Within the past two decades, different forms of land titles have popped up. Transactions have made a steady change as a result of that.And Grant Fitzgerald – Country Manager of IPS Cambodia – gives a bit of an overview on each type of title during his recent talk with Realestate.com.kh.Soft Land Titles in Cambodia:Fitzgerald mentions that soft titles are the most common form of land ownership. Around 85 percent of all properties in Cambodia are owned through a soft title and are registered both at Sangkat and Khan – council and district – levels only. He mentions that soft titles are transferred in less than 10 working days at a low cost.Hard Land Titles in Cambodia:Fitzgerald explains that hard titles are “the strongest form of ownership here in Cambodia.” Hard titles are registered at a national level – through the Ministry of Land Management, Urban Planning and Construction. Transfer of hard titles are done at the cadastral office and usually takes 12 weeks to complete. You also have to pay a 4 percent transfer tax.LMAP Land Titles in Cambodia:Fitzgerald explains that the LMAP or the “Land Management and Administration Project” came into existence in 2002 with the help of the World Bank. He says that the project was designed “with the idea of improving the quality of the information on the property titles here in Cambodia.”Similarly, the transfer costs and timeframe are almost the same between LMAP titles and hard titles. The difference though is that LMAP titles are anchored on GPS points and are aimed towards more rural geographical locations.Co-ownership “Strata Titles”:Fitzgerald explains that “strata titles are available for foreigners, where the others aren’t.” He also mentions that strata titles have a much more specific set of qualifications. Among these qualifications is the restriction of foreign ownership of up to only 70 percent of a building, provided that it does not touch the ground floor. It’s only applicable for buildings built after 2010 and should not be within 30 kilometers of any national border.Strata titles are also recognised at the Ministry of Land Management, Urban Planning and Construction.  And both transfer time and transfer costs are similar to Hard titles and LMAP titlesCheck out IPS properties for sale and rent on Realestate.com.kh today!

Dear Valued Readers, We are delighted to announce the release of the October 2016 edition of the "Cambodia Real Estate" magazine, powered by Realestate.com.kh! Being part of our exclusive subscribers database, you will have the chance to access our online version before anyone else in the country! In this edition of the Cambodia Real Estate magazine, we review what to keep in mind when investing in plot land in Cambodia; we take a look at the rise of the Toul Tum Poung/Russian market district of central Phnom Penh; and we consider the current issues in the Cambodian valuation industry and how best to address these gaps. And of course, you can check out a huge selection of real estate listings for sale and rent across the nation, and a prime selection of new project property reviews. Smart real estate buyers and sellers know the market inside out before they make their decisions. Because of this, "Cambodia Real Estate" magazine includes valuable analysis, insider advice and easy to read guides about how to invest intelligently in Cambodia. Get your Free Copy!

The Municipality plans to build a bridge across the Tonle Sap River to connect from Chroy Chongva Peninsula  to the Russey Keo area in Kilometre Number 6. On October 7th,  2016, The Municipality of Phnom Penh organized a meeting with officials to discuss a plan to build a new road and remove the old railway. Meanwhile, in terms of the construction of a new bridge across the Tonle Sap River, Pa Socheatvong – Governor of the Municipality of Phnom Penh – said that "the budget for the construction of a new bridge has already been prepared, and the construction will start soon."He specified that in the  next step, technical experts will conduct a study of the area and location conditions to ensure that both the east and west ends  will benefit in terms of traffic and the interest of the local population. As of now, the east side is being developed as a satellite city.He said, "The project for the west riverbank of the new bridge will be built on the old railway in Sangkat Russey Keo, Khan Russey Keo, across Route 5, and across the river, towards Street No. 70, Dam of Toul Kork.The governor mentioned that in order to tackle the negative impact of the traffic and to accelerate the process of the building, local authorities will cooperate with the Ministry of Public Works and Transport to take out the old railway and replace it with the construction of a concrete road, measuring 30 meters wide, with a total length of 6 kilometers.He said when these two projects are completed, it will ease the traffic congestion at the entrance in Phnom Penh. This will make it more convenient to travel along National Road No. 5 at Kilometre Number 6, toward the Bridge of Chroy Changva. This will especially benefit the people in the Russey Keo area, who used to cross the Chroy Changva Bridge.Regarding the new project, In Setha, Advisor of VTrust Appraisal, believes that the project will be completed because it was thoroughly discussed as part of the government’s strategic plan for the area.He explains that there are currently only two national roads in the city that serve as entry points – Road No. 5 and 6. In some occasions, such as Phchom Ben Day or Khmer New Year, the traffic worsens. So, building the new road or bridge will help ease the traffic situation, both in the area and the whole city.He continues to say that building this new bridge is important to the local people. When the bridge construction is completed, another commercial road will follow. And this will bring more business on the road side. Some anarchic houses will also be removed, and more developments will reach the area.After the planning of the new bridge is completed according to the standards of the government, there will be 4  bridges across the Tonle Sap River; 2 in Chroy Changva, the Bridge of Prek Phnov, and this new bridge project in  Khan Russey Keo.Find out more the recent development news in Cambodia with Realestate.com.kh!   Click here to download your free copy!

Sihanoukville International Airport (formerly Kang Keng Airport) was established in the 1960s. After the Khmer Rouge period, services in the airport stopped until it started operating again in early 2007. But it wasn’t until 2011 that a scheduled service was formally done.A tri-weekly trip from Siem Reap’s Angkor International Airport began in December of 2011, where it was further adjusted in 2013 to accommodate trips from and across Sihanoukville, Siem Reap, and Phnom Penh.Mr. Sin Chansereyvutha, the Director of the State Secretariat of Civil Aviation said that Sihanoukville Airport is the largest airport in the country, which may be the case for the next 10 to 15 years.He explains that the economy of Sihanoukville had increasingly grown stronger, thanks to the economic contributions of the business sector, industry sector, transportation, imports and exports, and tourism. Sihanoukville is becoming a region of great potential as well for the real estate sector as the region was transformed into a special economic zone. Another important factor is the Sihanoukville Autonomous Port, an international port. This is key for economic growth.In addition, Sihanoukville is also a tourist destination for both local and international tourists, with the Sihanoukville International Airport offering convenience and comfort to travelers.There are also domestic and international flights going to Ho Chi Minh City, Phnom Penh, and Siem Reap, along with options to take private aircrafts and helicopters.The Sihanoukville International Airport also has the same geographical environment as the airports in Japan, Hong Kong, and Singapore, where they are near the ports and the sea.Find out more about new development on Realestate.com.kh !Click here to download your free copy!

There’s nothing particularly new with coffee places opening in Phnom Penh. There is a different brand of coffee shop at just about every corner.But the recent launching of the Starbucks Reserve brand in Phnom Penh seems to mean something significantly more for both the international F&B franchise sector, and local urbanite Phnom Penh citizens.Been There, Done That:With 45 years of experience in the coffee industry, Starbucks has managed to open around 22,519 stores worldwide (as of June 28, 2015). The brand has become one of the world’s most recognized, through intensive advertising campaigns and aggressive product placement. Fast-forward to October of 2016, another branch just opened to serve the Cambodian public in Phnom Penh’s BKK1 district. It was launched under the high-end “Reserve” brand of the company. The new branch features two floors and 650 square meters filled with local craftsmanship, including a mural centerpiece depicting the Cambodian Folklore of Sovann Maccha.Starbucks Cambodia has partnered up with a local NGO – Cambodian Children’s Fund – as part of its long-term community investment. They said, “We take a thoughtful, disciplined approach to growth in Cambodia that is locally relevant and in line with our company’s values. Our growth story is not just about expanding our store count in the market.”Something Brewing:Yet Starbucks’ opening of another high-end coffee place doesn’t only signal a positive outlook for the F&B industry…It also transcends into real estate. A few months back, the World Bank declared Cambodia a lower-middle income country - where Cambodians currently have an average yearly income of between $1,026 and $4,035. So, locals are now able to afford items that have a higher price tag, according to the Bank.With this rise in consumers’ expendable incomes, Starbucks isn’t worried about the huge difference in price of their coffee compared to local ones. The local coffee costs about $0.74 (and sometimes as cheap as $0.25), while a small latte from Starbucks is $2.95.If a cup of coffee is any indication of rising incomes, then sectors like real estate might follow a similar trend. Investors may be getting closer to a market in which the local population can afford resale units and higher rental rates. The current lack of a secondary market, resale and rental, for new development units is proving one of the biggest risks of the Cambodian market for pure investors.Furthermore, if the market can prove profitable for Starbucks, other international F&B and consumer goods franchises may look to enter the Cambodian market place as well - spurred by this signal of consumer confidence and affluence. So while Starbucks opening in BKK1 has been warmly welcomed by local cafe enthusiasts keen to try an international flavor, its significance for investors may have longer lasting influence. Find out more about Phnom Penh now in our comprehensive location profile!

