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Bridging The Divide - What Are The Bridge Development Projects Underway in Cambodia
Bridging The Divide - What Are The Bridge Development Projects Underway in Cambodia
December 8, 2023, 12:09 p.m.
Cambodia is heavily investing in modernising and expanding its infrastructure, and in November 2023, the Council for the Development of Cambodia (CDC) confirmed that 10 major bridges with a total length of 10.89 km and a budget of USD $372 million were under construction.These bridges are; a bridge over the Sekong River, Stung Treng, 2 bridges along the Tonle Sap River (Cambodia-China Friendship Bridge, Prek Kdam and Cambodia-China Friendship Bridge, Chroy Changvar II), 3 bridges along the Bassac River (Cambodia-China Friendship Bridge Takhmao, Cambodia-China Friendship Bridge, Koh Thom and Cambodia-China Friendship Bridge, Sitbo), and one flyover, Cambodia-China Friendship Bridge, Sen Sok).This is in addition to several new airports under development (with Siem Reap International Airport the only one in operation) and 31 new roads (measuring 3,077 km) at a cost of USD $2.18 billion via Chinese concessional loans and grants.These Chinese-approved concessional loans and grants have thus far resulted in the completion and construction of projects to a total value of USD $3.34 billion.These include the construction of bridges which span the Mekong River:Mekong Stung Treng BridgePrek Tamak BridgeStung Treng-Krouch Chhmar BridgeJapanese and South Korean funding for bridges has also enabled the capital city of Phnom Penh to be better connected to the neighbouring provinces and internally. Koh Pich-Koh Nora Cable BridgeThis cable-stayed concrete bridge was completed in October 2023 after three years of construction and connects Koh Pich to Koh Nora across the Bassac River. Its development is seen as a significant development in the city, easing traffic congestion that has been a sore point in the area and was limiting its growth.The official inauguration of the cable-stay bridge was held on October 15, and was initially temporarily opened to cater for the increased traffic during the cultural Pchum Ben holiday.The bridge aims to address traffic congestion at the Monivong Bridge, which connects the Chhbar Ampov commune to central Phnom Penh - so the bridge is a crucial link between the eastern and western parts of the capital. It now directly connects two major districts: from Russey Keo and via National Road 5, passing through the roundabout at OCIC Boulevard to National Road 6 in Chroy Changvar. Although a passenger ferry service operates near the site of the bridge, it was not sufficient to meet the needs of an increasing number of users and the bridge also contributes to improving the transportation of goods and services across the city.With a total length of 824 meters and a width of 20.5 meters, there is a speed limit on the bridge of 40 km/h. The total cost of the project was approximately USD $35 million and its construction was overseen by the Overseas Cambodian Investment Corporation (OCIC) and the funding provided by the Koh Norea Development Area Fund of the OCIC.As a spectacle with the Cambodian flag emblazoned brightly at night along the cable structures, it has become a popular landmark in the city and served as a backdrop to many a photo during the Water Festival held in Phnom Penh in November 2023.Russey Keo BridgeThis 20.5 meter-wide cable-stayed concrete bridge crosses the Tonle Sap River and is accompanied by a new Russey Keo overpass in Prek Tasek commune of Chroy Changva district. The Phnom Penh bridge was trialled during the Khmer New Year in April 2023 to test its development.The expectations were that this would ease traffic congestion in the northern area of the capital and the Russey Keo Bridge was finally inaugurated in June 2023. At a length of 922 metres long and 20.5 metres wide, construction began in October 2017 and the total cost was USD $35 million before its competition.Cambodia-Korea Friendship Bridge - Phnom Penh to Svay ChrumThe proposed Cambodia-Korea Friendship Bridge would be the first bridge to connect Phnom Penh to Svay Chrum, located in Kandal province - with the city being linked to Arey Ksat from the Phnom Penh Night Market area.This means the bridge would need to cross two rivers, the Tonle Sap and the Upper Mekong.The Korean government is exploring the project, and in November 2023 it was confirmed the development would go ahead with a concessional loan from the South Koreans. It is proposed the Cambodia-Korea Friendship Bridge will be divided into two parts;One part crosses from the Phnom Penh old market/ night market area to Chroy Changva;The second part would be built between Chroy Changva to Svay ChrumThe bridge project will also facilitate travel on the two Chroy Changva bridges, the Cambodia-Japan Friendship Bridge (old bridge) and the newer Cambodia-China Friendship Bridge (new bridge). The latter was completed in November 2021 so it is also a relatively new addition to the Cambodian capital.Chak Angre - Prek Pra Bridge (over the Bassac River)The Prek Pra Bridge was announced in August 2023 and is planned to be built from Chak Angre (which is located in Meanchey district) to the south of the city, and across the Bassac River to Prek Pra (which is located in Chbar Ampov district).The intention is to further help relieve traffic congestion on both the Monivong Bridge and Prek Samrong Bridge (Takhmao Bridge).The most recent news is that the Ministry of Public Works and Transport is negotiating with the Chinese for the construction of this bailey (or truss) style bridge, which when completed, could be 845 meters long and divided into 4 traffic lanes at an estimated cost of approximately USD $60 million.The bridge project was studied by the Chinese company Shanghai Construction Group Co., Ltd. (SCG) and had previously been approved by former Prime Minister Hun Sen. This Prek Pra bridge was scheduled for foundation work starting in 2023 and a groundbreaking ceremony to be held before the end of the year.Kratie BridgeThe 1,761-metre-long bridge with a 13.5 meters width is being built across the Mekong River in Kratie province with a budget of approximately USD $110-114 million after being launched by former Cambodian PM Hun Sen and Chinese Ambassador to Cambodia Wang Wentian on January 2, 2023. The funding is sourced with concessional loans from the Chinese government and will also include a contribution from the Royal Government of CambodiaThe project is expected to take about 42 months to complete with a target completion date in 2026. The projects will also connect  31.69 kilometres of roads as well as four intermediate bridges with a total length of 384 metres.By July 2023, the bridge was reported as being 15 per cent complete and is being overseen by the Kratie Provincial Department of Public Works and Transport.It's another location with ferry services but crossing the completed bridge is expected to be free so it will benefit local users.Funan Techo Canal ImpactThe proposed Funan Techo Canal, which is planned to cost about USD $1.7 billion and could take four years to complete, was announced in May 2023. This project could (or should) result in further waterway and bridge construction from Phnom Penh all the way to the Cambodian southern coast.Interconnectivity Leads To Increased Property PricingAs a recent article illustrated, the completion of these urban bridges can breathe new economic life into areas that previously were more difficult to reach from the city centre. Koh Norea is seeing increased land and property pricing with an average of $800-$1,700 per square metre while the land within the OCIC development zone is in the region of $2,500-$4,000 says Singapore Development Company AKRAM Development Co., Ltd. Its anticipated prices will also rise in areas such as Koh Pich and Tonle Bassac.Private land sale prices in Chbar Ampov are estimated to be around $2000 per metre, while rental prices on Koh Pich for a studio costs $350-500 per month, a one-bedroom from $450-650 and two-bedroom units average $700-$1,200.
Buying Condos Off-Plan In Sihanoukville -  What To Know
Buying Condos Off-Plan In Sihanoukville - What To Know
November 24, 2023, 5:17 a.m.
Recently we discussed some of the key themes around Sihanoukville and why there is a dual government drive to promote the region, as well as the reasons for why investors are still keen to see the area be developed to its full potential.From large infrastructure projects, increased and more frequent transport links to international hubs by sea and air, tracking Cambodia’s Industrial Development Policy 2015-2025 & Sihanoukville Masterplan, as well as the plans to address the unfinished buildings in the city - there remain many reasons to be cautiously optimistic.Settling in the region obviously offers the dream of a tropical seaside lifestyle that is still enviable for most retirees, remote workers, and long-term expats, and appeals to investors and Cambodians.Off-plan condos are a type of property which is sold before construction has been completed (sometimes before it's begun!), or while construction is still in progress - but is there much supply and demand in the market in Sihanoukville? And what should buyers be considering when looking at an off-plan property?Can Foreigners Buy A Property In Sihanoukville?First of all, Cambodia’s favourable foreign property ownership laws continue to remain a strong drawcard for property buyers and investors who can acquire freehold condominiums which can then be rented or sold at their discretion.Foreign or expat buyers can own a strata-title condominium outright with some minimal caveats (such as not being on the ground floor) which we have covered previously. It also means there is investment potential and resale potential as the condo unit, for example, can be sold and/or the property title can be transferred to another non-Cambodian at a later date.This is why in all recent Cambodian property surveys, condos remain the most in-demand property type among foreign buyers in the Kingdom. With the advancement of the Trust Laws, there is rising interest in land ownership too through that mechanism.Buyers should also be aware of the 19th Cambodian Government-Private Sector Forum (G-PSF) announcements of several tax updates relevant to the Cambodian property sector.Buying A Condo In Sihanoukville - What To ConsiderPurchasing off-plan properties has seen a dip in interest in Cambodia and buyers are more confident in purchasing in a condominium that is complete or nearing completion - in fact nearly twice as many preferred to invest in a condo that was ready to move into over an unfinished condo development.Keep in mind, that one of the key trends we have highlighted in the Cambodian property market post-pandemic, is that due diligence is still required and sourcing developments from reliable developers with a good track record is paramount. There have been fewer buyers, or interest, in buying off-plan due to potential construction delays, or the very real fear (as Sihanoukville highlighted) of cases where a project might not be completed.For context, many of the unfinished buildings in the city are casinos and larger developments that never materialised rather than condo developments.Currently, the number of off-plan properties available on the market in the southern coastal city of Sihanoukville is limited to only a few developments, and those properties that are available are mainly villas and borey properties will are less sought after by foreigners due to the restrictions of foreigners legally owning the hard titles.Financing Options For Your Condo Purchase in CambodiaAs is the case anywhere else in the Kingdom of Cambodia, there are different financing options available at condo developments for sale. Most often, bank mortgages and loans are exclusively available to Cambodian citizens unless there is some sort of collateral a foreigner can provide to the lender, such as local property titles or other reliable assets.From affordable condos to luxury condo developments, foreign buyers will likely need the finances to buy the condo outright due to the difficulties in obtaining a mortgage from a bank in Cambodia, whereas local buyers will have a wider choice of financing options through Cambodian lenders.In the case of off-plan properties, property and condo developers in Cambodia traditionally offer varying financing schemes to make buying the property easier. Payment options for purchasing property in the Kingdom of Cambodia for foreigners might include one of the following:Full Payments - This usually requires the full amount for a property to be paid within 30 days of signing the sales agreement.Monthly Installment Payments - These allow for regular payments over a set period of time to make the payment more manageable for property buyers.Bank Financing - Financing provided by a traditional lending institution such as a bank or credit union via a mortgage or loan (rare for foreigners to be eligible)Sihanoukville Construction SectorKheang Phearum, spokesman of Sihanoukville Provincial Hall, said in October 2023, that 1069 high-rise buildings are being built or in the process of being developed in the city. Nearly half (475 buildings) are completed but a further third (364 temporary buildings) were halted due to paused investments.To address this issue of halted projects, the government announced a long-term and phased package of measures to help build investment confidence and short-term market demand.Crispian Knowles, Sales Manager in Sihanoukville for Realestate.com.kh says that new developers won't necessarily take on unfinished projects in the city due to a range of reasons which could be design or location, for example. The benefits of new developments are a commitment by the developer to finishing the project and also offering more attractive incentives, returns, and packages for buyers at representative market prices.Popular Property Areas In SihanoukvilleThis is a key consideration when looking at investing in a condo in Sihanoukville as well as the mid to long-term goals and returns. There are some key districts or sangkats in the city:Sangkat 1: A busy district which is also the location of the Sihanoukville autonomous port and 18 km away from the airport.Sangkat 2: A residential area which also offers upmarket sea-view condos and local malls.Sangkat 4: A sought-after residential district with beachfront condos and the popular Ochheuteal and Serendipity beaches.Sangkat Bei: One of the condo-led areas with a mix of restaurants and malls.Sangkat Buon: Well-known for its pristine beachfront and accompanying apartments, villas, and condosIn terms of sizes, condos and apartments in Sihanoukville have an average floor area of approximately 58 sqm with the larger condos being 80+ sqm.On the opportunities in the rental yields from the property market. Knowles sees Sihanoukville as offering rental yields of 8-10 per cent due to the low cost of living and high demand for rental properties in the city.He adds that property developers are also now offering greater discounts on the remaining property stocks in Sihanoukville with some providing interest-free developer loans as well as increased agent commission incentives.With affordable condo units available from around $45-50K and rising to over a million dollars for penthouse suites at in-demand locations, the median property price is around $120,000 in Sihanoukville - so potential buyers need to have a clear understanding of their strategy.
