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Japanese show New Khmer Architecture to Cambodian youth
Japanese show New Khmer Architecture to Cambodian youth
June 6, 2022, 5:04 p.m.
Khmer architecture was very popular during the 1960s, especially the projects of Vann Molyvann, who built many architectural masterpieces in both Cambodia and abroad. During the 60’s, local architects such as Molyvann were heavily influenced by another Asian country, Japan.  To showcase the fusion of these two cultures, an exhibition on New Khmer and Japanese Architecture was organized through the cooperation between the Environmental Global Hub, the Kyushu University of Japan, the Cambodian Ministry of Culture and Fine Arts, the Cambodian National Museum, The Japan Foundation and with the support of Royal University of Cambodia.This exhibition was held on the 4th of March for its first showing, and will be open to the public again on the 16th of March at the National Museum of Cambodia, Phnom Penh.The exhibition aims to reveal the role of the Japanese experts who were involved with Vann Molyvann’s and other Cambodian architects’ projects in the mid-twentieth century, from the design phase to the final construction, and broader urban planning initiatives underway at that time. It also aims to show the diversity of the collaboration occurring during the period of the 1950s and 60s.When explaining the purpose of the exhibition, Masaaki Iwamoto, assistant professor at the Kyushu University, said that this is their first exhibition in Cambodia, and will focus on the new generation, namely the youth and students -- especially, those who majored in architecture. By doing so, the new generation can learn from the 1950-60’s architectural styles and themes.The photography and information on display focusses on nine projects, seven of which have already been completed. The projects being exhibited are the Osaka Expo Cambodia Pavilion, the Chroy Changva Bridge, the Agricultural, Pastoral and Medical Centres, Preah Suramarit National Theatre, the Bassac Riverfront Masterplan (which includes the White Building), the Sihanoukville Master Plan, and the Chaktomuk Conference Hall.  And the two construction projects which have not been completed, include the Parliament -- under the partnership with Obayashi Corporation -- and the Olympic Stadium.Mr. Keo Sitha, a 3rd year student in architecture, in attendance at the exhibition said, “this was a good opportunity for him to see the different project design layouts of Molyvann.” He added that his interest for the design of each project is mainly on how designing works, since it is very detailed and complex, and not well taught at school.Somanith, another architecture student currently on his 5th year at the exhibition’s first showing on the 4th, was particularly impressed by the designs and commented, “What I really appreciate of Mr. Vann Molyvann is that he designed all these projects by only hand drawing.​ It is very hard to do on a PC, so I can’t imagine doing so by hand.”Mr. Hun Chansan, director of Re-edge architecture and design​, said that, “I think this exhibition is a good showcase that architecture is about collaboration, and we can learn a lot from those sectional drawings being exhibited. It already inspired me to look into designing my own projects with the layout and section concurrently.”Chansan continued, “it seems Japan and Cambodia have gone through a similar phase. Cambodia needs to take time to discover talents and produce human resource that will be needed to build another era of architectural masterpieces. I hope as the country is developing, we will discover the value of architects and what we can do for the country. As part of the new generation of architects in the country I hope to make an impact and inspire many to do so.”Ky Kosal, content writer @ Realestate.com.khFind the best real estate news on Realestate.com.kh
Phnom Penh’s Return on Rental Investment
Phnom Penh’s Return on Rental Investment
June 7, 2022, 2:01 a.m.
There are plenty of developments being built in and around Phnom Penh, and among these are pretty good investment opportunities. Along with the many attractive qualities of these new projects, is the promise of guaranteed rental returns that can go up to about 20% during the first two to five years after purchase. But experts such as the CEO of Huttons CPL, Sharon Liew, explains that “in general, anything higher than 20 per cent is likely too good to be true.”However, it is more than possible to find lower and more realistic guaranteed rental returns on the market right now. So, if you’re thinking of buying a space to rent out for future investment return, what do you need to consider first and how exactly do you calculate whether or not the promised guaranteed rental return is true?What are the Considerations for Return of Investment?Developers will promise investors a lot of things. But promises are just that if you’re not careful. So, here are a few things that you can do to protect your investment from going down the drain.Research - The first thing you want to do before talking to the developers and property managers is to make sure that the guaranteed rental return is consistent with market conditions. So, location, pricing, condition, and real estate forecasts will factor into the equation. If there’s an expected increase in demand in the future in a specific area, then that might be a good investment. But if a developer is promising a high guaranteed rental return and something about the data seems odd or off, look into it further. It’s also advised to follow trends that have been proven rather than influxes.Get a contract - When you’re finally sure that the guaranteed rental return is plausible and you sit down with an agent, a developer, or a property management representative,ask to see a draft of the contract. Check all the documentation and see if there is any mention of the guaranteed rental return. Otherwise, you don’t have anything to hold them accountable with. If you can, get a financial advisor and a legal advisor to look at all the paperwork.Ask - Make sure to also check the capability of the property management firm. If it’s possible, ask them about their financial estimates and plans for the property. Oftentimes, the first few years of management is great until they lose sight of their finances and the quality deteriorates. Making sure that they have a plan for the different scenarios that may play out means they did their independent study as well.How do I Compute for Return of Investment?Now that you’ve placed everything in order, it’s time to actually compute your actual return of investment. But how? There are two basic ways to do that, and it actually depends on whether you are planning to pay in cash or through a financing scheme.How do I Find Out Return of Investment if I Pay in Cash?This is probably one of the easiest ways to compute for return on rental investment. All you have to do is to divide the expected annual return by the original total investment. Take note that the expected annual return is the amount after tax has been deducted and the original total investment amount includes costs like remodeling.So, for example, you buy a unit for $235,000 and decided to add certain appliances. This brings up your cost to around $245,000. If you charge your tenant $1,800 a month, you have roughly $21,600 in a year. But you have to pay a yearly real estate tax of 0.1% and a 14% rental income tax. That amounts to $3,259 which brings profit down to $18,341.So, your Return of investment from the rental property is computed by dividing $18,341 by $245,000. That brings you to an 7.4% ROI a year.How do I Find Out Return of Investment if I’m FInancing the Property Through a Loan?Taking a loan or mortgage makes the process of calculating ROI more complex, but nonetheless possible. Taking the above example, assume you get the same unit. The terms of a bank state that you’re allowed a maximum loan of 70% with 8.25% a year interest rate for 20 years. Let’s say you already paid the first 30%, your total initial payment is $70,500. Let’s also assume you got $10,000 worth of appliances. Your total out-of-pocket so far is at $80,500.Next we have to take into consideration the ongoing costs associated with the loan. You took out a 20-year loan with a fixed interest rate of 8.25%. This would mean a monthly payment of around $1,402. That’s $16,824 a year.For loan computation assistance, you can use our Loan Calculator!We’ll then add the same yearly tax you have to pay at around $3,259 to the $16,824 you have to pay a year. Now, assuming you’re still asking for $1,800 every month and you subtract your yearly payment amount, you will be left with around $1,517 yearly.What’s left for us to do is to then divide the yearly profit by the original out-of-pocket costs to determine the ROI. $1,517 divided by $80,500 equal an ROI of 1.9% a year.So, is Buying With Cash Better Than Getting a Loan for Return on Rental Investment?There is a noticeably large difference after comparing the ROI rates using both method of payment. But choosing between the two financing options boils down to a matter of preference. If you’re in it for just the rental return, then paying in cash would make more sense. But for investors who are planning on resale in the distant future when prices have shot up but don’t mind getting rental returns in between, the second option seems like a better one.But What If I Plan on Letting Someone Rent It Out to Own It Eventually?If you’re planning on doing this and paydifference ing in cash, the return of investment will be just the same as when you resell. The only will be when and until when you get the returns. If you do this while you’re on mortgage, the renter will technically pay off the loan and pay you profit a month at a time.Use our online search tool at Realestate.com.kh to help you look for good investment properties now!Is There an Easier Way to Get a Computation?Yes there is! If you’ve taken a loan from the bank, then your bank may have probably already gotten a valuation of the property. This means they’ve already considered all the costs, the benefits, and the risks to ensure that they’re not going to lose any money or that there is minimal risk involved. Now, maybe you want to know the inherent risks, the potential of a property, and how much you may be able to make out of it. Well, you can avail of valuation services for personal purposes too.Not to say that the above ROI computations are not at all helpful, but valuation takes into account several things other than just tax, profit, and initial cost. It gives you a clearer picture of what you’re getting yourself into by also considering the geographic location, the nature of the property, the current usage and usability, disaster, insurance, construction quality, age of construction, approved documents from local authorities, and the maintenance of the property.With all of this, they’re able to give you an overview of the property’s current state and of what might happen the future, in case you are planning on reselling a property or maybe even live in it. This can be an overwhelming process sometimes for investors, but since valuation services are done by experts in the field, they can tell you whether you’re making a potentially great investment or not.There are a lot of opportunities out there to invest in Phnom Penh’s real estate, but knowing what to invest in and how to invest in them makes for a good return on rental investment. So, take a shot at it and browse through different properties now!For more information and news on valuation, visit Realestate.com.kh now!
Phnom Penh: Riding Through Waters
Phnom Penh: Riding Through Waters
June 6, 2022, 5:04 p.m.
As more and more modern developments rise in Phnom Penh, the issue of city space and how to move around pops up even more frequently. And while, high-rise buildings have become a staple in the capital, it still has not managed to help ease the traffic woes in the area. Since the government has had enough of this situation, they are now looking to use some space that has not been used for almost a decade -- particularly, space that’s filled with water.So, what exactly has the government done and is planning to do with the vast water space? You might be surprised about what you are going to read next.TrafficJust recently the City Hall of Phnom Penh has taken steps to manage the increasing traffic in the area. There’s stricter enforcement on unpermitted road work by development companies to prevent damage that could cause heavy traffic. They’ve also installed roughly 600 new surveillance cameras and around 60 traffic lights along major roads in the capital to reduce  possible traffic jams.But additionally, Phnom Penh ’s waters have also been boiling long enough and has been ready for the government to cook something up with it. And the City Hall isn’t taking this to waste. That’s why, with the help of the LYP Group -- a company owned by CPP Senator Ly Yong Phat -- they’re looking to revive the waterway passenger transportation system through the usage of water taxis to help ease the traffic situation in the capital.TransportOnce the LYP group delivers a comprehensive study on the impact the water taxis will have on floating villages and determines that it won’t cause any harm, the $22-million project will be set to launch in early 2018.In a recent interview with the Khmer Times, the director of the capital’s public work and transport department, Saing Piseth, explained that the proposed route will cover 9 service stations across 25 kilometers of waterway. It will include locations from the Prek Phnov bridge all the way to to Takhmao City in the Kandal province. The water taxis will run via the Tonle Sap and Tonle Bassac rivers for this.A senior advisor to the government’s Supreme Economic Council, Mey Kalyan, also explained that utilizing the waterways would greatly improve logistics and connectivity in Cambodia. He added that the service will benefit the economy by lowering transportation costs across various industries.The project will produce around 20 boats that will travel at an estimated 30km per hour, carrying up to 90 passengers each trip. Once completely functional, it is proposed to run from 6am to 8pm each day.TourismMore than easing traffic and providing a more efficient transport system, the water taxis will also help the tourism sector.Despite plans being laid out, there is still uncertainty that comes along with this project -- just like in any other project. But one thing remains certain. And that’s the opportunities this will provide for various individuals and companies across different industries. And whether or not the success will satisfy the high hopes of people, this still remains to be a step forward towards Phnom Penh’s growth.For more news and updates, visit Realestate.com.kh now!
Landed Housing Market awaits the new middle class
Landed Housing Market awaits the new middle class
June 6, 2022, 5:04 p.m.
