Logo

Recent Articles

Phnom Penh Serviced Offices, with Anthony Galliano on Realestate.com.khTV
Phnom Penh Serviced Offices, with Anthony Galliano on Realestate.com.khTV
June 6, 2022, 5:05 p.m.
Realestate News
The Phnom Penh serviced offices market is a relatively new real estate market in Cambodia that has made a huge impact on the local business sphere since units started to become available in Phnom Penh a few years ago.Mr. Anthony Galliano โ€“ Chairman of BG Serviced Offices in Phnom Penh โ€“ recollects from his experience in Cambodia that before 2012, serviced offices was almost a non-existent industry.Galliano explains, โ€œI think, conceptually, the market took its time to understand the model. But itโ€™s been a fantastic business.โ€ He continues to say that serviced offices are now an established business model in Phnom Penh, with many different operators across town.The All-in-one Solution:One of the qualities that have made Phnom Penh serviced offices popular is the convenience of not having to bring in all the tools for business - instead, they are already waiting for you. This is particularly useful for new foreign owned business ventures, especially the small scale, looking to test the Cambodian market without all of the hassle of transporting an entire business abroad.Galliano says that the good thing about set-ups like these is that youโ€™re not just paying for the space. Youโ€™re paying for that space and everything in it.But of course, depending on the office grade, different things will be included.The Variations:Galliano details that you can currently rent Phnom Penh serviced offices from the 10 to 46 square meter range and it will only cost you around $25 to $28 per square meter a month. If you are a startup and just need a small office, the 10 square meter unit should be enough for a two-man staff set-up. But prices can still vary depending on which office grade you opt for. Currently, there are a lot of C-grade serviced offices around Phnom Penh.Galliano explains that this is because A-grade offices initially had very high rental prices compared to local norms. But because landlords have come to their senses and gave more realistic rental rates, itโ€™s now seeing an increase in demand.He adds that B-grade offices fill up really quickly now too because itโ€™s better quality than C but still affordable. Another reason for the B grade popularity is because the supply is not as large as C-grade offices, says Galliano.As evidence of this growth in higher grade offices, Regis will be doing higher scale and higher quality serviced offices to take advantage of the growing demand.As a precaution though, Galliano warns that C-grade offices are okay, but you have to look for the right landlord and be able to discuss terms with them. Since this is a lower grade office, landlords tend to be less generous and attentive.Renting Versus Owning:When asked about the developments who are now targeting office strata titles to be able to offer office ownership opportunities for locals and foreign investors, Galliano says that itโ€™s a strange concept because it may not serve the best interest of business owners.He explains that this may cause difficulties in transferring from one office space to another, especially for an expansion or merger. He states, โ€œYou donโ€™t want to be stuck owning an asset that you have to pay for,โ€ because it will only bring you additional business costs. He clarifies though that while it may have some potential, right now the economics of this offer just doesnโ€™t make sense to him.No matter the case, there is a clear expectation of continued growth for the office sector in the next couple of years as Phnom Penh continues to attract new business venture from abroad.Find out the latest Commercial space outlook in Knight Frankโ€™s H12016 report!
Cambodia Infrastructural Projects that are Fast-tracking the ASEAN Hub
Cambodia Infrastructural Projects that are Fast-tracking the ASEAN Hub
June 6, 2022, 5:06 p.m.
Realestate News
In their abstract for a paper entitled โ€œInfrastructure Development and Real Estate Values in Meru County, Kenyaโ€, authors Mbaya Murungi and James Gatauwa describe infrastructure as an element that directly affects property value. The ease, convenience, and accessibility these infrastructural developments bring plays a key factor in how properties are sold, anywhere in the world.If this relationship is true, then this should predestine Cambodiaโ€™s future real estate growth and can suggest an increasingly positive outlook for buyers getting in the market now. As investors flock towards the nation and its growing economy, newer infrastructures also continue to quite-literally rise from the ground to help both sides of the economic spectrum, the wealthy international investor and the local populous. And while these new amenities will add costs for both purchasers and renters, it will also provide ease and comfort for people moving into different regions of the country. ย Phnom Penh International Airport Expansion:Property Report, in their recent article, states their case in showing the correlation between airports and rising real estate prices. They mention a growing interest by wealthy investors with properties located nearby international bound airports, thereby increasing sales of prime developments in the area.As such, a $23 million expansion of the Phnom Penh International Airport by a Malaysian company in 2015 drew an enthusiastic reaction as it was expected to bring in more tourists and more wealthy investors. This was however short-lived as the announcement that the project was halted began to make its rounds, along with news of demonstrations that were being held by neighboring residents of the PPIA. In response to this, soon came news from the Senior Government Minister regarding plans for a totally new airport near the city outskirts. If the plans push through, the governmentโ€™s target date of completion would be 2025. With this new airport, the government also seems to be considering mass transportation systems upgrades to fast track those travelling to and from the airport into the city.In line with this, new types of multiple entry tourist and business visas are set to come into effect on September 1 2016, easing entry requirements greatly for regional investors and retirees.Completion of Railway to Poipet:Hosting a Thai-Cambodian border in its area, Poipet has long been a transition town where cargo and travelers pass. But delays in this small gateway town have traditionally plagued logistics and trade inefficiencies.One solution that has been put forward and is now nearly within reach is a new railway system that will connect Phnom Penh and Poipet. This new system is expected to allow much more direct access to Bangkok from Phnom Penh and vice versa. With only 6 more kilometers of tracks needed, completion is expected at the end of 2016.In addition to this, Sihanoukville is also expected to experience a boost of trade and tourism through the reopening of the passenger railways that connect it to Phnom Penh.Sihanoukville Port Development:ย Other than the over-arching improvements currently being implemented in the humble beach town of Sihanoukville, a great deal of work has also been put into the expansion of its port area.Having the only deep sea port in the country, particular emphasis has been made to ensure that it is able to accommodate sufficient trade and transactions. The expansion and functionality upgrades throughout the years has brought many business owners huge benefits and is the overriding factor that is drawing new foreign direct investment into the province. The Sihanoukville Port Multi-purpose Terminal Development project alone, which Japan has helped fund, will cost around $75 million and is estimated to be completed by the end of 2017. The end goal for Sihanoukville Port is that full size cargo vessels will be able to port at Sihanoukville, making long haul import and export around the world less costly and faster. Currently, Sihanoukville can only harbor feeder vessels that would then need to travel to ports such as Hong Kong, Singapore and other regional post in order to transfer containers onto the larger long haul vessels. In the future, full size haulers will be able to travel direct to worldwide destinations.Roads and Transport:With the growing population of Cambodia and particularly Phnom Penh, accessibility and traffic definitely play a big role in the values of residential and commercial properties.So, news of Japan donating 140 new buses, valued at over $10 million, was received well by the Phnom Penh working class. These units are expected to service the citizens much more efficiently by 2020 as bus lines are set to continue to increase yearly. Currently there are 10 lines across Phnom Penh. The regional road systems of Cambodia are also expected to experience changes in the next few years. China โ€“ through the firm Henan Provincial Communications Planning, Survey, and Design Institute โ€“ will develop an expressway along National Road 4 (Phnom Penh to Sihanoukville) after the go signal was given for the China Road and Bridge Corporation to push through with a proposed highway project recently.This comes at a time when Sihanoukville is under a period of growth and developmental changes; and, as anyone that has travelled to the beach town by road will know, a wider, direct highway will benefit this growth hugely.In addition to this, National Road 5 is also expected to strengthen the efficiency of trade with Thailand through a recent grant from Japan.Learn more about Cambodia in our extensive location profiles!
Sokha Phnom Penh Residence, Premier Option for Short or Long Time Stay
Sokha Phnom Penh Residence, Premier Option for Short or Long Time Stay
June 7, 2022, 3:59 a.m.
