The Banking sector of Cambodia is highly competitive with around 60 banks and other major financial institutions jockeying for position and competing for market share in a country of 16 million people.There are currently 39 commercial banks, 15 specialized banks, and 6 foreign banks representative offices in the country. Nearly $4 billion was loaned out to the construction and real estate sectors last year, but the money came from a just few banks. Latest figures from the National Bank of Cambodia (NBC) show that in 2017 $3.91 billion were loaned out to the construction and real estate sectors, representing 24.28 percent of the $16.10 billion total loan portfolio for 2017.Loans for construction projects reached $1.52 billion, personal home loans $1.48 billion, and loans for real estate trade were valued at $917 million.It was noted, however, that most banks stayed away from direct lending to real estate. For the ones that do so the amount is much smaller compared to other sectors or industries. Risks apparently dissuade these banks from getting more involved with the sector.The risks that banks often think about when dealing with the real estate sector include Market (oversupply results in inability to sell properties), Financial (lack/run out of funds to complete the project), Developer (unmet completion schedules, sub-standard projects) and Legal (title/contract disputes, failure/difficulties in getting necessary permits on time).ACLEDA Bank, for one, offers home loans, but it’s not their priority. According to So Phonnary, ACLEDA Bank Executive Vice President, they use only 7 percent of the bank’s total loan for real estate, and another 1 percent for home improvement loans. ACLEDA’s home loans were worth about $208 million and home improvement loans were about $70.3 million in 2017.Banks offer different loan terms and conditions. For its Home Loan Program, BRED Bank offers a special 6.6 percent interest rate with approval fee waived. Loans can be made in foreign or local currency, payable up to 20 years, available to individual and joint borrowers, and provide for 30 percent minimum downpayment.Guillaume Perdon, BRED Bank CEO, said their bank works closely with a few developers and with end-customers to make their projects come true, but do so with caution.“So far, we have been mainly providing financing solutions to home buyers but we also started to partner directly with developers to create specific offers for their buyers. As regards direct financing to developers, the Bank has a careful approach but we welcome them to come and meet our team so we can discuss of their project,” he said.Since its launching last year, BRED Bank, the only European bank in Cambodia, has disbursed a large number of home loans thanks to its special home loan promotion with very low interest rates.Mr Guillaume said they are directly exposed to a wide variety of risks (credit, financial, operational, market, legal, social and environment, etc.), but are coping with it through the successful implementation of a comprehensive risk management framework.According to him, as part of an international banking group, BRED Bank Cambodia has implemented a strong risk management system fully compliant with local and international regulations. This means defining its risk appetite, strong policies, procedures and organization, an internal control and AML & AMP; Compliance department dedicated to control the operations on a daily basis and a secured information system.“Regarding credit risk, in addition to our sales team, every loan request is reviewed by a dedicated team of analysts who evaluate the level of risk of each project,” he stressed.David Sok Dara Marshall, Chief Risk Officer, Sathapana Bank, said divergent perspectives on risks could be another reason for lesser bank involvement in real estate projects in Cambodia. “When a bank approves a loan to developers, they think about “risk”. Whereas developers may not think much about it. Developers usually think about the profit of the property investment, reputation of the development company and project and the image of the project and the builder," he noted.Mr David added that a bank would give more consideration to a property development designed to provide income streams or revenues from sales or leasing of property.These property include warehouse/factories buildings to rent out, ports or other infrastructure, condominiums, shop houses, school developments, special economic zones, office and mixed-use developments, hotels and resorts.Mr David said a bank’s duty to its stakeholders makes it more cautious when it comes to real estate projects.“Banks have a duty to their stakeholders in managing risk to ensure that they prevent financial losses, keep depositor’s money safe, ensure stability of the financial system and make profits so they can reinvest for growth and pay shareholders dividends and increase shareholder value," he said.Need to borrow money for a property or personal loan? Find out the interest rates of the Cambodia’s best banks!Want to read about Tips for First Time Home Loan Borrowers in Cambodia? Check out Realestate.com.kh!

Sky Bar at Lumiere is a place of sophistication – the perfect place to wine and dine under a canopy of stars, or if you wish to be indoors, under the romantic glow of signature light fixtures that are reminiscent of stars.Situated at the rooftop of Lumiere Hotel, Sky Bar at Lumiere is a breakfast and dinner restaurant with a bar that offers both an indoor and al fresco dining area. With a high ceiling and floor-to-ceiling windows, the indoor dining area offers an excellent view of the city as you dine in style. For those who prefer a natural breeze, the outdoor lounge area is the perfect place to relax and watch the twilight embracing the river and its surroundings with a cocktail in hand.Sky Bar at Lumiere offers a capacity of 100 people, a comfortable outdoor lounge, and a VIP suite overlooking the indoor area, Sky Bar at Lumiere is a prime venue for both corporate and private events.“We believe in providing the best for our diners, and as such we only source for the best and freshest ingredients for our dishes. Our menu has been carefully curated by our international culinary team, resulting in a gastronomical fusion of Asian cuisine infused with local flavor. We want to make your dining experience at Sky Bar at Lumiere special, because we believe that you deserve the best," explained Le Roux Loic Gilles, Executive Chef.If you are a wine aficionado and want to have a sip of the best wines while getting another bottle for free, Sky Bar at Lumiere is offering a special promotion until the end of this month where Realestate.com.kh members can buy one bottle of wine and get another one for free from a selection of international brands — Corte Du Rhon, Norton Barrel Select Cabernet Sauvignon, Norton Barrel Select Sauvignon Blanc and Mussel Bay Sauvignon Blanc. The first bottle must be opened on day of purchase and unconsumed bottle cannot be stored at Sky Bar at Lumiere. Prices are also subject to 5% Service Charge and 10% VAT.  To enjoy this special promotion, present Realestate.com.kh’s email blast. Promotion is valid until April 30, 2018, or while stock lasts. Lumiere Hotel is located at St. 228 corner St. 55, Sangkat Chaktomuk, Khan Daun Penh.Realestate.com.kh, Cambodia’s home of real estate, has the most up to date information for buyers, sellers and property enthusiasts! Sign up for our newsletter today and stay up to date with the latest info…Looking for real estate for rent in Cambodia or real estate for sale in Cambodia?

The Cambodia Real Estate Awards (CREA) 2018, a trailblazing effort that promises to be the most prestigious event for Cambodia’s real estate industry this year, brings a raft of benefits to participants and winners.Benefits for winners of CREA 2018 will be in the form of exposure, recognition of leaders, and year-long branding crest. Thirty Agency and Individual-based Awards are up for grabs in CREA 2018.Winners will be recognized as a leader in the Cambodia real estate industry, in addition to an iconic trophy and a certificate recognizing personal or company achievement.The most important benefit for winners is the marketing assets they can leverage across their businesses. These marketing benefits are:Cambodia Real Estate Awards Seal for use in all business marketing within the Awards year (2018) and being added to all Realestate.com.kh listings for free- The presence of the seal can build trust with buyers, thus helping promote the business/agency;Professional photography and video from awards acceptance- A professional photography/video team is in place to document CREA 2018 from start to finish;Promotion via media partners and press releases - There will be news articles and press releases about CREA 2018 and winners published in Khmer Times and other media partners of the Awards organizers;Huge brand exposure across Realestate.com.kh and Cambodia Real Estate magazine - Winning agencies will be profiled in the Cambodia Real Estate magazine as part of the CREA feature article.Recognition in CREA will also be highlighted in agencies or individual profiles in REAKH, giving the winners the opportunity to communicate the benefits of their agencies.The Awards will also give winners the chance to be personally interviewed, which will be displayed via live streaming directly. Winners will receive a copy of this interview, which they can display on their websites and other marketing outlets.For the winners in the Best up and Coming Agency of the Year category (Rising Tiger), there will be an added benefit of one year free subscription to RealestateCRM, which can greatly help in professionalizing their business.A first in Cambodia’s history, CREA 2018’s goal is to recognize leading agents, agencies, and celebrate the finest real estate practices and professionals nationwide.CREA 2018 was organized by Realestate.com.kh, Cambodia’s leading property portal and marketing agency, with support provided by the Ministry of Economy and Finance (MEF) and Cambodia Valuers and Estate Agents Association (CVEA).Join CREA 2018….and win fabulous benefits plus lasting recognition for excellence!For more information or inquiries regarding CREA 2018, you may contact NHEAN CHANNEARYBOTH (Assistant Event Manager) at both.neary@realestate.com.kh/ +855 8975 5777