In Realestate.com.kh's Insider Analysis, real estate market leaders share their outlook on the 2016 Cambodian real estate market.    Sam Yang, ceo of Eastland Development HK Co. Ltd.1) What has been the overriding trend in the Cambodian real estate market of 2016 so far, and what has been the effect of this trend on the current market outlook?“I'd say the increased interest in landed properties and commercial real estate. In Cambodia the value of landed properties is largely driven by the increase in land prices. However, it is expected that during the Cambodian elections next year there will be a cooling trend regarding the land market. The price of landed properties is expected to remain relatively stable though they may drop slightly.As for commercial real estate, I believe the market will remain strong due to the great demand exceeding supply, especially towards the so-called “grade B” offices. Moreover, traditionally foreign enterprises or funds prefer to purchase or invest in projects near completion. As there will be only a few commercial buildings finished next year, I believe that the demand will drive this particular market upward.”2) In your opinion, what is one facet of the market that is most in need of development right now - and that you believe is crucial for the long term health of the Cambodian real estate market? Why? And how might this be achieved?“Education of investors is the most crucially needed factor to maintain a healthy market in the long-term. This is because so many non-Cambodians do not have a clear understanding about this country or even Phnom Penh. As for locals, they don’t yet appreciate fully the benefits of living in a condo. I suggest that there is a strong need to increase this country’s exposure to the rest of the world via advertising abroad, introducing the beauty of this country. And that’s something that the government can lead on and coordinate with the private sector in order to achieve success.”Ross Wheble, country manager of Knight Frank (Cambodia) Pte Ltd.1) What has been the overriding trend in the Cambodian real estate market of 2016 so far, and what has been the effect of this trend on the current market outlook?“One overriding trend that we have witnessed so far in 2016 is the increasing amount of investment coming from China.Previously, Chinese investment was mainly focused on infrastructure and construction contracts, but there has now been significant investment by Chinese developers into Cambodia, a lot of which is being invested in Sihanoukville and the hospitality/gaming sector.Whilst there have been concerns raised regarding the condominium market in Phnom Penh, Cambodia is still an attractive investment destination and Sihanoukville seems to be the next hotspot, which is largely being driven by improving infrastructure.Sihanoukville represents not only a tourist destination with much potential but also a key economic hub with Cambodia’s only operational deep sea port and several Special Economic Zones, and this will drive demand across all real estate sectors in the province. The medium to long term prospects for Sihanoukville are very promising; this is highlighted by the recent announcement that the five star luxury resort operator, Six Senses, will be operating an island retreat on Koh Krabey, scheduled to open in 2017, in addition to several global hotel chains eyeing up the coastal destination.”2) In your opinion, what is one facet of the market that is most in need of development right now - and that you believe is crucial for the long term health of the Cambodian real estate market? Why? And how might this be achieved?“Cambodia’s real estate market is still at a nascent stage of development and teething problems along the way are to be expected. However, a key area of focus for any developing country should be infrastructure. This includes both hard (physical infrastructure; such as roads, railway networks, mass transportation systems, utilities) and soft infrastructure (the education system, healthcare system, financial system) - and it is well documented that infrastructure development is important not only for economic growth but also for poverty reduction which, in turn, increases demand for real estate over the long term.The Government has certainly been making progress in this regard, with numerous major infrastructure projects having completed, commenced construction or been announced during the past few years, but there needs to be an overarching infrastructure policy to set the proper framework.A key obstacle to overcome is the funding of such projects, which is particularly relevant in developing markets. One way to tackle this is through planning policy, which is another area that needs to be addressed to improve transparency in the market. In developed markets, it is not uncommon for developers to be required to make significant contributions to infrastructure improvements to ensure that the impact of high density development on the existing infrastructure network is mitigated. With the increasing number of development projects being announced in the Kingdom’s capital, this is certainly an area that needs to be reviewed.”Matthew Rendall, senior partner at Sok Siphana & Associates, a member of ZICOlaw1) What has been the overriding trend in the Cambodian real estate market of 2016 so far, and what has been the effect of this trend on the current market outlook?“I think the residential condo development has remained the overriding trend.  This has been followed by the residential/retail mixed developments. The effect has been to broaden the areas of Phnom Penh where the expat community is considering residing. Whereas this was previously concentrated in the downtown BKK area, now it is common to see people considering residential offerings on the outskirts of town – out toward the airport as well as over the bridges. It has effectively expanded the expat residential area of Phnom Penh.”2) In your opinion, what is one facet of the market that is most in need of development right now - and that you believe is crucial for the long term health of the Cambodian real estate market? Why? And how might this be achieved? “Not sure on this point. However, what is crucial is the need for developers to organize a working exit strategy.  I.e. The long term management of the apartments blocks once the development is finished and completely sold. There needs to be a development of the owner-run body corporate culture (where owners come together as the management body and control the sinking fund etc).  Failing this, the developers either have to manage the apartments blocks in perpetuity or risk the development falling into disrepair. Buyers will start to look at developer's previous developments and judge them by how well they are managed (when deciding whether to buy into a developer's subsequent development).”Hoem Seiha, research director at VTrust Appraisal Co., Ltd.1) What has been the overriding trend in the Cambodian real estate market of 2016 so far, and what has been the effect of this trend on the current market outlook?“For Cambodia’s real estate market of 2016, a notable trend has been a flooded market supply of housing, namely condominium, borey landed housing units, and plot land parcels - all creating daunting competition among developers who have recently added a new focus on the middle-income group in order to stimulate their sales growth.Condominium projects launched for presale within Phnom Penh during the first half of 2016 came up to 13.3 thousand units, doubling the number over the same period last year. However, housing market demand has been slowing down since start of 2016 due to this oversupply and weak buyer confidence.”2) In your opinion, what is one facet of the market that is most in need of development right now - and that you believe is crucial for the long term health of the Cambodian real estate market? Why? And how might this be achieved?“The real estate sector for now has lots of room to improve, but one most important aspect that needs timely consideration is: (1) legal issues to do with plot land development; and: (2) a recent stimulus by residential developers to propel their sale growth following the overall slowdown in the housing market.For plot land development, this type of supply is a good move to drive the overall real estate market, yet the authorities should study it seriously and set up response mechanisms to encourage and protect licensed developers as well as curb with the unlicensed ones in order to avoid long-term legal troubles.For the recent market stimulus, developers have now offered another very flexible option for home and plot land buyers by applying a zero down payment scheme to drive their sales, and, in the short run, the practice looks good and helpful for the overall market.Yet, while banks are very careful when releasing mortgage loans to buyers, most developers have not conducted enough due diligence on their clients before releasing installment contracts, to avoid future defaults. If not well managed, this could, in the medium-to-long term, create over-indebtedness among unqualified buyers and therefore potentially lead to a mortgage crash. Regulators should study this seriously.”Sunny Soo, managing director of Keystone Property Consultants Co., Ltd., an international associate of Savills  1)  What has been the overriding trend in the Cambodian real estate market of 2016 so far, and what has been the effect of this trend on the current market outlook?“The trend of the real estate market of Cambodia in 2016 remains rather similar to its previous years, where foreign developers are still mainly the condominium builders whilst the local developers are still dominating the landed, gated-residential development.The effect has been much talked about lately -  a fear of oversupply in the future market. This fear and worry is only going to continue it seems, considering market optimism is subsiding in view of slower pick up rate in 2016.But the way I see it, it is normal to have winners and losers in a competitive market where development is in-itself a higher risk business. If any developer’s pre-development preparation is not market-driven but rather fueled by optimism alone, this is the price of ego the market has to pay.”2) In your opinion, what is one facet of the market that is most in need of development right now - and that you believe is crucial for the long term health of the Cambodian real estate market? Why? And how might this be achieved? “My take is the legal policies of a comprehensive town and country planning system has to be in place now and that it needs to improve continuously and simultaneously adjusting to a larger vision in the future, notwithstanding market transparency and good regulatory enforcement framework. There is no other way about it. Legal guidance and clearer future planning policies in line with good enforcement will be of utmost importance to serve and lead the market toward a healthier city development; whether the aim is to subside a strained city’s infrastructures or serving a role of directing sub-urbanization. But more importantly it also leads to better self-regulation in the future, and that’s when the level of assurance for a healthier real estate market can be elevated.”importantly it also leads to better self-regulation in the future, and that’s when the level of assurance for a healthier real estate market can be elevated.”    Read the latest and greatest real estate news on realestate.com.kh today!