A Phnom Penh Housing Market report release by VTrust Appraisal last week has revealed significant growth in investments in the construction sector of the capital -- amounting to a total of $8.5 billion in 2016 from foreign direct investments alone.However these factors in the landed housing market have stirred up questions as to the salability of these new and recently erected developments - particularly in the current demand outlook.The climate in Phnom Penh remains conducive for investment, in comparison to what it had been in 2002 when the first borey projects launched. The report indicates that the Phnom Penh landed housing market has gone a long way since the first landed housing cluster emerged during that time in Sen Sok. Supplies in different districts soon followed, and in 2017 the marketplace is frantic.But Miguel Chanco, lead analyst of Asean’s Economic Intelligence Unit, says that “there have been strong signs over the past few years that the housing market, especially in Phnom Penh, is in oversupply” because of all the developments that have been approved. This is particularly true for the condominium market of the country.In terms of landed housing, the supply reached around 100,278 units by the end of 2016.According to the Phnom Penh Housing Market report, around 28,097 more units will be adding to the supply by the end of 2017.This, Chanco believes, will cause sales to move at a lower pace in the coming years.Yet Chanco says the upcoming landed housing supply will still be filled in the next few years. And this is all thanks to the rising salaries of workers in the capital.Chanco says, “Phnom Penh’s population may be small compared to other capital cities in Asean, but salaries are rising rapidly.”Just last year, Cambodia was already declared as a lower-middle income country by the World Bank. According to them, “Robust economic growth averaging 7.6 percent per year in the past two decades has transformed Cambodia from one of the world’s poorest countries to a lower middle-income country today.”The government also shows no sign of slowing down to achieve high income status by 2050.Chanco, in a separate interview, has this to say about the government’s mission: “I don’t think Cambodia will reach upper-middle income status by 2030, especially given the intense competition of a lot of the countries in the region that are also looking for the kind of investment that would drive Cambodia up over the next 10 to 15 years.”But this may be enough to get investors buying more properties in the future. Chanco mentions, “I wouldn’t underestimate the long-run potential of Cambodia’s overall middle-class.”Other factors that equalise the potential oversupply includes the implementation of more flexible schemes, like a zero-down payment option. These terms are already being offered by various developers in order to extend the reach of the market towards the lower-middle income categories. This increasingly available finance should cause the demand to move upward in 2017."In term of real estate economics, housing markets during the last several years were weighed more by developers' side because of smaller market supply compared to high market demand, so prices increased markedly year-on-year, especially when the houses were erected, said Hoem Seiha, director of research at Vtrust Appraisal and the author of the report.Seiha continued saying, "With the surplus today, however, the market absorption takes longer than it did before, pressing the brake to slow down new supplies as well as prices. This shows an early sign of housing market to reach its equilibrium where supply, demand, and prices go along together in the next couple of years."The report states that prices will begin to stabilize throughout 2017 to 2018. First home buyers are now also offered a range of completed units alongside new developments, giving the market more depth and finance options.Please find out the latest news on Realestate.com.kh now!
Affordable Housing: second project along National Road No. 5
Affordable Housing: second project along National Road No. 5
June 6, 2022, 5:04 p.m.
On the 2nd of March 2017, the General Department of Housing of the Ministry of Land Management, Urban Planning and Construction signed a memorandum of understanding with the Bun Ches Group co.,Ltd. The signing was presided over by His Excellency Chea Sophara, Senior Minister and Minister of Land Management, Urban Planning and Construction .The memorandum of understanding focuses on  development cooperation for affordable housing project for civil servants, the armed forces, and the general public who are considered to be in the low and middle-income bracket.The Bun Ches Group will be responsible for managing, preparing, and processing the development of the affordable housing project. It will be launched  on the 1st of  May 2017.This is the Bun Ches Group’s first affordable housing project in Cambodia. But the Bun Ches Group has years of experience in construction; they have also completed some projects in Cambodia such as the Toul Kork Warehouse and done townhouses like the Mekong and the Mekong View Tower.This second affordable housing project will be developed on an area of ​​822,160 square meters and will be located in Sleng Dey Dos Village, Prek Taten Commune, Punhea Leu district, Kandal province -- about 21 kilometers away from Wat Phnom, along National Road No. 5.This residential project will have 5,340 units in total which are divided into two different types. The range of units includes 4,476 units sized at 5.1m X 7.2 m and 864 units that measure 5.1m X 13m.The first affordable housing project is located 17 kilometers away from Wat Phnom, Phnom Penh. It had its groundbreaking last 7th of January 2017. And it will be finished in 2018.That project was developed by Worldbridge Land and it occupies a land area of 20 hectares. Within this total land area, about 10 hectares are dedicated to ​​residential housing construction and about 7 hectares are for roads and parks.  The first affordable housing project will have 2,400 residential units which are also targeted to low and middle-income bracket earners. The units will range from $250 to $500 per month and each unit can be sold from $20,000 to $25,000.As for the second affordable housing project, the unit sales prices has not been revealed yet.These two housing projects aim to provide affordable housing for Cambodia’s citizens, especially the middle income workers.Find the best real estate news on Realestate.com.kh
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Houses for Rent in Phnom Penh: Top locations for renters
Houses for Rent in Phnom Penh: Top locations for renters
June 6, 2022, 5:01 p.m.
It can be difficult to move through Phnom Penh’s rental market especially if you are new to the market. Recently, various areas in Phnom Penh have been progressing with a wide range of rental houses, like villas with larger areas, apartments that include basic amenities, shop houses, and flats that can be converted either into a retail space or renovated into a modern home. Among the 12 Phnom Penh districts, the potential of each area depends on geography, land price, and surrounding facilities that support the resident’s lifestyle. Since rental agreements are usually at least for a one year period, you have to be sure that you research before signing a new contract. Realestate.com.kh has done the dirty work for you by digging through and compiling all the information you need for the popular areas in Phnom Penh. Chamkarmon Chamkarmon is currently the most popular residential area in terms of modern lifestyle and convenience. There are 12 communes in the Chamkarmon district as well. But the four that are the most popular are Boeung Keng Kang 1 (BKK1), Boeung Keng Kang 2 (BKK2), Boeung Keng Kang 3 (BKK3), and Toul Tom Poung. BKK1 is the most preferred residential area for both foreigners and locals. What type of houses are for rent in Chamkarmon? According to Mr. Roeun Veha of PinPoint Real Estate, there are three types of houses in the residential district of Chamkarmon. These include flat houses, apartments, and villas. What type of houses are for rent in Chamkarmon? How much does it cost to rent in Chamkarmon? The rental price of a flat in BKK1 costs between $700 to $1,800 a month. This is significantly higher than in the other top communes. A flat rental in BKK2, BKK3, and Toul Tom Poung ranges anywhere from $300 to $1,300 per month range. Flats on the inside and flats along the main road vary in prices. A one-bedroom apartment in BKK1 is at around $800, a two-bedroom apartment is usually more than $1,000, and a three-bedroom apartment costs anywhere from $2,500 to $3,000 a month. Meanwhile, BKK2, BKK3, and Toul Tom Poung rental prices for a one-bedroom apartment go for as low as $300 to $400 a month. Villas in BKK1, especially along streets 51 and 63, range from $1,500 to $10,000. Whereas rental prices in BKK2, BKK3, and Toul Tom Poung, are likely to range between $1,000 to $6,000, says Mr. Veha. Why is Chamkarmon a good location for rentals? BKK1, BKK2, BKK3, and Toul Tom Poung area brimming with restaurants, brand coffee shops, bars, karaokes, clubs, markets, malls, saunas, spas, fitness centers, international schools, high standard clinics, and hospitals. So, if you want to live in the real heart of the city, where everything is happening, you should consider taking a look at properties for rent in Chamkarmon. Learn more about Chamkarmon and BKK through our Chamkarmon Location Profile. Daun Penh There are 11 communes in Duan Penh. Four of them are filled with locals and expatriates who are renting houses for short-term and long-term periods. These include Phsar Chas, Phsar Kandal 1, Phsar Kandal 2, and Chey Chumneas. What type of housing is available for rent in Daun Penh? Flats and apartments are available to rent at any time in Daun Penh. Most of the rental houses around this area are renovated second-floor units or renovated flats that are suitable for rent. How much does it cost to rent in Daun Penh? Ms. En Chansreyleak, a sales representative for Yong Yap Property, says that prices in the top four areas are similar. The rental price of a one-bedroom flat is $350 to $800, a two-bedroom flat goes for $450 to $1,500, and a three-bedroom flat is at $1,500 to $2,500 a month. There are also a number of serviced apartments in the area such as the Season Apartments & Residence Co, Ltd and the Kiwi apartment. According to Ms. Chansreyleak, a one-bedroom apartment unit ranges from $600 to $1,200 a month, a two-bedroom apartment is roughly $1,800 per month, and a three-bedroom apartment goes for up to $2,800 a month. Why is this location good for rental? This location is along the riverbank and is near the Royal Palace. There are also a number of establishments that are in the area such as restaurants, bars, coffee shops, night markets, and many more. All these features make this area attractive to tourists. If you're interested in renting in Daun Penh, you can check out the latest properties for rent in Daun Penh. Learn more about Daun Penh through our Daunh Penh Location profile. Toul Kork Property experts speculate that Toul Kork will become the new BKK in the near future. Today, more and more people are moving to the district, especially since it will soon be the location where the Phnom Penh City Center will stand. The residential space in this area also has great potential for both residential and commercial opportunities for both locals and expats. What types of property are available for rent in Toul Kork? There are three types of houses prominent in Toul Kork. These are villas, apartments, and flat houses. As they say, your mileage may vary depending on what and where you want to rent in Toul Kork. How much does it cost to rent in Toul Kork? A rental flat in this area can range anywhere between $300 to $1,500 per month. A one-bedroom apartment can cost anywhere from $300 to $600 a month. Two bedrooms will set you back $800 to $1,000 per month. The rental prices for villas in Toul Kork generally start from $800  and can go all the way up to $6,000 per month. Why is this location good for rental? Toul Kork is the new development area of the city. There are now many new commercial developments rising here. The residential market is also making a shift towards this area. Most importantly, it has easy access to the Phnom Penh International Airport. If you're interested in renting here, you can check out the latest properties for rent in Toul Kork. Learn more about Toul Kork in the Toul Kork Location Profile. Sen Sok Sen Sok has become a star destination for many residential and property developers. This district is located in the northwest of central Phnom Penh and is one of the newest districts incorporated into the Phnom Penh municipality. Sen Sok is primarily known for its affordable residential projects and is the home of the city's largest shopping mall to-date, AEON Mall 2. What types of property are available for rent in Sen Sok? Sen Sok hosts villas, shophouses, and lately, more apartments available for rent to accommodate the growing interest in the area. How much does it cost to rent in Sen Sok? Apartments for rent in Sen Sok range from as low as $250 to as high as $1,500 per month. Shophouses and villas are also available ranging from $500 to $3,000 a month. Of course, there plenty of properties in between. We suggest taking a look at the Sen Sok Location Profile so you can find the right property for rent in Sen Sok for you. Don't be afraid to negotiate! When you want to rent a house in the city, even in popular locations like Chamkarmon, Daun Penh, Toul Kork or other areas, you must be sure of your budget. Landlords will most likely demand a high price. However, you should always be ready to negotiate! Build rapport and ask for a discount or try your best to ask for additional services or furniture. How to Find Houses for Rent in Phnom Penh? If you do not have a lot of time, you can easily use realestate.com.kh to check and compare the prices of the properties you are interested in. You could also consider relying on a real estate agent; they'll save you the headache of sifting through Phnom Penh's myriad of rental listings. Just make sure you do some research and pick a professional one! Don’t know where to start? Take a look at our list of partner agents all over Phnom Penh. Learn more about all the houses for rent in Phnom Penh! Stay up-to-date on the real estate industry in Cambodia and get real-time updates on real estate news as they happen. Download the Realestate.com.kh App now on both iOS and Android.  
Loyalty is What Key Real Estate Offers to Customers
Loyalty is What Key Real Estate Offers to Customers
June 6, 2022, 5:04 p.m.