In November this year Phnom Penh will witness the launching of an entertainment complex and tourist attraction that will be among the best Cambodia has seen in years.Known as WB Arena, the project will be another milestone for the WorldBridge Group, one of the best known property developers in the Kingdom of Cambodia. The project combines local and international construction and real estate expertise.Mr Tan Teck Kee and WorldBridge Group have led the development process from the earliest conceptual stage.  WorldBridge Group is also the joint venture partner for such iconic projects in Cambodia such as The Peak, The Bridge, and The Palms.Targeted at both locals and tourists, WB Arena will combine shopping, entertainment, relaxation and food & beverage within a single entertainment complex.  Located in Chak Angre Krom along the Tonle Bassac, it is easily accessible from National Road (NR) 2 and Hun Sen Boulevard as well as by boat on the Tonle Bassac.WB Arena has a jetty for water taxis, private boats, and boat tours to bring visitors to and from the complex. “On arrival, visitors will be greeted by the palm tree lined Riverside Walk” said Simon Griffiths who is responsible for operations at the project.  “The Riverside Walk is 100m long and over 25 meters wide.”He said this spacious riverside environment benefits from the fresh cool air coming from the river. “WB Arena provides visitors with the choice of al-fresco dining along the river or just relax and enjoy the cooler environment, trees, canopies and entertainment areas where musicians and entertainers perform for visitors with a range of music and entertainment experiences,” Mr Griffiths added.At the heart of WB Arena is a 400-seat Theatre offering a choice of performances every night of the week from cultural shows, cabaret, concerts, circus, unique international performances and shows with the ever popular Khun Khmer boxing set for special events.Of no less importance, is a Shopping Market comprising 90 unique retail stalls offering a wide selection of goods from fashion accessories, gadgets, handicrafts, and handmade beauty products.   “Visitors can find the perfect gift, fashion item for their wardrobe or simply window shop along the themed corridors and walkways,” Mr Griffiths noted.On a 100-meter stretch facing NR 2 there are 7 units for fast-food outlets, coffee shops, ice cream parlors and bakery cafes where visitors can enjoy eating and drinking with friends and family.  Along the Riverside Walk diners can choose from a wide selection of Chinese, Khmer, Western, Japanese, Vietnamese and Thai cuisines dining al-fresco or indoor.“WB Arena brings together the most popular global brands as well as the most popular home-grown restaurants and cafés to choose from,” Mr Griffiths stated.WB Arena also features a Relaxation Hub where visitors can get a soothing massage and relax after a busy day.  “With a choice of massages, relaxation and beauty treatments the Relaxation Hub provides visitors a sanctuary of calm and cool be it for a 10 minute foot-massage or for an aromatherapy signature massage,” Mr Griffiths noted.Another feature of WB Arena is its attention to children’s entertainment with the project including multiple Kid’s and Play Zones with the project set to bring in new games and kids attractions that will be new in Cambodia.Architecture, streetscape, canopies and interior design finishes are courtesy of CK&A, which also designed The Bridge and The Peak. Sothirith Yuk and Vannak Mean of Worldbridge Land provide construction and project management expertise, while commercial real-estate consultancy, commercial leasing, marketing and management services are courtesy of Simon Griffiths of Urban Asset Solutions (UAS).WB Arena began leasing 1st March, 2018 and has been well-received by the retail community with 12 tenants booking 38 percent of the units within the first month.  There are units and leasing opportunities still available. For more information contact leasing@wb-arena.comRealestate.com.kh, Cambodia’s home of real estate, has the most up to date information for buyers, sellers and property enthusiasts! Sign up for our newsletter today and stay up to date with the latest info…Looking for real estate for rent in Cambodia or real estate for sale in Cambodia?

BRED Bank Cambodia, the only European bank in the Kingdom, has reported success in its first year of operations here.BRED Bank Cambodia is a subsidiary of BRED Banque Populaire, a member of the BPCE Group. The BCPE Group is the second largest banking group in France, serving more than 31.2 million customers, employing more than 100,000 people worldwide, and counting 9 million cooperative shareholders. BPCE has an A/A+ rating.BRED Banque Populaire is a cooperative bank with shareholders’ equity of €3.2 billion (USD 3.9 billion) and 150,000 cooperative shareholders at the end of 2015. It employs 5,000 people, 20 percent of whom work abroad and in the French overseas territories. It is established worldwide with subsidiaries located in the Horn of Africa (Djibouti), the Pacific region (New Caledonia, Vanuatu and Fiji) and Southeast Asia.After a successful first foray into Laos in 2010, the BCPE Group decided to open a subsidiary bank in Cambodia in 2017. BCPE’s Laos subsidiary, which is called BFL (Banque Franco-Lao), currently operates 22 branches serving 30,000 customers.According to company officials BRED Bank Cambodia had a resounding success in its maiden year in the Kingdom. Currently, BRED Bank Cambodia is operating from its Main branch in Phnom Penh, on Norodom Boulevard.After one year in the very dynamic Cambodian market, BRED Bank Cambodia says it is proud to keep its offer and services growing as its customer base increases day by day.For its Home Loan Program, BRED Bank offers a special 6.6 percent interest rate with approval fee waived. Loan can be made in foreign or local currency, payable up to 20 years, available to individual and joint borrowers, and provides for 30 percent minimum downpayment. Special offer on home loan will end on June 30, 2018.BRED Bank’s Personal Loan Program offers generous terms and conditions, including: Borrowing up to USD 15,000, tenor between 6 months and 3 years, no collateral required, loan in local and foreign currency, available to individual or joint borrowers, and interest rate subject to negotiation based on loan amount, tenure, and amortization installment.Its Car Loan Program is very attractive for being customer-friendly, offering the following terms and conditions: Tenor up to 6 years, 20 percent minimum down payment, no mortgage required, loan in local and foreign currency, available in local or foreign currency, and interest rate subject to negotiation based on loan amount, tenure, and amortization installment.BRED Bank caters to the local and expat population in Cambodia. Cambodia’s expat population of more than 80,000 includes a substantial number of Europeans from France, United Kingdom, Germany, and other countries. The number of French people in Cambodia exceeds 5,000.Being the only European Bank in Cambodia, BRED Bank Cambodia says one of its priorities is to facilitate international transactions for its clients. It was noted that BRED Bank’s international transfer rates are very competitive, especially for customers who have an account in France and who choose to open a World Package in BRED Bank Cambodia.The Bank says the last 12 months have been full of great experiences as they kept meeting new clients who trusted their brand and service.It was noted that with fair and reliable services as well as fast processes, BRED Bank has been the first choice to access financing solutions such as personal, car or home loans.“Our objective is to close the gap and offer Cambodian people a trustful interlocutor with whom to talk freely about their projects and ambitions. What matters to us is how we can serve you and help you grow. Start with BRED, Grow with BRED,” said BRED Bank Cambodia CEO, Guillaume Perdon.Need to borrow money for a property or personal loan? Find out the interest rates of the Cambodia’s best banks!Want to read about Tips for First Time Home Loan Borrowers in Cambodia? Check out Realestate.com.kh!

The Cambodia Real Estate Awards (CREA) 2018, the most prestigious event and momentous event for the Cambodia real estate industry this year, was formally launched last March 26, 2018.Nominations for the Awards also opened that same day.Nominating or entering in the CREA is a simple and straightforward process.  Firstly, you identify the Awards categories you want to enter. Secondly, get the necessary information on the criteria of the specific category you want to enter. There are 30 Awards categories, each with a unique criteria. Finally, review the terms and conditions of entry to make sure all requirements are understood and adhered to.Nominations can be submitted directly to Realestate.com.kh office or submitted online (fill up a form) at cambodiarealestateawards.comNominations officially opened last 26 March 2018, and will close on 26 May 2018. Anyone associated with the real estate industry can be nominated for the Awards.Entering or nominating in the CREA is for free. Realestate.com.kh does not charge fees to enter CREA or to winners for receiving the prizes and benefits associated with the Awards.  However, entrants will be responsible for any other costs associated with entering or attending CREA 2018.All nominees (companies and individuals) are required to have the relevant licenses for their business operations from the Ministry of Economy and Finance (MEF) and the General Department of Taxation (GDT). They must also be current members of the Cambodia Valuers and Estate Agents Association (CVEA).A first in Cambodia’s history, the Cambodia Real Estate Awards 2018 aims to recognise leading agents, agencies, and celebrate the finest real estate practices and professionals nationwide.  There are 30 awards up for grabs in CREA 2018, with winners benefiting by way of more exposure, year-long branding crest, and recognition of leaders.Realestate.com.kh, Cambodia’s leading real estate website and marketing agency, is organizing CREA 2018 in partnership with the Ministry of Economy and Finance as official supervisor and Cambodia Valuers and Estate Agents Association as co-organizer.  For more information or inquiries regarding CREA 2018, you may contact NHEAN CHANNEARYBOTH (Assistant Event Manager) at both.neary@realestate.com.kh/ +855 8975 5777.

