Phnom Penh is now home to 2.2 million residents, with an annual growth of 3.9 percent. With this fast growth of population, the central business districts of the capital, namely Chamkarmon, Daun Penh, Tuol Kouk, and Prampir Meakkakra (a.k.a "7 Makara" in uniform name), saw a slight decrease of population due to the fact that many residents relocated to the suburbs or outskirts of the city, even though the suburbs or outskirts saw a steady increase year over year. We are seeing an outward urban expansion of Phnom Penh. First, this outward urban expansion of Phnom Penh is occurring because central business districts have been surging in land and property prices and as a result owners might have enjoyed this opportunity and sold out for a considerably high price. Then, they use the money to buy property in the outskirts where land and houses are much lower, with leftover profited amount probably used to expand businesses or save for other things. Second, since property in the central business districts are most sought after, they can rent or lease to tenants who use it for business purposes. Then these property owners relocate to the outskirts and settle down there, enjoying their rents with a good price. According to the Cambodia Economic Census 2011, on average up to 55 percent of business establishments in the four mentioned districts had rented locations there for their business operations, higher than did in Dangkao district, the less-commercial area, only about 27 percent. Third, this urban expansion of Phnom Penh may be caused by traffic pressure and rat-race in the central business districts pushing some people to relocate to the suburbs, where they can enjoy more peaceful and calm environment. Even though people have been moving out to the suburbs, central business districts are not quiet. In fact, businesses of all types have been there, patronaged by, for example, expats and working local people during the day. That is the reason we've seen people commute in large numbers from the surburbs and outskirts in the morning and leave for home after work in the evening, causing traffic jams only at the so-called 'rush hours'. Lastly, landed borey housing developments scattered throughout many of the outskirts of the capital, with a large take-up rate on pre-completion and completion, proves that the city is sprawling and the population gather pace at the suburbs to ease traffic and enjoy new communities out there. By Mr Hoem Seiha, Director of Research | VTrust Appraisal Co., Ltd

The Asia Pacific region is the place to be in right now if prime office property and rental growth is what you’re searching for. This is what one of the leading global property consultancy firms, Knight Frank, suggests in their Asia Pacific Prime Office Rental Index 2016 report. According to the firm’s thorough research, the Asia Pacific region has seen a combination of significant progress and constant stability in the first quarter of 2016. This is despite some prominent cities experiencing troubles and slowly slipping down the index.   In the Multi-sector Snapshot Q1 2016 report of Cushman & Wakefield, it is stated that in Beijing, “new supply in core markets elevated the overall vacancy rate, while rents remained stable.” While that may be true, Knight Frank’s data provides insight as to a projected decrease in rental returns and rent prices for the rest of the year for the city. Knight Frank’s report continues to explain that “in the first quarter of 2016, robust leasing demand from domestic firms in the finance and technology sectors drove net absorption to outstrip new supply in Beijing, arresting the downward trend in rents.” Also among the cities that saw a downward rental trend are Jakarta, Perth and Kuala Lumpur; where an expected increase in supply has forced property owners to reduce rent prices, further decreasing rental returns for their properties. This, however, did not slow down or do significant damage to the Asia Pacific Prime Office Rental Index. As the average vacancy decreased by 0.2 percentage points, the index grew by 1 percent in the first quarter and accelerated from 0.2 percent in the previous quarter. The highest contributor to this growth is probably Tokyo which showed the highest 3-month percentage increase of 3.4 percent, followed by Seoul at 2.6 percent where both cities show a projected increase for the next 12 months. As Head of Research for Knight Frank Asia Pacific, Nicholas Holt, puts it, “despite our longer term forecasts suggesting we are nearer to the top of the rental cycle in many markets, the next 12 months will see further rental growth in the majority of markets tracked as tight supply and steady demand prevails.” This growth is expected to be seen across 14 out of 19 cities which include Melbourne, Sydney, Shanghai, Hong Kong, Bengaluru, Mumbai, Taipei and Bangkok. "In Southeast Asia, Phnom Penh saw rents remain stable even as a surge in demand drove down the vacancy rate by 10.0 percentage points. With landlords vying to secure tenants as Hongkong Land’s Exchange Square nears completion, this trend is expected to continue." Considering that there are still many factors like government policy changes that may affect this continuous growth, Knight Frank is confident that prime office rental will remain to have stability at the very least. Holt explains, “While the macro-economic story across the region remains uncertain, office markets have tended to see rents hold up fairly well over recent months.” Recent years have showcased both extremes in terms of economic growth and the property market. It’s had its fair share of ups and downs, but as it continues to rise, it will really be an interesting and exciting time for the Asia Pacific region as it learns to nurture and cultivate its potential through proper investments.SEE KNIGHT FRANK CAMBODIA'S PROPERTY NOW

Year after year, the standard living for locals in Cambodia, and in particular Phnom Penh, is increasing. New types of property are changing Cambodian lifestyles; such as new standards of commercial buildings, office towers and co-working spaces, supermarkets, malls, entertainment venues, and modern residential developments. These structures offer proof of an increasingly modern lifestyle being adopted by the people of Cambodia.As this standard of lifestyle rises, increasingly Cambodian property buyers are demonstrating increasing demand for properties of a high standard and high quality. Accordingly, the business competition between property developers and designers in the nation is rising fast.These days we can also see more youth in Cambodia fresh out of school joining the business sector, bringing with them ambition, innovation, and a high level of commitment to their personal and business success.One such business sector being joined by more and more young entrepreneurs is interior design, as the demand for such services grows year on year.Starting a small business in the interior design industry is particularly attractive to the young-business sector in Cambodia because entering the market comes with very little risk, compared to some other professions.A young designer can easily catch a contract for the redesign of a restaurant, entertainment venue or home without a large portfolio of projects under their name and without the need for a lot of start up capital. Assisting them also is the growing popularity of the interior design sector across Cambodia.25 year old, Mavaly Chhoeum, senior staff from Studio INT in Phnom Penh, says that, “most of our interior design and construction projects are venues such as boutique clothes shops, restaurants, spas and many more places like this. Clients usually likes the contemporary concepts, and a try to make their spaces a bit more modern.”She added that, “interior design is highly demanded in the Cambodian market these days and competition is getting tough. It is important to travel to learn new things as much as you can, and always be creative and not a copycat.”“Interior design business and construction is more and more popular in Cambodia” said 29 Heang Venvitou, co-owner of Sathapanak Design and Construction.Interior design projects involve managing the creation of unique, attractive and livable spaces inside buildings. The design might follow trends of local taste or import standards of modern lifestyle through design from other countries around the world. Functionality must always be considered too.A good interior designer will leave their signature on the place that they remodel.Now Sathapanak has a collection of projects in hand, such as: boutique clothing store AXARA, Kobe Restaurant, a Spa, Bank, villa, and condo. For the materials that they use, they generally import from Thailand, Vietnam and some material from local.Interior design is driven by a passion to create something new; and given this aim, young Khmer business people with fresh ideas are perfectly suited to catch the market share in this business sector.Before Cambodia needed to import human resources in interior design from other countries, especially neighboring countries of Vietnam and Thailand – but now young interior designers are demonstrating that this is a local industry of great worth and reliability, and one with many opportunities.Find the best real estate news on Realestate.com.khlook for real estate for rent in Phnom Penh or real estate for sale in Phnom Penh? Check out Realestate.com.kh today.