Cambodia’s real estate sector remains strong and this is what gives investors and real estate agents confidence in the market. But with the abundance of success that agents have obtained, there is now greater competition in the industry, which is slowly becoming a threat to industry standards.Realestate.com.kh recently caught up with Mr. Sorn Seap, Director of Key Real Estate, to get his thoughts on the matter.Seap has worked in the real estate sector of the country for more than 10 years and launched Key Real Estate back in 2010. When asked about this career, Mr Seap said "I’ve been interested in the real estate sector since I was in college. From the very beginning, I saw big potential in this market and I thought that this could be the right business opportunity for me. At the beginning it was hard because people were not used to the role of a real estate agent, and did not know what was their function. Luckily things improved, the market evolved as well as the mindset of the people, which boosted our business.”He added, "the first service we provided was property valuation, and then we slowly added more services such as management and later sale and rental services."Cambodia is a free market, therefore businesses have equal footing in terms of competition. This has caused several issues such as lowering of agents’ fees and lack of vocational training -- especially with private dealers who call themselves estate agents.Additionally, there are not strict regulations for companies wanting to obtain a real estate license. This environment has allowed unprofessional practices into the industry which is slowly pushing the customers to lose confidence in the industry.As a real estate company in Cambodia, Key Real Estate retains its values and professional principles. Sure, some companies have stepped into this sector with a lack of training and ethics, but Seap explains, “We always provide results to customers who come for our services. We focus on long-term loyalty and relationship with by offering an affordable and high quality service.”But things may be about to change with Century 21 Cambodia’s initiatives to create trainings to establish common standards. Specifically, they signed a memorandum of understanding with the University of Economics and Finance to enable trainings for Cambodia's real estate companies. With these trainings, they hope to give more confidence to foreign customers. It is also a big step towards a fair competitive market.Mr. Seap strongly agrees with the creation of training courses for companies and real estate agents. He says, “We are all located on the same road. So, we are all together, helping to make this sector better with developers.” He continued, "This is a good joint market for raising standards and improving the strength in the real estate market. For this reason, I decided to become a member of the Cambodian Association of Valuers and Estate Agents."The country's economy has maintained a GDP growth rate of 7 percent in the past years, with the real estate sector playing a huge role in boosting the economy. As the economy moves forward, we see more development projects establishing their presence in Cambodia. Some of these projects will also be acknowledged through the Cambodia Property Awards 2017 taking place at the end of March. As a matter of fact, Mr. Sorn Seap has been selected as one of the judges of this event. He stated that "It is a great honor to take part in this event. I believe that this event will help to build strong standards in the real estate and construction sectors, towards a better future. " Check out Key Real Estate's hottest properties on Realestate.com.kh
Experts Optimistic for Office Market Space in 2017
Experts Optimistic for Office Market Space in 2017
June 6, 2022, 5:04 p.m.
Exchange Square by Hong Kong Land, a new Grade-A office space building, will be launched in greater Phnom Penh. Along with this is the optimism of real estate experts that the office market space demand will see growth in 2017.Ann Sothida, associate director of CBRE Cambodia and leasing agent for Exchange Square, said that the 20-storey office building is set to open in the first quarter of 2017. The building is divided into two— the first section has 4 storeys for retail and shopping. The office building covers a total area of ​​18,000 square meters."The company that developed this plan is an expert and is successful in this field. So, there's no need to worry about competition," she said. She adds that "the project’s situated in a good location because it’s nearby both the CBD and the Phnom Penh International Airport."The office building and shopping mall of Exchange Square is located at #106 Street, Wat Phnom commune, Daun Penh district - behind the US Embassy in Cambodia.Sothida said that until now the building is around 60 per cent booked, retail and office space. She continued, "The market building will have potential for 2017 because there are big businesses, expanding markets, and international investors stepping into Cambodia."Pen Phearun, general manager of the Canadia Building, said that demand for office building late this year seems relatively quiet compared to the early part of the year. But so far, demand for office space saw a growth of 10 per cent, compared to the same period last year. He remained optimistic that the 2017 demand for office buildings will rise higher as he saw a lot of investors from China enter Cambodia.“For the Canadia office building, the office space covers approximately 17,000 square meters, and the occupancy rate so far has covered approximately 90 per cent. Office space in the Canadia building is from the 16th floor to the 27th floor and several floors below," Phearun said.This office space was rented for $25 plus service management fee of $5 per square meter, he said.Managing director of real estate firm VTRUST PROPERTY Co, Ltd – Mr. Hok Meng Heang – said that the demand of office space this year really saw slow growth compared to a year earlier. But so far, demand for office buildings in VTRUST TOWER saw a growth of 15 per cent, compared to the same period last year. He added that VTRUST TOWER has a height of 15 floors and covers a total area of ​ 18,000 square meters and goes from $16 to $20 dollars, plus a service management fee of $4 or more.He said that "for 2017, he’s optimistic about demand for office buildings and I expect the occupancy rate will increase by 90 per cent."This story was featured in the January 2017 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 68Find  out the latest real estate news on Realestate.com.kh!
Phnom Penh Housing Market and Outlook Report 2016
Phnom Penh Housing Market and Outlook Report 2016
June 6, 2022, 5:04 p.m.
The Phnom Penh Housing Market report revealed that the market absorption rate for cluster landed housing increased markedly in 2015, achieving 41 percent of sales growth last two years, yet the sales rate in 2016 fell by 41 percent. The unsold stock also floated high last year. Of the total units launched for sales in 2016, 51 percent of the total launches were sold. By 2017, however, market demand will manage to maintain its growth momentum, as chiefly bolstered by the recent inception of very flexible and buyer-friendly schemes, albeit credit and mortgage growth is likely to continue cooling down this year.Opportunities will arise among first-home buyers thanks to a large number of housing units due to completion and readiness to move in within this year, when a projected 28,000 of new homes are slated for completion within 2017, representing a 93 percent y-o-y increase. Of the newly finished housing units in 2016, 4 percent of them were still available in the primary markets, while onto 2017, the sold-to-completed ratio is predicted to further decline because of the slow market absorption rate last year, leaving many units yet to be sold and adding to the existing housing stock this year. This could eventually impede home prices from aggressively going up.A large number of housing units to be finished at the same time by 2017 will create some challenges for developers who have built the houses but have not sold off their finished units on the expected schedules. This unsold rate among the finished projects will increase by 2017, to some degree, if the slow rate of market absorption still persists in 2017 or through to 2018.COUNTRY OVERVIEWEconomic HighlightsThe Phnom Penh Housing Market report  also showed that Cambodia has enjoyed a gradual economic growth of about 7 percent since 2011. With a slight recovery of agriculture sector in 2016 and support by fiscal policy, the country’s GDP is projected to be able to maintain its annual growth by 7 percent that year (see figure 1) and onto 2017 Asian Development Bank predicts the annual GDP growth will be 7.1 percent (Asian Development Bank, 2016).In the first half of 2016, Cambodia’s exports of key garment and footwear products rose by 9.4 percent, outpacing the same period of 2015 almost double. Yet tourist arrivals rose by 3.4 percent in the first half of 2016, just slightly lower than that in 2015, which was 4.9 percent (Asian Development Bank, 2016).In term of GDP composition by sector of origin, services sector remains the dominant share of all, composing of up to 43.6 percent (2015 estimate), while agriculture sector shared 28.6 percent, and industry sector, 27.9 percent (Index Mundi, 2016).FDIs HighlightsInvestments in construction sector grew remarkably last year, having 2,636 construction projects approved and reaching US$8.5 billion of investment values in 2016, almost 160 percent y-o-y increase over 2015, when only 2,305 projects worth of US$3.3 billion approved by the ministry (The Cambodia Daily, 2017).Approval of the 133-story Thai Boon Roong Twin Towers, a mixed-use mega-project on the site of Phnom Penh’s former Dream Land amusement park, anchored the investment figure for the year (The Cambodia Daily, 2016).However, the figures of the investment values in this sector do not take effect within the year of reporting, since most of the development projects could need a year or two, or sometimes even longer, to be ready for the construction kickoff so that real investment budget flows into labor force, materials and suppliers.The construction investments were mainly injected into condominiums, apartment buildings, hotels, office buildings, malls, cluster housing developments, factories and many other commercial centers, especially located in the capital of Phnom Penh.PHNOM PENH OVERIVEWAbout Phnom PenhLocated on the banks of Mekong River and Tonle Sap River, Phnom Penh (Khmer: ភ្នំពេញ) is currently the largest and most populous city of Cambodia. Regarded as the capital city of Cambodia, Phnom Penh is the most bustling and main commercial hub, hosting numerous Cambodian important institutions, including public sectors, private sectors, embassies education, and NGOs, just to name a few (see figure 3).The capital covers an area of 678.46 square kilometers and is subdivided into 12 districts (khan in Khmer) in which there are 96 communes combined from all the 12 districts. All districts include Chamkar Mon, Chbar Ampov, Chrouy Changvar, Dangkao, Doun Penh, Mean Chey, Pou Senchey, Prampir Meakkakra, Preaek Pnov, Ruessei Kaev, Sen Sok, and Tuol Kouk.Recorded as of today, Phnom Penh’s population has reached 2.2 million, according to unofficial estimate, even though the capital’s population figures are often controversial and remain skeptical. However, according to a recent media report, the population was predicted to reach 3 million by the end of 2016 (The Phnom Penh Post, 2016). The number of permanently registered residents could be considerably smaller, but thanks to additional inflows of labor force and immigrants on education and business purposes every year, the predicted figure could be possible.Central Phnom PenhPhnom Penh’s administrative division has evolved markedly within these decades, from seven districts in 2009, nine districts in 2011, and finally to 12 districts in 2014. The central districts, which are home to various bustling commercial centers, have remained unchanged in term of administrative division. These districts include Chamkar Mon, Daun Penh, Prampir Meakkakra, and Tuol Kouk.Despite the continual growth of high-rise developments within these districts, especially Chamkar Mon,low-rise developments such as cluster landed and gated housing communities, tend to sprawl outside these inner centers, creating hundreds of different communities in suburban parts of the outer districts instead.Further, population within the four central districts totaled circa 572,000 (Institute of Statistics, 2008), while the population trend in the inner city centers has declined due to the fact that they have relocated to the suburbs where land and housing prices are much lower and affordable (yet, inner districts might bustle during the day because people commute for work from different places around the city). Some of them might have either rented or sold their property in the inner city for a higher price and buy a house in the suburbs for a lower price, having some amount left to start a new business or fund the existing one.HOUSING MARKET - PHNOM PENHMarket HighlightsThe Phnom Penh Housing Market report suggested that landed housing market in Phnom Penh has emerged since 2002, when a cluster landed housing project first started in Sen Sok district. Since then other supplies across different districts follow suit.By the end of 2016, supply of cluster landed housing has cumulatively reached 100,278 units in total, 69 percent of which were finished, and 67 percent were sold (see figure 6).In 2016, 11,483 new units were launched for presale across the capital, and 5,857 (51 percent) units of the total were sold. In the same year, construction work of 14,539 home units was totally completed.By 2017, 1,069 new housing units are slated for presale launch by developers, even though the figure might vary due to future additional unexpected launches. Fortunately, 2017 will see a huge number of new completed housing units, with 28,097 to be adding to the existing completion, totaling up to 97,783 units by the end of the year.Presale SupplyPhnom Penh’s presale housing market was aggressive in 2015, with 16,628 of new units launched, growing by 60 percent y-o-y, while last year the presale supply fell by 31 percent y-o-y, offering only 11,483 new units in the presale market. Still, 2016 was recorded among the peak years in term of presale market growth (see figure 7).For the 2011-2014 period, the presale market grew gradually, with an average of 5,700 new units launched or 17 percent growth each year.The more aggressive growth in 2015 than any other years in the market history was bolstered by the country’s better economy, the rise of local incomes and increase of middle class population, and the high growth of credit to mortgage sector. In 2015, the total value of mortgage released to home-occupying owners was US$856.6 million, representing a 41.3 percent increase over the US$606.2 million in 2014 (National Bank of Cambodia, 2016). This credit availability made easy access to owning a home among the middle-high income groups, thus pushing the demand to rise.Both new and existing developers fetched this opportunity and flocked to launch new development projects with circa 16,600 new units, causing the presale supply to jump high that year.Housing CompletionUp to date, the number of completed housing units was 69,686 in total, accumulating since 2003. Each year, on average about 3,800 units were completely constructed during the course of the last decade, and about 6,400 units were finished each year during 2011 to 2016 (see figure 8).2016 saw a big jump in housing completion, having 14,539 units completed across many different projects in the capital, representing a 106 percent increase over the 7,054 units in 2015. More surprisingly, it is predicted that 2017 will see a double growth over 2016, to have 28,097 units totally finished.The largest jump ever in housing completion by 2017 was because of the high volume of construction launches