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!

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

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

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

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

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

Experts and developers in the field still maintain a confident position that there will be continuous growth in Cambodian real estate, most especially for the condo market.This is because there is a growing interest in this type of property as a result of continuous increase in land prices.Kheang Puthy, director of Slek Rith Realty, says that sooner or later the occupancy rate of Cambodians living in condo will increase. Where currently, those who purchase units are people who used to live or study abroad, Puthy believes that more and more professionals will be buying or renting out units in the near future. This is from the fact that there is a growing population of middle- to high- income Cambodian Citizens who are affected by the worsening of traffic conditions.He encourages people to support and be optimistic about the progress of the condos sector. Puthy adds that negativity will only undermine the process of development and may cause the country to fall behind in comparison to neighboring countries that are also rapidly growing in terms of condominium developments. But he warns of a possibility of surplus. If there is an excessive supply, then the government will eventually have to tackle this issue and look for ways to regulate it.Anthony Ong, CEO of Spring CJW Development, said that "Cambodian citizens remain as a pillar for strong economic growth and real estate in the country." He added, "We do have confidence and want people to have good living standards." Spring CJW Development is also an investor in the Axis Residences condominium project which has 566 units located near the Phnom Penh International Airport.He says they really want to help improve the lives of citizens through offering a good place to live in which is comparable to Singapore. He added that the purpose of their investments in the condos project, Axis Residences, is not just to create a home, but to create a desirable housing project with all the necessary amenities.Meanwhile, Cheng Kheng, tycoon and CEO of CPL Cambodia Plc, said that living in condos is a more civilized and modern way of living because condos can have everything people will need such as parking spaces, shopping malls, gyms, saunas, swimming pools and gardens. Kheng adds that Cambodians feel a difference between landed properties and condominium units where they can live harmoniously in a modern setup.According to a research report from a Cambodian real estate agent, land in commercial zones in the city varies by location. In Norodom Boulevard, land can cost between $3,500 and $6,000 per square meter. While in Monivong Boulevard, land prices range from $3,000 to $5,500. In Russian Boulevard land can cost anywhere from $1,500 to $3,000 dollars. It’s relatively lower in Mao Tse Tung Boulevard where you’ll only need to spend between $3,000 and $5,000 per square meter. However, in the top 4 residential districts such as ChamkarMon, Daun Penh, 7 Makara and Toul Kork, it will only set you back around $1,500 and $ 4,000 per square meter in investment cost.Mr. Sarun Rithea, spokesman of the Ministry of Land Management, Urban Planning and Construction, recognizes this difficulty to buy land and build houses, especially in prime areas such as Boeung Keng Kang, Daun Penh and Toul Kork.The increase of land price is due to the land at Delta City becoming a land where investors build high-rise buildings, commercial buildings and condominiums. He said that according to the Municipality of Phnom Penh, land located 20 square kilometers around the city center is also becoming more expensive, but the increase isn’t as drastic as the capital city itself.He said that, "In Phnom Penh, a number of those who have from 1 to 10 homes are only 10 percent. Those who have a home for themselves are about 20 percent, and a number of those who do not have homes, fixed salary and middle-income (citizens) or above is about 70 percent.” Most of these people without homes have houses with their family and can be redeemed with the bank.The report of the Ministry of Finance showed that the growth of condos in Cambodia in 2015 reached 15,000 units and this number will continue to rise to 45,000 units in 2018.While in Phnom Penh, the number of new condos has increased, most customers who bought a unit are foreigners, including nationals from China, Taiwan, Malaysia, Singapore, Japan and France. Statistics showed that there are 20 percent of Cambodians who are condominium owners, while another 80 percent are foreigners. Find  more real estate news on Realestate.com.kh!This story was featured in the September 2016 print edition of PROPERTY VIEW magazine, produced by the CVEA.Realestate.com.kh is very proud to support the CVEA’s Property View publication. For more information about joining the Cambodian Valuers and Estate Agents Association (CVEA) please click here. And, if you are interested in advertising placement or advertorial in the next edition of Property View Magazine, please contact Mr. Virith via email: virith007@yahoo.com Or call: 078 959 567  or 098 66 26 68