It is a big pride for Siem Reap Province as The Heritage Walk, Siem Reap’s first lifestyle complex, awarded The Best Retail Architectural Design from PropertyGuru Cambodia Property Award event which was held on 16 March 2018 at Sofitel Phnom Penh Phokeethra, Cambodia. This annual PropertyGuru Cambodia Property Awards is part of the regional Asia Property Awards programme established in 2005 ,and it is the biggest real estate event and most exclusive industry awards in the Kingdom, with the top and emerging names in real estate celebrating the best developers, projects and designs in Phnom Penh, Siem Reap and Sihanoukville.In 2018 , 19 noticeable projects and developers were shortlisted and being nominated for 25 awards in different categories. Noticeably, The Heritage Walk is the only project in Siem Reap that was nominated for Best Retail Architectural Design Award which at the end won The Best Retail Architectural Design. During the award session, Mr. Sopheak CHHEANG, General Manager of The Heritage Walk, delivered a speech showing his gratitude of being selected as the winner.He stated, “I am so glad and proud to be here and holding this award tonight as the representative of The Heritage Walk project. Developed by local developer and architectures this awards represent the achievement of our effort that we have dedicated to this project”.In the short interview with PropertyGuru, Mr. Sopheak added that Siem Reap is the magnificent ancient city of Cambodia which attracts millions of foreign and local visitors every year. However, we found out that this city is lack of varieties of a quality hang out and eating place that is the reason why we came up with the idea to create The Heritage Walk to fulfil this continuous increasing demand. Situated in the very prestigious area together with a twist of modern and colonial architecture that embodied with a strong sense of cultural beauty, The Heritage Walk is emerging as another iconic building and transforming the beauty of Siem Reap City to the next level.”, Sopheak added. To be noticed, The Heritage Walk is developed & invested by Metro Lifestyle Development Co., Ltd., Design and Architecture by Five Arch Architect Company, constructed by SOMA Construction & Development Co., Ltd and managed by Emerald+ Professional Property Management.According the Mr. Sopheak, The Heritage Walk will open in late Q2 of 2018 with many well-known tenants such as Legend Cinema, Starbucks, BROWN coffee, Amazon, The Pizza Company, Bar B Q Plaza, Swensen, Dairy Queen, KOI, Tous Les Jour, Lotteria, The Asian Kitchen, The Hashi, Kids Park, Phum Chhnganh, Monument Book, Brand Collection, Miniso, WK Remax, T-Shop, Yves Rocher, Dr. Skin Clinic. Besides, this lifestyle complex will also be filled with Sky bar, Super market, Toys shops, and a rooftop space for event function. The Heritage Walk will be the hub of varieties of restaurant that have never exist before in this ancient city, but it will also become a new hangout venue and entertainment destination for both local residents and tourists.Realestate.com.kh, Cambodia’s home of real estate, has the most up to date information for buyers, sellers and property enthusiasts! Sign up for our newsletter today and stay up to date with the latest info…Looking for real estate for rent in Cambodia or real estate for sale in Cambodia?

Toong, a Vietnamese co-working space operator, is now in Cambodia. Toong’s foray into Cambodia means that the company now has a presence in the entire Indochina.  Toong already operates in Vietnam and nearby Laos.Toong’s entry into Cambodia is part of its expansion following a successful launch in Vientiane, Laos last month. Toong launched its co-working space venture in Laos in partnership with BIM Group, a Vietnam-based property developer.“Many of our customers were active in all three countries of Indochina including Vietnam, Laos and Cambodia. Therefore, building the co-working space model in all three markets will facilitate the movement of customers,” said Toong CEO and founder Duong Do.The new co-working space in Cambodia covers an area of 700 sqm. Located in the center of Phnom Penh, the new Toong outlet incorporates Khmer culture in its design.Toong will bring competition to existing co-working space companies in Cambodia like Impact Hub and Emerald Hub.Toong’s entry into Cambodia will is a big boost to the company as it seeks to become one of the largest co-working space chains in Indochina. The company is targeting to increase its total floor area from 6,000 sqm to 13,000 sqm by the end of 2018.Toong’s Vietnam operation is conducted over seven co-working spaces across Hanoi and Ho Chi Minh City.Co-working space is a relatively new concept to Cambodia and Laos. The first co-working space in Cambodia was established by expats in 2010. It was called Hackerspace. It was followed a year later by SmallWorld, which was run by locals.Co-working means a group of people- usually freelancers and independent contractors- sharing a workplace and values but working independently. Co-working allows freelancers to escape the isolation, while avoiding the distractions of home.Search for the latest real estate news and investment opportunities on Realestate.com.khLooking for office for rent in Cambodia?

Oknha Sear Rithy, one of the most respected and prominent Cambodian businessmen, said Cambodia is on the right track amidst the challenges of modern times.In an exclusive interview, Oknha Sear Rithy noted that Cambodia has a come along-way from an impoverished country beset by constant strife and rampant poverty to one of the fastest-growing economies in Asia.  Peace only returned to this former French colony after the signing of the Paris Peace Agreements in 1991 which ended decades of Civil War.In the last 15 years, Cambodia’s economy has grown by an average of 7 percent.  In 2016, Cambodia also achieved Lower-Middle Income status after being classed as Low Income for many years.Oknha Sear Rithy said growth from 2000 to 2018 was mainly concentrated in these four areas: industry, tourism, property, and agriculture.In the decade, according to him, the property sector emerged as the top driver of the Cambodian economy. “In the last ten years we can say that property has taken over as the top element,” he said.Cambodia’s consistent economic growth has led to a growing middle class. “The middle class of Cambodia now is mostly young teenagers,” he pointed out.Oknha Sear Rithy also noted Phnom Penh’s phenomenal growth. From a “ghost city” during the time of the Khmer Rouge, Phnom Penh is back to its former status as “Paris of the East”.Peace and massive investments are often cited as the main reasons for Phnom Penh’s turnaround.“There are more investment from China, Japan, and some other countries,” he noted.Phnom Penh’s growth is evident in the construction frenzy going on around every part of the city. Business is also booming in many parts of the city, with new restaurants, hotels, shopping marts, and other businesses popping up almost every week.Construction of seven new shopping malls is ongoing, with several more in the pipeline for next year.Oknha Sear Rithy’s rise to become one of Cambodia’s most successful businessmen is an interesting story by itself.  Cambodia was transitioning to democracy when Oknha Sear Rithy was appointed as Freight Auditor for United Nations Transitional Authority in Cambodia in the early 1990s.Oknha Sear Rithy started his own company a few years later, distinguishing himself as a trailblazing entrepreneur of the new Cambodia. It was just the beginning of a long and very successful career in real estate.Oknha Sear Rithy soon became one of Cambodia’s most renowned property developers. He built a name for himself by building iconic developments such as The Peak, The Bridge, and The Palms. He has also been responsible for the launch of the nation’s first affordable housing project.Today, he is CEO of WorldBridge Group. WorldBridge also led Singapore Listed developer Oxley Holdings into the Cambodian market, joint venturing with WorldBridge on various world class developers.Realestate.com.kh, Cambodia’s home of real estate, has the most up to date information for buyers, sellers and property enthusiasts! Sign up for our newsletter today and stay up to date with the latest info…Looking for real estate for rent in Cambodia or real estate for sale in Cambodia?

Received Winner in 3 Categories, and Highly Recommended in 2 CategoriesPhnom Penh – ARATA Garden Residences has been named a winner in “Best Housing Architectural Design”, and highly recommended in “Best Housing Development” and “Best Housing Landscape Architectural Design” in Property Guru Cambodia Property Awards 2018. In the Developer Awards categories, moreover, Creed Group and Triple Gem Asset Co., Ltd. have won two awards; “Corporate Social Responsibility” and “Sustainable Development”.                                                                   Property Guru Cambodia Property Awards is the biggest real estate event in Cambodia, and was celebrated on March 16th, 2018 at Sofitel Phnom Penh Phokeethra. There were 26 award categories in total, including the Developer Awards, Design Awards, and Development Awards (Condo, Housing, and Commercial Development), and according to Realestate.com, “[the event] was attended by more than 360 guests, VIPs, and members of the press”.ARATA Garden Residences is Creed Group’s third residential project in Cambodia, and comprises more than 500 units on phase 1, providing various selection of house types available from Shop House (A&B), Luxury Link Villa (A&B), Twin Villa, Jack Villa, Queen Villa, to King Villa. Its architectural concepts were created in collaboration of Cambodian and Japanese cultures, and the Villas’ layout is carefully designed to utilize all the space and the smooth flow for the residents. Sustainability is also one of the Creed Group’s architectural design concepts in every projects, and it offers the favorable balance of modern living and nature.Creed Group: Established in 1996, Creed Group is a Japanese real estate investment firm with abundant experience in the mature real estate market in Japan. To date, Creed Group has completed hundreds of projects globally.Triple Gem Assets Co., Ltd.: Triple Gem has started a joint investment with Creed in Cambodia in 2015, and they have three on-going projects in Phnom Penh “Bodaiju Residences”, “Borey Maha Sensok”, and “ARATA Garden Residences”.Get more information about ARATA Garden Residences and learn more about Cambodia’s newest developments by visiting Realestate.com.kh!

