The Gateway has officially launched sales in Cambodia with a spectacular VIP opening ceremony.The official launch festivities took place last Sunday, the 28th February at The Gateway showroom on Russian Boulevard, which is located beside the actual site of the project now beginning phase 1 of construction. The launch event last Sunday was attended by the most prominent political and business figures from across Phnom Penh and over 500 guests were present.The event was presided over by His Excellency Dr. Hun Manet (Lieutenant General of the Royal Cambodian Armed Forces), His Excellency Dr. Pen Sophal (Secretary of State of the Ministry of Land Management, Urban Planning and Construction), Mr Oliver Ching (First Secretary (Political), Embassy of the Republic of Singapore – Cambodia) and attended by Neak Ohkna Kith Meng (Chairman of Cambodia Chamber of Commerce), among many other prestigious guests.The ceremony commenced from 7.30am and from 12 noon onwards, the showroom was officially opened to the public.The Gateway showroom is open everyday from 9.00am to 6.00pm.All shareholders of The Gateway project would like to extend their sincere thanks to all VIP guests and guests from the general public who came and joined the official launch festivities last week.Also, congratulations to all those early-bird buyers who have already secured their best choice units in this prestigious new development.The launch of ‘The Gateway’ project is an iconic step forward for the Cambodian real estate community, and represents the first mega-project of TA Corporation in Cambodia’s capital city of Phnom Penh. This project represents a significant milestone in the company’s history, and will be the start of a much larger commitment from TA Corporation to the development of the Cambodian property market into the future.Learn more about this iconic project: Check out the full listing.

This past January, American-based consultancy firm Franchise Direct, which monitors the growth and success of franchises globally, released their top 100 rankings for 2016. International real estate conglomerate Century 21 was listed at number 20, outpacing by a wide margin other real estate giants like Re/Max, Coldwell Banker Residential, and Engel &Völkers, which ranked respectively at 45, 60 and 89.Grace Rachny Fong, Learning Director at Century 21 Cambodia, said the American-based franchise first came to the Kingdom in 2014 with the business model of establishing 21 affiliates. While the company’s expansion is still growing, she said “as of now, Century 21 Cambodia has 12 affiliate offices in Cambodia, and they are all doing business well and efficiently.” She continued that the number of local real estate companies that have signed up for franchise rights is higher than 12, and those who are in the process of taking on the Century 21 logo will kick off operations soon. “According to our plan, 2016 will be the year that the brand strengthens business efficiency with all of our branches, and in doing so we are planning to conduct many training seminars this year,” she said. Meanwhile, Century 21 Cambodia has been able to bring international affiliates into the local property business. Most recently, Japan-based Century 21 Fuji Housing, which has successfully operated in Japan for 22 years, will provide technical support to their Cambodian partners. “Fuji Housing will join as a personal advisor for Century 21 Cambodia, and they will take part in designing training seminars for all of our branches in Cambodia,” she said. After explaining about the new experiences that her team will acquire from their Japanese counterpart, Fong expressed optimism in 2016’s growth. “This year, we will gain new experience and operating procedures from our neighboring partner. We can’t overlook those excellent tips. At the same time we will combine

The Gateway, a project of TA Corporation Ltd, had its official launch in Cambodia today.The official launch festivities took place at the Gateway showroom on Russian Boulevard, which is located directly beside the actual site of the project now beginning phase 1 of construction.Russian Boulevard is the main road or the gateway of Phnom Penh; and essential route for all VIPs entering the city, especially those traveling to the Prime Minister’s office from the International Airport. By positioning itself here on the main artery of Phnom Penh, the Gateway promises sustained appreciation for all investors. The launch event this Sunday was attended by the most prominent political and business figures from across Phnom Penh and over 500 guests. The event was presided over by H.E. Dr. Hun Manet, and attended by the Governor of Daun Penh District, officers from the Ministry of Economy and Finance, among many other prestigious guests. The ceremony commenced from 7.30am and from 12 noon onwards the showroom was officially opened to the public. The Gateway showroom is open from now on - everyday from 9.00am to 6.00pm. The launch of ‘The Gateway’ project is an iconic step forward for the Cambodian real estate community, and represents the first mega-project of TA Corporation in Cambodia’s capital city of Phnom Penh. This project represents a significant milestone in the company’s history, and will be the start of a much larger commitment from TA Corporation to the development of the Cambodian property market into the future. As a real estate developer and investor, TA Corporation’s reputation as a preferred property developer of uncompromising quality and excellence is hard-earned through their efforts around the Asian region over the past four decades. As a construction contractor in Singapore, TA Corp has grown rapidly over the last 40 years, leveraging their capabilities as a class “tier-1 construction company,” the highest class of Singaporean construction standard, to carve a niche as an established property developer inside Singapore, and increasing outside of their national borders. TA Corp have observed that the demand for quality accommodation in Cambodia, especially in the capital city, is on the rise. Interest for well-located, quality condominiums continues to outstrip supply, and this is a slice of the market that ‘The Gateway’ mixed-use development is uniquely positioned to capture. Learn more about this iconic project: Check out the full listing.

The River has announced their latest project: Center City Ta Khmao. Phnom Penh, Cambodia: Yesterday, 27th February 2016 at Sofitel Phnom Penh Phokeethra, The River hosted a press conference announcing their latest project: Center City Ta Khmao. The event was attended by media, partners and presided by H.E. Cheav Tai, Deputy Governor of Ta Khmao. Center City Ta Khmao is a joint venture between Tang Kung Group and a Malaysian investor who also developed the Riverside Group in Melbourne, Australia. Tang Kung Group brings almost 20 years in the real estate industry. It was revealed that Phase I construction of the Center City Ta Khmao project is now underway. The River is currently pre-selling the commercial shophouses & commercial buildings of the mixed-use development. Phase II and Phase III details will be revealed by The River in the coming months as the developer prepares for the official groundbreaking and showroom launch. Center City Ta Khmao will be the pioneering development of Ta Khmao City, the complex being centrally located along Tonle Bassac riverfront in Ta Khmao. As noted by the Chairman / CEO, Okhna Tang Kung, “Ta Khmao was our firm’s natural choice for development as we firmly believe residential development will grow toward Ta Khmao primarily because this area is highly flood resistant.” “We see Ta Khmao as the most sustainable region for development in the near future. The strategic vision on the future property hub is that Center City Ta Khmao will be the next landmark in the kingdom. Thus, Center City Ta Khmao is a smart investment moving forward into the future of this great city.” The project incorporates residential, commercial (with office and retail space) and leisure amenities all in a single complex. The Center City Ta Khmao complex will cover 15,463 square meters and 10,668 square meters along with a beautified ground floor landscape of 10,668 square metres surrounding the area. The complex will also feature a modern architectural design of two 27-story towers totaling 484 condominium units, surrounded by a 60 commercial shouphouses and 8 commercial buildings, a 2-story shopping mall, 3-story car park and one level dedicated entirely to leisure amenities. At Center City Ta Khmao, all residences will enjoy the perfect confluence of life, work, leisure and nature.For further information about the Center City Ta Khmao project and The River Premium Developments:Inquire with the team of professional sales consultants on Realestate.com.kh today.

