500 metres from the Prime Minister’s office and about 200 meters from Techno Overpass, the newly developed 11-storey shopping centre along Russian Boulevard - Parkson Mall - is coming for Cambodia shoppers at the end of year 2016, or early 2017.A renowned Malaysian-based shopping mall vendor, the Parkson group, has invested $117 million in Parkson Mall in Phnom Penh. This new project is an international standard five star mall, occupying a total area of 70,000 square meters land size. So far, Parkson mall is 75 to 80 percent complete. Now, decoration and painting phases are all that remain to be done.Renowned brands have already partnered with the new mall, for instance Forest, Polo, Durban, Bata, Crocodile, Renoma, Padini, Burberry Kid, Timberland, Kiko, Dek Dek,Etro, Lacoste, La Mer, Chanel, Christian Dior and Swarovski.This Parkson Mall will also have restaurants, gyms and fashion boutiques, retail shops, and a gold Screen Cinema. Already, around 80 percent of the retail stands have been sold to vendors.The Parkson Mall brand has 45 storey in Malaysia, 58 in China, 9 in Vietnam, 16 in Indonesia and 1 in Myanmar. Parkson still plans to continue expanding in new and existing markets.The group also plans to expand to three outlets in Phnom Penh in the future. The second project site will be in front of the International Phnom Penh Airport, and another one next to the Bridge Condominium.This project seems likely to have competition with Aeon Mall Shopping Centre and the upcoming Aeon Mall 2.  Keep up to date with what's happening in Phnom Penh with the latest news from Realestate. com.kh!

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

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

One Park Condominium represents one of Cambodia’s most sophisticated and holistically-planned mixed use developments yet. Covering a total landed area of 7.9 hectares, and a floor area of approximately 2.5 million square feet, One Park is situated in the very heart of the Phnom Penh CBD, inside the newly-developed Phnom Penh City Center area - which is adjacent to the ministerial and financial hub along Confederation de la Russie or Russian Boulevard. Given that the area has been recently developed with no prior structures on the land, the developer, Graticity Real Estate Development (GRED), was presented with an opportunity to plan the entire development layout from the outset, unrestricted by surrounding buildings, caveats or infrastructural limitations - a unique proposition in inner city Phnom Penh.  This has resulted in a design which ensures state of the art base level infrastructure, a relatively low-density design throughout, North-South facing buildings, and a project that is designed with natural forces considered - thanks to in depth studies by the developer on wind flow and shade patterns.Furthermore, thanks to One Park’s central “Parking Podium” concept, the project has a discreet, centrally located car parking facility with over 1,600 self contained car parks. The retail area also caters for fully-off street parking for all owners. These features create convenience for residents and will protect the project from any congestion issues into the future. The layout of the project comes in european style, with wide boardwalks containing retail outlets, bars, cafes and restaurants encircling the entire complex, meeting in the center to create an internal plaza boulevard which cuts between the twin residential sections. The centerpiece of this plaza will be a statue of Eros, better known as cupid - a concept imported from Piccadilly Circus in London. These retail and shophouse units are now almost 100% sold. At the far end of the shopping plaza will be an international school, creating traffic flow for the retail outlets and a buzz of culture inside the One Park complex. Opposite the development, residents will also have access to various green spaces and sporting amenities. Again, wide roads and township planning is assured in the surrounding neighbourhoods of Boeung Kak.Starting from just $170,000 per unit, One Park condo units are sleek, modern and spacious, with fully furnished options available, thanks to GRED’s partnership with DP Architects Singapore, a renowned architectural design firm. Common areas include swimming pools, gyms and children's play areas, with a high proportion of green features maintained throughout the complex.The end result of the One Park design is a truly international product, and a product that will hold its value for decades to come. Graticity Real Estate Development (GRED), the developer behind One Park, is a Hong Kong based real estate development company with a wealth of experience completing grand scale projects to spec, always uniquely tailored to the surroundings and cultural context. Having broken ground in H2 2015, construction is racing forward at the One Park site, under the experienced guidance of China Construction 2nd Engineer Bureau, with over 1,200 workers currently on site, and 24 hour construction works. This means that the Phase 1 of shophouse and retail units will be ready for handover as soon as Q1 2017; and the first phase of  around 1,600 condos will be released to residents by the end of 2017. The international school, within the One Park complex, will be operational by 2018.Find out more about One Park today and secure your place in the new world of Phnom Penh!