What Were The Key Property Announcements At Cambodia’s G-PSF 2023
What Were The Key Property Announcements At Cambodia’s G-PSF 2023
November 17, 2023, 2:27 a.m.
Following the 19th Cambodian Government-Private Sector Forum (G-PSF) held in Phnom Penh this week, several new tax incentives were announced relating to property and development including the news that the Capital Gains Tax was once again delayed.Cambodian Prime Minister Hun Manet has stressed that moving forward, The Pentagonal Strategy Phase 1 which is defined by five factors: growth, employment, equity, efficiency, and sustainability, will be used by the Royal Government to select the five key priorities with a core focus on: people, roads, water, electricity, and technology.Cambodian Tax Administration Reforms The government aims to establish clear standards and transparency in tax implementation, putting in place standard operating procedures (SOP) for tax officers to adhere to.These SOPs will provide common standards for the implementation between tax officials and taxpayers and we have picked out those relevant to property:Real Estate Surveys and Procedures for Real Estate Surveys,Unused land tax and procedures for tax officials and taxpayers,Property tax and procedures for tax officials and taxpayers,Stamp taxes and procedures for tax officials and taxpayers,Taxes on real estate fees and procedures for tax officials and taxpayers.Capital Gains Tax Delayed Until The End Of 2024The Capital Gains Tax was confirmed to be delayed again with the implementation on capital relating to immovable property, finance leases, investment assets, goodwill, intellectual property, and foreign currency not coming into effect before the end of 2024. The Ministry of Economy and Finance (MEF) issued Prakas No. 346 to implement capital gains tax with a flat tax rate on capital gains of 20 per cent. Initially, this was due to come into effect on 1 July 2020 but has been delayed several times.For immovable property, the tax authorities provide a choice where the taxpayer can claim a standard tax deduction of 80% of the taxable income or actual expenses with supporting documents. For capital gain from the sale or transfer of other assets, taxpayers must claim tax deductions based on actual expenses incurred. You can find out more here on the process and calculations of the Capital Gains Tax in Cambodia.Changes To Cambodian Property TaxesStamp Duty Exemptions ExtendedSeveral key points were highlighted relating to Cambodian Stamp Duty. This tax exemption extends to stamp duty on real estate transfers within family relationships, including parents to children, grandparents to grandchildren, spouses, and husbands for gifts and inheritance.Continuation of stamp duty exemptions on the transfer of ownership or possession of all types of housing in the form of housing development (boreys) with a value of less than or equal to $70,000 until the end of 2024.Additional stamp duty exemption on the transfer of ownership or possession of all types of housing in the form of a city and a value of more than $70,000, allowing the deduction of that amount from the stamp duty base to buy a home in a housing development project (borey) that has a real estate business license and is properly registered until the end of 2024.Tax On Immovable PropertyProperty owners can now register and pay taxes on immovable property that was not previously registered. Penalties and interest rates on the tax on immovable property will be waived until the end of June 2024. However, this does not apply to taxes already paid. Exemption from administrative penalties on property tax and/or unused land tax, where property owners can only pay tax without additional tax and interest until the end of June 2024.Exemption from tax reassessment, which includes taxes including administrative penalties (additional tax and interest) from the year the tax is applied until 2023 for properties that have been registered and declared property tax in the past with an incorrect land value or construction land size construction type of construction, or construction life. From 2024 onwards, the laws and regulations in force must be complied with.Authorised the registration and payment of taxes from the year of occupancy or the last beneficiary of the property (with or without a title deed) that has not been registered and declared for property tax in the past.Unused Land Tax To Be Implemented in 2025The government will provide further clarification and incentives regarding this Unused Land tax to be implemented in 2025 but they could be looking to tax unused land that exceeds 5 hectares or more in size with initial details provided below. It should be noted that there has been a property tax applied only to real estate located in the 14 districts of Phnom Penh and 27 cities in the provinces throughout the country.The tax on Unused Land applies to land with construction and unused construction land and unused land, which is generally land not in Phnom Penh city. This is being introduced for four reasons, with Cambodian Prime Minister Hun Manet explaining, “The government has four purposes in taxing land which is not in use. First, we will prevent people from buying dozens of hectares of land for speculation. This will also prevent them from selling it at a higher price and taking advantage of the market, leading to a loss of productivity. Second, it will encourage them to use the land in line with our development goals. Third, we aim to increase economic activity and create employment opportunities and fourth, we aim to increase tax revenue, to increase the available budget for sub-national expenditure.”It is a tool to prevent the purchase of large hectares of land, leaving it unused for sale, raising prices for profit, or as a farming activity that reduces the productivity of land use as a resource.To promote appropriate and developed land use.Increase economic activity and labour force.Ensure revenue collection benefits the budget of the sub-national administration.The government wants to avoid double taxation and a new policy from the GDT and MEF will revise the legal documents to ease the conditions for obtaining tax exemption for unused land. This will be as follows:Land subject to unused land tax refers to land outside the property tax area;Land subject to unused land tax is allowed to be deducted at 5 hectares per site;Land in excess of 5 hectares can be exempted from tax on unused land in accordance with any of the following conditions:Agricultural land being cultivated with the approval of the commission or sub-committee to assess the land for unused land tax,The land serves the economic activities of a natural person or legal entity registered with the tax administration,Land with or without construction under lease,Land owned by the Royal Government or government institutions,Economic land concessions leased from the state, or community land,Land owned by the state leased to a legal entity or a natural person for use in various economic activities under a contract or agreement between the two partiesLand in a special economic zone that directly serves agricultural, industrial and service activities, andIn accordance with the request by the Education Working Group, the land is registered as the property of the enterprise in the field of education, education and vocational training for the purpose of working in the field as mentioned above. Foreign Land Ownership in Cambodia & Growth Of TrustsPrior to the G-PSF, there were rumours that the government would allow foreigners the legal right to purchase houses and land in borey projects but Prime Minister Manet said that only natural persons and legal entities of Khmer nationality have the right to own land. The Cambodian prime minister said, “I think that the current challenges in the real estate sector do not require a constitutional amendment,” suggesting that foreigners can purchase land in Cambodia via the 2019 Trust Law which allows foreigners to buy and occupy land by appointing a representative as the owner in the land ownership document.The Director General of the Trust Regulator of Cambodia (TR) Sok Dara confirmed this week that there were 683 trusts registered with the TR with a total investment fund of USD $1.22 billion as of November 14, 2023. A further 83 new trusts (total investments of USD $35 million) are expected to be added by the end of November 2023.As many as 580 of the trusts were registered in the Cambodian real estate sector.
investment in Sihanoukville
Sihanoukville - A Focal Point Of Investment
November 13, 2023, 6:36 a.m.
The “will it” or “won't it” recovery seems to be an ongoing lingering question on the future of Sihanoukville. Without a doubt, the southern coastal region of Cambodia saw unprecedented booms and the last few years have been tough going but there appears to be a more cooperative and long-term vision shaping the pathway for the province with infrastructure, developmental, investment and tourism all key aspects and synergies of the plan to re-instil confidence into the property sector and investment in general.Since the new Cambodian Prime Minister took office, Hun Manet has been on a mission to extend and mend international relations and look to diversify the partnerships that the Kingdom is working with - lessons no doubt learned from the pandemic - and Sihanoukville is a focal point of these efforts.Phnom Penh-Sihanoukville ExpresswayThe Chinese-invested Phnom Penh-Sihanoukville Expressway has been a success story for the multi-infrastructure investment projects that have been undertaken, and many more are underway and in the pipeline.On the one-year anniversary of the opening of the only active Cambodian expressway on November 7 2023, Hun Manet said the expressway had played an important role in improving the efficiency of travel, as the travel time (one on the expressway) had been reduced to approximately two hours.He added it has “become a new economic artery to serve the transportation and connectivity” and the Ministry of Public Works and Transport confirmed that between 4.7 and 5.1 million vehicles had travelled on the expressway during its first year of operation (depending on the reports used)Crispian Knowles, Sales Manager in Sihanoukville for Realestate.com.kh said, “The new Phnom Penh to Sihanoukville Expressway has reduced travel time going from the capital to the coast. From travelling around 6 hours before, the travel time now stands at 2 hours.  He added on the general sentiment for the region, “Despite previous setbacks over the past years, I predict that Sihanoukville is on the cusp of a comeback, suggesting that redemption may be near for the city. I believe that Sihanoukville will continue to be an attractive investment area due to its accessibility.”More Direct Flights To Sihanoukville Are NeededIn November 2023, there were renewed calls for Cambodia’s airports to increasingly connect with more airlines and airport hubs as tourism remains such a core pillar in driving economic growth and in employment .With the launch of the new Siem Reap Angkor International Airport, and the pending operational launch of the new international airport in Phnom Penh potentially by 2025, the government will want to see a large influx of tourism to reward their investment into expanding the airport's capabilities in Cambodia.As such, Hun Manet called for more direct flights from other tourism spots in the region to Cambodia (with a particular focus on Sihanoukville). He said, “The establishment of direct flights to Sihanoukville is crucial. We need to figure out how to improve the connectivity of Sihanoukville with other tourist destinations. Some of the potential target routes included Thailand, Vietnam, the Philippines, Maldives, China, and IndonesiaJanuary-September 2023 saw a 162 per cent increase in air travel as 1.34 million foreign tourists (34 per cent of 3.7 million total tourist arrivals) came to Cambodia and the country remains on track for its 2023 estimates but currently, it is still only 50 per cent compared to 2019 (before the global pandemic). The State Secretariat of Civil Aviation (SSCA) reported:The total number of flight movements was 37,200 for the three Cambodian international airports between January and September 2023.A weekly average of 850 flights (combined for domestic and international flights) at the three international airportsSihanoukville - Model Multi-purpose Special Economic ZoneSihanoukville is being developed into a “Model Multi-purpose Special Economic Zone” but its intended design and the strategy for the coastal Cambodian city has morphed over the years.The master plan is highly ambitious and projects to increase the city’s population to one million (with current population estimates at 300,000). This spike will be boosted by the growth in the SEZ and seaports, utilising smart technology, and ongoing mass-scale developments and investment.Previously we have addressed some of the impressive and important infrastructure projects underway, particularly on the Cambodian coast and the plan to connect the waterways and new ports to increase exports, tourism and general connectivity in the region.Hun Manet in November 2023 again reaffirmed the plans to develop Preah Sihanouk province as THE logistics hub of Cambodia.We have also learned that in addition to the strong Asian interest in the hub and the existing Sihanoukville Special Economic Zone (SSEZ), an American delegation will be visiting Preah Sihanoukville in mid-November 2023. The SEZ is Cambodia’s largest industrial park (size and occupancy) and is estimated to employ about 30,000 people.Further to the announced plans to deal with the issues of the large number of abandoned buildings in Sihanoukville city, (as part of Cambodia’s Industrial Development Policy 2015-2025 & Sihanoukville Masterplan), the Cambodian Ministry of Public Works and Transport (MPWT) has been entrusted with developing the railway and deep seaport infrastructure to facilitate the increased and more efficient movement of goods from and into the Kingdom.To make the port more competitive, three development phases aim to transform Sihanoukville Autonomous Port into a deep-sea port by 2029. When the first phase of the multi-phase deep-water Sihanoukville Autonomous Port expansion is completed, it is expected to reduce the cost of shipping from between USD $400-$500 currently, to USD $200 per container.Knowles added, “Nowadays, Sihanoukville offers some opportunities in terms of rental yields. Actually, you can easily achieve 8-10% due to the low cost of living and high demand for rental properties in the city.”One of the most impressive and ambitious projects is The Bay of Lights. The 934-hectare developmental city encompasses a huge and diverse range of accommodations, amenities (including clinics and education centres), entertainment and leisure facilities. Upon completion of the first stage, 427 hectares will be completed with a built space providing infrastructure and amenities.The area will be less than a ten-minute drive by car from the Sihanouk International Airport and will be connected to key industrial hubs such as the Sihanoukville Autonomous Port and the Sihanoukville SEZ.Knowles added, “This is yet another great attraction or addition to the Sihanoukville province, with various real estate residential options. Various leading real estate investors like Canopy Sands Development and Prince Real Estate Group are taking the front seat for a strategic partnership, which in turn has built confidence in the investor mindset, and with prices at below market value, this makes for the perfect opportunity to secure future growth investments.”Realestate.com.kh Presence In SihanoukvilleIn September 2023, Realestate.com.kh opened a brick-and-mortar presence in the coastal city.The leading online property company in Cambodia said at the time, “We are thrilled to announce that Realestate.com.kh has expanded its presence with the opening of our brand-new office in the beautiful coastal city of Sihanoukville. With a strong market recovery, we are excited to serve renters, buyers and sellers to the high level of professionalism and dedication that realestate.com.kh is known for.”