Toul Tum Poung, better known to most expats as Russian Market, has long been a destination for shopping and eating for locals and tourists - the district being centered by a large traditional wet market, full of stalls stocking everything from motorbike parts to silk, herbs and spices to electronics, and almost anything in between; ideal for anyone in search of a sensory shopping experience.Yet in the last few years, Toul Tum Poung (TTP) has moved beyond a stopover destination and transformed into a hotspot for expats living in Phnom Penh. It has also attracted attention from affluent locals, some seeking a home closer to their inner city workplace and others looking set up retail or accommodation venues.With this inflow of money and foot traffic, retailers are flocking to the area to launch trendy bars, restaurants, gyms and fashion boutiques, with innovation and influences being drawn from the eclectic community here. Meanwhile, apartment and condo developers are also centering in on the area, given the popularity of the area for expat renters and buyers.The cause of this newfound popularity can be traced to a rise in rents and land prices in the Beong Keng Kang (BKK) districts; this area of Phnom Penh once being the first-choice for this class of residents. Yet as condo and hotel developers have dominated land purchases in the BKK suburbs, land prices have risen as high as $7,000 per square meter; and with some of the highest occupancy rates in the capital, rents have jumped significantly also.Celia Boyd, co-owner of LOT 369 cafe and bar in TTP, mentions that “a lot of expats have started moving to TTP because it was still fairly central, but not nearly as expensive as BKK, and in particular BKK1. There are still some great markets, shops and restaurants around, but the area still has a local Cambodian charm.”And unlike other areas in central Phnom Penh, TTP isn’t awash with backpackers, says Boyd: “Tourists come to the markets, but it's not an area for backpackers like street 271, or Siem Reap's Pub street, for example.”“It’s also easy to get around,” continues Boyd, “most places are walking distance from each other in this area, and there's a nice community feel to it.”Brendan McCarthy, proprietor at Long After Dark bar and eatery, notes that, “Life in Russian Market tends to operate at a slightly gentler pace, the community is extremely friendly and it has its own unique rhythm that resonates well with us.”“More and more interesting eating, drinking and shopping options are popping up all the time which is adding to the vibrancy of the suburb,” adds McCarthy, “and I think that the same neighbourhood charm that drew us to the area initially is responsible for this growth.”The boutique fashion industry is rising across the capital city in waves, and none least in TTP. There are more and more boutique vendors such as ESQ, a trendy clothes shop opposite the main market, are opening every month, ideal for those who want a western shopping experience, complete with aircon and fitting rooms. For the best bargains though, or tailored shoes and clothes, stroll around the central Russian market - and get ready to haggle!Seng Hour, co-owner and grill chef at the Toul Tom Poung Grilled Seafood BBQ restaurant, opened his shop in 2012 on the side of the main market. These days Seng’s restaurant serves up over 80 kilograms of freshly barbequed seafood - crabs, fish, shrimp, lobster, shellfish and squid - every night of the week.Seng says his secret to success has been the quality and freshness of his food, fast service and high-hygiene standards, allowing his restaurant to outlive many around him.But Seng say’s it wasn’t always so busy: “The TTP area is completely different than it was just two years ago. Before only few people from around the Russian market came to eat; now local people from Toul Kork and Sen Sok come together with friends and family just to visit our restaurant.”Seng notes that foreigners didn’t really know about his restaurant before, but now “we have lots of foreign diners because they are living in apartments in the area. And more and more serviced apartments are launching in TTP these days.”Yet, as comes with any suburban development, residents of Toul Tum Poung may start to feel its gentrification when it comes to rental rates and sale prices in coming years - just as those in BKK experienced before.Keiko Fujita-Hix, co-founder and owner of Sesame Noodle Bar in Toul Tum Poung, notes that since her restaurant opened in 2012, rents have risen over 50%. Meanwhile, in her venue’s case, the restaurant will soon have to move location - as the landlord looks to convert the section into a new apartment complex development site.But Keiko notes that Sesame will definitely stay put in Toul Tum Poung, even if they need to move venue.“There is a unique community spirit that exists here,” says Keiko, “and a community that our business has invested in - we are close to workers’ family homes, our loyal clientele of diners, and other local businesses that mutually support us, and we wouldn’t want to move anywhere else.”Check out the best properties for rent in Toul Tum Poung on Realestate.com.kh now!

Currently, there is significant growth in the Cambodian market for subdivision plot land because it returns a good profit - and the idea of buying land is a lot easier to understand for local investors. It’s possible for them to have a quick return on investment if they find a good location and invest wisely. It can also be done with just a little savings - so this market has opened up opportunities for the lower middle class to invest in property.But in terms of subdivision plot land buyers, there is a great need for a holistic consideration of the project and the original investor before deciding to buy land in a plot land project.In the discussion regarding the challenges of buying plot land in the Cambodian market, Yin Leangkong – editor in chief of Property View Magazine, and presenter and editor of real estate and economics at BTV – suggested that in the past, the plot land market has faced various problems between developers and buyers.He raised up three corelated aspects that need consideration to avoid disputes that occur over plot land now and into the future.Buyer's due diligence:Buyers must be cautious before buying any land area. You need to know what type of land title the seller has - whether it’s a soft or hard title. Leangkong explains that if there’s an investor with a hard title but only transfers the soft title to the buyer,  this creates great risk for the buyer. In the case when the seller migrates or dies, the hard title will be transferred to their children, relatives or anyone else, according to the law, and a buyer who only has a soft title will not gain possession of the plot land that they have already paid for.Developer/Seller’s Ethics:The second aspect, plot land developer/investors themselves should respect professional ethics and not deceive people. If you have a soft title, transfer it to buyer. If you also have the hard title, transfer it to buyer. Leangkong believes that this is one way of protecting people who buy the land from plot land projects.Meanwhile Leangkong also said that investors need to consider the residential layout and the infrastructural layout that is being provided for all citizens within the project - such as road plans, sewage systems, and electricity connections. He said that when the layout is properly managed, the area of plot land will become a fast development area in the future that’s organized and aesthetically pleasing for residents. This equals investment returns in the short term for buyers, and even more in the longer term.Yet, in recent years, while many plot land projects have been sold with promises of infrastructure to come, in fact, these investors ultimately did not provide what they said they would. Also, some took no control over the management of the land post-sale. Some plot land buyers built high houses, some small, some together or even some for business - which didn’t look like an appealing place to live in once it was all finished, says Leangkong. And some buyers didn’t even build homes because they were waiting for the right time to sell again to make a profit, effectively degrading the whole area.If this continues in the future, this will create anarchy for housing construction within developments, according to Leangkong.Government's Role:The third aspect relates to the Ministry of Land Management, Urban Planning and Construction, and the Ministry of Economy and Finance. Leangkong urged the two ministries to speed up the establishment of a law pertaining to the subdivision plot land management.He said that if we have clear and proper legal provisions, the Ministry will easily be able to implement regulations for investors - such as how many meters to keep for building the road, what the residential layout will be, the drainage system etc. These are for sustainable development which comply with environmental standards and the visual character and beauty of the city.Plot Land Buyers Advice:When asked about what critical point plot land buyers should inspect before buying, Leangkong mentions that most of the buyers of plot land are in the middle and lower middle class, and some of them bought the land for future investment returns. He stressed that most of the prices of plot land aren’t rising anymore. If prices do go up, it won’t be by much because the large-area investors have already taken most of the profits. So, buyers should consider this point before buying in the hopes of dramatic returns.He explains that well-off and wealthy citizens will not buy plot land because it’s a slow development site with relatively slow returns. He adds that the already existing houses that are built without proper planning will most likely not see an increase in value as well.However, Leangkong clarifies that the subdivision plot land has been beneficial to the whole society in some ways because it allows the middle-class or lower middle class to afford to buy land. Everyone should have land for building a good home down the line, concludes Leangkong.Invest with care: Read the ultimate Plot Land Buyers Guide - from Realestate.com.kh