In a statement published on its website last Thursday, the World Bank will resume lending to Cambodia, marking the first loans since the World Bank froze all new loans in 2011 surrounding controversy over the Boeung Kak Lake dispute.When the Bank announced the freeze in 2011, Country Director Annette Dixon stated: “Until an agreement is reached with the residents of Boeung Kak Lake, we do not expect to provide any new lending to Cambodia.”The bank’s board of directors have agreed to restart lending for four Cambodian infrastructural projects as of last Thursday’s release, "aimed to bring tangible benefits for Cambodians," said Ulrich Zachau, Country Director of the World Bank for Southeast Asia. In statements this week to realestate.com.kh, the World Bank Cambodia stated that “The World Bank Group prepared the Country Engagement Note (CEN) in partnership with Cambodia, and in close dialogue with Cambodia’s development partners...The CEN envisages financing for seven investment projects, totaling about $250 million, from the International Development Association, or IDA, the Bank’s fund for the poorest.” “Over the next year,” said the Bank, “our focus will be to engage closely with all relevant stakeholders to ensure adequate completion of the preparation of planned projects.”  As a build up to recent announcements of restarting loans, the World Bank Group (WBG) had conducted a series of consultations across Cambodia last year, from June 29 to July 13, inviting a range of stakeholders to exchange their opinions with the Bank regarding Cambodia’s development opportunities and potential issues in coming years.While the consultation process included 17 face-to-face meetings with 635 stakeholders, including national and sub-national government officials and representatives, parliamentarians, private sector and civil society representatives, development partners and UN agencies, according to a summary of the Bank’s website, the remaining evictees and community leaders of Boeung Kak were not involved in the process at any point. According to a host of NGO representatives, community leaders and past and present evictees of Boeung Kak Lake, such a new loan would undermine the World Bank director’s statements, the Inspection Panel Report 2011, and the 2014 Consolidated Appropriations Act - US regulation that calls for remedial action from the Bank regarding the Boeung Kak case, supported by the US Treasury, one of the Bank’s largest funding sources. Eang Vuthy, executive director for Equitable Cambodia, who has met with the Bank’s Washington office on several occasions, the latest in early 2015 with World Bank management staff, says the Bank has consistently cited the same excuse for inaction over the Boeung Kak issue: “Nothing can be done without Government cooperation.” In statements this week to realestate.com.kh, the World Bank Cambodia has said that, “Land issues remain an important development agenda for Cambodia. Fair and peaceful resolution of land conflict is critical to Cambodia’s sustained economic and social development. We welcome the substantial progress made to date in the provision of land titles in the Boeung Kak Lake area, where only a few remaining families remain in negotiations with the Municipality of Phnom Penh over size of land titles now.”

Phnom Penh, May 17, 2016: C.I.A.C. Investment is pleased to announce the development of Cambodia’s first ecologically friendly satellite town – ‘Le Urban Eco Park’. Promoting a greener standard of work and living space, this mixed-use development project along National Road 3 is just 15 minutes from Phnom Penh International Airport and about 30 minutes from the city center.  Le Urban Eco Park is founded on the principles of creating a unique and integrated community that incorporates industrial, commercial, and residential areas, whilst pioneering a new approach to environmental responsibility. Inspired by a vision where communities thrive in harmonious balance with the environment, and driven by pragmatism and energy efficient planning, the team at C.I.A.C. has combined sustainable practices with technological innovation to lighten their carbon footprint throughout the entire site.  Le Urban Eco Park boasts buildings and workspaces designed to save energy, manage resources, and mitigate waste. SEE THE FULL LISTING AND INQUIRE FOR MORE DETAILS TODAYResidents and businesses benefit from significantly lower utility costs as a result of the developer’s energy efficient design, which include solar powered water heating systems, advanced lighting controls, keycard entry system, and Singapore standard water treatment system.  Le Urban Eco Park is an integrated community that promotes the wellbeing of its residents with a greener and cleaner living environment.  The use of natural light and found elements, such as bamboo, helps the park to create a cooler, brighter, and more energy efficient environment, while providing a modern look and feel.  In addition, the developer has purposefully reserved over 30% of the green spaces to be used for public parks, recreation, and leisure areas.  The aesthetics of this groundbreaking design concept will benefit everyone living and working in this eco-friendly environment.  “With more than 20 years of experience in real estate and industrial development in Cambodia, we wanted to raise the bar and initiate a unique new concept with energy conservation and long-term sustainability as our priorities. We believe that everyone should have an obligation to protect the environment.  As the developer, we are dedicated to being responsible members of our community.  We are mindful about how we use water resources, what materials we use, how we treat waste, and try to source as much as we can locally to further support the surrounding communities. We also want the staff to work in more comfortable surroundings, which means a clean, green, and healthy environment.  We believe that a good work environment leads to better productivity. At Le Urban Eco Park, sustainability is integrated, intuitive, and innovative,” said Kelvin Chua, Sales & Marketing Director of Le Urban Eco Park.  C.I.A.C. Investment is proud to announce that the Eco Park’s industrial facilities have been awarded the Green Mark Gold Certification by the BCA (The Building and Construction Authority) operating under Singapore’s Ministry of National Development.  These built to order facilities come complete with employee accommodation, canteens, and rest areas, and span over a total area covering 18 hectares, with units of up to 100,000 square meters available for lease or purchase.  The residential apartment condominiums are freehold tenure with no foreign ownership restrictions.  They guarantee returns of 30% over 5 years, provide attractive rental yields and high capital appreciation.  Bank financed home loans are available for interested buyers with 25 year term at a competitive 9% p.a. interest rate.  Construction of the units is nearly complete, with key handover expected to take place before the end of 2016.  The development will also feature a brand new retail experience, the ‘Eco Park Mall’, combining commercial and retail shop houses, food and beverage kiosks, within a mixed-use commercial and residential area. The mall, the first of its kind in the area, is open to the public and will target youth and lifestyle retail businesses, technology, convenience, and fashion accessory shops and bring them to Cambodia’s next generation of young consumers, families, and travellers.  Shop houses are available for sale off-plan and will officially launch June 8th, 2016, with construction slated to be complete by mid 2017. About Le Urban Eco Park: Le Urban Eco Park is conceptualized and developed by C.I.A.C. Investment Limited, a subsidiary of Ocean Sky Investment Pte Ltd., Singapore. With over 20 years’ experience in real estate and industrial development in Cambodia, the company’s green efforts extend beyond operational aspects of development, to having a more sustainable and positive impact on the environment.SEE THE FULL LISTING AND INQUIRE FOR MORE DETAILS TODAY