Realestate.com.kh Personal Property Management service (PPM)
Professional Property Management in Cambodia
November 17, 2023, 4:20 a.m.
Property management in Cambodia, much like property management anywhere globally, entails the professional management of real estate properties on behalf of property owners. The property sector in Cambodia, as we know, has seen massive and rapid growth and much of this has been fueled by foreign investment in Cambodia, but also increased domestic property investment. As investment portfolios continue to include property in the Kingdom, property management services have become increasingly important to ensure the efficient operation and maintenance of properties and offer peace of mind to overseas-based investors.What To Consider For Property ManagementProperty management companies in Cambodia are responsible for various tasks. These can include the marketing and advertising of vacant properties, screening and selecting tenants, payment and rent collection, handling lease agreements, coordinating property maintenance and repairs, as well as ensuring compliance with local regulations and laws (which can be tricky at times).Here are some key aspects of property management in Cambodia:Property Types: Property management covers a wide range of properties, including residential apartments, condominiums, commercial buildings, office spaces, retail spaces, and industrial properties.Tenant Management: Property managers play a crucial role in tenant management and handle tenant inquiries, address maintenance requests, and mediate disputes between tenants and property owners.Legal and Compliance: Property management companies in Cambodia must have a good understanding of local laws and regulations related to property management - laws can have grey areas and good relationships with local Sangkats and law enforcement would be seen as a plus.Reporting and Financial Management: Property managers can provide regular financial reports to property owners, and handle all financial aspects eg. rent collection, budgeting, accounting, and financial forecasting.Market Analysis and Marketing: This will be increasingly important, and overseas investors will also rely on property management services to stay updated with market trends and understand the market to grasp competitive rental rates and property values, as well as having a realistic ear on the ground to market conditions and trends.It is advisable to consult with local property management companies or professionals to get accurate and up-to-date information on property management practices specific to your location of interest (whether it be Phnom Penh, Siem Reap, Sihanoukville or elsewhere).Cambodian Property Management For Overseas InvestorsWe previously covered some of the main points for overseas property investors and what they should consider in terms of Cambodian property management and the services available.Simon Griffiths, Realestate.com.kh Head of Real Estate, said every market is different. “Every market has a unique set of legal and regulatory requirements around renting property. These include requirements around safety, the move-in condition of the property as well as landlord and tenant rights. Further differences include how services, amenities and utilities are sourced and provided.  At realestate.com.kh we adopted international property management systems and processes common in the U.S., UK, and Australia and tailored them to the unique legal, regulatory and market requirements of Cambodia thereby establishing international service quality curated to Cambodia.”Realestate.com.kh Personal Property Management Service (PPM)In Q4 2023, Cambodia’s leading integrated real estate platform, Realestate.com.kh introduced its Personal Property Management service (PPM) with the promise of providing “hassle-free property ownership in Cambodia”.PPM has extensive experience in condominium, apartment, villa, and shop-house management, as well as the marketing and leasing of them. Between 2011 and 2023, the PPM team has managed over two million (2,000,000 sqm) of real estate within Cambodia and they are experienced in handling various aspects of property management.With an average of 50+ lease transactions per month, they have seen it all in the local market. Simon Griffiths says, “Realestate.com.kh Personal Property Management service (PPM) utilises the best property management technology, making life easy for landlords and tenants while combining this with highly qualified property management personnel who have managed hundreds of thousands of square meters of real estate.  Combining the best technology with the best personnel including qualified technicians, trade-skills as well as qualified accountants and property managers elevates Personal Property Management service quality beyond what has been previously available in the Cambodian market.”Among the range of assistance offered are maintenance management, tenant relations, leasing, and property foreclosure but their full brochure explains in detail how they can offer added value professional services to property owners, such as:Proper maintenance, and strategic planningTenant management, care, and rent collectionFinancial management, and legal mattersPPM also has procedures in place to handle emergencies related to properties and tenants, in essence, they save the valuable time of the property owners by ensuring the professional management of condominiums, apartments, villas, and shop-houses in Cambodia.Peace of mind is key and PPM provides regular but non-invasive reports and these benefit overseas investors. Griffiths told us they, “Find and move-in a tenant who has been checked and qualified. Send rent revenue each month while resting assured that bills have been paid promptly and effortlessly. For the investors, knowing that their property is safe, regularly checked and professionally maintained. All with minimal effort and without stress.”Five Top Challenges Of Property ManagementProperty management in Cambodia does face several common challenges but despite these challenges, the property management sector in Cambodia is evolving. Professional property management companies are emerging to meet the growing demand for reliable and efficient services.These are five of the top challenges:Lack of Professionalism in the sector: The property management industry in Cambodia is still developing, which means there can be varied levels of professionalism. The lack of standardised practices leads to inconsistencies in service quality.Limited Regulatory Framework: As mentioned, there is still an absence of a regulatory framework for property management and this creates ambiguity.Communication and Language Barriers: Although less of a concern than in the past, there can be some language barriers - effective communication between property managers, property owners, and tenants is a key element of the partnership but tools like Zoom and translation apps have come a long way compared to phone calls and emails.Property Maintenance: Cambodia's property management companies may face challenges in ensuring regular maintenance and repairs due to the limited availability of skilled labour, but this should be one of the key services they should be on top of to make life easier for the owners and tenants - a reliable network of technicians.Security and Safety Concerns: Property managers need to prioritize security and safety measures to protect properties and tenants. This includes implementing robust security systems, addressing maintenance issues that may compromise safety, and staying informed about local security concerns and measures.By utilising a combination of research, networking, data analysis, and industry partnerships, property management companies in Cambodia should be able to stay updated on market conditions and best use the available information and industry experience and insights to provide accurate assessments and optimise property values for property owners and management solutions. Register Here
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2024 Cambodia Real Estate Survey - Have Your Say
2024 Cambodia Real Estate Survey - Have Your Say
October 28, 2023, 10:05 a.m.
Realestate.com.kh have opened up access to their 2024 Cambodia Real Estate Survey which will help property buyers and investors, renters, as well as professionals in the Cambodian property sector gain great insights into the market’s sentiment and trends.The previous 6th edition of the Realestate.com.kh Cambodia Real Estate Survey indicated a good number of leading trends within the Cambodian property market. 12 months ago, the overall sentiment was positive as the Cambodia property and real estate sector was coming out of the global pandemic for its first full year.More than 2,000 respondents, who consisted of Cambodians and foreigners, took part and provided their personal experiences and insights about a range of issues.These included rental and purchase demand, spending power, consumer preferences, and locations of interest for renting and buying in Cambodia.Complete the 2024 Cambodia Real Estate SurveyThe leading Cambodian-based property platform said in October 2023 it was “pleased to launch the 2024 Cambodia Real Estate Survey” and is offering participants the chance to win a Samsung Galaxy S23 Ultra if they spend only 5 minutes to complete the survey.Realestate.com.kh added, “The Cambodia Real Estate Survey is an annual initiative that we use to create valuable reports and insights on the local property market. Your answers go a long way in helping improve the Cambodian real estate industry.”Questions include gathering insights on the pricing of the properties in the market, as well as the expectations for the market over the coming year (until the end of 2024).For renters, similar questions along the lines of budgets, preference for types of properties, ideal locations and renting timeframes are all included.Some Key Insights From 2023In the previous survey, Phnom Penh was again overwhelmingly the most popular area for all buyers in the Kingdom, followed by Siem Reap & then Sihanoukville. Within the capital, the three areas most in demand to buy property were:Chroy ChangvarChamkarmon / BKKSen SokThere were a large number of respondents last year who expressed their eagerness to buy but were unsure of their timing, so it will be interesting to compare the data in this new survey and whether the sentiment has improved during the past 12 months. With a third of respondents indicating they were looking to buy property over 18 months since the survey was done a year ago, and with more than half under the impression that property prices in Cambodia would increase over this timeframe, how many have made purchases?In terms of what buyers are seeking, the trends have already shifted and we have seen indications that buyers want better quality projects and there remains a strong preference for condos (the latter will always likely be the top choice for foreigners due to legal reasons). Buyers were also happy to wait until a project had been completed before purchasing rather than off-plan which had been the preference among many buyers pre-pandemic.For potential buying opportunities, the quality of property was paramount, but other influences were the return on investment, location, price, and low-interest rates. Considering the interest rates and loan situation in 2023, it will be interesting to keep tabs on. The World Bank has already called for monitoring of signs the  Cambodian real estate market could be overheating.Cambodian Property Market 2023-2024Cambodia has approved 20 per cent fewer properties in 2023 thus far compared to 2022. In total, just over 2,300 construction investment projects were approved, according to the Ministry of Economy and Finance.However, the size of the areas and capital investment in the construction sector are showing signs of recovery with several large-scale developments on the go even though the overall number is down from 2022. Some industry experts believe this slowdown could also be seen as a positive as it allows the Cambodian condo market to absorb the existing supply as other projects are ongoing.With regards to the pricing in Phnom Penh for condos in 2023, according to CBRE;  high-end condominiums are $2,700 per sqm, mid-range $2,200, and affordable categories just under $1,500. Landed properties averaged quoting sales have been between $800 and $1,200.The capital now has over 8,200 serviced apartment units and Boeung Keng Kang (BKK) is still the most popular area (containing a third of the total supply!) The total cumulative supply of serviced apartments in Phnom Penh is expected to reach around 9,000 units by 2026.There are over 41,000 condo units in the capital - Chamkarmon has the highest number (22 per cent), followed by Sen Sok (18%), Mean Chey (18%), Toul Kork (11%), and Boueng Keng Kang (9%) as the top five areas. By 2028, the total supply is projected to reach 83,023 units.In addition to investors focusing on quality products, secondary sales have also been one to watch.Phnom Penh is likely to be the most popular destination again in this new survey and the south of the city seems to have gained a lot of attention in 2023. Only a few areas of the capital’s south featured as the most valuable of the 2023 land prices in Phnom Penh indicating there remain opportunities.
le conde bkk1 topping out real estate phnom penh
Le Condé BKK1 the Biggest Development Project in BKK1 has Successfully Topped Out!
October 27, 2023, 6:28 a.m.
Phnom Penh, Cambodia - Le Condé BKK1, a premium residential project located in the heart of Phnom Penh, is celebrating an important milestone with its Top-Out Ceremony on 26th October 2023. This marks the completion of the highest level of the building and is a significant step towards the final delivery of the development.Le Condé BKK1 has been one of the most sought-after residential projects in the region, offering luxurious and sophisticated living spaces to its residents. The property is strategically located in the prestigious BKK1 district, with easy access to major commercial and entertainment areas of the city.Designed by a renowned international architectural firm and inspired by the first Cambodian architecture Mr. Vann Molyvann, Le Condé BKK1 features a unique blend of contemporary and traditional architecture. The development boasts state-of-the-art amenities of more than 10,000 sqm, including a swimming pool, fitness centre, 240m of Sky jogging track, 800 sqm of Children's Play Paradise, 1,000 sqm of immersive sky garden, and Boutique Reading Space.As part of the celebration, the developers of Le Condé BKK1 have announced a 5% increase in the price of the remaining units. This increase will come into effect on 1st November 2023. Interested buyers are encouraged to take advantage of this opportunity to secure their dream home in this iconic development before the price increase.“We are thrilled to have reached this important milestone in the development of Le Condé BKK1,” says Mr. Dylan Hao, Wang Fu Guo Ji Property Development General Manager of Sales & Marketing. “We have worked tirelessly to ensure that this project is of the highest quality and we are confident that it will exceed the expectations of our valued clients.”Le Condé BKK1 is expected to be completed in quarter four of 2024, and the developer is committed to delivering a world-class living experience to its residents.About Le Condé BKK1:Le Condé BKK1 is a premium residential development located in the prestigious BKK1 district of Phnom Penh. The project offers luxurious and sophisticated living spaces, with state-of-the-art amenities and 24-hour security. The development is designed by an internationally renowned architectural firm and is expected to be completed in quarter four of 2024. Click Here To View Le Condé Listing
Siem Reap Angkor International Airport - Hopium Or The Right Spark To Propel Tourism
Siem Reap Angkor International Airport - Hopium Or The Right Spark To Propel Tourism
October 20, 2023, 6:55 a.m.