within the last three years when all the construction work is expected to be well finished by the following three years.Due to a fall in new construction launches this year, only a small number of cluster landed housing units will be due to completion between 2018 and 2019.Market PerformanceSales of cluster landed houses fell by 41 percent in 2016, compared to an increase of 41 percent in 2015, causing the housing stock figures to float high in 2016. Compared to the number of presale units launched on a yearly basis, only 51 percent of the units were sold as of end of 2016 (see figure 9: sales-to-active listings ratio, on yearly basis), whereas the overall housing stock accumulated over time across the capital’s housing market remained 33 percent unsold as of end of 2016 (see figure 9: sales-to-active listings ratio, on accumulated stock basis).Typical landed housing projects would take 1.9 years to sell off their units that were launched within the year in 2016, slower than the performance in 2015, when they would take 1.7 years (see figure: market absorption rate, on yearly listing basis). However, the overall market absorption rate across the capital’s cluster landed housing market stood circa 1.5 years throughout these two decades (see figure: market absorption rate, on existing plus new listing basis).In general, average market time for housing market in Bangkok was just a bit faster than that in Phnom Penh, be it 12 months at a time with some negative market sentiments and 16 months at the toughest market time (DDProperty, 2015).MARKET SUPPLY BY HOME TYPECumulative Market SuppliesThe strongest demand for landed home types in Phnom Penh are link-houses, aka row-houses or terraced houses that are built with the same model and share walls together with three or more of other units in the same row or terrace. Link-house supply accumulated as of end of 2016 represented up to 80.7 percent (or 80,071 units) of all cluster landed housing supply in the capital (see figure 10).Due to cluster or community-based development, purpose-built shophouse units are also on high demand, especially in recent years, because home owners can both live and open a shop to serve residents who live nearby there. This segment made up 8.0 percent (or 7,949 units) of the total supply.Due to cluster or community-based development, purpose-built shophouse units are also on high demand, especially in recent years, because home owners can both live and open a shop to serve residents who live nearby there. This segment made up 8.0 percent (or 7,949 units) of the total supply.Single detached houses share the smallest part of the overall markets, holding only 3.5 percent share (or 3,485 units) as of end of 2016. With an average base price of US$300,000 to a high price of up to US$1.8million per unit, the houses may only belong to a handful of the upper-high-end groups.Despite the increasing rate of the upper-middle income groups, the population growth among the very top-end segments could see a minimal pace every year. And the 2.2 million of total population within the metro area of Phnom Penh is so small that the figure will not grow as fast as those in the better-off cities, be it the 17 million in Thailand’s Bangkok and 8 million in Vietnam’s Ho Chi Minh.New Launches by Types, 2016There were 11,550 of total new units launched for presale  in 2016, and link-house type represented up to 89.1 percent (or 10,290 units) (see figure 11). Developers still saw a strong demand for buyer-friendly housing products among the middle and upper-middle class, whose affordability stands between US$40,000 to US$70,000 per units. Low prices of link-houses are within that range.Shophouse launches took the second lead in the share, having 7.6 percent (or 879 units) of the total launches last year.Despite a market absorption slowdown in 2016, developers had already planned to launch single detached villas since the previous year, thinking there was a good demand for supper-end households, and thus they increased the presale launches up to 217 units, representing 1.9 percent, slightly more than that of semi-detached villas.HOUSING COMPLETIONCumulative Completion, 2003-2016There were 69,686 completed houses across Phnom Penh as of end of 2016, accumulated since 2003. Link-house type took the lead in the completion share, accounting for 85.3 percent (or 58,962 units) (see figure 12).Other home types which were cumulatively completed accounted for only 14.7 percent (or 10,123 units) as combined. The number of completed shophouses was 3,298 units, accounting for 4.8 percent, while that of semi-detached was 4,624 units, accounting for 6.7 percent.Although Phnom Penh is the central city that has the largest number of effluent population, the small number of households in the capital and the uneven income distribution among the population constrains the affordability for luxury villas. That is the reason the top-of-the-range single detached villas accounted for only 3.2 percent, having 2,201 units completed past up to now.New Completion by Home Types, 2016The number of total completed cluster landed housing units in 2016 was 14,539, and the largest number of completed home type in 2016 was link-houses, having 12,502 units totally finished and accounting for up to 84.5 percent of the total completed units within the year.Completion of semi-detached houses accounted for 7.6 percent, having 1,131 units finished as cumulatively recorded by the end of the same year, while that of shophouses accounted for 4.5 percent or 673 units. Single detached houses had the smallest number of units completed the same year, accounting for 3.3 percent or 489 units (see figure 13).Projected Completion by Home Types, 20172017 will be seen as the biggest year for the number of completed houses in the history. As many of the developers flocked to build new houses at the same time within the last few years, the majority of those construction projects were slated for their completion within a couple of the following years. As a result, 2017 is projected to see new completion of up to 28,097 units across many different projects within the capital.Among the total of new units slated to be completed by 2017, link-houses will share up to 72.9 percent (or 20,164 units). Shophouses will take the second lead, to have 3,826 units finished within the year, accounting for 13.8 percent (see figure 14).Semi-detached houses will take the third lead in 2017-projected housing completion, to have 2,828 units finished with a share of 10.2 percent within the year. However, the top-of-the-range single villas will see a big jump in housing completion, to have 829 units finished within this year.Market Supply by Home PricesHome prices in the capital’s cluster landed housing market vary according to location, quality, amenities, and development scheme. However, based on price per unit, 0.3 percent of the total supplied home units were priced equal or lower than US$25,000 (See figure 15: legend in a clockwise order). The segment with prices between US$25,001 and US$50,000 per unit shared 12.6 percent. The biggest segment was those with prices between US$50,001 and US$100,000 per unit, sharing up to 34.7 percent of the total supply. Then it was followed by those with US$100,001 to US$200,000 per unit, accounting for 29 percent.An upper-high segment with prices over US$200,000 to US$300,000 per unit accounted for 8.5 percent, while those with prices between US$300,001 to US$400,000 accounted for 2.8 percent.Interestingly, high to super luxury segment with prices above US$400,000 accounted for 12 percent of the total market supply.Market Supply by LocationScattering across Phnom Penh, most of cluster landed housing projects of all scales are situated in Pou Senchey district, with 75 different project locations making up 26,800 units (11,902 of which were finished) in total cumulatively since 2002. The district shared up to 27 percent of the total market supply (see figure 16,17).Pou Senchey is currently Phnom Penh’s largest district of all in term of area coverage, also home to Phnom Penh International Airport, many large industrial parks as well as hundreds of manufacturing factories, a few of bustling commercial streets, and a hundred of residential clusters. Because there were many large portions of land still available for development, market prices there were still lower than those in the central city centers, while this created an atmospheric attraction for new residents to settle down and start anew over there.After Pou Senchey, Sen Sok district took the second lead in term of total supply share. As of end of 2016, there were 75 project locations with a total of 18,400 units, or 18 percent out of the whole market. Of the total figure, 11,942 of home units were totally completed so far, while 2,069 others are due to completion by the first half of 2017.The third largest concentration of cluster landed housing supply is in Dangkao district, which will be home to 13,600 units, sharing 13 percent of the whole market (both completed and ongoing). As of end of 2016, 13 housing projects were finished and delivered 6,264 of completed home units, while 2,200 others are due to completion by the first half of 2017.The supply of cluster landed housing in the CBDs such as Chamkar Mon, Daun Penh, Meakkakra, and Tuol Kouk was very small because of comparatively higher property prices than those in the outer city areas, scarcity of available pieces of land, and competitive bids for high-rise rather than low-rise development projects. But if a few of projects could do in these bustling districts, they would be sold in comparatively higher prices. That is the reason most of cluster landed housing projects are sprawling outside the city centers, as mentioned earlier.Market Supply by ProjectUp to date, New World (Name in Khmer: បុរី ពិភពថ្មី) is the market leader in term of market supply, delivering up to 20,300 of landed housing units (figure may vary due to rounding), sharing 20 percent of the whole market. Peng Huoth (Name in Khmer: បុរី ប៉េងហួត) is currently the second leader, having up to 9,900 units in total supply (both finished and ongoing), sharing 10 percent of the whole market (see figure 18).Other development projects which compose of small to medium scale developments as combined shared 59 percent of the total market supply, with 59,400 units across the peripheral districts of the capital.Future Trends and OutlooksNew LaunchesNew launches of cluster landed housing supply slightly declined during the course of 2016 when compared to 2015. The supply fell by 31 percent y-o-y in 2016, compared to an increase of 59 percent in 2015.Into 2017, slated supply figure is minimal and because of the slowdown market absorption rate and high completion rate that year, the new off-plan launches will still slow down if compared to the last two years.DemandAmid the strong growth in credit to mortgage subsector since the last few years, cluster landed housing demand has risen gradually as mainly bolstered by this growth. The total value of mortgages that were released during 2015 was US$856.6 million, representing 41.3 percent y-o-y increase over that of 2014. However, 2016 saw a slight slowdown in the number of mortgage applications, decreasing by 10 percent during the first and second quarters of the year (The Phnom Penh Post, 2016). This slowdown impeded the speed of demand last year.The number of units absorbed by the market was relatively large compared to the last few years, when an average annual sales of 5,600 units across the market in Phnom Penh, despite a slowdown in market absorption rate last year if compared to 2015. Sold-out rate fell by 41 percent y-o-y in 2016, compared to the increased 41 percent y-o-y in 2015. The slow rate is due to too many supplies at the same time.Onto 2017, on the other hand, prospects are seen as slightly positive, specially thanks to the popular adoption of market stimuli in which buyers are offered very flexible and buyer-friendly schemes such as minimal or zero-down payment options. These flexible payment options were offered in order to expand the markets among the middle to upper-middle income groups. Therefore, this factor will continue to push the demand upwards in 2017, albeit less aggressive than the previous two years.CompletionThe year 2016 saw a dramatic increase of new housing completion, increasing 106 percent y-o-y compared to 2015, having 14,000 units finished by the end of the year. And by 2017, the slated completion will grow double, with 93 percent y-o-y, reaching a rounded figure of 28,000 finished housing units. Those two years are the biggest years for completion of cluster landed housing in the history.OpportunitiesThe current market situation will offer good opportunities for first-home buyers because a large number of finished home units (some of them are not yet sold) will be available and ready to move in when they make the purchase, especially from the presale (or primary) markets.Stable home prices will be seen over 2017 through to 2018, as developers are braking down their new launches seeing the slow rate of market absorption last year. Therefore, buyers will enjoy touring around looking for specially finished homes that suit their style, preference, and affordability. Further, developers will consider expanding their home offers to compete with other similar suppliers as well as offering even more flexible payment options for buyers to boost their sales.Sectoral RisksA large number of housing units to be finished at the same time by 2017 will create some challenges for developers who have built the houses but haven’t sold off their finished units on expected schedules. According to 96 percent of sold-to-completed ratio, 4 percent of the finished units were still unsold as of end of 2016. This unsold rate among the finished projects will increase by 2017, to some degree, if the slow rate of market absorption still persists in 2017 or through to 2018.Therefore, a few of developers will face financial constraints that lead them to three response mechanisms: (1) settling down with very flexible payment schemes in order to expand the market, (2) lowering home prices in order to stimulate sales so that they can use the revenues to cover their construction spending, (3) or putting the construction work on delay.Further, pilot test of market stimuli (minimal or zero-down payment schemes) have proved successful with some development projects, and thus it has prompted a rampant practice of the so-called schemes. That will be helpful in the short run because it has helped keep the market going up. Nevertheless, in the long run, this practice might lead to mortgage risks if the system is not well managed to qualify the buyers, look at the stability of the employment and economy, and scrutinize other risk factors.Other ReferencesAsian Development Bank. (2016, September 27). ADB Retains Forecast of Strong Growth for Cambodia’s Economy in 2016, 2017. Retrieved January 30, 2017, from Asian Development Bank: https://www.adb.org/news/adb-retains-forecast-strong-growth-cambodia-s-economy-2016-2017Asian Development Bank. (2016). Asian Development Outlook 2016: Meeting the Low-Carbon Growth Challenge. The Philippines: Asian Development Bank.DDProperty. (2015, November 25). Oversupply not an issue for Bangkok property market. Retrieved February 3, 2017, from DDProperty: http://www.ddproperty.com/en/property-news/2015/11/111798/oversupply-not-an-issue-for-bangkok-property-marketIndex Mundi. (2016). Cambodia GDP - Composition by Sector. Retrieved January 30, 2017, from Index Mundi: http://www.indexmundi.com/cambodia/gdp_composition_by_sector.htmlInstitute of Statistics. (2008). Cambodian Population Census 2008. Phnom Penh: Institute of Statistics.National Bank of Cambodia. (2016). Annual Report 2015. Phnom Penh: 2016.The Cambodia Daily. (2016, September 8). Approved Construction Projects Soar to $7.2 Billion. Retrieved January 30, 2017, from The Cambodia Daily: https://www.cambodiadaily.com/second2/approved-construction-projects-soar-7Learn more about Cambodia today in our detailed location profile!