For first-time buyers, when it comes to finding the perfect place to call home, there are two primary options that often come to mind: an established home or a new development. Both have their own unique characteristics. But which one should you choose? In this blog, we will explore each option, helping you make an informed decision. This article will guide you through the factors to consider, ultimately helping you choose the right one.Advantages of Purchasing an Established Home:Because it has already been built, you can move in far more quickly than with an off-plan home. It can take a year or more for a house to be built when buying a house or a unit in the development project. Established housing has had time for upgrades to be added while maintaining a standardized design, so it tends to have a lot more character. Off-plan homes tend to be more generic.Established homes are more of a known quantity in terms of financial details. Thus, they are far less risky and more of a sure bet in terms of resale value and appreciation.Since the prime locations of any city tend to be developed first, established homes often have better locations, making them more attractive choices.What You Need to Know Before Making a DecisionIt can give you more time to save for the deposit while the house is under construction, especially since payment options like rent-to-own agreements have become more common in 2025.You lock in the price now but pay later. If it appreciates in value, this can result in substantial equity gains in even the short term.New homes typically have lower maintenance costs than older homes. This can help offset the typically higher purchase price.Loving an Off-Plan New Development. What Now?Consider the Risks:First, when buying a new development off-plan, be aware of the inherent risks such as potential discrepancies between the finished home and the brochure, or the worst-case scenario of the development not being completed. Due diligence on the company behind the project is essential before going investing. Also, if you are considering buying a new development off-plan, buyers beware of so-called "free" gifts, such as cars or holiday packages, which are not actually free. It will be added to the price one way or another.Check out the ultimate guide to buying off plan!Look around:First, if the developer has prior completed projects such as borey homes or condos, request viewing to gauge the quality of their work. Review all documents thoroughly, and don't hesitate to inquire about any claim that seems too good to be true. A sample unit is an excellent opportunity to experience the property first-hand, helping you to visualise what the finished product will look like. Brochures can be misleading, especially if you are new to the real estate market, so be mindful of comparing the cost per square meter to other properties in the area. By following these guidelines, you can assess if the price is fair and make an informed decision when investing in off-plan properties.Check out the Borey buyers guide!Get a lawyer:To safeguard your interests, it's crucial to enlist the services of an experienced property lawyer who has a deep understanding of the local laws and market practices in Cambodia. Your lawyer will be solely devoted to your concerns and won't have any conflict of interest, making them your most reliable protector throughout the buying process. Therefore, it's essential to have a trusted lawyer by your side who can provide you with the right advice and guidance.Ensure Quality:After the new development home is built, but before settlement, have it inspected. Hire a building inspector to do this for you. If anything is amiss, this is the time to catch it and try to get it remedied. Do not wait until after you have paid and moved in to make this final important check.  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.

Phnom Penh: The Cambodia Property Awards 2016 marks the first ever international real estate industry awards to be held in the Kingdom. The Cambodia Property Awards ceremony and gala dinner will take place tomorrow night at the Sofitel Phnom Penh Phokeethra.The “Asia Property Awards” series started in Thailand in 2005, and has since expanded to host events in Singapore, Malaysia, the Philippines, China, Myanmar, Indonesia, Cambodia and Vietnam.The awards seek to reward high calibre work within the Asian real estate industry, including the fields of construction, development, architecture and interior design. This year’s Cambodia Property Awards sees nominee categories such as “Best Developer,” “Best Condo,” “Best Housing Development,” “Best mixed-use development,” “Best Hotel” and “Best Service Apartment.” Some of the companies nominated for Cambodian awards this Thursday evening include Borey Peng Houth Group, Overseas Cambodian Investment Corporation Ltd (OCIC), Torreya Asset Holdings Co Ltd, Orkide Villa Co Ltd and Spring CJW Development Pte Ltd, and Maline Apartments Co Ltd to name a few. CBRE’s Simon Griffiths, who is Chairman of the judging panel at the Cambodia Property Awards 2016, says that “250 of the leading real estate professionals, developers, designers, architects, consultants all in a ballroom socializing will be a tremendous moment for the industry.” “If developers can truly distinguish themselves through innovative and truly quality developments, from design and architecture to construction, execution and operation and by winning an independent award it helps consumers identify those properties, it can only be a good thing for developers and design firms,” adds Griffiths. The awards is said to have a fully transparent judging system, which is audited by BDO, one of the world’s largest accountancy networks; all entrants are nominated by a third party, including peers, professionals and consumers, and, if eligible, are rigorously and fairly judged by an independent panel of industry experts. While previously owned by Ensign Media, the publisher of the print and online real estate publication “Property Report,” recently the Asian Property Awards series, along with Property Report magazine and the conference brand Property Report Congress, became part of the PropertyGuru Group, in a strategic buyout by one of Asia’s largest and most-profitable property portal vendors and property media groups. Terry Blackburn, Managing Director and Founder of the Awards, says that, “although Cambodia is a comparatively small market, it is quickly emerging and is definitely deserving of the recognition it will receive.” "PropertyGuru recognises the significant quality of Cambodian developments, thus, with its acquisition of Asia Property Awards, the region's biggest and most respected real estate awards programme, we have brought the show to Cambodia, with the inaugural Cambodian Property Awards 2016 to recognise quality in the industry," says Mr Lewis Ng, Managing Director, PropertyGuru Singapore. “Competing in Cambodia will give the winners of the big awards the opportunity to showcase their latest projects at our South East Asia Property Awards grand finale to be held in Singapore this November,” adds Blackburn.