The rising Cambodia economic growth in recent years has indicate strong positive signs in its property market. With an estimated USD1.75 billion worth of construction investment, land prices in Phnom Penh most premium areas have risen up to a 100% with a slew of luxury residential projects. So it is the perfect time for an Exclusive Cambodian Property Show in Singapore!Investors can preview the latest projects while gaining insights from industry leaders and developers directly on how the Cambodia property market will fare in 2016 and beyond. Head down to the Cambodian Property Show in Singapore at the Singapore Marriott Tang Plaza Hotel 28 & 29 of May 2016 and listen to what the industry experts have to share and, to find out the most sought-after residential projects. Sign up for this event today and receive an exclusive set of vouchers worth more than S$500* at our registration counter and, stand a chance to win a staycation at Hollandse Country Club and dining vouchers at Singapore Marriott Tang Plaza Hotel worth more than S$1,000*! ARE YOU BASED IN SINGAPORE?Come and learn more about exciting Cambodian projects at the Marriott Tang Plaza Hotel, Singapore: MAY 28 & 29!

Eastland Development Ltd. has demonstrated its full commitment to stay in the Cambodian market and wishes to support the economy through developing innovative real estate projects, fit for the local market and international investors alike. “Cambodia is exhibiting the correct economic growth indicators, investment incentives and political stability to allow us to enter this market in a real estate-related faculty,” said Sam Yang, CEO of Eastland, and “we know these same qualities are appealing to many other international property investors.” Eastland Development Co. Ltd’s head office is located in Hong Kong and is one branch of the world renowned Yuetai Group, which has over 8 Billion RMB in total assets. The Yuetai Group was among one of the first trailblazers to enter the Chinese real estate development market in 1994; and in just over two decades, the Yuetai Group can proudly stand behind a development portfolio that covers more than 20 groundbreaking projects, 10,000,000 sq/m of total floor area constructed, spread across 9 provinces of China. In 2003, the Yuetai Group successfully purchased the majority equities of the listed company Guangzhou Donghua Enterprise Co. Ltd. (SH600393). The Yuetai Group has won various honors for their real estate developments, including the Guangdong Top 20 Real Estate Qualification and Credit Enterprise Award, Guangdong Top 100 Private Company Award, the Guangzhou Top 10 Most Competitive Real Estate Developer Award, Guangzhou Trustworthy Brand Developer Award, and a Contract Abiding and Creditable Enterprise Award, to name just a few. The first Eastland Development project to reach completion is “East One International Apartments” project – a condo development which is already 90 percent sold and under construction in Duan Penh, central Phnom Penh. East One is located within minutes of the central business district, the Prime Minister's house, and the majority of the international embassies. It will include a hotel, ample carparks, full services for residents and amenities such as swimming pool, gym and recreational areas. Main construction is now complete, and East One will be fully furnished and ready for handover to buyers by March 2017. Based on the success of East One, Eastland then launched “East Commercial Center (ECC)” along Norodom Boulevard, a key artery road of Phnom Penh, dotted with government ministry offices and embassies. The East Commercial Centre (ECC) will have 38 floors of pure Grade B office space, divided into small and affordable units, with low management fees, and common areas with all necessary business amenities. Eastland selected to build to Grade B office standard because there is a huge shortage of affordable office space in Phnom Penh, and this grade is in very high demand currently. This guarantees market absorption of the project on completion in 2017. The following stage of this development will be the East View Residence project, which will include four 38-floor high residential buildings. This will provide living space for international and local business people working within the ECC tower, meaning they will not have to commute to their place of work. Eastland’s long term partners in all of these projects within Cambodia include the China State Construction Engineering Corporation, China’s largest and most renowned construction company, and Buildwork Asia, a full-service property management company from Japan with over 50 years of experience in the property management industry. Inquire about Eastland projects today on Realestate.com.kh, Cambodia’s home of real estate: EAST ONE INTERNATIONAL APARTMENTS | EAST COMMERCIAL CENTER ECC | EAST VIEW RESIDENCESThese Eastland projects have sold very quickly in the local Cambodian market, Taiwan and China. However, sales will now launch in Singapore and Hong Kong, as the Cambodian property market profile has now developed considerably in these markets. Eastland offer a level of quality and professionalism that the Hong Kong and Singaporean markets expect, with a unique company experience and understanding of what makes a project suitable, saleable and rentable for the local Cambodian market. Cambodia has also evolved into a place of notable political stability, despite a largely unverified international stigma. The country has now had the same Prime Minister for more than a quarter of a century, the longest serving non-royal leader in South East Asia. Out of the ASEAN nations, Cambodia has demonstrated itself to be within the top 3 in regards to political stability. Most attractive about the Cambodian property market for foreigners is the unique ability to invest totally in US$. There are no restrictions for exchanging US$, making it a highly-free flowing currency, and a global currency showing superior stability to all others. Transferring funds from abroad into Cambodia is very easy and able to be done with very little process. Meanwhile, when you resell your property in Cambodia, you can transfer your money outside of the country very easily, simply by showing your receipt of sale. Appreciation gains for Cambodian real estate are much more attractive than other established markets thanks to the nation’s consistently fast growing economy and GDP. Buyers of property in Phnom Penh can safely expect 6 to 8 percent appreciation. And, especially for Eastland projects, a 7.5 percent 5-year leaseback guarantee is available for all buyers. Meanwhile, investors in Cambodia are guaranteed secure assets, with well-versed freehold foreign ownership laws and highly attractive long term lease policies. Yang also cites China’s “One Belt One Road” initiative – wherein Cambodia is a part of China’s elaborate plan of land and sea connections to the rest of Asia, Africa, and Europe – saying that plans for the Chinese railway in coming years would only aid international investment in Cambodian real estate, and fuel the economy further. “We are extremely confident that the next great international economic boom will happen within the ASEAN countries,” concludes Yang. Don’t miss out your chance to invest in the last real estate frontier, Cambodia, with a developer you can trust, Eastland Development. Inquire about Eastland projects today on Realestate.com.kh, Cambodia’s home of real estate:EAST ONE INTERNATIONAL APARTMENTS | EAST COMMERCIAL CENTER ECC | EAST VIEW RESIDENCESARE YOU BASED IN SINGAPORE?Come and learn more about Eastland's projects at the Marriott Tang Plaza Hotel, Singapore: MAY 28 & 29!