Big cities with lots of small spaces are an old tale that’s been told many times before. It may be because of a housing budget issue or maybe because of a lack of proper planning and innovation. And while some choose to focus on what isn’t there, others have chosen to make use of what they have as they try and expand their property – or at least give an illusion of it.So, what should you do if you find yourself cramped and uncomfortable in your own home?Here are some handy tips to make that small condo unit, apartment of shophouse feel more spacious and open, without knocking out any walls! This can improve your lifestyle as a resident in that condo, but it is also a useful trick to use when it comes time to sell or rent that space.Play with Colors:For years, psychologists have deduced that colors play a significant role in affecting our emotions and our behavior. But you can push that a bit further and use that concept to trick your brain.Using light colors on your walls can create the illusion that a room is actually bigger than it is. The reason for that is because we associate dark colors with enclosed spaces like prisons, coffins, and closets. Brighter colors remind us of the sky, the beach, and the open sea. It’s all about using colors and the concept of association.Create Dimensions:While you can go for a more monochromatic feel, using only light colors doesn’t mean you can’t use different shades on the wall to create more depth. It’s all about balance. Alternately, you can also achieve the same effect by actually eliminating the depth between the wall and your furniture. You can do this by using objects of the same color as your wall or use a slightly different shade to create some variation. You can also make use of light and bright color palette to keep your house looking fresh and alive.Spacing Your Space:There is a natural tendency for people to push the furniture as far back to the wall as they can in order to create a big centralized space inside a room. But this hurts your cause more than it helps.Providing small spaces in between furniture not only literally gives you more space, it also gives you the appearance of a bigger room. You can even angle it out so that lines on the room begin to bend and break. This takes the focus away from the corners and effectively widens the visual perspective.Open Up:Just because you’re trying to make your space look bigger doesn’t mean you can’t utilize the space outside the room for continuity. Infinity pools are great examples of this concept.If you have windows, it’s best to not put up curtains. This not only keeps the room’s aesthetic light, it also helps incorporate the view into the space. If you’re at an area at the center of the house though, you can opt to have small windows installed that go through to other rooms. For example, you can install a window between the dining room and the kitchen. This then opens up both spaces and makes both look wider than it is. Make it Magical:Magicians are full of tricks. They use a lot of distractions, slight of hand, and illusions in order to show the audience what’s there and even what isn’t. We can take a cue from that and use tools like mirrors to magically make enclosed areas look bigger by visually duplicating the space. This simple and subtle tip has been effectively used by interior designers for years now.Small spaces don’t have to make you feel like you live in a small space. The only limit to how big small spaces can feel is a little bit of work and a little bit of creativity! Try some of these tips in your home today!Catch the coolest property tips on Realestate.com.kh news today!

Knight Frank just released its 2nd quarter Asia-Pacific Prime Office Rental Index Report. The report highlights current trends across the Asia-Pacific wide office rental market.Phnom Penh Office Rental Rates remain fairly stable, according to the report.“For the Phnom Penh prime office sector, Q2 2016 recorded mixed results; whilst net absorption of office space was negative, and the average vacancy rate increased to 34%, prime net headline rents recorded a Q-o-Q increase of 1.1% to $22.5/sqm/month. This can largely be attributed to the stronger performance of Vattanac Tower which has propped up the overall average rent despite the negative take up of office space,” notes Ross Wheble, country manager for Knight Frank Cambodia.Source: Knight Frank (Cambodia) Research 2016The Downs:There were some slight hiccups in the market in Q2 2016 as cities such as Perth, Beijing, Jakarta, Kuala Lumpur, and Singapore are expected to decrease rental rates in the coming 12 months. According to Knight Frank, this was due to an abundant supply and a muted demand for office rentals, most especially in Jakarta and Singapore. The report continues, that “prime office rentals are expected to continue to decline” as the end of 2016 approaches.The Ups:Success in the office market for Q2 of 2016 correlates to the growing technological sector. This is apparent in cities like Melbourne, Sydney, Shanghai, Hong Kong, Bengaluru, Mumbai, Seoul and Bangkok – with the highest gross effective rent coming from Hong Kong, at $191.9 per square meter, per month.The evolution of technology industries is a primary driver of the rental index, according to the report. Shanghai – which made a 75% increase in Technology, Media, and Telecommunications from 2007 to 2015 – saw a rise in rental rates and a decrease in vacancy. Meanwhile, growth in parts of Australia continue as companies like Facebook, Amazon, and Electronic Arts come into the market.On another note, cities like Brisbane, Guangzhou and Phnom Penh office rental rates remain stable amidst activities going on in cities surrounding them.The report also states that over the next 12 months, rents in majority of the 19 cities included in the report will either continue to rise or remain steady.Find Offices for Rent in Phnom Penh now!

Infrastructural projects like railway completions, airport expansions, and road widening have been fast-tracking growth in Cambodia. As a result, the tourism sector is experiencing a sudden surge.  According to the Ministry of Tourism, around 2.7 million international visitors traveled to Cambodia. Leading the herd of visitors are the neighboring Vietnamese, Thai, Chinese, and South Koreans.  So, this is being utilized as a resource towards a better tourism strategy.Anticipation Builds:Though declining to communicate project cost and timeline, Chinese-owned development company Tianjin Union Development Group (UDG) announced last week that a plan to construct a coastal airport has already been finalized and that “a geological survey and initial design work has been concluded for this high-grade international airport.” This is according to a representative from UDG. The representative adds, “The construction is ready to go.”The Union Development Group signed a 99-year lease with the government and has been developing projects in its 45,000-hectare of land concession in the districts of Kiri Sakor and Botum Sakor since 2008. Along with this is the government’s commitment to deny any application to construct new airports in the area, making UDG’s development the main airport of the province.The Bigger Picture:Most of the arrivals into Cambodia go through Phnom Penh and Siem Reap, accounting to around 90 percent of visitor arrivals. In comparison, coastal areas only received 8.8 percent of visitors who mostly arrive either by sea or by land. The developers are hopeful that this move will bring that number up. This airport will be a part of a bigger plan that includes the Dara Sakor Seashore Resort and a free trade zone with ports. And much like the expansion project of the Sihanoukville airport, the construction of the new airport in Koh Kong is expected to address any possible congestion.The airport development will be a part of the UDG’s $3.8 billion dollar plan to turn Koh Kong province into one of Cambodia’s main tourist destinations. Once completed, this airport is expected to bring in planes as big as an Airbus 380 and around 10 million travelers.So, will the construction of the Koh Kong airport allow the province to soar high or struggle to fly? We just have to wait for more details about the project to see.Find out new development in Cambodia on Realestate.com.kh

One of the biggest complaints you’ll hear from home and business owners in Cambodia is the high utility bills – particularly, the electric bill.According to the ADB, around late ‘60s and early ‘70s, the power sector started to deteriorate. Attempts at reviving supply ushered in the engagement of  private power producers in the early ‘90s through heavy usage of fuel and diesel. Around 2005, the government started the construction of sub-transmission lines that import electricity from nearby countries.And although Cambodia has locally produced the majority of the supply last year, it still imported 135.5 megawatts from Thailand, 4 megawatts from Laos, and around 277 megawatts from Vietnam. This import process then causes an increase in charges and sets an average Cambodian back $0.25 per kilowatt.Going GreenThe government has been proactive in addressing the issue on power supply and generation throughout the years. And this transcends just constructing eco-friendly buildings. In a recent statement by the tourism department, there are plans to create a garbage-fueled plant and a solar plant which will cost $167 million and $89 million, respectively. The two plants will be situated in Phnom Penh which is expected to generate 30 megawatts and Siem Reap which will generate 55 megawattsThis will be made possible through the ministry’s partnership with French green energy firm Quadran International and Chinese waste incinerator specialty company Shanghai SUS Environment.More Than Power:Other than generating power for Cambodian citizens, the Tourism Ministry sees this as an opportunity to attract even more foreign visitors.Minister of Tourism, Mr. Thong Khon, says, “The policy of green development in Cambodia is transforming the country as a tourist destination, making it green and clean to attract overseas visitors. We hope Phnom Penh will be in the running for Asean’s clean tourist city in 2018.”Not only is it good for tourism, but it will also be good for waste management as this will be one of the primary sources of energy.Will this plan pan out or will the lights dim on these innovative projects? If enough effort is given to making this happen, then there may just be enough spark to make it happen.Find out more about recent infrastructure developments in Cambodia!