Why Is Cambodia An Excellent Investment Opportunity?The reasons to invest in Cambodia are many. Cambodia is a relatively young nation with a rich, old culture. It is a relatively untapped market, offering potentially substantial upside to foreign investors looking for green field investment opportunities. There is plenty of room for improvement in terms of the legal and judicial climate, but the current head of government -- Hun Sen -- has been in charge for more than 25 years, providing uncommon levels of stability in a country that was wracked by war not that many decades ago.  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.” The Current Outlook:The country enjoys a relatively low cost of living, which helps keep wages low, thus making it a place investors can get their feet wet with relatively low risks. The government has liberal business policies and is actively seeking to attract additional foreign investment. It is a beautiful country with a rich heritage, fueling opportunities in tourism. It has an unusually good geographic position, giving it access to some of the largest, most active and growing markets in the world. Due to its membership in ASEAN, it has access to the ASEAN Free Trade Area.ASEAN is kind of like the European Union for the Southeast Asian Nations. For comparison, the countries of the European Union have 508 million people and the ASEAN countries have 625 million people and are a less mature market, providing vastly more opportunity for growth. 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. Cambodia joined the Association of South East Asian Nations (ASEAN) in 1999.This multinational organization has substantial goals of economic development for the group of countries located roughly between Australia and China, many of them island nations. 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. Please note that Germany, France and the United Kingdom are all members of the European Union, the organization ASEAN is hoping to emulate to some degree.Additionally, 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 this huge, emerging markets. The wealth of the future is practically guaranteed to be determined by who has access to these extremely large and very fast growing 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).In addition, talks are under way between India and ASEAN, which could create a similar trade block. Last, Cambodia's LDC status gives it preferential access to some of the richest markets in the world for certain products.In 2003, the Heritage Foundation's Index of Economic Freedom ranked Cambodia 35th among 170 countries in terms of economic freedom. This puts in on par with Japan and places it well ahead of many of its neighbors in the ASEAN community. Thus, it constitutes one of the most open economies in the region. At that time, the Index of Economic Freedom commented on positive governmental policies.Obviously, the country's qualification as one of the Least Developed Countries has some downsides, such as limited infrastructure and widespread poverty. But, increasingly, there is evidence that foreign companies typically provide both better pay and better working conditions for local nationals. This means that investing in an LDC can be a case of doing good while doing well.You can feel good about the improvements your investment is bringing to the country while also being happy with the benefit to your own bottom line. In fact, the poverty rate in Cambodia has dropped dramatically from 47.50 percent in 1993 to just 23 percent in 2011. So while it is still a poor country, it is seeing incredible forward progress. This fact helps ensure that investment will be profitable for the investors.Cambodia has been noticed for its unusual degree of market-friendliness for an LDC. The areas of note include:Opportunities in Tourism: Unlike its neighbors, such as Thailand and Vietnam, Cambodia explicitly desires to attract foreign investment in its tourism sector. Tourism is the area in which Cambodia rightly most wants to attract foreign investment. This goal is little different than its neighbors like Thailand , Vietnam and most recently even Laos. In recent years, tourism to Cambodia has exploded, enjoying double digit increases many years and hitting 4.5 million tourists in 2014. In 1992, Angkor Wat, the world's largest religious monument, was named a World Heritage Site. It attracts significant interest, fueling growth of hotels and other amenities in the nearby town of Siem Riep. While it is certainly the best known site in Cambodia, there is no shortage of cultural heritage and natural beauty for attracting additional tourism dollars to the country. Development of hotels, golf courses and other amenities are a strong market. The government has a track record of dealing progressively with this development segment, such as at the Phnom Penh International Airport.Agricultural Investment Opportunities:An abundance of water and fertile land combined with affordable local labor creates significant opportunity for agricultural investment and development, such as in organic farming and agro-processing. Foreign partners bring not only capital, but also essential knowledge and skill to the table. The combination of forces is very often a win/win for both sides. Although land cannot be owned by foreign investors, access to land is readily available via 99-year leases and joint ventures where a local partner owns at least 51 percent of the equity. Some hot agricultural areas include: fisheries, rubber processing, sugar processing, jute, palm oil refineries, and large varieties of tropical fruits and organic produce.Foreign Direct Investment (FDI): Throughout the 1990s, Cambodia attracted increasing amounts of Foreign Direct Investment. Malaysia got in early and captured a great deal of "first mover" benefit, as well as concessions for their investments, such in mining and forestry. Cambodia has come a long way since Malaysia first took notice of the country in terms of internal improvements and development, yet there remains a great deal of room for additional growth. The good track record of improvement combined with so much remaining upside is a situation that is extremely attractive for investors.  Want to know more about Cambodia's real estate market? Keep yourself in the loop through news and updates from Realestate.com.kh!

“Looking to invest in the abundant real estate market in Phnom Penh but not sure whether to purchase a villa or a condominium?Villas are the better choice”, advises Ms. Tang Hour, President of Amatak Property Services, “Investors will make more money in the short-term depending on the location.” Chee Yeong Yap, Project Director of Grand Phnom Penh International City agrees, “Ownership of landed property is better than condos, especially in underdeveloped countries like Cambodia.”  Tang suggests Boeng Keng Kang 1 (BKK 1) as the top location with those located around Monivong or Norodom Boulevard as the next best choices. BKK 2 and BKK3 as well as Toul Tom Poung and Toul Kork are also lucrative options.Stay tuned to Realestate.com.kh for all the latest news about the market!

信达集团是柬埔寨第一家也是最大的日本开发商，并于2015年在Bodaiju Residences广受欢迎的Bodaiju Residences之后爆炸成了物业发展现场。 成功日期：A proven track record in Japan, Singapore, Malaysia and multiple other markets has been key to the success of Bodaiju Residences sales in Cambodia, already having sold 90 percent of both buildings A and B since launching.With only a limited time left to take advantage of the ‘early bird’ discounts, Bodaiju will be hosting a range of events for the industry and investors to communicate the benefits of investing in a world leading condominium project.The Creed Group have drawn on their extensive experience, research and deep understanding of the local and international real estate markets, and identified an opportunity for landed property projects in Cambodia - constructed to Japanese standards, whilst taking into consideration local Cambodian culture and market preferences. Great success with local investors with the Bodaiju Residences project were encouraging signs that the Creed Group construction standards appealed not only to an international market but the local Cambodian market as well.Introducing: Borey Maha Sen SokBorey Maha Sen Sok再次方便地靠近世界标准的国际学校，即将建成的百盛购物中心和金边国际机场 - 为所有关键设施提供潜在的投资者和居民世界级的生活水准。Borey Maha Sen Sok将由两个地产类型组成; “Satsuki”是一间2间卧室，3间浴室从低至47,500美元起。而第二种物业类型“Botan”是一间4间卧室，5间浴室连接房屋横跨地面，夹层楼和1层楼。在Realestate.com.kh上查看完整的列表