With the opening of the Siem Reap Angkor International Airport (SAI) on 16th October 2023, which garnered local, regional, and international news coverage, there comes a weighted amount of expectation the international hub can reinvigorate tourism and help propel a tourism recovery well into the future.The airport’s inauguration was attended by Vongsey Visoth, Permanent Deputy Prime Minister and Minister in charge of the Office of the Council of Ministers, Mao Havannall, Minister responsible for the State Secretariat of Civil Aviation, and Sok Soken, Minister of Tourism and representative of Angkor International Airport Investment (Cambodia) Co., Ltd.At the opening, State Secretariat of Civil Aviation's Undersecretary of State and Spokesman Sinn Chanserey Vutha said, "With a 3,600-meter runway, the SAI is a 4E-level international airport that can accommodate long-distance flights from across the world. We hope the airport will attract new international airlines to operate direct flights to Siem Reap province, home of the UNESCO-listed Angkor Archeological Park." Cambodia’s Latest Economic NewsAs we approach the final financial quarter of 2023, most economic data still point to one of rebounding recovery for the Kingdom. Cambodia approved more than 2,350 construction investment projects between January-August which is a drop compared to 2022, and construction space and costs have risen 184 per cent and 186 per cent, respectively, reported the Ministry of Economy and Finance.For the period from Jan-September 2023, 191 new foreign direct investment (FDI) projects were approved which represented a 27 per cent increase compared to 2022. Chinese investors were the largest source of FDI but other investors included Vietnam, the Seychelles, Thailand, South Korea, Samoa, the United States, Singapore, and Sweden to name some.Economic growth forecasts generally range above 5 per cent for 2023 which are still in the top echelon in the region but there remain short-term and real threats too. In Siem Reap, which is so heavily reliant on tourism, the recent closure of The Lucky Mall was a shock to some but the decline in tourist numbers compared to pre-pandemic and fewer Chinese tourists have impacted the local economy, there might be a brighter horizon but there is a strain on local business.Siem Reap Angkor International AirportThe first flight to arrive at the new airport was a flight operated by Thailand’s Bangkok Airways, and the opening day saw 17 commercial flights operate.SAI has a capacity for 7 million air passengers per annum from 2024 onwards and is expected to increase to 12 million from 2040 after all phased construction is completed. This represents 65,800 flights per year from 2023 and 112,700 flights annually from 2040. This far surpasses the capabilities of the current Siem Reap International Airport (REP), which first opened in 1932.Funding for the airport was provided as part of the Belt and Road Initiative and with a price tag of approximately USD $1.1 billion. According to the Economic and Commercial Office of the Chinese Embassy in Cambodia, this is the first overseas international airport to be constructed under a “Build-Operate-Transfer'' model.The airport’s design is inspired by the traditional Cambodian architecture style and offers 38 aircraft berths. Another key economic consideration is the airport's ability to handle 10,000 tonnes of air cargo per year from 2023, climbing to 26,000 tonnes a year from 2040.What Is Available At SIA For TravelersFor travellers, although there has been little official information promoting what is available at the airport, there is a wide range of retail and F&B offerings at the airport. There are duty-free outlets run by China Duty-Free Group (CDF Cambodia), Newrest operates the food & beverage operations, and Seal & Go operates the baggage wrapping concession, and sells travel accessories and suitcases. Monument Books, the country’s largest bookstore chain, runs mobile retail kiosks under a franchise agreement with the Relay brand owned by Lagardère Travel Retail (as part of a 10-year contract.)Transport Options for Siem Airport International AirportSAI is located about 40 kilometres away from the Angkor Park and travel to and from the airport was a potential concern as it is relatively easy and cheap from the current airport in Siem Reap.In addition to informal transport services, transportation services at the new airport were issued by Angkor International Airport Investment (Cambodia) Co., Ltd. to the Tourist Transport Association for Siem Reap International Airport (TTA) to operate the taxi service to ensure the travel of tourists. There is also paid parking at the airport.TTA operates 261 minivans (less than 7 seats) and 69 minibuses (8-15 seats). The costs are $35/40 for a minivan or $8 per person on the minibus.One of the early criticisms is the frequency of the shuttle service which is reportedly only four times per day.Travel And TourismCambodia’s Ministry of Tourism reported that 3.7 million air travellers arrived in the Kingdom between January - September 2023. This is a massive jump of over 250 per cent compared to the same period in 2022 but still down nearly 20 per cent compared to 2019.The State Secretariat of Civil Aviation has forecast 4.6 million flyers by the end of 2023, with the end of the year usually signalling the peak season for tourism to Cambodia.In total, 37,200 flights operated to Cambodia in this period - a year-on-year rise of 103 per cent.Travelex has partnered with the National Bank of Cambodia to start trading Cambodia’s currency, the Khmer Riel (KHR), at Singapore’s Changi Airport.AirAsia plans to begin flights through its new Cambodian air operator’s certificate (AOC) by the end of 2023.The Right Marketing Is Needed To Promote CambodiaThe many ministries of the Cambodian government have embarked on positively promoting Cambodia to international travel, and there have been ongoing efforts to partner with agencies to showcase the country to travel, as well as efforts to increase direct flights with a number of new territories.One interesting potential boon is the impact of cinema. Lara Croft: Tomb Raider came out in 2001 and propelled Angelina Jolie to stardom and initiated a long-standing connection between her and the Kingdom. More recently Raya and the Last Dragon drew inspiration from Asia including Cambodia.Over recent weeks images (unverified) of a new Disney Pixar movie called Angkor Wat appeared on social media with a release date slated for 2025. We can find no official listing of the production from Pixar, but a theatrical release like this would undoubtedly garner huge global interest and attention which should be capitalised on.There have also been plenty of efforts made to improve Siem Reap itself, with the refurbishment of roads, adding bicycle paths and the city continues to boast some of the best and award-winning hotels in the region. Cultural activities such as the Phare Circus are a big attraction and new projects such as an Immersive Angkor museum remain in the pipeline.Gateway to AngkorSiem Reap remains a compelling tourist destination as it is the gateway to visit the 401 sq km World Heritage Angkor Archeological Park - the most popular tourist destination in Cambodia.Ministry of Tourism Secretary of State Top Sopheak said Cambodia received over 360,000 Chinese visitors in the first 8 months of 2023. This is a rapid year-on-year increase of 611 per cent but compared to 2019, it still is far off the pace, when more than 2.36 million Chinese visitors explored the site. There is a narrative from government and tourism officials that Siem Reap Angkor International Airport will help bolster these numbers, which may well be true. But data shows overall that Chinese tourism in the region is waning and the county has its own economic headwinds, as well as some stigma attached to travelling to parts of Southeast Asia.In the mid to long term though, the new Siem Reap Angkor International Airport will allow international airlines to fly directly to Siem Reap, and boost the number of tourists, businesspeople, and investors to come and understand the potential of Cambodia.
reakh-welcomes-lamudi-indonesia-and-the-philippines
Realestate.com.kh Welcomes Lamudi Indonesia and the Philippines to the DCG Family
May 15, 2024, 3:58 a.m.
Phnom Penh, Cambodia – We are pleased to announce that Digital Classifieds Group (DCG), the parent company of Realestate.com.kh, has successfully acquired the leading online property platform marketplaces ‘Lamudi’ in Indonesia and the Philippines, consolidating its position as a major player in the Southeast Asian real estate market.Lamudi was established in 2013, with its primary focus initially being the development of leading property classifieds in emerging markets. In recent years, much like realestate.com.kh, the company transitioned from an advertising-based approach to transaction-based business models, creating more opportunities for our clients by aligning with their goals. The acquisition of Lamudi's assets from the Dubizzle Group, formerly known as the Emerging Markets Property Group, and the purchase of Bangladesh's top real estate platform, Bproperty, in January 2023, solidifies the group's position as the second-largest property portal operator in Asia.Tom O'Sullivan, CEO of realestate.com.kh, said "I'm incredibly excited about the opportunities this acquisition brings. Lamudi has a range of technologies and systems that will enhance our offering to agents and property seekers. Plus Lamudi's massive reach into Indonesia and the Philippines will drive huge additional exposure for our clients. Indonesia is the fourth most populous country in the world, and the Philippines has a population of roughly 117 million people, making this a game changer for property developers in Cambodia to access even more buyers through realestate.com.kh than ever before. Cambodia and Indonesia built a strong relationship over the years through trade and politics. The IndoCham is well-established in Cambodia, and the addition of direct flights between both countries makes it more convenient for Indonesians to visit the Kingdom, and consider investing in the property market. For our staff, our ability to share knowledge and exchange ideas with the other classified businesses in the DGC portfolio means we will remain a driving force in Cambodia and the region."Anthony Galliano, DCG Board member and the Director of Tanncam Investment, expressed his enthusiasm, saying “This is a game-changer for our business. DCG’s geographic coverage of the real estate market expanded exponentially and the group is now on track to becoming the leading property platform in Southeast Asia. While organic growth has been phenomenal, the Board recognised that targeted acquisitions will accelerate our growth and expansion ambitions and dramatically improve value to our customers and shareholders. Tanncam Investment fully supports its investment in DCG and commends the Board for its work on this strategic acquisition which positions the company as a market leader in its space.”DCG's Group CEO, Mathew Care, expressed his vision, saying, "Our vision is to build a market-leading classifieds group in Southeast Asia, a region of incredible opportunities. This acquisition is a catalyst for delivering this vision, and I am incredibly excited to enter these markets and welcome the Lamudi team to the DCG family.
What Is The Cambodian Business Sentiment As We Head Towards 2024
What Is The Cambodian Business Sentiment As We Head Towards 2024
October 12, 2023, 3:39 a.m.
The Cambodia 2023 Business Confidence Survey was released at the recently held ASEAN-Cambodia Business Summit in Phnom Penh in September 2023. This comes at a time when several high-profile business events have focussed on the changing economic climate, and future-looking strategies. Despite ongoing global challenges, unanimous predictions from the leading financial bodies predict Cambodia is poised for good economic growth in 2023 and 2024 - so what is the investment and business sentiment for the Kingdom?Cambodia 2023 Business Confidence Survey - Positive OutlookBased on the results in the survey, more than two-thirds of businesses consider Cambodia to be competitively average compared to other ASEAN countries but 9 per cent feel that Cambodia’s competitiveness is still strong as was the sentiment in the 2023 survey. The ease of doing business is key to attracting investment and the latest data for January-September 2023 doesn't suggest this is waning. Cambodia attracted USD $3.76 billion of fixed-asset investment from January-September 2023 - an increase of 8.6 per cent compared to the same period in 2022.Leading financial institutions have updated their economic outlooks for the Kingdom:The ASEAN+3 Regional Economic Outlook (AREO) projects Cambodia’s economic growth for 2023 at 5.9 per cent with forecasts for 2024 at 6.7 per cent.The International Monetary Fund (IMF) outlook for Cambodia, updated on October 10th 2023, suggests 5.6 per cent growth in 2023, and 6.1 per cent in 2024.The Asian Development Bank (ADB) adjusted its forecast for Cambodia’s economic growth in 2023 to 5.3 per cent, slightly down from its prior 5.5 per cent projection.Among the businesses that participated in the EuroCham survey, there is also positivity about the future. More than 60 per cent plan to invest further in the Kingdom in the next 12 months.Businesses are also seeing profitability increasing post-pandemic, with as many as three-quarters having met or exceeded their annual profitability goals. A third of respondents even expressed that they had exceeded their profitability targets in 2023.It should be noted that a number of investment guides for Cambodia have been released in 2023 by various business chambers and sectors, which all offer a good overview of the potential of the market but sensibly also offer caution and advice.The advice includes that any investor should first visit the country (possibly multiple times), assess and study the market, and be familiar with the local conditions and business culture - all of which can be applied to property investment in Cambodia too.ASEAN-Cambodia Business Summit 2023The recently held ASEAN-Cambodia Business Summit in Phnom Penh featured several key addresses from local and regional business and government leaders.H.E. Dr. Aun Pornmoniroth, Cambodian Deputy Prime Minister and Minister of Economy and Finance highlighted what he perceived to be the main actions the government has undertaken to improve the local business environment.The Pentagonal Strategy – Phase 1 outlines the intention to focus on implementing institutional reform and introducing new measures to address current issues that businesses and investors face in Cambodia.Improvement of market access and integration to regional and global supply chains has resulted in increasing multilateral and bilateral free trade agreements (FTAs) - there is no slowdown in chasing new agreements which will help diversify trading partners.Acknowledging the impact of the private sector and its role in improving the Kingdom’s prosperity, the government wants to streamline administrative procedures, reduce transportation and logistics costs, promote vocational and skills training, and introduce further investment laws to incentivise investors in Cambodia.Connectivity is crucial - this applies to infrastructure such as new bridges, deep water ports, new airports, road extensions, etc. as well as digital connectivity.  New digital business processes and payment systems, as laid out in the Digital Economy and Society Policy Framework 2021-2035, are intended to encourage investments in Cambodia’s digital economy.Dr. Pornmoniroth wants to see continued increased dialogue between the public and private sectors so that strategies can target the challenges businesses face in Cambodia. Certainly, the right signals are being broadcast that there is every intention to maintain the view that Cambodia is investor-friendly. Shifting Models And Mindsets In CambodiaWe have addressed several times the shifts the Cambodian property and construction industry has had to make to adjust to the post-pandemic realities and these include realistic pricing as well as ensuring quality developments, well-managed marketing campaigns, and appreciating the buying portfolio has changed.The same shifting paradigms are being applied to all businesses in the Kingdom. Dr. Stefan Hanselmann, Cluster Coordinator for Economic Development and Private Sector Promotion at GIZ, said at the ‘Investment Promotion Conference 2023’, that “Cambodia is in need of a new business model because the model guaranteeing economic growth over the past 25 years has now come to an end.”He made the point that the previous business model of relying on low-tech industries with low-skilled labour at very low costs could no longer persist - and with the government-led goals of leaving the LDC status over the coming years, this is true.Attracting foreign direct investment is crucial across all sectors but the combination of positive economic data and business sentiment suggests that the Cambodian government and other institutions will continue to demonstrate an astute level of awareness about attracting and managing FDI while remaining honest and committed to listening to the concerns raised by the private sector.