Moving away from its undeveloped past, these days Toul Kork has become a popular suburban area filled with a variety of villas that people can either rent or own, apartments and office complexes.Offering land prices significantly lower than hot inner city districts such as Chamkarmon and Daun Penh, families have the chance for a larger living area when they move to Toul Kork. The outskirts of Toul Kork are key industrial areas of the city, and many residents in the area work nearby. Toul Kork in 2016 is seeing a huge rise in establishments such as restaurants, clinics, and private schools, and an increasingly eclectic mix of Traditional Khmer families and expatriates.How’s the property market?LAND MARKET:According to a report released by V Trust Appraisal, there was a slight increase in land prices in the area from 2013 to early 2016 which moved average rates from $2,150 to $2,530 per square meter. Prime commercial streets have also been reported to reach up to $5,750 per square meter in central Toul Kork. The lowest land price average comes from the Boeung Kak Ti Muoy Sangkat, at $1,820 per square meter. The highest land price average comes from the Phsar Depou Ti Bei Sangkat, at $3,630. According to V Trust, “Over the last preceding decade, Northern fringes of Tuol Kouk district was the first main destination for residential relocation because of its available large portions of vacant land and a neighborhood of the central parts of the capital. “V Trust also notes that many of the locations in the Toul Kork District now appear to have reached their market price caps. Hoem Seiha, the company’s director of research, says “The market started to show sign of slowing down since the fourth quarter of 2015. The whole year (2016) is foreseen to be a bit sluggish.”RESIDENTIAL PROPERTIES:Depending on your preference and needs, you may opt to rent a condominium in Toul Kork. You can get a furnished one-bedroom condo unit to rent for $180 a month up to a four-bedroom fully-furnished lower-end unit for $2,000 a month near TK Avenue. Prime Units in Boeung Kak 1 have three bedroom units, for around $2,100 per month.Serviced apartments are also widely available, starting from $350 upwards to around $4,000 per month, depending on the area, services and amenities.For a villa, the rental prices range anywhere from $550 upwards, depending on quality, rooms and amenities such as swimming pools.  Villa’s are much more freely available for rent and sale in Toul Kork, as compared to prime inner city districts where the availability of villas is now very low, and also much more expensive than those in Toul Kork.An increasing number of borey developments are also popping up around Toul Kork, proving very popular with local buyers seeking shop houses and villas with sound infrastructure and a safe, neighbourhood environment.OFFICE SPACES AND BUSINESS CENTERS:There are a number of office spaces for rent in Toul Kork. Rental fees of these offices start as low as $4.50 per square meter per month.  You can also rent out a decent multi-level building for around $8,000 a month.Other than renting office spaces, entrepreneurs, small businesses and startups may want to check out the SmallWorld Business Center, a unique business center that provides the necessary facilities, amenities, guidance, community support, and provision for budding businesses. They mostly cater to the younger generation, but all entrepreneurs are welcome to both seek assistance and contribute here. It has a set of foreign and local entrepreneurs in its roster.NEW DEVELOPMENTS:The new Appenines Condominium by KHSI Investment PTE LTD will reach completion around early 2018 or late 2017. It will rise to be 17 storeys tall, and will include units that will range from one bedroom to three bedrooms. It will also have shared condo facilities such as a gym, car parks, and a pool.Conveniently positioned in front of the Royal University of Phnom Penh – TK Royal One is a luxury residential and office complex on Russian Boulevard, very close to Toul Kork. This property provides residents with sweeping views of parklands and the greater Phnom Penh City.Lifestyle facilities include the fitness center,swimming pool, community lounge and roof garden. TK Royal One is close to the Prime Minister’s Office, major banks, shopping malls and the three overpasses along the Russian Boulevard to ensure the smooth traffic between Phnom Penh International Airport and downtown.Toul Kork Lifestyle:What schools are in the Toul Kork area?There is no shortage of schools in Toul Kork. The educational institutions in the area which cater to the needs of students from kindergarten all the way to college. This area is perfect for those who need to live nearby key educational institutions.There are a mix of local and international schools in the area such as the Footprints International School, Learning Jungle School, Hope International School, Western International School, Western University, Stamford International Academy, Paññāsāstra University of Cambodia, the Institute of Technology of Cambodia, and the Royal University of Phnom Penh.Most of these schools also have international accreditation from organizations like the Western Association of Schools and Colleges, the Ministry of Education, Youth and Sport, the Cambridge International Examination Centre, and the International Baccalaureate.How do I move around the city?There are a few familiar modes of transport that people may be familiar with such as the taxi, tuk tuks and the occasional public bus.Motodops are motorbike taxis that serve as a source of income for locals. Tuk tuks and motodops may be the most convenient and fastest way to get around if you don’t have a vehicle of your own, but bus routes in Phnom Penh also pass through Toul Kork. Bus stations in the area include the Daem Kor Market bus station and the Kampot Express Limousine Bus terminal. How is Infrastructure in Toul Kork improving?There are already two major roads – Mao Tse Toung Boulevard and Russian Confederation Boulevard – that connect Toul Kork to different districts around Phnom Penh, making neighbouring Khans and Sangkats accessible, and also offering Toul Kork residents a quick drive to the Phnom Penh International Airport.The Russian Boulevard overpass connecting Toul Kork to the rest of the city has recently undergone a massive improvement, and already traffic congestion at these key crossroads points have decreased significantly. Roads such as Hanoi Street have also seen drastic improvements over the last year. The ongoing development of Boeung Kak lake will also greatly ease pressure on Toul Kork infrastructure moving forward.What if I get sick? Are there Toul Kork Medical Centers?There is no shortage of medical facilities in the area. Toul Kork has the Cambodian Red Cross, National Pediatric Hospital, Khema Clinic & Maternity Hospital, Toul Kork Clinic & Maternity, Biomed Phnom Penh Laboratory, and the National Institute of Public Health. It’s also the location for Cambodia’s Ministry of Health.For your dental needs, you can pay a visit to the Dental Clinic Le Sourire that’s located at the Russian Confederation Boulevard or the American Dental Clinic at Street 289.Is the Toul Kork area prone to natural disasters?When the government and private sector developed Boeung Kak Lake, pumps were installed to transfer water to the surrounding rivers, as the lake previously helped regulate floods in the area. But since the lake’s development, flooding became an issue in surrounding areas such as Toul Kork and Daun Penh. But not all locations here are easily flooded. This “no flood” attribute has been a selling point for some of the properties that are listed online. So if you are looking at ground floor properties in Toul Kork, it is best to check with your agent and previous owners/tenants as to whether or not your future house, and the street you live in, is a flood free area. If it’s not, you may get a surprise next rainy season!What’s the nightlife like in Toul Kork?Though known to be a quiet area, Toul Kork has plenty of places to wind down after a hard day’s work. If you want to go out for some fun, karaoke, food, and good company, you can go to the numerous KTV bars and restaurants located here. You can choose between the Romantic KTV, M2 Restaurant & KTV, Moonlight Restaurant & KTV, and many others. If you’re looking for dance parties and loud music, there’s also the Egypt Nightclub on St. 112 in Boeung Kok II. It has a wide dance floor, good local songs playing, food, and drinks. It’s open from 8:00 pm to 5:00 am. Are there any places to shop and eat in Toul Kork?There are a number of shopping malls and facilities in the area such as Hin Sokha, but most of the people are drawn to the open air shopping experience of TK Avenue.For those seeking international cuisine and want to do some shopping, or catch a movie in the cinema, your best bet is TK Avenue. A trendy shopping and eating plaza, famous among local culture vultures and expats, TK Avenue has french, korean, japanese and american food on offer, and a whole lot more. You can also catch the latest blockbuster movies here on the big screen. The plaza has its own supermarket too, if you need to pick up your groceries while you are there.Find several retail, electronic, and F&B businesses like Dairy Queen, Chatime, Browns coffee, Breadtalk, Penshoppe, Romanson, Pedro, Chateau De Sable, Lily, Sony, OSIM, and Esprit.If you’re searching for a wider selection of food, drinks, and produce though, you may also want to check out the Thai Huot Market, just a drive away from TK Avenue. It was built to serve the needs of both locals and expatriates by providing local and international products you would rarely find elsewhere. But there are also other markets in the area such as the Daem Kor Market, the Neak Meas Market, and the Phsar Plaecher.There are also many restaurants around Toul Kork, but one of the favorites in the area is a branch of the Sonivid Fresh Seafood Restaurant that serves a hefty serving of seafood in asian style. But if this does not satisfy you, you can also go to Burger King, Ratana Srey Mao, Metro Azura, The Blue Pumpkin, J8 Korean Grill & Casual Dining, or the Red Wine House to satisfy your cravings.Toul Kork will also be the location for the Aeon Mall 2 which will stand with four floors and a total area of 151,000 square meters that aims to serve the growing number of tourists and middle-class citizens. The Aeon Mall 2 is expected to be completed by May of 2018.Where are the Gyms, Fitness and Wellness Centers in Toul Kork?For the fitness buff, a couple of gyms are scattered within the area such as the Core Fitness Center along Russian Confederation Boulevard and SeaStone Fitness Center along Street 219.But if you’re looking to get some action through actual sports, there are a couple of sports centers in Toul Kork as well where you can play Soccer, Badminton, and other activities as well. The list includes the Akira Sport Club, Tuol Kork Sport Club, Premium Sport Club, and the Ramar Football club.If you get exhausted after that, spas like the TK Steam Sauna Massage Spa and New Men City Hotel & Spa await you to help you relax and unwind.What Costs of living should I expect in Toul Kork?In a recent Numbeo survey, it was shown that one way transport tickets may cost you an average of $2 and a monthly pass might cost you $29.69. Taxis, meanwhile, start at $1 for short trips in the city. If you have your own vehicle though, gasoline prices in Phnom Penh are expected to be around $0.93 per liter.Depending on your usage, utilities may vary. But the basic utilities such as waste disposal, water, and electricity are at an average of $84.12 per month for a one room apartment, and the internet is approximately $34 for 10mbps of unlimited data. A minute of call on your prepaid phone sets you back just about $0.06.For the food, milk is priced $2.36 per liter; a dozen eggs costs around $1.55; rice is $1.03 per kilogram; a loaf of white bread is at $1.33; and water is $0.77 per 1.5 liters. Meals prices also vary. A meal at an inexpensive restaurant costs an average of $2.75 per person. A three-course meal for two at a mid-range restaurant costs around $16. Learn more about life and real estate in Phnom Penh!