Camhomes would like to congratulate all new buyers who came and booked units at “The D’Seaview Exhibition” at AEON Mall from 7-15 May!Buyers who visited the D’Seaview exhibition on 7 May at @AEON enjoyed the special offer from Camhomes: “Buy one get one free,” for retail and residential unit purchases.During the roadshow at Aeon, new buyers also enjoyed Double Prizes! Including instant gifts of Samsung S7 Smartphones, and the chance to win a Honda Scoopy 2015, TV, oven and fan. Learn more about current promotions!And everybody got a chance to meet Cambodian celebrity: Aok Sokunkanha! Thanks to Camhomes!Even if you missed the show at Aeon Mall last week, it is not too late to secure your dream home in D’Seaview in Sihanoukville!  Inquire today with the friendly Camhomes team in Phnom Penh or Sihanoukville!

Property development in Cambodia has grown exponentially in the past 10 years, alongside the nation’s overall economic growth; with the national GDP rising around 7% every each year. And as the year on year property growth continues in Phnom Penh, the market is also witnessing an evolution in the quality standards of property management. While professional standard property management has been an ongoing concern in the Cambodian market for many years, now landlords, property developers and real estate owners alike do not need to worry about the maintenance and management of their most valuable assets...

One segment growing in leaps and bounds in Cambodia is the Phnom Penh serviced apartments market. While the condominium market in Phnom Penh is showing early signs of a slowdown in growth compared to previous years, the Phnom Penh serviced apartments market segment shows no sign of stopping any time soon. As Thida Ann, senior associate director of CBRE Cambodia, puts it in her presentation at the Real Estate Market & Outlook Conference (REMOC) 2016, Phnom Penh has the largest share of supply and according to the CBRE Market research, occupancy across the whole market of Phnom Penh is at 85.83%.This high occupancy rate and low supply ratio is great news for potential serviced apartment developers, whether from the local or international sphere.WANT TO RENT PHNOM PENH SERVICED APARTMENTS?The CBRE Cambodia Q4 2015 report places 35,000 expats applying for permits to work in Cambodia, while the supply of Phnom Penh serviced apartments is only at 6,494. This means only 18.55 percent of these expats have readily available serviced apartments for their stay in Cambodia. This is the same reason why price per square meter is notably high in the Phnom Penh serviced apartments market. Though there are ongoing serviced apartment developments in this market to help provide competitive prices for potential customers, Ann notes there are ongoing projects that will be completed soon to further supplement the market. Further, the ongoing potential for Phnom Penh serviced apartments shows a highly optimistic outlook.Earlier developments in the Phnom Penh serviced apartments market provide a preview as to what future renters may expect in the next few years, suggests Ann; such as the Suncity serviced apartments, Skyline serviced apartments, Maline serviced apartments and Central Mansions. These serviced apartments have already provided many people with homes and have given their investors a great return for the investments they had placed into the development of the property a few years back. Ann further explains that Phnom Penh has the lowest rental rates for Grade-A serviced apartments ranging from 1- to 3-bedrooms in Mainland Southeast Asia. This is as compared to Yangon, Ho Chi Minh, Hanoi and Bangkok; who also have growing serviced apartment markets. Ann further explains that not many apartments accept short-term lease for less than three months. Tenants will lose their deposit if they move out before the lease expires. This provides stability and ample security for the landlords, but can limit the choices for short-term renters.  Ann adds that there is a misconception that the price will solely dictate the success of Phnom Penh serviced apartments as they come online. Rather, she clarifies that if you put the right property, at the right location and manage it well, the apartment will always have a good chance of success. Toul Kork is growing fast in general and will soon need a larger supply of serviced apartments; and Daun Penh is showing particularly high occupancy rates.CBRE Cambodia have a highly positive perception of the Phnom Penh serviced apartments market; but Ann still warns that developers must be aware that there are still challenges in the Phnom Penh serviced apartments market that they should approach with caution; such as a lack of quality property management, concierge services and a lack of parking spaces.As the real estate industry and construction segment moves forward, if developers play their cards right, the Phnom Penh serviced apartments market will play a big role in their pursuit of success.WANT TO RENT PHNOM PENH SERVICED APARTMENTS?

Welcome to another real estate news recap, from Realestate.com.kh – your leader in property information! Keep up to date with market changes, and be an investor with FORESIGHT!Cambodia and Russia Partnership:In a discussion May 16 with Russian Prime Minister Dmitry Medvedev, Cambodian Prime Minister Hun Sen proposed converting a portion of the $1.5 billion that Cambodia owes to Russia into economic and investment cooperation opportunities. This was on his recent visit to Russia. While there has been no clear statement of how the two countries will go about this issue, Medvedev and Hun Sen continued to sign an agreement that put importance on trade, investments and defense. This, according to the prime ministers, will strengthen and highlight the relationship of the two countries which already spans decades in history.The Rise of Sihanoukville:While Prime Minister Hun Sen discussed investment opportunities and economic alliances in Russia, the Cambodian Minister of Tourism, Thong Khon, and the Minister of Land Management, Urban Planning, and Construction, Chea Sophara, had their own discussions about portioning Sihanoukville into three segments or sections to make it more manageable. The three sections will be characterized as luxury beaches with the private sector, public beaches with the private sector and public entertainment beaches. How this affects zoning and property allocations remains to be seen.The Division of Sihanoukville:The segmentation of Sihanoukville seemed like a fair agreement for everyone. After all, this will allow authorities to easily manage local policies and accesses. Everything seems fair, of course, until someone says it isn’t. This is the case with 14 vendors whose stalls and businesses were demolished in the Ochheuteal beach on April 9. This was after an eviction notice was given to them on March 13. It was reported that there were around 30 stalls that were dismantled to make way for infrastructure and a garden. Some of the vendors had agreed to the $3,500 compensation, but there are still a few who refuse to come to terms with this new development. The evicted vendors had already filed a complaint with the Interior Ministry last Tuesday. As a result of this, Secretary-General Khieu Sopheak has tried communicating with Preah Sihanouk Provincial Governor Yun Min to see if this issue can be resolved peacefully.A First for Pursat Province:Since the discovery of an investment potential for a development in Pursat Province, local developer – Green Trade – is planning to build a mall and flat along National Road 5 at the Lor Lork Sor district. This road bears much value as the connector of Bangkok, Ho Chi Minh and Phnom Penh. According to Okhna Phou Puy, the head of the Cambodian Rice Millers Association and also the director of Green Trade, the development will also build a farmer’s market and compound flats. Construction is expected to start by the year 2017 where they hope it will meet the New Year with a bang.Chroy Changvar Land Titling:With a welcoming embrace of doubt, local groups for land rights had warmed up to the announcement of District Governor Klang Huot that titling will start this week for residents affected by the Overseas Cambodia Investment Corporation (OCIC) development which is valued at around $1.6 million. Klang Huot adds that officials coming from the Ministry of Land Management, Urban Planning and Construction will arrive to also inspect the communes of Prek Tasek and Prek Leap. Residents were advised to ready their land documentations and plot their lands but have yet to receive details about how much the compensation will be. Officials have yet to confirm the final terms for the said titling.EEU Free Trade Zone: In a statement made by Russian Deputy Foreign Minister Igor Morgulov at the Russia-ASEAN Summit held in Sochi, he reveals that a number of countries in Southeast Asia have expressed the will to create a free trade zone agreement with the Eurasian Economic Union so as to establish healthier business ties and investment opportunities amongst them. These countries include Cambodia, Thailand, Indonesia and Singapore. It’s still not clear whether the EEU is open to accepting this type of partnership with the above-mentioned countries. Until this is confirmed, the free trade zone remains to be a possibility and a topic of interest.

