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South East Asia Property Awards 2016: Whoโ€™s in the grand finals?
South East Asia Property Awards 2016: Whoโ€™s in the grand finals?
June 6, 2022, 5:05 p.m.
Realestate News
Realestate.com.kh is proud to be media partner for this year's South East Asia Property Awards. The finest developers and projects in 8 countries compete for the Best of the Best honours in Southeast AsiaIndonesia leads with 15 nominations, followed by Thailand and the Philippines with 12 nods eachMore than 40 developers are officially shortlisted to compete for the regionโ€™s highest honoursBest Boutique Developer (South East Asia) category makes it debut to reward niche developersDesign sector flourishes in the region as multiple projects in each country receive nominations ย  SINGAPORE โ€“ 4 November 2016 More than 40 developers from eight ASEAN countries are vying for the Best of the Best honours at the 6th annual South East Asia Property Awards 2016, the much-awaited grand finale event of the prestigious Asia Property Awards series, presented by Hansgrohe and organised by PropertyGuru, Asiaโ€™s leading online property group.Indonesia leads the nominations with 15 nods, with four going to Best Developer (Indonesia) winner PT Intiland Development Tbk, whose top-notch developments such as Serenia Hills and South Quartier have made an impact at last monthโ€™s Indonesia Property Awards. Likewise, PT Putragaya Wahana, the company behind the acclaimed luxury condo The Mansion at Le Parc project, is nominated in four categories.MQDC Magnolia Quality Development Corporation, the Best Developer (Thailand) winner at the 11th Thailand Property Awards in September, is hoping to be named Winner again in four categories. The companyโ€™s multibillion riverfront project โ€“ The Residences at Mandarin Oriental, Bangkok โ€“ is up for one Development and one Design award. Another Chao Phraya-based project, AVANI Riverside Bangkok Hotel by three-time nominee Minor Hotels, received three nods. Thailand is tied in second place with the Philippines with a total 12 nominations each. They are followed by Myanmar (with 10 finale entries), Vietnam (9), Malaysia (8), and Cambodia (4). A few more yet-to-be-revealed country winners will come from Singapore and announced on 24 November. The Philippinesโ€™ biggest bet is SM Prime Holdings, Inc, the commercial development arm of the SM Group, with a total of four nominations, including two for Best Commercial Development (Philippines) winner SM Seaside City Mall Cebu, and another two for the ritzy Conrad Manila hotel. Megaworld Corporation, which was declared Best Developer (Philippines) following an unprecedented four wins and 13 Highly Commended accolades at the 4th Philippines Property Awards last April, earned two grand finals nominations. Developers with more than three finale nods include: Borey Peng Huoth Group and Shwe Taung Development Co., Ltd., the Best Developer winners in Cambodia and Myanmar, respectively; Myanmarโ€™s Keppel Land, developer of the Sedona Hotel Yangon (Inya Wing) project; and Vietnamโ€™s Acteam International Co Ltd (a company of the Centurion Global Group Singapore), which enters the grand finals with the impressive resort residences and villas project The Dร lat at 1200 Country Club & Private Estate. The South East Asia Property Awards celebrates the successes of all the country winners following more than a yearโ€™s journey that began with the launch of the inaugural Cambodia Property Awards in late 2015, when the 2016 South East Asia Property Awards edition began at the entry stage. To date, more than 150 awards have been presented to the regionโ€™s finest real estate developers and developments. The country gala dinners, from Phnom Penh back in February all through Jakarta in early October, have welcomed more than 2,500 guests that included top government officials, global experts, senior industry figures and even royalty. There are a total of 13 grand finale awards to be presented, including seven in the Design categories โ€“ a sign that the regionโ€™s design and architecture sectors are flourishing with multiple finalists from several countries. A new category for Best Boutique Developer (South East Asia) also debuts this year to reward niche and up-and-coming developers. The shortlist of the South East Asia Property Awards has been announced today following a rigorous nomination and judging process that involved site visits by independent judging panels in each country to eligible projects. The whole process was strictly supervised by BDO, one of the worldโ€™s largest auditing and accountancy firms.Presented by title sponsor Hansgrohe, the South East Asia Property Awards grand finale is part of the two-day event on 23-24 November at the prestigious Shangri-La Hotel Singapore. The entire event will have three parts: a two-day Property Report Congress Singapore, the high-level conference series of Asiaโ€™s industry leading Property Report magazine that will feature insights from around 30 speakers including Winners and Judges of the Asia Property Awards; the South East Asia Property Awards (Singapore) ceremony in the early evening on the 24th; and the South East Asia Property Awards grand finals immediately right after the Singapore awards. There will be international networking cocktails and lunches on both days, and a lavish, four-course gala dinner on the second day in between the two awards ceremonies.โ€œ2016 has been a momentous year for the Asia Property Awards. Since starting 11 years ago the Awards have always endeavoured to reward the best in local real estate and produce credible winners with a transparent entry and judging system. We have achieved this goal by developing the most detailed and comprehensive entry system of any property awards in the world,โ€ says Terry Blackburn, founder and managing director of the Asia Property Awards, which celebrated its 11th annual gala dinner last September in Bangkok, attended by more than 600 industry-leading figures.โ€œSoutheast Asiaโ€™s property sector has come a long way in the last decade and we are proud to have been a part of that growth,โ€ he adds. โ€œItโ€™s been our privilege to work with all the developers who participated in each country over the years and we canโ€™t wait to know who will win at the grand finals this year.โ€ The South East Asia Property Awards 2016 Gala Dinner will be boosted by the support of gold sponsor Mitsubishi Electric, influential media partners including CNN International, the official broadcaster of the awards, and official property portal PropertyGuru.com.sg, Singaporeโ€™s No. 1 property website. Tickets to Southeast Asiaโ€™s biggest real estate event of the year are still available for an exclusive bundle package with the second Property Report Congress Singapore, where Kent Wertime, co-CEO at Ogilvy and Mather Asia Pacific and co-author of DigiMarketing, is confirmed to give the keynote address titled โ€œFuture Markets: Accessing the Next One Billion Middle Class Consumers.โ€Single entry for the Gala Dinner and Congress is USD810 and a table of 10 costs USD7,300. For reservations and more information, contact info@asiapropertyawards.com or visit the official website: AsiaPropertyAwards.com/singapore/The official shortlist of the South East Asia Property Awards 2016:DEVELOPERBest Developer (South East Asia)Borey Peng Huoth Group โ€“ CambodiaMegaworld Corporation โ€“ PhilippinesShwe Taung Development Co., Ltd. โ€“ MyanmarSime Darby Property Berhad โ€“ MalaysiaMQDC Magnolia Quality Development Corporation โ€“ ThailandPT Intiland Development Tbk โ€“ Indonesia*TBA โ€“ Singapore ย  Best Boutique Developer (South East Asia)AppleOne Properties, Inc. โ€“ PhilippinesGreen Vision Construction Company Limited โ€“ MyanmarMitraland Groupโ€“ MalaysiaSiamese Asset Co., Ltd. โ€“ ThailandAsiana Group โ€“ Indonesia*TBA โ€“ Singapore ย  DEVELOPMENTBest Villa/Housing Development (South East Asia)Grand Star Platinum by Borey Peng Huoth Group โ€“ CambodiaThe Dร lat at 1200 Country Club & Private Estate by Acteam International Co Ltd, a company of the Centurion Global Group Singapore โ€“ VietnamMahaSamutr by PACE Development Corporation PLC โ€“ ThailandSerenia Hills by PT Intiland Development Tbk โ€“ Indonesia*TBA โ€“ Singapore ย  Best Condo Development (South East Asia)Acqua Private Residences by Century Properties Group, Inc. โ€“ PhilippinesThe Nassim by SonKim Land & HongKong Land โ€“ VietnamThe Gems Garden Condominiums by Capital Development Ltd โ€“ MyanmarSerai, Bukit Bandaraya, KL by BRDB Developments Sdn Bhd โ€“ MalaysiaThe Residences at Mandarin Oriental, Bangkok by MQDC Magnolia Quality Development Corporation โ€“ ThailandThe Mansion at Le Parc by PT Putragaya Wahana โ€“ Indonesia*TBA โ€“ Singapore ย  Best Commercial Development (South East Asia)SM Seaside City Mall Cebu by SM Prime Holdings, Inc. โ€“ PhilippinesDeutsches Haus Ho Chi Minh by Deutsches Haus Ho Chi Minh Stadt Ltd โ€“ VietnamSedona Hotel Yangon (Inya Wing) by Keppel Land โ€“ MyanmarMedini 10 by Medini Iskandar Malaysia Sdn Bhd โ€“ MalaysiaSiam Discovery by Siam Piwat Co., Ltd. โ€“ ThailandSouth Quarter by PT Intiland Development Tbk โ€“ Indonesia*TBA โ€“ Singapore ย  Best Green Development (South East Asia)ArthaLand Century Pacific Tower by ArthaLand โ€“ PhilippinesMenarco Tower by Menarco Development Corp. โ€“ PhilippinesDeutsches Haus Ho Chi Minh Stadt by Deutsches Haus Ho Chi Minh Ltd โ€“ VietnamSerai, Bukit Bandaraya, KL by BRDB Developments Sdn Bhd โ€“ MalaysiaWhizdom Avenue Ratchada โ€“ Ladprao by MQDC Magnolia Quality Development Corporation โ€“ ThailandThamrin Nine Tower 1 by PT Putragaya Wahana โ€“ Indonesia*TBA โ€“ Singapore ย  DESIGNBest Residential Architectural Design (South East Asia)Grand Star Platinum by Borey Peng Huoth Group โ€“ CambodiaEmbassy Central by Urbanland Central BKK Co., Ltd โ€“ CambodiaUptown Ritz by Megaworld Corporation โ€“ PhilippinesThe Dร lat at 1200 Country Club & Private Estate by Acteam International Co Ltd, a company of the Centurion Global Group Singapore โ€“ VietnamRosehill Residences by Rose Hill Soilbuild Co., Ltd โ€“ MyanmarThe Crystal by Genting Property โ€“ MalaysiaMahaSamutr by PACE Development Corporation PLC โ€“ ThailandCasa Domaine by PT Griyaceria Nusamekar โ€“ IndonesiaThe Mansion at Le Parc by PT Putragaya Wahana โ€“ IndonesiaSelong Selo Residences by The Selong Selo Group โ€“ Indonesia ย  Best Residential Interior Design (South East Asia)Admiral Grandsuites by Anchor Land Holdings, Inc. โ€“ PhilippinesThe Dร lat at 1200 Country Club & Private Estate by Acteam International Co Ltd, a company of the Centurion Global Group Singapore โ€“ VietnamThe Gems Garden Condominiums by Capital Development Ltd โ€“ MyanmarPuteri Cove Residences by Pacific Star Development Pte Ltd โ€“ MalaysiaThe Residences at Mandarin Oriental, Bangkok by MQDC Magnolia Quality Development Corporation โ€“ ThailandThe Mansion at Le Parc by PT Putragaya Wahana โ€“ Indonesia*TBA โ€“ Singapore ย  Best Retail Architectural Design (South East Asia)SM Seaside City Mall Cebu by SM Prime Holdings, Inc. โ€“ PhilippinesJunction City Shopping Centre by City Square Commercial Co., Ltd (a member of Shwe Taung Development Co., Ltd) โ€“ MyanmartheCOMMONS by The Commons Co., Ltd โ€“ ThailandThe Breeze Lifestyle Center by Sinar Mas Land โ€“ Indonesia ย  Best Office Architectural Design (South East Asia)ArthaLand Century Pacific Tower by ArthaLand โ€“ PhilippinesJunction City Tower by City Square Office Co., Ltd (a member of Shwe Taung Development Co., Ltd) โ€“ MyanmarSouth Quarter by PT Intiland Development Tbk โ€“ Indonesia ย  Best Hotel Architectural Design (South East Asia)Conrad Manila by SM Prime Holdings, Inc. โ€“ PhilippinesSedona Hotel Yangon (Inya Wing) by Keppel Land โ€“ MyanmarAVANI Riverside Bangkok Hotel by Minor Hotels โ€“ ThailandSix Senses Resort Uluwatu Bali by PT Cahaya Warna Prima โ€“ Indonesia*TBA โ€“ Singapore ย  ย Best Hotel Interior Design (South East Asia)Conrad Manila by SM Prime Holdings, Inc. โ€“ PhilippinesMelia Ho Tram at The Hamptons by Tanzanite International โ€“ VietnamSedona Hotel Yangon (Inya Wing) by Keppel Land โ€“ MyanmarAVANI Riverside Bangkok Hotel by Minor Hotels โ€“ ThailandSix Senses Resort Uluwatu Bali by PT Cahaya Warna Prima โ€“ Indonesia*TBA โ€“ Singapore ย  Best Landscape Architectural Design (South East Asia)Melia Ho Tram at The Hamptons by Tanzanite International โ€“ VietnamCeladon City by Gamuda Land โ€“ VietnamD'Lagoon by the Lake at Seri Austin by United Malayan Land Bhd (UMLand) โ€“ MalaysiaAVANI Riverside Bangkok Hotel by Minor Hotels โ€“ ThailandThe New Australian Embassy, Jakarta โ€“ Indonesia*TBA โ€“ Singapore*Note: The Singapore country winners that will go on to compete in the grand finals will be announced during the gala dinner at the South East Asia Property Awards (Singapore) 2016 on 24 November.Find moreย ย real estate news on Realestate.com.khClick here to download your free copy!