Cambodia isn’t really known for its healthcare system, which is why Cambodians choose to travel to another country to receive treatment. This is how the term “health tourism” was coined.But the government has taken it upon themselves to build trust in local doctors and healthcare.This is assisting the Kingdom in raising its profile as a retirement investor destination. As the level of healthcare rises, more and more retirees will look to Cambodia - the nation already has favorable climate for the elderly, a low cost of living, and many other enticing features. Yet, for Cambodia to become a respected retirement destination, the level of healthcare must continue to rise.Addressing the need:As part of their initiative to lessen health tourists going to nearby countries like Thailand for medical care, the Government of Cambodia has allowed foreign private investments over the years to build quality healthcare developments.One of these private investments include the Sunrise Japan Hospital. This state-of-the-art 50-bed hospital is set to do their first consultations on the 17th of October, where it will officially join the ranks of Phnom Penh’s top hospitals, like the Royal Phnom Penh Hospital, Sen Sok International University Hospital, and the Embassy Medical Center.Although there is no guarantee that this facility will also be able to cater to lower-income citizens, fees will still be relatively lower than what Singapore and Thailand doctors and hospitals charge. If that’s not enough though, a charity fund is also in the works to assist less fortunate patients in receiving quality healthcare.  Bridging the gap:Sunrise Japan Hospital’s clinical director Dr. Yoshifumi Hayashi says, “Here, maybe without me, some cases can’t be solved.” This is something that the hospital wants to improve on. Already sending 80 of its non-Japanese staff to Japan for training, Dr. Hayashi hopes that students from the university and doctors from different hospitals can also utilize the premises to facilitate learning.On top of new learning opportunities though, Prime Minister Hun Sen also mentions that new developments like the Sunrise Japan Hospital will usher in not only an advantage for the citizens. He explains, “Having a hospital with such high standards isn’t just beneficial for the Cambodian population. It builds trust among investors and tourists with money who come from far away,” offering relief for both the healthcare sector and Cambodia’s economy. Read more about expat life in Cambodia!

Prakas No. 965 (MEF) on the Management of Residence Development Business was dated August 24, 2016 and aims to get developers to obtain a license from the Finance Ministry.The Director of the Finance Ministry, Mr. Noung Piseth, said that only around 167 housing developments, 104 gated communities, and 63 condominiums that are currently underway are actually authorized by the Finance Ministry. He estimates that around 10 to 20 percent of current developments have no licenses. And this is causing concern from buyers who have already purchased units from these developers.This prakas (law) affects real estate developments that either have more than 4 apartments, 3 villas, or 4 units. Developers who fit the criteria are considered to be a residence development business company and are now required to have a license through the Ministry of Economy and Finance, for several reasons.Why should developers obtain a license?Other than avoiding a fine for owners of unlicensed housing projects that can reach up to $25,000, getting a license actually has a well rounded advantage for everyone involved in a development. It benefits the customers, the developers, and the industry as a whole.The Head of the Office of Business Management Housing Development at the Department of Industry and Finance, Ms. Chan Socheata, said that “generally, before the issuance of the license for any project development, the ministry evaluates through its checklist to find out whether the development has a clear and strong source of income, capital, collateral, land title, and other assets that support their project.”She continues, “The ministry will check whether it’s a good business, and if it can be successful in the future or not. In some cases, there’s a need to research on the sales strategy of the project, because sometimes a project’s owner does not do an in-depth market analysis with the surrounding market. And another reason is to find whether this project causes a bubble market. So, if this case happens, the ministry can take measure immediately,”And since a residence development business company is also required to deposit 2 percent of their capital, there is an assurance for both the ministry and the customer that there is enough resource for the project to successfully move forward and reach completion. Additionally, once a company is licensed, the ministry can serve as a mediator of sorts for any disputes that may arise between the developer and its customer.What are the types of licenses?Besides the 2 percent secured deposit, there is still a separate fee for each type of license that must paid by the company.There are currently two types of licenses.The first license is for companies which has either loaned from financial institutions or have their own capital that they can use for the development and sale of the property once construction is over.The other license is for companies who have their own capital or loan from a number of financial institutions or capital that comes from installation payments by the buyer, where construction is still not over.What are the Developer licensing requirements?For the first type of license, the development company must already have finished construction with the cost already determined.While the second type of license calls for the same requirement, it also calls for the development company to open a trust account where they will be placing payments from the customer.Socheata also mentions that “project owners need to make a business plan to present to the ministry” before they are issued a license. There are also requirements that should be submitted after the project is finished. This is called a reporting requirement where the Ministry of Economy and Finance needs to be updated after a month of the project’s completion regarding financial soundness and the project ending.With the release of this Prakas on developer licensing, we can expect to see positive changes in the aspects of construction and financing; and more transparency for end buyers - bringing much needed protections to the off-plan real estate market.Learn more about Investing in Cambodia, with your real estate information leader: Realestate. com.kh!