Talks of growth in Cambodia has made it a hot-spot for foreign property investment in the last few years, and the nation is receiving worldwide interest from property developers and investors. Known for its beautiful culture, awe-inspiring beaches, mystical forests and rivers, and enormous temple complexes, it’s easy to understand why everyone wants a piece of it. But more than the aesthetic beauty of the country, there are a few other things that give Cambodia its property investment charm:U.S. Dollar Based Investment:Cambodia has used the U.S. dollar as one of its main currencies for a long time now, over 20 years in fact. The government explains that the US$ provides stability in the market with ease of conversion from Riel (the local currency). This makes transactions less complicated for investors and offers a currency option that faces very few transfer restrictions around the world. There are no restrictions for exchanging US$, making it a highly-free flowing currency, and a global currency showing superior stability to all others over recent years. Transferring funds from abroad into Cambodia is very easy and able to be done with very little process. Meanwhile, when you resell your property in Cambodia, you can transfer your money outside of the country very easily, simply by showing your receipt of sale. Many regional banks that have opened in Cambodia also offer ample support for foreign investors who wish to enter the growing real estate market of Cambodia.Early Development Phase:Even though the Cambodian real estate industry has come a long way in the preceding years, there is still a large chunk of undeveloped land and untapped districts able to be utilized by investors and developers from overseas. Most developments in recent years have focused on the capital Phnom Penh, the beach town of Sihanoukville and the tourist destination Siem Reap; but Cambodia still has huge potential for growth in other regions, and investors are welcome to join in when they bring FDI, infrastructural support and experience.Impressive Growth in GDP:Research from a large variety of sources has demonstrated a consistent average GDP growth of 7 to 7.5 percent in the last 5 years for Cambodia. This has allowed the Kingdom to rank 21st in this measure of growth worldwide, and the 1st in the Southeast Asian region – further solidifying its integrity for potential growth into the future. While the bulk of this GDP has traditionally come from garment manufacturing, the economy is entering a phase of diversification and value-adding upskilling which is set to take the economy to a new level of sustainability, for both investors and Cambodian nationals. In fact, last year construction was the largest engine of GDP growth in Cambodia - a testament to the emergence of a booming real estate industry. Appreciation gains for Cambodian real estate are much more attractive than other established markets thanks to the nation’s consistently fast growing economy and GDP. Buyers of property in Phnom Penh, for instance, can safely expect 6 to 8 percent appreciation each year.Secure Assets:Development in policies regarding strata titles, whereby foreign investors can purchase co-ownership in a property as a workaround of the Cambodian State Constitution, has proven to be a profitable decision for its economy and a key for foreigners looking at entering the real estate market. Long term lease policies have likewise allowed huge opportunities for international investors to enter the market and these have provided security sufficient to encourage more and more inward investment.Strategic Trade Location and Logistical Integration:Lying between equally competitive and growing neighbor countries, Cambodia is located alongside Thailand and Vietnam. Meanwhile, the economy sits between the two giants of China and India, with consistently growing partnerships with both. It has also joined ASEAN and has established highly beneficial trade agreements with Europe, North America and Australasia. Infrastructure and trade services have been one of the things Cambodia has pushed very hard on in recent years. That is why it has continued to build better roads, railways, bridges and deep sea ports. It has also continued to develop its international flight connections across the country so as to integrate fast transport and travel for investors. As part of China’s “One Belt One Road” policy, the country will also soon see interconnecting railways across the Asian region and into Europe.Political Stability: The fact that the Kingdom has had one prime minister for almost a quarter century means that there has been, and will continue to be, consistency and continuity in its highly investor friendly policies and political practice. In fact, the current prime minister represents the longest-ruling non-royal leader in South East Asia. Out of the ASEAN nations, Cambodia has demonstrated itself to be within the top 3 in regards to political stability. Retirees' Mecca:Cambodia boasts a low cost and high-standard of living for retirees; offering a great lifestyle at a fraction of what it would normally cost in other places in the region, and tiny compared to highly developed economies. This is what makes it a perfect retirement spot for foreigners. This is becoming increasingly so as the nation's logistical connections, health system, schools, visa support systems and infrastructure grows in leaps and bounds. People:According to the Population Division of the United Nations’ Department of Economic and Social Affairs, Cambodia has about 15,700,000 people, and these people are the Kingdom’s greatest asset in terms of growth. They are not merely spectators to growth; they are the drivers of economic progress - given that 70% of this population is under 30 years of age! Aside from that, the people of Cambodia are also naturally friendly and welcoming, and most understand the value of partnering with internationals for benefits in terms of sharing worldly experience, education and economic benefits.   These are just some of the things that have given Cambodia its charm for investors in the last decade. And as more and more people see the great accomplishments in its past developments and its full potential beginning to emerge, it will soon grow even more attractive for property investment opportunities, whether at a personal or at a business scale. Nevertheless, for the most appreciation, NOW is the time to consider investing in Cambodian real estate! FIND A PROPERTY NOW!