Realestate.com.kh welcomes Simon Griffiths as Head of Real Estate
Realestate.com.kh welcomes Simon Griffiths as Head of Real Estate
October 5, 2023, 9:05 a.m.
Phnom Penh, Cambodia 5th of October 2023  — Realestate.com.kh, the leading integrated real estate platform in Cambodia, is pleased to announce the appointment of Simon Griffiths as its Head of Real Estate. Griffiths, a prominent figure in the Cambodian real estate industry, brings over a decade of experience and a proven track record of success to his new role.Simon Griffiths has spent more than 10 years in the Cambodian real estate sector, contributing significantly to its growth and development. Griffiths founded The Mall Company in 2017 and shall continue to lead The Mall Company while taking on his new responsibilities at Realestate.com.kh. Prior to The Mall Company, Griffiths played a pivotal role at CBRE Cambodia (2011 – 2017), where he helped establish the firm’s presence in Cambodia establishing himself as a respected and knowledgeable leader in real estate.At realestate.com.kh, Griffiths will spearhead the launch of a new range of professional real estate services. This includes residential sector market research, condominium development consultancy, and personal property management (PPM). His deep knowledge of the Cambodian real estate market and his strategic acumen will be invaluable in further enhancing Realestate.com.kh's offerings and strengthening its position as the leading platform for real estate solutions in Cambodia.Griffiths' appointment as Head of Real Estate at RealEstate.com.kh marks a significant milestone for the company. His leadership and expertise will undoubtedly play a pivotal role in driving innovation, growth, and excellence in the Cambodian real estate industry."We are thrilled to welcome Simon Griffiths to the RealEstate.com.kh team," said Tom O’Sullivan, CEO of Realestate.com.kh. "His wealth of experience and industry knowledge make him the perfect fit as the Head of Real Estate. With Simon on board, we are confident that we will continue to deliver exceptional value and services to our clients, ensuring our place as the leading real estate service provider in Cambodia."Griffiths commented “It is an honour to join realestate.com.kh as Head of Real Estate. Realestate.com.kh is already well known as the leading property portal in Cambodia, but the extent of its capabilities goes well beyond being a property portal. Through the introduction of a series of new professional services, realestate.com.kh will launch a range of high-quality end-to-end assistance for investors and developers.I am looking forward to this and working closely with Tom and the team at realestate.com.kh!”For more information about RealEstate.com.kh and its real estate services, please visit www.realestate.com.kh.About Realestate.com.khRealestate.com.kh is Cambodia's leading property platform for buying, selling, and renting real estate. With a comprehensive database of properties, buyers, extensive market knowledge, and a team of dedicated professionals, Realestate.com.kh provides a one-stop solution for all real estate needs in Cambodia.Media Contact:Marie LamyHead of Content Realestate.com.khmarie.lamy@realestate.com.kh
Cambodia’s Events Sector And MICE Venues Are A Vital Cog In Boosting Growth
Cambodia’s Events Sector And MICE Venues Are A Vital Cog In Boosting Growth
October 2, 2023, 10:32 a.m.
Cambodia’s economy has been growing steadily, with the latest revised GDP growth rate still expected to be above 5 per cent in 2023. Much of the recent focus has been on the newly appointed government's Pentagonal Strategy and how this will shape the future growth of the Kingdom and what industries could benefit.The tourism sector remains a key pillar in this plan but one aspect we want to address is the events industry in Cambodia which should play an important contributor to the country’s economy as this space can boost tourism but also is a vital cog and platform in showcasing the potential of Cambodia.Events and the required MICE (Meetings, Incentives, Conventions, and Exhibitions) venues are a necessary means to pave the way for trade agreements, potentially transforming urban transport, and increasing employment (and range of skills) within the Cambodian workforce.Cambodia’s Events IndustryCambodia hosts various trade shows, expos, and exhibitions throughout the year and 2023 has already seen the successful hosting of the SEA Games as well as important product launches, business community forums and seminars and property and trade shows.Some upcoming events for example in late 2023 and into 2024 include the Cambodia International Construction Industry Expo (December 2023) and the Global Health Expo4 (2024). These events provide opportunities for businesses to showcase their products, establish partnerships, and network with industry professionals.In determining the real value of the events, what will contribute to them being seen as a success are the scale, participation, and economic conditions so partnering with experts in the event space and securing the best possible MICE venue will help determine these.What Is The MICE Sector WorthAccording to recent research, the demand for global MICE Market size was valued at approximately USD $645.7 billion in 2022, whereas the Asia-Pacific MICE industry generated revenue of USD$229 billion in 2017, and was expected to grow at a CAGR of 8.6 per cent to reach USD $441.1 billion by 2025.Thailand for example has targeted wellness attractions and MICE to help revive their tourism sector post-pandemic and these are expected to be worth 20 per cent of the Southeast nation's GDP. The Tourism Authority of Thailand (TAT) and Thailand’s Conventions and Exhibitions Bureau (TCEB) are driving the promotion of this sector and attracting high-value events and exhibitors. MICE Venues In Phnom PenhCambodia does provide a wide range of world-class MICE facilities which include international hotels and some standout Khmer-designed venues and large event spaces. The most popular locations remain  Siem Reap, along the south coast in Sihanoukville, and in the capital of Phnom Penh.MICE venues that are of international standard attract tourism and business events and activities such as meetings, incentives, conferences, and exhibitions.In Phnom Penh for example, some of the leading venues are:Diamond Island Convention and Exhibition Center - established in October 2009 and owned by the Canadian Integrated Enterprise Group, the large venue halls also come with ample parking and is situated close to the AEON Mall Phnom Penh. The venue is regularly used for exhibitions, wedding reception, parties & birthdays, conferences, seminars and other MICE activities.NagaWorld - The only casino and integrated resort venue in Phnom Penh, their MICE facilities at the only offer some of the best-in-class meeting spaces at its centrally located location. With a grand ballroom and several meeting spaces across its two properties, NagaWorld has hosted many conventions, exhibitions and events over the past two decades and onsite there are a number of entertainment and restaurant options as well as 5-star accommodation and associated resort facilities.The Premier Centre Sen Sok -  Located to the northwest of the capital, the large venue space has been used for wedding receptions, business meetings, and exhibitions and has previously hosted the Realestate.com.kh EXPO in 2022.  Covering more than five hectares and with seven event halls, the space can accommodate 5,000 guests,and parking spaces for 1,200 cars and 700 motorbikes.Wowee - On Expanding The Cambodian Events SpaceWe heard from THACH Chenda, Founder and CEO of Wowee Advertising, who formed her company with other partners post-pandemic, saying “I created the company to cater for local companies looking to elevate their brand and international companies looking to build a brand in the Cambodian market.”When it comes to events and the MICE venues and whether they are suitable for local and international events she is positive. “Certainly some are yes, like the 5-star hotels and AEON Malls have proven successful for road shows. But exhibitions are generally in halls that don’t seem to be purpose-built for these events. I think it’s a good opportunity for someone to bring more venues like this to the market and I think it will attract more international events to Cambodia and increase the quality of locally-run expos.” Chenda and Wowee have been involved in many roadshows for brands like Foodpanda, as well as big award ceremonies, expos, brand launches, and MOU signings, and were the exclusive co-organiser of the Home & Lifestyle EXPO 2023.“Expos are always a nice challenge. You deal with the organiser, but then they bring in hundreds of exhibitors and everyone has high expectations of the event, so it’s a lot of stress to handle to ensure the event goes smoothly. But that’s also half the fun.”On the available talent for high-value exhibitions, she adds: “There is an opportunity for local creatives and artists to create different performances. Sometimes, to meet client expectations, we need to bring in acts from overseas (Malaysia, Vietnam, Thailand), and also for skills like digital mapping, etc. She also is adamant it would be “great to one day see a purpose-built venue for live music which is a step to attracting more international artists to Cambodia.”On her most memorable event story to date, she added “The most exciting project was building the Bay of Lights / Prince Real Estate booth at the recent 2023 Real Estate expo. They wanted to display a 75 sqm LED screen to showcase their projects as well as a centre walkway. The project was challenging, but it was one of the best projects I’ve worked on. The concept was great and to see it come to life was amazing.”In terms of opportunities, she says there are currently no big car shows in Cambodia, “when I travel overseas I have seen impressive shows like this, but never in Cambodia.” Cambodian MICE & Events Standards And AmbitionsThere are guidelines for businesses in the local travel sector on how to apply for the ASEAN MICE standard certification and logos.Ho Vandy, an adviser to the Cambodia Association of Travel Agents said “Achieving the ASEAN MICE Standard certification, its logo and the ASEAN Sustainable Tourism Award is not merely a matter of prestige for the businesses, but also a mark of distinction for the nation.’Chenda agreed that more can be done to make Cambodia and Phnom Penh attractive to host international and regional events and a unified effort to continue to “promote Cambodia as a destination that will create a lot more opportunities for events in Cambodia. Whether that’s attracting more international guests to expos, attracting international events, business delegations and even Cambodian companies being part of events outside of the country.”The Cambodian government’s new ‘BUILD’ initiative is also built upon five strategic pillars when it comes to tourism:Brand ManagementUnique Selling Points (USPs) MarketingInbound Design Quality TravelLeverage on Tourism Endowment and DiversificationDevelop Competitive Tourism Sites.The Wowee CEO added that these efforts are a collaboration between the government and private companies. “It would be great to see the public and private sector continue to work together to promote the country. I know they already do some international events promoting our country as a destination and promoting Cambodian products. It would be good to see this become bigger over time.”
Changi Airports International Will Manage Retail and F&B Space at New Phnom Penh Techo Takhmao International Airport
Changi Airports International Will Manage Retail and F&B Space at New Phnom Penh Techo Takhmao International Airport
October 11, 2023, 2:45 a.m.