Creed Group is the first and largest Japanese developer in Cambodia, and exploded onto the property development scene with the highly sort after, ever popular Bodaiju Residences in 2015. Creed Group is now offering all agents the exclusive opportunity to sell Bodaiju units to their clients, be sure to join them at their showroom this Saturday... Success to Date:A proven track record in Japan, Singapore, Malaysia and multiple other markets has been key to the success of Bodaiju Residences sales in Cambodia, already having sold 90 percent of both buildings A and B since launching.With only a limited time left to take advantage of the ‘early bird’ discounts, Bodaiju will be hosting a range of events for the industry and investors to communicate the benefits of investing in a world leading condominium project.The Creed Group have drawn on their extensive experience, research and deep understanding of the local and international real estate markets, and identified an opportunity for landed property projects in Cambodia – constructed to Japanese standards, whilst taking into consideration local Cambodian culture and market preferences. Great success with local investors with the Bodaiju Residences project were encouraging signs that the Creed Group construction standards appealed not only to an international market but the local Cambodian market as well.Now, the Creed Group would like to engage referral agencies and co-broke agents to help support the continuing sales of the Bodaiju project. Accordingly, all agents are invited to a CO-BROKE NETWORKING EVENT, on the 20th of this month:What Is It? Co-broke Networking. What's the Point? Product presentation about Bodaiju to all agents with co-broke sales opportunities. Where is it? Bodaiju Residences showroom, Russian Boulevard (free gift and finger food provided). When? 20th February, 2016. What Time? 3pm to 5pm.

Phnom Penh: The Ministry of Land Management Urban Planning and Construction recently came to an agreement with Oknha Khov Sambath, a representative of Thai Boon Roong Group, in cooperation with a Chinese Construction company, to approve plans for a 133 storey twin tower project.The project shall equal around 500 square meters of new property for the high rise market in Phnom Penh, and will be located in Sangkat Chaktomuk, Khan Duan Penh, Phnom Penh. The high-rise will be named the “Thai Boon Roong Twin Trade Center” and is set to be developed on 5 hectares of land in Duan Penh. It is slated to become the tallest building in Asia, located next to the Dreamland amusement park, and in front Naga World.INQUIRE ABOUT THIS EXCITING PROPERTY TODAY!Mr. Loth Seng, representative of the Ministry of Land Management Urban Planning and Construction, announced the 133 storey Thai Boon Roong Twin Trade Center project is totally approved for construction and already passed on to the City Hall for their final seal. The twin tower project is the subject of around $1000 million investment. Loth Seng added that this huge development indicates confidence in economic stability and real-estate investment in Cambodia. This new development will continue to attract new investors into the Kingdom in the future.  The construction proposal is currently awaiting City Hall approval and it will be sent back to the Ministry of Land Management Urban Planning and Construction to make final announcements of the construction date shortly. The Thai Boon Roong Twin Trade Center project is said to begin in 2016 - and be completed in the next 3 years.

Are you looking to invest in real estate but unsure where to start? You might come across terms like off-plan property or new developments without understanding the meaning behind them. In this article, Realestate.com.kh will walk you through everything you need to know about off-plan property investments, their advantages and risks, and where to find reliable projects in 2025.What is an off-plan property?An off-plan property refers to real estate that is sold before construction has begun, or while construction is still in progress. The concept of off-plan property is based on the idea that buyers can secure a property at a lower price than if they were to wait until it is completed. You sign a contract indicating a purchase price for the land and a house to be built from a specific set of architectural plans.Developers offer discounts and incentives to early buyers to secure funding for construction.These incentives often include flexible payment plans, guaranteed rental returns, and customization options. This type of purchase is particularly popular among investors looking for capital appreciation and homebuyers seeking affordable entry points into the real estate market.Benefits of an off-plan propertyThe key advantage of the off-plan property is that buyers have the opportunity to customize their property to their liking. This can include selecting finishes, fixtures, and appliances, and making changes to the layout and design of the property. Another benefit of the off-plan property is that buyers can benefit from potential capital appreciation. As the property is being built, its value may increase, providing the buyer with an opportunity to make a profit if they choose to sell before completion. This is particularly true in areas where property prices are rising rapidly, such as in emerging markets and in areas where there is high demand for new housing.Risks of an off-plan propertyDespite its many advantages, the off-plan property does come with some risks. For example, there is always the possibility that the development may be delayed or even cancelled, leaving buyers with a property that they cannot occupy or sell. Additionally, buyers may be required to make payments in instalments throughout the construction process, which can be a financial burden if they are unable to secure financing or if their circumstances change. It is preferable to have pre-agreements with the developer prior to signing your Sales and Purchase Agreement (SPA), and legal advice. What does the process look like? This stage of development where buying-off plan deals get offered is called pre-launch. The developer is still in the process of confirming plans, obtaining permits, and performing an Environmental Impact Assessment. However, even at this early stage, they need money in order to move the project forward. Because buying at this point involves a long wait for the property to be completed and more risk than at a later stage, they typically offer incentives to early buyers. In addition to price breaks, they may offer guaranteed rental returns, financing options, opportunities to customize the early units and other perks.When the contract is signed, the buyer must make a deposit. The amount of the deposit may be 10-30% at this stage. Beyond that, the exact process differs from one country to another and even from one developer to another. This process involves a lot of flux. The plans may end up being changed, sometimes without the buyer's knowledge.The costs may end up going up for reasons that seem mysterious, especially if you are buying as a foreign national. Sometimes, the developer has at least one unit already completed as a showcase of their work. In such cases, they typically allow a walk-through so buyers can get a good feel for what to generally expect. It is wise to not expect your completed unit to be exactly like the showroom. How long before I can move in?You do need to be willing and able to wait a bit, but there is no hard and fast rule as to how long. Some developments get completed in as little as a year. Others can take up to four years. Your sales contract should spell out the expected date of completion, as well as details about what happens if that target date is missed. In some places, laws are in place that automatically require the builder to pay penalties even if the contract does not provide for them.Why you should get a lawyer Off-plan properties are more complicated than post-construction real estate deals. They involve more risk and more variables. Especially if you are a foreign national, there can be a great many laws and details that impact the sale and that you are unaware of. For starters, many countries have a cooling-off period. This means you have the legal right to change your mind after signing the contract and back out of the deal. The length of time you have to decide this can differ from place to place and how much it will cost you can also differ. The development may not actually be completed. Doing your own due diligence to see if the developer has a good track record and working with a lawyer are the best ways to protect yourself from this worst-case scenario.The finished unit may differ from the plans. Sometimes the difference is for a good reason, such as resolving a defect in the plan that the developer was unaware of at the time of signing. Sometimes it is due to human error or oversight. The contract may allow the developer to make limited, reasonable changes without your permission, but substantial changes without your permission are often prohibited.Talking to a lawyer about what is typical and customary in this jurisdiction can help you understand the scope of what to expect. Another tricky thing that should be discussed with your lawyer if offered to you is Guaranteed Rental Returns (GRR). In cases where the underwriting guarantee is merely a paper promise, they can be unreliable. A good lawyer can read through it and get an idea of whether this detail is something of real value or not. Read more about the best advice on GRR, from Realestate.com.kh here!A few additional practical details:If you are not very familiar with the real estate industry or are uncomfortable for any reason, it can help to look for a development with a pre-built show unit. This can give you a much better idea of the quality of their work.In real estate, valuation is determined by "comps" -- in other words, comparable properties that are as similar as possible to the one in question. However, when you buy off-plan, there are no comps to see. This can lead to inflated estimates of what people think the price will be, especially in areas with a reputation as a hot spot. In order to be as realistic as possible, check out the surrounding area with a critical eye. Find out as much as you can about the area and about other properties for sale. This is the only way to get a realistic idea of what you may be able to expect.In some cases, the real estate market depreciates between the time the contract is signed and the time the unit is finished. This can leave the buyer owing more than the unit is worth. This can be a problem if bank financing is needed. The unit may no longer qualify for a large enough mortgage to cover what is owed.It is critical to understand what your options are. A lawyer familiar with the laws, culture and customs of the location in question will make a big difference in how smoothly your buying experience goes. Therefore, it is usually best to find a local national specializing in real estate deals before you sign any contracts.If the goal is to invest in real estate with the expectation of generating rental income, it is important to keep in mind that buying off-plan can involve a substantial wait. If you cannot afford to wait two or more years, it is best to look elsewhere and invest in a completed property or a property close to completion.Before diving in, you can check out realestate.com.kh, which collaborates with licensed developers operating in the market to bring you reliable projects. Happy hunting for your dream investment property!