Realestate News
Cambodia is fast becoming a world-leading destination for tourists who want to experience a new frontier on the global tourism stage. And why not? Cambodia has a rich and diverse cultural history; it is full of natural wonders and untouched beaches; and as the Kingdomโ€™s economy grows, Cambodia is offering travelers more and more luxury options to make their stay even more special. In fact, according to TripAdvisor.comโ€™s โ€œTravelers Choice Awards 2015โ€Cambodia was the 2nd most popular tourism destination in the world.As of 2016, Cambodia has about 500 hotels of note, but only around 30 of these hotels have 100 or more rooms - and just six or seven of these venues offer international standards of hospitality services and execution. In this domain, the SOKHA Group is leading the way across the nation... SOKHA Group has a wealth of experience in tourism and hospitality in Cambodia, with their network of 5 star offerings across the Kingdom: Sokha Beach Resort โ€“ Sihanouk Ville; Sokha Angkor Resort - Siem Reap; Thansor Bokor Highland Resort โ€“ Kampot; Sokha Phnom Penh Hotel & Residence - Chroy Changvar Peninsular, Phnom Penh and Sokha Siem Reap Resort & Convention that going to open in mid of September 2016. Sokha Phnom Penh Hotel & Residence is the premier luxury residential experience in Cambodiaโ€™s Capital city. Whether you want to stay 2 days or 2 years, by selecting Sokha, you are guaranteed the best that Cambodia has to offer every day. Sokha Phnom Penh Hotel & Residence, which completed construction in 2015, consists of 18 floors with 549 units of hotel rooms and 195 units of residential suites (service apartments). Rising high above the shores of the Mekong and Bassac rivers, Sokha Phnom Penh Hotel & Residence is host to the most prestigious luxury living standard, events, business conferences or expos, and a popular choice for fine dining among the local elite.Sokha Phnom Penh Hotel & Residence offers unmatched views of the Mekong River and famous Royal Palace, and a quality of environment impossible to find in the popular inner-city districts. For those who are looking for working stays at the Sokha Phnom Penh Hotel & Residence, you are just minutes from the central business district of the city. Other perks for business guests include a meeting room for international conferences, high speed internet access and taxi services to and from the central city. All 195 residential units have classy polished timber floors and all amenities for your convenience included. The Bassac Suites (52 sqm/560 sqf) are exclusively designed as studio suites, fit for a quiet and relaxing stay. The Tonle Sap Suite (90 sqm/969 sqf) is a 1 bedroom suite with additional space, combining comfort, privacy and a place to call home. The Mekong Suite (104 sqm/1,119 sqf) has 2 bedrooms with highly customized and graceful furniture included, a premium choice of luxury living for both family and long stay business travelers. The suites feature distinctive, breathtaking views of the Great Mekong, Tonle Sap and panoramic view of Phnom Penh. Like swimming? At Sokha Phnom Penh Hotel & Residence you can get your fitness fix, with a huge 1,650 sqm/17,760 sqf outdoor swimming pool. Residents are able to access to gym, the luxurious healthy spa, steam, sauna, and jacuzzi. A comfort package is also available for residents with complimentary electricity and huge underground parking lots. Each room is connected with wireless internet access, fully furnished with full-sized fridge, washing/drying machine, modern kitchen full-equipped appliances, and multi-channel 47 inch LCD TV at the separate living room and dining area.Residents can also get complimentary usage of the hotel Business Centre at the lobby and the BBQ Pavilion Space on Surkea Rooftop (Open Space for Dining /Party /Landscape Deck). And enjoy the international restaurants that serves food from around the world (Chinese, Japanese, Asian, Western, Italianโ€ฆ). Like to party after work? The Wave Club on 19th Floor and Stardust Karaoke below the hotel is ready for you, any time from noon. With 5 star hospitality service, round-the-clock security surveillance, 24 hours room service, housekeeping, linen (bedding and toweling) and daily shuttle bus service from the hotel to Aeon Shopping Mall, guests are able to relax and enjoy with their stay while the Sokha staff take care of almost everything. Of course, the concierge services are ready to help with any need you might have, day or night.Find out moreย about Sokha Phnom Penh Hotel & Residence and make your stay in Phnom Penh unforgettable!
Influence of Negative Interest Rates on Cambodian property, Alfred Chia on Realestate.com.khTV
Influence of Negative Interest Rates on Cambodian property, Alfred Chia on Realestate.com.khTV
June 7, 2022, 4:12 a.m.
Realestate News
Cambodia has seen a significant rise in its economic value throughout the past decade, but there is a potential threat that it has to watch out for. Negative interest rates are looming to enter Asian countries and are slowly creeping in from the European and Japanese economic policies and implementations from central banks. ย This, Sing Capitalโ€™s Chief Executive Officer Alfred Chia, explains is a concept taken from the Swiss government when it was fending off a crisis back in 1970. This was a statement he made during the Inaugural Cambodia Property Show held in Singapore this year.What is a Negative Interest Rate?Negative would seem like an odd usage when used in combination with the term โ€œinterest rate.โ€ But this has been a concept embraced by countries whose economies are coming into a desperate state. Chia explains the concept as something that goes against what weโ€™ve been taught. Whereas banks are supposed to pay us an interest when we decide to put a deposit, the concept of negative interest rates works the other way around. Banks actually charge you the interest for putting money in their care.This should come as no surprise, but it is definitely an โ€œunconventionalโ€ concept, according to Chia. Probably something that we usually take for granted is that banks are still business entities and still have to earn.Why are more countries adopting Negative Interest Rates?He continues to state that there are five main factors affecting why more and more countries are slowly adopting this unusual concept. These factors are Global GDP, China-economy affects, oil & commodities, currency, and interest rates; and these are all interconnected.Since there is a downturn in the global economy right now, we find that countries like China are slowly experiencing the effects through the apparitions of its ghost towns which were once vibrant communities for industrial workers and their families. Having said this, we also see the appreciation and depreciation of major currencies like the US dollar which serves as Cambodiaโ€™s main currency.How might this affect Cambodia?What will most likely affect the growth of Cambodia is either the strengthening or weakening of the US dollar, and the Chinese business behavior during this time since the Chinese are also one of the major investors in Cambodia.Though perceived to be signs of a struggle, the aim of negative interest rates is to force banks, businesses and individuals to be creative with how they can make their money grow. Banks seem to have found a means through lending out.And, according to Chia, banks have seemed to found a sort of reprieve through the property market. He uses Japan as an example where its people are able to loan up to 100 percent of the property value at just a 1 percent per annum interest rate. With proper valuation, lending out lessens the risk for them because even if the loan is not paid back, they still have the property itself to fall back on.Should this concept apply for Cambodia, banks may actually be able to profit more due to the booming real estate industry.Learn more about the Cambodia investment climate!
Don't miss the International Business Exhibition JCI 2016 THIS SATURDAY
Don't miss the International Business Exhibition JCI 2016 THIS SATURDAY
June 6, 2022, 5:05 p.m.
Realestate News
On this Saturday 27 August 2016, JCIย Cambodia will hold theย International Business Exhibition and JCI Entrepreneurs Forum at the Sokha Phnom Penh Hotel from 8am.Realestate.com.kh is extremely proud to be sponsor for this year's event! Alongside its business exhibition, JCI has also prepared a series of talks which will feature distinguished speakers and experts from the areas of Food & Beverage, Real Estate, and Organic Agriculture products. Although speaking about different sectors, the discussion will center on one key topic, โ€œKey Success and Investment Opportunity in Real Estate, Food & Beverage, and Organic Products in Cambodiaโ€. This topics will be divided into two parts, morning and afternoon. For discussingย on food and drinks sector, and agriculture sector, there are 4ย speakers such as: Kouch Soklyย president President of Cambodia Restaurant Association, Dr. Tan Monivann โ€“ VP of Mong Reththy Group Co., Ltd. Mr. Chang Bunleang โ€“ Operations Manager and Co-founder of Brown Coffee, Mr. Neak Tharen โ€“ Board of Directors of Cambodian Organic Agriculture Association and CEO of Natural Garden and facilitated and Moderators by young entrepreneurs Ms. Dek Dary โ€“ National VP of JCI Cambodia, Managing Partner at 360 Event Management,ย and Mr. Khorn Chhundaraโ€“ CEO of KOI Cafรฉ Cambodia.Discussions in the afternoon turn toย speakers from the real estate sector such as: Mr.ย Kim Heangย โ€“ President of Cambodian Valuers and Estate Agents Association (CVEA), Mr. Harry Martin IV, the sales and marketing manager of Worldbridge Cambodia, Mr. Kenn Yeo โ€“ General Manager of Orkide Villa Condominium (Mall & Condominium Project), and coordinated by HE Sok Siphana โ€“ย ย President of Sok Siphana law firm and ย governmentย adviser.Inย 2016, we expect participants Entrepreneurs Forum, there are guest 250 to 300, with regular ticket price is $50 and $40 for membersย JCI YEAC, CIC, BNI, CWEA, CVEA and CRA.For interested participants, you can contact:ย Tel: 017 59 46 19 or email:ย  sothearak2510@gmail.com / jci.phnompenh@gmail.com
J-Tower 3 - News Banner ENG
SHUKAKU INC. Signs MOU with the DON BOSCO Foundation
SHUKAKU INC. Signs MOU with the DON BOSCO Foundation
June 6, 2022, 5:04 p.m.