Phnom Penh, 24 March 2018 – Embassy Central, the most exciting urban project to come to Phnom Penh’s prestigious district Boeung Keng Kang 1 (BKK1), has finally reached a milestone. The residential development located on street 352, celebrated its topping off ceremony held today.Property developer Urbanland along with construction crew and project contributors, gathered for the final ceremonial concrete pour for the top floor of Embassy Central. “All of us are incredibly proud of the work that has been done so far by the entire construction crew. We hold our projects up to higher standards than you would otherwise see in the city and we expect our team to do the same. We are grateful for their hard work and setting the bar even higher,” says Hok Kang, Founder and Managing Director of Urbanland.“We are thrilled to be delivering another iconic residential development in BKK1, and we look forward to welcoming our homeowners in 2019,” Hok added. As construction into the Phnom Penh’s skyline has progressed, so have sales. “Sales have been robust in the last part of 2017 and up until Chinese New Year, having sold over 70% of the building. I think potential buyers have seen progress and are confident in the quality we are putting out. Embassy Central is geared towards end-users and we are definitely seeing a lot of them, both local and expats. At Urbanland, we strive to create quality homes and communities that add value to the areas they are in and I think we are doing a good job of that,” said Hok.Construction began at Embassy Central in 2016 and has been progressing on schedule upwards and hitting every milestone in its advancement into the Phnom Penh skyline. “With the completion of the building frame, we can move to the façade and installation work,” explains Christian Gusaypo, Project Manager of Urbanland. He goes on to add that the residential project is slated for completion and move-in ready by January 2019.Embassy Central, Urban Living At Its FinestDesigned by leading architectural firm HKA & Partners, Embassy Central features 119 one, two, and three-bedroom apartments and penthouses with meticulously crafted modern interiors complemented with imported European fixtures and fittings. Embassy Central has a strong vertical element to the architecture, with sky gardens and a 21-storey vertical green wall adding to the façade of the building. From street level, the exquisite lobby is an impressive space where a dedicated management team and concierge will further add to Phnom Penh’s most desirable address.Located atop the tower podium on the fourth floor, Embassy Central will host lifestyle amenities including a tranquil poolside garden, infinity pool and state-of-the-art fitness centre with changing facilities. The six levels of parking offered is one of the most generous in BKK1 area.1. From left to right: Urbanland Finance Director Lida Diep, Managing Director Hok Kang and ISI Group representatives officiating the topping off ceremony at the rooftop of Embassy Central.2. As a symbolic measure of success for Embassy Central, dignitaries and guests were invited to sign on the ceremonial memento.3. Embassy Central has reached its highest structural point.4. With apartments ranging from 61sqm to 119sqm, Embassy Central is designed for spacious living to deliver a home that is perfect for the family.About Urbanland Asia Investment Company LimitedFounded in 2013 by Cambodian architect Hok Kang, Urbanland was born out of a vision to create meticulously crafted spaces and buildings that leave a positive legacy in Cambodia. Headquartered in Phnom Penh, Urbanland develops landmarks across the residential, commercial and hospitality sectors, with its first boutique office development Raintree (2016) and Embassy Residences (2017), a newly completed residential development. Adding a new chapter to Urbanland’s journey, Treeline is its latest venture in Siem Reap with a 48-room boutique hotel, opening soon in September 2018. Embassy Central located in downtown Phnom Penh is its second residential development with 119 luxurious condo units, slated for completion in end 2018. The hallmark of any Urbanland projects is its dedication to modern design and quality by international standards without compromising on sustainability. These are best reflected in the accolades and awards bestowed locally and internationally over recent years.Learn more about the Embassy Central project today on Realestate.com.kh!

After weeks of preparation, the much-awaited and prestigious Cambodia Real Estate Awards 2018 was officially launched on Monday, March 26, 2018.CREA 2018, which promises to be the biggest event for the Cambodia Real Estate Industry this year, opened with a press conference at Lumiere Hotel that was attended by the organizers and representatives of different media organizations and real estate agencies/property developers.Realestate.com.kh, Cambodia’s leading real estate website and marketing agency, is the main event organizer, with able support provided by the Ministry of Economy and Finance (MEF) and the Cambodian Valuers and Estate Agents Association (CVEA). Media partners include CTN, Khmer Times, and Biz Khmer.Mr Tom O’Sullivan, CEO of Realestate.com.kh, said CREA 2018 recognises and celebrates achievements in the Cambodian real estate industry. “This is Realestate.com.kh’s chance to give back to the real estate industry, offering the opportunity for all businesses in the industry to celebrate the achievements that have been made,” he stressed.“We are delighted to launch the Cambodia Real Estate Awards 2018, in partnership with the Ministry of Economy and Finance; and we sincerely hope that this awards series will lead to a new era or professionalism, competition and excellence for the Cambodian real estate industry as a whole,” Mr O’Sullivan added.Dr Kim Heang, President of CVEA, noted during the media briefing that CREA 2018 is part of the effort to bring Cambodia to the world. “From now on, we should hold this event more often, so we can give value to the best agent, best valuer, to the best people in the real estate industry. We need to promote our own industry, we need to promote Cambodia to the outside world,” he said.His Excellency Mey Vann, Director General of the Department of Industry and Finance of the MEF, said MEF is proud to support the undertaking. “The CREA, led by Realestate.com.kh, is an event to reward those agents, agencies and developers are your running legitimate operations in Cambodia - and pushing themselves to build stronger and better real estate businesses. It is with pride that the MEF join’s Realestate.com.kh in this endeavor,” he said.Some 30 Agency and Individual based awards are up for grabs. The Agency Based Awards are: Real Estate Agency of the Year; Best Up and Coming Agency of the Year (Rising Tiger Award); Regional Agency Award; Valuation Company of the Year; Property Management Agency of the Year; Commercial Agency of the Year; People’s Choice Award; and Employer of Choice Award.Individual Awards are: Service to the Industry Award (Hall of Famer), Rookie Agent Award (The Rising Tiger) and the Agent of the Year Awards, which is divided into 6 categories: Sales Agent of the Year; Rental Agent of the Year; Commercial Agent of the Year; Valuation Agent of the Year; and Property Manager of the Year. One visionary individual will also be awarded the “Hall of Famer” award and inducted into the CREA hall of fame, for overall service to the Cambodian real estate industry.Nominations for the awards are now accepted. Nominations close on May 26, 2018. Anyone associated with the real estate industry can be nominated for the awards, and nominations are totally free. However, all nominated companies and individuals must have relevant licenses for their business operations, as will be verified by the MEF; all entrants must also be current members of CVEA.A distinguished panel of judges will assemble to analyse the entry submissions, under the head judge, Dr Sok Siphana, Partner, SokSiphana&associates, a member of ZICO Law; and Advisor to the Royal Government of Cambodia.“For me, it’s an honor to be asked to head the judging panel. It is very important for the panel or the judges to be seen as credible, independent, and integral in their assessments of the candidates,” Dr Sok said during the press conference. .The judging process will be monitored with diligence by established accounting and auditing firm Cambodian Investment Management (CIM) to ensure the awards are free from any bias.For finalists and award winners, the Cambodia Real Estate Awards prestigious seal will be granted to be used in their marketing materials throughout 2018, along with a trophy and certificate confirming their achievement.Shortlisted nominees and the broader real estate industry will be invited to join an awards ceremony and gala dinner celebrating the industry’s milestones, which will be held at Sofitel Phnom Penh Phokeethra on June 27, 2018. Ticket sales for this prestigious event will open in the coming weeks.CREA 2018 is a trailblazing effort to recognise leading agents, agencies, and celebrate the finest real estate practices and professionals nationwide. This marks the first time in Cambodia’s history that efforts and successes of those within the industry will be globally acclaimed on a wholly objective basis.Keep track the updated information of the coming Cambodia Real Estate Awards in 2018!Search for the latest real estate news and investment opportunities on Realestate.com.kh