The Techo Takhmao International Airport is a joint venture between the Overseas Cambodia Investment Corporation (OCIC), the Royal Government of Cambodia, and the SSCA called the Cambodia Airport Investment (CAIC) - the largest investment group and local conglomerate in Cambodia.With the site under construction and not due for completion until 2024 before heading into operation in 2025, CAIC has the rights to own, design, construct, finance, operate, maintain and manage the project. The vast scale of the airport means it will be able to cater for larger Airbus A380s and other passenger and cargo transport aircraft - plans are in place to make it a key international transit hub.It was confirmed in late 2022 that well-regarded international airport operator Changi Airports International (CAI) was also brought into the fold.Lenen Mar Porras, the Head of the Marketing and Creative Division at Overseas Cambodian Investment Corporation and Mega Asset Management Co, told us: “We are activating Changi International Airports to help out with meeting areas, food and beverage, retail etc. at the new Phnom Penh airport. I think they will partly be involved with the marketing as well for the first phase of the airport.”The addition of the Singaporean company brought added trust to this ambitious and large-scale project as there were some question marks raised when the airport was initially announced a few years ago, especially with the location and the since-reported development cost of USD $1.5 billion.Porras added on having Changi on board: “They manage one of the most popular airports in the world (Changi Singapore) and we need to complement each other as our airport will be bigger in terms of land size. We are looking at bringing some of the biggest international brands to the Phnom Penh airport and to our other retail businesses as well.”On the diversity of retail outlets planned to be offered at the Techo Takhmao International Airport, she added “Every country in ASEAN will be represented in the airport is my initial understanding, so, for example, there will be an area offering traditional Cambodian arts, crafts and foods and another one might offer Indonesian food and wares, so it's promoting the whole ASEAN region.”Techo Takhmao International Airport - Phnom PenhThe airport is located around 35 kilometres south of Phnom Penh and will replace the existing Phnom Penh International Airport as the Cambodian capital’s main airport. Spanning over 2,600 hectares (6,400 acres) in Kandal Province, the airport will be larger than the Changi Airport in Singapore and is due to be the ninth largest airport in the world - importantly it will be designated as a 4F class airport allowing for the aforementioned larger aircraft to make use of the transport hub.Porras said of the ambitions for the operational airport, “The plan is for the airport to be an international hub, and if not the biggest in the world, then one of the biggest in Asia which can accommodate connecting flights globally….that's why we are working with the best of the best in this field (such as Changi) so that whatever vision we have can be achieved.”The current Phnom Penh International Airport can not be extended any further and has been caught up in the rapid urban sprawl of a rapidly changing city. The ambitions for the new airport are lofty but not unrealistic. Porras said, “I think that Phnom Penh right now is the perfect place with the way it's developing - it's the fastest progressing country in Southeast Asia and it's the best time possible to invest in Cambodia.”According to the master plan, the new airport will handle 13 million passengers a year in the first phase, 30 million passengers in the second phase in 2030, and up to 50 million passengers in 2050 in the third phase.In September 2023, the Ministry of Land Management and Urban Planning claimed that the new Takhmao Techo Airport was now more than 50 per cent complete.Phnom Penh International Airport ConnectivityA highway is being constructed to connect the airport to the southern part of Hun Sen Boulevard (which is located to the south of the capital). The road will be 60m wide and 13.5 km long, and by July 2023, construction of this key access road to the airport was halfway done. It is expected to be completed by 2024.In July 2023, the idea of a light railway connecting the city to the new airport was first publically considered, and could even form part of a larger urban railway project. Although these have been mulled over the years and several feasibility studies carried out, new Cambodian Prime Minister Hun Manet is keen on the idea of a skytrain and subway train project for Phnom Penh.One suggested idea was to have a light rail line run from Techo International Airport (TIA) to Phnom Penh, with a station at or near AEON MALL Mean Chey to the south of the city. A Ministry of Public Works and Transport (MPWT) Public Service Center has since been established at the Aeon Mall Meanchey.New Comprehensive Air Transport Agreement & Air RoutesAccording to the Asia Development Bank (ADB), pre-pandemic, Cambodia was connected to 14 markets, all within Asia, and had flights with eight SEA nations – Only Brunei Darussalam and Timor-Leste do not have nonstop connections with Cambodia.The ADB suggested that the Kingdom should develop routes with key markets such as India, Japan, and the Republic of Korea, while routes with Australia, Europe, and North America are also important source markets. In 2023, new direct air routes have been suggested for Turkmenistan (and Central Asia) and India, The Comprehensive Air Transport Agreement (CATA) between the ASEAN and European Union (EU) is also expected to boost travel between the two regions. The CATA allows airlines to operate as many flights as possible between the regions and in effect replaces the 140 different bilateral air transport pacts signed in the past by the countries in the two regions with a single set of rules.The ASEAN-New Zealand Air Services Agreement (ANZ-ASA) was also signed in September  2023 which could open up passenger and/or cargo services between ASEAN and New Zealand.All of signs point towards growth in the Kingdom and the region. The Global Business Travel Association (GBTA) said in Q3 2023 that it anticipates business travel in Asia Pacific to see significant growth and that business travellers in APAC may spend less per business trip but will seek more premium options and blended travel than corporate travellers in other global regions.The new Siem Reap International Airport (SIA) will also be operating in October 2023.
Why Properties In Phnom Penh’s Growing South Could Be A Good Investment
Why Properties In Phnom Penh’s Growing South Could Be A Good Investment
September 17, 2023, 9:26 a.m.
Phnom Penh as a city has not stopped expanding for decades, nor does Cambodia’s capital show any signs of reducing its spatial expansion in all directions, as developers look for more affordable land and buyers move along new major developments such as key access routes, megamalls, schools, and the new international airport.The scale of infrastructure in the south of Phnom Penh is expanding rapidly, and as a result, there has been significantly increased interest in the area ever since Hun Sen Boulevard was announced a few years ago. The area has become a prime location for all types of real estate development due to the growing infrastructure and relative abundance of affordable land.The Royal Cambodian Government's decision to open the new ambitious international airport in the south of the city has prompted further development and could lead to rail links, new roads and other services to provide for travellers to reach the airport and connect them to the city. Therefore the area has the potential to foster increased well-developed and good-quality residential, commercial and industrial activities.Population Growth And Urban Expansion Bring Opportunities To Southern Phnom PenhThe latest census report released by the National Bureau of Statistics of Cambodia highlighted some important trends. In 2019, Cambodia's population reached 15.6 million, an annual growth rate of 1.4% compared with the 2008 census of 13.4 million and the urbanisation rate remained relatively stable, with an average annual growth rate of 3.2% from 2013 to 2019.Phnom Penh continues to see urban population growth which has created new challenges for the capital's infrastructure and public facilities and resulted in the Cambodian Ministry of Land Management, Urban Planning and Construction adopting the Capital Phnom Penh Land Use Master Plan 2035 to guide land use and ensure the promotion of sustainable urban development.The city has increased its total area more than six times, reaching 679 square kilometres in 2019 with a World Bank study indicating that Phnom Penh’s urban space expanded at the second fastest rate in East Asia. The urban sprawl means that potentially the southern corridor of Phnom Penh offers among the greatest development potential due to fewer geographical constraints, large amounts of undeveloped low-cost land and improving infrastructure accessibility.Within the capital, combining interest from Cambodians and foreigners in the recent survey on property preferences, the three areas most in demand to buy property in at the start of 2023 were:Chroy ChangvarChamkarmon / BKKSen SokThis suggests that the south has room to grow and rise in the rankings as it becomes more connected and developed to match the same attraction as the other more popular areas.New Overpasses, Roads, And Maybe Even Light Rail - How has Infrastructure In Southern Phnom Penh ImprovedThe development of the southern parts of the city extends to Kandal Province and Takhmao which means that bridges, overpasses and other infrastructure (which has completely transformed the lakes and rice fields present here just a few years ago) into a ever increasingly connected urban jenga of residential, commercial, industrial, and logistic developments.A new overpass located at the triple intersection of Samdech Techo Hun Sen, Street 271, and Monivong Boulevard at a cost of USD $36.7 million got underway in August 2022. The construction period is 36 months and is due to alleviate the growing traffic congestion issue which has become more serious.There are several bridges planned or under development, including as many as three bridges across the rivers which would facilitate traffic flow in and out of the capital.In mid-2023 an asphalt concrete road 4 km in length and 50 meters in width was started that will connect National Highway 2 and Road 271, and will also include two concrete bridges. Reports indicated this is the 3rd main road of the ING City development project - in addition to more than 60 other roads being constructed as part of the ongoing satellite city development project.This southern region of Phnom Penh is already home to international schools such as ISPP, mega malls, and The Factory, and will likely be a thoroughfare for the new Phnom Penh International Airport. The Techo Takhmao International Airport could introduce new travel options such as express bus lanes, and other transport routes connecting the airport to the city, including the possibility of a light rail. H.E. SUN Chanthol, Senior Minister, Minister of Public Works and Transport suggested in June 2023 that the proposed light rail line may run underground from Phnom Penh to the airport which is located around 35 kilometres south of Phnom Penh. Modern transport connectivity is key, as the airport when completed, will be among the top ten largest in the world and is due to be operational by 2025. In addition, the number of mega malls and other new retail spaces that have opened in the south of Phnom Penh has also addressed any issues of catering for shopping needs, entertainment and much more for those relocating to the area, and serving the surrounding urban population.Increased Land PotentialThe active residential and commercial growth should mean that the south of Phnom Penh will be in a good position over the coming years. These new infrastructure facilities will reduce travel times between economic hotspots, expand accessibility, and further increase property values. Only a few areas of the capital’s south featured as the most valuable of the 2023 land prices in Phnom Penh which suggest they should have the biggest potential to increase.As the number of residential projects continues to increase as developers and homebuyers take advantage of the market trends, as many as 54 completed residential projects are now located in the southern part of the capital while 30 projects are under construction. These include the previously absent high-rise residential projects in the areaThis all means the southern region of Phnom Penh is undergoing dramatic changes, with continued improvements in infrastructure, relatively affordable land prices, growing population and urbanisation trends, and interest from local and international investors and buyers - making it an area to watch for property buyers and investors.
What To Know About Payment Options For Property In Cambodia
What To Know About Payment Options For Property In Cambodia
September 21, 2023, 7:26 a.m.
If you are considering investing in the Cambodian real estate market or are even intrigued by how payments work for renting a property in the Kingdom, we will try and help you explain the basics and what to do to make transactions easier.It should be said upfront that it can be challenging for foreigners to apply for a mortgage or home loan with banks in Cambodia, so as a buyer, it is important to choose the easiest payment methods to complete your property investment plan and consider the fees involved with overseas transactionsCambodia is the most preferred destination especially for USD holders as a majority of property transactions are completed in USD. There are a few benefits in this being.Investing Or Buying Property in CambodiaThere is a detailed breakdown of making payments for purchasing a property in Cambodia. Common payment methods for buying property include:Monthly installment payments - Monthly installment payments allow for regular payments over a set period of time, instead of paying the full price upfront - this makes it more manageable for consumers.Payments based on construction progress - This financing method (which is fairly common in the construction industry) entails dividing the total cost of the project into several installments, which are paid based on the completion of specific stages of the construction process. The payment schedule is typically outlined in the construction contract (which should be thoroughly checked and read). Milestones and percentages of the total cost are assigned to each installment.Full payments - Reasonably self-explanatory but the full amount is paid for a property usually within 30 days of signing the sales agreement. This is the preferred payment method for buyers and investors seeking the best investment price.Bank financing - This is the financing provided by a traditional lending institution such as a bank or credit union via a mortgage or loan but is mostly for Cambodian citizens.An increasing number of banks have been offering loan services to the real estate industry, and some banks do provide loan support to international investors outside of Cambodia. Some long-term foreigner residing in the Kingdom who can show proof of income and their work history in Cambodia might be eligible to obtain a home loan from a bankA recent report from Mekong Strategic Capital suggests that Cambodian real estate-related loans make up a third of total loans and have dominated growth over the past decade.It is recommended that buyers and investors inquire with the developer during property viewing if they have partnered with any banks to provide loan services to foreign buyers.Realestate.com.kh also offers a loan calculator to estimate how much you will need to pay per month if you choose to buy a property through a loan.How Does Rental Payment And Deposit Work In Cambodia?In terms of renting in Cambodia, there isn't a strict regulatory framework in place, but common practices among Cambodian landlords are to include all details for the renter in a rental contract which includes all details concerning the security deposit, obligations, utilities fees and other fine print which could include the early breaking of the contract etcA security deposit serves as a safeguard for landlords against potential damages or breaches of contract and is a common aspect of renting in Cambodia. The exact amount of the security deposit can vary and often depends on the landlord's discretion but 1-2 months would be seen as normal for 1-2 year rental agreements - the longer term rentals often can mean a negotiated price lower than the regular asking price.Some landlords, in cases of contracts spanning several years, might require a higher security deposit, ranging from 5 to 6 months' rent but this is rare - landlords would often be happy to have a long-term reliable tenant who pays on time.Tenants are usually required to pay rent in advance for each month of their tenancy and on a regular date. Tenants should be aware of this schedule to ensure timely payments and a good landlord-tenant relationship for a healthy relationship.It should be clarified how the utilities will be paid - utility fees such as water, electricity, and sometimes garbage collection are often paid separately (and quite easily in 2023 as many banking apps make it very convenient to do so). Some landlords might  include utility fees in the rental payment to simplify the payment process for tenantsRental fees might not encompass all amenities such as for Wi-Fi, cable TV, and parking, could be separate from the base rent. It should be clarified upfront what would happen if, as a tenant, you decide to terminate the contract early. A landlord may retain the deposit or need a one-month notice period - often the final month’s rent can be used in lieu of that month's rental fee.Remittance and International Transfers To CambodiaTransferring money to Cambodia is a relatively straightforward process, but it is important to have the correct documentation and comply with relevant laws. Under the Law on the Foreign Exchange of September 1997, there are no restrictions on foreign exchange operations through authorised intermediaries, including purchases and sales of foreign exchange on the foreign exchange market, transfers, all kinds of international settlements, and capital flows in foreign or domestic currency between Cambodia and the rest of the world or between residents and non-residents.Before transferring any amount of funds to Cambodia, it is important to check with your own bank in Cambodia to ensure that the correct documentation is completed and compliant with relevant laws.Although international money transfers are not complicated, they are still seen as relatively in Cambodia but progress has been made:Cambodia was removed from the grey list -  a list of nations under the Financial Action Task Force (FATF) - in 2023 and this should open up the ease of transfers globally.There is an increasing number of banks that have signed MoUs with global payment partners to allow for easier, faster, and more affordable remittance payments.Crypto payments are still not accepted but the government has been working with Binance to better understand the framework for cryptocurrency payments.Remittance transfers from Cambodians were worth approximately $2,63 billion in 2021.The value of the transfers was estimated to reach a projected $2,720 million by the end of 2022.It’s always best to check with both your local bank and the developer to see what your options are for payments and the fine details and an honest conversation with your landlord to make sure you know what you are entering into with regards to payments for rentals. Always ensure you have checked for additional or hidden fees that may be involved with transfers, and many services may run zero per cent fees on occasion.