InternationalLiving.com's Annual Global Retirement Index has just named Cambodia as 1 of 3 top retirement destinations worldwide. The retirement index seeks to compare and contrast retirement destinations around the world - all of which are exhibiting relatively low costs of living by global standards.Retiring in weaker economies is becoming a global trend for expats from more expensive, developed economies, as the relative costs of living in cheaper retirement destinations guarantees a better quality of life for pensioners. In the past 10 years the Kingdom of Cambodia has become one of Southeast Asia’s most up-and-coming destinations for tourists and expats looking to enjoy the exotic charm of a country that also offers the most attractive cost of living in Asia. Cambodia has flexible visa requirements for citizens of Western countries who can obtain annual long-stay visas with a minimum of paperwork and a processing fee of just $285 per year. When you get there, everything from entertainment to renting is very affordable in Cambodia.Meanwhile, the Cambodian government looks set to make it even easier to retire in the Kingdom. The government has released plans to increase Cambodia’s attractiveness as a destination for foreign retirees, according to a draft policy obtained from the Ministry of Tourism Wednesday this week by the Cambodia Daily. "The draft includes a range of proposals to extract more income from Cambodia’s tourist industry by encouraging foreigners to buy property and stay longer in the country, with involvement from the ministries of tourism, finance and land management," said the Cambodia Daily report. The proposed policies are said to include measures such as the development of “special residences” throughout Cambodia with commercial tourist properties and a wide range of useful facilities. “Special tourists” such as retirees would have the right to buy, rent or sell property in these special residences, and also be entitled to longer-term and more flexible vi­sas, according to the draft of the policy.Find out why Chroy Changvar is becoming a development mecca!

