The Cambodia Real Estate Awards 2023 (CREA) is set to take place on April 7, 2023, at the Sofitel Phnom Penh Phokeethra. This is the fourth annual gala event to be held recognising and celebrating excellence within the Cambodian real estate industry. CREA is organised by Realestate.com.kh in partnership with the Ministry of Land Management and Urban Planning, The Real Estate Business Regulator (under the Ministry of Economy and Finance) and The Cambodian Valuers and Estate Agents Association (CVEA). 2023 CREASince 2018, the annual leading real estate awards event has celebrated the very best of Cambodia’s property developers, developments and agents, awarding their efforts in providing quality products & professional services to Cambodia’s fast-expanding property market.CREA 2023 has been a record-breaking year for the awards with the organisers having received more entries than ever before. More than 40 companies, enterprises and projects have submitted entries to win coveted awards so far. All licensed firms and individuals are allowed to participate in CREA 2023.What Awards Are Up For Grabs - 2023 Cambodia Real Estate AwardsOver 25 awards will be presented throughout the night on April 7th which is bound to be a spectacular evening. Awards include the Property Development Of The Year, Landed Property Development Of The Year, Regional Development Of The Year, Real Estate Agency Of The Year and many more. The CREA 2023 categories are segmented as the following:Real Estate Developer / Development AwardsReal Estate Agency AwardsReal Estate Hall Of Fame AwardsTom O’Sullivan, CEO of Realestate.com.kh, said of the anticipation for 2023 CREA:“We have been overwhelmed by the number of entries this year, with over 40 companies thus far and with more to come. In terms of the number of entries, this is certainly the most successful Real Estate Awards in Cambodia to date. In addition, we already have over 400 seats booked for the 7th of April Gala Awards Dinner and the remaining tickets are selling fast. I encourage anyone looking to get national exposure and sponsor, or attend, to get in contact as soon as possible as the event will sell out.” O’Sullivan also added the CREA 2023 is “very humbled by the high-calibre of judges we have assembled for this year's awards, which is led by Head Judge, Eric Wong”. Wong is a Cambodian-Australian with extensive experience in property consulting and business development, primarily within the emerging SEA market. He has worked on a number of leading developments including Millennium Hilton Hotel (Bangkok), The Pano Condominium (Bangkok), Saigon One Tower (Ho Chi Minh City), 530 Little Collins Street (Melbourne), etc.Where and When are the Cambodia Real Estate Awards (CREA) 2023 Being Held?As the organizer of CREA, Realestate.com.kh is excitedly looking forward to seeing all of the leading property developers, agents, agencies, and the affiliated network during the ceremony on April 7th 2023 at the Sofitel Phnom Penh Phokeethra,  “as a celebration of all the achievements made over the past 12 months,” added O’Sullivan.“Of course, special events like these are not possible without the generous support from some of the leading companies in Cambodia, and CREA 2023 is proud and honoured to have Hanuman Beverages, Cambodian Investment Management, B2B Cambodia, Reya Home, Stronghold Trustee, and V-Two K Trading Co., Ltd on board,” he said.The annual Cambodia Real Estate Awards is considered the premier real estate awards in the Kingdom of Cambodia. With the excitement building up for the event, interested brands looking to meet the leading developers & agents, and expand their reach are encouraged to secure the last few remaining sponsorship slots for the CREA 2023.Key Contacts - CREA 2023Cambodia Real Estate Awards - Entry & Sponsorship ContactsName: Annabelle Vong  (ENG, KH)Email: annabelle.vong@realestate.com.kh   Phone: +855 (0) 17 426 797&Name: Muyngy Taing  (CH, ENG, KH)Email: muyngy.taing@realestate.com.kh   Phone: +855 (0) 10 723 379

Many foreign nationals have chosen to buy property in Phnom Penh, Siem Reap, Sihanoukville, Battambang and other emerging urban hubs in Cambodia. With inbound tourism and visitors set to increase in 2023, especially from China, there will be increased demand from international property buyers looking for investment opportunities in Cambodia. The government hopes tourism growth in 2023 will reach 4.3 million international tourists (double the number from 2022).Some investors might not be permanently based in-country, and even if they have relocated here, it's useful to understand certain key aspects of property management in Cambodia and what services are available, whether you are a remote landlord or not.What Are Some Of The Key Reasons To Buy Property In Cambodia As An Investment?There could be several reasons why anyone would buy property as an investment. For Asian UHNWI (ultra-high net worth individuals) for example, real estate is an important store of wealth and assets remain a key part of a mixed portfolio.Cambodia is quickly establishing itself as a global destination for investment and living for international communities. The country has a positive outlook for economic growth and political stability, while the new Cambodia investment law further promotes favourable international investment.There is also no freehold on foreign exchange in Cambodia and there are no restrictions on the remittance of capital or profits into or out of Cambodia (1997 Foreign Exchange Law).Buying real estate as an investment means:Access to US Dollar assets at a relatively low costDiversify risk through asset portfolio allocationPositive (possibly passive) cash income from renting out the propertySource of income in retirementFreehold property rights can be passed on to the familyA second holiday homePrime condos were priced at USD $2,189 per sqm by the end of 2022. In terms of the condo supply, this reached 28,000 units across 95 buildings in Phnom Penh at the end 2022, and is projected to increase by over 50,000 units to reach a total of 80,000 by 2025 (realestate.com.kh data).The urban population of the Kingdom is also expected to increase substantially, rising from 4.3 million in 2014 to nearly 8 million people by 2030.What Does Property Management Entail?Even before purchasing a condo in Cambodia, you should have a certain base level of knowledge about the property and its implications.Property management refers to taking care of the essential aspects of maintaining a property, and also keeping tenants satisfied if you are renting the condo. In condominiums, in particular (and we are focusing on this type of property as they are the most common and legal form of property ownership for foreigners in the Kingdom), this might include maintenance of lobbies, passenger/service lifts, and common areas used by co-owners and tenants in the property or all aspects of the condo itself such as electrical and plumbing, paint, decoration and other utilities.Within condos, a homeowners’ association (HoA) can also be formed by co-owners in Cambodia and is usually formed once a building is 70% occupied. The HoA might pick a property management company to maintain shared spaces paid with fees collected from the tenants/co-owners.Who Will Manage The Property? Investors can benefit from engaging with project-based Rental Management Agreements, the services of a 3rd Party Property Management Company, or using a trusted associate to manage the letting of a property if they don't want to take care of the day-to-day management.The Ministry of Economy and Finance has issued licenses for property management in Cambodia since 2015-2016 and the industry continues to improve and develop, so it's recommended to take some time to research and speak to several reputable agencies if that's the direction you are looking to take.Facilities Management refers to maintaining the exteriors and interiors of the condo including windows, landscaping, driveways, lobbies, passenger lifts, gyms, and other shared facilities. Often, the fees paid as part of the management fee cover the facilities management in a condo.Physical Management is the service provided within individual properties and is applied more to buyers who purchase for investment purposes and require someone on the ground to manage their properties. This service allows overseas-based investors to manage their properties in Cambodia without physically being in the country.What Are The Benefits Of Property Management For Overseas Investors?As detailed here, if you are a property buyer in Cambodia but based overseas, there are benefits to using a reliable property management service.Allows investors abroad to oversee their properties - During the recent COVID-enforced travel restrictions, many found themselves unable to manage properties from abroad. Investors might find it easier to hand over the responsibilities to a professional local service.All-Inclusive Solution to manage multiple properties - If foreign investors intend to purchase multiple properties, managing these can be time-consuming.Hassle-free Tenant management - Tenants (if the properties are being rented out) might leave and need to be replaced. The Management companies will screen new tenants, take care of the FPCS (if needed), lease and documentation and handle all requests from tenants. For overseas-based property owners, especially if there is a time difference, this could be a huge time-saver. Services offered by realestate.com.kh, include a complimentary marketing campaign to ensure occupancy of a unit if buyers purchase through them. What Costs Are Included In Property Management In Cambodia?Property management fees in Cambodia can range from $1-2 and are multiplied by the gross area in square metres. The gross area refers to the size of the unit itself as well as the share of the common areas. Sinking Fund - Some Cambodian developments allocate a portion of fees for a separate sinking fund used to address unforeseen expenses for the building.Tenant screening and leasing - These are classified as optional services and would cost a nominal fee (around 10% of the rental fee).Dispute resolutions -  These are also classified as optional services and cover instances such as tenant evictions.Should You Be Buying A Condo In Cambodia Now?Some of the main considerations in the Cambodian market are location and potential for growth in the long term, as well as safety and security. Having some insight into what is planned in the area in terms of access to amenities would be beneficial - Cambodia is still rapidly developing and cities are expanding while the wide-scale modernisation and tenant expectations are constantly changing. Results from the Realestate.com.kh Real Estate Survey 2022 indicated that 90% of respondents thought that property was a good investment in Cambodia. And that condos and apartments were the second most popular property type to buy. Cambodia is expected to register a 5.6 per cent GDP growth in 2023, according to the Ministry of Economy and Finance, and although the Cambodian construction sector is set to see modest growth of 1.7 per cent in 2023, and real estate is expected to achieve similar marginal growth of 1.2 per cent this year, investment opportunities should be based on mid to long term prospects depending on the goals.With rising global demand, increased foreign investors’ confidence (and new favourable laws), as well as the full reopening of Cambodia’s borders, the Kingdom is anticipated to do well economically in the future and it could be an opportunistic time to purchase property in Cambodia whether as a home, investment or retirement property.