Home Security in Cambodia - An Introduction on Realestate.com.khTV
Home Security in Cambodia - An Introduction on Realestate.com.khTV
June 6, 2022, 5:05 p.m.
Realestate News
Home and business security is of high importance for residential or business owners in Cambodia. Taking precaution for protection and crime prevention requires attention from the right providers in order to ensure that every property of yours is confidently secured.Ms. Sim Kalyan, the general manager of Global Security Solutions (GSS), joined Realestate.com.kh to talk about professtional home and business security. There are generally a few guidelines that deal with predictable risks and precautions for home security in Cambodia.What are the risks concerning home security in Cambodia, and business security?Kalyan says that most of the problems that home and business owners experience are theft, burglary, armed robbery, kidnapping, and fires. She explains that the armed robbers focus on the entrance of the house or areas near the house, while kidnapping could happen at home or elsewhere in order to get a ransom. These can cause injures or can even be deadly.How do you protect your home or business?Kalyan cited that the best solution for these risks is to find a professional private security company to help monitor the residential and business areas. These companies will then provide methods to protect your property. Another solution is to contact the police because they are trained specifically in the field of security and protection.Kalyan also provided two main key points which you can personally check:External Monitoring:Kalyan explained that external monitoring refers to the external aspects of housing such as location โ€“ whether itโ€™s an unsafe area, there are reports of robberies, or there are pickpocket boys around. We can also inspect whether or not there are lights on the road. Another factor to check is whether or not the fence is strong enough or high enough.In terms of the home itself, she said that we must inspect the strength of the doors and windows on all levels. She also cautions to be careful with the veranda area.Internal Monitoring:Kalyan said internal monitoring means paying attention to people in the home such as helpers and drivers. This means a clear and thorough review of their backgrounds. We need to be clear who they are or what they are about before allowing them to live in the house. You should even be aware of people like postmen or cable fixers.Another thing Kalyan mentioned is that you need to have is a list of emergency contact numbers. It should be posted on the wall or somewhere where itโ€™s convenient to find.Read more about home security in Cambodia tips on Realestate.com.kh!Click here to download your free copy!
$25 Million Affordable Housing Project Slated, Australian Investors
$25 Million Affordable Housing Project Slated, Australian Investors
June 6, 2022, 5:06 p.m.
Realestate News
People have been focusing on an affordable housing project by Worldbridge Land. The companyโ€™s CEO, Oknha Sear Rithy, says this project is located about 17 kilometer from Phnom Penh. The Worldbridge Land Company will invest around $100 million. Construction will start early 2017 and will take approximately two years to complete. The Worldbridge Land Company just recently officially presented its master plan. The project will occupy a total land area of 202,000 square meters where 107,008 square meters of the land will be used to develop residential units and 76,004 square meters will be dedicated to the development of the roads and garden. Itโ€™s possible for low to low-middle income earners to afford this housing project. It costs only $25,000 to $30,000. A recent AKP Reportย states that some local and Australian investors are planning another affordable housing project for lower-middle and middle class citizens. It will cost $25 million. This project will be located in Khan Porsenchey and Khan Dangkor, Phnom Penh. There is no clear statement about when construction will begin.This upcoming project will have three types of house designs โ€“ Khmer style house prices will start at $20,000, Khmer-Australian style houses will start from $25,000, and the Khmer-French style houses will start from $30,000.This will be more convenient for customers. The payment scheme will be a monthly installment at $100. This project will take 18 months to complete.Keep track the new development news on Realestate.com.kh!
Phum Baitang: Angelina Jolieโ€™s Home in Cambodia
Phum Baitang: Angelina Jolieโ€™s Home in Cambodia
June 6, 2022, 11:03 p.m.
Realestate News
Being away from home in Cambodia can be a frustrating feeling for some people. And worthwhile accommodations have been helping them feel a little less unsettled. Some people like extravagant rooms, some people want a variety of amenities, some people want a view of the city, and some just want a view of their surroundings.But Angelina Jolie likes to stay in places where she can immerse herself in the culture. Thatโ€™s why choosing Phum Baitang by Zannier Hotels was an easy choice for her home in Cambodia.How It All Started:It was in one of Jolieโ€™s numerous flights that she came across Phum Baitang on a magazine. It was perfect timing because she was then about to work on the Netflix movie โ€œFirst They Killed My Fatherโ€ at Battambang. She decided to make an arrangement for her and her family who stayed there for three to four months. She and her kids fell in love with the luxury resort instantly.Arnaud Zannier, founder of Zannier Hotels, recalled that at one point, Shiloh โ€“ one of Jolieโ€™s children โ€“ set up a tent in the garden. Meanwhile, Jolie said that Phum Baitang is โ€œwhere the best of Cambodia is shared with those who are looking to enjoy peace, tranquility and the uniqueness of the country.โ€Zannier says Jolie โ€œloves the fact that the resort is very authentic, very simple, very emotional. We have tried to transport the real Cambodia within the walls of the hotel.โ€What the Hotelโ€™s About:Phum Baitang Hotel is located in Siem Reap and is sort of a green village. There are a lot of authentic factors about this 5-star resort that make it stand out. But one of the rare things that Angelina Jolie fell in love with is the paddy field. It comes complete with farmers too. ย More than that, the resort is an eight-acre property filled with greenery and natural elements such as stones and wood. It has 45 villas in total with authentic Cambodian architecture and designs. 25 of these villas have private terraces and the other twenty have private plunge pools.Phum Baitang also offers relaxation treatments and facilities through the Spa Temple which has 7 treatment rooms, a steam room, a sauna, and a relaxation area. They also have a Yoga pavilion, a 50-meter infinity pool, and a fitness room.Phum Baitang also boasts local and international cuisine through its two restaurants in the vicinity. You can also grab a few drinks at the cigar and cocktail lounge thatโ€™s situated near the paddy fields.So whether youโ€™re looking for an authentic Cambodian experience or just a relaxing stay in the area that feels like a home away from home in Cambodia, Phum Baitang by Zannier Hotels might give you a mix of a little bit of both. And you might just bump into Angelina Jolie tooโ€ฆLooking for hotel properties? Check out commercial property for sale and rent across Cambodia.Click here to download your free copy!
Will there be a Loan Crisis in Real Estate Sector coming?
Will there be a Loan Crisis in Real Estate Sector coming?
June 6, 2022, 5:05 p.m.
Realestate News
A question is repeatedly raised regarding the crisisย in real estate sector: โ€œWill there be an upcoming loan crisis?โ€ Yin Leangkong โ€“ editor in chief of the magazine Property View, and presenter and editor of real estate and economics at BTVโ€“ talks to Realestate.com.khTV about it.There have been talks of excessive credit growth in the real estate industry in Cambodia. This is causing concern of whether there might be a credit crisis down the line. ย Recently, financial institutions have shown the year to year credit loan growth rate at an average of 30 percent. And this growth mainly focuses on the real estate sector. Do you have any comments relevant to this point?When credit loans increase, we find both negative and positive sides to this aspect. The positive is that when the credit increases, then thereโ€™s a cash flow for the citizens and the economy.It is good for citizens when they place this cash into targeted businesses by creating a business with a clear plan. Itโ€™s also even greater for business expansion, etc. These activities create more jobs for people.Also, when the working capital is running in the market, it shows positive effects for the economy.The downside in terms of the rapid growth in credit rate is that there are possible implications. For instance, the growth of the loan amount ย from banks and microfinance institutions in Cambodia increased approximately 65 percent in 2015, in terms of Gross Domestic Product (GDP). This shows that the economy of the country may be in danger.But the situation changed in 2016. Loans decreased. So this significantly releases plenty of risk right away. The bank loans or microfinance loans were reduced and now there is a stronger and stricter loan application process than before.In your point of view, do you think that the real estate market will collapse like it did in 2008?Itโ€™s impossible! Actually, the real estate crisis in 2008 did not start out from Cambodia. It was a global crisis that started from the United States. And although the real estate market slowed down, intelligent and experienced investors in real estate have already taken precautionary measures. Moreover, government already issued regulations to prevent a crisis in this sector as well.Should micro finance companies and banks continue to provide loans for citizens?I think loan providing institutions should keep lending to people, but there should be a limitation and conditional loans must be specific and clear. When providing loan to people, you have to make sure it will contribute to help for a better standard of living for the customers. For a home loan, it may be suitable with the middle-class bracket. A term loan will provide both affordable standard of living to people. It also profits banks or microfinance institutions.But if there are too many home loans, it may be cause for a crisis. The global economic crisis that started from the United States is a good example. This crisis was due to an excessive amount of home loan buyers in the country that were offered with lenient home loan conditions. ย They didnโ€™t only buy to live in the properties, they also bought properties to sell for returns. Then when all those loans got stuck, they couldnโ€™t be paid back; so this pushed the real estate crisis broadly to the entire economy.Thus, these loan and financial institutions should seriously consider making clear and strict loan policies before offering loans. It may not be possible for financial institutions to stop loaning immediately, but it would be good to balance the transparency between the supply and demand in order to benefit both the financial institutions and the citizens. It can also help make the macro-economy ย better.Read more about latest real estate news in Cambodia on Realestate.com.khClick here to download your free copy!