Knight Frank’s latest Cambodia Real Estate Highlights report released today says “the first nine months of 2015 investments in the real estate and construction sector had a combined worth of USD 1,752 million compared with USD 1,540 million during the corresponding period of 2014, equating to an annual increase of 13.8 percent,” with the top five investing countries being Korea, China, Japan, Britain and Malaysia.   Here are some key highlights from the report with their forecasts for 2016 and beyond:Phnom Penh office sectorWhilst Grade C office spaces continue to dominate the supply in the capital, upcoming developments such as the East Commercial Centre (ECC), The Gateway and Diamond Twin Tower will increase supply of Grade A and Grade B office areas in the near future. V-Trust Tower’s opening added 15,000 square metres of net lettable area of 284,448 square metres in the second half of 2015 to the Grade B office supply pool. Formerly known as GT Tower, V-Trust Tower has attracted multinational tenants such as Bosch, Japan Tobacco International, Admiral Markets, CIMB Bank and Phnom Penh Securities. ACLEDA Tower also opened in 2015 adding further to Grade B supply and is expected to be largely owner-occupied.Other notable projects such as The Peak, The Gateway, Diamond Twin Tower and the ECC, along with Exchange Square, are also expected to significantly increase the office supply of prime office space in Phnom Penh. Still under construction are Emerald Tower, City Tower Asia and Maybank’s headquarters on Norodom Boulevard. While occupancy for Grade A office remains low below 30 percent, Grade B and Grade C offices remain steady with occupancies of above 84 percent and 94 percent, respectively.Current asking rents for prime office space ranged from USD 19- 38 per square metre, while the average rental price across all office grades was recorded at USD 18.43 per square metre per month throughout 2015.Knight Frank predicts that completions of a few large projects from 2017 onwards such as Olympia City, a large mixed-use development due for completion by 2019, will result in downward pressure on rental prices for Grade A and Grade B offices.A sturdy supply of office spaces keeps the sector free from oversupply issues. Although Cambodia’s recent ASEAN integration does not appear to have had any noticeable impact on demand, a new online business registration system, recently introduced by the government this year is expected to boost registration of new companies by reducing processing time significantly from 87 days to less than 6 hours, which could have a positive influence on the office sector in the longer term. Phnom Penh Retail Sector“Rental and occupancies within the retail sector remained relatively stable in the second half of 2015,” notes the report, with the availability of stock estimated at 134,154 square metres, including 62,040 square metres classified as prime space. The latter part of 2015 saw the announcement of Aeon group’s second mall in Phnom Penh, as well as Orkidé The Royal Condominium’s launch, which will include two levels of retail podium. Both are set for completion in Sen Sok district. No new completions are expected until at least 2017, with additional retail space of 273,938 square metres expected by 2019 thus increasing the supply by 204 percent. Aeropod, Parkson City Centre, and Aeon Mall 2 account for the bulk of the future supply in the retail segment. The total number of retail malls is expected to increase from 10 to 27 within the next four years, inclusive of standalone malls as well as retail podiums. The much anticipated Parkson City Centre and Naga 2, due to be completed in 2017, as well as the Exchange Square, are all currently in various stages of construction and are expected to add 92,900 square metres to the retail stock.Aeropod, a 7-storey mall component of the mixed-use development operated by the Lion Group located across from the Phnom Penh international airport, is expected to be completed by 2018. Knight Frank estimates that the future supply of retail space in Phnom Penh will consist of 93 percent prime net leasable area and 7 percent secondary leasable areas.Average occupancies for prime grade retail malls have remained stable at above 95 percent throughout last year, with Aeon mall maintaining full occupancy throughout last year despite undergoing at least 15 turnovers with more affordable brands replacing the high-end brands since its initial opening. Rental prices remained stable for the second half of 2015, with no significant movements in demand. Phnom Penh Hotel SectorWith the entrance of several new airline carriers and an increasing number of routes operating both domestically and internationally, the aviation industry in Cambodia is developing in a positive direction. Additionally, improvements to infrastructure between the major tourist hubs of Siem Reap, Phnom Penh and Sihanoukville, bolsters significant medium to long term potential in the tourism sector.According to the latest Knight Frank report, “Increasing scheduled flights from destinations within Asia has led to growing demand for hotel assets, particularly in the coastal region of Sihanoukville”.The hotel market is evolving along with these trends. Although there is an abundant array of guest houses and boutique hotels available, there is currently a gap in the market for internationally branded, four star, business hotels which is particularly lacking in Phnom Penh. In addition, there are currently only three internationally branded, five star hotels operating in Phnom Penh, which includes the Sokha Hotel who opened its doors last year.  The five star Rosewood Hotel within the top floors of Vattanac Capital Tower is set to open later this year and as well as a further 1,000 keys due to launch at Phnom Penh’s only casino, Nagaworld. Two recently launched development projects, The Bay and The Peak, both being undertaken on a joint venture between Cambodian and Singaporean developers, have announced an agreement with both the Okura Prestige and Shangri-La groups, signaling the entry of two more internationally branded five star luxury hotels, however, these are not due for completion until after 2018.RESIDENTIAL OVERVIEWPhnom Penh serviced apartment sectorPopular amongst expats, serviced apartments are largely similar to condominiums in terms of the facilities they offer such as security, pools and gyms, but also provide additional services such as housekeeping similar to that of hotels. Nearly half of existing serviced apartments are located in Chamkarmon and recent developments include Skyline, Silvertown Metropolitan and Maline apartments. There are currently 3,535 serviced apartment units in Phnom Penh, with 1,832 units expected to become available by 2018 increasing the supply by 52 percent within the next two years, comprising mainly small and mid-sized projects.The average rental prices in high-end developments ranged from USD 1,194 – USD 3,233 per month, with the higher rates applying to centrally located buildings. When compared to rental rates in first quarter of 2015, the lower range showed an 18 percent increase while the upper range decreased by almost the same amount.The report predicts that based on current occupancy rates, indications show that the supply of serviced apartments is still higher than the demand, with no expectations of a significant demand growth in the short to medium-term. However the Knight Frank report notes “While there is no threat of oversupply in the serviced apartment sector, occupancy and rental prices are sure to be impacted by the sudden rise in condominium units within the next few years.”Phnom Penh Condominium sectorBetween 2009 and 2010, the first generation of low-to-mid-rise condominiums entered the Phnom Penh market with a total of 732 condominium units for sale. These developments have a practical focus with basic designs, facilities and management services. Thirteen additional condominium projects have been completed since, bringing the total to 2,836 units by the end of 2015.Existing condominiums in Phnom Penh fall within the high-end or the mid-tier classifications, which are categorised according to their selling price, which reflects all other attributes of the development such as location, accessibility, design, management standards and overall quality. Fourteen of the existing condominiums in Phnom Penh fall under the mid-tier category, which comprises 82 percent of the total existing units in Phnom Penh, with 56 more developments scheduled for completion by 2020. Assuming that all future projects are completed as scheduled, the future stock is expected to increase by 641 percent over the next four years. The Knight Frank report states that “the majority of launched projects have focused their marketing outside of Cambodia due to higher investor interest overseas,” with the main buyers of residential units coming from Taiwan, China, Singapore, Japan and Malaysia. However, more and more developers are building for the lower mid-tier sector, which has attracted more local buyers.Selling prices continue on an upward trend and have reached levels above USD 5,000 per square metre in high end penthouse-style condominiums.Looking ahead,  there is a threat of oversupply in the near future with the majority of units in most developments still expected to be sold to overseas investors in the short-term. Stricter building regulations largely determined by the city master plan and its enforcement may also influence future growth levels in the sector.Want to learn more? Download the report in full here.

Phnom Penh: Hotel Okura Co., Ltd. has just announced a contract with TEHO Development Cambodia Pte Ltd. to facilitate development and management of  "The Okura Prestige Phnom Penh," set to launch 2019. The 40 floor, 250 unit hotel will be part of The Bay project. Located just 17 kilometers from the Phnom Penh International Airport, the Bay complex will provide the hotel with lush views across the city, Tonle Sap and the Royal Palace. Hotel Okura Co., Ltd. is a big player in the hospitality-related industries. The Japanese company is also involved in hotel management through Okura Nikko Hotel Management Co., Ltd., currently operating three hotel groups. Hotel Okura will be the first Japanese hotelier to enter the high-end hospitality market in Cambodia, the nation seeing more and more visitors for leisure and work related travel every year.“We are greatly honored to bring our hotel to Phnom Penh, Cambodia’s vibrant center of economy and commerce and a hub between Ho Chi Minh City and Bangkok,” said Toshihiro Ogita, President of Hotel Okura. "We hope that visitors and locals alike will love The Okura Prestige Phnom Penh and that our brand will flourish alongside the people of Cambodia and ASEAN,” said Ogita.Want to buy a unit in The Bay? Check out the full listing on Realestate.com.kh today!