The Global Strategic Business Development (GSBD) Team at Century 21 Cambodia will soon embark on a month-long “Global Strategic Business Development Tour” whereby they will visit China, Hong Kong, Macau, Taiwan, Thailand, Singapore, Japan, Malaysia and Indonesia, promoting Real Estate investment opportunities in Cambodia. The tour team will consist of Mr Kuy Vat, Chairman/CEO Century21 Cambodia; Mr Seraj Sutton, Director of Global Strategic Business Development at Century21 Cambodia; and Mr SamAth Him Sprung, Director of Global Strategic Business Development at Century21 Cambodia. Century21 Cambodia, through their tour series, wish to be a catalyst in spotlighting Cambodia in the world market for property investment; and will be approaching major players in key markets in order to combine their regional expertise and to expose the Cambodia market to the huge Century21 Global Network. Even while Cambodia’s construction and economic boom continues, many perceptions of the wealth of the country and the potential for returns on investment are still being overlooked in major global markets, despite nearly two decades of swift economic growth. While the Century21 Overseas tour seeks to identify investment opportunities abroad, it also seeks to alter this mindset and funnel investment capital back to the Cambodian property sector. With up to 80 percent of Cambodian new development projects being bought by International buyers, property developers in Cambodia must educate the global market on the benefits of investing in the Kingdom. Through this tour, Century21 Cambodia is pioneering this mission, and a mission that will bring benefits not only to Century21 offices in Cambodia - but the entire property market sector in Cambodia! Mr Seraj Sutton, Director of Global Strategic Business Development at Century21 Cambodia, said that, “We at Century21 Cambodia are very excited and feel quite positive about the way real estate market in Cambodia is developing and are proud to present Cambodia to the world.” The month long expedition is to promote Cambodian-based property investment opportunities to the International investors and also to identify overseas investment opportunities for Cambodian-based property investors; The investment tour will provide a unique opportunity for personal interaction to close the gap between the investor and the opportunity. In each of the 9 countries they will visit in phase one of the Business Development Tour, the Century21 Cambodia team will harness the Century21 Global Family Network in each of these countries, tapping each country franchises’ network of investors, property owners and sellers. With 7,100 offices, across 78 countries and over 100,000 Professional sales agents, the Century21 Global Family is well positioned to promote new real estate developments in Cambodia to surrounding countries. After the Century21 Cambodia Asian Business Development Tour is complete, they will then look to wider global markets to share information about Cambodian property investment, namely they will visit Australia, USA, Belgium and France.

CB Richard Ellis (Cambodia) Co., Ltd. (CBRE Cambodia), first came into existence in 1993 and is now the world’s largest commercial real estate services and investment firm.CBRE has an employee count of 70,000 in 400 offices worldwide. Foreign nationals from the UK work within each subsidiary company and pass on international knowledge to local staff in offices across the globe.Attributing to its strong market growth and expansion, CBRE Cambodia launched in Phnom Penh, Cambodia, in 2008.Equipped with more than two decades of experience in the real estate industry, CBRE Cambodia has provided assistance in all different aspects of the real estate industry, all over the Kingdom. With the help of its specially trained experts, they offer services like execution for property sales and leasing, strategic advice and consultation, corporate property sales and management, full facilities and project management, all types of appraisals and valuation, mortgage banking, in-depth research and consultancy.CBRE Cambodia also have experience in a lot of types of properties and transactions, including villas, boreys, condominiums, apartments, shop houses, office leasing, industrial space, hotels, resort, land, investment, retails for rent and retails for sale.Senior Associate Director, Sothida Ann, says that, “CBRE does not directly invest in or acquire projects in the market; we are a service provider using our experience and regional support to provide our clients with the soundest advice when they are looking to invest in the market. One of our main areas of work is in research to advise developers and investors on whether it is the right time to enter the market, often performing feasibility studies for the client to see if their project is viable.”With its goals focused on setting a strong regional presence and widely respected service record, CBRE Cambodia have attracted, and are still attracting, investors from all over the globe to the Kingdom.CBRE Cambodia represents one of the most trusted and reliable firms in the Kingdom - not just because of its years of experience globally; but because of what they have achieved in the two decades that they have operated.As a testament to its success, CBRE Cambodia has been involved with key local projects such as the Australian Embassy, Phnom Penh Tower, Hongkong Land’s new development projects, Vattanac Capital Tower and Song Saa Island Resort, to name just a few.CBRE Cambodia leads the pack; because, unlike its competitors that offer only two-dimensional assistance packages for potential owners and investors, CBRE Cambodia has made certain that it can offer 360 degree assistance from step one - the time that you would need the most guidance and education - right through to final completion.CBRE Cambodia’s triumph is not only in acquiring as many investors as they can to grow their business, but in the quality of their services: an irreplaceable tool for investors and developers to find success in their current and future ventures.VIEW CBRE's BEST PROPERTIES NOW

Formed in 2015 as the holding company of Kingsland Malaysia and Kingsland Cambodia, Kingsland Global (ASX: KLO) specialises in commercial and hospitality property development across Asia.  Tracing its origins from Kingsland Development, which has over 37 years of experience in the property development scene in Singapore, Kingsland Global is excited to extend its property development expertise to more territories around the globe - none less than Cambodia. Entering a joint venture with a Cambodian partner, Kingsland Global is proud to announce its entry into the Cambodian property market. “We are extremely pleased to partner with Kingsland Global in this joint venture which we believe will lead to many dynamic projects now and into the future. Bringing their own brand of professionalism and strict adherence to safety standards, Kingsland Global’s values and culture – such as their daily toolbox meeting that kicks off every working day with a stringent safety check on site - will help to raise market standards across the board and greatly add value to the local community,” as said Mr. Pheap Horng, Chairman, CamTrip Investment Co. Ltd., Kingsland's Cambodian JV partner. Jeremiah Lee, Managing Director of Kingsland Global, stated that,“Kingsland Global is particularly excited by the possibilities and opportunities that the Cambodian property market opens to us. With its fast-growing economy and promising prospects, we are confident of harnessing the benefits of Cambodia’s favourable investment climate to deliver high quality commercial and hospitality development projects in the local property scene. We believe our commitment to quality and excellence will allow us to capitalise on the limitless potential the Cambodian property market offers, especially at this point of time when it is still entering its early stages of development.” Infusing value and lifestyle in all their projects, Kingsland Global has demonstrated its standard of excellence through quality projects across Asia. Kingsland Global is currently embarking on more exciting commercial projects that will allow the company to share their expertise and dedication to property development with all partners and clients. Ensuring trust and reliability remain the cornerstones of their corporate integrity, Kingsland Global strives to be Asia’s leading integrated property developer by bringing these values into the Cambodian market and every region that they expand their expertise to. Kingsland Global is proud to announce some upcoming projects in Phnom Penh. To be operated by the acclaimed hotel operator, Wangz Singapore, 228 Oknha Peich is a 13-storey boutique hotel located in Khan Daun Penh which houses many historical monuments. Slated to be completed in the 2nd quarter of 2017, this stylish hotel is equipped with multiple facilities and looks to provide tourists and business travelers with a luxurious home away from home. Another upcoming iconic development, One18 Residences is a luxurious 24-storey apartment providing quality living and hotel-like amenities right in the heart of Phnom Penh city. Look forward to a first-class residential experience like none other when the project is completed soon. For more info on Kingsland in Cambodia, please get in touch with Kingsland (KH) Development Co Ltd, #34, Street 200, Sangkat Boeung Raing, Khan Duan Penh, Phnom Penh, Cambodia (Tel) +855 77 3399 20, (Fax) +855 23 2217 07/08 or Kingsland Global Headquarters (Singapore); (Tel) +65 6362 8998, (Fax) +65 6363 7031; or email info@kingslandglobal.sg