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Introduction of stamp duty for soft title properties: BREAKING NEWS
Introduction of stamp duty for soft title properties: BREAKING NEWS
June 6, 2022, 5:06 p.m.
Realestate News
Property Buyers & Sellers Advice
This article was provided by Desmond Yap, General Manager ofย Yong Yap Properties.ย It seems like the directive of H.E. Kong Vibol, Director General of GDT, ย presented in Cambodiaโ€™s first Tax Forum in September ย is swiftly moving into action, with officers checking rental contracts of commercial locations for VAT and now what appears to be the introduction of a soft titled property transaction tax.We will unofficially call this a โ€œstamp dutyโ€ tax for now.At the start of the week, Sreyleak EnChan, Yong Yapโ€™s star consultant, was processing a new sale transfer at the sangkat office (local authority) when surprisingly, a new procedure was in place to transfer, with the need for the Ministry of Land Management, Urban Planning and Construction (MLMUPC) and the General Department of Tax (GDT) to be involved.Yong Yap Properties have met and discussed with the four main sangkats of khan Daun Penh in which they specialize in, along with verifying as much as possible with the khan and other related sources, the procedure now appears to be the following:Register to transfer property at your local sangkat office as per usualThe local MLMUPC office will be informed and an appointment arranged to inspect and measure the propertyA stamp duty tax invoice will be issued for the vendorOnce the sangkat has confirmed payment from GDT, the title process can continue as per normal to the khan.The additional costs appear to be $50 for MLMUPC to measure and issue invoice. ย Stamp duty tax appears to be $6-8/m2 for the internal size of the property. ย For the standard one bedroom flat, you would be expected to pay an additional $400-$700. ย Transfer time is now expected to take 4 โ€“ 6 weeks, previously 3 โ€“ 10 days.This has come as no surprise as there has been rumors of imposing stamp duty tax on soft title properties since the start of the year.The surprise (or lack of in Cambodia) is that in typical Cambodian style, this law was enforced overnight without information passed onto the public or even the local authorities handling the situation, causing much frustration in the industry.Looking forward, if all our findings are correct, we hope this will bring more transparency and confidence in the security of soft titled properties to the market. ย ACLEDA is the first major bank to provide loans for soft titled properties, with this additional tax registration, it should lead the way for other major banks to follow suit.See original story here.Find out more about land title in Cambodia on Realestate.com.khClick here to download your free copy!
Property Tax Update: Property tax submission deadline has extended
Property Tax Update: Property tax submission deadline has extended
June 7, 2022, 5:07 a.m.
Realestate News
Property Buyers & Sellers Advice
The General Department of Taxation (GDT) has extended the deadline for owners to settle their immovable property tax.ย  The usual deadline is September 30 every year. This yearโ€™s deadline has been extended to October 31, 2016, a month longer than the usual date. โ€œPropertyโ€ is referred to lands, houses, buildings and other constructions that are built on the land.The GDT has already issued two official notifications, numbers 12723 and 13466, reminding all owners of immoveable property to submit their Property Tax Application and pay their tax.Notification No. 13466 ordered owners of registered immovable property to pay their 2016 tax at any tax office or branch of Canadia or Acleda Bank, using the receipt for their 2015 property tax payment if the size of their property had not changed size, been separated, demolished, or changed hands. If any such changes have taken place then owners must inform the GDT so the department can update its records for any potential additional tax payments.Note that the failure to register immovable property and pay tax may result in penalties in accordance with tax regulations.The purpose of the law is to rationalize the use of land and to benefit the sub-national administrative budget. The property tax is to beย imposed in all municipalities and provinces of the Kingdom and applies to immovable properties valued in excess of one-hundred-million Riel (25,000 USD).Property Tax baseThe tax is to be collected annually at a rate of 0.1% of the value of the property. The value of the properties will determined on market prices as evaluated by the Property Evaluation Committee established by the Prakas of the Ministry of Economy and Finance.Property Tax Calculation: an example from Cam Accounting & Tax Limited is a leading audit firm (Chartered Accountants) in Cambodia which offers Tax, Accounting and Audit Services.Mr. Heng owns one three-level building (E0, E1, and E2) of 4m x 16m with a total land area of 10m x 40m. The market prices per square metre would be evaluated by the Property Evaluation Committee as follows:Land price: $400/m2 Ground floor (E0): $120/m2 First floor (E1): $80/m2 Second floor (E2): $65/m2 Land price: $400 x $400 = $160,000 Ground floor (E0): $64 x $120 = $7,680 First floor (E1): $64 x $80 = $5,120 Second floor (E2): $64 x $65 = $4,160 Total price of property: $176,960 Property Tax = (80%* of Price of property โ€“ $25,000) x 0.1% = ($ 141,568 โ€“ $25,000) x 0.1% = $ 116.5 The information in this article was provided by Mr. Keat Heng (ACCA, CPA), Managing Director of Cam Accounting & Tax Limited.Contact Cam Accounting & Tax Limited for further assistance. The company will assist you with your immovable property and any payments you are required to make, calculating the amount of tax due by calculating the amount of property tax payable and submitting the correct payment to GDT.For further information or assistance, contact: Cam Accounting & Tax Limitedย Head Office:Head Office: Room 508, 5 Floor, Bayon Market, No. 33โ€34, George Dimitrov (St. 114), Sangkat Monorom, Khan 7 Makara, Phnom Penh, Cambodia. Phone:(855) 97 5555 298 Eโ€mail: partner@camโ€at.comLearn more about Cambodia property tax by watching this video on property tax on Realestate.com.khClick here to download your free copy!
Kampot and Kep sees 23.2 billion dollars invested in early 2017
Kampot and Kep sees 23.2 billion dollars invested in early 2017
June 6, 2022, 5:05 p.m.
Events & Announcements
Realestate News
Location Profiles
In a program with local media news, BTV, Mr. Chheang Sophanna โ€“ international sales manager of Pallas Group โ€“ said that the company plans to launch its $23.2 billion development project in March of 2017. ย It will be located in the coastal area of Kampot and Kep.The government issued a license of development for to the project on October 12, 2016.Mr. Sophanna added that the Kampot and Kep project will be developed for residential holiday homes, business, and tourism and holiday homes. This is the first large-scale international project. It will be a great way to welcome foreign visitors from all around the world, he claimed. ย Pallas Group is an international real estate company which is expected to occupy a total land area of 4,158 hectares in Kampot and 144 hectares of land area in Kep. Meanwhile, the company is also looking to do a similar project in Thailand and Vietnam. Kampot is situated 148 kilometres away, while Kep is located 170 kilometers away from City of Phnom Penh. Ms. Siriluck Choochart, the President of Pallas Group, mentioned that the project in the two provinces will be called the โ€œFrench Riviera Marinaโ€.The French Riviera Marina is set to become an international destination for purposes like residential, business, tourism, and film production. Siriluck cited that the company's Kampot and Kep project will create over 50,000 jobs after the construction begins and thousands more after the development is completed. And each project will be environment-friendly. It will also make use of modern construction materials and the most advanced construction methods. This project will be made with quality in mind and is slated to become the best of its kind in Cambodia.The French Riviera Marina will also offer a safe sea park that includes villas, hotels, apartments, a swimming pool, artificial beach, a private coast, a golf course, a port, boutique shops, leisure area, and many more.Enjoy more of the latest real estate news!Click here to download your free copy!
Improve your listing quality, and sell on Realestate.com.kh FASTER!
Improve your listing quality, and sell on Realestate.com.kh FASTER!
June 6, 2022, 9:00 p.m.