Cambodia has 3,827 construction projects nationwide with a total floor area of 6,596,936 square meters according to the Ministry of Land Management, Urban Planning and Construction, but if the pandemic taught us anything, it's that those at the lowest end of the economic scale need more support. So what social or low-cost housing is there in Cambodia and what more should be done?At the tail-end of last year, Cambodian Prime Minister Hun Sen made a publicised plea for private real estate developers to come up with projects for low-cost residences, adding that there was high demand, especially among civil servants and low-income or middle-income consumers.To qualify as affordable housing in Cambodia, units must be priced at USD $30,000 or below. With the goal of moving the nation economically forward to achieving high-middle-income status, what affordable housing is available now and what are the challenges in adding more?Economic Status Goals - A Changing CambodiaPrime Minister Hun Sen has said that “sustainable economic growth over the past two decades has moved Cambodia from a low-income country to a low-middle-income country and is striving to achieve its vision of a high-middle-income country in 2030.”The gross national income (GNI) per capita in Cambodia was expected to reach USD $1,785 in 2022 and should increase to USD $1,924 in 2023. Lower-middle-income economies are classified when the gross GNI per capita is between $1,036 and $4,045; and high middle-income economies – with a GNI per capita between $4,046 and $12,535.Undersecretary of State and Spokesman of the Cambodian Ministry of Commerce Penn Sovicheat said the RCEP, which came into effect in 2022 would also be a catalyst for long-term and sustainable trade growth and will help Cambodia move from its least-developed country status as soon as 2028 (the target was 2030).However, Heidi Dahles, an adjunct professor at the School of Social Sciences, University of Tasmania has argued that “GDP is an unreliable measure of the country’s economic performance, obscuring the scope of social inequality, low wages and poverty in rural areas and the informal sector.” She adds that 18 per cent of Cambodians still live below the poverty line.What Do The Finances Suggest - Is Affordable Housing Viable?It is estimated that with the increasing attraction of the nation's booming cities, there could be as many as 7.9 million people living in Cambodia’s urban areas by 2030. This represents a huge increase of the estimated 4.3 million from 2014.In 2017, the government had even announced ambitious plans to meet this growing demand by adding 55,000 affordable new homes every year. Minister of Land Management, Urban Planning and Construction Chea Sophara had predicted that, by 2030, an estimated 800,000 urban homes will need to be added to the housing stock to meet this explosive demand.The National Program for Development of Affordable Housing was established in 2017 and this  Affordable Housing policy was intended to provide developer incentives such as tax breaks, ease of obtaining permits and licenses and more. It does require projects to include at least 100 low-cost housing units and the price range per unit to be between $15,000 to $30,000 or lower. The main sticking point it seems is that to apply,  the location of the development must be within 20 kilometres of the capital or cities. By 2020, it was reported there were only five affordable housing projects comprising 8,331 landed units and 7,256 strata units.Salah Essa CEO of Management Venture Asia Co. Ltd has been heavily involved with Worldbridge Homes affordable housing projects including involvement in the design phase, and project construction management. The company is a Phnom Penh-based business consultancy group which helps facilitate business ventures, taking products to market and market research all throughout Asia and have a key interest in sustainable development.Essa says the Cambodian government have “covered this important property sector with clear rules and regulations as well as incentives to the keen developers' ' and affirmed the law around the affordable housing projects should not accede USD $30,000 in to be included within this category.Ha adds that “landed property is the most favourable type of property to live in for the majority of local Cambodian even though living in condo concepts has started to be more. The main challenges are the land cost, and location, as the properties have to be affordable and accessible by the residents. These two challenges need to be assessed as they will impact the cost of building these affordable housing or apartment type of properties in Cambodia.”Despite the economic and property boom slowdown over recent years caused by the pandemic, there has been and still is plentiful development. Cambodian Valuers and Estate Agents Association (CVEA) president Chrek Soknim also argues that the rise in Cambodian land prices makes it challenging for developers to build affordable homes. He suggested some of the measures that could promote more of these affordable projects would be; land concessions, and infrastructure support from the government such as providing access to clean water and electricity to the sites.There is already in place an exemption on stamp duty which applies to residential properties valued at less than $70,000. The stamp tax on transfers of immovable properties in Cambodia covers the tax paid when an immovable property is sold, exchanged, gifted, or succeeded.Examples of Cambodian Affordable Housing ProjectsMr Sunheng Ek, (a Project Coordinator at the Ministry of Economy and Finance) and Marketing Manager at CREED Group who are a market leader in affordable housing in the Kingdom, said they provide shop houses and townhouses (called link houses) at affordable prices ranging from USD $27,000 at their Borey Maha Boeng Trea development.Ek says, “To some extent, affordable housing provides the most basic needs of the community, from residential to commercial spaces but still has the full set of public standard-based utilities.” He adds that some of the challenges of developing affordable housing in Cambodia include the balance between affordability and quality, and the post-pandemic impact on those in the lower and middle-income brackets.However, he strongly believes there is a need for these projects and there will be a trend among developers to produce more and there is demand. He also says this should be based on providing good standard properties and not ones which are purely revenue based, to make the market inclusive for both investors and residents. “We understand that the quality of the construction has to be set as the highest priority to improve those in the lower income brackets, rather than selling cheap and unsustainable developments of poor quality and repute,” he added.Properties from CREED interest-free payments from as little as USD $150/month, and offer payment plans as one of the most attractive schemes for customers who are facing difficulties with low income. They also try to cooperate with local banks to offer lower interest rates and offer long-term instalment options.Worldbridge Homes General Manager Sothirith Yuk says that Worldbridge Homes (a subsidiary of Worldbridge Group of Company) are also focused on affordable housing developments in collaboration with the government (on a public-private partnership model). They have developed the first and biggest affordable housing project in Cambodia.The Serey Mongkul satellite city is located in Sa Ang district in Kandal province and consists of 2457 units including three community landscape parks. The first phase was already handed over in 2018 and the next two phases are currently being handed over. The homes’ price ranges are from USD $25,000 to $38,888 per unit. He adds “affordable housing is so important in any country, either developed or developing ones, as not everyone can afford to purchase houses currently available in the markets. And Cambodia is no exception. Moreover, by developing these affordable housing projects, we also aim to bring about the social impact from our business providing more access to home ownership for low and middle-income families.”It appears that there are still challenges to adding more affordable housing within the Cambodian market, even though private companies and the government are trying to address this. With cities expanding and land prices rising, although the average wages are set to increase too, there are still limited options in social housing for Cambodians with little to no income.

The Cambodia Real Estate Survey is an annual initiative that Realestate.com.kh uses to create valuable reports and insights on the local property market that are published for free across its platforms, so buyers, renters, agents, developers, and the industry, in general, can continue to make informed decisions when buying, renting or selling property.Your answers go a long way in helping improve the Cambodian real estate market. Rest assured that your answers will be kept confidential and anonymous in our final report.If you would like to receive a copy of the final report and go in the lucky draw to win a brand new iPhone 14, make sure you add your contact details at the end of the survey. Simply complete the 5 minute survey for your chance to win! Start Survey