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

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

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

For almost two decades, the real estate sector had flourished in Cambodia. For instance, many tall buildings have grown like mushrooms in the City of Phnom Penh. Land prices had also risen robustly. Some areas have doubled, tripled, and even quadrupled in terms of land prices too.Are you planning to invest in land for sale? How much money do you have? Where and what should you buy?The third issue of Property View Magazine from the CVEA has brought professional knowledge from experts as basis to consider and analyze profitable areas for investment and development.What is the purpose of buying land?Do you intend to buy land for quick profit through resale or do you intend to buy it for development? Kim Heang, the president of CVEA explains that if you want to buy land for a condominium project, office building, or hotel, it’s best to buy land within the Chamkarmorn area.If you’re planning to buy land to sell for future profit, you should buy in Toul Kork and New Phnom Penh. However, if you decide to buy land that are 7 to 10 kilometers away from the city, you have to wait at least 7 years to get profit. If the distance is about 30 kilometers away from the city, you can make a profit in around 10 years.Buying land for investment, good or not good?Kim Heang says now is the great time to invest in land if you already have a significant amount of money and don’t know where to invest. But he warns, it’s not advisable to invest using a loan from the bank. Experts have given a firm "no". Some may think that bank loans are just 8 percent a year and land prices rise up to 20 percent a year which makes it is possible to borrow from the bank to buy. But it's confusing because you cannot immediately sell that land. It takes time, and you may be stuck with it for two or three years.Which areas have the potential to make the fastest profit?Areas with the fastest potential for investment returns on land for sale is in Khan Sen Sok, Khan Por Senchey, and particularly in the Toul Kork and New Phnom Penh (Phnom Penh Thmey) area. Land prices in these areas are expected to double in the next two to three years.Which Provinces are the hottest area to buy land right now?Experts say that it’s best to buy land in Siem Reap and Sihanoukville because other than these two provinces, there are no other areas that have higher potential in this sector. Between these two provinces though, Sihanoukville has higher potential than Siem Reap. But if you’re purchasing land in the province for a good return on profit, it’s best to wait around 10 years.Land Investment is not always a good choice Investing in land for sale is not always a good option, because there are far better and faster investment options in other industries than in the construction and real estate sector.Kim Heang said that if you’re already 50 years old or are almost at the age of retirement, you shouldn’t invest in land any more. Instead of that, you should buy a condo unit. If you’re going to buy land, buy it to build houses to rent out. You can also purchase an apartment for rental that can be paid immediately. Conversely, if you are aged between 30 and 40 years old, you should invest in land because it can be highly profitable.How much money do you have?How much money do you have? How is your life situation? Since decision in this condition is very important before investment for land for sale in this sector.Kim Heang mentions that no matter where you invest, you should also have specific conditions in terms of capital, job conditions, life conditions, etc. He said, if you’re a newly married couple and have around $10,000, the first priority to buy a house for accommodation. If you already own a house but still have a bit of money, you can opt to buy a condominium unit because it’s the new trend for the younger generation.This story was featured in the September 2016 edition of PROPERTY VIEW magazine, produced by the CVEA.Realestate.com.kh is very proud to support the CVEA’s Property View publication. For more information about joining the Cambodian Valuers and Estate Agents Association (CVEA) please click here. And, if you are interested in advertising placement or advertorial in the next edition of Property View Magazine, please contact Mr. Virith via email: virith007@yahoo.com Or call: 078 959 567  or 098 66 26 68 Check out available land for sale on Realestate.com.kh now!