Realestate News
It is extremely easy to create a new listing on Realestate.com.kh, whether you are a private seller, landlord or real estate agent.However, there are some simple ways you can improve your listing quality and make sure every property you list on Realestate.com.kh gets the views and sales leads it deserves.The better your listing looks and the more information it contains, the more views your listing will receive from prospective buyers โ€“ and the faster you will sell or rent that property.And to ensure property seekers on Realestate.com.kh are presented with the highest listing quality possible, we automatically display listings with 0-1 images at the bottom of the list. Quality listings will always be preferred by our website, and sit higher in the list of search results.Tips to improve listing quality:1) Upload more than 3 Quality Photos:Some buyers who are accessing the site from outside Phnom Penh, or internationals who are searching for property from overseas on Realestate.com.kh, canโ€™t view the property in person, or may have trouble navigating new cities in Cambodia. Hence, they rely on the photos more than most property seekers. Therefore, it is wise to make sure you (or your agent) take high quality photos โ€“ and lots of them. Furthermore, in most cases, the user on Realestate.com.kh only wants a physical property inspection if they really like the look of the property in the photos. There are so many properties to choose from on Realestate.com.kh, that home seekers will not waste their time looking at properties with poor quality photos; or photos of a messy house.The more photos โ€“ the better: After all, a picture speaks 1000 words. Realestate.com.khโ€™s internal data shows that your chances of selling a property can increase by 85% if you upload more than three images.Real Photos: It is very important that the photos you upload are of the actual property you are selling, as this will show potential buyers exactly how the property looks โ€“ and prove it is a genuine property for sale.Quality Photos: Always use a camera, not your phone!Clean the House: Clean the house thoroughly and remove clutter to make the space look as big as possible.Remove personal items and fixtures: People want to imagine their things in the house, not your things!Use the Light: Take photos in the daytime when the sun is out! Make the property look as light and lively as possible.Variety of Photos: Take a photo of every room in the house, and try to include any eye-catching and unique features that will draw users to your listing.Consider Functionality: Take photos that demonstrate the functional aspects of the house also. For example, include pictures of the connecting hallways, the security features, the laundry and the size of the car parking spaces. These may not be the most exciting images, but the to potential buyer or renter they hold a big value.Upload landscaped images: If the image you upload is portrait it appears cropped on the listing on Realestate.com.kh until the image is fully opened. If the image uploaded is landscaped, it looks good even when embedded inside the listing. So always flip the photo file before you upload it.2)Take time writing a Quality Listing Description:Offer as much detail as possible when you are writing your listing description. And most-importantly, put yourself in the property buyerโ€™s shoes! What features will they find most attractive in your property? REMEMBER, do not rewrite the price, size of the property, number of bedrooms and bathrooms, your email address or phone number etc. in the description section, as this confuses the user. Instead, use the dedicated sections where you can tick the features of your house, and add price etc.English AND Khmer: Write an English AND Khmer listing headline and description in the designated section. Donโ€™t kill half your audience by ignoring one language.Tell us the Title: What title do you have for that property โ€“ soft title, hard title, strata title etc.? Tell the buyer in the listing description.Special Features: What special features does the property have? If there is something special about the property, tell everybody!Property Uses: What is the property's current use? What are the propertyโ€™s potential uses? Are there any restrictions on its future use?Nearby Amenities: What are the amenities and attractive places that are close by to your property โ€“ schools, hospitals, shopping centers, government institutions, transport etc.?Construction: Is the propertyโ€™s location free from ongoing construction? As major cities in Cambodia see construction booms, a property free from the noise and distractions of ongoing construction is an attractive feature.Access Roads: How about the road quality and quality of infrastructure near the property?Renovations: Has there been any recent renovations to the property?Extra Notes: Is the price negotiable? Are contractual terms flexible? Are their benefits to long term rental agreements (if a rental)? Do any services come free/inclusive with the property? ย References: If you have any online references from previous clients who recommend your services, or ex-tenants who have positive reviews about the property, or a personal LinkedIn profile, include these all in the listing description โ€“ and inside your seller profile on Realestate.com.kh. All these things will build trust between you and the potential buyer/renter.3) Get your Contact Details Perfect:Your listing is a waste of time if people canโ€™t get hold of you! So make sure your contact details are perfect.Add two phone numbers and two email addresses if you know that sometimes you will be too busy to take the calls.Take time to improve your โ€œPersonal Profileโ€ or โ€œAgent Profileโ€ on realestate.com.kh. This profile allows you to give some extra information about yourself and/or your real estate agency. Completing this profile before you list is the perfect way to create a sense of trust and familiarity between yourself and potential buyers and renters. The more people know about you, the more people will see you as a legitimate seller/renter.If you are an agent, you should also include your agencyโ€™s name and upload your businessโ€™ logo to your profile. Whenever your logo is spotted on a listing, buyers will immediately know who you are, and your agencyโ€™s reputation. This recognition will ensure you benefit from the reputation of your agencyโ€™s brand, your previous transactions and build long lasting and profitable relationships.Also, if you are an agent, add a professional photo of yourself. A professional picture adds more credibility to your listing.Make sure you are registered on realestate.com.khโ€™s โ€œFind an Agentโ€ page too โ€“ and complete the profile. This is where our users come to find an agent, so make sure you are on the list!ย 4) Make your Property Listing Headline Count!Add a โ€œProperty Headlineโ€ in both English and Khmer โ€“ and make it count. If it is simple and clear, people will find your items before they find another. Realestate.com.kh has thousands of listings, so you need to make sure your title quickly summarizes what you have to offer!SEO Optimize it: Think about what people normally search for on google or on realestate.com.kh, and make a title for your listing that includes key search terms.Give a short, simple and relevant name to your listing. For example, โ€œBig Villa for Sale in Toul Korkโ€ or โ€œ10th Floor Condo Unit On Street 51โ€ are ideal name choices.It is just a title! Save any description for the dedicated description section.5) List a price โ€“ Donโ€™t list Price On Application (POA):At realestate.com.kh, we have found that potential buyers generally read the homeโ€™s description and expect to see an exact listed price. As such, we strongly recommend that you include a price on any listing if you want to maximise your inquires.Donโ€™t scare potential buyers: If a home features a long list of unique details but lacks a sales price, buyers tend to think the home is likely overpriced. Make it easy for someone to investigate your home further by providing as many details as possible: including a list price.If the price is negotiable: also let the user know in the listing description.If the terms of sale/rent are negotiable: let the buyer know in the listing description.ย 6) Follow up your sales inquires QUICKLY and PROFESSIONALLY:When you receive phone and email inquiries for your property on realestate.com.kh, it is extremely important that you follow up with the potential buyer and renter as fast as possible. If you donโ€™t get in touch quickly, your potential buyer or renter will soon find another offer, and another seller who is more interested in them. Following up inquiries slowly immediate makes you seem unprofessional and unorganized!International leads process: For international inquiries it is best practice to first contact via email with clear information, and then follow up with a call in English language, or whatever is the preferred language of the international buyer.Know the language: If you donโ€™t speak English, or whatever the buyer's preferred language is (albeit French, Chinese, Japanese, Thai, German etc.), find a friend who does speak this language fluently to follow up the lead for you.Remember, an international user who inquires through a property portal is a SERIOUS LEAD and should not be wasted. Internationals totally understand the real estate portal system, and will only inquire to you if they genuinely intended to!Local Buyers: For local inquiries from inside Cambodia, it is best to call directly, as soon as possible.Know your product! Always be professional and understand your property information perfectly before calling. If you seem confused about the details when you contact the potential buyer or renter, they will lose trust in you and your property.For agents listing old properties: if the potential buyer or renter has inquired for a property that you know is already sold or rented, please be honest about this when you contact them about their inquiry. If you are honest about this, you can then establish enough trust with the prospective customer for them to allow you to show them similar properties that you are listing.ย 7) Upgrade Listings:You can now upgrade your property listings for sale or rent to โ€œfeaturedโ€ on Realestate.com.kh for only about $1 per day! This means your property will be on the top of the list, and get more exposure and more inquiries. Just click โ€œUpgradeโ€ on the property that you want to upgrade inside your sellerโ€™s office and we will do the rest!8) Refresh Listings:If your property is still for rent or sale, you can now refresh your listing once every 7 days and bring it back up to the top of the list! When you click โ€œREFRESHโ€, the property will be moved back up to the top of the list where potential customers will see it!Harness the online revolution that is spreading across Cambodia โ€“ and get your listings sold on Realestate.com.kh today, Cambodiaโ€™s home of real estate.Make a listingย now! Itโ€™s fast, easy and free, with no commission on sale!
Century21 Cambodia Presents $100 Billion Forest City Project to the World
Century21 Cambodia Presents $100 Billion Forest City Project to the World
June 6, 2022, 5:06 p.m.
Realestate News
On the 20th of September, 2016, Century21 Cambodia officially signed an MOU with the Country Garden Group: a Forbesโ€™ Fortune 500 Company, incorporated in 1992 and headquartered in Guangdong, China. Country Garden was listed on the Hong Kong Stock Exchange in April 2007, and currently employs 70,000 employees through 238 subsidiaries.The MOU offers Century21 Cambodia and all national franchises rights to market and sell the Forest City project. The MOU will also give Century21 Cambodia the exclusive rights to handle all sales inquiries for the Forest City project that are generated by the entire Century21 International Families network. Finally, the MOU allows Century21 Cambodia to introduce the Country Garden Group to opportunities within the Cambodian market. The Forest City project is a joint venture between Country Garden Group and a company controlled by the Johor Government, Malaysia. In total, the Malaysian-based project has around 5,000 acres of land, which makes it roughly two thirds the size of Macau. Valued at $100 Billion, Forest Cityโ€™s ongoing development will last 30 years, creating 220,000 jobs opportunities for Malaysians. While an ongoing development, some phases are already available for occupancy.China and Singapore are the main foreign investors of Iskandar Malaysia thus far due to its convenient access to Singapore. Forest City is located just two kilometers from the border, with new entry points by land and by sea enabling a seamless connection. In fact, residents can enjoy 24 hours shuttle bus services to and from Singapore. A self-constructed highway also provides quick access to Kuala Lumpur and the Johor Bahru CBD.Mr. Kuy Vat, Chairman and CEO of Century21 Cambodia, stated that Century21 Cambodia has great faith in the Forest City project given that Country Garden is one of Chinaโ€™s largest development companies, and listed by Forbes as a fortune 500 company in 2007. Country Garden has over 500 projects around the globe and collects annual sales revenue of over $20 billion.โ€œThe reputation of this company and this project made it easy for Century21 Cambodia to agree on the partnership,โ€ says Kuy Vat.ย investors overseas.โ€Mr. Seraj Sutton, Managing Director of Global Strategic Business Development (GSBD) at Century21 Cambodia, said โ€œOur main focus is strategically thinking globally. This means proactively promoting Cambodia investment opportunities to the global market, but also promoting the global real estate investment opportunities in Cambodia for local investors. Furthermore, also promoting overseas real estate investment opportunities to the international Mr. Caleb Loh, Business Development Director of Country Garden Pacificview SDN BHD stated that, โ€œthe secret to our company's huge success around the world has always been in the quality of our partners. Hence. Century21 Cambodia are an ideal company for us to work with on this project.โ€Forest City has been announced as a duty free zone by the Malaysian government, with areas that enjoy import duty and goods and service tax exemption. Tourism and MICE, education and healthcare are also qualified for corporate tax exemption for the first 5 years.Iskandar Malaysia, the location of Forest City, is the most successful out of the five economic corridors in Malaysia. In 2014, Malaysian Prime Minister Najib Razak announced that โ€œthe economic zone in Johor has secured $47 billion investment, of which 51% or $23.8 billion has been realized.โ€For residential buyers, the project offers a seafront living paradise, with 100% freehold landed and high-rise apartments - at a quarter of Singaporeโ€™s prices. Forest City is surrounded by the worldโ€™s second largest mangrove reserve, ecological wetlands and other natural resources; together with 10 kilometers of lush coastline. Ranging from 2 to 4 seaview bedroomed apartments and landed properties, Forest City has already generated more than $1.5 billion in sales within just 6 months.Forest City will be the first city of its kind worldwide, where horticulture covers the facades of the buildings, creating a natural eco-barrier which conserves energy, purifies the air and reduces noise pollution. It also utilizes an advanced multi-layered urban planning concept in which parks and recreational spaces spread around the city cover over 20 kilometers squared. There is no vehicle traversing the city surface, instead railways connect the whole city and roads, flyovers and parking space are docked underground, meaning total separation of pedestrians from vehicles.Seraj Sutton notes that a lot of the populations of investors around the world, including Cambodia, are looking to diversify their portfolio. That is why Century21 Cambodia are creating opportunities for Cambodian property investors to invest in world-class overseas projects: Seraj Sutton stated, โ€œForest City fits perfectly in our "Complete Global Vision and Strategy.โ€When finding investors for Forest City, Century21 Cambodia is aiming to leverage partnerships in countries like Cambodia, China, Hong Kong, Macau, Taiwan, Malaysia, Indonesia, Vietnam, Singapore, Japan, Korea, Thailand, France, India, Australia, Canada, and USA.Find out more about this exciting investment opportunity today with Century21 Cambodia.Click here to download your free copy!