Understanding Cambodian Trust Opportunities For Foreign Investors
Understanding Cambodian Trust Opportunities For Foreign Investors
September 3, 2023, 9:19 a.m.
A Trust is one of the newer mechanisms to help investors manage their assets in Cambodia and offers a means of holding and managing property for foreigners too. In Q3 2023, the Trust Regulator (TR) Director-General Sok Dara confirmed that the legally registered trust funds had surpassed over USD $1.1 billion over the past year and there are expectations this could rise to USD $1.5 billion by the close of 2023.The Trust Law of Cambodia was enacted on January 2, 2019, and has seen significant growth - it is part of the reason the well-regulated trust market has helped to ease and build investor confidence.The Trust Law provides a range of regulations and rules to govern the rights, duties and responsibilities of the trustor, trustee and beneficiary as well as a comprehensive understanding of each type of trust and its purpose, so what should you know about Cambodian Trusts?Why Utilise A Trust In Cambodia?Trusts offer an alternative to direct investment and a risk-mitigation mechanism but also allow foreigners to own land legally. Whereas Cambodian citizens have the right to own land and property without restrictions, foreigners are prohibited from owning land in Cambodia directly. Foreigners can own condominiums and apartments in Cambodia (excluding the ground floor, which is attached to the land) but under the Trust Law, a foreigner may indirectly manage the real estate by providing a trustee with the right to hold the title and manage the real estate for the benefit of the foreigner (Trustor) or the beneficiary of the trustor.In essence, this allows foreigners to profit from land price appreciation without owning the land in their name, while the trustee manages and protects the property for the trust's beneficiary. A Trust is thus professionally managed and provides investors such as foreigners in Cambodia an opportunity and solution to invest in or hold ownership of a property which was not previously an option.What Is The Cambodian Trust Market Valued At?Since 2022, the value of funds invested in the various trusts has nearly doubled and Sok Dara, is confident the values will be in the billions of dollars, with more than 500 Trusts recognised by Q1 2023.Dara said that the Trust offers a “more effective investment policy for Cambodia to increase the cash flow, and direct investment into Cambodia, increase tax revenues, financial diversification, and transparent monitoring of capital flow”.Which Cambodian Companies To TrustFor foreign investors, understanding the process of purchasing landed property in Cambodia via a Trust can offer challenges but if you are looking to invest or set up a Trust, you have to ensure you are following The Trust Law which requires that all trusts be registered with the government. Trustees must also meet certain qualifications and standards of conduct, while The Trust Law only recognises licensed trustees in holding land. The benefit is that trustees can help arm potential investors with knowledge of the range of investment opportunities in Cambodia and are qualified and licensed by the Trust Regulator. Hans Chen, CEO at Stronghold Trustee Co., Ltd, which was one of the first companies in 2019 to receive Approval in Principle of Trustee License and by 2021 completed the first trust registration in Cambodia, told us: “Currently, Cambodian regulations do not allow foreigners to purchase properties connected with the land, such as land, flat houses, or shophouses. Some investors may already know or have experience using a Nominee structure or a land holding company (LHC) when investing property.”He added, “Although those methods solve the title-holding problem for investors, some negative issues like fraudulence or high hidden fees still happen and hurts property buyers' confidence in investing. Therefore, safely investing in real estate in Cambodia has become an essential issue for foreigners before investing.There are many types of trusts, and the structures are pretty flexible. For example, except for using a land trust when buying the land, investors could also combine the land trust with a money trust or use a money trust directly for flexibility in investing. However, A simple contract with a licensed trust company cannot be called a real Trust. A legal trust product has its operational process, especially trust registration. Take the land trust as an example; the trust company must register the asset with the Trust Regulator within three months after signing a trust contract. The Trust Regulator will issue a certificate to officially announce that the asset has registered and become a "Trust Asset" after the registration, which means the Cambodian Trust Law protects the asset.”According to the TR, there are currently eight trust companies, eight banks, 43 physical trusts, and 10 appraisal firms that have received a license or permit or recognition from the TR by August 2023. Some examples are:In 2022, Prince Trust, a member of Prince Holding Group (“Prince Group”) signed a memorandum of understanding (MoU) with Cambodian Investment Management and Realestate.com.kh to collaborate on opportunities to attract inbound investments through Cambodia’s Trust Law.Phillip Bank (through its associate company Phillip Trustee Cambodia), announced in 2023 that it had agreed to enter into a strategic partnership with Sarita Waterside. Philip Bank is promoting favourable terms to foreign buyers who can purchase and own properties under a trust structure and ensure the foreign investors establish a trust to legally own properties that are fully compliant with Cambodian Trust Laws.Companies such as Stronghold Trustee and Canatrust - which is part of Canada Group and was the first Trust Company in Cambodia, are seen as reliable Trust companies to use. Chen adds ‘the selection of trust companies is also essential. Besides possessing a legal business license and Trust license, the ability to customise the product structure and implement trust registration procedures are significant indicators of meeting the client's demand and safeguarding the property.”These firms are able to assist foreign buyers in acquiring property legally and ensure all taxation requirements are met as well as offering ongoing services to ensure the investment is being done in a professional, reliable and trustworthy way.Types Of Trusts And Cambodian RegulatorsFollowing the Law on the Organisation and Functioning of the Non-Bank Financial Services Authority (NBFSA) on 16 January 2021, the Market and the Financial Institutions Department of the General Department of Financial Industry were integrated as Trust Regulator (TR). The TR regulates, supervises, and develops the trust sector in the Kingdom of Cambodia and the main responsibilities include the registration of Trusts and law enforcement as well as overlooking the regulations and Trust market mechanism in terms of licensing and the approval of Trusts.In addition, the Trust Registration Department of the Trust Regulator provides licenses to commercial banks for escrow services.Trust investment types in Cambodia include:Public TrustCommercial TrustSocial TrustIndividual TrustChen said their company receives many queries from overseas on what is available, “we receive many inquiries about trust structures every day. Our clients are from different countries in Europe or Asia. We understand that the law system works differently in other countries, therefore, we are willing and able to customise the trust structure under the guidelines of Cambodian Trust law to make investors feel at ease. We also show all the details on related fees and processes to let our clients know we are on the same page.”What Should A Foreigner Know About The Trust Law DevelopmentsThere have been ongoing developments to promote the Trusts and raise awareness about how they work.In July 2023, the Trust Regulator Cambodia and the Cambodia Chamber of Commerce signed an MoU to raise public awareness and promote participation in the Trust Sector in Cambodia.Around the same time, TR and CamEd Business School also signed an MoU to increase awareness, develop technical know-how, and regulate adherence of the Trust market.Companies like Stronghold Trust have been “working hard on educating clients, providing training sessions to our partners, and doing presentations in different places as much as we can to promote the trust sector. So far, the result is quite good, and we are happy and excited to see this and the potential growth of Cambodia” confirmed Chen.The Securities and Exchange Regulator of Cambodia (SERC) is also working to officially authorise real estate investment trusts (REITs) which are an investment vehicle that pools individual investor capital to purchase and manage income-generating real estate properties. These could include apartments, hospitals, and even shopping malls and will further enhance public trust, and investment opportunities, and boost Cambodia’s real estate industry.Hans Chen concluded, “Cambodia is a developing country with many favourable factors attractive to overseas investors. However, it is not enough to rely on just domestic resources. We need capital, technologies, and skills from various countries to enhance the development of Cambodia. With the completion of the Trust system, we believe that more and more investors will come to invest by using the trust, which is a legal structure that provides a safer way for your investment.”As the Cambodian real estate market faces challenges due to global economic changes, reduced Chinese demand, and an oversupply of projects, Trusts can offer a longer-term choice for investors in the Kingdom in which land and property prices are expected to rise in the future.
Consider Buying & Investing In Other Cambodian Provinces
Consider Buying & Investing In Other Cambodian Provinces
September 6, 2023, 2:12 a.m.
There are 25 provinces in Cambodia and the Kingdom has among the fastest rates of urban spatial expansion in Southeast Asia according to reports from the World Bank. The country remains an increasingly safe investment environment without the levels of risk of other frontier markets - this investor-friendly environment extends to owning a business as much as it does to owning certain types of property.Cambodia’s construction sector’s biggest investors have been China, South Korea and Japan but this might be changing post-pandemic as the country looks to new markets and diversify its FDI (Foreign Direct Investment) and trading partners.By Q1 2023, Cambodia’s total FDI was US$45+ billion and investors locked into the expected GDP growth rate being among the highest in ASEAN post-pandemic.In several provinces in particular, construction and tourism are seen as key drivers, and some reports suggest the demand for industrial property in 2023 is rising compared to 2022 in Cambodia.Increased Tourism & Investment Helps Boost Cambodian Real EstateThe recovery in the tourism industry post-pandemic as well as diversified investors are positive signs that add to the appeal of investing in property in Cambodia. According to the realestate.com.kh 2023 Consumer Sentiment Survey; Land, then Condominiums and Apartments were the most popular among buyers.Recent reports from the Ministry of Tourism suggested that in the first half of 2023, Cambodia experienced a remarkable surge in international tourism, with 2.57 million visitors arriving in the country. Demand for commercial activities and accommodations will need to cater to these visitors, and for those with financial means and a long-term investment goal, this offers a chance to enter the market during a period of property availability.The government hopes to attract seven million international tourists by 2026 and spread the attraction across the country with improved and diverse attractions and a better-trained service sector.You can also find out more about retiring in Cambodia.BattambangDomestic tourists regularly still visit Battambang but most international visitors will likely add on a visit to the region after travelling to Siem Reap which is still the biggest tourism drawcard in Cambodia and understandably so. Battambang has, according to the Ministry of Information (MoI), attracted approximately 2.3 million local tourists and over 250,00 international tourists over the past five years, even with much of the period impacted by the pandemic. In terms of catering to visitors, there are 46 hotels and 97 guest houses (3,000+ rooms) in Battambang.It might surprise some, but Battambang is still among the three largest cities in Cambodia. The charming city has for a long time had its own attractions and a thriving arts scene and has seen new festivals and education programmes tap into the creative side of this part of the Kingdom. Phare Ponleu Selpak (meaning "Brightness of the Arts") is one of the most well-known NGOs in the performing arts scene in the country and there are long-standing local and international eateries located in the city too.Battambang has also been an alternative for retiring expats and those looking for a slower pace of life (in the same way that coastal destinations such as Kep and Kampot have attracted regular long-term expats over the years). The relaxed pace of life and its natural green surroundings are attractive to those not seeking a busy city life.Among the more recent developments in Battambang include the on-again off-again process to either revive the abandoned Veal Bek Chan Airport airport or develop a new one in the city. In mid-2022, Battambang provincial governor Sok Lou also asked France to help repair and renovate some of the run-down French colonial-era properties which are a hallmark of the city.In Q1 2023, it was also confirmed that Battambang city had borrowed USD $50 million from the Asian Development Bank for the development of the banks of the Sangker River and constructing an underground drainage system. The Battambang Provincial Administration has also been constructing the Independence Monument, the Independence Monument Park and the night market to attract more tourists.Banteay MeancheyThe province is located to the northwest of the Kingdom and is located along the Thailand border. GIZ and the Banteay Meanchey provincial administration launched a website to promote investment in the province and utilised geospatial information technology to provide the data. The idea was to deploy the data-driven resource to increase the competitiveness of the Banteay Meanchey in attracting investment projects and showcase the province’s untapped potential.There are three Special Economic Zones in the province and Banteay Meanchey saw a 60% increase in capital investment in 2022 compared to 2020.The provincial economy is rapidly growing and diversifying and provincial administration offers a business-friendly environment to expand, trade, and invest. The main potential sectors are agro-processing, manufacturing, and tourism and there is access to a young, productive, and cost-effective workforce - the large youthful population is 37.4% aged between 15 to 35.Currently, the province has some good transport links - with 655 km of road network and three international border points with Thailand (the province is only 290 km from Bangkok and 359 km from Phnom Penh).Kampong Speu Kampong Speu is gearing up for a business boom according to some recent reports but it's one of many provinces seeing a push for investment. In Q1 2023, 5 manufacturing factories were announced in the province set up to employ more than 5,000 workers.The provincial administration has revealed plans to set up 25 new factories and enterprises which is expected to generate more than 20,000 jobs in total - this follows a visit from Kampong Speu governor Vei Samnang to China’s Guangzhou province.Samnang said in Q1 2023 that there are more than 380 medium- and large-scale factories already operating employing over 15,000 workers.A luxury handbag and leather goods manufacturer confirmed their commitment by opening two branches in Kampong Speu, while six garment manufacturers are also looking to set up in the Cambodian province. Dozens of other factories specialising in products ranging from footwear to electronics could also be enticed to set up a presence in Kampong Speu.More work and more employed workers, and hopefully continued investment in infrastructure in the province bode well for future property developments and potential rising land prices, more amenities and transport links. The province is also rich in national parks, waterfalls and natural scenery so could be opened up for ecotourism.Where Are The Current And New Airports Being Developed In CambodiaThe Cambodian government previously announced an investment of USD $3.5 billion to build, expand or renovate Cambodian airports under the aviation development programme from 2015 to 2023 (Open Sky policy) but private-public airport developments have grabbed most of the headlines.The plan is part of the vision to accelerate domestic transportation and link Cambodia to the international trade hubs and airports under this programme including Koh Kong, Poipet City, and the Mondulkiri airport.The Siem Reap Angkor International Airport (SIA) is scheduled to open in mid-October 2023 and although dwarfing the current airport in the city, very few new airlines or routes have been announced in anticipation of the opening but are expected to do so in the coming months and years.Techo Takhmao International Airport, the new Phnom Penh International Airport, will only likely be operational by 2024 at the earliest and the ambitious plans will see it be the 9th largest airport in the world when completed with all phases of construction.These are just one part of several infrastructure developments in Cambodia that are underway or being planned for better national and international connectivity, transport, logistics and overall economic development.