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

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

Phnom Penh has undergone surprising changes in the last decade. Commercial buildings and skyscrapers have been and are being built, turning this once haunting ghost city to one of the newest civilized and modern cities in the world.But the changes aren’t quite done yet. A 78-storey commercial building will rise from the ashes for the first time in Phnom Penh where construction will begin in early 2017. This will add to the estimated 600 existing tall buildings – living up to the Asian Development Bank’s designation of Cambodia as "Asia’s New Tiger Economy.”A staff of the Yung Chung Company who does not wish to be named said that “the building design has been completed, and the construction is scheduled to begin in early 2017. The development will reach total completion by 2021, but its showroom will be launched in November this year.” He added that “this building will be a mixed-use development and will include shopping malls, condominiums, hotels, as well as a swimming pool and a rotated restaurant on the 78th floor.”He continues, “The detailed plans of using this building was completed, but details are still confidential at the moment. This project has already been approved by the Ministry of Land Management, Urban Planning and Construction.”Seng Lot, the spokesman for the Ministry of Land Management, Urban Planning and Construction confirms, “The ministry has already agreed to provide a license for Yung Chung Real Estate to construct a building of 78 floors.”Ann Sothida, director of CBRE Cambodia, said that as far as she’s gathered, this mixed-use business center will be built in the future. But the market is not doing good, and that could cause a delay in the construction of the project. She added that with the company’s innovative approach of the building though, this project should not have any problems in the Cambodian market once it is completed. According to her, the project will be located behind “The Bridge” building, which is near Diamond Island (Koh Pich). However, she did not show the feature details of the plan.President of CVEA, Kim Heang, said that “Investors of the skyscraper project will be through a developer from China. The project will also  occupy a total area of 4,500 square meters and will cost lower than $20 million.” He adds that “if the project owner has enough money to complete this huge building project, it will not be a problem for this market.”Once completed, it will become the 2nd tallest building in Phnom Penh, next to the 133 floor Thai Boon Roong twin trade center which is 500 meters high.Dr. Van Vat, Planning Specialist, explains that Cambodia already has a regulation to limit tall buildings. So, if our law enforcement is good, it will not only protect the heritage in the city, but it will maintain the beautiful sceneries and will minimize the environmental impact as well. He continues to say that normally the construction of  such a high building requires the company to have studied all the technical standards, and the specialist from the ministry has to inspect and go over the construction standards to make sure that the company’s complying with the request or not.He adds that "Having these tall commercial buildings, it is a national pride because it is not only improving the economy, but it also provides employment and income for the people as well."Check out the hottest new development homes and offices!This story was featured in the September 2016 print edition of PROPERTY VIEW magazine, produced by the CVEA.Realestate.com.kh is very proud to support the CVEA’s Property View publication. For more information about joining the Cambodian Valuers and Estate Agents Association (CVEA) please click here. And, if you are interested in advertising placement or advertorial in the next edition of Property View Magazine, please contact Mr. Virith via email: virith007@yahoo.com Or call: 078 959 567  or 098 66 26 68