Real Estate and Construction Forum by EuroCham
Real Estate and Construction Forum by EuroCham
June 6, 2022, 5:04 p.m.
One of the most striking images a first-time visitor to Phnom Penh will encounter is a skyline dominated by endless cranes and the green-draped buildings beneath them. Cambodia’s construction boom is truly underway—the Ministry of Land Management, Urban Planning and Construction recently revealed that $8.5bn worth of development projects were approved in 2016 compared to just $3.3bn in 2015.While not all of these projects will necessarily materialize, the figures illustrate the large amounts of capital being invested in condos, office space, and retail and hospitality facilities by Cambodian and foreign investors. The construction industry is Cambodia’s fastest-growing sector and directly supplies about 50,000 jobs, in addition to driving growth in related fields like engineering, architecture, and logistics.Given the breakneck pace of development, both government regulation and corporate monitoring procedures can struggle to keep up with changing realities on the ground, suggests André de Jong, head of the Real Estate and Construction Committee (RECC) at the European Chamber of Commerce in Cambodia.“We continue to witness strong growth despite a lot of speculation on whether it is a boom or a bubble”, said Mr. de Jong; “That is why the theme of this year’s forum is ‘Managing Growth’”.The March 3rd EuroCham Real Estate and Construction Forum will see experts from the Royal Government and the private sector speak candidly on the opportunities and challenges in managing Cambodia’s real estate growth. The forum will bring together developers, construction companies, suppliers, and others in the sector to receive cutting edge policy updates from senior government officials as well as industry insights from specialists on topics like the rising demand for construction insurance, and the need for consistency in Cambodia’s real estate valuation sector.Some confirmed speakers include Dr. Chhann Sorphal, Deputy Director General of Construction, Ministry of Land Management, Urban Planning and Construction, H.E. Dr. Pen Sophal, Secretary of State, Ministry of Land Management, Urban Planning & Construction, H.E. George Edgar, Ambassador of the EU to the Kingdom of Cambodia, Oknah Sear Rithy, Chairman, Kerry Worldbridge Group, Gethin Jones, Chief Risk Officer, ANZ Royal Bank and Tom O’Sullivan, ceo of Realestate.com.kh.While Phnom Penh has become well-acquainted with the songs of drills and hammers over the years, large-scale developments in Sihanoukville have not kept pace. One major theme of the forum will be the opportunities created by the Royal Government’s forthcoming, investor-friendly legal framework for coastal development—part of its broader strategy to transform the coastal areas of Sihanoukville, Kep, Kampot, and Koh Kong into world-class tourism destinations. To date, the primary obstacle preventing investment in these areas has been the lack of major supporting infrastructure. There are strong expectations that the new framework will incentivize the private sector to invest in public infrastructure within designated development areas. By attracting large, high-quality investors, the government is betting on the reforms to spur both the construction sector outside of Phnom Penh as well as the tourism sector outside of Siem Reap.The 2017 Real Estate and Construction Forum is open to the public and will take place at the Raffles Le Royal Hotel on Friday March 3rd, 2017 at 8am. The daylong event costs $55 and includes lunch. Reservations are available through eurocham-cambodia.org.Find the best real estate news on Realestate.com.kh
Houses for Rent at Russian Market (Toul Tum Poung): Renters Guide
Houses for Rent at Russian Market (Toul Tum Poung): Renters Guide
June 6, 2022, 5:04 p.m.
Toul Tum Poung -- Russian Market to expats -- has long been a food and shopping destination for tourists and locals. It has a large centralized traditional wet and hard market that displays a wide range of items like electronics, spices, silk, herbs, motorbike parts, souvenir, food, and many more. It is ideal for people looking to do some serious shopping.Toul Tum Poung has been one of the four potential residential markets in the Chamkarmon district. The residential market in this area is continuing to move forward and displaying an increase in both local and international buyers and renters.But if you are considering to rent a property near the Russian market, you may ask yourself what types of housing is available, if the price is affordable, and if it has the facilities that you are looking for are available. Realestate.com.kh is here to answer all your questions.What types of housing is available for rent near Russian Market?Houses for Rent at Russian Market include different designs that are just as eclectic as the country's culture. These include Khmer style properties, mixed-designs, and European-style houses. Mr. Yim Socheath, the director of CDN Property Co. Ltd, said there are three types of houses for rent near the Russian market, these include: flats, villas, and apartment houses. You can find either commercial houses or residential houses in the front streets or the secondary street, respectively.Flats:Socheath said there are two types of flats, commercial and residential. For 1 to 4 bedrooms, the rental price is from $600 to $1,000 per month. While the commercial flat will cost around $800 to $1,500 per month. Prices may vary also, depending on the house condition.Villa:Some villas near the Russian market can be used for both residence and office space. You can get a four to eight-bedroom villa standing on 15 x 26 meters or 16 x 27 meters of land for $1,500 to $2,500 per month.Serviced apartments:Serviced apartments are also widely available in Toul Tum Poung. One-bedroom renovated serviced apartments range from $200 to $400 per month.Rental prices for a normal three-bedroom serviced apartment will cost around $1,000 to $1,500 per month. One-bedroom units for a newly developed serviced apartment ranges from $350 to $800. For a three-bedroom unit, it will set you back $1,500 to $2,500 for 3, according to Socheath.quality, rooms, and amenities such as swimming pools, car parks, security, maintenance services, and internets will play a role in price as well.Why is the area near Russian market good for renting?Socheath explains that Toul Tum Pong is the most popular area after BKK1 because the cost of living is lower by 30% to 40%.He also says that many people move to the Russian market area because the quality and standard of life is similar to the one in BKK1. He also believes that in the future, Toul Tum Poung and BKK1 will be the same in terms of residential market.What does a good rental house look like?Looking for good house for rent can be difficult, especially if you have a tight budget for your monthly expense. This is why focusing on what is essential matters when you go get rental houses. Once you have the basics, good interior design makes a lot of difference to your rental house. You can play with paint color on walls or window, floors, and furnishes. These are simple solutions you can try.Are there many amenities near the Russian Market?The Russian Market is characterized by its diversity. It offers both historical value and modern infrastructures. At the moment, Russian market is also filled with construction of modern establishments.There are a mix of local and international restaurants such as Long After Dark, Divine Pizza and Ribs, Roots and Burgers, Sesame Noodle Bar, CrossFit Amatak Kettlebell Cafe, and other seafood restaurants. There are also a number of hotels in the area such as the Somet Hotel and Apartments and The Frangipani Living Arts Hotel and Spa. Bars, fitness centre, business centers, medical center, international standard schools,and condominiums are also located around phsar Toul Tum Poung.In the next 4 to 5 months, brand companies such as Brown Coffee, Starbucks Coffee, and Pizza company will be added into the Russian market area, Socheath said.Learn more about Toul Tum Poung!How can you find Houses for Rent at Russian Market?It’s complicated to look for a rental house in Toul Tum Poung because you’ll need enough time and connections -- especially if you’re a newcomer in the city. Generally, there are plenty of ways to find houses for rent near the Russian market. This includes using online search engines, newspapers, magazines, and brokers or agencies.Socheath advices to rely on a trusted real estate agent to help find the most suitable housing. He continues to explain that it’s good practice to search for real estate agents who are under licensed companies. Using the services is free of charge for the renter, and by arranging several visits in one day, they can really  help you to save time. “We,provide services in a very efficient and trustworthy manner to our clients,” Ms. En Chansreyleak, Sales representative at Yong Yap Properties said. She explains, “We understand the needs of the clients. In addition, we provide counseling and help solve problems they might face during their stay. Honesty and professionalism, this is what you should look for in real estate agents, to help find homes for rent or sale.”What are you going to spend beyond monthly fees?If you’re looking for a new house for rent near the Russian Market, it’s also important to consider extra costs you might encounter. Those expenses may include maintenance and utility fees such as electricity power, kitchen gas, internet, and cable.For serviced apartments, all these fees may be included in the rental fee, except electricity.An increasing number of housing developments are also popping up around the Russian Market, which is proving very popular with local buyers and renters who are seeking shop houses, villas and apartments with sound infrastructure and a safe, peaceful, neighborhood environment.Learn more about all Houses for Rent at Russian Market!
Wealth Building Cambodia
Wealth Building Cambodia
June 6, 2022, 5:04 p.m.