Phnom Penh, March 26, 2018The Cambodian real estate industry has been growing rapidly in recent years. The high number of real estate projects completed, underway, or in the pipeline are testament to the growth and potential of the industry. Meanwhile, the entrance of International real estate agency franchises and brands marks a sector that is coming of age and opportunity. Within this growing industry there exists individuals and companies that have contributed greatly to this growth, and in establishing a real estate industry in pursuit of service, ethics and success.Leading the industry to reward top performers for their efforts and professionalism, Realestate.com.kh, and the Cambodia Valuers and Estate Agents Association (CVEA)​ supported by the Ministry of Economy and Finance (MEF), have organized the inaugural Cambodia Real Estate Awards (CREA) 2018; an awards series that will recognize leading agents, agencies, and celebrate the finest real estate practices and professionals nationwide.There is no cost associated with entering or winning awards at the CREA and winners will be judged and awarded through a panel of respected industry professionals, in combination with public opinion obtained through online voting mechanisms. Realestate.com.kh​ and CVEA, as the event organisers, will remain wholly independent and separate from the judging process. CREA follows a globally proven model that awards excellence across the industry in a transparent, objective and ultimately fair way.The judging process will be monitored with diligence by established accounting and auditing firm Cambodian Investment Management (CIM) to ensure the awards are free from any bias.Finalists and Awards winners will be granted the prestigious CREA seal which can be used in their marketing materials, along with a trophy and a certificate confirming their personal or company achievement.The mission of the CREA is to recognize the achievements of the Cambodian real estate industry objectively, without bias or undue influence and on a wholly inclusive basis, which allows all firms and individuals to participate regardless of the size or wealth of their operation. The awards will be available for real estate agencies, valuation and property management firms and project sales teams, nationwide. The awards will only be open to firms who have the correct licenses with the MEF and must be registered member of CVEA.Mr. Tom O’Sullivan, CEO of Realestate.com.kh, organizer of the CREA, notes that, “This is Realestate.com.kh’s chance to give back to the real estate industry, offering the opportunity for all businesses in the industry to celebrate the achievements that have been made. We are delighted to launch the Cambodia Real Estate Awards 2018, with support from the Ministry of Economy and Finance; and we sincerely hope that this awards series will lead to a new era or professionalism, competition and excellence for the Cambodian real estate industry as a whole.”His Excellency Mey Vann, Delegate of the Royal Government of Cambodia in charge as Director General of the General Department of Financial Industry, Ministry of Economy and Finance comments that, “The CREA, led by Realestate.com.kh and CVEA, is an event to reward those agents and agencies that are running legitimate operations in Cambodia - and pushing themselves to build stronger and better real estate businesses. It is with pride that the MEF joins Realestate.com.kh and CVEA in this endeavour.”Shortlisted nominees and the broader real estate industry will be invited to join an Awards Ceremony and Gala Dinner celebrating the industry’s milestones, which will be held at Sofitel Hotel Phnom Penh on June 27, 2018. Ticket sales and sponsorship for this prestigious event are now open!We would like to thank our platinum sponsor Aristo Developers who is one of the most dynamic and credible Cyprus property developer companies, providing a unique opportunity for investors focused on Citizenship via investment for the EU.We would also like to thank our Silver sponsor Propease, your one stop property management app, as well as Camhomes and bronze sponsor Creed-Group.Thanks to CTN, Biz Khmer, Thmey Thmey, Fresh News, Khmer Times, KICPAA and all the media for making this event possible.Nominations and Judging Panel:Nominations open from today, March 26, and will be closed on 26 May 2018. Anyone associated with the real estate industry can be nominated for the Awards, and nominations are totally free. However, all nominated companies and individuals must have relevant licenses for their business operations, as verified by the MEF.A distinguished panel of judges will assemble to analyse the entry submissions, under the head judge, Dr Sok Siphana. Dr Sok is the Managing Partner at SokSiphan​a&associates (a member of ZICO Law), a corporate law firm in Phnom Penh, and an Advisor to the Royal Government of Cambodia.​ Other judges include Mr Steven Path, Founder and CEO of leading-software firm Pathmazing;  Co-founder and CTO of tech (virtual reality) startup in Silicon Valley, USA to disrupt real estate market in California; President of ICT Federation of Cambodia; Dr Simon Vancliff, Investment and Development Director at ING Holdings Co., Ltd; MRICS Registered Valuer; Vice-Chairman of the EuroCham Cambodia Real Estate and Construction Committee; Mr Teng Rithy, Founder and Director at R’ Investment Group and Mr Anthony Galliano, Group Chairman, Cambodian Investment Management (CIM). Renowned accounting and auditing firm, Cambodia Investment Management (CIM), will oversee the entire judging process of CREA 2018 to ensure it is conducted objectively and with utmost integrity from start to finish.Dr Sok Siphana comments that, “I am proud to be the inaugural CREA’s head judge. As the values of this event suggest, we will manage the judging process with the utmost respect to the nominees and greater industry. The judging panel will be impartial, thorough and reward those agents, agencies and sales teams that are truly most deserving. I look forward to this year’s event, and the years that will follow for this prestigious event. I thank Realestate.com.kh for this great opportunity.”Uniquely, the CREA will also integrate an online public voting process, allowing the general public to offer their opinion on which agents and agencies are most deserving of awards. These public votes will be weighted by the judges, as depending on the Awards category. Voting will be hosted on cambodiarealestateawards.com and Realestate.com.kh’s social media channels.Award Categories:The 30 awards are divided into two categories: Agency Based Awards and Individual Awards.Agency Based Awards are: Real Estate Agency of the Year; Best Up and Coming Agency of the Year (Rising Tiger Award); Regional Agency Award; Valuation Company of the Year; Property Management Agency of the Year; Commercial Agency of the Year; People’s Choice Award; and Employer of Choice Award. Individual Awards are: Service to the Industry Award (Hall of Famer), Rookie Agent Award (The Rising Tiger) and the Agent of the Year Awards, which is divided into 6 categories: Sales Agent of the Year; Rental Agent of the Year; Commercial Agent of the Year; Valuation Agent of the Year; and Property Manager of the Year. One visionary individual will also be awarded the “Hall of Famer” award and inducted into the CREA hall of fame, for overall service to the Cambodian real estate industry.For finalists and award winners, the Cambodia Real Estate Awards prestigious seal will be granted to be used in their marketing materials throughout 2018, along with a trophy and certificate confirming their achievement.For more information, please visit the event website: cambodiarealestateawards.comAbout Realestate.com.kh:Established in 2009 by Cambodian National Moek Chenda, Realestate.com.kh has grown to be the leading real estate website and marketing company in Cambodia, working with the nation's leading real estate agencies, developers and lenders. In 2015, Australian-based DCG partnered with Moek to develop the business rapidly. The platform, in Khmer, English and Chinese languages, has over 40,000 properties for sale and rent, with tens of thousands of property hunters visiting the website and app each month. Realestate.com.kh also produces a quarterly real estate magazine entitled “Cambodia Real Estate” in English and Chinese languages, and co-produce a weekly property section with the Khmer Times newspaper. Realestate.com.kh also hosts the “Cambodia Real Estate Show” series, which has facilitated over USD 30 million in direct sales in 2017 alone.Keep track the updated information of the coming Cambodia Real Estate Awards in 2018!

Khan Daun Penh (Daun Penh District) is one of Phnom Penh’s major districts. Together with neighbouring Boeung Keng Kang (BKK), Daun Penh represents some of the busiest economic hubs in Cambodia’s capital city.  Daun Penh is also a popular area for expats. Its popularity is mainly attributed to its strategic location. Daun Penh is close to the Riverside area, where many hotels, restaurants, coffee shops, and other favorite hangouts of expats are located.  Also located in the area are major businesses like the Sorya Shopping Center and Mokod Pich Jewelry Enterprise, the largest jewelry company in Cambodia.Daun Penh district occupies about 7.44 square kilometers and is divided into 11 Sangkats.Paul Ellender, Property Consultant at Freer Properties, said rental prices (at least in Daun Penh) are stagnating, if not dropping. He noted that prospective tenants are negotiating quite ruthlessly and most (not all) landlords are responding.“Many landlords want to get at least some rent rather than leave their properties vacant for extended periods. Some, of course, are standing firm, waiting for the ideal rent,” he said.Mr Ellender explained that the glut of condos on the market is contributing to this as tenants can get a brand new space, with gym, pool, city views and roof terrace for $50/week more than an older colonial building with street views.Heng Vathana, CEO of Century 21 Golden Realty, echoed Mr. Ellender’s assertions. According to him, overall rental price in Daun Penh has stagnated since 2017 but rental demand is still relatively strong. “One the reasons of the stagnation is the oversupply in Phnom Penh,” he stressed.Mr Heng said rental property in Daun Penh has a great potential.  “This is due to the increasing number of foreigners, strategic location, and residential buildings that have the best amenities,” he said.The current rental prices stagnation mainly covers condos, villas, apartments, and houses. Just like in other countries, oversupply in the market is often the cause of rental price stagnation in Cambodia, particularly in Phnom Penh. But other factors, like the political situation, sometime play a role.For condominiums alone, the supply for 2018 is expected to increase by 87 percent, from 16,300 to 30,500 units, in addition to another 1,200 serviced apartments. Some of these properties that are slated for rental are located in Daun Penh.Mr Ellender noted that at the same time, there is also the increasing ASEAN market that is seeking more home comforts for better rates. “I am equally surprised by some of the low condo rental prices as I am the high ones,” he stressed.Mr Ellender said these developments has not diminished Daun Penh’s popularity.“Nothing much has changed in this respect – Riverside is still relatively safe for foreigners, there is a vibrant nightlife, places to eat and the river offers open space that is difficult to find in wider Phnom Penh,”he stressed.Crispian Knowles, Manager at Seaps Cambodia, sees the situation a little differently. Mr Knowles said this year Daun Penh started strong, with inquiries and demands for serviced apartments on the rise in areas like the Riverside.Notwithstanding the price stagnation, demand for rental properties in Daun remains high.Mr Knowles said he believes this trend will continue as more relocating expats continue to arrive.  “Basically, Daun Penh is the central area, easily accessible to all major roads, airport, shopping, nightlife. It is really a vibrant hub. And the popular locations still tend to be, in the heart of Riverside, mainly due to nightlife, bars, restaurants among other amenities,” he noted.With regards to the rental rates, Mr Knowles said that prices vary from 1-bedroom quality apartments starting at $350 per month, to high-end luxury condos at $1,000 per month.Looking for real estate for rent in Daun Penh  or real estate for sale in  Daun Penh? or Read The Ultimate Guide To Phnom Penh by Realestate.com.kh

