists is the low cost of living in Cambodia. Compared to other nations such as South Korea, China and Japan, the prices of food, accommodation and transportation in these countries are five to six times higher than that in Cambodia” He further believes the world famous heritage sites of Angkor Wat, Preah Vihear, and Sambor Prei Kuk temple, as well as numerous natural attractions, also help to lure the Chinese to visit the Kingdom.”Mr. Jin Zhen, Sale Manager of EastLand Hotel and Apartments said: “Cambodia is a fast growing economy with good political stability. Political stability continues to attract both western and Chinese tourists to visit Cambodia.”Commenting on his own developments Mr. Zhen stated “EastLand has limited vacancy at the moment because we continue to provide excellent service to our customers. However growing Chinese tourists in the Kingdom has and will continue to further strengthen our belief that we are making the right investments in the country’s hospitality industry.”Tourism is one of the four pillars supporting the Cambodian economy. In 2016 the Kingdom received over five million foreign tourists including 830,000 Chinese and accumulating gross revenue of $3.4 billion, according to the Ministry of Tourism. This year, it is anticipated that Chinese tourists entering Cambodia will hit the one million mark.Further to this, three more Chinese airlines have commenced plans to enter Cambodia’s aviation market in the near future, in response to increasing demands of Chinese traveling for the purpose of conducting business, and tourists traveling to Cambodia.Mr. Eric Delobel, CEO of Cambodia Airports showed his enthusiasm regarding the new airlines: “Cambodia will welcome three more airlines which will lead to an increasing number of routes connecting both nations. The new proposed routes are Sihanoukville - Guangzhou, Sihanoukville - Kunming, Phnom Penh - Sanming and Phnom Penh- Shenzhen.” Mr. Delobel also commented that as it stands Chinese tourists account for approximately one-third of all inbound international air traffic throughout the Kingdom’s airports.With the Government already implementing critical steps of the “China Ready for Tourism” policy and enthusiasm across the board from developers and major players in the hospitality industry, it is likely that the goal of two million tourists per annum by 2020, is one that is both achievable and will have significant positive effects on the Kingdom’s economic and real estate development as a whole.Interested in learning more about Chinese investment? Check out our article: Chinese investors dominate the real estate market in Sihanoukville

After exhibiting at Cambodia’s Real Estate Show 2, The Parkway Investment Co., Ltd officially held their Grand Opening of commencing sales on the 18th November 2017 at their showroom The ceremony was great success, and honor to be presided by His Excellency Sar Kheng, the Cambodian Deputy Prime Minister. The Parkway is a joint venture between Cambodian Construction Firm, Parkway Investment Co., Ltd, and Chinese Construction firm, Nantong City Daxin Engineering (Cambodia) Co., Ltd. This new project aims to bring a modern condominium to the high potential area not to be overlooked- Toul Kork. At his speech at Saturday’s ceremony, Mr. Sour Sok Theng, CEO of Parkway Investment Co., Ltd, stated that, “Cambodia has overcome many obstacles, the country is progressing well and is rapidly becoming one of the countries with the largest potential amongst the developing countries in the world- especially in the real estate industry.”Parkway Investment Co., Ltd, is a leading development company and frequently cooperates with international construction companies to bring produce quality and luxurious projects; including projects Borey Rith and Parkway Square.Parkway Investment  Co., Ltd, established in 1994, has become renowned in Phnom Penh and focuses on developments such as building houses, commercial buildings, and multi-purpose international projects. The company has a vision to develop Phnom Penh into a clean, harmonious residential area that will continue to progress rapidly.Director of Nantong City Daxin Engineering, Mr. Ma He Jun said: "That the name “The Kingdom of Cambodia’  is not just a slogan that the Cambodian Government uses to promote the nation. For 15 years the average growth of Cambodia's economy has ranked number 6 in the world. We can see the prosperity of the Cambodian real estate market, especially in relation to China's economy and domestic policies. Cambodia is becoming the preferred investment destination  in the next coming 10 years.”“In addition, the‘One Belt One Road’ Policy initiative will push Cambodia's real estate prospects and lead to a remarkable increase’’ Mr. Ma also added that “Now is a great opportunity for investors to invest in Phnom Penh and The Parkway project is your best option”Parkway Investment Co., Ltd’s developments have gained strong attraction and have been supported by both local and international prospective buyers and investors. Mr. Ma believes “This is a great honor, yet it is also a big responsibility for the company”. Daxin Engineering is a renowned construction firm ranked number 200 in Chinese construction industry. The company has been operating for 43 years in China.The construction firm will cooperate with architecture team of China’s Sambok Chab Stadium, the construction team that was previously awarded “The Luban Prize for Construction Project”, the highest accolade in Chinese construction, as well as in cooperation with Parkway Investment Co., Ltd, to design The Parkway. This project is focused on reaching international standards of quality to satisfy the needs and provide comfort for valued customers.The Parkway’s Sales Manager, Ms. Ding LiLi has researched and analyses Cambodia’s real estate market.  