Realestate News
Partnerships can be a powerful tool for the of a successful business; 360 Ads & Events has organized a public forum, with both local and International companies, in order to fulfill a collective calling towards better collaboration for Cambodian businesses.On the 16th and 17th of February 2017, 360 Ads & Events held a forum called Wealth Building at Sokha Hotel.This forum was the first platform in Cambodia that aimed to assist various groups such as youth, students, startups, real estate experts, and general public. The goal was to better educate them on financial and business matters so that they could reach their business targets in the most meaningful way.Ms. Dary Dek, Managing Director of 360 Ads & Events, said that the Wealth Building program was an event that combined three fairs in one single forum: wealth, marketing, startup. The objective of the event was to create a new platform for financial education for the public, to display the potential of new startups and to promote networking among business partners, and investors. It also aimed to bring associations, businesses, and the Junior Chamber International together to promote dialogue and cooperation.The two-day forum was divided into eight seminar sessions to provide different perspectives from several speakers. The topics of the forum included “Should You Quit Your Job and Start a Business?”, “How to Create Multiple Incomes”, “How to Recruit the Right Sales Team”, “E-commerce and How You Can Benefit”, “Basics of Real Estate Investment”, “How to Benefit from Startup Supporters and Investors”, “Practical Tips in Setting Up a Strong Marketing Team”, and “Building Personal Brands Using Social Media”.The speakers, did their best to motivate and encourage young students and entrepreneurs to start their own business and create business plans.Mr. Phul Puthy, the co-founder of Small World Cambodia suggested to the public that “if you want to start a business, first make sure you know what you like to do and what your interests are. Once you know these, try to build your business around it.”Chy Sila, the CEO of Sabay Digital Corporation, also shared the same ideology. He said, “If you are thinking of starting a business, make sure that fits your interests and your passions, otherwise you are likely to run into failure.”The young crowd participating at the event seemed very interested and motivated by the topic covered. Mr. Sok Sinat, one of the many students who joined the event, with his friends. He said, “I like to take part in this types of forums since I think that is very beneficial as I can learn new things that are not generally taught in the classroom. More importantly, it helps me to gain knowledge about the current market, new business concepts, and opportunities.”A staff member from a real estate company, Mr Van Vichet, said, “This forum helped me to understand how to set up a new business and a good sales team. I also, had the chance to meet successful business entrepreneurs, who shared ideas and tips about their businesses.”In conclusion, the forum successfully completed its two-day run with more than 200 participants who visited the 40 stands and attended the seminars. 360 Ads & event will be running more events and forums in the upcoming months.Find the best real estate news on Realestate.com.kh
Cambodia Real Estate Highlights 2nd Half 2016 Report
Cambodia Real Estate Highlights 2nd Half 2016 Report
June 6, 2022, 5:04 p.m.
One of the leading Real Estate movers of Cambodia, Knight Frank, has once again released a Cambodia Real Estate Highlights report for the 2nd half of 2016. Ross Wheble, Country Manager of the firm, gives us an overview of what changes occurred and what we might expect in the near future due to these changes, especially in Phnom Penh.Wheble sets the tone of the report by saying that even with international events such as Brexit and the Trump win and “whilst the global economic outlook is one of short to medium-term volatility, Cambodia continued on its upward trajectory underpinned by investment from China as part of its ‘One Belt, One Road’ policy.”But what else has been going on in the Cambodian Market? Wheble takes a look into both commercial and residential sector to give you the answer.Office SectorThe office sector will benefit most from the One Belt, One Road initiative of China. Knight Frank reports that outside investment from this initiative will provide a “steady inflow of Chinese companies that are likely to occupy space in purpose-built offices.” And the future supply of offices is projected to increase to around 77% by 2020.For now though, average rental prices were consistent at $18 per sqm a month in the 2nd half of 2016. This is the average measured by Knight Frank across all office grades. The report also mentioned that “Prices for stratified office units remain flat from US$2,100 per sq m for Grade B units to as high as US$4,500 per sq m for Grade A units.” Asking rental prices are not expected to stay consistently flat in the short-term as many major office buildings are anticipated to come to completion.No significant change in demand is expected to happen in the office sector for Grades B and C-type units though. The report indicates a steady occupancy level of 85% and above. However, the demand for unit with a size ranging from 100 to 200 square meters for $15 per square meter a month remains the highest.Retail SectorThe supply of retail spaces reached 138,154 square meters across 11 retail malls. Anticipated retail projects weren’t completed on time. So, there are no significant changes that were seen in the sector. Rental prices remained the same since the opening of major retail establishments such as the Aeon Mall and the retail podium of Vattanac Tower. The occupancy rate remained high as well at 90%.The report also mentions that “Prices are likely to fluctuate closer to 2018, following the completion of large projects such as Parkson City Centre and Aeon Mall 2.” But this may change not soon after as an increase of 196% in the sector’s supply is expected. The Aeon Mall 2 alone will add around 70,500 square meters of retail space.This surge of supply may change where retailers will go. The report says, “Retailers will likely continue to create stand-alone outlets in popular residential areas, as high-rise residences go up in areas such as Chamkarmon and Toul Kork, which will allow them to tap into a growing residential community.” And while it is too early to tell, Knight Frank says that the scenario is a real possibility.Serviced Apartment SectorCurrently, there are 4,214 recorded units available in the market right now, with mid-tier apartments continuing to form the majority of the serviced apartment supply. The average rental price of high-end developments start from $20 and can go all the way up to $33 per sqm per month. Meanwhile, the average rental prices for mid-tier units in Q4 of 2016 went between $9 to $18 per sqm per month.The occupancy rates for some established serviced apartments have remained constantly high. This is due to strategically allocating the units for short-term stay.However, Knight Frank predicts the serviced apartment sector will experience a downward adjustment period after new serviced apartments and large condo developments reach completion. They estimate 1,053 more serviced apartment units to come up by 2018. But they clarify that “increasing competition with the entry of better quality projects will benefit the industry as a whole by providing more options for tenants while lifting the overall industry standards.”Condominium SectorThe existing and recorded condominium supply for Q4 2016 is 3,033, where 54 projects were added during the 2nd half of the past year. According to Knight Frank, “Trusted local developers that were previously exclusively developing borey housing are now crossing over to the condominium sector integrating more affordable high-rise residential components within their existing landed projects.”But similar to some of the retail projects being constructed in Phnom Penh, none of the condominium sector’s 3,184 monitored units that were scheduled for Q4 completion were actually completed. According to the report, 2% were put on hold and 98% rolled over to 2017. The good news is that 46% of the newly launched projects have already been sold as of late last year. This is a 30 percentage point increase compared to the first half of 2016.The report states that “higher sales rate of newly launched developments can be attributed to developers setting lower prices, removing barriers to purchase by adopting more flexible payment schemes and eliminating down payments.”Knight Frank says that as a result of this, more projects are expected to enter the market by 2020 as confidence in the sector rises. 72 projects with 25,544 units to be exact. And despite people’s preference for mid-tier projects, it looks like 70% of the future supply is going to come from high-end condominiums. This is in contrast with the current situation where the report indicates “Many of the projects launched in H2 2016 targeted the mid-tier category with units on offer between $1,200 to $1,800 per sqm.”The market has had its ups and downs, yet there are still hopeful professional predictions that have been put out there in the Knight Frank report. And there remains to be great possibilities of success in investing if you know how to interpret the data and play your cards right. Download the full report click here!To keep yourself updated with the latest market movements, visit Realestate.com.kh now!
Buy Condo in Phnom Penh
Buy Condo in Phnom Penh
June 6, 2022, 5:04 p.m.
Condominiums are an increasingly popular choice for those seeking a modern and comfortable lifestyle. The capital of Cambodia, Phnom Penh is now seen as a target city for those looking for overseas investments, and an ever increasing number of expats is moving into the city due to its low cost of living and great investment opportunities.Phnom Penh as one of Asia’s newer residential market is consequently seeing a rise in condominium developments, switching the trend of constructing low-end buildings to high end buildings, skyscrapers, and commercial building centers in the heart of city.Currently, there are several up and coming condo development projects inside the capital which are already available for customers to purchase.Only in Q3 of 2016, there was a total of approximately 74 ongoing condominium projects with 30,130 units in the city of Phnom Penh (CBRE Cambodia report.). That’s an 8.3% increase from the previous quarter. The upcoming developments will add  22,366 units more, raising to a total supply by 842% by the end of 2018. As per CBRE Cambodia also explains that the majority of planned condominium projects can be classified as ‘mid-range’ or ‘high-end.But with such a wide range of condos, how can one choose which one to invest in? To make your life easier, realestate.com.kh has selcted the top developments of the city.One Park condominiumWhat is the special feature of One Park Condominium?One Park is designed by GRED’s in cooperation with the renowned architectural design company DPA Singapore. It has a western design that utilizes wide boardwalks around retail outlets, bars, cafes and restaurants along the complex. The center area serves as an internal plaza boulevard which cuts between the twin residential sections.Where is One Park Condominium Located?One Park Condominium will cover 7.9 hectares of land area and will be situated at the very heart of the Phnom Penh CBD. It will be inside the newly-developed Phnom Penh City Center area, adjacent to the ministerial and financial hub along Confederation de la Russie or Russian Boulevard.How much is a unit at One Park Condominium?Units at the One Park have a starting price of $170,000, with fully furnished options available.Learn more about One Park project!Axis ResidencesWhat is the special feature of Axis Residences?This project is developed by SPRING CJW Development Pte Ltd together with a team of Singaporean Consultants. Resident can enjoy services like a solar PV system, the 6-storey basement car park that has 566 vehicle slots, a 3-tier foolproof security system, indoor and outdoor gyms, multi-purpose rooms for meetings and self-study, commercial units, a restaurant, a BBQ area, a children’s playroom, a garden, a 50-meter swimming pool and various sports  facilities at the place.Where is Axis Residences located?It is located along Street Doung Ngeap number III and Street 2004 -- close to the Phnom Penh International Airport.How much is a unit at Axis Residences?Units at the Axis Residences project starts at $100,000.Learn more about Axis Residences project!The Gateway CambodiaWhat is the special feature of The Gateway?The Gateway is developed by TACC (C.R) Ldt,. It will be a mixed-use development with residential, commercial, and office units. This development comprises of a 36-storey office tower with 299 strata-titled office units, a 39-storey residential block with 572 units, and a two storey retail plaza/podium with prime retail outlets. All services include like: Swimming pool, fitness centre, BBQ area, car park and others more are in the place.Where is the The Gateway located?The project is located along Russian Blvd, between Phnom Penh International Airport and the business district of Phnom Penh. It is also next to Parkson Mall and very close to the Prime Minister’s office, financial institutions, embassies, medical centers, national and international schools, and other establishments.How much is a unit at Axis Residences?Basic units at The Gateway start from $150,000.Learn more about The Gateway project!East One ApartmentWhat is the special feature of East One Apartment?East One project is a high-rise 23-storey building by the Guangzhou Yuetai Group Co., Ltd. The complex includes full service hotel-style amenities with rooftop swimming pool, café, car parking and full concierge service. Commercial establishments are only a short minute walk away such as banks, supermarkets, KFC, Brown Coffee, all major airline offices, clubs and bars can also be found along Phnom Penh’s famous Street 51.Where is the East One Apartment located?East One Apartment is strategically located at the corner of Street 214 and Street 51, between Independence Monument, the Royal Palace, the National Museum, and Central Market. It’s a prime location that’s near international embassies, government ministries, and the Central Business District.East One Apartment is strategically located at the corner of Street 214 and Street 51, between Independence Monument, the Royal Palace, the National Museum, and Central Market. It’s a prime location that’s near international embassies, government ministries, and the Central Business District.How much is a unit at East One Apartment?Units in this project start from $90,000.Learn more about East One Apartment!88 SuitesWhat is the special feature of 88 Suites?88 Suites is the first small office home office (SoHo) in Cambodia. 88 Suite offers its residents privacy and convenience. It has amenities like a swimming pool, a sky gym, a sky lounge, meeting rooms, a conference hall, and business center. It is also has a 4 tier, foolproof security system.Where is 88 Suites located?This new development is in BKK1, Chamkarmon. It’s along Mao Tse Toung Boulevard and close to Preah Norodom Boulevard.How much is a unit at 88 Suites?The starting price for a unit at the 88 Suites project is $100,000.Check out for more about 88 Suites project!HABITAT CondoWhat is the special feature of Habitat Condo?Habitat Condo is a new project in phnom Penh that consists of only 13 units. The units were designed to provide maximum privacy and a stylish form of living. Residents will enjoy amenities like a 10m x 4m rooftop pool, a fully-equipped gymnasium, a BBQ area, and an entertainment area on the upper rooftop.  Habitat Condo also has an Intelligent Automated Car Park system that promises to save you time and space. It offers a highly secured and private car park for residents.Where is the Habitat Condo located?The Habitat Condo stands behind Sothearos Boulevard in Tonle Bassac, along Mao Tse Tung Boulevard. It’s next to BKK1, at the heart of Phnom Penh city -- on a cosmopolitan area. It’s near universities, schools, bars, restaurants, financial institutions and other establishments.How much is a unit at Habitat Condo?The starting price for units at the Habitat condo is $235,000.Learn more about the Habitat Condo!The EdgeWhat is the special feature of The Edge?The Edge project will include a new concept called Retail Office Versatile Office (ROVO). Shukaku Inc partnered up with GRED to bring the new trend of living and doing business for young people in Cambodia. ROVO units are designed with flexibility in mind, providing space for businesses to be set up according to their preferences. A café, a restaurant, a start-up office, a bank, a boutique hotel, a meeting room or even a music studio. The options are limitless.Where is The Edge located?This mixed-use development is located at the heart the Phnom Penh City Center which is Cambodia’s first planned city project and Phnom Penh’s future Central Business District. This area also has lots of amenities, including shopping malls, a night market, F&B outlets, a school, government institutions, and many more.Check out more about The Edge project!TK Royal OneWhat is the special feature of TK Royal One?TK Royal One aims to provide luxury, security, and privacy. It’s a mixed-use development. The concept of the project will include 4 stories of office units, 14 stories of residential units, 4 stories of car parking, and common facilities like a swimming pool, a fitness room, and a sky lounge.Where is TK Royal One located?TK Royal One is located in the heart of Phnom Penh city, along the Russian Blvd in front of the Royal University of Phnom Penh. This is a prime location because it is surrounded by various amenities such as retail commercial, government body, financial institutions, local and international schools, and hospitals. More importantly it will be only 5 minute away to Phnom Penh National Airport.How much is a unit at the TK Royal One?Price starts from $194,000. There are 3 types of units that range from one to three bedrooms.Learn more about TK Royal One Project!The Peak ResidencesWhat is the special feature of The Peak?The Peak will have three buildings with two towers reserved for residential uses. The third tower will utilize the top 20-storeys for residential use and leave the remaining units for office space. This project is by Singapore’s Oxley International and Cambodia’s Worldbridge Land.Where is The Peak located?The Peak is located at Sangkat Tonle Bassac, Khan Chamkarmon, Phnom Penh. It’s close to Nagaworld 1 and the upcoming Nagaworld 2, AEON Mall, and Business Convention Centres on Koh Pich.How much is a unit at The Peak Residences?The Peak units have a starting price of $79,000.Check out more about The Peak!East View ResidenceWhat is the special feature of East View Residence?The East View is a modern development that combines classic and modern Khmer architecture. It is a mixed-use building complex for both commercial and residential purposes. The project will include four 38-floor residential complexes and a total of 736 units. The project is designed to offer a peaceful and relaxing space. Residents are also guaranteed highest level security along with amenities that include a restaurant, a fully equipped gymnasium, shopping at your doorstep, and international standard business center.Where is the location of East View Residence?East View is located along Norodom Boulevard, near international consulates and the busy commercial area. It has a very convenient economy and transportation network. It’s just minutes away from the Independence Monument, Aeon Shopping Mall, and various amenities.What price is available?East View is still available with units that start from $70,000.Check out more about East View Residence project!The number investment options in Phnom Penh are numerous and of different budgets. If you are serious about investing in real estate, find out about your legal rights today.Learn more about all the Condo project in Phnom Penh!