According to figures from government and other international stakeholder, Cambodia’s economy grows around 7.0% in 2015. International Monetary Funds said in November that the Kingdom’s growth were bolstered by three main pillars: textile manufacturing, construction, and real estate sectors. However, there have been subsequent concerns about an anticipated bubble to crisis for the country’s property market. Realestate.com.kh talks to Mr. Mey Vann, head of Economy and Finance Ministry’s general department of financial industry.What have been the key strategies Cambodian government and stakeholders have done for post-global financial crisis’ resilience for the country’s real estate market?For the side of government, we have been trying our best to ensure macro stabilities of the economy, keep inflation rate low, and stabilize exchange rate of the national currency. In addition, we have strengthened our banking system to get strong enough in relation for market capitalization, especially, for this real estate market we are talking about.From the lens of government, what are the key attractiveness of the Kingdom’s real estate market or why should people invest in this market here?Indeed, when we talk about investment, we do not merely focus on real estate market but we talk many others at the same time. However, specifically talking about real estate, we try to create an open and convenient environment for the market. For example, we make eligible for foreigner to own condominiums. In addition with the context of regional economic integration starting this year, Cambodia locates in a strategic, dynamic regions of thriving growths and investment.What government’s general evaluation on the property market in 2015?Yes. Actually to make a figural analysis we need to wait until the end of February when the government’s official reports on economy is finalized. But I can say, as we mention before, the economic growth stood at 7.0% in 2015, which was partly contributed by the increasing real estate market, undeniably.This year 2016 is the kick-off of ASEAN Economic Community, welcoming a number of regional competition. What are government doing to keep market of property and real estate moving forward in year ahead?We will continue our works from previous years including stabilizing the macro situations and diversifying the foundations for the greater national economy. And as part of pushing investment in property and other markets, we are working to build it more effectively with public services and social works to bolster the growth. Whenever there is growth, the people get better off with greater purchasing powers that can dynamically drive the property market forward.What is government seeing as risks and threat for the real estate market? What government’s intervention with that?Our main concerns concentrate on the imbalance between demand and supply sides of the property market where there are more production than consumption (that subsides the price). We are also concerned about threat rising from beyond the borders where the region can be in crisis one day so that it shoots down amount of investment to the country which results as smaller purchasing power for people in the market.To be clear, we opt for a private sector-driven free economic system so government will never put any order to drive the market. What we can do are only in the scope I mention earlier with macro elements.No order or control from the government. But can you give advice from government’s side to the investors in the real estate market?Our advice is we urge investors to have a thorough study before making any investment decision with consideration on demand and supply. They should not get a greater-than-capability mortgage to invest in the market since it can be risky. Plus, please keep up to date with global market environment and latest development since both domestic and global factors are correlated.Find the best real estate news on Realestate.com.kh!

Established in 2009, Realestate.com.kh is celebrating our 7th birthday in 2016 as the leading website for property buyers and sellers in Cambodia. Our website lets users search for properties based on location (sangkat & khan), property type and price range. People interested in buying or renting can see photos, special features, floor plans, property locations, and all other necessary information they need before physically visiting the property. AT Realestate.com.kh, WE ARE NOT A REAL ESTATE AGENTS - in fact they are our clients. Realestate.com.kh is proud to be working with over 90% of the leading real estate agencies in Cambodia, such as Knight Frank, CBRE, CPL, Bonna Realty, IPS, Century 21 and many more. And we also work with the country's leading property developers, including Bodaiju Residences, Grand Phnom Penh International City, East Commercial Center, Embassy Central, The Gateway, Camhomes, North Park Condo and many more. These customers come to us because they know that we attract the most online attention from potential property buyers, inside and outside of Cambodia. We don’t take commission, and we don’t facilitate the final sale transaction. What we specialise in is online marketing and making sure your property for sale or rent receives the most online exposure possible, from property seekers within Cambodia but also from around the world. This means we send you sales inquiries from people who are interested in buying or renting your property. For private sellers (those looking to sell or rent their own property), you can upload your property for FREE on Realestate.com.kh and receive direct sales inquiries by email and phone! And if you don’t know how to use the website to upload, we can even help you do this. However, you might want to upgrade your listing for a small fee if you want to sell it fast with extra online exposure. "Since advertising our listings with Realestate.com.kh we have experienced an impressive increase in inbound inquiries for our properties. By using Realestate.com.kh we have been able to attract a different demographic from our usual customer base and this has flowed through to an overall increase in sales." David Murphy - Managing Director - IPS-Cambodia “We have received a large number of sales leads direct from our listings on Realestate.com.kh, producing a great return on our investment with them. Their post-sales support and service has also been fantastic and exceeded our expectations. This made re-signing with Realestate.com.kh a very easy decision." Sam Yang - CEO - Eastland Development (HK) Co. Ltd. On our 7th birthday, thank you to our loyal partners, customers and users, and we look forward to serving you into the future.

Located where the Tonle Sap and Mekong rivers meet, to the north of the capital, the Chroy Changvar peninsula has undergone significant development over the last few years.Once a rural, marshy area, the peninsula is now seen as one of several future ‘satellite cities’ and accessibility has improved thanks to a second bridge opening last year, linking the suburb to the city center, and construction of commune and district roads and National Road No. 6A. With the much anticipated Sokha Phnom Penh Hotel opening its doors, along with some mid-rise and high-rise condominium developments completed such as Bellevue apartments and Galaxy condominiums, land prices have surged in recent years.According to VTrust Appraisal market research, the growth rate has been hovering around 20 percent over the past two years and is only set to continue. Current large scale project developments include LYP Satellite City, Borey the Flora, Borey the Royal Mekong, Mekong View II and III among others, and the advancement of the Chroy Changvar riverside boardwalk. Chroy Changvar district covers five communes, including Chroy Changvar, Preaek Lieb, Preaek Ta Sek, Kaoh Dach, and Bak Khaeng. An attractive calling card of the district is that it is less congested than those areas across the waterway and offers magnificent views of river and city skyline.A recent Vtrust land market survey from January 2016 found that land prices in the commune ranged from USD 420 to USD 1,750 per square meter depending on particular determinants such as significance of streets, zoning, and potentiality of development.“The land price is still lower compared to nearby districts such as Ruessie Kaev and Daun Penh,” says Mr. In Sitha, director of business development at VTrust Appraisal, “And only three kilometers from Phnom Penh’s city centre.”By contrast, the neighbouring district of Ruessie Kaev, located west and opposite the Tonle Sap River has experienced only a slight jump in land prices over the past two years, hovering around 8 percent.Chroy Changvar was found to be the fastest growing zone priced at USD 1080 per square metre in the second half of 2015 as compared to USD 670 per square meter in the same period in 2013. In says that land prices will continue to rise which is driven my major residential and mixed-use developments, and the peninsula realising its city master plans as mapped out by OCIC and L.Y.P Group.“There are several commercial developments underway and shop housing available at Borey Sopheak Mongkol and Young Commercial Supermarket. There is also potential to use existing commercial land for car showrooms, restaurants, banking and finance offices as well as office use for private companies,” adds In.VTrust also notes that there has been a slow market absorption rate influenced by a speculative demand deceleration due to an excessive supply of many large portions of vacant land that has seen a very slow pace of actual developments. However the evidence is clear that the district is packed with potential.Check out all properties for rent and for sale in Chroy Changvar!