In an effort to manage the demand for properties, the Singapore government went to great lengths starting in 2009 to curb the real estate market's growth, fearing too-faster growth may cause issues in the long term. This is what they called cooling measures.Given the current market climate in Cambodia as of 2016, this Singaporean story offers various points worthy of reflection by local market stakeholders and policy makers. During this time, policies like the Total Debt Servicing Ratio (TDSR), Additional Buyer’s Stamp Duty (ABSD), and Seller’s Stamp Duty (SSD) were implemented to keep property prices at bay. And while this was presented as an opportunity for homeowners and buyers, developers and investors took a great hit when house prices started to plunge. Bloomberg says that this property curb initiative dragged house prices down by almost a tenth. But is that enough to encourage the authorities to backpedal and ease some curbs in Singapore now? For the People: The TDSR framework has assisted and relieved homeowners throughout the years, but everyone took a deep breath as the Monetary Authority of Singapore (MAS) announced last week that it had fine-tuned the rules of the TDSR refinancing. The Managing Director of Singapore’s Central Bank, Ravi Menon, clarifies that this is not meant to make a demand for housing loans. Instead, the goal of the MAS is to ease the debt burden of homeowners.He explains, "This doesn't represent an easing at all. If you look for a prop up to the market, this is not going to help as it doesn't apply to new loans. This is to improve financial prudence without creating new demand for housing loans. We won't ease anytime soon."Proper Pacing: In March this year, Singaporean Finance Minister Heng Swee Keat said that easing the curbs might be premature.But Executive Chairman of City Developments Ltd., Mr. Kwek Leng Beng, says “I think they will do something this year, that’s my speculation, as there are a lot of mid- and low-end homes coming up. I suspect it will be the abolishing of the buyer’s stamp duties.”And while this has stirred negative reactions from investors who wish to enter the market, some still believe that there is a potential to accommodate both ends.The Real Estate Developers Association of Singapore President, Augustine Tan, calls for a reform and re-evaluation as he explains that the government still needs to tweak its cooling measures to avoid crashing and burning. If not, Trading Economics projects a gradual decrease of new home sales from 1,091 during the 2nd quarter of 2016 to only 400 in 2020.Temperatures rise and they also fall. And as climates begin to change, we are yet to see what the next season will hold for Singapore.Looking Outside of Singapore:Since the implementation of these policies, developers and investors have taken a keen interest in surrounding countries such as Cambodia where yields are much higher – a value of 5.33 percent compared to Singapore’s 2.54 percent, according to Global Property Guide. And although there is increasingly stricter enforcement of existing laws such as taxation, the market climate in Cambodia still huge freedom for investors compared to more developed markets.Some classic examples of this are the Oxley Holdings Group and the HLH Group, both Singaporean based companies that have entered the Cambodian real estate and development market in force over the last half-decade.Yet, not only developers are pointing their capital towards Cambodia; individual property investors are increasing purchasing investment properties in the Kingdom as a means to escape the low-rewards of the Singaporean domestic investment market.While there is some potential for an oversupply in the Cambodian foreign investment properties market in coming years as developers flock to capitalise on the property boom; still, with the correct guidance, the market appears robust in the longer term and still highly competitive against the cooling Singaporean property market climate given the continued regulation.Ross Wheble, Knight Frank’s country manager, says “the Cambodian economy has recorded impressive growth over the past decade and, with the implementation of prudent macroeconomic policies, this is forecast to continue over the coming years.”Learn more about the state of the Cambodian market from a regional perspective with CBRE Vietnam  and CBRE Cambodia managing director, Marc Townsend

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

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

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

EuroCham is pleased to announce their first Cambodia Tax Forum, a special event focused on Cambodia’s evolving tax system.And Realestate.com.kh is proud to be the official "Online Media Partner" for this year's Cambodia tax forum event.The event will open with remarks by H.E. Kong Vibol followed by a full day of expert-led panels.Discussions will include:Changes in tax regime, patent tax, tax registrationKey tax issues for SMEsCommon VAT issuesWithholding taxTax audits and disputesDouble Tax Agreement with Singapore   The panels & presentations will be led by experts from:Bun & AssociatesCambodian Investment ManagementDeloitteDFDLErnst & YoungGrant ThorntonR&T Sok & Heng   Sponsorship packages are available. Cost: Members: 50 USD, non-members: 60 USD (paid at the event) Find out more and sign up today, with Eurocham Cambodia!