Ms. LiLi said: “Buying property to obtain wealth is an investment strategy that is recognized by Chinese people, however, the value of property in China has significantly increased, therefore loan limitation policies, buyer limitation policies, and sale limitation policies in China are also increasing.  As a result, investing in Cambodia as well as in other countries in Asia is considered the wise option for Chinese investors”Ms. LiLi added that currently, “Phnom Penh’s real estate market development looks as same as Shenzhen did previously. Phnom Penh has emerged as an international market with a collection of multinational corporations and multi-international staff. Even though Phnom Penh has a wealth of apartments buildings, and more continuing and commencing construction to be completed in 2018 -  this still cannot meet the market demand”.Ms. LiLi has high expectations and has evaluated the location of The Parkway in Toul Kork and  said that “‘Toul Kork is popular for wealthy families and it is also a world popular tourism destination the  same as 16 districts in Paris, Roppongi in Tokyo, and Lujiazui in Shanghai.”She continued on by stating that “‘The growth rate of property value in Toul Kork is between 10% to 20%, apartment rental rate occupancy is higher than 90% and guaranteed rental return rate is expected from 8% to 10% - higher than apartments in Beijing and Shanghai. Therefore the  investment atmosphere is better than Shanghai, Beijing and Kwang Chov was 20 years ago”“Presently, the growth of value of residential houses in major areas in Phnom Penh starts with an average price at 25%, with rental return rates is anywhere between 8% to 15%. Therefore, if you miss out your investment in Shanghai, you must take the opportunity to invest in Toul Kork, Phnom Penh by choosing The Parkway”.Ultimately, The Parkway Investment Co., Ltd. would like to thank distinguished guests and the management and leadership of Royal Government of Cambodia. Due to this wise leadership, it brings a stable society with fast economic development as well as preferential policies offered by the Government. Therefore the investment atmosphere in Cambodia is more preferable, which will lead to encouraging homeowners to benefit as wellLocated in the finest city in Cambodia, in an elite location in the capital city of Phnom Penh, The Parkway is built to a luxurious world-class residential that you would never missed.Interested in investing in The Parkway, visit Realestate.com.kh now!

The Parkway’s official commencement of sales will be announced at their Opening Ceremony on Saturday 18th November 2017, presided by Cambodia's Deputy Prime Minister and Mayor of Phnom Penh.  Over 25 local media partners and a number of distinguished international guests will join the ceremony which is anticipated to be highly successful and an opportunity to celebrate the vision of coordinated Cambodian and Chinese developers; Parkway Investment Co., Ltd and Nantong City Daxin Engineering (Cambodia) Co., Ltd. Both of these established construction companies have materialised a vision to establish modern,  mixed-use condominium in the rapidly growing up-and-coming-area, Toul Kork.   The Parkway is strategically located in Street 273 in Toul Kork in a high potential area where is it is in proximity to quality infrastructure and key locations, and amenities  such as the CBD, Aeon Mall 2, and the airport.The total development of The Parkway comprises of three buildings. The first, has 36 floors; the second, has 26 floors; and the third consists of 30 floors. In total, there are  1,500 condominium units available, ranging in size from 45sqm to 135sqm, offering variety to potential investors.Parkway Investment Co., Ltd’s previous successful developments such as Borey Rith and Parkway Square has given the developers a solid international reputation, and their subsequent developers always gains attraction and supporting from prospective local buyers. The company believes that the Sales Opening Ceremony will attract more potential investors to learn about the great potential of this new development.Check out The Parkway project on Realestate.com.khFind the new development on Realestate.com.kh