For years now, the key southern coastal city of Sihanoukville has been in the limelight, a once popular tourist destination for many foreigners and Cambodians, the city underwent rapid transformation & saw a spike in property prices, massive infrastructure development and tourism decline. At times the city has been unsure of its outlook and direction, and although it does still face headwinds, piece by piece elements that showed its great promise are coming together.Tourism - Sihanoukville Needs To Be More Than A Gateway To The IslandsThere was a time when many domestic and international tourists would flock to the Cambodian coast, and especially to Sihanoukville. Otres and its many numbered beaches in particular were lively before the city underwent its infrastructure makeover and tourism dried up due to the pandemic. The guesthouses, beachside restaurants and bars were forcibly removed or moved on, and several business owners relocated to nearby Kampot, Kep or to the islands - the city had changed, the construction was overbearing, casino-hotels dominated the scene and there were more criminal elements.Tourists would still pass through the city as a gateway port to reach the beautiful islands of Koh Rong and Koh Rong Samloem but few would stay long in the city. The pandemic largely put a halt to the tourism sector.After online gambling and casino laws changed, and massive infrastructure projects slowly crawled to completion or suspension, the city started seeing a slow resurgence post-COVID despite the many obstacles of recent years, which included the absence of Chinese visitors who had been a key tourist and investor segment. In December 2022, the Preah Sihanouk area welcomed 700,000 tourists for the Sea Festival - a first sign of the resurgence in mass tourism to the area. In the second half of 2022, Cambodia has seen a dramatic rise in international visitors and expects to welcome around 2 million international tourists by the end of the year.Vinci Airports, the parent company of Cambodia Airports, has also expressed further expansion plans for Sihanouk International Airport. Prior to the pandemic, due to the increased growth of international flights and visitors to the area, a 3,300-meter runway extension project was completed (to handle long-haul Code E aircraft), and a new temporary arrivals terminal and a VIP building were added in 2021Development And Diversification Of Preah SihanoukIt's also important to acknowledge that valuable lessons have been learned from the international border closures caused by the pandemic, and diversification is a key one.Very few international visitors have been jetting into Sihanoukville over the past couple of years but the area is a key economic and tourist attraction for the Kingdom. Hun Sen has said as much of the potential of Cambodia's coastal areas, nicknamed “The Rising Star of the Southwest”.The Ministry of Economy and Finance and China’s Urban Planning Design Institute of Shenzhen (UPDIS) have also been reviewing the master plan for transforming Preah Sihanouk province into a model multi-purpose special economic zone - intended to be the roadmap to develop the area into a “second Shenzhen city”, in line with the implementation of the national Industrial Development Policy 2015-2025.Since the post-pandemic recovery has been underway, the Asia-Pacific region has been the main source of visitors for Cambodia and the start of the traditional tourist season (December-February) has already seen increased numbers from beyond the region returning to our shores.Other recent key development and economic highlights in Sihanoukville include:The Asian Development Bank approved a $73 million financing package to boost the climate resilience and sustainability of coastal and marine fisheries in Cambodia - It will help coastal provinces address the decline in fisheries, promote sustainable mariculture, and improve seafood safety.Sihanoukville Autonomous Port's new container terminal will allow larger container vessels to call on the port (expected to be completed by mid-2025).The largest power generation project in the country was launched in Q4 2022 - the Huadian Preah Sihanouk coal-fired power plant.A five-star hotel proposed by Maritime City Co., Ltd. valued at USD $164.4 million has been approved by the Council for the Development of Cambodia - while sites by Novotel and Marriott have already been secured.Young Entrepreneurs Association of Cambodia released a new Sihanoukville investment guide, labelling the area the “engine and dragon head” of the Kingdom’s growth.AEON MALL (CAMBODIA) CO., LTD. are developing the country’s first multifunctional logistics centre in Sihanoukville.Bay of Lights A massive development in Ream, called the Bay of Lights by Canopy Sands Development, covers 934 hectares and is set to be another important economic driver if their lofty ambitions come to fruition. The early estimates are that this mammoth development would last for decades (up to 25 years) and has a total projected investment value of USD $20 billion! The Bay of Light development hinges on six key pillars:Offering varied entertainment and lifestyle optionsEducationTourismFinancial ServicesHealth & WellnessArts & CultureThis all-encompassing city would include a marina, golf courses, luxury resorts, shopping malls, condos, universities & international schools, medical centres and a new financial hub. The development expects to create over 300,000 jobs and build 40,000 residential units by 2050.To attract tourists and to cater to people in the area, a number of attractions are under development due for completion in 2023-2024; a beach club, beachside cabin hotel, a go-kart track, bungee rides, paintball, as well as a golf course and a driving range.Phnom Penh-Sihanoukville Expressway (PPSHV) Opens Up Economic and Tourist CorridorThe expressway which opened in the second half of 2022 has seen the road journey travel time from the coastal city to the capital be reduced to two hours from anything between 4-6 hours previously.The PPSHV Expressway will provide a significant boost to economic growth and tourism development -  imagine flying into the capital or to Sihakoukville and travelling to the other destination within a couple of hours. In logistics and commerce, container trucks would take 1-2 days to travel between the two economic hubs but now travel two or three times per day, suggested one report.To date, it's the biggest single project under the Belt and Road Initiative cooperation between Cambodia and China and it took three years to complete at a cost of USS $2 billion. But two more expressways are being studied, which will further interconnect key hubs in the KingdomThere has also been a smart push to digitalise the payment process when using expressways to make it more efficient and cashless. Canadia Bank and ABA​ Mobile​ app​ users​ can use digital payment solutions to pay for the toll - the top-up service using car plate numbers and paid via the apps means there is no need to stop and the toll fee will then be automatically deducted (although how useful this is for international visitors or if it's used by the transport companies is unclear).With a strong GDP forecast for Cambodia by many leading international monetary organisations (IMF, ADB & World Bank) in 2023, the rising skilled young population with increased expendable income, combined with the country being seen as an increasingly attractive investment destination and significant infrastructure projects underway - it might be time to consider the long term opportunities in Sihanoukville realistically, as well as its potential to match its hype which has thus far proved to be elusive.

In Southeast Asia, a new economic triangle is emerging with Singapore, Cambodia, and Hong Kong. Cambodia stands out with its rapid economic growth, youthful workforce, and government support for development, attracting investments in real estate, manufacturing, tourism, logistics, and technology.Sihanoukville is a key hub for transport, trade, and tourism, with excellent connectivity by road, sea, and air. The city is part of an ambitious 15-year master plan to become a multi-purpose special economic zone, focusing on tourism, industry, logistics, trade, and finance. The Sihanoukville Special Economic Zone supports trade and industry, hosting over 230 projects and generating significant economic value.Besides, the Sihanoukville Special Economic Zone (SSEZ), launched in 2008 under China’s Belt and Road Initiative, plays a key role in Cambodia’s trade and industry. It hosts over 230 projects, creating 25,600 jobs and contributing $3.36 billion in trade in 2023, about 7% of Cambodia’s total import-export value. The zone is set to expand further under the Vision 2030 plan, with new transport routes connecting it to Phnom Penh, Kampot, and neighboring countries. A $200 million logistics center is also planned to strengthen Cambodia's links to ASEAN and global markets as well. Bay of Light: Cambodia's first independently developed world-class urban construction projectThe Bay of Lights is a more than $10 billion coastal development project spanning 934 hectares in Ream City, Sihanoukville, Cambodia. Initiated by Canopy Sands Development (CSD), the project aims to transform Sihanoukville into a dynamic urban center, fostering economic growth and enhancing Cambodia's position on the global stage.Cambodia has set out a long-term development plan to guide its progress through 2050, focusing on five key priorities: technology, people, roads, water, and electricity. The Bay of Lights project closely supports this national agenda with six key development pillars, aiming to build a modern, inclusive, and sustainable coastal city. International Financial Center: A regional hub for banking, asset management, and digital finance, driving job creation and economic diversity.International Tourism Center: Luxury hotels, yacht marinas, golf courses, and adventure activities attract high-end tourists.International Education Center: Vocational training aligned with Cambodia’s workforce development strategy.International Health & Wellness Center: Comprehensive healthcare and retirement services promoting a healthy lifestyle.Entertainment & Lifestyle: A vibrant seaside community with shopping, dining, and cultural attractions.Arts & Culture Center: Celebrating Khmer heritage with a grand statue, opera house, and local arts spaces.The land reclamation project started in 2020 which to date has completed phases one, two, and three, totaling 129 hectares of development already. In July 2023, it initiated phase four, covering 140 hectares. The project is planned into nine major areas, each carefully designed to accommodate diverse lifestyles, reflecting a multi-faceted urban life and making Sihanoukville a beacon of modern city development.1. Gateway DistrictCovering 52 hectares, the Gateway District is the commercial and municipal heart of the Bay of Lights development and is currently under active development. Designed to support the daily needs of both residents and visitors, it will house key government and administrative buildings, modern office spaces, and a large-scale lifestyle shopping mall featuring international brands, restaurants, and entertainment. The Gateway is also emerging as a key leisure and tourism destination. Several attractions are already open and welcoming guests, including the popular Summer Bay Beach Club & Cabins, known for its beachfront ambiance and resort-style stays, and Nitro Go-Kart, which offers high-energy fun for everyone. As more developments continue to roll out, the district is set to become an ideal place where commerce, recreation, and public services seamlessly come together in one place. 2. Golf District The Golf District spans 167 hectares and is located at the far end of the Bay of Lights development. Designed as a series of islands along the coast, it takes inspiration from Sentosa Cove in Singapore and Hayman Island in Australia. This district will feature a stunning mix of waterfront living and golfing experiences. Bay of Lights has partnered with Masswork Co., Ltd to build a world-class golf training facility and a signature Greg Norman-designed golf course, offering a premium experience for both professionals and golf lovers as well.3. CBD District As the economic heart of Bay of Lights, this district covers 74 hectares and brings together business and innovation. It features a beautiful 1.7-kilometer canal, similar to Osaka's Dotonbori, which adds both function and beauty. This area is designed for business, with lively cafes, bars, and shops alongside creative offices, green spaces, and smart transportation.4. Marina District Spanning 115 hectares and curving along a 2-kilometer stretch of the bay, the Marina District is a vibrant hub for leisure and entertainment. It is divided into five distinct zones, each inspired by world-famous waterfronts such as Bali, Nice, Cannes, and Monaco. This district offers a lively atmosphere where festivities can be enjoyed day and night.The Marina District is designed to be a destination for yacht enthusiasts, featuring a marina with stunning views of the city skyline. Visitors can enjoy the waterfront dining experiences that showcase breathtaking views of the bay. Beyond its luxurious appeal, the district also provides spaces for relaxation, entertainment, and social gatherings, making it a perfect spot for locals and tourists.5. Riverside District Covering 116 hectares along a winding river, the Riverside District brings together the peace of nature and the comforts of city living. Its design combines green spaces with modern amenities, creating a calm yet lively place for residents and visitors.Here are some of the district's key features:Riverfront Parks and Homes: Beautiful parks and homes by the river offer a peaceful place to live and relax.Eco-Friendly Areas: The district includes special zones for eco-friendly businesses, tourism, and living, promoting a sustainable lifestyle.Different Living Options: From luxurious homes focused on wellness to cozy village houses, there's something for everyone.Retirement Village with Healthcare: This area is designed for retirees, providing special spaces for health and comfort.Sports and Recreation: Facilities for active lifestyles encourage community activities and fitness.6. Downtown West District Located on the western edge of Central Park, Downtown West, covering 98 hectares of land, is a symbol of an urban community inspired by places like London's Hyde Park and Manhattan's Battery Park. The district offers shopping centers, fine dining, and cultural venues, making it a lively spot for entertainment.Here, you'll find luxury waterfront homes with beautiful views, creating a welcoming place to call home. The area is designed to be walkable and connected, with spaces for art and recreation. Downtown West combines sophistication with convenience, making it perfect for families and professionals looking for an upscale urban lifestyle.7. Downtown East DistrictThis vibrant area covers 137 hectares and blends the fast-paced world of finance with relaxing leisure spaces. It features the International Financial Center (IFC) to attract global businesses, a 1.8-kilometer Central Park for relaxation, and the lively Grand Boulevard for cultural and shopping experiences. The district also includes five monuments celebrating nature, art, and innovation, and the I360 Tower offers panoramic views of the town. It's a place where work and play come together, offering a balanced lifestyle for everyone.8. Seagate District The Seagate District is a luxurious area covering 137 hectares inspired by Palm Jumeirah, designed for the ultra-wealthy. It focuses on privacy, luxury, and a glamorous nightlife. This exclusive area offers special amenities tailored to provide ultimate privacy and personalized services. The district features high-rise luxury resorts and hotels that offer the best in comfort and hospitality. The district also has a vibrant nightlife with luxury entertainment options, making it perfect for those who enjoy the finer things in life. It's truly a place where luxury living meets world-class amenities, catering to the most discerning tastes.9. South District Last but not least, located within the Bay of Lights, covering 83 hectares of land, the South District is a serene and luxurious haven. It is designed to provide an exclusive and private living experience, perfect for those seeking tranquility and peace. This district features:Exclusive and Privacy-Centric Design: Ensuring residents enjoy an undisturbed lifestyle, the South District is crafted to protect the privacy of its residents.Super Luxury Mansions: These grand homes are tailored for dignitaries and discerning individuals who value the finest living standards.Serene Living: The district embodies tranquility and relaxation, offering a peaceful escape from the hustle and bustle of city life.Discover the Future of Living in SihanoukvilleSihanoukville is transforming into a cutting-edge smart city, seamlessly connected by land, water, and air. With innovative city pod technology, smart transportation systems, and sustainable design, it aims to set a global example for future urban development. From water planes and cable cars to eco-friendly infrastructure, Sihanoukville is becoming a model of efficiency, convenience, and sustainability.Currently, the International Financial Center (IFC) in Sihanoukville is making steady progress, with 55% of its space already rented out. Once completed, it will house government offices and commercial companies, which is key in attracting global businesses and investments to Cambodia.This project is led by Canopy Sands Development Co., Ltd., whose vision goes beyond urban development. The company actively promotes Cambodia on the global stage, creating educational and job opportunities while attracting international investors to the Bay of Lights. With offices worldwide and plans for further expansion, Canopy Sands is committed to building a brighter future for Cambodia.Ready to explore investment or living opportunities in this groundbreaking development? Contact Realestate.com.kh today and be part of Sihanoukville’s journey toward becoming Southeast Asia’s premier smart city!Phone: +855 92 92 1000Email: info@realestate.com.kh