Realestate News
Phnom Penh, 23 August 2016 - SHUKAKU INC. signs MOU with the DON BOSCO Foundation in order to equip young Cambodians with the skills to build the Cambodian of tomorrow.Under this partnership, the Phnom Penh- based Real Estate Company and the master developer of the Phnom Penh City Center (PPCC) will grant scholarships to 20 students from the Don Bosco Technical School over two years tuition, and sponsor a brand new computer lab at the Don Bosco campus.The Memorandum of Understanding (MOU) with the Don Bosco Foundation will pave the way for a two-year partnership worth more than $69,000.The Don Bosco school is an educational non-profit organization that provides free vocational training to young Cambodians from disadvantaged backgrounds.Roel Soto, Country Representative of the Don Bosco Foundation, said: โ€œWe are grateful to Shukaku Inc. for aiding us in our efforts to fight social exclusion through practical education and skill building.โ€He added, โ€œThese scholarships will equip young Cambodians with real-life-proof technical skills and knowledge, crucial learning and development, all of which will enable us to build the Cambodia of tomorrow, today.โ€The company will also sponsor a brand new computer lab comprising of more than thirty computers at the Don Bosco campus. This is another effort that is part of Shukakuโ€™s commitment to enhance IT literacy across Cambodia and provide a conducive learning environment for the students of Don Bosco. Michelle Lau, Executive Director of Shukaku Inc., said, โ€œThis signing is only the beginning of what we hope will be a fruitful and long-term partnership with the Don Bosco Foundation. I continue to be truly inspired by Don Boscoโ€™ s core values of inclusiveness, generosity and excellence - and I trust our relationship will strengthen over the years as we find more opportunities to help Cambodians unleash the full potential of Cambodia.โ€ Ms. Lau also underlined that this partnership is only โ€œthe first of many to come.โ€ Under Shukakuโ€™s new โ€œSustainable Growth Initiative,โ€ the companyโ€™s comprehensive community engagement and empowerment program will aim at making a tangible contribution to the communities in which it operates. The program will help build a collective vision to a future of share prosperity through various and long-term income โ€“generation initiatives. Learn more aboutย Shukaku'sย Phnom Penh City Center project today!
Investing in Cambodia with Care, with Guillaume Massin on Realestate.com.khTV
Investing in Cambodia with Care, with Guillaume Massin on Realestate.com.khTV
June 6, 2022, 5:06 p.m.
Realestate News
Even with the constant year-on-year 7 percent GDP growth of Cambodia and the boom of construction development across the nation, many investors still seem to be intimidated by the country and are hesitant when investing in Cambodia property.There is a perception that investing in Cambodia might cause certain conflicts or complications, if not immediately, but down the line. Guillaume Massin expressed a different opinion in his presentation at the Inaugural Cambodia Property Show in Singapore, organized by Realestate.com.kh and PropertyGuru Singapore. Massin is the managing director & partner of DFDL Cambodia.Massin states that Cambodia made a choice to build its legal framework before it was fully ready for implementation. Now, the country is still continuing to develop and enact the rules and regulations put in place years ago.This started in 2003 when the government developed hundreds of new laws. Thus far around two-thirds of these laws have been implemented, says Massin.This, of course, includes policies concerning civil procedure codes, criminal codes, and a court system. Although โ€œitโ€™s [still] getting there,โ€ Massin states that it is now more developed and systems are now more transparent than ever before.Improvements very relevant to Singaporean investors include a double taxation treaty between Singapore and Cambodia where there will be a 10% cap on tax for foreigners investing in Cambodia. And this can be advantageous since the tax usually goes up to 14%.Another advantage that was brought about by these changes include the investors in the industrial sector being able to register their companies and seek government incentives. โ€œQualifiedโ€ projects, with necessary licenses, will be able to get a tax holiday which can last up to 9 years.When investing in Cambodia, it is also important to note you must choose to engage with developers with a valid license for their project. This is important because when something goes wrong, your properties and assets are only protected by the law if the license is valid. Massin states that these licenses can and should be verified through registered legal counsels.Massin also says that despite some restrictions, investing in Cambodia is still a good idea because it remains a very open economy and a flexible market. You can even incorporate your company in two to three weeks, provided you show residency requirements. Massin also notes the flexibility of the strata titles.Probably the biggest restriction when investing in Cambodia is that foreign investors are not able to buy land. Although, he says that long-term leases can also be utilized as a workaround for these types of investments, and are well tested.He advises that there are two more ways by which an international investor can enter the land and landed properties market. Either purchase through a Cambodian national or through establishing a Cambodian company where the majority shareholder is a Cambodian national. Massin says to use the latter rather than the former, if given the option.The presentation closed with Massin reminding investors considering investing in Cambodia about what documents to ensure you have before proceeding with development or property investment projects.For one, you have to do a property background check. You have to have the title inspected by a lawyer as they are the only ones authorized to do that. Second is to check if the licenses are in place and valid. This includes the license of the developer. Lastly, you have to check the necessary documentations such as the letter of intent and the sale and purchase agreement.โ€œThere are still some efforts to be made, there are still some projects to be implemented in terms of legal development, but definitely, itโ€™s on track,โ€ concludes Massin.This is the emphasis of Massinโ€™s presentation: While there are plenty of things that are still not in order, there is are many things to be optimistic about and opportunities that have long past in other markets. ย Find out more aboutย foreign ownership in Cambodiaย now!
Tuol Kork, Sen Sok Market Review H1 2016
Tuol Kork, Sen Sok Market Review H1 2016
June 6, 2022, 5:05 p.m.
Special Reports
Realestate News
Market SummarySen Sok district (Khan in Khmer) has experienced a rapid growth, especially in term of residential, commercial, and infrastructure developments. Thus, land prices in the whole district increased markedly within the last couple of years. By the end of 2013, average market price of land in Sen Sok was US$380 per sqm. In the first half of 2016, average market price in the district rose to US$690 per sqm, with average growth of 27 percent y-o-y from 2013 to 2015. Nevertheless, land market prices across Sen Sok district have stagnated since the beginning of 2016, making Q1-to-Q2 2016 list price ratio to drop to 99 percent, though minimally, as property sellers were testing the market at which a reasonable market price should be met.Tuol Kouk district, on the other hand, experienced a slight rise in land price within the same period, from average market price of US$2,150 per sqm in 2013 to US$ 2,530 per sqm in early 2016, growing at 6 percent y-o-y within the tracked period. However, across Tuol Kouk district, Q1-to-Q2 2016 list price ratio dropped to 99 percent due to real estate market stagnancy since the start of this year.In sum, these two districts both of which lie northwest of the central Phnom Penh have enjoyed a rapid growth in term of residential and commercial developments. The suburban Sen Sok district, for example, has witnessed a noticeable pace of developments, especially mixed-use landed housing and infrastructure, which gives rise to a change in the skyline and rapid surge in land prices over the course of the previous three years. This growth will continue its pace as developers foresee market optimism over the next coming years.Land Market PricingTuol Kouk DistrictOver 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. ย Land prices across the district, therefore, started to surge ever since. In 2005, average market price across the district was about US$1,100 per sqm, with a threshold of US$450 per sqm along secondary streets to US$1,900 per sqm along primary streetsEarly this year, average land market price across Toul Kouk rose to US$2,530 per sqm, while some of the prime commercial streets could fetch a market price as high as US$5,750 per sqm. Over a decade, average growth rate of land prices in the district was about 10 percent y-o-y, and during the last three years the growth was about 6 percent.Remarkable land price surge was seen in Boeng Kak Ti Muoy and Boeng Kak Ti Pir, both of which are Tuol Koukโ€™s northern communes adjacent to emerging Phnom Penh Thmey of Sen Sok and densely-populated Tuol Sangkae of Ruessei Kaev district. The former grew at 17 percent y-o-y within the period from 2013 to 2015, and the latter, 13 percent. The two communesโ€™ higher growth in land market prices, if compared to that of other communes in Tuol Kouk, was pushed by two key factors. First, because of their relatively small market price base (from a minimum of US$650 per sqm in the last three years), a small price jump could see an enormous growth in y-o-y rate. Second, their attractive, emerging locations have been ideal for residential towns, high-rise developments, and commercial establishments, all of which pushed market demand to rise. As a result, buyers were willing to accept the offers and through this, the market prices started to increase relatively more quickly over the last three years.On the other hand, many parts of the Tuol Kouk seemed almost to reach their price caps, as many available development and establishment opportunities have now appeared elsewhere throughout many of the peripheral parts of the district and its neighborhoods, offering much lower prices and promising opportunities. Such parts almost reaching land price caps are Phsar Depou, as high as US$5,750 per sqm and Tuek Lโ€™ak, as high as US$5,200 per sqm.Sen Sok DistrictOver the previous three years, property market prices across Sen Sok witnessed a double digit growth, with 27% y-o-y from 2013 to 2015. Back to 2013, average land price across the district was US$380 per sqm, and it grew to US$690 per sqm in the first half 2016.Khmuonh, one of the four fastest growing communes (sangkat in Khmer) of Sen Sok district, enjoyed a relative quick pace of residential town (such as Grand Phnom Penh International) and infrastructure developments, with main streets such as Hanoi (St. 