When you purchase property or land is critical to obtain outright ownership in order to feel secure about your new asset. To complete the process for transferring land titles of ownership, there are particular steps that need to be followed, documents that need to be obtained as well as consultations with relevant agencies. There are seven steps in the land transfer process you should know. We explored the first four steps last week - this week we will delve into the last three steps.Below are the last necessary steps for transferring land titles of ownership in Cambodia. This will give you clear instructions on tax obligations, the responsible government agencies , and the estimated time to complete the process, thanks to Realestate.com.kh.Step 5 - Pay transfer tax:A transfer tax of approximately 4 percent of the total value of the property is paid to the Ministry of Economy and Finance at the General Department of Taxation, in the district that the transferred property resides.  A tax receipt is then issued to prove that the property transfer tax has been paid.In Phnom Penh, however, this tax is not assessed based on the true transacted value of the property; but, rather, based on a schedule of the price of property determined by the Phnom Penh Municipality. The assessed valuation by the Phnom Penh Municipality is based upon factors such as; the total number of square meters, the land’s location, use, potential use and other variables.To put this quite simply the transfer tax is not based on the actual price of the land which is sold, which is usually the case- rather it is based on the assessed value made by the Phnom Penh Municipal office, which may be higher than tax rates in other provinces.If the land is more than 1200m², the surplus of the land will also be subject to “unused land tax.” For land less than 1200m², the unused land tax is not applicable. The time for the General Department of Taxation to complete the calculation of transfer tax will depend on the location of the land and its size.Relevant Government Agency: General Department of TaxationEstimated time to complete the step: This process should take around 1 day.Step 6 - Return to Cadastral office to complete the registration process:After all taxes are paid, the parties may return to the Cadastral office at the District Land Office of the Ministry of Land Management, Urban Planning & Construction (MLMUPC) and sign/thumbprint an MLMUPC form for buying/selling real property, as filled in by MLMUPC official.The signing/thumb printing must be witnessed by a local authority such as Commune Chief, who will also give their thumbprint. These procedures are based on Land Law Articles;. 65, 244 and 245. Land Law Article 69 bars transfer of property unless all necessary taxes are paid. The documentation provided should include payment receipts of transfer tax. (obtained in Step 5).Relevant Government Agency: MLMUPC (District Land Office of the Ministry of Land Management, Urban Planning & Construction)Estimated time to complete the step: This should take approximately 5 days.Step 7 - Obtain the certificate of title from the Municipal Land Office:Obtain the certificate of title from the Municipal Land Office: The Khan/District land office forwards all the “transfer documents” to the Municipal Land Office where it issues the final Certificate of Title in the new owner’s name. It is now registered.Relevant Government Agency: Municipal Land OfficeEstimated time to complete the step: 1 to 2 weeks. The last procedural step in practice can take several weeks, depending on the diligence of the land officials and interested partiesOver the last two weeks we have explored the 7 steps need for  transferring titles of ownership. It may seem like an overwhelming process as there are multiple government agencies engaged in the process. However, the outcome is a land title that is both secure and legally certified which can prevent disputes in the future. Your new home is one of the biggest assets you will acquire, so following the correct procedure is critical for your future enjoyment. Looking to invest in land as a foreginer? Read our sneak preview extract from our Realestate.com.kh Cambodia Real Estate Investment Guide 2018 in Issue 5 of our Cambodia Real Estate Magazine from page 42- just click below!Click here for current real estate for sale in Phnom Penh and current real estate for rent in Phnom Penh

After getting the permission to build the new $80 million 21-story building on the former white building, Japanese construction company Arakawa is to invest in another affordable housing project worth $70 million in Teuk Thla Village, Teuk Thla Commune, Sen Sok District.According to the announcement of the Ministry of Land Management, Urban Planning and Construction (MLMUPC), Arakawa is set to launch the construction of its affordable housing project on November 8, 2017.Sitting on the land area of 13,680 Square meter, this project will consist of 2000 units and is divided into two phases of development. The initial phase consists of 10 building with 5 blocks, each block comprising 2 buildings with 19-23 storeys.With the Cambodian government’s drafting policy pushing for more low-cost housing projects, some developers such as WorldBridge Land and B & BM Development have already launched affordable housing projects targeting low-income population in Kandal province under the National Housing Policy.During the National Housing Forum held in June 2017, Chea Sophara, Minister of Land Management, said: “The Ministry of Land Management is paying more attention to seek ways for providing affordable housing for low-income people across the country to have housing with comfort, dignity and safety.”The ministry is working with the Ministry of Economy and Finance to “establish affordable housing prices and incentives on tax and regulation” to encourage the private sector to shoulder the task, according to the minister.With tax incentives and clear regulations, more developers are likely to consider investing in low-cost housing projects which will ultimately be able to meet the demand for some 55,000 affordable new homes each year.Keep track the new development news on Realestate.com.kh!Click here for current borey for sale in Phnom Penh