Phnom Penh, December 14th, 2022: Tanncam Investment Pte. Ltd., a Singapore-based private equity and venture capital firm, has invested in Digital Classifieds Group (DCG), an Australian-based company and leading operator of a portfolio of online real estate and general classified companies in frontier and emerging markets. DCG’s companies and brands include realestate.com.kh and FazWaz in Cambodia, hausples.com.pg and marketmeri in Papua New Guinea, yula.la in Laos, and property.com.fj in Fiji. Cambodian Investment Management acted as arranger and financial adviser on the transaction for Tanncam Investment Pte. Ltd.DCG Group CEO Mathew Care commented, “These are very exciting times for the group as our businesses have regained traction post-Covid, and we are experiencing strong and robust growth, as well as a substantial improvement in the fundamentals of our portfolio. We welcome Tanncam, a sophisticated, well-known, and established investor, as a shareholder and expect that they will successfully contribute to our future aspirations and strategic objectives.” Anthony Galliano, Director of Tanncam Investment Pte. Ltd. and CEO of Cambodian Investment Management, added, “We believe DCG has demonstrated a unique ability to enter emerging and frontier markets and create a dominant position in their space. We are investing in what we believe is a very promising future, a strong management team, and a successful portfolio ripe for growth. The company is on the precipice of amazing things to come, and we are happy to contribute to their journey.”  Anthony will serve on the board of Digital Classifieds Group (DCG), subject to regulatory approvals.Tanncam Investment Pte. Ltd.Is a Singapore based venture capital and private equity firm that focuses on early-stage start-ups and strategic investment opportunities.Digital Classifieds Group Founded in 2013, DCG operates a portfolio of the Asia Pacific’s leading & fastest-growing online real estate and general classified marketplaces. DCG identifies and corners dynamic early-stage markets by leveraging technology to redefine the value proposition for users and the businesses we work with. Our competitive advantage is our all-encompassing approach to solving our end-users needs and thereby delivering value to our clients.Cambodian Investment Management Co. Ltd. Is a Cambodian based corporate finance and business services firm. Founded in 2009, the company selectively acts as an arranger and financial adviser on mergers and acquisitions, due diligence and private equity transactions.  CONTACT INFORMATION:   Digital Classifieds Group Pty Ltd                                                   Tanncam Investment Pte. Ltd.Mathew Care CEO & Co-Founder                                                  Anthony Galliano+61 409 598 227                                                                              +85510902535mathew.care@hausples.com.pg                                                  anthonygalliano@tanncam.com

With the rise in tourism numbers and as we head into the traditional busy tourist season, there are also an increasing number of potential investors and property buyers venturing into Cambodia over the coming months. More airlines and more routes to Cambodia are being launched, and more investment potential as well as residual optimism around opportunities in the Kingdom following the high-profile ASEAN Summits recently held in Phnom Penh. The anticipated return of more foreign visitors is expected to boost significant demand and sales in the property market.There are already several excellent guides on better understanding property titles in Cambodia, for all buyers but for foreign investors or buyers, there are some limitations in what property can be purchased.The property title or ‘deed’ is the official document confirming who owns the property, its location, and what rights the property owner enjoys - it pays to carry out the necessary due diligence on this document - more than nearly any other legal paperwork when buying a property in the Kingdom.Hard Property Titles in CambodiaThere are broadly four types of Hard Titles to be aware of, and it should be noted that most are only available to Cambodian nationals - these titles contain comprehensive information regarding property ownership. There are key things foreign property owners/investors need to know about Cambodia.Hard Titles are also ownership certificates provided by the Land Department of the Ministry of Land Management, Urban Planning and Construction, and are the official recognition of property ownership in Cambodia. If there is a dispute where a Hard Title and a Soft Title exist, the owner of the Hard Title will likely win.Strata Titles The Strata Title is the only Hard Title that is applicable to foreigners. It is a common mistake and assumption that “foreigners cannot own a Hard Title in Cambodia” but many might not be aware that the Strata Title is legally considered a type of Hard Title.Strata Titles allow foreign nationals to fully own private units of co-owned residential or commercial (office) buildings in Cambodia, subject to certain procedures and criteria. This deed refers to the certificate of ownership of an individual unit in a co-owned building which could include: an office tower for commercial or residential purposes, a condominium building, or a mixed-use space within a co-owned condominium.Co-owned buildings are a building in which several owners reside and could consist of private units that are exclusively held by an individual owner and other spaces that are commonly owned (amenities like lounges, pools, and gyms).By Q4 2022, there are around 30,000 condo units in the capital in 100 buildings – this is expected to rise to 80,000 units by 2025.Because the Strata Title signifies the ownership of each unit under the same building/complex, foreigners can purchase a condo and own a Hard Title property.Foreigners are not allowed to own ground floor units in a co-owned building.At least 30% of a co-owned building must be owned by Cambodian nationals. (These conditions apply to buildings with strata titles registered after 2009.)Boreys are very popular in Cambodia but foreigners are prohibited to own landed property by the foreign ownership law in Cambodia - Boreys are considered landed property, so it is essentially prohibited from being owned by a non-Cambodian citizen.LMAP TitleAn LMAP title (Land Management and Administration Project) is the most secure form of Hard Title in Cambodia and these add GPS information lacking in traditional Hard titles. These geo-tagged points clearly define the coordinates of the property’s boundaries and indicate the plot borders that have been agreed upon between neighbouring parties and reduce the possibility of any disputes over the land. There are two sub-version of LMAP titles where the former does not have a QR code and the latter version comes with a scannable QR code.Feature Title This is the oldest form of ownership certificate for all types of property in Cambodia, including land or a house. It was issued and used during the 1980s-90s and a property that is built or older than 20 years should have a cooperating Hard Title.Some Feature Titles have already been replaced with the latest version of the LMAP Hard Title.Second Generation Hard Title This property title was introduced and used from the 2000s until the present day, although any property that applies for a Hard Title will now get the latest version of LMAP Hard Title. These Second Generation Hard Titles have a different design and appearance compared to the Feature Title and include additional details to verify the land or property.Soft  Property Titles In CambodiaThe Soft Title (considered a letter of possession) is not applicable to foreigners but there is some information worth knowing.The Soft Title in Cambodia is a form of customary ownership and the most prolific form of property title among Cambodians. Most Soft Titles are gradually being converted into Hard Titles, a process that has been ongoing for a number of years and is legally possible.Trust LawOwning a property in the form of a condo or office space that has Strata Title is the safest, most legal and most convenient means of property ownership for a foreigner in Cambodia. In January 2019, the government promulgated the Trust Law. This sets out rules to establish, register, and manage four types of trusts, and the Trust Law does give foreigners an opportunity to invest in land in Cambodia indirectly, with the title of the property to be held by a trust not the individual.A Trust company or a Trustee will thus be required; "a firm that holds and administers property or assets for the benefit of a third party. The role of a Trustee is important and choosing the right Trustee is essential to successful wealth preservation and peace of mind."By September 2022, the Trust Regulator (TR), indicated 52 trusts had been registered with the Regulator under the Trust Law.So if you are heading to these shores soon, Cambodia welcomes you as its fully open to business and investment, and if you are seeking to own a slice of the Kingdom of Wonder, please do have a broad idea of the legal, financial and regulatory frameworks in play.