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

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

With new developments established by foreign investors who find the Cambodian condo market attractive, information and education regarding the condominium market has steadily grown throughout the years. But generally speaking, different experts have different outlooks and opinions regarding investing in this market.Chrek Soknim, CEO of Century 21 Mekong, says that if you’re considering investing in the condo market long-term, then you won’t be encountering any serious challenges any time soon because the trends remain to be stable and projections are optimistic due to the fact that there are still lots of condominium units in supply.But Soknim warns that with the growing number of foreign investors coming into play, sales may regress or slow down a bit due to stiff competition. So, they would have to consider adequate and efficient financing for their projects.Soknim states that "when there is intense competition, it requires investors to have a precise capital. Otherwise, their projects might face a stalemate in middle plan if investors expect to get funding from buyers to develop the construction project."Hoping for a great outcome, he says "even if the sales are slower than before,” he does not see any difficulties that may result to the condominium market getting stuck.Find out real estate news on Realestate.com.kh! This is also what the director of TOWN CITY Real Estate, Vann Chanthorn, thinks. He explains that there are many projects that are still selling well, especially projects that focus on middle-class customers. He reaffirms that overall, there is no urgent problem and that the condominium market remains strong. This is confirmed by a recent survey done by CBRE Cambodia conservative estimates show that the condo market in the country will increase by 794 percent from now until 2018 and that the supply will increase to a total of 21,414 units. Kim Heang, president of the Cambodian Valuers and Estate Agents Association, said that the number of condominiums that have been built for the current domestic market left a surplus. He said that if investors are thinking about the ASEAN market, there is still much that remains to be seen and that what is important now is to get more ASEAN investors into the sector. If the sector remains stagnant, may not always be the developer’s fault because the government should be doing whatever it takes to attract investors. He continues to say that if water, electricity, and transport costs remain high, then no one might invest. But Heang clarifies this by saying "the laws is already existing, but it is important to all people to respect the law. Demonstrations, demonstrations without rules, so let's address this issue altogether." It is a collaborative effort. Kim Heang adds that the biggest pitfall more than 50 percent of condo developers are finding at the moment is that borrowing money to assist in funding construction presents more of an issue than a solution. He says that some of the developers are now facing deadlock. But there seems to be no problem right now for those who have obtained land and a precise investment capital. He explains, "It does not matter in this industry, but it will have trouble for individuals who borrow money or take money from customers to build." Taking a more positive approach to the surplus issue, Kuy Vat – chairman of VTRUST GROUP which bought the Master Franchise Century21 to Cambodia – said that when the condo market reaches surplus it can be used as an opportunity for investors and clients. They can buy a condo while the values are still low. Customers will find this beneficial because they are presented with more options to invest. Henry Wu, CEO of MATSU Property which is based in Taiwan, remains to be optimistic and believes that there are great opportunities in the Cambodia Condo Market. He said that Phnom Penh is small but being the capital, it is the heart of the country and has a total area of about 20 square kilometers. This means that construction of high-rise condos that have pristine accommodation, comfortable service, and amenities like swimming pools, security, shopping malls and management will be strong contenders in the near future and will be a factor in the continuous increase. Wu continues to say that Cambodia is a country which has flexible control over currency and has more freedom among countries in the region. Cambodia also does not collect tax on profits in the sector, and investors can go in and out freely, especially now that the property cost in Phnom Penh is relatively low compared to cities of the of other countries in this area. He added that "people in the city are about 2 million and condo costs at a very low price compared with other countries in the region that all these factors have attracted great interest from foreign investors for real estate here." Wu also establishes that foreigners have known markets in Bangkok, Kuala Lumpur, and Hong Kong, but were not familiar with Phnom Penh. But he expects this notion to change by 2023, when Cambodia hosts the Asian. He predicts that Phnom Penh will flourish during this time. He concludes by saying that "if you invest in condominiums, for people with middle-income, there are no signs of anything alarming, but I worry about the condo kind of luxury, which are expensive." While experts may disagree on certain aspects of the condo market, it is important to note that there are similarities in their individual analysis. These may provide better insight for those who are wishing to invest in Cambodia within the next few years. 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