1019) almost finished this year and Tumnup Kop Srov Road (the capitalโ€™s ring road) due to completion sometime soon. As a result, average growth for land price in Khnuonh commune was 35 percent y-o-y, from US$230 per sqm in 2013 to US$480 per sqm in the first half of 2016, with market prices along main streets ranging from US$300 per sqm to US$710 per sqm.Krang Thnong, adjacent to Phnom Penh Thmey commune and a quick access to the prominent Russian Boulevard, also witnessed a double-digit growth in land prices, with an average of 29 percent y-o-y, from an average of US$110 per sqm in 2013 to US$210 per sqm in the first half of 2016 across the commune. The enormous growth in land prices was driven mainly by residential potentials thanks to many available parcels of vacant land, including residential plot land movements and ongoing town development such as Borey Maha Sen Sok by Japanese developer Creed Group.Phnom Penh Thmey, adjacent to Boeng Kak Ti Muoy and Boeng Kak Ti Pir, the two prominent communes among 10 of Tuol Kouk district, also experienced a double-digit growth, having stood high thanks to its development potentials and strategic market position where several remarkable development projects such as borey New World (La Sen Sok), second project of AEON Mall, and borey Chip Mong Land, to name a few, have already been pinned up on the map. Thus, land prices grew at average 19 percent y-o-y within 2013-2015 period, from an average of US$530 per sqm in 2013 to US$830 per sqm in the first half of 2016. Remarkable potentials in Phnom Penh Thmey commune have been also seen after the completion of main infrastructure, for example, Oknha Mong Reththy and Hanoi Street.Market Performance Tuol Kouk DistrictA central zone of the capital, Tuol Kouk district has experienced a tremendous change in its skyline and infrastructure, which led to an increase of property demand as well as prices across the district over the last three years. Yet, average SP-to-LP ratio across property market in Tuol Kouk was 95 percent in 2015, while average original-to-last list price ratio dropped slightly to 99 percent Q1-on-Q2 2016.Low pricing ratios were noticeable in Phsar Depou Ti Muoy commune, where SP-to-LP ratio went down to 90 percent, lower than those in any other communes across Tuol Kouk district. The low pricing ratios in the two communes could be dragged down by the disruption of Techno Flyover construction process that affected on profitability of prime business spots along Russian Boulevard and its surroundings, thus resulting in less-commercial options for buyers to seriously consider the properties over there.Sen Sok DistrictDespite enjoying a significant growth in most parts of the districts over the course of the previous three years, Sen Sokโ€™s property market heat has been slightly cooled down since early 2016 due to overall slowdown in property transactions. Given that average sale-to-list price ratio (SP-to-LP) was 93 percent in 2015, average achieved sale rate across the district was 7 percent below the original list prices, although H1-on-H2 2015 list price ratio (LP) rose to 101 percent. However, during the first half of 2016, average original-to-last list price ratio was 99 percent Q1-on-Q2.The fact that pricing ratios, typically sale price, went down to 93 percent across property market in Sen Sok district means there were many available properties, especially numerous unoccupied homes and vacant parcels of land, and therefore buyers have more power to negotiate for a lower price. Nevertheless, that average original-to-last list price ratio went down to 99 percent was a sign that many of sellers were adapting their asking prices to cope with less aggressive market demand during the first half of 2016.Outlooks and TrendsWith an organic trend of relocation from the central city to suburban and peripheral areas of the capital in a bid to cope with rapid land price growth, accelerating traffic pressure, and increasingly overcrowded city dwellers, a number of people have started to move out to several suburban parts where they form new towns and communities, remarkably since the five years, and Sen Sok district is no exception.Major development trends have been noticeable across Sen Sok, especially its Phnom Penh Thmey commune, which is situated northwest of its neighboring Boeng Kak Ti Muoy and Boeng Kak Ti Pir of Tuol Kouk district. Today, throughout many parts of Phnom Penh Thmey are situated many of finished housing projects such as (1) two of Borey Peng Hout projects the Star Emerald and the Star Quarteria, all of which are along Oknha Mong Reththy Street (1928 St.), (2) two of Borey New World projects, one of which is located a hundred meters off Mong Reththy Street and another is on Oknha Try Heng Street (2011 St.).Another ongoing Borey New World (La Sen Sok) on Oknha Mong Reththy Street has been almost finished, whereas only its community shopping mall remains under construction. Further, Borey Park Land (Sen Sok) along the same street is due to completion sometime next year.More importantly, the second project of AEON Mall by Japanese developers has been pinned on the map in the most promising zone, immediately adjacent to Borey New World (La Sen Sok) and less than 800-meter-radius ring of Camko City (southeast), Borey Angkor Phnom Penh (north), Borey Park Land (southwest), and Borey Peng Huot (south). These factors have brought about more demand for the area, including housing unitsand parcels of land, thus pushing prices to hike rapidly.Phnom Penh Thmey is a popular location for buying a first home,being voted by 20 percent of the surveyed prospective buyers (conducted by VTrust Appraisal), ahead of other areas such asChrouy Changva (16 percent), Stueng Meanchey (11 percent),Toul Kouk (11 percent), unspecified areas (17 percent), and otherareas combined (25 percent).This research report was aย production of V Trust Appraisal.
South East Asia Property Awards (Singapore) returns for a sixth year with new categories
South East Asia Property Awards (Singapore) returns for a sixth year with new categories
June 6, 2022, 5:05 p.m.
Realestate News
Nominations are ongoing until 9th September for the city stateโ€™s premier real estate event SINGAPORE โ€“ 18 August 2016:ย Singaporeโ€™s real estate industry will once again celebrate the achievements of the yearโ€™s finest developers and developments at the sixth edition of the South East Asia Property Awards (Singapore), an international event organised by PropertyGuru Group, Asiaโ€™s leading online property group. Presented by title sponsor Hansgrohe, the annual South East Asia Property Awards (Singapore) is the first component of the South East Asia Property Awards grand finale that will take place on Thursday, 24 November 2016, at the prestigious Shangri-La Hotel Singapore, official venue of the Awards. Nominations are now being accepted until 9 September. Submissions are open to developers, consumers and the general public. All entries and judging sessions will be supervised by BDO, one of the worldโ€™s largest accountancy and auditing firms, and long-time judging supervisor of the Asia Property Awards. This year the independent judging panel will assess eligible entries for a new category โ€“ Special Recognition in Sustainable Development โ€“ in addition to the existing Special Recognition in Corporate Social Responsibility that has been a coveted award among entrants over the last five years. โ€œSingapore continues to produce world-class developments that are the gold standard for any country in ASEAN and is a regional leader in CSR and sustainable development,โ€ says Terry Blackburn, founder and managing director of the Asia Property Awards, which is now in its 11th year. โ€œWeโ€™re confident that this new category will recognise the growing importance of sustainability among developers not just in Singapore but in Southeast Asia as a whole, and will set a new benchmark of quality for the regionโ€™s real estate sector.โ€ Another popular category from last year, Best Commercial Development, has been expanded. Entries are being accepted for Best Retail Development, Best Office Development, Best Hotel Development and Best Mixed-Use Development. In addition to the Singapore award categories, the editors of Asiaโ€™s industry-leading Property Report magazine will also name the Real Estate Personality of the Year. The only award that is not selected by the judging panel, this honour will be given to an individual who, in the past year, has contributed significantly to Singaporeโ€™s property sector. Renowned architect and designer Mink Tan, chief design officer at MINKKE Pte Ltd, returns as the chairman of the judges in 2016, following his stint as head judge last year. โ€œThe experience has been enriching and rewarding, as I have gained and learned much from my fellow judges who all hail from diverse backgrounds like development, finance, investment, amongst others,โ€ says Tan. โ€œAs a judge, I would think that the impact of the Awards must surely be a positive one, otherwise you wouldn't see all these developers sending multiple nominations and Winners brandishing the Awards on their advertisement banners year after year.โ€ As with the rest of the national editions of the Asia Property Awards, the top winners in Singapore will move on to compete in the Best of the Best round of the ASEAN grand finals for various categories, including Best Commercial Development (South East Asia), Best Condo Development (South East Asia), Best Green Development (South East Asia), and the biggest regional award, Best Developer (South East Asia). Building on the success of the 2015 ceremony that was attended by more than 400 high-profile guests, the South East Asia Property Awards (Singapore) 2016 will showcase the leading lights and outstandingย developments in Singaporeโ€™s property sector at a time when cooling measures have caused transactions and rents to decline. โ€œDespite a slow year for new launches, Singapore is still a model for many emerging markets in the region. Quality, sustainability and green building are the top priorities for many developers, and we canโ€™t wait to see which projects will make it to the final shortlist this year,โ€ comments Blackburn. Finalists will be announced in the final week of October in a press conference in Singapore. The South East Asia Property Awards (Singapore) 2016 Gala Dinner will be boosted by the support of official media partner Property Report; some of the regionโ€™s highly respected business associations and media outfits; and the network of 16 million real estate consumers of organiser PropertyGuru Group, Asiaโ€™s leading online property group. Super early bird tickets to Singaporeโ€™s premier real estate event are now available (valid until 26 August only) for an exclusive bundle package with the second Property Report Congress Singapore, a two-day conference featuring Asiaโ€™s industry leaders and influencers. Single entry is USD630 (full price: USD810) and a table of 10 costs USD5,670 (full price: USD7,300). For bookings and more information, contact info@asiapropertyawards.com or visit the official website.