Though the road was long and winding, Cambodia has reached new heights in the past decade across many industries - none less, the real estate sector. And along with continuing success, there is also a need to understand how the market is developing in comparison to the region. By studying Cambodia alongside an understanding of similar markets nearby we can better predict the future of the real estate sector, and handle potential problems before they occur.This is according to CBRE Vietnam and CBRE Cambodia managing director, Marc Townsend, who spoke in depth regarding the latest CBRE Cambodia's Marketview Q2 2016 report last week in Phnom Penh.The resounding remark from Townsend was that, “All of us who have been involved in the real estate industry for sometime understand that any market is cyclical. What is happening in Cambodia currently has happened in neighboring markets.”With this sentiment in mind, we can better understand current market conditions in Cambodia - and concepts such as the potential oversupply in the condo market, speculative price growth in Phnom Penh land, and issues regarding credit issues around lending for property - in a context of curb and flow.A downside for the market now offers opportunities down the line as it naturally adjusts itself - and ultimately, a maturing of the real estate market as a whole.CBRE Cambodia’s Marketview for Q2 2016 Recap:The World Bank officially elevated Cambodia to the status of a ‘lower-middle income’ economy at the close of Q2.Hongkong Land’s mixed-use development, Exchange Square, held its topping-out ceremony over Q2, with overall completion set for Q4 2016. Prime sales and rental prices broadly appreciated over Q2, with the exception of serviced apartment rents, which remained stagnant over the quarter. Average quoting rents across Grade B buildings grew by 4.5% q-o-q, while average quoting rents across Grade C stock decreased by 3.9% q-o-q. 2,796 condominium units, across 8 projects, launched over Q2, with Russey Keo district welcoming its first off-plan sales launch. Land & Investment in Cambodia Q2 2016:While foreign buyers are focused on the hottest areas on the market where land prices have reached all time highs, namely central Phnom Penh districts such as BKK and Tonle Bassac, Townsend explains that “the local Cambodian land bankers and landowners are obviously moving in a different trajectory. They’re thinking four to six years ahead.” This is also due to many local buyers being priced out of the downtown market.These local land buyers understand that infrastructure such as bridges, roads and sewage is, and will continue to, drastically affect pricing of land on the outskirts of the city. This has been highly apparent in Chroy Changvar, where land price is rising significantly year on year, at a much faster rate than land in the CBD.Investors targeting the lesser known districts of Phnom Penh that are able to predict these improvements in infrastructure will make large returns in the not so distant future. Given the need for local connections and understanding however, this opportunity remains in the realm of local buyers and agents for the time being.Phnom Penh Residential Market Q2 2016:Although the number of foreign developments are continually growing and expected to contribute to a supply of condominiums of around 25,000 units by 2018, Townsend states that “the local developers are the main players. It may not be that way every quarter. But obviously, the strength and depth of Cambodian developers are growing.”These local developers have a better understanding of the means of the local market buyers, and this is creating more affordable options in the market. These developers often look outside the most expensive corridors of Phnom Penh where, once again, a lesser degree of infrastructure plays a big role in allowing developers to acquire affordable land and ultimately create a more affordable end condo-product. If they are lucky, the infrastructure will come as their project nears completion.Townsend then describes that as the market matures a variety of other property types have been popping up in the Phnom Penh new developments market, such as hybrids, SoHo and smaller units.Mixed-use developments have also made their way to Phnom Penh, a way of developers offsetting their risk in a unit-heavy condo market by combine a mix of retail, residential and commercial options for buyers within a single development.Despite growing competition though, condominium prices have still seen small but steady growth from 2015, up until the second quarter of 2016. It is with this slow growth that Townsend says that, “trajectories have changed from being favorable to the developer to favorable to the buyer.”Townsend explains that if there are no secondary sales from the primary residential market, then it’s a sign that the market’s only going to get worse. Cambodia developers must heed this advice with care.Yet, Townsend notes that it is with this change in trajectory that the serviced apartments market is suddenly playing a much bigger role.As Townsend puts it, “When the residential market dries up or begins to change the trajectory of sales per month or per quarter,” developers begin to look to see if they’re able to convert some of the units to serviced apartment units to cut cost, and assure returns. Townsend notes that the serviced apartment market in Cambodia seems to still be going strong.In regards to the condo market for international investors, Townsend also notes that, “It’s a limited market at the moment. And obviously, at some point, it will come on the radar screen of a wider group of people”. Once Cambodia enters the consciousness of investors around the world, the market has the potential to change dramatically.It seems that so far we have only seen the tip of this iceberg…He emphasizes that it’s important to be out there and getting your story across, and marketing internationally - not just individual developers and agents, but the national as a whole.He adds the need for a diversified investor pool to negate risk across the market: “We need investors from all over the region. Not just from one place. You need to have a balance.” Otherwise, when one set of investors for some reason boycott the market or lose their influence in the country, the market can still be sustained by the overall investor pool.Given Cambodia’s current reliance on condo investors from Taiwan, China and