One of the first condominium projects in Chamkarmon to open its doors to residents, Parc 21 Residence held its grand opening ceremony on Friday, the 9th of December, 2022. The project developer — JV Parc Residence Co., Ltd. — marked this auspicious occasion by providing a special 6% promotional discount to interested property seekers. Parc 21 Residence is located in the prime area of Boeung Trabek in Chamkarmon, Phnom Penh. The project embraces the Singaporean residential concept of “A City in a Garden”, which sees the use of smart spatial planning to create a comfortable living environment in the middle of a bustling and growing area. With a total of 128 residential units, it focuses on exclusivity, privacy, and comfort for its residents. The project features 4 different types of units: studio units, one-bedroom and two-bedroom apartments, and penthouses — ranging from 37 to 211 square meters.The property’s amenities are all conveniently located on the rooftop deck on the 22nd floor. These include an infinity swimming pool, jacuzzi, gym/fitness center, and a skybar — all surrounded by a magnificent view of Phnom Penh city’s growing skyline.On the morning of the Grand Opening, Mrs. Pearl Yu, Executive Sales Director of Parc 21 Residence, expressed gratitude to all of the residents and partners, as well as highlighted the project’s journey to success: “Parc 21 has broken its ground in August 2019, with construction starting in February 2020 — just before the pandemic. Despite the pandemic, our project has gained popularity among local and expat buyers, as it offers a comfortable living environment and proves to be a good investment. After almost 3 years, we are finally here and are excited to welcome our residents! We would like to thank our buyers for their support and for making our project successful!” Learn more about Parc 21 Residence on realestate.com.kh, and contact us for a detailed consultation and a viewing! Looking for property in Phnom Penh? Let us help !

Join the Cambodia Real Estate Awards 2023 and be a part of one of the most prestigious real estate events of the year. With leading real estate professionals and developers in attendance, sponsors of our events are afforded the opportunity of engaging and networking with participants who invest billions of dollars in their businesses, developments and projects annually, and are continuously looking for new contracts, suppliers and related services.Sponsor the Cambodia Real Estate Awards 2023By sponsoring the Cambodia Real Estate Awards 2023 (CREA2023) companies will have their brand and name directly linked to this prestigious event. The mission of the CREA is to recognize the achievements of the Cambodian real estate industry objectively, without bias or undue influence and on a wholly inclusive basis. With limited sponsorship opportunities available, brands are proud to be associated with CREA.The awards will be available for real estate agencies, valuation firms, property management companies, developers and developments, nationwide. This will give recognition to your company in the real estate sector as it becomes a recognized brand among leading industry professionals.By directly associating your brand with this prestigious event you can benefit from our reach through our extensive pre and post-event advertising campaigns across multiple mediums. During the gala dinner brands will also benefit from logo and display exposure. There will also be a major digital component where the gala dinner will be broadcast across national television, streamed premier-live on the Cambodia Real Estate Awards Facebook page as well as core-partner Facebook pages including; realestate.com.kh, B2B Cambodia, Freshnews & more.If you are interested in entering the awards or becoming a sponsor of the Awards, please click on the link to the official website below, or find contact information below. Learn more about CREA 2023Key Contacts for Cambodia Real Estate Awards 2023Developers & Development Awards Entry Contacts:English & KhmerName: Ms. Annabelle Vong (Anna)Position: Event - Sales ManagerEmail: annabelle.vong@realestate.com.khPhone: +855 (0) 17 426 797Chinese:Name: Ms. Muyngy Taing (Muyngy)Position: CREA Developers & Development Entry Facilitator & REAKH Relationship ManagerEmail: muyngy.taing@realestate.com.khPhone: +855 (0) 10 723 379Agency Awards Entry Contacts:English & Khmer:Name: Ms. Sokphea Rorm (Phea)Position: CREA Agent Entry Facilitator & REAKH Relationship ManagerEmail: sokphea.rorm@realestate.com.khPhone: +855 (0) 81 921 707 / (0) 89 428 028 Chinese:Name: Ms. Muyngy Taing (Muyngy)Position: CREA Agent Entry Facilitator & REAKH Relationship ManagerEmail: muyngy.taing@realestate.com.khPhone: +855 (0) 10 723 379Cambodia Real Estate Awards - Sponsorship Contact:Name: Ms. Annabelle Vong (Anna)Position: Event - Sales ManagerEmail: annabelle.vong@realestate.com.khPhone: +855 (0) 17 426 797

The dramatic changes to the retail landscape of the main urban hubs in Cambodia are also seeing changing habits of the consumers, and the increase in the income and the number of HNWI (High Net Worth Individuals) are helping shape the retail planning and sprawl of the cities.New mall developments such as the Chip Mong Sen Sok Mall, Chip Mong 271 Mega Mall, Prince International Plaza, and AEON 3 are a small snapshot of the type of new shopping mall and customer experience that are springing up in the Kingdom.CBRE Cambodia Market Insights for Q3 2022 suggested that retail occupancy was around 70% and that brick-and-mortar retail outlets remain in strong demand, which is contrary to several developed city centres where many high street shops are in decline.In Cambodia, competition has also been heating up with grocery retail stores too. Franchises like 7-Eleven have quickly expanded in Cambodia and even Prince Supermarket is looking to radically grow and open more than 100 franchise stores by the end of 2023 and with 150 planned by the end of 2024 in a very competitive market.Makro has doubled down on its market capitalisation with its huge megastores, with plans to have as many as three locations in the capital (the most recently just opened in Chroy Changvar last month).Retailment in CambodiaThe latest reports from The Mall Company shed some insights on the growth of the retailment and leisure space in Cambodia - retailment is a combination of retail and entertainment. The concept aims to drive immersive experiences at retail centres to bolster foot traffic. In addition to standalone leisure destinations (minigolf, parks, immersive museums), there are a wide range of malls incorporating new Indoor & pool amusement parks, aquariums, or other tech-embracing amusement parks.The November 2022 Retail Insights - The Mall Company suggests:By Q3 2022, the existing supply of retailtainment-related trade in Phnom Penh reached 33,310 sqm.Cinemas in the capital now account for 78.4% of the total existing supply of retailtainment by Q3 2022 (26,101 sqm).Indoor playgrounds, indoor theme parks, arcades, and bowling centres occupied the next biggest areas of retail space in Phnom Penh.The Mall Company report also concludes that 77% of millennials prefer to spend on experiences over goods and 40% of Gen Z’s prefer to spend on experiences over goods.Simon Griffiths said of the latest report “AEON 1 is a traditional shopping mall format. AEON 2 went much further introducing ‘retailtainment’ as a core concept throughout the mall. With Aeon 3 launching shortly - watch out for AEON 3 going even further with this concept and taking the idea to a new level.” Of interest was the conclusion that “new performance metrics such as experiences per square meter will become more prevalent in the future” and that this space is still in its infancy locally but there is an expectation landlords will “raise their game” with regards to innovation and diversified offerings.Rise of the Malls in Phnom PenhThe rise of the malls in the capital, especially congregated in certain areas of the city have forced the development of new access and transport routes (infrastructure) and even are enticing urban housing developments to spring up in the vicinity.In the south of Phnom Penh, the Chip Mong Megamall 271 and Aeon 3 are both huge modern malls - with US$ 2.2 billion of investment being spent on public infrastructure - the area of the city is attracting large-scale real estate investments.The Retail Insights Edition 5 provides just one snapshot of this retail growth in the south of the capital which encompasses Meancheay and Dangkao districts. In summary, the area has seen:5 completed and open modern retail centres.3 modern retail centres are currently under development.1 modern retail centre is currently on hold.In total, 9 modern retail centres are expected by 2024.In the space of a few years, the amount of retail space has grown from around 10,000 sqm in 2019 and has reached 82,843 sqm in 2022. An expected additional 157,902 sqm of new retail supply is due to be added between 2023-2024. On the positive future outlook of the capital’s south, the report added: “Having a comparatively small supply of modern retail for many years, South Phnom Penh will see a substantial increase of modern retail space over the next two years. With the advent of major new retail centres, the Phnom Penh; south supply will increasingly outpace demand, creating a highly competitive retail landscape. With such significant increases in modern retail supply by 190.6% going forward into 2024. Downward pressures on retail rents will likely occur, especially for non-prime locations within existing and new retail projects.”Luxury Retail Set to ExpandThrow in the government’s re-assurances that the Kingdom will be a high middle-income country by 2030, as well as the enticing investment laws and good economic growth predicted, and there are also an increased number of HNWI (High Net Worth individuals). The Capgemini report in 2021 indicated Cambodia is now home to more than three thousand millionaires - retail and franchises also need to consider this shifting consumer wealth and dynamics.Food and beverage, and fashion remain the dominant market share expansion in Cambodia's retail growth.The Naga 3 complex continues its skyward development, but initial plans were for the site to also connect to the already existing underground and duty-free NagaCity Walk shopping mall which connects NagaWorld and NagaWorld 2 and offers several mid and luxury range brands.Local business and market partner Confluences also announced its partnering with luxury retail giant Bluebell and the consultancy CGHP Beespoke to launch the first French luxury market in Q1 2023 at The Peak - a shopping mall covering more than 12,000 m2. “Le Beau Marché Français - In the mood for Spring” is set to launch from March 17-26, 2023 and this is expected to be a precursor to the grand opening of the shopping centre scheduled for September 2023.Stepping outward with a view to regional headwinds and opportunities, Knight Frank in their Asia-Pacific Outlook 2023 sees the region as a bright spot and foresees that “across much of the region, growth momentum will continue to normalise”.There undoubtedly will be challenges and growing pains in Cambodia, but a more diverse, more consumer-conscious retail market, increasing expendable income, and developers and retail property owners keeping their fingers on the pulse of future tech and utilising immersive experiences all bode well for a retail scene that is expected to make massive leaps over the coming years.