Looking For Phnom Penh Property In The New School Year
Looking For Phnom Penh Property In The New School Year
September 6, 2023, 2:10 a.m.
A new school year has already started for some in Cambodia’s capital, while other schools are in the process of preparing for the return of new students, teachers, and families to the various local and international schools situated around Phnom Penh.With new families and teachers arriving, which is an annual event at this time of the year, especially with the growing urbanisation of the city and the increasing numbers of international schools, choosing the right property to rent or buy should include various key decision-making factors.International Schools In Phnom Penh There is a growing demand for international education, and Phnom Penh is home to several highly-reputable international schools. There are thought to be more than 50 international schools in the capital in 2023, some are standalone, part of franchises, or spread across multi-campuses.The city also ranks among the most affordable in the region for international school education - the latest report from the International Schools Database suggested that Phnom Penh is in fact the second cheapest in Asia for international schools.Median prices for international schools are approximately USD $4,908, with highs of USD $20,340 per annum, suggested the report. Some of the leading international schools include the International School of Phnom Penh (ISPP), Northbridge International School Cambodia (NISC), Canadian International School of Phnom Penh (CIS), Lycée Descartes René Descartes and many more.For parents and families, it is important to decide if you want your children to follow American, British, French, Australian, Singaporean, or MoEYS curriculums when selecting the appropriate school, but there are fantastic educational services in Cambodia at international schools that offer a supportive and stimulating environment for their children's educational journey.Where Are Schools Located in Phnom Penh?Phnom Penh boasts a diverse range of educational institutions, catering to students of all ages and nationalities. The range of education has come on leaps and bounds and also spread more evenly around all corners of the city as Phnom Penh expands its urban creep in all directions. Reputable international schools often have a mix of experienced locally trained and international faculty staff and offer better facilities such as sports grounds, IT and technology labs and even drama theatres.Some of the notable areas with a concentration of reputable international schools in Phnom Penh include:BKK (Boeung Keng Kang)Daun PenhToul KorKSouth of Phnom PenhBuying Or Renting In Phnom Penh?If the move to Phnom Penh is a long-term one, buying a property is an understandable option but evaluating if the property will hold a high value and can potentially deliver on ROI (Return On Investment) are important. However, the valuation is probably not the only factor in determining the final choice. Safety, location, surroundings etc all play their part and these apply to renting the right property too.Properties located close to schools have an advantage due to the consistent demand from families and individuals seeking convenience and accessibility to educational facilities. Shared homes such as villas or condos and flats located near schools also hold great appeal for teachers and staff working at these educational institutions.Many families and teachers new to the city will choose to live within a reasonable distance of schools to save time and money. Hence good properties in prime areas can attract potential tenants from the school staff and higher rental demand.Settling in with your family or by yourself, it is shrewd to consider that properties near popular schools is a proposition that may attract both homebuyers and real estate investors. Properties located in areas with schools and other institutions have the potential for significant appreciation in property value, as they are sought-after in the real estate market.Cambodian Property Market Oversupply - Means A Wider ChoiceThe oversupply of properties in Cambodia since the pandemic has actually had a positive impact on property prices if you are a buyer or renter.Developers are now driven to offer more affordable options to attract buyers creating an opportune moment for buyers to acquire properties at a more reasonable price. In the same sense, it is a renters marker depending on the area you are looking at.The increased affordability has only enhanced the attractiveness of investing in Cambodian real estate, particularly for those seeking long-term investments and with a long-term view of their asset portfolio. For renters and buyers, it also means the oversupply of units in Cambodia has resulted in an array of choices for potential buyers and renters and some wriggle room for negotiation. The shift and correction in the market means has led to a wider array of projects available on the market, and the opportunity to select a property that best suits your preferences, requirements, and budget. This situation is likely to be temporary so do your due diligence, look for reputable developers and seek advice from professional real estate agents and advisors when renting or buying in Cambodia and in Phnom Penh.Location, Location, LocationOne of the key aspects is to focus on an area where you might actively live, work, and be happy.Currently, Phnom Penh's central BKK area has remained a highly desirable destination for visitors and expats seeking accommodation but is also among the most expensive. Schools located further away from the centre will likely have more affordable options in terms of property but might have fewer amenities but this is constantly changing.Below are some of the key considerations when choosing the right home to rent or buy in Phnom Penh:Safe NeighbourhoodThe continuous presence of parents and school & security staff, as well as the additional security measures around schools (CCTV, additional street lighting, zebra crossings etc), can positively impact the overall safety and security of a community and the area.Safety is a crucial factor when choosing a place to live especially when there is a young family to be considered. The reputation of a school can also have a positive impact on the area's safety and can significantly increase the desirability of properties nearby. As a result, in addition to peace of mind, the areas surrounding reputable schools can experience higher property value growth compared to other locations.Easy Access To AmenitiesSchools are usually located in neighbourhoods that offer various amenities, and Phnom Penh can be an anomaly as some of the best international schools were setup (at the time) what was considered the fringes of the city - but they have been surpassed by development. Some international schools would have been established on the outskirts of Phnom Penh to offer larger playing fields, more affordable large expanses of land etc but now there are better access roads, malls, cafes and a range of desirable amenities situated close by.This offers parents, students and staff access to more choices for meal breaks or after-school gatherings and just visible places to meet.For parents, and even the schools, the range of entertainment options in close vicinity to a school provides ample choices for recreational activities and areas such as parks, playgrounds, and recreational centres are becoming more in demand, and even a priority for new schools when they are established in Phnom Penh.Phnom Penh Keeps GrowingThe latest population census report released by the National Institute of Statistics of Cambodia highlighted some important trends, including family characteristics and population migration patterns. In 2019, Cambodia's population reached 15.6 million, with an annual growth rate of 1.4% compared to the 2008 census result of a population of 13.4 million. Phnom Penh continues to undergo urban population growth which means the city faces economic progress and infrastructure improvements but also new challenges to cope with the influx.Phnom Penh has in fact increased its area by over six times, reaching 679 square kilometres in 2019, and the World Bank indicated that Phnom Penh ranks second in terms of urban spatial expansion speed in East Asia. These facts are important as the city will keep growing outwards and vertically. If you had asked some residents today if ISPP or Northbridge schools would be enveloped by development at the rate they have been, few would have believed it.The southern region of Phnom Penh where ISPP and new mega malls are located is also the likely thoroughfare for the new Phnom Penh international airport which is under construction and likely to be operational by 2025 - with rumours of express bus lanes, light rail and other transport routes connecting the airport to the city all rumoured. Whether you are choosing to rent or buy, you need to keep in mind the area with vast development potential, the undeveloped low-cost land on the outskirts of the capital, and the continuously improving infrastructure projects which might change the city completely over the years to come.
home lifestyle expo 2023 realestate.com.kh
Realestate.com.kh's 'Home & Lifestyle' EXPO 2023 Generates Over $15 Million in Property Sales within 2 days
September 6, 2023, 2:06 a.m.
Almost 100 of Cambodia's leading brands, developers, agencies, banks, and trust companies, along with popular lifestyle brands and a car showcase, recently came together for the country's largest property show of the year: The Home & Lifestyle EXPO 2023 held at the Koh Pich Exhibition Center, Diamond Island, last weekend, August 12th to 13th.This year's EXPO 2023 continued its success with over $15 million in property sales in just 2 days, featuring showcases, exclusive deals, and buyer incentives, confirming the sustained demand for property from within Cambodia and beyond.With the most reliable projects and popular lifestyle brands in the country, Realestate.com.kh’s biggest property show goes beyond properties. “Considering the current market conditions, we thought it was significant to have such an event. It is an opportunity to educate buyers about the pitfalls and what they consider when purchasing property, especially in this environment” said Tom O’Sullivan, CEO of Realestate.com.kh. “This year, we were particular with the types of developments and properties displayed at our event. I believe we brought out the country’s most trusted developers. The majority of projects displayed during the weekend were made to ensure quality and affordability. “Apart from projects, it was our first time introducing over 50 completed homes that were under market value. This expo was the ultimate chance to find properties in great locations at excellent prices. We were not surprised that most of these properties were snapped up over the two days,” he added.Organised by Realestate.com.kh, the biggest real estate platform in Cambodia, the EXPO series has been a staple of the country’s property sector gathering major brands all in one place for the benefit of Khmer home seekers and foreign property investors.The Home & Lifestyle EXPO 2023 received invaluable support from leading developers in the country such as Borey Peng Huoth, Orkide Development, Prince Real Estate Group, Bosba Property, Dragon Land, RoseMarvel Property Development, Urban Living Solutions and more. Other key partners in the private sector that contributed greatly to its success include IAAC Airport Advertising, Nham24, COGETEL (ONLINE), Poma Media, Khmer Times, Wowee Advertising, Provida Water, and B2B Cambodia.This year, it was also the first time that the EXPO proposed a concept for families. Local and international lifestyle retailers were able to showcase their products to the attendees. The two-day event also saw performances of Chhorn Sovannareach and Meas Soksophea ambassadors of Borey Bosba. Cambodia’s popular singers were highly anticipated and drew a large crowd to the event. The expo was also a fun day out for the family with Kids Wonderland, a dedicated play and activities area sponsored by SCIA and a food hall provided by Nham24. In addition, car enthusiasts had the chance to get close to the newest car brand and explore the future of mobility. Overall, the Home & Lifestyle EXPO was the place to be this weekend for families and property seekers.Cambodia’s most popular brands gave away prizes and other freebies to EXPO 2023 attendees. Adding excitement to the already eventful expo were the buyer and lucky door prizes given away during the 2-day expo. Prizes ranged from jewellery, vouchers, home appliances, and gadgets to premium services from the expo 2023’s commercial sponsors.The expo 2023’s big names, discounts, and prizes attracted big numbers as over 9,000 people flocked to the event over 2 days, all getting the chance to directly talk to developers and get much-needed advice and assistance in purchasing their dream homes and property investments.Real estate experts shared valuable insights on the Cambodian property market during the EXPO 2023. Some of the country’s leading experts, from various industries such as real estate & construction, banking & finance, insurance and many other lifestyle brands were present to provide buyers with guidance and advice. Rambo, 26, visited the expo and expressed excitement over the purchase of her first property in Cambodia. "I was able to learn more in-depth about the project and payment terms." The new homeowner of a villa in Borey Chankiri had the chance to win a new lounge chair set (Commune from T-One) with a golden egg prize following his purchase. The EXPO 2023’s $15 Million+ in sales showed interest to buy homes and invest in properties in Cambodia. As of writing, Realestate.com.kh continues to receive inquiries from would-be buyers of ongoing offers from EXPO 2023 Exhibitors. The Realestate.com.kh team thanks all attendees, exhibitors, and sponsors for making the Home & Lifestyle EXPO 2023.The Realestate.com.kh EXPO continues to set a new benchmark for Cambodia’s offline events and unveiled a market simply waiting for the right guidance and opportunities in the Kingdom’s real estate market.Looking for a property in Phnom Penh today! Contact our real estate experts to explore the best options that suit your needs and budget via our concierge servicesClick Here