Korea in particular, this word of warning seems highly valid.Phnom Penh Office Market Q2 2016:Townsend mentions that big businesses aren’t as enthusiastic to go to Cambodia for expansion as other markets.He says, “Unfortunately, we’re at that stage where most of the people that are going to be here expanding and upgrading are here already.” So, he doesn’t predict a whole lot of new activities happening in this market.He adds, “The reality is not a lot of those Fortune 500 companies will be coming here. But the ones that are here want to be here.”He also addresses the audience of developers saying, “some of you will be thinking that you can fill your building in a year – not retail, but an office building. When things tighten up and everybody gets the same idea to have coffee at the same time, or go to the lift at the same time, or when the pilot puts the lights on in the airplane to go the bathroom at the same time, the same thing happens in office markets. So, sometimes, some of you may have mistimed it. And instead of taking one year to fill, your building may take three years to fill. This is the reality of real estate and commercial office space in a developing market.”The data gathered by CBRE shows that while supply in the office market has risen drastically – most especially with Grade A office units – occupancy has lowered from 2008. It also shows that the biggest business type occupying these office spaces are the banking & finance and logistics industries, which comes in at 22% and 14%, respectively.Townsend also explains that more and more strata titled office space is appearing in the Cambodian market, and that it’s not necessarily a bad thing - but it is a sort of inflection point because it’s more difficult to handle a strata title building from the developer's perspective.Phnom Penh Retail Market Q2 2016:The retail market is also seeing an increase in supply, mainly with shopping malls, community malls, and retail podiums, where CBRE expects it to only go up even more in the next two years.Their data also shows prime shopping malls, prime retail podiums, prime high street, and prime retail arcade at an average rental rate per square meter of $31.44, $48.3, $30, $52.5, respectively. These developments include the Exchange Square, AEON Mall, and the Naga Citywalk.Townsend says that the market’s maturing, as evidenced by new products like row houses and shop houses. He also says that there is high demand right now for long-term leases that usually comes hand in hand with quality investment opportunities for incoming investors.He says that the Cambodian retail market is slowly gaining traction as well, with the coming of different international brands like Levi’s, Starbucks, Hugo Boss, Long Champ, Salvatore Ferragamo, and L’Occitane.CBRE’s researched data for Q2 2016 shows that these have contributed to the high occupancy rate for the retail segment, where the majority of those who are occupying the space do so for financial & professional prime retail use. It also shows that “26 percent of retailers surveyed identified SEA countries as target markets for 2016.”As a result of this, CBRE is expecting even more construction and expansion for the retail industry.Siem Reap and Sihanoukville Q2 2016:According to Townsend, there are a lot of things happening in Siem Reap and Sihanoukville, in particular, a lot of activities in retail and hospitality. Infrastructure upgrades are also helping shape the two provinces. Just recently, the Royal Railway has restored its services to transport passengers from Phnom Penh to Sihanoukville, for example.He adds, a rising level of infrastructure will, “Obviously drive retail and condo sales, and second home sales.”Some of the properties available here are located in different islands such as Dara Sakor, Song Saa, Koh Rong and Koh Chanloh. But Townsend explains that the current difficulty here is getting people to actually go to these provinces, because there is actually more work that needs to be done in terms of basic infrastructure. But he balances this out and says that prices here are very attractive: Luxury resort villas range in the $2,000 to $3,000 per square meter range, for example.Talking about the competitive pricing in these provinces, Townsend adds, “when developers start to move their total focus away from the primary residential market in the main cities and concentrate on the coast, then obviously where they’re looking for new markets and looking for new product, again you can see this reflected here with that sort of pricing.”Outlook Overall Q2 2016:Townsend also talked about finding new markets that may already be in existence but have just not been captured yet, such as the opportunity to seize the growing interest for retirees.In a report by International Living, Cambodia ranked 21 as one of the best places to retire in the world. Townsend adds, “We’ve got to keep finding new markets, new things, and put some analysis behind it.”One of the sectors that are also being extensively marketed is the industrial sector; where industrial parks and Special Economic Zones are starting to slowly pick up as there is a growing need for increased fit-for-purpose space for factories, according to Townsend.He also mentions that tourism is one of the primary driving forces in Cambodia’s economy, “but you’ve got to get out and market it. You can’t rely on one group. You’ve got to rely on a wider source. And so much of it comes down to that airport. So much of it comes down to infrastructure.” Townsend says that as these things continue to come up across Cambodia, tourism will surely grow.In conclusion, Townsend says that “if you haven’t already started building a retail center, you’re too late. If you’re building Grade A, finish it quickly. If you’re building or thinking about building Grade B and C, just make sure you put enough lifts in, and enough car parks, and enough motorbike spots, because if you haven’t, there’s already enough in the pipeline. If you’re going to build something in the industrial park, you’re probably going to need to heavily spend more money on marketing and be prepared to invest in factory space on behalf of the tenants that hopefully, you can attract either from Europe or North Asia, or indeed, out of China. And if you’re doing a big residential project and it’s got six phases, then look at the resale market.”Be an investor with valuable foresight, stay tuned to Realestate.com.kh news!