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Cambodia remains a relatively untapped market for many, offering substantial upsides to foreign or local investors looking for green field investment opportunities. Hence, investors with foresight are increasingly identifying Cambodia as the next boom economy in the Southeast Asian property market. MCC International Corporation Ltd, a Chinese state-owned company which ranked 326th in the world’s largest companies in 2015, and 10th in the Engineering News Record’s Global Top 225 Contractors, recently set up a subsidiary in Cambodia, acting as chief and sole constructor, and strategic partner, for J & L Property Development and their latest project in Russey Keo: SkyTree Condominium.CLICK HERE TO INQUIRE TODAY Mr Chen Shaochun, President of MCC International Corporation Ltd, at a recent press conference in Phnom Penh, stated that “Cambodia is exhibiting the correct economic growth indicators, investment incentives and political stability to allow us to enter this market in a real estate related faculty. And these same qualities are appealing to many other Chinese and International property investors.” Mr Scott Wu, CEO of J & L Property Development concurs, mentioning that “our development company’s investment timing is perfect to enter the Cambodian market in 2016. The Government is stable; the economy is showing impressive but sustainable growth across the board; the nation's infrastructure and logistical networks are developing out of sight; and consumer tastes in the city are fast changing to high-end, convenience-driven, high-rise real estate. Those buyers who look to quality projects such as SkyTree Condominium now will realise their investment was extremely smart five years into the future when Cambodia truly comes of age.” For investors seeking stability, Cambodia is now able to meet international expectations. The current head of government — Prime Minister Hun Sen — has been in charge for more than 25 years; and, in fact, Hun Sen now represents the longest standing non-royal leader in Southeast Asia. CEO of Eastland Development, Sam Yang, said that, “Three things are clear to me: Firstly, the next great international economic boom will happen within the ASEAN countries. Secondly, out of the ASEAN nations, Cambodia has demonstrated itself to be within the top 3 in regards to political stability. Meanwhile, thirdly, in Cambodia investors can still trust in the US dollar – this is unique.” Rami Sharaf, Member of International Advisory Council, APCO Worldwide, and a well-known advocate for the Cambodian market, says that, “the major attraction for foreign investors considering whether they should invest in Cambodia is the ASEAN-member nation’s steady economic growth; phenomenally steady growth: 7.5 per cent average for the last 5 years, year on year. This puts Cambodia as the number 21 worldwide in growth, and number 1 in the region.” Due to its membership in ASEAN, Cambodia has access to the ASEAN Free Trade Area. The ASEAN countries have 625 million people and are a less mature macro-market, providing vastly more opportunity for growth. If ASEAN were a single country, it would have the seventh largest economy in the world, after the US, China, Japan, Germany, France and the United Kingdom.  Additionally, Cambodia has been designated one of the Least Developed Countries (LDC), which gives it preferential access to both the European and North American markets. Why invest in Cambodia? Learn more. Importantly also, Cambodia is midway between China and India. Very recently, India displaced China as the world’s fastest growing economy. Due to its location, Cambodia has excellent geographic access to both of these huge markets. The wealth of the future is practically guaranteed to be determined by who has access to the Chinese and Indian markets. In 2010, the China–ASEAN Free Trade Area (CAFTA) became a reality, giving member nations access to a trading block of 1.7 billion people. ASEAN also has an agreement with Australia and New Zealand that creates yet another free trade area in the other direction (AANZFTA). Additionally, talks are under way between India and ASEAN, which could create a similar trade block. Those seeking pure investment opportunities are offered a unique proposition in the rising market of Phnom Penh; which is exhibiting appreciation growth impossible in the developed markets that property investors have traditionally targeted. According to Knight Frank Cambodia’s Cambodia Real Estate Highlights 1H2015 Report, “land prices in Phnom Penh have increased by as much as 80 percent since 2010, with a forecast of a further 25 percent increase for 2015.” Yang also cites the “One Belt One Road” initiative, saying that plans for a regional Chinese railway in the coming years will only aid Chinese investment in Cambodian real estate. “Thus far,” continues Yang, “the Cambodian real estate market has only attracted relatively small investment pools, in comparison to international and mainland Chinese standards of major investments. Generally, new real estate investments in Cambodia are valued at around five to ten million dollars only. The larger real estate investment funds of 200 to 600 million dollars have not yet come to Cambodia – but they will soon.” With Singaporean architectural design, Sky Tree Condominium rises 32 storeys above Phnom Penh. Uniquely, 40% of the total complex is dedicated to exclusive public facilities such as rooftop gardens, helipad, medical clinic, sky bar, gym, spa, international brand shopping, ample car parking, business facilities, and much more. Furthermore, Sky Tree Condominiums unit size is well suited to a a family who needs extra space - you will have all the room you need to invite extended-family to stay with you in your new condo home. This makes it perfect for Khmer and expat families looking to move into a better standard of living within the inner-city. Don't miss out on your chance to improve your families' quality of life - with monthly payments starting from just $333 per month, and a minimum 10% deposit on signing. CLICK HERE TO INQUIRE TODAY