When you purchase property or land  is critical to obtain outright ownership in order to feel secure about your new asset. To complete the process for transferring land titles of ownership, there are particular steps that need to be followed, documents that need to be obtained as well as consultations with relevant agencies.This week, in Part One we will explore the first four necessary steps for transferring land titles of ownership in Cambodia. This will give clear instructions, information regarding the responsible government agencies , and the estimated time to complete the steps thanks to Realestate.com.kh.Step 1: Verify the title certificate with the relevant Land OfficeThe buyer will first need to verify the land title certificate with the Land Office at the Ministry of Land Management, Urban Planning and Construction (MLMUPC), to check for any debts or other claims to the property. This process requires:●      The buyer obtaining the initial title certificate from the seller to verify their genuine ownership.●      The buyer will then verify the title certificate with the Land Office at the MLMUPC●      The Land Office will inform the buyer if there are any liens (debts), mortgages or other claims registered to that propertyRelevant Government Agency: Land Office at MLMUPCEstimated time to complete this step: This takes approximately  10 days (should occur simultaneously to steps 2 and 3)Step 2: Obtain information on the property:The buyer must then obtain information on the property from the relevant Commune Council Official. This involves the buyer contacting the village chief or the Commune Council Official in which the property is located, to obtain information about  the land. In addition to this an official search of the title should take place at the Khan/District Land Office.Relevant Government Agency:  Commune Council (Relevant District/Khan office in your property’s  area)Estimated time to complete the step: This should take approximately 10 days (should occur simultaneously with  steps 1 and  3)Step 3: Obtain the certificate of incorporation and official documents from the seller:If the landowner is a legal entity, the buyer must obtain;●       A copy of the ID of the shareholder, or person acting on behalf of the company,●       A certified/notarized copy of the Certificate of Incorporation of the seller’s company as issued by the Ministry of Commerce.●      Any other official documents from the seller relating to the company and the transaction.All of these documents are needed to verify the accuracy and identity of the company name appearing on the title certificate.Further documents needed to verify the seller’s authorisation to transfer the property to the buyer are;●      A power of attorney●      A Resolution signed by the Board of Directors from that company authorizing the named individual (seller) to represent the company at the Land Office (MLMUPC)●      A power of attorney specifically stating that  the seller can bring into effect that Resolution to transfer land titles of ownership to the buyer.Relevant Government Agency: Ministry of CommerceEstimated time to complete the step: This process should take around 10 days (should occur simultaneously to steps 1 and 2)Step 4: Apply for registration at the District Land Office (MLMUPC)When the buyer and seller, whether they are as an individual or a  company  wish to complete the property transaction, they must go together to the District Land Office at the MLMUPC to arrange to prepare and sign the relevant documents.The documentation needed for this step is●      The Company’s statute,●      The Company’s Certificate of Incorporation (obtained at Step 3)●      Both of  the Power of Attorney documents (obtained in Step 3).The original Title Certificate held by the seller must be presented to the District Land Office  at the time of signing the deed, in order to have the name of the new owner officially inserted on the document.Relevant Government Agency: District Land Office, MLMUPC (District Land Office of the Ministry of Land Management, Urban Planning & Construction)Estimated time to complete the step: This step takes between 20 and 30 days.Although there may seem to be a body of paperwork to initiate the process for transferring land titles of ownership, as a buyer, having a legitimate title to your prospective land or property enables you security and legally sound transaction.  Stay tuned for Part 2 next week, where we will delve further into the remaining steps of the process and take a comprehensive look into transfer tax.Looking to invest in land as a foreginer? Read our sneak preview extract from our Realestate.com.kh Cambodia Real Estate Investment Guide 2018 in Issue 5 of our Cambodia Real Estate Magazine from page 42- just click below!Click here for current real estate for sale in Phnom Penh and current real estate for rent in Phnom Penh