Realestate.com.kh is proud to announce the fourth annual Cambodia Real Estate Awards (CREA 2023). The gala event will be held in April 2023, to recognize and celebrate outstanding results and achievements within the Cambodian Real Estate industry.CREA 2023 award categories are divided into the following disciplines in real estate:Real Estate Developer / Development AwardsReal Estate Agency AwardsReal Estate Hall Of Fame AwardsBENEFITS OF JOINING CREA 2023The Cambodia Real Estate Awards, is a prestigious event celebrating the best of the best in Cambodia's booming real estate sector. Joining the CREA 2023 allows agencies and developers to establish themselves as recognized and trustworthy members of the industry. Winners and nominees also get the following:Expose your brand & development to local & international buyers, homeowners & investorsJudged by respected leaders in the Cambodia real estate industry and the general publicEndorsed by the Ministry of Land Management & Urban Planning Endorsed by the Real Estate Regulator of CambodiaWinners receive the CREA iconic trophy & winners plaque to display in your office, showroom & at eventsWinners receive the official CREA seal to use on all marketing material for your developmentEnter the Cambodia Real Estate Awards 2023WHO CAN PARTICIPATEAll licensed firms and individuals are allowed to participate in CREA 2023, regardless of the size or wealth of their operation. With industry and government involvement from The Ministry of Land Management & Urban Planning, The Real Estate Regulator of Cambodia as well as The Cambodian Valuers & Estate Agents Association, participants can be sure that the process is objective, fair, and done with integrity from start to finish. All these steps are taken to recognize the achievements of the Cambodian real estate industry objectively, fairly, and on a wholly inclusive basis.HOW TO PARTICIPATETo participate in CREA 2023, please get in touch with our team or download the relevant submission form here.Benefits of ParticipatingFurther strengthen your position in the Cambodian real estate marketBe recognized as a leader in the Cambodian real estate industryNetwork with fellow professionals from Real EstateLearn more about new industry developmentsReceive an iconic Cambodia Real Estate Awards trophy and certificateReceive marketing assets to leverage across your businessInterested in learning more about CREA 2023? Visit our website at www.cambodiarealestateawards.comOr follow us on Facebook at ‘Cambodia Real Estate Awards’Enter the Cambodia Real Estate Awards 2023Key Contacts for Cambodia Real Estate Awards 2023Developers & Development Awards Entry ContactsEnglish & Khmer:Name: Ms. Annabelle Vong (Anna)Position: Event - Sales ManagerEmail: annabelle.vong@realestate.com.khPhone: +855 (0) 17 426 797Chinese:Name: Ms. Muyngy Taing (Muyngy)Position: CREA Developers & Development Entry Facilitator & REAKH Relationship ManagerEmail: muyngy.taing@realestate.com.khPhone: +855 (0) 10 723 379 Agency Awards Entry ContactsEnglish & Khmer:Name: Ms. Sokphea Rorm (Phea)Position: CREA Agent Entry Facilitator & REAKH Relationship ManagerEmail: sokphea.rorm@realestate.com.khPhone: +855 (0) 81 921 707 / (0) 89 428 028 Chinese:Name: Ms. Muyngy Taing (Muyngy)Position: CREA Agent Entry Facilitator & REAKH Relationship ManagerEmail: muyngy.taing@realestate.com.khPhone: +855 (0) 10 723 379 Cambodia Real Estate Awards - Sponsorship ContactName: Ms. Annabelle Vong (Anna)Position: Event - Sales ManagerEmail: annabelle.vong@realestate.com.khPhone: +855 (0) 17 426 797

Special Economic Zones (SEZs) were established throughout Cambodia to provide investors with a “one-stop service for imports and exports” and to facilitate trade. These hubs have also been instrumental in national economic development and are increasingly linked by key transport routes.Pre-pandemic, it was estimated that there were more than 50 SEZs in the Kingdom, collectively employing a workforce of 130,000 people in more than 450 factoriesHow are some of these key Special Economic Zones operating as the end of 2022 approaches and how do they spur national economic development? Sihanoukville Special Economic Zone (SSEZ)Sihanoukville Special Economic Zone (SSEZ) Co Ltd, is the operator of the 11.13 square kilometre special economic zone on the southern Cambodian coast  - it is the largest by size and occupancy in the Kingdom.Long Dimanche, the Sihanoukville province deputy governor said in 2022 there are 170 factories from China, Europe, the United States, Southeast Asia and other regions in the SSEZ which have a total investment of more than USD $1.3 billion and create around 30,000 jobs.Devin Barta from Fine Flooring Cambodia, which makes and engineers hardwood flooring and sources materials from Cambodia and countries globally, is based in the Sihanoukville Special Economic Zone and their main export destination is North America.Barta said “The SSEZ provides import and export duty relief along with many services in-house. The zone is very good at meeting our business needs and providing services. Proximity to the (Sihanoukville) port is also a significant advantage and the labour pool from the nearby communities is very reliable.”The value of imports and exports passing through the SSEZ in Cambodia topped the $2 billion mark by October 2022. This represents an increase of over 17 per cent compared with 2021. For reference, the total value of imports and exports passing through the SSEZ in 2021 was $2.2 billion.On the scale of the SEZ, Barta sees this as a benefit. “There are more services and there is a substantial market located within the SEZ. Due to the variety of businesses here, as well as those within the same industry, we are able to effectively work together and use the same suppliers.”This region of Cambodia continues to spike interest due to the Kingdom’s only deep-water port, the new Law on Investment, and infrastructure projects such as the Phnom Penh-Sihanoukville expressway which has significantly reduced the travel time between the two economic hubs.Dimanche added that the economic hub is transformative in connecting the province with the regional and global supply chains.Barta added “These upgrades will pay enormous dividends to the region. It was quickly obvious of the new highway opening that tourism to Sihanoukville increased significantly. I suspect expansions of the airport will increase international tourist traffic, while a larger port entices even more industrial development.”Regardless of the business activity type in the SSEZ, the zone improves the economic development of the country and provides essential skills and jobs.“From a business owner standpoint, being in an SEZ makes operations easier; it provides well-paying jobs to the local community which also increases their quality of life. The infrastructure needed to support the SEZ has a spillover effect in the area, improving roads and other aspects which the communities benefit from”, said Barta.Poipet O’Neang Special Economic Zone (POSEZ)In the northwest of the Kingdom, located near the Thailand border, the POSEZ has been operational since 2005 and today employs nearly 10,000 people.This SEZ covers over 260 hectares and it has access to a key border crossing with Thailand, which provides convenient and economical access to a global market via air, rail and seaports. Eric Wong is the Assistant General Manager of CCI Co. Ltd. (operator of the Poipet O’Neang Special Economic Zone). He said, “Our strategic location is attractive to prospective investors who are looking to start, relocate or expand their manufacturing businesses, warehouses or distribution centres to Cambodia. Situated right next to the future O'Neang checkpoint on the border, manufacturers can mitigate all of their business risks and shorten transportation times to the Laem Chabang Port of Thailand, as well as enjoying faster processing times for customs. We have no power shortages which means shorter lead times for the finished products.”All of the Special Economic Zones in Cambodia attract investors by providing a range of services and economic benefits. These include reliable water and power supply, duty exemptions, 0% Value-Added-Tax (VAT) on exports and transactions within the SEZ, as well as incentives. In the POSEZ, businesses are offered a 9-year tax vacation, while visas can be arranged for families of investors. They also offer a One Stop Service (OSS) “designed to facilitate application, information, company registration, evaluation, investment approval, license and permit acquisition“, said Wong.The main business targets are manufacturers of auto parts, agricultural machinery, agro-based products and biotechnology, consumer electronics, garments, industrial tools & parts etc. Wong also says that “all types of commercial businesses including financial and trading services” are welcome to operate in the commercial zone and that six enterprises from Thailand operate in Poipet SEZ.Positive Impacts of Trade Agreements for SEZ in CambodiaThe Regional Comprehensive Economic Partnership (RCEP) and new bilateral free trade agreements have generated increased exports from the POSEZ to Thailand, confirmed Wong. “I have always believed that Thailand is a “necessary channel” for Cambodia to export products to foreign markets.”For the SSEZ, there has been a relatively weaker performance of imports and exports as the year has progressed due to sluggish demand on the international markets caused by uncertainty in the financial markets, the conflict in Ukraine and the ongoing zero-COVID policy in China.However, the trade agreements, as well as increasing international interest in Cambodian-made products, means there is huge potential for the upside.“We want to encourage more investments in warehouses along the border to facilitate more varieties of exports and Cambodia needs more foreign investment for the technologies, human resources and infrastructure to develop production chains in the coming years to maximise the economic potentials and benefits from RCEP” concluded Wong.By offering attractive incentives and one-stop business services, these SEZ drive Direct Foreign Investment and are a source of skilled labour, which spurs national projects and has a positive impact on the national economy.