Sihanoukville Special Economic Zone may be developed as a Shenzhen City in Cambodia
Sihanoukville Special Economic Zone may be developed as a Shenzhen City in Cambodia
June 7, 2022, 7:13 a.m.
Realestate News
The Sihanoukville Special Economic Zone (SSEZ) is an overseas economic and trade cooperation zone made possible through the partnership of the Jiangsu Taihu Cambodia International Economic Cooperation Investment Co., Ltd and the Cambodia International Investment Development Group Co., Ltd.The Sihanoukville Special Economic Zone is located 3 kilometers from the Sihanoukville airport and 12 kilometers from the Sihanoukville international deepwater port. Itโ€™s also close to National Highway No. 4 and 210 kilometers away from capital city of Phnom Penh. Sihanoukville is the only international port city in Cambodia.In an article by Koh Santepheap Daily released on October 24, 2016, Mr. Jack Chen โ€“ CEO of the Special Economic Zone of Sihanoukville โ€“ explained that the Sihanoukville Special Economic Zone is turning into a counterpart of Chinaโ€™s Shenzhen City. It offers great potential for the development of the economy and the industry sector. The SSEZ has a total area of 11.13 square kilometers. 5.28 square kilometers of this will be dedicated towards the leading industries in the SEZ such as textile and clothing, machinery and electronics, and light industry products.Jack Chen continued to say that across eight years of development, the SSEZ had created an international industrial park that had absorbed investments from China, Japan, France, South Korea, and the European Union. Currently, the special economic zone holds 103 enterprises with 88 operating and employing over 16,000 thousand people.Chen also said that โ€œmoving forward, the SSEZ will have a total of around 300 industries coming into the area and will have the manpower of about 200,000 employees. Other than employment opportunities for residents of special economic zones, workers and students will also be trained to use the Chinese language for workers and students. There will be a school building fund for the Bet Trang commune. The special economic zone will also build a vocational training center to teach people in order to obtain greater integration to compete in the ASEAN platform. Moreover, the special economic zone will see the construction of a standard hospital ย to provide health services for citizens and workers. ย President Xi Jinping of China during a recent state visit to Cambodia acknowledged the progress of the special economic zone in the Sihanoukville province. He also pointed out that the economic zoneโ€™s model of cooperation between China and Cambodia started with the vision of infrastructure connection and cooperation within the strategic framework of โ€œone belt, one roadโ€. ย The SSEZ will provide better opportunities and livelihood for locals. This project will significantly ย benefit the whole country, Jack Chen said.Read more about development in Sihanoukville province on Realestate.com.khClick here to download your free copy!
North Park Condominium โ€“ Luxury & Lifestyle Living
North Park Condominium โ€“ Luxury & Lifestyle Living
June 6, 2022, 5:05 p.m.
Realestate News
North Park Condominium perfectly blends contemporary design with modern lifestyle amenities, in a lush, natural environment, featuring lavish-style grounds and facilities. The first thing you will notice on arriving at North Park is the sense of space. The same is true when entering the apartments themselves.With 1.2 hectares of beautifully landscaped gardens, North Parkโ€™s intention is to blend between interior space and its luscious open space surroundings. Designed to create a world class lifestyle unlike any other, North Park boasts stunning interior and exterior features with 5 star resort amenities.With a beautiful lagoon swimming pool, restaurants, gym, playground & 24 hours security, your daily life will be enhanced by the feeling of relaxation and exclusivity.Financial:35 percent of the 55 units in the Sapphire tower have already been sold before its official handover date on March of 2018. Currently there is a special promotion called North Park Guarantee (NPG) which enables serious buyersโ€™ huge savings. For a limited time only the current promotion is open to 7 units which comprises of a discount, a 7% rental guarantee annually for 2 years and free property transfer.The Royal Group:The North Park Condominium is a project by the Royal Group of Cambodia. They are recognized as the countryโ€™s โ€œmost dynamic and diverse business conglomerateโ€. They are involved in telecommunications, financial services, media and entertainment, hospitality, property and transportation. Theyโ€™ve also been part of large-scale development projects in other sectors such as the recent Royal Railways project.North Park Luxury:The North Park Condominium is a very low-density development that is family-centered. It was designed by international architects who followed international standards during the planning and execution of the project. Condo units range from one-bedroom to three-bedrooms that start anywhere from 55 square meters to 245 square meters. These all come standard with a large balcony looking over manicured landscaped gardens or a Laguna pool.They include amenities like the resort-sized pool, modern gym, childrenโ€™s pool, lagoon, playground, restaurant, and BBQ area cater to different family members. The condominium also offers 24-hour security facilities and CCTV systems.Itโ€™s located along Street 2004 at the Northbridge Community in Phnom Penh. Notable landmarks in the location includes the Northbridge International School, CIA FIRST International School, Cambodian Country Club and Ratana Plaza Shopping Center.For a lavish and luxurious resort-like home for you and your family, the North Park Condominiums project is a perfect choice.Learn more about North Park Condominium today!Click here to download your free copy!
Kakab and Chaom Chau is seeing huge Residential & Industrial Growth: VTRUST Pou Senchey Market Review Q3 2016
Kakab and Chaom Chau is seeing huge Residential & Industrial Growth: VTRUST Pou Senchey Market Review Q3 2016
June 7, 2022, 5:23 a.m.
Realestate News
As the Phnom Penh Urban Area Expands Rapidly, Chaom Chau, Kakab is seeing huge Residentialย & Industrial GrowthIntroduction:Covering the majority of the western part of the capital, Pou Senchey district (locally called โ€˜khan Pou Sencheyโ€™ or Khmer: แžแžŽแŸ’แžŒ แž–แŸ„แžŸแŸ‚แž“แž‡แŸแž™) is currently the largest of all 12 districts of ย Phnom Penh and home to about 184,000 residents. As of today, Pou Senchey is administratively subdivided into 10 communes (locally called โ€˜sangkatโ€™ or Khmer: แžŸแž„แŸ’แž€แžถแžแŸ‹), namely Boeng Thum, Chaom Chau, Kakab, Kamboul, Kantaok, Ovlaok, Phleung Chheh Roteh, Samraong Kraom, Snao, and Trapeang Krasang.It shares borders with four other districts, namely Preaek Phnov district to the north, Sen Sok and Meanchey to the east, and Dangkao to the south.Market Summary:Pou Senchey, since the last decade, has seen a rapid pace of development, especially in the realm of residential,ย commercial, and industrial sub-sectors, leading to a considerable land price surge across the district. Observed within the period of the past three years, the district experienced an average annual growth of 31 percent in land prices, from US$110 p.sqm. in 2013, when averaged across the whole district, to US$170 p.sqm. in Q3 2016. Within those three years, 2014 and 2015 marked the strongest growth for land prices, yet during the course of three quarters of 2016 the prices were sluggish to move upward due to the situation that overall real estate market has cooled down steadily since late 2015.Fortunately, recent housing and plot land subdivision market stimuli practiced by many of developers have been seen to bolster the market growth again, albeit slowly, and this trend will continue helping boost market demand and thus keep real estate prices from going down negatively.Land Market and Pricing:In general, market prices for land across Pou Senchey district grew 31 percent y-o-y since 2013 until 2015, while the two bustling communes of Chaom Chau and Kakab grew about or less than 10 percent y-o-y because prices in the two communes were already high compared to the rest of Pou Sencheyโ€™s other communes.In term of land values and major business hubs, however, Kakab and Chaom Chau stand out from the rest thanks to their strategic locations as well as coverage of prime streets ideal for business positions. Kakab commune is immediately adjacent to Tuek Thla of Sen Sok district, while Chaom Chau commune is westwards next to Kakab.In Chaom Chau, land prices across the whole commune ranged from US$35 p.sqm. in undeveloped zones to a peak of US$1,800 p.sqm. along prime streets (e.g. Confederation de la Russie) and bustling commercial hubs. The average market price in Chaom Chau was US$400 p.sqm in Q3 2016, growing from US$320 p.sqm. in 2013. The average growth for land market prices was eight percent y-o-y.Immediately adjacent to Phnom Penh International Airport, Chaom Chau covers some part of the capitalโ€™s arterial street, namely Confederation de la Russie (Russian Boulevard in English), National Highway 3, and National Highway 4. Further, it shares a long distance of Veng Sreng Blvd.With similar geographic positioning, Kakab shares a similar market value as does Chaom Chau, but being closer to the central business hubs of the capital makes Kakab stand out in term of land prices and commercial demand. Land prices in Kakab commune grew 10 percent annually, from an average of US$380 p.sqm. in 2013 to US$490 p.sqm in Q3 2016. Kakabโ€™s land market prices could range from a small base of US$70 p.sqm. in the undeveloped areas to a peak of US$2,080 p.sqm. along prime streets and in the most bustling commercial hubs.Nevertheless, a notable land price growth was mostly witnessed in less developed communes, as speculation seemed to be challenged by high prices in prime hubs and along major streets, but this speculative vision rather spilt over across the underdeveloped suburbs of Pou Senchey. For example, less developed communes such as Samraong Kraom, Kaboul, Snao, and Trapeang Krasang experienced a land price surge of about and more than 40 percent y-o-y, mainly due to their small price base and high price jump, as driven by the trendy development of plot land subdivisions.Samroang Kraom, which shares a long distance of Tomub Kop Srov Road, was seen with a remarkable growth in land prices following the road development that is currently almost complete. In 2013, the average market price of land in this commune was about US$45 p.sqm., and in Q3 2016 the average price reached US$150 p.sqm.. The average annual growth in the Samroang Kraom was almost 80 percent within the period of those three years.Similarly, Kamboul, Snao, and Trapeang Krasang experienced a big jump in land price growth, mainly driven by (1) increasing plot land subdivision development, (2) increasing demand for low-price land parcels and housing in the peripheral suburbs of the capital, and (3) the rapid pace of urban expansion especially since early this decade.Prime Street and Pricing:Chaom ChauChaom Chau is located west and south of Phnom Penh International Airport, being home to a large number of business hubs and residential zones, relatively similar to its neighbor Kakab. Residential towns and commercial activities concentrate only along the communeโ€™s prime streets, thus making property prices along the streets higher than its less developed or undeveloped outskirts.In the third quarter of 2016, average land price along Confederation de la Russie (Russian Boulevard in English) in Chaom Chau commune was US$1,520 p.sqm., with a price range from US$1,400 p.sqm. to US$1,800 p.sqm.National Highway 4, the Kingdomโ€™s arterial road interlinked with the capitalโ€™s main boulevard Confederation de la Russia, could be offered on the market at US$430 p.sqm on average. The base price started from US$140 p.sqm in the farther west parts of the commune and a peak of US$1,300 p.sqm. in the areas close to Chaom Chau Circle.On Veng Sreng Boulevard, land market prices could range from US$600 p.sqm in a less developed zone to US$1,550 p.sqm. in a more commercial zone, with the average market price at US$850 p.sqm.KakabKakab is closer to the city center, being home to Phnom Penh International Airport. The commune shares four of the capitalโ€™s main streets along which a large number of businesses are based, thus creating high values for land prices there.One of the high value, prime streets in Kakab is Confederation de la Russie (Russian Boulevard in English), along which land price could be about US$1,650 p.sqm. in Q3 2016, ranging from US$850 p.sqm. often for a large portion of vacant land, to US$2,080 p.sqm. for a prime commercial location.Another high value, prime street of Kakab is Street 2004, running off Confederation de la Russie through to Wat Ang Taminh