On September 21st of 2016, a first-of-its-kind forum at the Intercontinental Hotel in Phnom Penh which will deal with the recent changes in the taxation system.Eurocham Cambodia – who has been helping the business community since 2011 – will hold their inaugural tax forum, that aims to align businesses with current taxation policies.In a recent interview with Realestate.com.kh, Blaise Kilian and Anthony Galliano – advocacy manager and Chairman of Eurocham’s Tax Committee, respectively – discussed the benefits of attending this Eurocham tax event.What’s the inspiration to have an event like this?When asked about what prompted the inaugural tax forum, Mr. Kilian mentioned that since the government is now more assertive on tax reform, the system is becoming even broader. He said that attending the event is an opportunity to improve one’s understanding of recent changes and the event will be informative and educational on existing tax law, encouraging compliance.According to him, “We also understand that it is not always easy to be compliant because you need to understand the system, you need to be able to understand and implement correctly the new regulations that are being adopted. Therefore, we thought it would be very important and useful to organize a tax forum for the business community to provide the opportunity to present, explain, and discuss recent regulations so that entrepreneurs, corporations, and businessmen can find answers to their questions on how to be more compliant.”Who is the Eurocham tax forum most suited for?Kilian continues by explaining that while it is an event on taxation, it is targeted towards the whole business community that comprises entrepreneurs, CFOs, accountants, auditors, and tax preparers. Whether big or small, he says it is open for anyone in the business community who wishes to “understand the tax system and be compliant.”What is this year’s agenda?When asked about what sorts of things will be discussed in the forum, Galliano responds by saying, “Since it was our first tax forum, we wanted to make sure we’ve put a very comprehensive agenda together, one that covers the issues that are really pertinent today and issues that taxpayers may be struggling with given their degree of complexity.”These issues include recent tax changes and complications with current taxation law. The forum will also cover topics such as changes in tax regime, patent tax, tax registration, key tax issues for SMEs, common VAT issues, withholding tax, tax audits and disputes,and the double tax agreement with Singapore.Eurocham will also discuss their White Paper, specifically on tax related issues, an effort generated by their Tax Committee which is representative of tax issues from their membership and discussed directly with the GDT. CamEd will also be speaking to attendees about certain taxation qualifications.There are a lot of topics that will be covered in this forum. As Mr.Galliano puts it, it is “very comprehensive, very much to the issues of today that taxpayers are facing. And we couldn’t have put a more fabulous agenda to address the occurring issues in the market.”And who are some of the Sponsors and Speakers for this year’s event?Attracting a great deal of interest, Eurocham has managed to get sponsorships from big entities like the Cambodia Bureau Credit,CamEd Business School, BRED Bank, Infinity Insurance, R&T Sok & Heng, DFDL, AGS Four Winds, Deloitte. Its media sponsors are the Khmer Times and Realestate.com.kh. Presentations will be made by the industries top professionals and tax experts which include His Excellency Kong Vibol, the Director General of the Department of Taxation, Eurocham’s Chairman Arnaud Darc, Ambassador of the EU Delegation, Mr. George Edgar, Anthony Galliano, CEO of Cambodian Investment Management and Chairman of the Eurocham Tax Committee, Ms. Kimsroy Chhiv, Director of Tax at Deloitte and Vice Chairwoman of the Tax Committee, Mr. Sean Wong, CFO of Cambodia Airports, Mr. Thibaud Sournia, Managing Director of Europe Continents, Clint O’Connell, Director, Head of Cambodia Tax Practice of DFDL, Mr. Vann Sinat, Tax Advisor of  Bun & Associates, Brendan Lalor, Director of Tax & Advisory Services for Ernst & Young, and Ronald Almera, CEO & Partner of Grant Thornton.Why should I join?As the interview came to an end, Galliano encouraged people from the business sector to participate in the said event. He said, “You should come to this event because we’re seeing a tremendous and dynamic change in tax regulation, we’re seeing a much more sophisticated and educated tax department who is certainly enforcing more assertively with stronger oversight. With regulations changing, it’s important to keep up to date. You’re hearing about changes in tax regulations and how to properly comply with existing ones directly from industry professionals.  It is also a great opportunity to hear from the General Department Taxation,represented by  H.E. Kong Vibol who will deliver the opening speech. There will be some insightful presentations on what’s coming up. It’s a full day of amazing coverage of topics that are so relevant and pertinent today that it’s a great opportunity to take advantage of what is going to be the tax forum of the year.”Kilian adds, “If you want to be compliant. If you have a hard time understanding all the regulations including the existing one and newer ones, if you want to have the opportunity to engage directly with the best tax specialists in the country, and if you want to meet a larger network in the wider business community in Cambodia, well, then you have of the good reasons to attend this forum.”So, if you want to improve your knowledge and understanding on taxation in Cambodia, joining this event is a must. Tickets for the forum for Eurocham members go only for $50, and non-members can register and participate for only $60. FIND OUT MORE!Eurocham is still has sponsorship opportunities available for the event. Interested parties can call their executive team or talk directly to Blaise Kilian by emailing at  b.kilian@eurocham-cambodia.org

Just a decade ago, the Camko City was merely a lake area of Phnom Penh, Boeng Pong Peay. At that time, it was considered as the Northern end of Toul Kork, which has been traditionally a wealthy residential area. However, so far, the scene has dramatically changed, transforming into Northern center of the capital.Since the first satellite city planning was approved by the government in 2005, World City Co., Ltd., the developer of CamKo City introduced a global standard of residential, commercial, and business complex for the first time in the property market. The development has been slowed down due to external turmoil such as global economic recession, financial crunch and partners’ financial difficulties. However, we now witness that the area has strongly settled down as one of sought-after places.Some of the luxury villas in R2 Secret Garden project are being completed one by one, and ready for move-in.These finest properties will add more value to the existing residential area.Furthermore, commercial activities are becoming livelier. The shops along the Angkor Boulevard, a 30-meter wide road at the center of CamKo City, are recently occupied by more business owners, and they seem to enjoy prosperity with the increased number of residents and visitors.World City Co., Ltd. has resumed suspended condominium projects, and now is rigorously preparing to launch new upcoming projects.Regarding to the new projects, Mr. LEE SeungHyung, Senior Vice President of CamKo City mentioned, “Now, our follow-up projects are under careful planning and preparation. The market, in particular investment sentiment and demand trend, has changed. Our next projects will be responsive to this diversified demand.”“As population continues to increase in this region, there is a strong need for large scaled commercial, business facilities and amenities. Accordingly, an attractive commercial complex and high-street area is under planning for the C10 plot between R1 condominium and R2 Secret Garden villas. Also, in the M6 plot just north of R1 condominium, a mixed development of medical center, office spaces, serviced residence and retail is already planned. These new projects will begin one by one in an appropriate manner,” added by Mr. LEE.Lastly, the contribution to National Housing Policy is one of the biggest interest of the developer as well. Increase in housing demand and lack of affordable housing supply are raising significant social concerns. It is said that, reflecting the demand, a mid-ranged residential complex is already prepared in CamKo City and waiting for the launch.Also in the surrounding area of CamKo City, within Sen Sok and Russey Keo, noticeable developments have got into full swing. To the West of CamKo City, the second AEON Mall recently commenced the construction with the completion expected in 2018. At the North end of CamKo City, a renowned Australian International School Phnom Penh (AISPP) is about to complete the construction. In addition, large number of various high-profile residential projects are already completed and on process nearby.With all these developments both within CamKo City and the surrounding area, and along with Phnom Penh’s expansion,we expect to witness and enjoy the area’s further transformation into the global-standard satellite city, as initially sculpted by CamKo City.View the latest new developments on Realestate.com.kh!This story was featured in the September 2016 print edition of PROPERTY VIEW magazine, produced by the CVEA. Realestate.com.kh is very proud to support the CVEA’s Property View publication. For more information about joining the Cambodian Valuers and Estate Agents Association (CVEA) please click here. And, if you are interested in advertising placement or advertorial in the next edition of Property View Magazine, please contact Mr. Virith via email: virith007@yahoo.com Or call: 078 959 567  or 098 66 26 68