PHNOM PENH, CAMBODIA - Realestate.com.kh teamed up with some of the leading property developers over this past weekend for an exclusive property showcase, an invitation only event, at the Realestate.com.kh showroom in Phnom Penh. The Property Showcase continued the ongoing success of Realestate.com.kh events - with over USD $1.5 million worth of property sold across the two days, confirming a healthy demand for quality property within Cambodia. The Property Showcase will be added to the Realestate.com.kh event series heading into 2023. Steff Khiem, Marketing Manager of Realestate.com.kh, confirmed the success: "We have hit record sales in 2022 for our partner developers, putting us in a unique position to negotiate the best prices in the market. We are very thankful to our partners for going the extra mile for this event, offering never-before-seen prices for our buyers. Over a million dollars in property sales in just two days is an outstanding result." Dylan Hao, Sales & Marketing Director of Partner developer Le Condé BKK1 described the event as "something I have never seen before in Cambodia!" He continued, "We do a lot of road shows as a way to sell our project. But Realestate.com.kh has a target database which allows them to attract quality buyers to their events. We sold almost $500,000 worth of property at the showcase." Vatey Mom, General Manager of Realestate.com.kh and Fazwaz Cambodia, highlighted that "it's a great way to round out 2022, which has been a record year for us. We consult more international and local investors than anyone else in Cambodia."She added, "As the market continues to recover from the pandemic, there is some correction in segments of the real estate sector in Cambodia. It's now more important than ever to guide buyers to the right properties that will yield a return. Our team has carried out due diligence on every project. We only advise projects that we would purchase ourselves - even if that means losing a buyer."Participating developers included Le Condé BKK1, Morgan Group, Urban Living Solutions, Vue Aston and Times Square. In conjunction with The Ministry of Land Management and Urban Planning, The Real Estate Regulator and the CVEA, entries are now open for Realestate.com.kh next offline event, The Cambodia Real Estate Awards, with the Gala Dinner to be held in the first quarter of 2023.

There is no question that the Cambodian real estate industry has been booming over recent years, while the Kingdom's breakneck economic growth has been well documented. Even post-pandemic, the country is extremely well placed with positive GDP growth estimated by leading financial institutions for the coming years.Property developers have also been swift to try and plug the gap to meet the appetite in the housing demand, which is driven by the emerging middle class, expats and international investors. This also means HNWI (High Net Worth Individuals) locally and internationally.This latter group of investors and uber-wealthy Cambodians in particular are affluent and are seeking to constantly increase their quality of life, are in the pursuit of fine tastes and are driving demand for luxury housing in the Kingdom.Although there are aspects of the local market that are showing a slower recovery, with a short-term oversupply of mid-range properties, the luxury market in Cambodia is largely untapped and is seen as a massive opportunity by industry professionals.HNWI On The RiseAlthough it's not known exactly how many HNWI are within Cambodia, “The Wealth Report 2015” estimated that Cambodia’s pool of ultra-high net worth individuals (those with more than $30 million in total assets) had almost tripled in the space of a decade. The more recently published Capgemini report in 2021 suggested there were now over three thousand millionaires in Cambodia (an increase of over two thousand in five years!)In the Asia-Pacific region (APAC), Knight Frank wrote that based on the 2022 Wealth Report, between 2021 to 2026, APAC is forecasted to experience the most significant growth in the population of HNWIs (59.8%) and UHNWIs (32.7%). The region is also expected to be the largest regional wealth hub by 2026; with two-thirds of UHNWI wealth allocated to property. Capgemini adds that The top 5 Asia APAC countries with the most HNWI in 2022 are:Japan (3.65 million)China (1.53 million)Australia (319,000)India (308,000)South Korea (272,000) Interestingly the report added that art, classic cars, and wine ranked among the top three passions for Asia-Pacific’s wealthy population - and these are also increasingly being catered to in Cambodia.Automobile showrooms that visibly showcase some of the finest brands of sports cars such as Ferraris and Lamborghinis (as well as Maserati, Bentley, McLaren, and Aston Martin or Harley Davidson motorcycles) are no longer out of place in the capital. Rolls-Royce in Cambodia has among the most successful sales rates globally. Meanwhile many luxury brands such as Brioni, Balenciaga, Burberry, Bottega Veneta, Canali, Clarins, Christofle, Dolce&Gabbana, Salvatore Ferragamo, Frette, Hugo Boss, L'Occitane en Provence, Moncler, Poltrona Frau, Stefano Ricci, and Santoni have entered the Cambodian market and more continue to do so.Luxury Property Market in CambodiaTom O’Sullivan, CEO of DCG Cambodia (FazWaz Cambodia & Realestate.com.kh) said of the property searches on the property online platforms in 2022 - that many of the customers were high-net-worth individuals. Online search traffic on realestate.com.kh looking for landed properties that are above USD $4.5 million has increased by 50% this year. The most valuable landed residential transaction was as high as USD $7 million+, which speaks to the demand from the market.The recent Moody’s Investors Service Inc downgrade of Cambodia’s outlook referenced the property market but incorrectly categorised the mid-range properties as luxury in their report saying “a deceleration in activity in the luxury property sector poses broad risks to growth”. If anything this confirms the oversupply of mid-range properties but there is no luxury category in the market currently. So what are the luxury developments and trend changes in the Kingdom that appeal to this elite group of buyers?Borey developers have started to add multi-million dollar villas to their range of products - very few developers are purposely designing luxury property developments with some houses reaching $4.5 million or more.Odom is one example of a high-end condo development to come onto the Cambodian market, however, there is still arguably no luxury landed property development on the market today.Luxury stand-alone villas in Toul Kork are commonly priced anywhere between USD $5 - $8 million. However, these properties are rarely on the market for sale. Demand is increasing for luxury property rentals - one ultra-high-end villa was recently leased for $15,000 per month in the capital. Located by the Mekong River off National Road One in Chbar Ampov, the villa has 7 bedrooms, 8 bathrooms, expansive grass yards, a swimming pool and much more. Although there is a growing demand for luxury properties in Cambodia, there is limited supply in the market. High Networth Individuals and the Ultra High Networth Individuals don’t have a lot of choices when searching for luxury homes but they increasingly have the financial resources to spend on these assets.  Developers are looking for a shift of branding to appeal to the luxury market and have identified this as a profitable and growing sector in the Cambodian real estate market, and the developers and marketers will help shape the image of this luxury housing market compared to regular housing projects.With the Cambodian government having done such an exemplary job handling the COVID-19 pandemic and with pro-foreign investment policies in place, the indication is bright for the local market and it remains incredibly well-placed in the ASEAN region.The specialised and high-end luxury developments in Cambodia are lucrative and with high potential - buyers are actively looking at the luxury property market in the Kingdom and which developments can suit their quality lifestyles and tastes for the finer things in life.

With so many Cambodian condo buyers coming from overseas, mainly as it's the one property type they can easily and legally purchase, do foreign condo buyers understand the essential aspects when buying such a property in the Kingdom?Condo Supply & Foreign Buyers in CambodiaForeigner condo property sales accounted for 65% of all condo sales so far in 2022 according to realestate.com.kh - with one & two bedroom condos most in demand. The company’s Real Estate Survey 2022 indicated that Phnom Penh was also overwhelmingly the preferred area to buy in for Cambodian, Chinese, and Western buyers.In terms of the condo supply - this reached 28,000 units across 95 buildings in Phnom Penh and is projected to increase by over 50,000 units to reach nearly 80,000 units by 2025. CBRE Cambodia reported in “Q1 2022 Market Insights – Navigating the new norms” that 13,000 new condominiums are expected to be available in the capital of Phnom Penh in 2022 alone.The mid-tier condo developments are expected to dominate the future supply as property developers are targeting the demand of Cambodia’s emerging middle class as well as expatriates residing in the Kingdom and buying from abroad..The supply by 2025 in the capital is expected to consist of: Mid-tier condominiums (56%)High-end (22%)Core (17%)Prime (5%)Can Foreigners Own Property In Cambodia?Land and property ownership can be complex for foreign-owned businesses and foreigners in Cambodia to understand. But, yes, foreigners can buy and own property in Cambodia and legally own condos in Cambodia. Cambodian law prohibits foreigners from owning land, but they can legally own properties such as condominiums under a Strata Title, as long as the property is not located on the ground floor of a building (and at least 30% of the other properties in the building must be Cambodian owned).According to R.A. 4726, foreigners can buy and register (under their own name) a condominium unit in Cambodia - the Condominium Certificate of Title (CTC) will be registered under the foreigner's name too.What Is The Property Title When You Buy A Condo?The form of private ownership in a co-owned building is issued under a hard property title known as a Strata Title. Strata titles allow foreign nationals to fully own private units of co-owned residential or commercial (office) buildings in Cambodia, subject to certain procedures and criteria. Co-owned buildings are defined as a building in which several owners reside and could consist of private units that are exclusively held by an individual owner and other spaces that are commonly owned (amenities like lounges, pools, and gyms).Can A Foreigner Apply For A Home Loan In Cambodia?While it is challenging, it is still possible for foreigners to apply and get a home loan in Cambodia if they are in-country. However, not many Cambodian-based banks will offer home loans to non-Cambodians. If you are able to secure a home loan, a set of legal documents including collateral equivalent to the loan value, a salary confirmation letter, a valid identity card, and the information of guarantors might be required.The three main terms to consider for a mortgage in Cambodia are:The loan amountThe interest rateThe loan termsWhat Does Buying Off-plan Mean?What does "off-the-plan" buying mean in Cambodia? Well, off-the-plan property buying is when the property is purchased prior to its construction being completed and buyers can view the design and construction plans (it's also called pre-selling). The main benefit of buying off-plan is the opportunity to select condos with the best locations in the development, and there is a degree of flexibility to customise the condo (within the limits of construction design).Most Cambodian-based property developers target international buyers and investors and offer some sort of rental return scheme or Guaranteed Rental Returns (GRR).GRR is a future rental income that is guaranteed by the developer or management company to the property purchaser for a contracted period of time after the purchase agreement is signed.This reassurance mechanism targets new investors with standard net returns often advertised in condos and in new developments. The GRR ranges from 4 per cent to 9 per cent in Cambodia, normally for a duration of two to five years.Before any purchase, do your due diligence and research and even assign legal and property experts if you are unsure and are buying from overseas. With the rebound in tourism and the positive economic outlook for the Kingdom, property prices are expected to rise in the coming years - the latest Residential Property Price Index (RPPI) for Phnom Penh indicated a 15.4 per cent increase compared to the index in 2020 which is the base year.