Street. Along Street 2004, the average market price for land was US$1,300 p.sqm., with a range from US$800 to US$1,850 p.sqm.Next, along Oknha Try Heng (Street 2011), which runs off Confederation de la Russie through to the crossing railroad, average land price was US$780 p.sqm., with a range from US$570 p.sqm. to US$1,200 p.sqm. On the other hand, Street 105K is less competitive in land prices. By the third quarter of 2016 the average market price along this street was US$300 p.sqm., even if in the sought-after locations the prices could jump to US$750 p.sqm.Trend & Outlook:Market & Pricing TrendLand price growth across Pou Senchey district seemed stable since early last year, and it is predicted to see a slight increase over the course of the next two years by going through to 2018. In general, Pou Sencheyโ€™s pricing growth dropped negatively to 0.2 percent over the course of the first three quarters of 2016, though this has almost no impact on general price growth within the whole district.However, land prices as well as other properties in the form of land in Phnom Penh will start to pick up markly again by 2019.Urban ExpansionThanks to its many available large portions of land for new developments and ย land properties with comparatively low prices, Pou Senchey has been seen with tremendous opportunities for urban expansion and relocation or new positioning of complementary services and amenities.Residential towns, several other types of cluster housing, and commercial establishments have been positioned in many different parts of the district, especially the districtโ€™s outstanding communes of Kakab and Chaom Chau, resulting in an increase of population there and leading to increasing demand for new housing units and related infrastructure improvements.Opportunities have been there since many years ago for Pou Senchey mainly thanks to its strategic locations, coverage of capitalโ€™s arterial roads and main streets, and large space available for urban expansion to host the increasing number of population as well as industrial and commercial positioning. Further, the increasing demand for development parcels with comparatively low prices also offer the district lots of opportunities for growth.Since recent years, it is notable that a number of developments have concentrated in the commune of Kakab and Chaom Chau, both of which shares arterial roads and main streets, along which commercial activities exist to complement the increasing number of residential communities nearby the areas.Tomnub Kop Srov Road, one of the capitalโ€™s ring roads, will be soon complete, while Veng Sreng Boulevard was rehabilitated by being expanded 22 meters wide and paved with concrete. Both of the roads run through parts of Chaom Chau and other parts of Phnom Penh. These establishments have created numerous opportunities, added further property values, and drawn new development potentials to the areas, especially along those streets.In Kakab, recent developments are in the realm of residential and commercial subsector. Notable developments under construction are Budaiju Residence (condominium project) and Lion Mall (commercial and shopping complex) along Confederation de la Russie, as well as many other cluster housing projects, both complete and under construction. Up to date, in Kakab commune alone, about 2,700 new cluster housing units have been complete, and 950 are under construction. Nevertheless, 3,300 units of the planned housing projects have been halted construction so far due to unsatisfactory pre-sale results.Industrial Trend:Increasing land prices and rental costs in the zones nearby inner city center will force existing factories that rely on rents to consider relocating to the suburbs such as western parts of Pou Senchey where rental costs and cost of living of workers are much lower. Easy access to National Highway 4, which directs to the Kingdomโ€™s most important seaport, might also weigh the consideration for new factory and other industrial park positioning.As of today, Pou Senchey is already home to 40 percent of the total factories in Phnom Penh, ahead of Dangkao (22 percent) and Meanchey (15 percent).Learn more about Cambodia today in our detailed location profile!Click here to download your free copy!
B.T.S Condominium: a peaceful community for you and your family
B.T.S Condominium: a peaceful community for you and your family
June 6, 2022, 5:05 p.m.
Realestate News
Realestate.com.kh caught up with Mr. Ouk Chandaravuth recently at the B.T.S Condominium showroom at the Russey Keo district to talk about the condominium project in detail.Chandaravuth is the Marketing and Sale Director of the Borey Villa Toul Sangke Group. He discusses the current state of the development and why itโ€™s an attractive choice for both personal and investment purposes.Hereโ€™s what he had to say:1. Tell us about the location of Borey Toul Sangke Condominium?The B.T.S Condominium development project has gained popularity, mainly due to the developerโ€™s success in selling its past projects. It is strategically located in the Russey Keo district in Phnom Penh. Residential units such as condominiums are offered in this area.The Borey Villa Toul Sangke project also includes a variety of villas and condominiums that come in different sizes. Each and every home has been designed by construction professionals, with quality and beauty in mind. Attention to detail is also obvious. Some of the villas that are available are the Single Villa, Link House, Twins Villa, and Flat houses. Families will also have the option to choose the City Sangkeo Villa type, as they see fit.2. What types of units are available and at what price ranges in the Borey Toul Sangke Condominium project?174 residential units with a variety of sizes are available. The interiors have been uniquely designed by a team of experts, and finished with high quality construction materials. Units at the B.T.S Condominium development start from $40,000 per unit. All units are packaged as one-bedroom spaces, beginning at 50 square meters up.... (We have different size). It also has a smart design, with fittings that allow a unique, spacious, and modern layout throughout each unit.3. How are the sales to date?Around 3 months after the launch date, about 30 percent of the units had already sold. We have proven to the market that the local project has gained the trust of both international and local buyers.4. What is the parking situation like?The B.T.S condominium provides comfort for every resident. The number of parking spaces add up to about 85 percent of all the units and also have security features in place. This is the highest parking space ratio, compared to other recent high-rise buildings in the area.6. Do you have bank loans available or other payment methods?We donโ€™t have any loan schemes in place with a bank, but we have a special method in place for people interested in the B.T.S condominium. The developer provides the ultimate offer by asking customers to only pay $660 per month, with no interest and no deposit.7. Tell us about the unique features of this project?The B.T.S condominium is on a great location, in Russey Keo. It is situated in the business district and sits close to main roads, government institutions, shopping malls, sports clubs, banks, hospitals, schools, and entertainment facilities. More importantly, itโ€™s also located close to the Toul Sangke Market.It promotes a high standard of living through its fully furnished units โ€“ comparable to a 5-star hotel. The B.T.S condominium project also provides a range of amenities such as swimming pools, a sauna, a gym, a small market, and a golfing club. So, families will never run out of things to do in this project.8. Why is the Borey Toul Sangke Condominium project better than the others?When people visited the B.T.S. Condominium showroom, they were surprised to see the quality and the workmanship of the unit. We focused on the quality and the best standards of living for families. This is the 3rd project after two successful ones that the Borey Villa Toul Sangke did. People will find interest in it because it offers better standards.A home is important for everyone. So, if you decide to buy one, it must be done carefully. So, if youโ€™re considering to live in a luxury residence with a high standard of living, surrounded by a secure and peaceful community, take a look at the B.T.S. Condominium project.Check out the full B.T.S.ย Condominium listing on realestate.com.khClick here to download your free copy!
Condo supply in Cambodia: Future risks and benefits, with Mr. Yin Leangkong
Condo supply in Cambodia: Future risks and benefits, with Mr. Yin Leangkong
June 6, 2022, 5:06 p.m.
Realestate News
There is an ongoing discussion about the supply of condominiums in the country, and the same question gets asked over and over again โ€“ whether itโ€™s true that the country's condominium supply is more than the demand, and how that will affect the condominium market in the future. Realestate.com.khTV discussed this with Mr. Yin Leangkong โ€“ editor in chief of the magazine Property View, and presenter and editor of real estate and economics at BTV.A recent Knight Frank Cambodia report stated that โ€œthe condominium sector is forecast to grow by 723.5 per centโ€ by 2020. And The 2016 Century 21 Condo report estimates that there will be over 37,000 units to be released into the market by 2020. What are your thoughts on this and the current talk of a looming oversupply? Do you agree? And how will this affect the market moving forward? In my opinion, I both agree and disagree. If I talk about the negative side, we can just briefly look at the Cambodian lifestyle. It seems that the residential condominiums are not yet popular in the country. Although some people started buying condos gradually, some of them still worry about safety when living on high-rise buildings. For the moment, we cannot adapt. So, the projected surplus in the condominium market, itโ€™s true.The number of condominiums in the current market hasnโ€™t reached 4,000 units yet. But the number of condos on the market could potentially reach a figure of around 40,000 in 2020. So, Iโ€™m optimistic that the people's mindset will change in the next 10 to 20 years before the population growth in the year 2025. People have more difficulties to deal with the traffic growth of our country's.And since the economy is affected by these factors, the value of property is already at $40,000 to $50,000. At this price point, we can buy an old flat (second or third floor). If this is the case, the best option is to just buy a condo unit, a standardized housing that provides features such as safety, modern way of living, and other services. We saw it happen already in Thailand, Vietnam and Malaysia.Are there condos worth $40,000 to $50,000?Condominiums worth $40,000 to $50,000 are available in the market and have a strong potential for purchase among the young and middle-class local citizens. It is a response to market conditions. A number of local buyers who purchase luxury condominiums are foreigners or those who have higher living standards.What is the impact of the condominium surplus for buyers?It doesnโ€™t affect the buyer too much. In fact, investors are the ones that will be affected. When the number of condominiums surplus, that means that there are no buyers. So, investors or condo owners are forced to give a discount.If we talk about the price comparison to neighboring countries, the condominiums in Cambodia are cheaper. But if you talk about value for investment and construction, thereโ€™s a huge difference because those investments are much more profitable. So, they can afford to give discounts to people who are in the middle-class range who cannot afford to buy housing โ€“ a point that many experts have suggested as well. You can invest for profit, but you should also consider the social aspects. Investors should work with people not only for business profit, but also because of a common interest to help them.Given the current market conditions, should investors invest in Cambodia or not?One of the questions investors ask is if itโ€™s the right time to invest in the country, given its current market conditions. Investors will continue to repeat that question. The current political situation in the country is heating up, and the issue of election season is worrisome for some investors. But other investors think that itโ€™s just the same occurrence in almost every country. So, they donโ€™t worry about anything.In my opinion, should investors wish to make an investment in a community of the country, it should be based on the country's economic situation. Cambodiaโ€™s a tiger in Asia because of the country's stable economic growth of about 7 percent over the past five consecutive years. The macro-economic growth of the country has improved as well, according to a press release from the Ministry of Economy and Finance.Read more about: Are Cambodian living tastes changing?Click here to download your free copy!