A first of its kind development is in the limelight right now for its unique offering…Set to rise completely by the end of 2018, 88 Suites will be the first SOHO (Small Office Home Office) development on the outskirts of the Boeung Keng Kang I area. It is a product of both taste and quality that are upheld by renowned Malaysian-based architecture firm SW1P Collective and developer YCT Land Pte Ltd, with a host of highly successful projects across Malaysia. It is also funded by Malaysian property developer Chip Hock Realty who likewise have been part of several successful projects such as the University Green and the Pangsapuri Bukit Beruang Bestari, Malaysia.Only two months into construction, 88 Suites is enjoying a good turnout for where Sor Thida, CEO of Royal 5G Realty Co. Ltd – the exclusive marketing and sales agency of the project – says around 30 percent of the units have already been sold.In an interview with Realestate.com.kh, she also mentions a few factors that have made 88 Suites an particularly attractive property in the Phnom Penh residential market.Life in Style:Thida mentions that 88 Suites is “the first full-facility SOHO” property in the area which is meant to provide a dual-use area for small business owners and individuals. It was specifically designed to feature a slim, tall, modern, and spacious theme throughout the whole property with the use of high ceilings and modern fixtures that have been purchased from international brands like Villeroy & Boch, MEX, and GROHE.To get a feel for the space, you can visit the 88 Suites showroom just behind the Australian Embassy, just near the National Assembly.Life in Balance:88 Suites is staying true to its mantra – work, live, play – by offering modern amenities that are apt for both office, residential, and entertainment use, all in one address.Their facilities include free internet access in common areas, meeting rooms, discussion rooms, lobby/lounge, a communal business centre, and an intelligent car parking system. Meanwhile, residents can live here and enjoy the shuttle service offered by 88 Suites, along with the offering of three unit types –  the SOHO Luxe, SOHO Loft, and the SOHO Executive. It also includes international standard security features.But you can also wind down and relax at 88 Suites - the property includes features for play such as a sky deck with a swimming pool, a gym with sauna, and a rooftop with a view of the city.Situated along the edge of BKK1, at the Mao Tse Tung Boulevard, the property is also near establishments like the Parkway Square Shopping Center and Aeon Mall, where you can shop, eat, buy groceries, or grab a coffee. It is also near brand shops, international schools, embassies, and airports. These include Footprints, the Phnom Penh International School, the Embassy of Brunei, and not a long drive from Phnom Penh International Airport.Thida also mentions that this prestigious location, alongside Mao Tse Tung Boulevard, offers a more convenient flow of traffic and accessibility for residents than the tight, and often jammed, streets of BKK central.Investment Opportunities:Thida explains that there is a high demand for commercial spaces in BKK1, and 88 Suites offers the flexibility of being both a residential and a business property that can house up to 5 or 6 employees per unit.Each unit can range anywhere from 50 square meters to 101 square meters and can be priced anywhere in between $150,000 and $400,000.So far, the developers have partnered with RHB Bank and is able to offer up to 60% loan with easy approval criteria, given the Bank’s trust in the developer. This loan can be paid off up to 10 years for foreign buyers and up to 15 years for local buyers.Thida also mentions that 88 Suites is a great opportunity for investors to gain long-term monthly rental income returns, which can potentially be as high as 8% yearly. She adds that the units are perfect for small to medium size businesses who are looking to resell later on and get capital gains.So, if you’re thinking about buying a property that has some good opportunities for future personal investment or your current small business, then it might be worth purchasing a unit at the 88 Suites project.See the full 88 Suites listing today, and visit the showroom in Phnom Penh!

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

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!

With a growing range of condominium units coming into the Cambodian market, many have expressed their concern over ongoing and future condominium projects which may contribute to an eventual oversupply. But this did not deter YCT Land Pte Ltd, an established Malaysian developer, from constructing what would be a first in this country.Paving the way and utilizing the expertise of Kuala Lumpur-based architectural firm, SW1P Collective, 88 Suites – a “small office, home office” property – will now be introduced into the Phnom Penh skyline and property market.Otherwise known as SOHO, this type of property has been popular in different countries for quite some time now such as in Malaysia and Hong Kong. This is due to its dual-purpose characteristics. This, according to Mr. Chee Eun Tang – the Director of SW1P – will cater to both the younger and older generations who are looking for either self-use or for future investment.For 88 Suites, SW1P has created a tall, elegant, and eco-tropical building that glimmers under the sunlight. The external metal mesh screen not only provides sun-shading purposes while optimizing incoming natural daylight, but is also a design tribute to Cambodian traditional textile. Within that narrow exterior are three types of SOHO units which are thoughtfully finished and furnished to international quality and standards. These units include the 85 square meter SOHO Luxe, 100 square meter SOHO Loft (duplex unit), and the 50 square meter SOHO Executive.88 Suites will also feature the first Intelligent Car Parking System in Phnom Penh which will allow auto mechanisms to park a car without the need for a driver or valet, keeping everything compact, convenient and secured for unit owners."Life in Balance", the SOHO concept for 88 Suites, according to Mr. Tang, promotes a modern lifestyle for "live, work, play."Unit owners live in a comfortable and fully secured environment, while enjoying the convenience of both business and leisure amenities such as the sky lounge with meeting rooms, business centers, infinity pool, sky gymnasium, saunas, 24-hour and 4-tier security system, modern bathrooms and kitchens fitted with products from world-class brands such as Villeroy & Boch, and GROHE. The building will also have wireless internet connection throughout.Located in the heart of the capital in Boeung Keng Kang 1, 88 Suites is accessible to nearby destinations, including the Mao Tse Toung Boulevard, Preah Norodom, Naga World, Phnom Penh International Airport, Sisowath Quay, and the Aeon Mall. It also comes with an impressive 360-degree view of Phnom Penh  City that also overlooks the Mekong River.Amidst the growing number of the usual condominium developments, 88 Suites serves as a breath of fresh air and as a challenge for future and existing developers to step up their game. Should their SOHO concept find success, this may be the start of a whole new property market in Cambodia.See the full listing and inquire today!