Phnom Penh Riverside Lifestyle, with Anthony Galliano on Realestate.com.khTV
Phnom Penh Riverside Lifestyle, with Anthony Galliano on Realestate.com.khTV
June 6, 2022, 5:05 p.m.
Realestate News
Phnom Penh is a relatively small area that is marked with varying subcultures. This is one of the things that gives the capital city its unique spirit and dynamic lifestyle.And according to Chairman of Cambodian Investment Management, Anthony Galliano, the merging of ideologies, structures, and tradition is best observed through the properties along the Phnom Penh Riverside.There are a number of things you can see and do in this area, and Galliano lists a few of them during his recent interview on Realestate.com.khTV.Stunning Scenery:Imagine the reflection of the sun in the river as it sets, all the little boats just passing by your view from the window. That is exactly the picture Galliano paints for the Riverside area.Living here means that you will be able to bask in the rays of the golden sun and just absorb all the beautiful sights around you - which includes the rivers of Mekong, Tonle Sap, and Bassac rivers. You can also see diverse architecture and a landscape that had been influenced by different time periods.But wherever in the Riverside area you go, you are guaranteed to see something eye-catching.Festive Occasions:People say that you can tell a lot about a place and its people through the types of festivals they celebrate. And Phnom Penhโ€™s Riverside surely does not have a shortage of festivities.Galliano explains that you have a pretty good vantage point you can utilize if you live in the area because youโ€™re right in the middle of all the celebrations. But probably one of the best festivals in Cambodia you will be able to attend is the Water and Moon Festival, otherwise known as Bonn Om Touk, which ushers in and welcomes the fishing season. During this time, you can also opt to watch the annual boat race which is the festivalโ€™s main attraction.Convenient Location:The Phnom Penh Riverside area is conveniently located near the central business district of the capital city. This makes it relatively easy for workers and even families to move around Phnom Penh without having to worry about the increasingly congested traffic situation there. It is also close to facilities such as hospitals, schools, and grocery stores. Residents can testify that once you move into this part of Cambodia, there is little that you need to ask for. Everything you might need is there.Scrumptious Food:Because this area is also home to a growing number of expatriates, there are also plenty of restaurants to serve dishes which originated or are derived from Germany, Italy, France, Canada, America, Korea, China, Japan, and even Australia. So, choosing food will no longer be a problem as there is a wide range available. ย The Phnom Penh Riverside area is definitely one of the best places to live in Phnom Penh. Having been well-developed throughout the years, youโ€™re assured all you need to live comfortably here alone or with your family.ย Learn more aboutย the perks of living Phnom Penh Riversideย in another in depth Realestate.com .khTV report!
Cambodia Property Tax And Compliance Changes, with Anthony Galliano on Realestate.com.khTV
Cambodia Property Tax And Compliance Changes, with Anthony Galliano on Realestate.com.khTV
June 6, 2022, 5:05 p.m.
Realestate News
When you talk about an improved economic standing on any scale, it is inevitable to also discuss the taxation system that enables the government the luxury of its own stability and consistent growth.And one of the many sectors or industries that have undergone and is still undergoing various changes in taxation is the property market in Cambodia. According to the CEO of Cambodian Investment Management, Mr. Anthony Galliano, this has been causing both problems and solutions in the system.Tax for Businesses:Generally, Galliano says, itโ€™s been more difficult for businesses who have not been following best practices over the years and have either been evading or unintentionally neglecting tax obligations.This is because businesses who are renting out office spaces are required to present property tax receipts which should come from the property owners. If the owners of these properties have not been paying tax, this causes an issue with the ability of the companies to register with the Ministry.He says, โ€œwe can see it from those that are registering businesses that perhaps the owners of those buildings have not paid tax in the past. And there are some of those that are seeking to rent property and needing those tax receipts to register their business, theyโ€™re unable to get it because the owner hadnโ€™t paid it in the past.โ€Personal Tax:Galliano continues to say that the trouble with taxation with renters may be because of an โ€œapatheticโ€ view of taxation in Cambodia, which may be perceived as personal tax.But since there is a stricter implementation now, he says that apathy doesnโ€™t really get them far enough. They are forced to educate themselves about the laws of taxation and to actually pay their due diligences.Galliano says, โ€œIf youโ€™re a person that just owns a property, then youโ€™re responsible for paying that tax as the owner.โ€ He continues to say, โ€œFor sure, if youโ€™re owning property, youโ€™re responsible for registering that property and paying the tax.โ€ And now that there is an urgent call for compliance, owners really do not have much of a choice than to pay the tax or else risk paying penalties and other forms of consequences that may result from their resistance.Tax Change Perception:These issues can now be viewed in two ways. You can look at it as a form of inconvenience or you can look at it as a form of straightening out the system and developing better ways of doing transactions in the country. This provides protection for the investors as well because they now have a standard of which to base the legality of their investments.But Galliano adds that, moving forward it may get easier for investors as developers now provide property management services for the owners. This means that there will be a more streamlined process of paying and collecting tax which would then help the economy sustain the growth.Whatever the case, what is important is to make sure what types of tax you should be paying and actually paying them - so as to avoid any conflict with the law enforcement agents and entities.Learn more about Cambodian property tax law!
Emerald HUB Office and Coworking Space, on Realestate.com.khTV
Emerald HUB Office and Coworking Space, on Realestate.com.khTV
June 6, 2022, 5:05 p.m.
Realestate News
The office space sector has seen rapid growth during the first half of the year and is expected to focus more on prime properties in its second half. This is according to a report that was recently released by Knight Frank.But even with high quality offices continuing to change Cambodiaโ€™s landscape, it offers few opportunities for entrepreneurs and startups to find a space that will allow them to go beyond its full potential.This is something that the Emerald HUB aims to address.In an interview with Ms. Sou Monypich, she mentions that as part of the Emerald+ Property Management Servicesโ€™ desire to pursue social responsibility, the Emerald HUB Co-working office space was built.Emerald Hubย is designed to create an atmosphere conducive to creating up and coming game changers in the different sectors of the local economy. Based in the capital city of Phnom Penh, the Emerald Hub provides entrepreneurs access to not only an office but also facilities like meeting rooms, air-conditioning, Wi-Fi, printing services, a pantry, and all that anyone starting out in business would ever need.Beyond the Typical:Deciding to take a piece of the creative culture in Emerald HUB also guarantees that you will get more than just an office. Ms. Monypich says that their end goal is to provide the necessary support to help any entrepreneurial venture take flight.This means that there is a collaborative effort between you and their mentors on product development, creative design, financial management, and sales & marketing. They also offer trainings and different fun activities for people who call Emerald Hub their business home.More than all these benefits, it is also a place where you can meet like-minded people who are willing to network to create better business concepts that will make a huge impact on the way we currently look at doing business.Ms. Monypich says Emerald Hub allows โ€œa space with a lot of people from different backgrounds, from different expertise, and for them to exchange the information.โ€Size and Time Doesnโ€™t Matter:Ms. Monypich explains that more than a co-working space, they also offer private rooms which corresponds to around โ€œ8 or 9 square meters per room.โ€ These rooms can be rented out by startups who need a more secure and enclosed space for them to be able to focus on specific tasks. Nevertheless, they are still able to mingle with fellow business people through the common areas of the property.She adds that you can rent out these spaces for as low as $30 a month. But if you only need a temporary work space, they also allow you to rent out an area on a per day or per week basis. These terms offer a more flexible and convenient way for both individual entrepreneurs and the small startup companies.If you have questions or want to find out more about how you can use this space to grow your business, you can contact Emerald+ today!