Sihanoukville Real Estate, Alternative After Phnom Penh
Sihanoukville Real Estate, Alternative After Phnom Penh
June 6, 2022, 5:04 p.m.
The arrival of Chinese investors and about 100 enterprises into the Sihanoukville Special Economic Zone has become a major magnet that has attracted local and international real estate investors to start their condo projects in the coastal area.Its lush seas, small islands, and beautiful beaches has inducted it as one of the most beautiful and cleanest beach clubs in the world. This increased the number of foreign tourists visiting the province to around 10 percent annually and has also increased the volume of flights into the area.CEO of FURI Real Estate, Ly Senleap, said that the Sihanouk province does have potential due to the number of connecting flights from China and from Siem Reap. He is especially surprised that he saw more Chinese tourists visit and invest in the provinces. He said that the province has a potential for development in the real estate sector because of vacant land in offer as investment choices for developers.“With the construction of condominiums in Sihanoukville, we must ask whether developers should focus on one target or not. If investors focus on local customers, I have little confidence," he said. He adds that "Citizens of the Sihanouk province are most likely not interested in condominiums. But they are still impressed with individual residences in the ground within the province’s remaining vacant land. And the price are still affordable. "Sihanoukville became the second city after Phnom Penh where foreign investors are developing condominium projects like D’Seaview, Sunshine Bay, Bayview, and other condominium projects that are being built gradually.Chrek Soknim, CEO of Century21 Mekong, said that since Sihanoukville is a tourist area and the government is preparing it to be a commercial area in the future, investors are aiming to invest long-term investment into the area because it has future potential.“The government has focused on this area through beautifying and organizing the beach. A project to build a highway from Phnom Penh to the province, the international airport, and the growth of tourist arrivals were just factors for investors to build condos in the province," he said. "When there are events being organized in the province like the Sea Festival, it is difficult to find guesthouses and hotels for accommodation. So buying a condo for relaxation can be an option as well."On a condition of anonymity, one of the investors has been invested in condo project, said that the "Sihanoukville coastal province is one of the most beautiful tourist destinations, ranked 2nd after Siem Reap. So, I think it will be better for my condominium because there aren’t many luxurious condos and hotels.""We are building condominiums to attract foreigners coming to our country. And in 2018, oil drilling from our seas will begin an important part in attracting more investors to come here," the investor said.Ho Vandy, Secretary General of the Coalition National Tourism Cambodia, said that there are currently two airline companies like Cambodia Angkor and the Bayon Air Company that have been flying between Siem Reap and Phnom Penh to the Sihanoukville province on a daily basis. And there are airlines from abroad that fly chartered and occasionally visit Sihanouk province as well.He added that "the province will have more potential and flourish if the authorities maintain the infrastructure and the environment, as well as natural on-the-ground and in-the-water well." He added that "the success of the construction of condominiums and real estate here depends on the conservation of natural resources and preparing the area to be more attractive."Yun Min, governor of Sihanoukville, said that there is currently three condo projects in the province, which are both domestic and foreign investors. He said that the Sihanouk province continued development quicker because the government has prepared the province to become a regional trade cosmopolitan because it has a clean beach and unique, deep harbor in Cambodia. And there are more direct flights going towards the province."The peace makes everything happen in the province," he said. "People are Interested in condo in the province," Mr. Min said.Sihanoukville Real Estate fast is growing fast, see what is the current offer:This story was featured in the January 2017 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 68Take a look at the Sihanoukville location profile on Realestate.com.kh now!
SEARA Sports, Total Quality Fitness Solutions at Your Reach
SEARA Sports, Total Quality Fitness Solutions at Your Reach
June 6, 2022, 5:04 p.m.
SEARA Sports Systems offers the largest and most comprehensive range of fitness equipment in not only in Cambodia - but throughout the South-East Asia region.The company was founded over 17 years ago with the mission of bringing nothing less than International standard fitness equipment to the Asian market. While the demand for high quality fitness equipment remained low for their early years, SEARA remained confident that the market would require International standard fitness and sports equipment as Asia grew in wealth and understanding regarding the value of fitness technology.As South-East Asian real estate markets started growing rapidly after the year 2000 - and property developers began seeing the ongoing value of including sports courts and fitness facilities in their projects - the spotlight started to shine on the SEARA brand.SEARA soon earned its strong reputation by completing major facility designs, equipment supply and successful installations for some of the most prestigious hotels, resorts and luxury developments in the South-East Asian region. They have also expanded geographically outside of its central office in Bangkok; with offices and showrooms in Phuket, Pattaya, Koh Samui, Hua Hin, Ho Chi Minh, Hanoi, Yangon, Dhaka and Phnom Penh.In Cambodia, SEARA has already accomplished a number of notable projects, including Embassy of the United States in Phnom Penh, Hotel Sofitel Phokeethra, Rosewood Hotel, Marriott Courtyard Hotels (Phnom Penh and Siem Reap), Hotel Intercontinental, Hotel Raffles le Royal, Le Meridien Angkor, Phum Baitang, Garden City Hotel, Phnom Penh Hotel, Sun & Moon Hotel, Embassy Residences, ISPP (International School), City Golf, Huione Golf Club, Cambodian Country Club, Banteay Athletics Training Center and more. On top of this, their well-equipped gym showroom on Norodom Boulevard allows customers to test out cool and innovative fitness equipment from world leading brands before they buy.SEARA offers clients big and small a total service solution for making fitness a part of their everyday life. Their full services include commercial and private fitness space design, development, equipment supply - and right through to the final installation of fitness and recreational facilities. They also offer a wide range of high quality exercise equipment suited for those looking to exercise in the comfort of their home or office.SEARA exclusively stocks the leading fitness brand names including Life Fitness, Hammer Strength, Octane Fitness, Power Plate, Vectra Fitness, Balanced Body, SCI-FIT, InMovement, and more. They have also partnered up with Escape Fitness and Reebok to offer the most trendy and finest quality accessories for functional fitness training.Whether it is a technical consultation, a design for a private home gym - or a full on commercial gym complex - SEARA Sports Systems have the equipment and the expertise to accommodate to their client’s needs.Find the best real estate news on Realestate.com.kh
The Penthouse Residences: Progress in sales and construction
The Penthouse Residences: Progress in sales and construction
June 6, 2022, 5:04 p.m.
The Penthouse Residences has already sold more than 50 percent of its units. It is considered to be among one of the prime condo developments in Phnom Penh that currently fits the market demand - for a high quality project in a high value location, at a price that the market is willing to pay.The Penthouse Residences ’ foundations have already been set and all piling and testing work has been finished. This means that the Penthouse Residences is well on track for its 2018 completion.A Brief Background on The Penthouse Residences :H.E. Oknha Ly Hong is the project owner of The Penthouse Residences. He said in an interview with the Khmer Times that this isn’t the first project they’ve done. He explains, “The project happened after we were successful in projects such as the 5-star Angkor Palace Hotel and the Borey Angkor Palace Hotel in Siem Reap City.”The project initially had $35 million invested into it by the local developer, and was conceived to meet the demand for a luxurious urban lifestyle, with all the conveniences of the cosmopolitan city of Phnom Penh. The developers of this architectural icon seeks to make history by allowing Phnom Penh to compete with other ASEAN nations as a destination for spectacular architectural design.Five Star Quality at The Penthouse Residences:The Penthouse Residences will rise 36-storeys high along Sothearos Boulevard. It will come with high quality amenities and services. This includes a competitive management staff and an accommodating concierge.The Penthouse Residences comes with a rooftop terrace, an infinity lap pool, a fitness area, a sauna, and 24-hour security, a sky bar.The Penthouse Residences also features the first and only revolving restaurant in Phnom Penh on its rooftop. It complements the dining experience with its 360-degree view that overlooks the Tonle Sap River, Mekong River, Chaktomok River and Independence Monument.The developers have commissioned the help of local and international designers, architects and engineers to pursue high-grade construction and interiors. These companies and brands include Sangiorgio from Italy, HAFELE from Germany, Cotto from Thailand, and many others.Competitive Pricing:The Penthouse Residences features five types of units. The presale price per unit was at around $69,999. The prices now range anywhere from $80,000 to the $900,000 mark. Their unit types are named Comfort, Suite, Embassy, President, and Richmond. Comfort will be a one-bedroom unit. Suite will be a two-bedroom unit.Unique Location:The Penthouse Residences is conveniently located next to other prime residences and business centers like the Aeon Shopping Centre, the Sofitel Hotel, the Canadian International School of Phnom Penh (CIS), the iCan British International School and Diamond Island.It is also at only 10mn walk from the Royal Palace, the National Museum and the Tonle Sap River promenade.Investment Potential:The primary buyers who had already taken a piece of The Penthouse Residences have mostly been from Canada, France, USA, Australia and Japan. One of the main reasons for this is the developer’s offer to rent back the unit at a rate of 18 percent of the total purchase price in the first 3 years. But a majority of more than 50% of the shares are also Cambodian nationals.The Penthouse Residences is worth a look if you’re planning on upgrading to a world-class urban lifestyle in the heart of Phnom Penh.Find out more about The Penthouse Residences on Realestate.com.kh
Best New Developments in Cambodia for Pure Investment Purposes
Best New Developments in Cambodia for Pure Investment Purposes
June 6, 2022, 5:04 p.m.