Buying Land as a Foreigner in Cambodia, with Grant Fitzgerald on Realestate.com.khTV
Buying Land as a Foreigner in Cambodia, with Grant Fitzgerald on Realestate.com.khTV
June 6, 2022, 5:06 p.m.
Realestate News
With Strata titles being the more popular choice to enter into the Cambodian real estate market, some foreigners are not aware that they are actually able to utilize other means to own, or at least control, landed properties and land. Grant Fitzgerald, Country Manager of Independent Property Services, reveals โ€“ in his interview with Realestate.com.kh โ€“ other ways of buying land as a foreigner in Cambodia.Buying Land as a Foreigner in Cambodia via Nominee:Although a bit riskier than buying in your own name, Fitzgerald says that a widely-used method of buying land as a foreigner in Cambodia is through a nominee structure.He explains that โ€œessentially, the nominee structure works by the foreigner buying for the property. However, the title is held in a Khmer nationalโ€™s name.โ€But he clarifies that there are security measures that foreign nationals can take in order to protect their investments.He says that you need to secure four documents as a foreigner to buy through a nominee โ€“ ย 1) a mortgage agreement, 2) a loan agreement, 3) a lease agreement, and 4) a security agreement.1. Mortgage Agreement:He explains that a mortgage agreement is registered through the Sangkat and transforms the buyer into a bank, granting property activity by the Cambodian Citizen only through the approval of the foreign national.2. Loan Agreement:Meanwhile, he says that a loan agreement is a โ€œpaper loan that accrues interest over timeโ€ and is made between the foreigner and the nominee.3. Lease Agreement:He continues, the lease agreement โ€œessentially allows the foreigner to live on the propertyโ€ through a 50-plus -50-year lease agreement.4. Security Agreement:And the security agreement just basically sets out the obligations and limitations of each party. What Types of Titles Can Foreigners Own Through the Nominee Structure?Fitzgerald expounds that through this structure, foreigners are able to own any type of property or title. He says, โ€œItโ€™s all about setting it up correctly and using those security documents. When itโ€™s done properly, itโ€™s really safe and really effective.โ€Can Business Entities Own Land in Cambodia?Fitzgerald says that it is possible to own land as a company in Cambodia through a process similar to a nominee structure, but you have to set a specific type of business that you need to do through a lawyer.ย These are called land holding companies.He explains that a Cambodian national would still need to hold 51 percent of the company, but there are also legal documents these business entities can secure to gain majority of the power and rights, even with just 49 percent of the company shares.Check out our ultimate guide to buying through a nominee structure in Cambodia and learn more!ย  Click here to download your free copy!
Xi Jinpingโ€™s Hangover: 3 Road and Bridge Infrastructure Projects Will Begin in 2017
Xi Jinpingโ€™s Hangover: 3 Road and Bridge Infrastructure Projects Will Begin in 2017
June 6, 2022, 5:06 p.m.
Events & Announcements
Realestate News
A state visit between the ย Cambodian government and the Government of the People's Republic of China last 13th and 14th of October 2016 was participated by both Prime Minister of Cambodia and Presidentย of China.This visit in Cambodia brought about an agreement and a memorandum of understanding of 31 points related to various fields, including the strengthening of international cooperation, economy and finance (business), taxation, law enforcement, industry and handicrafts, water resource management and ย irrigation, environment, and infrastructural construction.Meanwhile, in the afternoon of October 14, 2016, Sun Chanthol โ€“ Minister of Public Works and Transport โ€“ signed an agreement for 3 major construction projects with China that are expected to begin construction in 2017. The three new projects include the National Highway projects from Phnom Penh to Sihanoukville, National Road project No. 11 from Neak Loeung to Tnal Toteung, and a project for a bridge across the Mekong river, in the area of Kroch Chmar to Steung Trang.National highway Project from Phnom Penh to Sihanoukville:This project will be built and managed by a private company before transferring to the Royal Government. It will be developed by the China Road & Bridge Corporation (CRBC).The whole project will cost a total of about $1,900 million. According to minister Sun Chan Thol, this new project will be serving as a significant, convenient, and fast transportation means for both locals and international visitors moving between the two areas. ย National Road Project No. 11 Between Neak Loeung and Tnal Toteung: ย ย This infrastructure project aims to restore the existing National Road No.11 from Neak Loeung to Tnal Toteung thatโ€™s developed and managed by the Kwangchow Van An Construction Management Company. The project will cost approximately $98 million and will measure 96,481 kilometers in length and a road width of 11 meters. The Bridge Construction Project Across the Mekong River Kroch Chmar โ€“ Steung Trang:This infrastructure project will build a bridge across the Mekong River in Kroch Chmar district, Tbong Khmum province all the way to the Stueng Trang district in the Kampong Cham Province. This project will cost a total of $57 million. It will have a length of 1,131 meters and a width of 13,50 meters.Itโ€™s important to note that along with the construction of the bridge, there is also another project being planned as a technical control project over a the bridge in order to control other technical aspects that will be done in cooperation with the Kwangchow Van An Construction Management Company.Amongย the 31 points in the agreement and the memorandum of understanding between Cambodia and China, there will also be more agreements for other real estate and infrastructure developments that will be done successively in the future such as: Exchange of Note on the Construction Project for Medical Center Cambodia - China Chinese Yuan Loan Agreement for the construction of Road No. 51 Concession Agreement for the development of the Siem Reap - Angkor International Airport Chinese Yuan Loan Agreement for the construction of Second Ring Road City Protocol Agreement for power plants, operating by coal, 450MV power in Sihanoukvilleย Keep up with the latest infrastructure news on Realestate.com.khClick here to download your free copy!
Condominium Law in Cambodia: Two things investors must review before purchasing or selling units
Condominium Law in Cambodia: Two things investors must review before purchasing or selling units
June 6, 2022, 5:06 p.m.
Realestate News
A study of the Cambodian condominium market shows that buyers and developers often forget to take into account the internal regulations and the management of a condominium before purchasing or selling condominium units.Failure to do so can strongly affect the real estate asset, as internal rules and condominium management can have significant impacts on the value of the units.Some clarifications on the Condominium Law in Cambodia:Since the enactment of Sub-Decree No. 126 on the Management and Use of Co-Owned Buildings, dated 12 August 2009 (โ€œSub-Decree No. 126โ€), and the Law on providing Foreigners with Ownership Rights in Private Units of Co-Owned Buildings, dated 24 May 2010, the development of condominiums have significantly increased in Cambodia and, in particular, in Phnom Penh.Indeed, many developments, driven by international and domestic developers, have already been completed and many others are currently in construction with plans to be delivered in 2017 and 2018. ย As a consequence, the real estate market in Cambodia provides potential buyers with a lot of options. However, before deciding to purchase, any potential buyer will have to consider various factors, such as the location of the condominium, the description and quality of the materials used, the size and price of the unit, the identity and experience of the developer, and the construction insurance policy.Two others factors, often forgotten, must also be reviewed as they can have a significant impact on the value of the unit and on the sought-after quality of life in a condominium: the internal regulations and the management of the condominium.The internal regulations are essential for a condominium and that is why these regulations are compulsory towards all current and future unit owners. They define the rules of life within the condominium and, in particular, the organization and functioning of the condominium on both legal and practical levels.The purpose of the internal regulations are also to set out the rights and obligations of the unit owners, to define the common areas and the private units and determine their conditions of use, to organize the management of the condominium and determine how expenses, in particular related to the cleaning, maintenance and repairs of the common areas, will be shared by the unit owners.The Royal Government of Cambodia understands that the internal regulations must be reviewed by a potential buyer before that buyer may decide to purchase a unit. Indeed, Sub-Decree No. 126 provides that the internal regulations must be issued at an early stage of the project (i.e. โ€œbefore announcing the sale or rental of the private units of the co-owned buildingโ€)Another indicator of the importance of the internal regulations is the fact that they are required by the Land Office for the registration of the condominium and the issuance of the title certificates for each unit.Therefore, developers and buyers cannot overlook this document which will be in force during the whole life of the condominium and which may be used to resolve many issues which may arise between unit owners in a condominium or between a unit owner and the condominium itself. ย It is, therefore, important that the language of the internal regulations be comprehensive and precise to allow for the amicable and efficient resolution of any problem that may arise.ย Sub-Decree No. 126 provides in its appendix a template of internal regulations.However, this template is very brief and fails to cover many topics such as the use of the common areas, the creation of a contingency fund, the security of the condominium, the powers and responsibilities of the management board, the holding and decisions of the general meeting of the unit owners, and the insurance policies of the condominium, etc.Consequently, it is highly recommended for developers to request the assistance of a professional (especially lawyers) for the drafting of their internal regulations in order to have a clear and comprehensive document. This will improve significantly the quality of the condominium and will surely give comfort to potential buyers.Furthermore, it is also recommended, before purchasing or selling in a condominium, to take into account its management.Indeed, proper management is essential for the good and efficient operation of the condominium so as to not negatively affect the value of the units.Sub-Decree No. 126 provides that a condominium should have a management board or an executive committee set up to manage the condominium but the sub-decree does not specify when the committee or board should be set up and if they are able to delegate their powers. Therefore, the unit owners are free to choose their mode of management and to organize it in compliance with their internal regulations.Generally, two options are offered to the unit owners for the management of their condominium. Unit owners can decide either to assume the management functions themselves or they can decide to appoint a third-party property manager who will bring its knowledge and professional expertise.We have seen in Europe, America and Asia, many cases of bad condominium management due to a lack of qualifications and experience. In these cases, the cleanliness, the maintenance and all necessary repairs and works may not be carried out in time. This always leads to deterioration or damage to both the common areas and private units. This will, of course, ultimately increase the expenses for the unit owners compared to the sums paid for proper maintenance and timely repairs. ย We are also aware of many cases where the fees are not collected on time or where many mistakes have appeared in the accounts of the condominium or where inaccurate budgets have been adopted.All these examples of bad management have always for consequence an increase in the expenses and stress for the owners of units and a decrease in the value of the units. This also almost undoubtedly leads to a unit owner who wishes to sell or rent the unit receiving lower value than where proper management is in place. ย Therefore, it is recommended to appoint to management qualified people who have the experience and systems in place to handle financial, legal and technical issues and have resources and relationships to ensure that the condominium runs efficiently.The duties and obligations of the property manager will depend on its mandate and the provisions of the internal regulations. A property manager can be responsible for day-to-day management duties, including ensuring compliance and enforcement of the internal regulations, carrying out the technical management and all necessary maintenance, work and repairs, preparing the agenda for the general meetings and the annual budget of expenses and collecting the condominium fees from the unit owners.In conclusion, we would like to highlight that the drafting of the internal regulations and the right management choices are crucial in order to preserve the value of the condominium units and to ensure that the building runs successfully. A high quality condominium building alone is not enough to attract quality buyers and to provide the sought-after quality of life in a condominium. ย Clear and comprehensive internal regulations linked with highly qualified management and a high quality development will attract investors and tenants.ON THE AUTHORSING Sophealeak and Charles AMAR, lawyers at Bun & Associates, advise domestic and foreign clients seeking expert advice and innovative solutions in dealing with significant and complex transactions involving both raw and developed properties. ย Their work includes advising on all issues relating to real estate investment, project development, construction, asset management. Our real estate team has also hands-on expertise and experience in advising clients on matters related to economic land concessions, special economic zones, agriculture, the environment and mining.For further information, contact:ย Fax:ย +855 23 999 566Telephone: +855 23 999 567Website:ย www.bun-associates.comย E-mail: ing@bun-associates.com / amar@bun-associates.comAddress:ย Bun & Associates#29, Street 294, Phnom Penh, Cambodia, P.O. Box 2326This publication is for your information only. It is not intended to be comprehensive and it does not constitute and must be not relied on as legal advice. You must seek specific advice tailored to your circumstances. Any use of the information contained in this article or the receipt of this article is not intended to create nor does it create a solicitor-client relationship between you and Bun & Associates. Unless otherwise indicated, Bun & Associates owns the copyright of this article. If you seek to reproduce or otherwise use this article or any part of it in any way, it is your responsibility to obtain approval for such use where necessary.Interested to purchase properties with high appreciation poteential? Check out our investor guide on the topic!