Cambodia Property Myths debunked, Simon Vancliff on Realestate.com.khTV
Cambodia Property Myths debunked, Simon Vancliff on Realestate.com.khTV
June 6, 2022, 5:06 p.m.
Realestate News
The perception of foreign nationals towards Cambodia often seems to have grown old like the ruins of Angkor. In fact, there is more to the country than temples...There is an understanding among some international investors and businesses that the country is still underdeveloped and poorly regulated. This is a myth Dr. Simon Vancliff, Investment & Development Director of ING Holdings, the developer behind ING City, has debunked during the recent inaugural Cambodia Property Show organized by the leading real estate portals of Singapore and Cambodia, PropertyGuru and Realestate.com.kh.Vancliff explains that this is far from the truth. In fact, there are large economic zones and developments coming to Cambodia, and this is increasing every year. In fact, just this year, Coca-Cola has decided to invest $100 million into the Phnom Penh Special Economic Zone in order for them to be able to build a plant and expand their distribution inside the country and region, as according to the Phnom Penh Post last April.Large business entities have also established ties with the country such as Akira, Toyota, Samsung, ICBC, BMW and Suzuki, just to name a few. These companies, Vancliff says, recognize not only the inexpensive labor they are able to harness, but also the political stability of the land and its foreign-investment-friendly environment.He also enumerates other reasons why investing in Cambodia is ideal. Other than political stability, Cambodia has an advantageous location in the region, favorable investment climate, largely dollarized economy, increasing trade integration, improving transport and connectivity, lower costs in telecoms and internet, untapped natural resources and land, underpenetrated and growing domestic consumer markets, an unleveraged financial position, stock exchange and a flexible financial market. Furthermore, since the population is in the bracket of the working-age population, the demographics are also well suited for investment.Vancliff mentions that the Cambodian stock exchange will have around ten to twelve more companies joining soon and will continue to grow. He further strengthens his case by stating that Cambodia is now truly the โ€œPearl of Asiaโ€, having a more centralized Governance system, and is raking in huge investments for infrastructural upgrades. As an evidence of this, more and more airlines are creating direct flights to Cambodia every year.One of the Kingdom's traditional weaknesses for investors - electricity costs - are also predicted to go down as more and more clean and solar energy plants are on the way to creating better solutions for energy consumption and supply.This will be especially true in Cambodia property areas like South Phnom Penh, says Vancliff, where the population is less dense and have more centralized amenities, such as water. Vancliff adds that there are also plans to install underground fiber optics and phone lines. New roads are also coming thick and fast, such as Hun Sen Boulevard, that will open in mid-2016. This will allow easier transport and access to resources that are once unavailable in the area.As the Cambodia property market and infrastructures grow, Vancliff hopes that the worldview towards Cambodia encompass more than just about the Angkor temples. While its grand history has been preserved, Cambodia continues to push towards global economic competitiveness.Want to find out more about Cambodia? Check out news and updates on Realestate.com.kh now!
Investor Tours to the Land of Opportunity: Q & A with Edmond Lim Yao Zen
Investor Tours to the Land of Opportunity: Q & A with Edmond Lim Yao Zen
June 6, 2022, 5:04 p.m.
Realestate News
Edmond Lim Yao Zen,ย Project Head, Cambodiaย Group Division Director @ Absolute Division ofย PropNex Realty Pte Ltd, has for many years been bringing investors from Singapore and around the region to the Kingdom to survey real estate investment opportunities. In an exclusive Q & A, Realestate.com.kh caught up with Edmond while he was last in town to find out more about his investor tours and get his thoughts on the progress of the Cambodian real estate market past, present and future... 1) Tell us about yourself, your experience and your relationship with Cambodia? I started my real estate career 17 years ago in Singapore. At that time, my job includedย the normal agent roles -ย like selling, leasing and property management, as well as hotels and building acquisitions. I first came to Phnom Penh in 2012. I was introduced by a good friend, Mr. Tan Teck Kee, COO of Worldbridge Land, to visit Phnom Penh at that time. My good relationship with Cambodia started then. I was with Jones Lang LaSalle Singapore at that time and we started off with a major event entitled "Cambodia Real Estate Night." The first of these investment nights was heldย in 2013 at the Sofitelย Hotel, and was jointlyย organised with Bonna Realty Group. We had 200 guests who graced the event. Nowadays, I am with PropNex (in partnership with JLL), in charge of managing the sales of all partner projects in Cambodia. Besides taking care of all salespeople's sales training about Cambodia, I also join as aย speaker at various hotel events (marketing Cambodia investments)ย around the region. 2) How long have you been involved with Cambodian real estate, and in what capacity? Since September 2012, I have traveledย to Phnom Penh every month. As well as real estate investors, I bring business prospects other than just property investment clients to Phnom Penh and assist them in investing in the country. The first two yearsย I hadย more difficulty getting investors to come hereย as they generallyย stereotyped ย the country, based on the lack of potential of the economy and the history. In 2016, it is much easier... 3) Tell us about your investor tours? What is the inspiration, and how do they work in practice? I believed in educating the investors about the country, first and foremost. I don't just talk about properties to them - I share with them information about the economy, the people, the culture and my opinion about the potential future of whatย this country could transform into. I get them to spend time in the country doing enjoyable things like shopping, eating in a local eatery, spa and promoting to them some charities available for them to contribute too. They really understand more after my 4 days/3 nights trip. Past guests alwaysย introduceย more investors to us too. 4) Why is coming to Cambodia, physically, so important for investors? Some savvy investors need not visit Cambodia physically, as they only look at the numbers and facts we show them. Some request to visit to experience the market personally before they invest. It depends on individuals. 5) Why is Cambodia such an exciting real estate market - in your opinion? Cambodia to me hasย been exciting since 2012.ย My beliefs started then.. And the passion is still burning high for me now. The property market for Cambodia isย more transparent compared toย Myanmar, Vietnam or Laos, if we areย comparingย emerging markets. And according to the FDI restrictiveness indexes of the whole of ASEAN, Cambodia's 0.049 is second to Singapore's 0.047. Even if its population is not the highest in the region, the FDI coming into the country is very promising forย investors. Furthermore, the country allows 100% foreigner owned equity/corporations - which is highly beneficial to expat entrepreneurs too. 6) In your opinion, what steps need to be taken to boost the Cambodian real estate market to the next level? I believe that the country should look into raising the vocational standards of the whole real estate industry. Then the efficiency and professionalism can complement the thriving marketย -ย especially now with the mass influx of foreign investors. Despite the mass supply raising up in 2018, I believe that the government is exploring and opening up more industries and other business sectors to lift the economy standards to another level. You can see from the FDI coming from China, Japan, Taiwan and others that there will be more expat professionals moving to the country. We will need the infrastructures and housings to cater for these people. We can't wait for demandย to come and then build supply - rather, the country has to be ready for it.7) What is some interesting feedback you have had from people who have joined your investor tours? They always say that they didn't expect Cambodia to be so attractive and that they enjoyed every moment of the itinerary I planned. They thought of the past where you might get bombed, gunned or other things related to the past conflict here. But instead, I show them my healthy legs and my ballooned belly from all the delicacies I have eaten in the country.ย Now a lot of them have also registered with me to visit Siem Reap and the beautiful beaches inย Sihanoukville... Learn more about investing in Cambodia!
The New Face of Property Management with Ms. Sou Monypich on Realestate.com.khTV
The New Face of Property Management with Ms. Sou Monypich on Realestate.com.khTV
June 6, 2022, 5:05 p.m.