CapitaLand, through its shopping mall business unit CapitaLand Retail, has signed an agreement to manage a new mall, which is slated to be one of the biggest and most modern shopping areas in Cambodia’s capital and business center of Phnom Penh.The mall is the retail component of The Peak, an integrated development project being developed by Cambodia’s WorldBridge Land and Singapore’s Oxley. Under the agreement, CapitaLand will be in-charge of the mall’s planning, pre-opening, and retail management. The mall is five stories high and has a floor area of 420,000 square feet.Wilson Tan, CEO of CapitaLand Retail, noted Cambodia’s economic potential and said they are well-positioned to maximize the retail potential of The Peak.“Cambodia has in recent years attracted the interest of international retailers – including Singapore-based brands – who are keen to tap the country’s rising spending power and growing tourist arrivals.  This has led to an increase in demand for well-located and well-designed retail spaces in the country,” he said.Cambodia’s economy has grown by an average of 7 percent in the last five years, buoyed by a massive infusion of foreign capital and tourism growth. Phnom Penh, Sihanoukville, and Siem Reap are the fastest-growing areas in Cambodia.“Given The Peak’s strategic location in central Phnom Penh and high-grade building specifications, it is well-positioned to meet the requirements of quality retailers seeking to serve the growing aspirations of the city’s community.  CapitaLand will leverage our expertise in retail asset management and industry-leading retailer network of about 17,000 leases to maximise the retail potential of The Peak,” Mr Tan added.Ching Chiat Kwong, Oxley Holdings Executive Chairman and CEO, said they are confident that CapitaLand will do a good job."With CapitaLand as our retail manager, we are confident of optimising returns for The Peak by focusing on our core business of developing and marketing the project. Given Oxley's diversified global portfolio in countries including Singapore, the United Kingdom, Ireland, China, Indonesia and Myanmar, we look forward to the possibility of deeper collaboration with CapitaLand in the future,” he stressed.Based in Singapore, CapitaLand is one of Asia’s largest real estate companies. CapitaLand Retail already operates shopping malls in other parts of Asia, including China, Singapore, Japan, Malaysia, Vietnam, and India.Located in the heart of Phnom Penh and facing the River Esplanade, The 55-storey Peak, with its 1,014 luxury condominiums, is considered one grandest and most expensive real estate projects underway in the city. The Peak is expected to start operations in 2020.Through Ascott Limited, its service residence business unit, CapitaLand already manages one serviced residence in Phnom Penh- CASA Meridian. It is also slated to manage Somerset Norodom Phnom Penh and Somerset Meridian Square Phnom Penh, which will open this year and next year, respectively.Realestate.com.kh, Cambodia’s home of real estate, has the most up to date information for buyers, sellers and property enthusiasts! Sign up for our newsletter today and stay up to date with the latest info…See the full listing for The Peak on Realestate.com.kh now!

Winners of the most prestigious Cambodian real estate tilt have been recognised in a live televised ceremony at the Sofitel Phnom PenhSeven golden trophies for Borey Peng Huoth Group in a rare three-peat as Best DeveloperOfficial charity CARE fights for opportunities and rights for female construction professionalsInspirational architect Hun Chansan named Cambodia’s Real Estate Personality of the YearPHNOM PENH, Cambodia – 16 March 2018History was made at the third annual gala dinner of the PropertyGuru Cambodia Property Awards, presented by KHI, which took place Friday evening (16 March) at the majestic Sofitel Phnom Penh Phokeethra.Borey Peng Huoth Group was named Best Developer for the third consecutive year. It was the first time a developer has achieved this distinction in the 13-year history of the PropertyGuru Asia Property Awards programme.Fielding its best condominium, housing and retail properties, the country’s top developer has also earned a reputation for producing premium mixed-use development, such as this year’s Greater Euro Ville. Overall, the group collected seven golden trophies and 10 commendations.“Borey Peng Huoth Group is in a league of its own as a relentless innovator in Cambodian real estate. Being the first developer in the country to utilise technology to promote its properties and to inform consumers, the group understands the power of positive word-of-mouth. For every project, whether residential, commercial or mixed-use, Borey Peng Huoth has earned praises from the industry, citing the quality of sustainable design, planning and execution, and site management,” said the independent panel of judges.The company shares the award for Special Recognition in CSR (Corporate Social Responsibility) with another top nominee, Creed Group and its affiliates, which took home three awards, including one for Special Recognition in Sustainable Development, plus two Highly Commended distinctions.Tying Creed Group with three awards is LIXIN Construction, the team behind the new mixed-use property in central Phnom Penh’s 7 Makara district. A collaboration between KT Pacific Group and LIXIN Group, the winning project CEO KT Pacific collected the gongs for Best High End Condo Development (Phnom Penh) and Best Office Development.Last year’s multiple winner Phnom Penh City Center claimed two awards for Best Universal Design Development and Best Retail Development for its Eden Garden project located in their mixed-use complex in the capital.A total of 26 award categories, including a few special awards, were presented at the televised ceremony on CTN TV that was attended by more than 360 guests, VIPs, and members of the press.The exclusive guest list included the delegation of ministers and government officials led by H.E. Dr Pen Sophal, Secretary of State of the Ministry of Land Management, Urban Planning and Construction, who delivered the keynote address on behalf of H.E. Senior Minister Chea Sophara. The minister praised the advancements of the maturing real estate and construction sectors, as well as the aspirations and efforts of developers to promote sustainable and safe building practices.Among the highlights of the evening was a brief presentation about labour rights from CARE, the event’s official charity, which gave a Special Recognition for Positive Construction Practices to Pisnoka International Corporation for setting an example for the best practices in the industry by giving Cambodian female construction professionals labour protection and training.The Municipality of Phnom Penh was also honoured for the Phnom Penh Riverside Redevelopment and Phnom Penh Waterworks projects spearheaded by the capital’s governor, H.E. Mr Khoung Sreng, receiving the Special Recognition for Public Facility, a new category this year.Additionally, young architect and respected university lecturer and guest professor Hun Chansan, the founder, design director and principal architect of Re-Edge Architecture + Design, was presented a special award for Cambodia Real Estate Personality of the Year. He has been chosen by the editors of PropertyGuru Property Report magazine for inspiring a new generation of Cambodian architects and designers and for his efforts to raise their profession’s profile in the global scene.Hari V. Krishnan, CEO of PropertyGuru Group, said: “Congratulations to the Winners and Highly Commended companies in Cambodia. Once again they have demonstrated that progress in the sector can be achieved by producing quality products targeted at various types of consumers who may be interested in innovative luxury and high-end residential, affordable housing, mixed-use, or commercial properties. It’s exciting to see that the domestic market is also maturing in terms of standardising working methods and safety guidelines and PropertyGuru is proud to support and celebrate the best business practices from developers and the construction industry.”Terry Blackburn, founder and managing director of the PropertyGuru Asia Property Awards, said: “Cambodia’s rapidly evolving real estate development and construction sectors are significant contributors to the advancement of this country’s economy and we are proud to have organised another hugely successful event this year. Well done to all the developers for giving consumers more quality real estate to choose from in the Greater Phnom Penh, Siem Reap and Sihanoukville regions.”This year’s independent judging panel in Cambodia comprised of returning chairman Sorn Seap (Founder & Director, Key Real Estate Co Ltd); Simon Griffiths (Managing Director, Urban Assets Solutions), David Littlejohn (Sales & Marketing Manager, Comin Khmere), Michel Cassagnes (Managing Director, Archetype Cambodia), Sok Siphana (Managing Partner, SokSiphana&associates); Ross Wheble, MA, MRICS (Country Head, Knight Frank [Cambodia] Pte Ltd), Thida Ann (Director, CBRE Cambodia), and Grace Rachny Fong (Executive Director, Century 21 Cambodia).The 2018 PropertyGuru Cambodia Property Awards was supported by platinum sponsor KHI; co-sponsors Panasonic and Jotun; official portal partner Realestate.com.kh; official charity partner CARE; media partners Southeast Asia GLOBE, Khmer Times, Construction & Property Magazine, B2B Cambodia, BizKhmer, and PropertyGuru Property Report; supporting associations European Chamber of Commerce in Cambodia (EuroCham) and British Chamber of Commerce Cambodia; and the official supervisor BDO led in Cambodia by partner Lim Seng Siew, assistant manager Sok Sochetra, and senior associate Norng Kiman.Main category winners are now qualified to compete for more regional honours at the 8th annual PropertyGuru Asia Property Awards Grand Final, which will be hosted by Thailand for the first-time ever. The ceremony is a collocated event of the two-day PropertyGuru Asia Real Estate Summit at The Athenee Hotel, Bangkok on 8-9 November 2018.THE COMPLETE WINNERS & HIGHLY COMMENDED LIST3rd PropertyGuru Cambodia Property Awards 2018DEVELOPER AWARDSBest DeveloperWINNER: Borey Peng Huoth GroupSpecial Recognition in CSRWINNER: Borey Peng Huoth GroupWINNER: Creed Asia (Cambodia) Co., Ltd. and Triple Gem Assets Co., Ltd.Special Recognition in Sustainable DevelopmentWINNER: Creed Asia (Cambodia) Co., Ltd. and Triple Gem Assets Co., Ltd.DEVELOPMENT AWARDS (RESIDENTIAL)Best High End Condo Development (Phnom Penh)WINNER: CEO KT Pacific by LIXIN ConstructionHIGHLY COMMENDED: One Park by GRED – Graticity Real Estate Development Co., LtdBest Affordable Condo Development (Phnom Penh)WINNER: Star Polaris 23 by Borey Peng Huoth GroupHIGHLY COMMENDED: The Parkway by Parkway Investments Co., Ltd.Best Housing Development (Phnom Penh)WINNER: Borey The Mekong Royal by Mekong Phnom Penh Development Corporation (MPDC)HIGHLY COMMENDED: ARATA Garden Residences by Creed GroupHIGHLY COMMENDED: Star Platinum Euro Ville by Borey Peng Huoth GroupHIGHLY COMMENDED: Star Platinum Rosato by Borey Peng Huoth GroupBest Residential Development (Sihanoukville)WINNER: The Seagate Suite by KHCN Investment and Development Co., Ltd.DEVELOPMENT AWARDS (COMMERCIAL)Best Office DevelopmentWINNER: CEO KT Pacific by LIXIN ConstructionHIGHLY COMMENDED: The Parkway by Parkway Investments Co., Ltd.Best Retail DevelopmentWNNER: Eden Garden by Phnom Penh City CenterHIGHLY COMMENDED: Euro Park by Borey Peng Huoth GroupHIGHLY COMMENDED: The Seagate Suite by KHCN Investment and Development Co., Ltd.Best Mixed Use DevelopmentWINNER: Greater Euro Ville by Borey Peng Huoth GroupHIGHLY COMMENDED: CEO KT Pacific by LIXIN ConstructionHIGHLY COMMENDED: The Parkway by Parkway Investments Co., Ltd.HIGHLY COMMENDED: The Seagate Suite by KHCN Investment and Development Co., Ltd.Best Serviced ApartmentWINNER: Tronum by Tronum Home Co., Ltd.HIGHLY COMMENDED: CEO KT Pacific by LIXIN ConstructionDESIGN AWARDSBest Condo Architectural DesignWINNER: CEO KT Pacific by LIXIN ConstructionHIGHLY COMMENDED: Star Polaris 23 by Borey Peng Huoth GroupHIGHLY COMMENDED: The Parkway by Parkway Investments Co., Ltd.Best Condo Interior DesignWINNER: Star Polaris 23 by Borey Peng Huoth GroupHIGHLY COMMENDED: CEO KT Pacific by LIXIN ConstructionBest Housing Architectural DesignWINNER: ARATA Garden Residences by Creed GroupHIGHLY COMMENDED: Borey The Mekong Royal by Mekong Phnom Penh Development Corporation (MPDC)HIGHLY COMMENDED: Star Platinum Euro Ville by Borey Peng Huoth GroupHIGHLY COMMENDED: Star Platinum Rosato by Borey Peng Huoth GroupBest Housing Interior DesignWINNER: Star Platinum Euro Ville by Borey Peng Huoth GroupHIGHLY COMMENDED: Star Platinum Rosato by Borey Peng Huoth GroupBest Retail Architectural DesignWINNER: The Heritage Walk by Metro Lifestyle Development Co., Ltd.HIGHLY COMMENDED: Eden Garden by Phnom Penh City CenterHIGHLY COMMENDED: NORO Mall by NI Development Co., Ltd.Best Retail Interior DesignWINNER: NORO Mall by NI Development Co., Ltd.Best Office Architectural DesignWINNER: The Parkway by Parkway Investments Co., Ltd.HIGHLY COMMENDED: Chief Tower by JS Property International Co Ltd.Best Serviced Apartment Interior DesignWINNER: Tronum by Tronum Home Co., Ltd.Best Housing Landscape Architectural DesignWINNER: Borey The Mekong Royal by Mekong Phnom Penh Development Corporation (MPDC)HIGHLY COMMENDED: ARATA Garden Residences by Creed GroupHIGHLY COMMENDED: Star Platinum Euro Ville by Borey Peng Huoth GroupHIGHLY COMMENDED: Star Platinum Rosato by Borey Peng Huoth GroupBest Retail Landscape Architectural DesignWINNER: Euro Park by Borey Peng Huoth GroupHIGHLY COMMENDED: Eden Garden by Phnom Penh City CenterHIGHLY COMMENDED: NORO Mall by NI Development Co., Ltd.Best Mixed Use Landscape Architectural DesignWINNER: One Park by GRED – Graticity Real Estate Development Co., LtdHIGHLY COMMENDED: CEO KT Pacific by LIXIN ConstructionHIGHLY COMMENDED: Greater Euro Ville by Borey Peng Huoth GroupHIGHLY COMMENDED: The Parkway by Parkway Investments Co., Ltd.SPECIAL AWARDSBest Universal Design DevelopmentWINNER: Eden Garden by Phnom Penh City CenterCARE Special Recognition for Positive Construction PracticesWINNER: Pisnoka International CorporationSpecial Recognition for Public FacilityWINNER: Phnom Penh Riverside Redevelopment and Phnom Penh Waterworks by the Municipality of Phnom PenhPUBLISHER’S CHOICECambodia Real Estate Personality of the YearWINNER: Hun Chansan, Founder, Design Director & Principal Architect, Re-Edge Architecture + DesignRealestate.com.kh, Cambodia’s home of real estate, has the most up to date information for buyers, sellers and property enthusiasts! 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Sihanoukville’s economy is expected to receive a boost from a massive residential and commercial development project that a well-known American developer will soon undertake.Marriott International, Inc. will build Gold Coast at Sihanoukville, a USD 200 million integrated development project on 1.67ha of land facing the Gulf of Thailand. The project, which consists of 888 residential units, will start early next year and targeted to be completed by 2022.Up and center of Gold Coast at Sihanoukville is Le Meredien, a 5-Star, 388-room luxury abode, which is Marriott’s second hotel in Cambodia. The first one, Courtyard by Marriott Siem Reap, opened in Siem Reap two months ago.  Grand Lion Group, a local real estate company, will manage the new hotel.Ross Wheble, Country Head of Knight Frank Cambodia, said he expects a substantial economic boost from the project. Knight Frank Cambodia is a leading real estate consultancy firm in the Kingdom.“The contributions to the Sihanoukville economy will be far reaching.  In addition to the increasing demand for construction workers, which has positive knock-on effects for local business operators as more internationally branded hotels open in Sihanoukville, there will be increased regional and global awareness of Sihanoukville as a tourism destination,” he said.According to Mr Wheble, the project will be beneficial to many.  “This rise in tourism will generate increasing revenue streams which will benefit both the local population as well as the provincial government, allowing money to be reinvested in much needed infrastructure and beautification projects in Kampong Som,” he stressed.Sihanoukville, which abounds in pristine beaches and eco-tourism sites like the Ream National Park, is Cambodia’s second most popular tourist destination. During the first nine months of 2017, 1.5 million tourists visited Sihanoukville. The New York Times ranked Sihanoukville as one of the top global holiday destinations (13th out of 52) in 2018.To maintain their growth and further attract similar projects, Mr Wheble said Sihanoukville and other parts of Cambodia should focus on infrastructure development.  “As mentioned above, infrastructure is a key area that needs to be addressed throughout Cambodia, providing better connectivity between the major tourism hubs in the Kingdom,” he said.“This interlinked with master planning at a provincial level which clearly sets out land use zoning and planning policy, providing more transparency in the market whilst also protecting the environment and ensuring sustainable development for the future growth of Cambodia,” Mr Wheble added.  For the past 10 years, the Cambodian economy has grown by an average of 7 percent, with growth centered in Phnom Penh, Siem Reap, Sihanoukville, and other urban areas. Sihanoukville’s economic growth is even higher than the national average, reaching 8 percent in the  is evenCambodia’s progress has largely been attributed to massive foreign investment and tourism growth.Looking for real estate for rent in Sihanoukville  or real estate for sale in Sihanoukville? or Read The Ultimate Guide To Sihanoukville by Realestate.com.kh