How "Affordable" is Phnom Penh "Affordable Housing"? Building homes for underserved communities
How "Affordable" is Phnom Penh "Affordable Housing"? Building homes for underserved communities
June 6, 2022, 5:05 p.m.
Realestate News
Despite recent announcements of large development projects throughout Cambodia focusing on so-called โ€œaffordable housingโ€ for the emerging middle class, there remains a massive gap in the market for quality affordable housing for the poor; especially the urban poor as more rural Cambodians flock to cities in search of work. As land prices continue to skyrocket in Cambodiaโ€™s commercial centres, those in need of lower-class housing are effectively pushed further and further from worthwhile economic opportunities.Two NGOโ€™s are currently seeking to close this gap, and have discovered a common theme: the need for co-operation and a culture of constructive dialogue between the private and public sector, and NGOs.Habitat for Humanity International is present in 70 countries worldwide, seeking to eliminate poverty housing and homelessness from the world.As Kif Nguyen, national director of Habitat for Humanity Cambodia stresses, โ€œresearch shows that about 2 million houses in Cambodia do not meet minimum quality standards when it comes to design, durability, access to water/sanitation but also land tenure. Sub-standard housing is one of the key bottlenecks to inclusive, sustainable development across the nation โ€“ because poor housing in not only the consequence of poverty, but also a critical root cause.โ€Furthermore, says Nguyen, โ€œby 2030, according to the National Housing Policy, Cambodia will need 1.1 million more houses to fulfill demand, and the vast majority of this demand will come from the lower-class particularly in urban areas.โ€Meanwhile, Building Trust International, a UK registered NGO, offers building design assistance to communities and individuals in need. David Cole, CEO of Building Trust International which has offices in Cambodia, believes that โ€œhousing can be a tool to inspire family [and] community investment in areas long after the initial projects are complete - through incremental housing design; and in the formation of jobs and training.โ€In Cambodia, both of these NGOs provide support for sustainable housing solutions that can meet the needs of the growing urban and rural poor. They also promote transformational community development through financing low income home loans, and encouraging support for their projects from both the private and public sector.A recent project in which Habitat and Building Trust has collaborated on in Cambodia is the design and implementation of the โ€œFramework Houseโ€ project, a highly sustainable, affordable house built from local bamboo and wood, costing the end buyer just $2,500.Cheap, but highly innovative, these homes are specifically designed for Cambodia. Shutters help encourage air flow and passive ventilation throughout the house while large, overhanging roofs allow for water catchment.The design and testing phase for the Framework House is complete, and the two organizations are now turning towards the next phase: higher-density multi-storey social housing design for urban areas. However, to make these projects succeed on a large scale, both organizations understand that assistance from the public and private sector is crucial.According to Nguyen, the government has already provided assistance and has shown some general willingness to further the collaboration into a larger scale. For instance, in Battambang, Habitat worked with the local Government to facilitate secure land tenure to families who have lived precariously on a large swath of public state land for many years.While the process of gaining secure land tenure is just the first step for sustainable housing development, Nguyen lamented that โ€œit wasnโ€™t easy. But, it can be done.โ€ After each family receives a land certificate, Habitat then assists with the on-site development of homes and infrastructure projects such as roads and drainage systems.โ€œProvision or subsidies of land is the key. We have the technical solutions โ€“ we can build affordable homes of high quality, as Habitat has done around the world, but as land prices soar in urban areas, we need support from the public and private sector in gaining access to land in adequate locations and at prices which wonโ€™t exclude the low income earners from the market,โ€ added Nguyen.Through โ€œLand Sharingโ€ initiatives in which the three sectors genuinely co-operate, Nguyen firmly believes all Cambodianโ€™s could achieve a decent standard of living. โ€œThe NGO sector has the knowledge of social housing and technical ability to design these projects; the private sector has the money; and the Government may facilitate access to land. If we create a culture of co-operation and constructive dialogue between these three sectors, we can change the status quo โ€“ and everyone can win.โ€Market Development is also another string on Habitatโ€™s bow in Cambodia, as the organization supports low-income families in gaining access to home loan finance.โ€œWe helped 6000 familiesโ€™ access home loans last year alone, but with increased support from the government, we have the potential to bring home financing to the masses. It is a viable market, and the largest share by far โ€“ but it requires more understanding and education throughout the lower-class and within the micro-financing industry,โ€ he said.โ€œIn Cambodiaโ€™s three main urban centers, namely Phnom Penh, Battambang and Siem Reap, existing communities will need a portion of subsidized land for low cost housing or else todayโ€™s baby boomers will be priced out of the highly inflated, speculative land prices - which is increasingly what we are seeing,โ€ says Cole. Currently, the rapid urbanization being seen in the city suburbs are pushing organizations like Habitat to look as far afield as Oudong when seeking affordable land to house families in need.โ€œWhilst it is good to hear that people are talking about investment in affordable housing without government subsidies, says Cole, โ€œthe cost of units in these projects will still exclude many key workers and service professionals, or indeed lead to unsustainable debts and the social problems that follow.โ€โ€œIf real affordable housing of a good quality is to be achieved in urban centers such as Phnom Penh, we believe that the government must either provide land at a subsidized rate for building, or allocate land and build municipal housing with the support of organizations like Building Trust and Habitat - with fixed rents being paid to the government to recoup costs, maintain and build further projects,โ€ confirms Cole.Click here for current ย properties for sale in Cambodia and current properties for rent in CambodiaCheck out the best real estate news on Realestate.com.kh
Death of the King of Thailand: Will we see Property Investment Flight Over the Border?
Death of the King of Thailand: Will we see Property Investment Flight Over the Border?
June 6, 2022, 5:06 p.m.
Realestate News
Serving as a stronghold for political and economic stability for seven decades, the Kingdom of Thailand is now at a standstill as it grieves the loss of King Bhumibol Adulyadej โ€“ the worldโ€™s longest serving monarch. The King, who also served as Thailandโ€™s main father figure, passed away yesterday at 2:52pm, Thailand time. The Royal Household Bureau characterized it as a peaceful death.Dealing with Uncertainty:Meanwhile, as crowds gathered at the hospital to show their sympathy, many are also concerned about economic changes arising from a new leadership. The Kingโ€™s governance had brought about both political and socio-economic stability for the past decades. Some fear that foreign property investors in Thailand, a traditionally popular market in the region with attractive returns on investment, will see this small window of uncertainty as a foreshadowing of a decline in the market.Alex Evengroen, ceo of real estate firm Key Real Estate Co., Ltd., weighs in on the situation and says, โ€œThe challenge in Thailandโ€™s real estate industry will be to keep improving and moving forward for foreign as well as for the local investors in Thailand. We will have to wait and see if in the near future the policies in Thailand will stay as it is or will become more flexible for people worldwide.โ€Property Investmentย Moving With or From Thailand?Although mixed perspectives are being drawn from this unfortunate event, some experts are hinting that potential investors may choose to place their money in nearby emerging countries like Cambodia until these uncertainties are eliminated and stability is once again ensured.Bobby Peoples, Country Manager of HomeConnect ย Cambodia โ€“ a premier expat home search company โ€“ explains, โ€œDue to the death of King Bhumibol Adulyadej, the military junta must show the Thai people during the following period of uncertainty that they can provide security, stability and political reconciliation. If they fail, both Thai investors and foreigners looking at property investmentย in Thailand may look to Cambodia as a safer option. Although this remains to be seen.โ€Evengroen, however, remained skeptical. He explains, โ€œAs a specialist in the Real Estate industry I do not think it will affect the Real Estate market in Cambodia due to the fact that not many Thai investors or homebuyers have invested in the real estate sector in general.โ€But Evengroen remains hopeful. He continues, โ€œI hope that in the near future both countries will come together and discuss potential opportunities for the industry what hopefully will improve the ties and strengthen relationships for the future.โ€The world has lost a great man, and Thailand has lost the father of its people, but is it also about to lose an economic battle? The next few days are critical, and people will be at the edge of their seats, anxiously waiting as Thailand enters into a new chapter of its history. ย Keep up with the latest real estate news, every day of the week!Click here to download your free copy!