Cambodia has seen an impressive annual GDP growth of  8.1% for two decades now. This didn’t go unnoticed. The Asian Development Bank even named it as Asia’s New Tiger Economy in 2016. One of the area that experienced significantly growth, is the real estate sector.According to the Khmer Times, the rush of investments last year in the construction industry alone reached $8.5 billion, covering a span of 13 million square meters. This barely even scratches the surface at 0.007% of the entire land area of Cambodia, suggesting that the investment opportunities in the near future are countless.But now that we have assessed that Cambodia’s real estate is rapidly growing, what exactly are the best New Developments in Cambodia for pure investment purposes?Phnom Penh City CenterThe PPCC will be Phnom Penh’s first and only Central Business District by the time it’s finished in 2035. It is situated at the heart of Phnom Penh and is expected to transform the country’s developing capital into a city of the future. The PPCC will cater to both locals and expats who are seeking a mix of innovation and international-standard infrastructure for residential and business purposes. The area is expected to hold a range of properties that will bring in around 56,000 residents and 190,000 visitors daily.Investors have a wide variety of New Developments in Cambodia they can choose to purchase either for setting up shop, resale, or future rental returns. Among the best of them are located at the One Park Condominium, The EDGE, and Residence 90 projects.One ParkOne Park is one of the most sophisticated and holistically-planned mixed-use developments in Cambodia yet. It has a low-density design and a state-of-the-art base level infrastructure. It also has North-South facing buildings that was designed from research that considered natural forces like shade patterns and wind flow as well.The One Park Condominium has a modern European aesthetic and comes with amenities like swimming pools, children’s play areas, and gyms. Shophouses in the development have also been completed and have been turned over. The units are almost 100% sold with prices starting from $170,000 per unit.Find out more about the One Park development on Realestate.com.khThe EDGEThe Edge is a 93-unit exclusive 4 to 5-storey freehold development. What sets it apart is its new Retail Office Versatile Office (ROVO) concept. ROVO units are designed to provide flexible spaces for businesses to set up based on their business type. These includes cafés, restaurants, a start-up office, a bank, a boutique hotel, studios, and meeting rooms. ROVO units also have a timeless design that combines Khmer artwork, brick walls, and neutral finishes. It also utilizes natural light through the use full height glass facades.Find out more about The EDGE development on Realestate.com.khResidence 90The Residence 90 project is an exclusive gated development that is surrounded by municipal developments, a sports complex, a driving range, and other upcoming mixed use and residential establishments. It is bordered by Monivong Boulevard and the Russian Boulevard.The Residence 90 development will have a range of villas that come with community amenities such as a clubhouse that’s equipped with swimming pools, a gym, a BBQ area, and a children’s playground.Find out more about the Residence 90 development on Realestate.com.khSihanoukvilleThe growth of New Developments in Cambodia , especially of Phnom Penh has sparked interest in developers to discover other potential areas for the real estate sector. Their search led them to Sihanoukville. The area is not new to the market, however, recent changes such as the revival of the Royal Railways and the reclassification of Sihanoukville into specific zones has also given developers more confidence to seek out opportunities here.The area also saw a 17% increase in tourism figures last year  and shows no sign of slowing down. That’s a total of 1 million visits for the first half of 2016.Talks have also been circulating that Sihanoukville will gain a special status that will allow foreigners to legally buy property in the area.Part of the number of developers who saw Sihanoukville’s many opportunities early on are also the ones behind D’Seaview Condo.D’Seaview CondoD’Seaview is a first-of-its-kind mixed-use development that’s located near the most beautiful beaches of Sihanoukville -- Cambodia’s premier tourism destination and fastest growing business hub outside of Phnom Penh. It is surrounded by traditional Khmer restaurants, discos, night markets, bars, shopping plazas, and spas.The developers of the project are also offering a deferred payment scheme where investors can purchase a unit with a down payment of 30% and deferring the remaining 70% to the completion of the unit. This means an absorbed fit out cost of around 5 percent of the purchase price. This will also guarantee a 30% rental return over a 3-years period at 10 percent a year.Find out more about D’Seaview development on Realestate.com.khCambodia is still on its early stages of growth in the property market. And as 2017 approaches, the market is becoming even more interesting. This is according to Simon Griffiths, Senior Associate Director of CBRE Cambodia.He explains, “With greater competition, developers shall increasingly offer better guaranteed yields and deals to foreign and local buyers. Against the backdrop of stagnant low interest rates in developed economies, guaranteed yields of five percent and above represent ways to appreciate wealth rather than in real terms losing it as it sits in the bank – but crucially only if the private foreign investors trust the developer and the investment holds its value.”So, if you’ve done your homework and you’re looking to invest in New Developments in Cambodia , take a look at the above mentioned properties because now may not be a bad time to do it.For more properties and information, visit Realestate.com.kh now!
Kampot Displays Its Potential
Kampot Displays Its Potential
June 6, 2022, 5:01 p.m.
The quiet Kampot province now shows great potential with both national and international investment companies making investments worth billions of dollars there. Kampot is described as of one of the four potential coastal provinces.Ping Serey, CEO of Cambodia Angkor Real Estate, said Kampot province has great potential for tourism and trade due to its location and good atmosphere – where the largest creek flows to the sea, compared with other coastal provinces. He said the market of land subdivision in the province is better because it is located next to the sea, and so far the project sales have reached about 90 percent.Cambodia Angkor Real Estate has subdivision land for sale, a project that covers 4 hectares and an investment cost of nearly $4 million. It is situated in the Chong Kreal commune, Tek Chhou district, Kampot province. They also sell plots of land for the construction of resort villas for the price of $52,000.Within sight of potential, his company has cooperated with partners from Malaysia and has decided to invest, jointly, an amount of nearly $ 1 million to do a subdivision land project with an area of 7 hectares recently. So far, sales reached over 20 percent. The subdivision land for sale in the new project is priced between $3,861 and up.Besides the above projects, Pallas Group’s Oknha Trey Pheap has also started building an international port at the province – in cooperation with the Kampot authorities and the Ministry of Tourism, under the assistance of ADB – and is building a tourism port worth $10 million in an area named Treuy Koh to attract foreign tourists between Cambodia, Vietnam and Thailand.Last October, the government decided to provide the green light for a development project worth up to $23.2 billion on a project called the "French Riviera Marina” to develop the Kampot and Kep Provinces to become a region that has the potential for residential, shopping malls, ports and commercial center development projects.Chheang Sophanna, president for international sales of the Pallas Group, said recently that his company has development projects in Kampot and Kep that include residential areas, business and tourism sites and buildings, resort-like studio films, equestrian centers, and much more. These have been allowed by the government last October 12, and construction is scheduled to start in March next year.“These are new projects which have never been done in Cambodia, they will have international standards, and aim to welcome all customers from around the world,” he said.According to the company’s documents, the Pallas Group – an international property investment company – had invested in an area of 4,158 hectares in the province and 144 hectares of in Kep. Kampot is located 148 kilometers south of Phnom Penh, while Kep is located 170 km.The Kampot province consists of 7 districts and one city, Kampot, Tek Chhou, Chum Kiri, Kampong Trach, Angkor Chey, and Angkor Meas district, and Kampot town with a population of about 600,000 people. The population in the city is at 70,000 people.Siriluck Choochart, chairman of the Pallas Group, said that the "French Riviera Marina” project in Kampot and Kep will become a destination for international living, business, tourism, and film production. Pallas will create about 50,000 jobs during the construction and development, and thousands of jobs after the construction is complete. She added, "The project was set up to match perfectly with the environment by using modern construction materials of the highest quality, and it will be the largest construction and luxury project."Chan Chesda, the provincial governor, said on the phone that the big investment project from the Pallas Group has not started yet, and is in the detailed study phase after its approval from the Council Development of Cambodia. He said that the project is located in the Chum Kreal and Trapangosangke commune, Tek Chhou district. It’s 10 kilometers from the town of Kampot and partly situated in the territory of Kep.The project is located along the sea from the Kampot to Kep province. The concept of development is not adding the soil on the sea, but the firm is dredging sand from the sea to create an artificial island that can see both development and conservation, according to Mr. Chesda.He continued, "If this project follows the plan, it will attract more and more tourists to visit the province. And I'm calling for private companies to invest in hotels and guesthouses in the province." He added that "what the provincial authorities spare no effort now is to try to develop the existing resources in the province."The provincial authority also plans to develop by working with the Ministry of Tourism on an area of 200 hectares of land to build a new tourist area called “Kampot Thmey”. The project has already gone through the Coastal Committee but will now will be studied with development projects to see how good they can work together,  according to Mr. Chesda.This story was featured in the January 2017 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 68Find  out the latest real estate news on Realestate.com.kh!
D’Seaview Sihanoukville: Construction moving forward
D’Seaview Sihanoukville: Construction moving forward
June 6, 2022, 5:06 p.m.
Realestate News
Sihanoukville is one of Cambodia’s premier tourist destinations and fastest growing cities, which has recently became a target for many property developers. Find out why Sihanoukville is Cambodia’s next real estate boom town...Some developers are focused on the tourism sector, which is attracting millions yearly due to the province’s white sand beaches; others are looking to the residential realm - where modern accommodation is in demand for seasonal holiday makers, workers and managers for the Special Economic Zones within and around the city; and local Cambodia investors looking to buy their next dream home in Cambodia’s next up and coming city.Sihanoukville, in comparison to Phnom Penh and Siem Reap, presents a more extensive growth prospect for Cambodian property investors - due to the various fundamentals at play here: tourism is a strong pull for foreigners and affluent locals. Meanwhile, Sihanoukville has a strong economic and is industrial focus, with many international companies currently investing large capital for operations here. This population of working foreigners, in addition to consistently increasing tourist arrivals - suggests a future rentals market in Sihanoukville that is likely to buoy residential investor returns in the coming years.Camhomes was one of the first-mover’s in the Sihanoukville residential market with their maiden condo project “D’Seaview” – a majestic high rise alongside the city’s beautiful coastline.HLH Group is a Singapore listed company with significant experience in residential developments in other markets; and Camhomes represents HLH Group’s “Property Division” in Cambodia.D’Seaview is strategically located next to the popular and picturesque Sokha Beach, raised on almost one hectare of land area, with a total of 737 residential units of one, two and three bedrooms apartments. This project will be a mix development featuring condominium units, commercial units as well as a hotel. Residents and guests will be able to enjoy common facilities such as the swimming pool, gym, lush garden and a squash court.The construction started in January 2016 and progress has picked up very quickly: the foundations are rising at an impressive speed and 100% of the piling work has already been completed. The company is now focusing on the main building construction and the construction of the carpark underneath is now underway and right on schedule. Camhomes believes in: choosing the best quality materials for the development and is making all the necessary controls in order to ensure long lasting quality of each and every unit. A temporary office has also been set up and is ready to welcome those interested in visiting the site.Camhomes is working closely with Shanghai Bao Yue (SBC), a subsidiary of MCC (Cambodia), its main construction builder, on the planning and execution schedule in order to avoid any delay and complete the construction on time. The construction is expected to be completed by the 3rd quarter of 2019 - and units will be ready for handover to buyers.The development offers a wide range of unit choices to meet the needs of both local and foreign customers. Prices are being priced reasonably and competitively and D’Seaview is in cooperation with Maybank (Cambodia), to cater to buyers financing options for loan up to 25 years at 70% of purchase price - and a 9% interest rate.Learn more about the D’Seaview project today!