An Opinion piece from Mr Sim Hoy Chhoung, ceo of V Trust Appraisal Co. Ltd.As the banking sector is growing in order to fuel the mortgage and collateral-based lending industry, so is the potential concerns over the property valuation standards and risk management systems currently in place in the Kingdom’s banking sector. The global financial crisis, which led to real estate bubbles across various countries around the world, offers a good lesson to explain the current concerns.Industry leaders agree: a risk analysis should be carefully taken into account. This was the suggestion of Mey Vann, director general of the Department of Financial Industry, Ministry of Economy and Finance, as cited by the Phnom Penh Post on 19 August 2015, one day after the inter-ministerial seminar on “Opportunities and Potential Risks in Developing Cambodia’s Property Sector” at Cambodiana Hotel. The 2008 global economic crisis, which impacted Asia and Cambodia, offered a lesson that “we must not let happen again,” he said.But how can we curb the potential risks associated with mortgage and collateral-based lending? From my experience, compliance to standards and professionalism in property valuation is one of the best ways to help mitigate the risks associated with loan defaults that could potentially lead to a wider market financial crash. The Royal Institute of Chartered Surveyors (RICS), one of the world’s most well-recognized organizations, representing professionalism and ethics in land, real estate, and construction appraisals, stresses that accurate and professional valuations are vital to a healthy property market and a stable economy, forming the basis of performance analysis, financing decisions, transactional or development advice, dispute resolution and taxation. However, not all banks in the country comply with valuation best practices and standards. While all would consider property valuation as a crucial part of any risk assessment, not all of them have clearly-defined measures to ensure compliance, often deciding to offer contracts to valuation partners that are not independent, and do not enforce professional and ethical codes of conduct, or lack professional indemnity insurance coverage. This sentiment has also been echoed elsewhere. While many of the banks seem to forget the potential risks, officials advise that property valuation firms should not be biased or under any influence that could cause an unfounded value inflation or deflation of the subject property. Kim Vanda, director general of Banking Supervision of National Bank of Cambodia, said, in the same seminar, that the malpractice could potentially pose risks to the banking industry as a whole, adding banks that have in-house valuation units should also use independent valuation firms to ensure that the appraised values of the subject properties are reasonably concrete and consistent. To ensure a healthy property and banking sector, an understanding of the weaknesses in the valuation process could help. The Central Bank of Ireland issued the December-2012 study report entitled “Valuation Process in the Banking Crisis – Lessons Learned – Guiding the Future” identifying three overriding areas of primary weaknesses in valuation processes during the boom lending years. First, a weakness could come from an inaccurate or inappropriate definition of valuation requirements by credit institutions, thus leading to a subsequent inadequate assessment and understanding of valuations.Second, it could be the result of inadequate valuation processes and standards, or a disregard for adherence to such processes.Third, the weakness could also be the result of a lack of appreciation of the significance of the valuation document as independent evidence of risk mitigation effectiveness. Many bankers did not fully regard the importance of independent valuations and the valuation reports as a key document underpinning the basis on which they were acquiring the risk. Besides identifying the overriding areas of weaknesses, the study also highlighted a number of critical issues that credit institutions should pay attention to in the property valuation process - such as the issue of conflict of interest, valuer panel management, and inappropriate use of informal valuations. In many instances, lenders would accept existing valuations that had been prepared by valuers on behalf of the borrower, not the credit institutions. In this case the study recommends that the valuers’ duty of care is to the credit institutions and this should be emphasized by credit institutions in their written instructions to valuers in accordance with its clearly defined terms of engagement. Valuation reports should always be addressed to the credit institutions that is advancing the loan funds to avoid any complaint or manipulation between valuers and borrowers or owners of the property. When it comes to valuer panel management, the study identified some weaknesses in credit institutions practices including the appointment of valuers without sufficient qualifications, without any evidence of sufficient professional indemnity insurance, with inadequate or no review of panel members’ performance, or on the basis they are a customer of the bank. In sum, to create a healthy financial environment, banks should comply with valuation best practices and standards. Two of the most credible standardized valuation systems advised by the study report are the International Valuation Standards, known as the White Book, and the RICS valuation standards, known as the Red Book. Although the study report seems to stress more on experiences and applications in settings outside of the Kingdom, it does not make any difference since globalization has made almost all the world’s systems into ‘one’ that applies for all and, more importantly, all central banks should be subject to the Basel Committee on Banking Supervision which should incorporate best banking practices into all standards. That said, the country’s valuers association is also working to benefit the industry. Cambodian Valuer and Estate Association (CVEA), which represents the country’s valuation and real estate industry, has taken measures to set minimum valuation fee charges for the industry. The minimum fees should help prevent valuation firms from competing on fees and in-turn compromise the quality of the final appraisal. Sim Hoy Chhoung is the chief executive officer at VTrust Appraisal Co., Ltd. The views and opinions expressed in this article are those of the author and do not necessarily reflect the official position of VTrust Appraisal Co., Ltd.

While expats and wealthy Khmer alike scramble to properties in the highly desirable Chamkarmon, Realestate.com.kh looks to Toul Kork: a highly underrated and competitively priced location for expats moving to Phnom Penh.Anthony Perkins, director of special projects, finance & investments at the Royal Group of Companies, says that, "If you have a family and are not particularly concerned about your travel distance to work, Toul Kork should definitely be considered as a prime place to find a home for rent or sale."Perkins notes that Toul Kork "appears to have far less electricity cuts than other parts of town, and the various "Boreys" (gated communities) dotted around Toul Kork also offer security and a guarantee of no ongoing construction adjacent to your house." For those choosing to live in BKK, you can safely bet your bottom dollar construction noise will become a part of your life... There are a host of schools in the Toul Kork area also, including international standard offerings, catering to all budgets and student age groups. Entertainment and shopping venues are also well respresented in Toul Kork, with the highly popular TK Avenue shopping plaza & surrounding area cinema/restaurants."Toul Kork is often a forgotten Khan for expats, but it shouldn't be," says Perkins, "particularly for those with a family." For expat renters, a decent 3-4 bedroom house can be secured in Toul Kork for under $1000 per month, with security provided, communal pools/gyms and the rarest of rare in Phnom Penh: wide pavements to walk on and trees!Interested in Toul Kork? Search from thousands of properties on Realestate.com.kh now!