Over the last few years, the Cambodian real estate market, and in particular Phnom Penh, has seen huge growth.In 2015 alone, overall property prices in Phnom Penh rose to an amazing 26.2 per cent. This is according to a report released by global property consultancy, Knight Frank.It’s an impressive feat, considering that it is higher growth than any other city in the Asia Pacific region. Phnom Penh came in just a little bit behind the success of Tokyo in terms of rise in land values within a greater region. But properties like condominiums, despite sales, remain one of the most misunderstood property types in the Kingdom. This is echoed by a statement made by Chrek Soknim at the first annual Real Estate Market & Outlook Conference 2016 (REMOC2016).Soknim explains that the “condominium isn’t a nascent market anymore in Phnom Penh. It’s been here now for over eight years, yet there are still many things for developers, buyers and key players to carefully learn in order to get quality market insights, and shift their focus to the right paths forward for this real estate subsector.” One such factor that developers should consider is the cultural and generational gap of Cambodian society, especially if you are entering its real estate market from an outside perspective. Cambodians prefer to live with their extended families in residential landed homes.This makes condominiums more of a tough sell in the Cambodian context, Soknim laments. This is a sentiment that In Sitha, Business Development Director at VTrust Appraisal, also shared, stating that, “developers must conduct thorough market surveys before beginning any project in Cambodia if they want to guarantee that there will in fact be sufficient demand for their end real estate product.”What works in the property developer’s home market, will not automatically work in the Cambodian context, it seems. Though Soknim, in his presentation at the REMOC2016, is optimistic as he explains that the younger generation of Cambodians are now more open and understanding of why condos make for better investments than residential homes: "So far, our own people, they don't want to live in condos." He continues to say, "but the young generation, mostly the people who go to foreign countries, they are aware and understand about the benefit of condos."The second factor developers can monitor is the Kingdom’s general economy where banks take collateral that charges 100 per cent of the property value. Home loans for relatively expensive condo units, therefore, fall outside the reach of many Khmer buyers. The same applies to high starting deposit rates of 30 percent and upwards. This is leading to an increasing trend of developers working in close partnership with local and international banks to provide realistic payment plans and loan criteria, more and more tailored to the local market requirements.A third factor to consider is the ratio between local and international interest in these types of properties, especially with luxury condominiums. Soknim explains that what developers should come to terms with is the fact that 80 per cent of the condominium developments are usually purchased by foreign investors and only around 20 per cent are purchased by the locals.This is why buildings can have a thousand units yet at the same time seem empty. It is important to note that based on legislation passed several years ago, the strata title law of 2010, foreigners can own up to 70% of the property as long as that ownership does not extend to the ground floor. This is good news for foreign investors and local businesses who can utilize this to their advantage by buying property in Cambodia, and moving businesses into the US-dollar based economy. As Fitzgerald explains, “given the political instability [in thailand for example], the worry of the [Thai] currency; is meaning a lot of the medium to lower funds and foreign investment funds are actually moving their headquarters from Bangkok to Phnom Penh.”It is also important to note though that there are sometimes instances where units are not purchased with intent of occupancy by pure investors. These are purchases made for appreciation benefits or as means to safeguard finances.While the Kingdom of Cambodia still has a lot of policies to polish and lessons to learn, these indicators, along with the rising wealth of statistics and data brought about by Phnom Penh’s globalization efforts, can serve as an analytical tools for potential investors and developers who wish to delve into the real estate and condominium industry.Want to know more about Cambodia's property market? Search through our news section for more updates!

The chief of Siem Reap’s Province’s department of land management, urban planning, construction and cadaster, Mr Se Samut, has been replaced by Mr Hy Say, previously the deputy chief of the ministry.  Se Semut was moved from the Siem Reap Department of Land to a new position at the Ministry of Land Management. Spokesman of the Land Management Ministry, Chiem Sophal Makara, noted to media that the decision was, “made for the purpose of strengthening the institution.” Minister of Land Management, Mr Chea Sophara, also publically announced the replacement via his personal Facebook, supporting the decision and asking all officials to offer their support and respect to the new minister that is now accepting the role. Chea Sophara asked, “Please brothers and sisters in Siem Reap province, instruct and cooperate by regarding

Despite a troubled recent history, Cambodia has been growing consistently in terms of economic growth over the last 10 years. Today, in 2016, Cambodia is now among the front-runners of the emerging economies of Southeast Asia. By focusing on a new industrial policy of Cambodia, this growth may continue and bring broader benefits to the country. But how will the nation’s economy and industrial footprint diversify in skills and products to allow it to maintain this growth into the coming decade? And as importantly, how will Cambodia offer the lower economic sectors of society genuine opportunities to share the new wealth of the nation?It is said in the Asian Development Outlook for 2016, of the Asian Development Bank (ADB), that Cambodia’s GDP had increased by approximately 7 percent since the year 2013; and has been projected to maintain that rate through 2017.Along with data confirming the growth in the Kingdom’s GDP in its three-part discussion, the Asian Development Outlook 2016 also notes that “Cambodia’s large supply of inexpensive, low-skilled labor has attracted substantial foreign direct investment into the production of garments and footwear for export.”One of the main factors that paved the way for all of this economic growth to happen is through the country’s adaptation of the “Factory Asia” model of economic growth; which allows the deployment of inexpensive labor into the industrial sector so that investors can manufacture products to be used for export. Cambodia was able to obtain a competitive edge through this model and attracted regional manufacturing investors in droves. This was because the comparative price of labor gradually increased in other Asian countries, such as in China, while remained consistently low in Cambodia throughout the early 2000s.The majority of the working class in the country who were once in poverty had found relative success through these manufacturing jobs. This allowed multiple opportunities for them to increase their family’s monthly income and provide for their children’s well-being, such as through education and proper nutrition. A far cry from the suffering average Cambodian had once been through. Though it has been a long-fought struggle, Cambodia seems to be making progress in replicating the “Factory Asia” model and tailor-fitting it for their own culture and economy.As evidence of this, the Kingdom got the largest overall contribution to GDP from the industrial segment growth in 2015; which was 11.7 percent last year. This growth was largely because of a 14.1 percent increase in exporting merchandise; which came in during 2015 at roughly $8.5 billion. An increase of 10.2 percent was also observed in the shipment of footwear such as shoes and sandals, and garments which makes up 70 percent of Cambodia’s total exports.Although factories have helped in providing financial stability and sustainability, this sector has not represented a monopoly on Cambodia’s growth as the country entered the twentieth century. Another contributor to Cambodia’s GDP is the services industry. This industry showed a significant amount of growth; as it ballooned with a 7.1 percent increase last year. The communications sector, along with the transport and finance sectors, grew by around 8 percent. The tourism sector also saw an increase in tourist arrivals that made a 6.1 percent difference to GDP growth in the year 2015. Cambodia’s once predominant and primary sector, agriculture, is also predicted to observe growth by an increase of 1.6 percent next year.But the Asian Development Outlook 2016 warns that “while the economy shows signs of becoming more diversified within and across sectors, including garments and light manufacturing, and in export destinations, the base for growth remains narrow.” So, while Cambodia has shown much progress over the years, the nation is still in need of diversity in its economy as it becomes even more competitive with countries like Myanmar and Vietnam, frontrunners in manufacturing low-cost garments.To support this diversification process, the government offers a new industrial policy of Cambodia that aims to upgrade its industries from providing labor intensive, low-cost manufacturing to a more value-centered production system; so as to encourage the expansion of medium and small-sized entities or corporations by way of an industrial development policy that will enforce stronger regulations, better business dealings and modernization. With an inexpensive, young and fast-learning population, tech industries also seem to offer vast opportunities in the Kingdom. These industries also offer a superior quality of life, and potential for career development, than base-line industrial jobs. With this agenda taken into consideration, ADB says that the industry segment is projected to grow in the following year by around 9.5 per cent. While Cambodia has seen some triumphs in recent years, it still has many more battles to win. The world is watching while the next tiger of ASEAN grows up.