Realestate News
With the release of 13,730 new condo units through โ€˜off-planโ€™ proposals during the first half of 2016 in Phnom Penh alone, it seems that there is no backing down for developers in the real estate market in Cambodia as both the number of condominiums being built and the number of sales in the market continue to rise.But if youโ€™re a property owner or investor, you may want to consider getting a dynamic property management team like Emerald+ so that you can avoid the stress of juggling different aspects and requirements of your investments. Whether itโ€™s your first property asset or you are aiming to diversify your portfolio, Emerald+ offers an all-around property management solutions to protect your property from both anticipated and unforeseen issues.Taking a 360-Degree Approach:In a recent interview with Realestate.com.kh, Ms. Sou Monypich, General Manager of Emerald+ said that the demand for property management services will begin to rise in the next couple of years - just as the supply in different real estate markets increases drastically as well. She adds that the involvement of Emerald+ in various large-scale projects during this time of growth has given them an advantage that allowed them to develop a competitive standard of operating procedures to benefit both the customer and the property owner.Among the services Emerald+ has to offer is property maintenance, customer care, staff trainings, audits, asset management, marketing, and even equipment provision. They also provide their services for a wide range of property types including condominiums, boreys, and corporate offices.Venturing Out:During the interview, Ms. Monypich also mentioned Emerald+ is working alongside its sister company, Emerald Architect, to provide well-rounded solutions to help cover other aspects like landscaping, design consultancy and construction for both the interior and exterior designs of a property. She adds that this is a step towards bridging the gap in the current market where there is a shortage of companies providing these sorts of services.They have also branched out into offering effective business solutions through the Emerald Hub by creating a co-working space where young entrepreneurs can nurture their skills and ideas to pursue the start-up businesses that they are trying to build with limited means.The Heart of the Company:Ms. Monypich also states that the strength of the company, the heart of Emerald+, lies in the skills and the wellbeing of its people. This is why they provide comprehensive and ongoing training for all of their staff.More than that, Emerald+ also teaches their employees the value of good and meaningful customer service, which is vital to their business model. This is accomplished through various activities that enable their employees to attend and organize charity events that make a significant impact in communities across Cambodia.Despite its young age, the company has accomplished a lot already. It is a testament to the capacity of Emerald+ to follow through with their promise of total property management and protection.Find out more about Emerald+ today!
The Agreement of Property Management Service between Emerald+ and Borey Grand Chroychangva
The Agreement of Property Management Service between Emerald+ and Borey Grand Chroychangva
June 6, 2022, 5:06 p.m.
Realestate News
On the 3rd of August, 2016, Emerald+ Property Management Services signed an exclusive agreement with the committee ownership and development company Chroychangva.This is in conjunction with the property management services that they will be providing for the Borey Grand Chroychongva project. These properties will include 4 types of residential properties. Namely, the grand villas, single villas, twin villas and flats.In this agreement, Emerald+ asserts that they will only offer management services that are of high standards and quality.Chen Yuxian, the general manager of Grandvision International Development Co.,Ltd and the representative of Borey Grand Chroychangva, said that โ€œProperty management services are significantly important for borey projects. These include security protection, social order, and environmental protection so that the borey space will remain aesthetically pleasing and clean at all times.He added that Emerald+ offers the best suited partnership for the relatively new industry of property management in Cambodia because of the professional standards of their work and the qualifications of their human resources.Meanwhile, Ms. Sou Monipich, the general manager of Emerald+, said of the agreement that โ€œoffering property management services that are flawless and oriented towards a great customer experience is the stance of the company because of its long term vision for being in this business. Emerald+ sees itself as a company that will adhere to both national and international standards of quality into the future.Grandvision International Development is very busy with the next property development project which is named the Borey Moon Town. It will have 5 types of residential properties and will strategically be located along Oknha Duong Ngeap road, Sangkat Teuk Thla, Khan Sen Sok, Phnom Penh.Emerald+ Property Management Service is a big real estate management company that is licensed by the ministry of commerce. It will open its operation with various partners like UEMS and Nature Landscape who are both huge and famous companies in Singapore, They are known for their expertise in property management and developing natural gardens (landscaping), respectively.For more information, you can contact EMERALD+ ย today.
Borey Villa Toul Sangke: Where You Belong
Borey Villa Toul Sangke: Where You Belong
June 6, 2022, 5:05 p.m.
Realestate News
Everyone needs a warmย environmentย where they can liveย with their loved ones. So before you decide to buy a residential property, carefully consider a few things first such as its atmosphere, it's construction quality, and its potential for future investment. These are just some of the things that shouldn't be overlooked in the buying process. The Borey Villa Toul Sangke development project has gained popularity mainly due to its success in selling its past projects. It is strategically located in the Russey Keo district in Phnom Penh, Cambodia. They offer residential units such as landed homes and condominiums.The Borey Villa Toul Sangke project includes a variety of villas and condominiums that come in different sizes that you can choose from. Each and every home has been designed by construction professionals with quality and beauty in mind. Attention to detail is obvious. Some of the villas that are available are the Single Villa, Link House, Twins Villa, and Flat houses. Families will ย also have the flexiblity to choose the City Sangkeo villa type too, as they see fit.Check out full listing on realestate.com.kh"We think about theย quality and the best standard of living for families. The Borey has been completed. For all projects, the Borey is almost sold out. The condo project started construction and is at around 20 percent completion. And an estimated 30 ย percent had already been booked. We also have a special offer for customers which is a 10 percent discount for owners who have paid off their residential condominiums. At the meantime, the developer also provides ultimate offer that only require customers to pay $ 660 in per month with no interest and no deposit. The Borey Villa Toul Sangke condo project concept is focused on helping locals change their standard of living and pursing a more modern life. It also aims to make you feel comfortable. This residential property is exactly that. It brings a high standard of living, which is fully furnished like a 5-star hotel." This is according to Mr. Andy Kong , the general manager of the Borey Villa Sangke company. Ky Kosal, an employee of a private company, says, "After I saw the showroom of the different projects from Borey Villa Toul sangke and researched about it, I think that this is a good projects because the investment location is just near the new Aeon Mall and becauseย it also has a great future investment potentials."Living in the Borey Villa Toul Sangke project offers a more modern, stylish, and luxurious way of living for you the people you live with, whether it's your friends or your family. The Borey Villa Toul Sangke project also has an extremely competitively-priced condominium development located in Russey Keo. It is situated in the business district, which is really close to the main road, government institutions, shopping malls, riverside, sports clubs, banks, hospitals, schools, and entertainment. More importantly, it's also very near the toul Sangke market.The Borey Villa Toul Sangke project consists of around 174 residential units with various designs, all of which were made with the vision of providing spacious, and comfortable homes for individuals and for families. There are also a range of amenities which include swimming pools, a sauna, a gym, a small market, and a golfing club. So, families are sure they will never run out of things to do and places to go to. Check out full listing on realestate.com.kh
Investor Confidence Boosted in the Cambodia Market as Middle Class Grows
Investor Confidence Boosted in the Cambodia Market as Middle Class Grows
June 6, 2022, 5:06 p.m.
Realestate News
It is easy to talk about the many ongoing and successfully completed projects in Cambodia right now because there is an abundance of them. But what is rarely talked about are the factors that contribute to the increasing opportunities in the country for both local citizens and foreign nationals that will support the sustainable development of the real estate industry as a whole, and create a strong secondary resale and rentals market into the future. Two of those factors are the countryโ€™s gross national income and the income status of its citizens. The growth of these two factors has a significant influence on the growth of the real estate industry.These two factors have been a recurring indicator in research and reports lately, such as the World Bankโ€™s statement that Cambodia has now moved to a lower-middle income status, contributing to a gross national income per capita higher than $1,026 per year. The World Bank classes lower-middle-income countries as those with average yearly incomes between $1,026 and $4,035. Cambodia has just entered this bracket. The Implications of Higher Income Status:There is great trust placed by investors on a country with a growing economy. And part of that growth in trust will always include lower unemployment rates and a higher income status for the entire country. This ultimately leads to a higher sustainable GDP, which is also good for businesses. But what does this specifically mean for the real estate market? Simply put, this means that people inside the country are now able to afford a wider range of properties that have been previously hard to purchase due to low incomes. Local buyers are also more like to be applicable for home loans and finance for their next property purchase. So, for investors, your potential rental returns and resales prices are strengthened. In fact, land prices in Phnom Penh alone increased by 15 percent in the year 2013. And has only continued to rise since then.Also, with higher amounts of income tax being collected, the government will have more scope for policies to assist in the countryโ€™s progress, such as infrastructure and affordable housing projects.Income in Emerging Markets:Emerging markets like Cambodia are one of the best places to invest in because the GNI and GDP are just beginning to rise. This means that there is much more progress to be made and much more opportunities yet to come for those who commit to the market early. Placing your money in a country with a promising future will potentially give you much higher returns than you are likely to get in more developed economies. Yes - emerging markets do come with higher risk, but in countries like Cambodia, the political stability is a standout case in the region, and so it the economic growth rates. This helps to give investors the assurance they need to put money down. For investors, now is the time to seriously consider Cambodia as a destination for a property investment with the potential to sky rocket returns. If you wait too long, the opportunity may be lost. Learn more about the charm of Cambodia for property investors.