The construction of a new international airport in Siem Reap has already begun. Sin Chansereyvutha, Spokesman for Cambodia’s State Secretariat for Civil Aviation (SSCA), told Realestate.com.kh that project contractor is now busy preparing the land where the new airport will rise.“Airport developer has mobilized its contractor (equipment and resources). Contractor has started earthworks, including cleaning, compacting, and  leveling the land at project site,”he said.Building the runway, terminal building, runway lights, navigation aids and other facilities and equipment are expected to follow suit.Mr Chansereyvutha did not give the exact date for the concreting work, but said it will be done within this year.The new airport, which is expected to cost close to $1 billion, is being built on a 750-hectare property in Sotr Nikom district in the outskirts of Siem Reap City. The project is targeted to be completed in two to three years.The project will be built in three phases. The company will invest $500 million for the first and second phases, which will allow medium-sized and ranged passenger aircraft like the Boeing 737 and Airbus A320 to land.  Another $300 million will be allocated for the third phase.Last October 2017, the agreement to build the new airport was signed between the Cambodian Government and China’s state-run Yunnan Investment Holdings, Ltd. The agreement gave the Chinese firm the exclusive right to run and manage the airport concession for 55 years under a build-operate-transfer (BOT) scheme.The new agreement replaces the exclusive agreement with Cambodia Airports, the operator of the current Phnom Penh International Airport. Cambodia Airports, which is part of France’s Vinci Group, operates the existing Cambodia Airports recently invested $100 million to upgrade its airport terminals in Phnom Penh and Siem Reap.New Siem Reap airport welcomedThe plan to build another airport in Siem Reap was welcomed by many stakeholders, who see it as boosting trade and tourism, not only in Siem Reap, but also in Cambodia as a whole.Chhay Sivlin, President of the Cambodia Association of Travel Agents (CATA), said a new airport in Siem Reap will be good for the tourism industry. “This airport will surely attract more tourists than before, and will be able to welcome giant-sized planes,” she said.The presence of the world-renowned Angkor Wat temples has made Siem Reap Cambodia’s most popular tourist destination. Last year, Cambodia received a total of 5.6 million visitors, most of whom also visited Siem Reap.Third major airport project in CambodiaThe Siem Reap airport is among three major airport projects in the pipeline.A new airport, which will become the world’s ninth largest, will rise on a 2,600 hectare lakeside area in Kandal Province’s Kandal Steung district to replace the current Phnom Penh International Airport. Construction of the $1.5 billion project is set to begin next year.Koh Kong will also see the construction of a new $500 million international airport on a 750-hectare property in Botum Sakor district. Work on the new Koh Kong airport will begin early this year.Looking for real estate for rent in Siem Reap  or real estate for sale in  Siem Reap? or Read the The Ultimate Guide To Siem Reap by Realestate.com.kh