Although relatively new to the market, the Phnom Penh-based Land and Houses (Cambodia)(LHC) Group has already established themselves as a standout player in the the Cambodian real estate sector.LHC asserts its presence through five individual companies, each carrying a distinct expertise under their individual brands - yet overseen by the overall group director. The mother company is Land and Houses (Cambodia) Investment Co. Ltd., first established and officially registered with the Ministry of Commerce by Madame Se Lily, an experienced Phnom Penh real estate entrepreneur, in August of 2015. This company specialises in property investment broadly. The other four companies are the Land and Houses (Cambodia) Construction Co., Ltd., Golden Han Fei, Phnom Penh Land Development, and the LHC Architecture.Uniquely, through this network of companies, LHC is able to offer comprehensive services to clients without needing to outsource outside the group.Diversification; the Key to LHC’s Market Offering:With the list of different entities under the LHC umbrella collaborating and consulting with each other, the LHC group is able to offer a range of specialty services that can ensure the group can take property investors, developers and real estate sellers from the start to the finish of their projects, whatever those projects may be.These services include local and international property investment, property development, property consultation and feasibility studies, property and asset appraisals, property management, construction and architectural design. These services are readily available for international, local, and corporate clients. Contact LHC today and find out more!Quality and Excellence; LHC’s merger of International Talent with Local Understanding:Land and Houses (Cambodia) Group also maintains standards of trust and reliability through the use of high-grade materials, high-caliber manpower, and a culture of transparency. This has been achieved by forging joint venture partnerships with vendors from around the region, creating new companies that can draw from international experience, coupled with a firm experience in the local Cambodian market.Managing Director of the Group, Tyler Stuart, is a UK-born real estate and marketing professional with years of experience in the international & local market. Tyler Stuart has a clear focus for the direction of the Group’s companies as a whole, and maintains all staff are aptly specialised, and are driven to reach their personal and company goals.Armed with locally and internationally trained skilled professionals, LHC has already worked on several projects. Their group of researchers, advisers, marketers, analysts, consultants, property agents, and surveyors have collectively used their abilities and knowledge to market, sell and consult developments such as the Borey Varina, Chroy Chongva Residence, Borey Mohasensok, and their most high-profile mixed-development project yet, The Skyline, a 39-storey, 3 tower mixed-use development in central Phnom Penh, covering a total land area of 4,836 square meters. The Skyline boasts a 6-storey car park, and a 3 storey commercial shopping plaza on the ground floors. The project reaches completion in December 2018. LHC is exclusive sales vendor and manager of the Skyline project.Commitment to Follow-through:What sets Land and Houses (Cambodia) Investment further apart from other real estate firms and groups in Cambodia is their unique ability to provide a start-to-finish service, allowing clients to relax and know their property assets are secure.Six reasons why LHC’s service offerings are a cut above the rest include a solid marketing philosophy, a sellable website presentation, a positive and enthusiastic team, immediate buyer leads management, negotiation expertise, and administrative support.They are with you from the start, from purchasing the property and producing feasibility plans, right through to the property management, maintenance and leasing, committed to a long-term partnership with its clients.So, if you’re looking for a one-stop service provider for your real estate needs, whether you are a private seller, current property owner and operator, or a developer looking to launch a Cambodian based project, consider the Land & Houses (Cambodia) Group to assist you through each step of the process.Contact LHC today and find out more!