Outperforming Southeast Asia, the Latest Knight Frank Cambodia Report
Outperforming Southeast Asia, the Latest Knight Frank Cambodia Report
June 7, 2022, 1:14 a.m.
Realestate News
The recently released H1 2016 Market report by the independent global property consultancy Knight Frank details both the data gathered by the company from the real estate marketโ€™s activities during the first half of the year, in combination with an exciting preview of what is to come in the near future.According to Ross Wheble, country manager of Knight Frank, the outstanding turnout of new construction projects has ultimately led to a stage of moderation as a means to address the short-term risks in the market. If all goes well after that, the report indicates that Cambodia has the potential to climb the ranks and outperform Southeast Asia through the process of diversification, a state in which โ€œrobust growth is expected to continue.โ€Phnom Penh Office Sector:Starting the year with the completion of three large office buildings that totaled to a net lettable space of 5,000 square meters, the second half of the year for the office sector may see a slight difference in trends as companies start to take interest in higher end commercial space and transfer to Grade A and Grade B office buildings. This is due to the difficulties of the Grade C units to keep up with changes in regulations and standards.The demand for higher grade buildings has also been apparent with several projects seeing higher amounts of inquiries, like in the case of the Vattanac Tower where the occupancy rate is now almost at 50%. This may be the reason why most of the supply coming in the next few years is Grade A buildings. These include the units that will come with the completion of projects like the Exchange Square, Diamond Twin Tower, and Olympia City.The report by Knight Frank indicates that for the medium term, the country is expected to capture more foreign investments for the prime office space sector where prices may continue to rise from the current rate of $4,900 per square meter. This indicates bigger names moving in to do business in the country.Retail Sector:If there is anything that the data from the retail market sector is indicating, itโ€™s that there is growing interest from international brands to acquire retail space in the country. Although currently moving at a lower pace in terms of occupancy, the percentage remains constant for malls in strategic locations like the Aeon mall - which still enjoys their steady 95.8 percent occupancy rate. ย But this reprieve may not last long as newer retail space projects are expected to hit completion by 2020. The report indicates a projected total increase in retail area of around 209 per cent by that time. ย  But this may not necessarily be a bad thing, at least for businesses. Because along with the increase in the number of retail spaces available, rental prices will become even more competitive in contrast to the current range of $10 to $70 per square meter.Hotel Sector:The hotel sector had its fair share of both troubles and successes during the first half of 2016. While boutique hotels garnered a significant amount of tourists, international five-star hotels like the Marriott struggled to increase their occupancy rate due to the competition with the local accommodations.Despite this, another 175 keys will come into play with the completion of Rosewood Hotel, in addition to the 259 that was already added earlier this year. But according to Knight Frank, the struggle of international hotel chains is going to end soon as more international hotel giants have expressed great interest in expanding their business into the Cambodian market. Should these plans push through, the estimated 2,732 rooms that are awaiting their completion by the end of the year may just be the start of the growth that is projected to happen by 2019.This is also to address the anticipated influx of business tourists, especially by 2017 when the World Economic Forum will be held in the capital city, Phnom Penh. ย  ย  ย  ย  ย  ย  ย  ย  ย  ย  ย Serviced Apartment Sector:Though most of the serviced apartments are locally owned, the market heavily relies on expatriates to rent and occupy the properties. Currently at around 4,017 monitored units, there are around 1,730 more units that should be completed by 2018. This is expected to cause a significant decrease in rental price which currently ranges from $667 to $4,000 per month, depending if itโ€™s in the high end market or not. The construction of more modern condominiums and small scale serviced apartments will also contribute to the decrease of the current value in the collection of serviced apartments.Condominium Sector:The condo market saw a 4.9 percent increase during the first few months this year. This comes up to a total of 2,797 units added in the supply which includes developments like The 240, Galaxy residences, and 9 East. 929 of these units were sold during the first half of 2016. This represents a decrease of about 26.7 percent since last year.ย these units were sold during the first half of 2016. This represents a decrease of about 26.7 percent since last year.More and more projects of this type have been slated in the coming years, and 74 projects are noted to reach completion by 2020. 72 percent of these will be made up of high-end or prime condominium projects. For completed, central condominium rental rates, prices remain relatively high at a maximum of $4,000 per month. This is why it would be wise to disperse and move to the outskirts of the capital where land prices are less expensive and concepts much more fluid.Stricter enforcement of the law will also be a factor in drawing the interest of foreign developers and investors who had initial fears of losing money because of unenforced and vague policies. Much friendlier financing schemes for both locals and foreigners also make it more convenient to invest.Download the full H12016 Knight Frank Market Highlights Report
Cambodia property market outlook 2016, with Marc Townsend on Realestate.com.khTV
Cambodia property market outlook 2016, with Marc Townsend on Realestate.com.khTV
June 6, 2022, 5:06 p.m.
Realestate News
Showing a positive turnout for the 1st quarter of 2016 for prime office rentals, Knight Frank has confirmed that there have been various positive effects brought about by incoming investors, government policies, and infrastructure from different markets in the real estate sector in Cambodia.This is something that the managing director of CBRE Vietnam, Marc Townsend, agrees with. But in his presentation about Cambodia Property Market Outlook 2016, during the inaugural Cambodia Property Show organized by Realeastate.com.kh and PropertyGuru Singapore, he adds that there are also different factors that affect what the future of the property market in Cambodia will look like.The China Factor:Townsend explains that much of how Cambodia has progressed and will progress is partially because of its relations with other developed and emerging markets. And these factors have a significant effect on the Cambodia Property Market Outlook 2016.He says that probably one of the biggest contributors and partners of the country would have to be China, since the two countries share a long history of allegiance.This probably applies most to infrastructure, but can also be seen through other sectors such as tourism. The China Daily reports that, according to the Cambodian Minister of Tourism, there will be over one million Chinese tourists who will visit Cambodia in 2016, and is expected to rise to two million by the year 2020.Townsend also says that China very much dominates the policy-making process and the way that investment licenses are granted in Cambodia.Fluctuations:During another part of his presentation about the Cambodia Property Market Outlook 2016, Marc Townsend mentions that another important consideration when looking at emerging markets such as Cambodia is inflation, as it can move anywhere from a ยผ to ยฝ very quickly due to an increase in money supply. He adds that foreign exchange can also behave the same way, and it may play to the interest of investors to keep a close watch on both indicators.Retail and Psychology:In his travels and his own analysis, Townsend has seen new businesses rise from the ground - mostly FMCG and FMB operations of which young Singaporean or Malaysian entrepreneurs own. This will play a big role in residential space sales since people like this like to live in areas where there are large active retail components like malls, gyms and after-school education. This is one of the things investors should also consider.And itโ€™s no longer just Phnom Penh dominating the retail market: Siem Reap and Sihanoukville are now slowly catching up and gaining competitiveness in this segment.Townsend is also positive that, with new commercial developments like the Aeon Mall and larger populations flocking to the major cities, major retailers will start to flock Cambodia. Being in the crossroads between being an underdeveloped country and an emerging market gives retailers perfect opportunities to do business and invest.Industry:One of the types of properties that has shown significant growth and has contributed much to the Cambodian economy is the industrial property market, paving the way for SEZs, industrial parks and similar properties to flourish. Much of this has to do with the consistently strong garment and footwear industries. Much to peopleโ€™s surprise though, according to Townsend, Cambodia also has a growing technology market. For example, the creation of cellular phone vibrators is a big winner currently. This attraction centers on the cheap cost of labor, that is becoming gradually more skilled. Townsend warns investors and retailers though that Cambodia is a part of AEC but not part of TPP. And if the TPP goes ahead of the AEC, then investors in these spheres may eventually lose out.Hospitality and Infrastructure:In addition to all these new developments and signs of progress, Townsend also mentions that itโ€™s a good thing that more airports and infrastructure is being built in the Cambodian market. This actually not only helps the tourism sector by providing more direct flights from different countries, but it also helps the hospitality industry and investors who wish to create properties that cater to these travelers.Condominium Market:Though being flooded by foreign investors, Townsend said that the occupancy of residential condominium units is quite high, especially by Khmer families. This may also be due to the fact that there are now stronger local property management capabilities than previous years. Taking all of these factors into consideration, along with a stable political standing, Townsend says that Cambodia as a real estate destination is quickly catching up with its neighbors. Thereโ€™s a ready primary market, although a secondary market that is still to be tested. So, while itโ€™s best to be cautious, in his Cambodia Property Market Outlook 2016, Townsend believes that Cambodia offers a unique chance for investors to enter an exciting emerging market with very attractive potential gains.Learn more about investing in Cambodiaโ€ฆ