Cambodia is in the middle of a building boom, thanks to massive investments from China and the continuous growth of the country’s economy, which has grown by an average of 7 percent over the last several years - Read more about Condo market saturation and a national election: The Perfect Storm 2018 on Realestate.com.khWhile political developments have little impact on the growth of the industry in the past, there are concerns that it will not be the case this time. The dissolution of the main opposition party and calls for boycott ahead of the July 2018 national election have many worried about future political stability. For some industry experts and leaders the coming election is a cause for concern. Others disagree.Oknha Sear Rithy, Chariman of WordlBridge Group, said there is a tendency for many Cambodians to hesitate buying property come election time, partly because of their bad 2008 experience. Soon after the 2008 national election the local real estate and construction sectors crashed, partly as a result of a global financial crisis.“However, I believe the upcoming election will not affect the real estate market.  But people will still wait to see what happens with the market. I believe that after the election they will be optimistic in purchasing property again,” he added.Nov Linna, Assistant at NC Max World, echoed the same sentiments. According to her, people should worry more about things like the world economy, citing the risk of another economic depression just like what happened in 2009.Ms Nov said many of her clients think elections are a normal thing.  “My clients do not mind and are not influenced by what will happen during an election year,” she said.Oknha Cheng Kheng, Chairman of Cambodia Properties Limited (CPL), said investors will not likely be affected by the election. I believe that proper guidance from experts will ensure that investors will not be affected - whether there is an election or not,” he stressed.Kim Heang, President of Cambodian Valuers and Estate Agents Association (CVEA), disagrees. “I think there will be lesser number of real estate transactions this year compared to the previous years,” he said.Mr Kim said growth will likely return after the election. “By 2020 I believe the real estate market will grow again,” he stressed.Foreign players in the local industry are also convinced that the election will have a minimal impact.Lili Ding, Marketing Director of Parkway Investment, said she sees no long term impact. “Any election will bring uncertainty. Many investors and developers often develop a “wait and see” attitude,” she pointed out.Ms Lili said in the long run the industry and the overall economy will continue to grow. “No matter how the government’s internal structure changes, development will always be the priority of the government,” she stressed.Xiaohua Chen, Legal Counsel at ETC Law Group, said she sees continuous growth at the same time new regulations governing the industry. “The real estate sector will continue to grow despite concerns about political stability,” she stressed.“I believe concerned government agencies will examine and approve projects in a more systematic way,” added Xiaohua, referring to the Ministry of Economy and Finance (MEF) and the Ministry of Land Management, Urban Planning and Construction (MLMUPC).Check out the latest property for sale in Cambodia or property for rent in Cambodia or read the The Ultimate Guide to Cambodia by Realestate.com.kh

Sihanoukville has undergone a massive transformation in the last few years. Carved out from a jungle in the 1950s, the city has emerged as one of the most important urban and trade centers in the Kingdom of Cambodia.Development in Sihanoukville is evident in massive residential development projects and the many high-rise buildings that dot the once empty city skyline.  But development also comes at a price. Environmental damage and pollution are its most obvious downsides, and Sihanoukville is no exemption.To learn more about the transformation of Sihanoukville and its impact, Realestate.com.kh talked to the Australian couple, Mark and Kerry Morton. The Mortons are managing Purely Projects, a real estate consultancy firm based in Sihanoukville.  The following is excerpts from their interviews, which have been lightly edited for length and clarity.REAKH: Please, could you tell me briefly about your company(ies), your background in general and how long you have lived in Sihanoukville for?Purely Projects: Purely Projects is a boutique real estate consultancy firm. We have been consulting in South East Asia for the last five years, for the last 12 months, we have been based in Sihanoukville, Cambodia.We provide consultancy services to many sectors of the industry, specializing in retail, commercial, hotel and residential development and management.Kerry is Managing Director of Purely Projects. She has over 20 years’ experience in the retail environment both in Australia and South-East Asia. Kerry specializes in Retail Development, Concept, Tenancy mix and design, lease management and marketing.Mark Morton is the firm’s Executive Director. He has specialized in the asset management of many leading developments in Australia, Cambodia, Laos and Vietnam.REAKH: Could you elaborate on any changes you have seen in terms of the real estate market in the time you have lived in Sihanoukville?Purely Projects: The changes in Sihanoukville and its outlying areas over the last 12 months has been incredible. This is not restricted just to Chinese investment in casinos.  For example, in Otres Village, sixteen new hotels and bungalow resorts have either been completed or are under construction within a 1-kilometre radius of the Village center.The majority of these are Cambodian owned. Interestingly, a high percentage of these developments are “For Sale or Rent” on speculation. All have signage in Chinese or Khmer, few are in English. Let’s not forget the major mixed-use developments such as D’Seaview, Blue Bay and Seagate to name a few are well underway in Sihanoukville.REAKH: It is undisputed the Chinese investment is major in Sihanoukville, what effect has this had on you as both an individual person (quality of life) and a business owner?Purely Projects:  We live adjacent to the Chinatown development. This is a massive project covering nearly 100 hectares. In truth there has been quite an impact on the lifestyle of the local community.  The high number of truck movements daily through Otres Village is creating issues with the road condition and the impact of dust and noise on the residents and business in the area.As a consultant, it is difficult to create a dialogue with the developers, due to the lack of signage on the projects or contact details to establish the identity of the development company. Those firms with Chinese speakers have a great opportunity to establish a positive relationship.REAKH: What are your thoughts regarding Chinese investment in Sihanoukville in general? Do you believe this is positive/negative and why?Purely Projects: Any form of investment, whether foreign or local, creates an impact on the community. Whether large or small, investment will influence both lifestyle and the economy.China and Japan have contributed billions of dollars to Cambodian infrastructure, as has Australia, the UK and the USA. The positives of the Chinese investment are the accompanying improvement to infrastructure, whether roads, water reticulation or electricity.REAKH: What do you think the impact has been on the local Khmer's that live in Sihanoukville?Purely Projects: There is no doubt there has been an impact on local Khmer lives, again some positive and some negative. Those Khmer landholders that possessed a hard title are selling for prices they would never have hoped to achieve would they have marketed their property to local investors.Within Sihanoukville city limits, there has been anecdotal evidence of tenants, both expat and Khmers not having their leases renewed, or the lease amount is beyond their individual budgets due to the upward pressure on prices created by the Chinese interest.REAKH: Do you still believe that Sihanoukville offers viable opportunities in real estate and business for both expatriates/local Khmers?Purely Projects: There are opportunities available in both real estate and business if the expat investor applies and follows a well thought out business plan.At present, there is one “major” supermarket (with limited offerings) and a handful of mini marts. The first major retail player to enter in Sihanoukville will be enjoying a booming environment with minimal competition.A number of long standing Khmer businesses in the hospitality sector in Otres Village have expanded their operations.REAKH: Do you believe there is a shortage of available housing in Sihanoukville?Purely Projects: The majority of rentals are studios marketed as one bedroom. The nearest alternatives are three to four-bedroom villas. There is a shortage of mid-size housing, namely two separate bedrooms, kitchen, etc. favored by the expats.If purchasing, there are a number of quality developments in Sihanoukville. These range from High End to Mid-range.REAKH: From what I have seen on social media, there is a major anti-Chinese sentiment, do you think that this sentiment would be the same if there was overwhelming investment from say: UK or USA or a western nation? Or do you believe there is a racial element involved?Purely Projects: When large scale development occurs, there is an impact on the lifestyle and the environment. This is a major source of discussion on social media, not only in Cambodia, but across the globe.When one particular nation, whether US, Russia, UK or China or another nationality is the dominate investor in a region, the community can feel their former lifestyle, “ownership” and nationality is threatened.REAKH: In absence of the influx of Chinese investment in Sihanoukville, what do you think the province would look like today?Purely Projects: Sihanoukville beaches and beauty, combined with the SSEZ and the port, would continue to attract foreign investment, mainly targeting hotel and resort beachside lots, albeit perhaps at a slower pace, without Chinese investors.REAKH: What is your personal outlook on the real estate market, and the future of Sihanoukville in the coming years?Purely Projects: It is difficult to forecast the outlook for both the market and Sihanoukville in the future, however I would venture that eventually land prices and rents will stabilize, as they did in Australia after the Japanese investment boom of the 1980's. In addition to this one can expect to see better roads, infrastructure and a healthier, cleaner environment for Cambodians and tourists alike, no matter where they come from.Looking for real estate for rent in Sihanoukville  or real estate for sale in Sihanoukville? or Read the The Ultimate Guide To Sihanoukville by Realestate.com.kh