When it comes to apartment supply, thorough research is needed before investing in properties. You would have to consider the needs and essentials before placing your money into the market, especially with factors like the supply in comparison with the demand. Currently, the increase in supply may mean a significant amount of competition for those seeking to invest in the country. But this might actually be a good thing for buyers at the expense of the developers and investors who have ongoing projects.General Director of real estate company KFA, Nuon Rithy, said that apartment prices dropped between 10 and 20 percent compared to last year due to the influx of supply of apartments entering into the market. This forced some investors to install equipment with low quality, enabling them to lower rent prices. This is especially true for owners of apartments who have not updated their properties in a while. Rithy said, "The market currently is competitive in price, service and quality.” So, investors who do not think about their projected profit will have problems in the future.  He continues to say that “apartments that have not installed swimming pool on the top, no parking and gym are really faced with problems intensified in finding tenants."The General Manager of the company Asia Real Estate, Po Eavkong, backs this up and explains that the apartment market is also competing with the condominium market which has grown rapidly as well. This is because both condominiums and apartments can be used for the same style of living. This is one of the reasons why the margin for the apartment market remains narrow. He added that the rental cost – depending on region and condition – dropped to around 5 to 10 percent.Eavkong warns, "occupancy rate of apartments might have a slight growth this year, but the apartment supply has increased more and more compared to the real demand." He continues, "It's time the apartment and condominium sectors compete from this year, but in terms of the number of apartments currently available, it’s not yet too high."According to the study conducted by Bonna Realty Group last year, the number of apartments in 2015 that were supplied in the market saw an increase of up to about 35 percent compared to 2014, where the number of apartments rose to an estimated 6,000 units.Kim Heang, the president of Cambodian Valuers and Estate Agents Association concurs with the data, and gives further clarity by qualifying that the apartment market has reached the stage of "big fish eat small". This means that old apartments that are 5 to 7 floors in height in BKK1 have to be update their services or risk being demolished to make way for high-rise buildings that will have style design, interior design, equipping services, and material facilities to attract customers. He continues to say, "The current market reached a round that a strong one in this market takes a stance, and the weak will die."However, the consultant chairman of Daily Realty Group Khom Monyroth is not sold on the said idea. He said, "I observed that the occupancy rate of apartments have not changed, especially luxurious apartments in Boeung Keng Kang 1 still have consumers between 90 and 95 percent." He further states that the rental apartment price do not decline in these apartments which are designed with modernity in mind. But he still recognizes that competition in the sector has increased and remains to be a threat.He said that the number of people renting apartments have increased due to investors from Singapore and Japan entering Cambodia this year and because Cambodia has had a more stable start in the ASEAN Economic Community. It is with this that the Cambodian apartment market remains hopeful for its future.Please check out more full condos listings on Realestate.com.kh!This story was featured in the September 2016 print edition of PROPERTY VIEW magazine, produced by the CVEA.Realestate.com.kh is very proud to support the CVEA’s Property View publication. For more information about joining the Cambodian Valuers and Estate Agents Association (CVEA) please click here. And, if you are interested in advertising placement or advertorial in the next edition of Property View Magazine, please contact Mr. Virith via email: virith007@yahoo.com Or call: 078 959 567  or 098 66 26 68

According to recent Khmer Times report, after a year-long feasibility study by the Japan International Cooperation Agency (JICA), the Cambodian government is now seeking $800 million funding in order to undertake development of an automated gateway transit (AGT) system for the capital city, Phnom Penh. An Automated Guideway Transit (AGT) system is an automated, driverless transport system where vehicles are guided along a "guideway" or rail system. Most are rubber tired, but some systems have steel wheels. It is somewhat similar to a SkyTrain, Tram or Monorail system, depending on the design. “Through the evaluation, the AGT is the most flexible system in terms of geometric design among other alternatives such as a metro, monorail, LRT