Experts have said that the group of islands off the coast of Cambodia will be able to help the real estate and tourism industry rise faster if development companies are willing to develop them to be more attractive to guests.During the past two years, there were 2 developers who announced plans to develop the islands in the province of Sihanoukville to become a favorite destination for tourists, both national and international.Kim Heang, the president of the CVEA and CEO of Khmer Real Estate, said that Cambodia is a country with many islands located in its coastal area. But so far, there doesn’t seem to be any significant changes you can see in these islands, even if there are already private developers licensed by the Cambodian government.He continues by saying that even with the licensing by the government, so far, some real estate investment companies have not used a lot of money to develop the islands. In other cases, some developers just sell out to another developer.He said that “when the project owners spend the money to develop maritime islands, then Cambodia will attract more tourists and investors. And also, the land price can potentially increase. The developer can start building infrastructure on the island to capture a higher market value of real estate after the roads, bridge, and travel become more convenient and comfortable.”He suggested that “if the company retains the right to invest in the island, they should work on the development of infrastructure because transportation will be taking guests around the island.”Chrek Soknim, CEO of Century 21 Mekong, said that a clear plan of development will bring out the potential of the area. And when foreign investors come to invest, it will be more profitable for Cambodia. Development in the island area can easily be done because the natural view of the island is very attractive.Vorn Chanthorn, CEO of Town City Real Estate said that investment on the huge islands need a lot of capital. The government also requires those companies to abide by the national and international environmental standards. Investment is not just for the sake of investing, but there’s also a need for proper, clear, and detailed inspections. Otherwise, it will damage the environment in the islands. So, there’s a requirement of a detailed research before retaining the right developers to invest.He said that “The development of the island is a positive thing for the tourism realm of Cambodia. If a company has the right to invest in the island, they should build bridges and if possible, build a resort or holiday home as well.Mr. In Sitha, director of business development of VTrust Appraisal Co., Ltd., said that “Real estate developers cannot develop the  island unless they get the license for long-term development - because a large amount of capital is needed to build infrastructures here. In such investments, it helps promote the beautiful island view for tourism and helps to employ citizens with jobs from food processing companies, souvenir shops, vendors, hotels, guesthouse services, and other entertainment places.There are 64 islands in Cambodia, where 54 are situated in the territory of the Sihanoukville Province. Koh and the rest of these islands are located in the Koh Kong, Kep and Kampot provinces, but so far 28 of these islands totally occupy an area of more than 18,000 hectares. These were leased to private companies as investments to turn them into tourist sites with luxury and attractions in mind. But in practice, we found that only a few islands are developed gradually as a tourist area such as Koh Pos island, Koh Dek Koul, Koh Song Saa, Koh Tang, and Koh Rong.In late 2015, the Royal Group of Oknha Kith Meng started the construction of a 5-star hotel called “The Royal Sands”, located on Koh Rong in Sihanoukville. After the project is completed, a new hope springs to attract more tourist to come.Check out the Cambodian Investment guide and learn more!This story was featured in the September 2016 print edition of PROPERTY VIEW magazine, produced by the CVEA.Realestate.com.kh is very proud to support the CVEA’s Property View publication. For more information about joining the Cambodian Valuers and Estate Agents Association (CVEA) please click here. And, if you are interested in advertising placement or advertorial in the next edition of Property View Magazine, please contact Mr. Virith via email: virith007@yahoo.com Or call: 078 959 567  or 098 66 26 68

According to the data from the Ministry of Land Management, Urban Planning, and Construction, there were around 2,500 developments covering an area of 7.7 million square meters of land last year and about 700 buildings – ranging from five to 55 floors – that were built across the country. Most of which are located in the Kandal, Siem Reap, Sihanoukville, and Battambang provinces. This contributed to investments in the construction sector which rose to an all-time high at nearly $3.5 billion or up to 40 percent from 2014.But despite the construction sector showing strong investment growth, construction owners still seem to take the topic of getting insurance lightly.According to the director and general manager of Forte Insurance, Youk Chamreounrith, with the rapid growth in the sector, risks become an inevitable factor in construction site management and should be one of the primary issues that owners and companies are keeping their focus on. He says that “in the insurance sector on the construction in Cambodia people seem to understand about it limitedly, while the other countries care of construction insurance a lot and take care of risks in the construction sites.”He states that the growing problem even urged him to demonstrate the risk issue to construction owners. He further encourages that “people, investors, and as well as construction owners should clearly learn and consider the importance of construction insurance. If the construction meets a small problem, it’s okay. But if the problem in the construction is big or the contractor runs away, the construction will get stuck” and will cost the owners more than they had anticipated.Hopeful for the future of insurance though, Chamreounrith says that “in the previous time, Forte paid millions of dollar insurance for some construction owners; however, the number of construction owners’ insurance purchasing is low. But I hope people and the owners will understand clearly about the construction insurance.”This is a sentiment that is backed up by Chhay Rattanak – the deputy director-general of the General Department of Financial Industry, Ministry of Economy and Finance – who says that the insurance sector plays a vital role in both developed and developing countries and is one of the pillars of the financial system and economic development through risk curb in the construction, industry and service sector.“Last year insurance capital in total was $8 million as insurance in the engineering sector was $3.5 million. In the last five years the sector saw an increase of 20 percent year-on-year which requires stakeholders to prepare regulations to improve the sector,” Rattanak said. He further expounds that “with the strong growth of the construction sector, the ministry called for construction companies and as well construction owners to buy insurance to protect their construction site. However, insurance purchasing from construction owners is still low which requires the ministry involved to prepare and urge them to buy insurance.”In 2015, about 500,000 people had life insurance worth about $22 million, which increased three-fold from the year before. The total premiums for general insurance also rose 16.4 percent last year from $53 million to about $61.6 million, with property, fire, vehicle, and the medical categories leading the way. This is according to the Insurance Association of Cambodia.The report from the association shows that the fastest-growing segment of insurance was property and fire that had premiums rising 35.1 percent, followed by vehicle insurance that grew 14.5 percent, medical insurance by 26 percent, and personal accident insurance up by 18.8 percent from 2014.Slowly, Cambodia is seeing the rise of construction security through insurance education and appreciation where hopefully, one day, the vision of Chamreounrith and Rattanak will come to be a reality.

Phnom Penh has just gained another prime freehold mixed use development property - except this one presents a truly holistic investment opportunity for new homeowners and investors. The project is named The Skyline  Cambodia and was proudly launched in April of 2015. Find out more about the Skyline today!Reaching New Heights:Located at the very heart of the central business district of Phnom Penh, in 7 Makara District, the Skyline is expected to reach completion by December of 2018 and will stand with a total of 39 floors.The first 3 floors will be solely dedicated to retail and mall space, followed by 6 full-floor parking levels - significantly more than most parking spaces offered by other developments in the area. The 9th level is where the communal facilities and pool deck will be located, while the 38th floor will serve as the sky deck featuring a breathtaking view of the whole city.The Skyline will stand amidst numerous landmarks of Phnom Penh urban life, such as the Peace Palace, Olympic Stadium, Canadia Tower, Vattanac Tower, and alongside the Central Market. It is also strategically located near embassies and schools like the German Embassy, Norton University, Tuol Kork Primary School, and the Phnom Penh International University.7 Makara district, in which the Skyline is located, is seeing significant land prices rises over the last year and a half, as developers begin to shy away from districts such as BKK and Tonle Bassac, with fears of an oversupply of units in these areas, and growing concerns about traffic congestion and infrastructural limitations.Soaring with a World-class Partnership:The Skyline is the product of a joint venture by international developers SGDP Development of Singapore and China-based Hong Lien, with a strategic partnership with local company Land & Houses (Cambodia) Investment Co, Ltd. (LHC) as their preferred sales agent.LHC was founded by a young entrepreneur Madame Se Lily who has also managed sales and development for several projects already, such as the Borey Varina, Chroy Chongva Residence, and Royal Bayview. Learn more about Land and Houses Cambodia now!Staying on Cloud 9:The Skyline development has a host of amenities and facilities within the property.Other than the sky pool deck, 3 floor retail shopping mall, and 6 floors exclusively reserved for car parking space, residents will also be able to enjoy eating at the outdoor dining area, cooking at the BBQ pit, working out at the outdoor fitness area, holding events in the various function rooms, relaxing on the landscape deck, or just catching up on their literature at the reading room.The Skyline will have two 29-storey blocks of residential units that come in either one bedroom, two bedrooms, three bedroom penthouses, or four bedroom penthouses. These units are fitted with built-in wardrobes in every bedroom, built-in kitchen cabinets, air-conditioners, heaters, and a whole lot more, all inclusive in the asking price.High time for Flexible Financial Terms:Buyers will be able to benefit from the developers 6% leaseback options, providing rental revenue of 6% for at least three years after the project’s completion. But there are also other options for buyers who want to continue this scheme after three years. This offer marks the developer’s strong confidence in the rental yield strength of 7 Makara.The developers, SGDP Development and Hong Lien, are also offering lower cash outlays at only $2,000 deposit. Property taxes are also straightforward and all inclusive in maintenance rates, with a stamp duty of 4 percent, 0.1 percent per annum property tax, a rental tax of 14 percent per annum, and a VAT of 10 percent.If you are looking to invest in a piece of high-end real estate that offers an international standard lifestyle with a development team you can trust, then find out more about the Skyline today!