There have been countless proposed railway modernisation projects proposed as well as feasibility studies carried out in the Kingdom, in particular in Phnom Penh. A glance over the geographic shoulder to other Southeast Asian cities and it's clear the capital is far behind the modern transit infrastructures that Bangkok, Singapore, or Kuala Lumpur offers its inhabitants and visitors.Despite the massive costs required for such an undertaking, urban transit systems play a significant role in the social and economic development of large urban areas, and can also be attributed to significantly improving the quality of life in such areas as well as raising the value of properties.What would a Phnom Penh urban rail transportation system look like and what are the obstacles to overcome to make it a reality?What Options Are There For A Phnom Penh Rail Transit Network?In 2019, a Chinese-funded feasibility study for a monorail project in Phnom Penh was completed, while a Japanese feasibility study investigated implementing an automated gateway transit (AGT) system with an electric-powered mass transit system - but these were derailed due to the high costs involved.In 2021, the Ministry of Public Works and Transport also asked the Asian Development Bank to help devise strategies for monorail and metro projects for Phnom Penh.But this past September, the Cambodian government announced it was prioritising a subway train system in Phnom Penh as part of its mega transportation plans. Reference was made to the Japanese (JICA) study from 2019 which estimated costs of USD $1.8 billion (albeit from 2019). As far as we know, this study did not specifically mention an underground system but officials feel that Phnom Penh's best solution would be a subway system and not monorails, a sky train, or an overland system.On the positive side, a reliable and functioning urban rail transport infrastructure has the ability to improve the local employment rate, spur the development of the transport industry, and increase the value of the real estate and land when situated close to these urban transport hubs.Whether it's underground, on monorails or something else that embraces future tech, Phnom Penh will eventually need a comprehensive strategy that will help reduce increased traffic in a city that is expanding & outgrowing its current borders. It's a real growing pain - bridges and flyovers, and even utilising water transport services alone will only help alleviate the issues in the short term.It's also unlikely any project will be affordable unless it is a partnership between the government and a private entity or entities (such as so many of the current infrastructure projects eg: Phnom Penh- Sihanoukville expressway).Environmental ImpactsThe Ministry of Land Management, Urban Planning and Construction (MLMUPC) reported that there are more than 2,500 high-rise buildings in the capital alone and this number is not slowing down anytime soon - the additional urban sprawl also adds strain to the ability of the city to handle the high rainfall during the wet season and greenspace is already scarce in the capital.Cambodia is located within a regional zone that a number of reports have suggested is at high risk from climate change, greenwashing aside, the scalability of Phnom Penh’s infrastructure needs to take the environment into consideration.2022 has been a particularly wet rainy season in Cambodia (and the region). By mid-October, the National Committee for Disaster Management (NCDM) confirmed Cambodia’s 25 provinces 23 have been affected by floods and 110,000 families were left stranded.At the recent Infrastructure Asia 2022 forum, the need to scale up sustainable infrastructure was a focal point and the keynote address mentioned  “While every nation in Southeast Asia will have its own unique hurdles in the development of sustainable infrastructure, they also share many similar challenges and, as a consequence, can apply other nations’ best practices and solutions.”This year has already witnessed subways badly flooded due to extreme weather in very developed and first-world cities such as in Tokyo & New York City.Costs of Developing a Modern Rail NetworkWe can glance at the costs of recent current rail network developments in the region to understand what is at stake. In Bangkok, the urban rail transit system has been undergoing its biggest expansion since the BTS opened in 1999 - with a number of lines being added this year and in 2023. BTS Group Holdings had to raise USD $2.1 billion through an IPO (the largest in Thailand's history) to secure funds for the expansion of BTS and MRT lines in the future. A 30-year plan is split into phases to continue to develop Bangkok’s sky train system, however, the upgrades are plagued by financial woes and rising debts. The country’s national rail network is also expanding and a 2028 target date has been set to finish a High-Speed Rail Link with China (at the cost of $12 billion).Although not exclusively an urban rail hub, the China-Laos Railway completed at the end of 2021 carried a price tag of US$6 billion. There are plans between 2024-2026 to connect Vientiane with BangkokBe Modern But Realistic - Avoid GadgetbahnsA very tongue-in-cheek video recently mocked mass transit plans of the future that are announced by “visionaries” such as Elon Musk, these are termed gadgetbahns.These are public transportation schemes based on modern technology which seem to be unfeasible or unnecessary. In Musk's case, his Hyperloop project which has not really progressed and by all accounts seems some decades away from being a scientific reality (never mind the exorbitant costs) means the project and its solutions don't appear to be fit for purpose in the near future.Whatever is decided, a major urban rail hub in the capital is a positive for the city and its long-term future.

On November 18-19, Cambodia’s leading real estate company, Realestate.com.kh, will hold an exclusive property showcase at their showroom, located on the 1st floor of their office in BKK1.  The event is set to feature a limited number of the best developments in the market, with a limited number of units at exclusive discounted prices for this event only. Tom O’Sullivan, CEO, says: “We attract more clients than any other platform in Cambodia, and generate hundreds of buyers each year. This puts us in a unique position in the market; we have huge negotiating power with developers”.Adding to this, Sothavatey (Vatey) Mom further highlights: “We have overachieved the sales targets for our partner projects in 2022, so they were more than happy to provide us with units for this event at prices never seen before in the market”.Earlier this year, the Realestate.com.kh expo generated over 30 Million dollars worth of property in sales. This event is set to be a scaled-down version of the expo, inviting select developers and limited to just 100 attendees. Projects participating in the event will be announced next Tuesday, the 25th of October. Who should attend Anyone interested in buying property, including Cambodian nationals and expats. If you are currently in the market or someone that is always looking for a great deal, do not miss this opportunity!Event key details: Limited to the first 100 registrations Realestate.com.kh Showroom; Level 1, corner street 302 & street 63, BKK1, Phnom Penh Lucky door & buyer prizes Friday the 18th of November. 10:00AM - 7:00PM Saturday the 19th of November. 10:00AM - 5:00PM  REGISTER HERE

Proptech is an increasingly popular buzzword and encompasses disruptive and innovative technology in the property sector - we look at some of the trends in proptech being utilised in the Kingdom of Cambodia and how its technology has the potential to change the real estate industry.What is proptech?Proptech (property technology) are the tech tools the real estate professionals and property development industry can use to radically change the way and optimise buying/selling, research, and marketing among others. Proptech is the alignment between real estate and technology.There are countless proptech companies but very few are truly disruptive and bring added value to the industry. According to one report, over the past decade - more than 9000 proptech companies were formed globally! The Asian Proptech real estate industry only accounts for 3.5% of the global number and is dominated by Chinese firms.Examples of proptech could be a digital platform that utilises tech to promote properties, examples of smart real estate {Internet of Things, Virtual Reality (VR) & Augmented Reality (AR)}, fintech solutions, tech infrastructure such as data centres, or even leading edge tech such as the metaverse.Ascendix predicts that some of the proptech trends in the near future include:Proptech Big Data & digitalisation of property data assetsAI and Machine LearningVirtual Reality for better online search & buying experiencesChatbots for better customer experienceProptech in Cambodia - VR and Web Functionality Residential and commercial property tech facilitates the way people buy and rent properties while Commercial Real Estate (CRE Proptech) makes the use of innovative tools to efficiently run, search, rent, and the property assets.Realestate.com.kh offers an innovative web (and app) platform which has more than 30,000 live property listings (commercial and residential) and 200,000 visitors monthly. The company saw increased online traffic from international buyers in 2022 while the impact of the pandemic was still being felt. “Our online traffic really spiked during the pandemic as many investors were not able to fly to Cambodia,” said Tom O’Sullivan, CEO of Realestate.com.kh.Property search platforms (which feature user-friendly listing and marketplaces, agent tools, etc.) are a great example of proptech. The Cambodian property market is changing (as well as property buyers in the Kingdom). “As the market returns to normality we have seen another spike in traffic both locally and internationally…we have witnessed a huge shift from desktop to mobile over the last few years”, added O’Sullivan.The company also created unique user experiences for western, Khmer and Chinese property seekers with the web and app platforms hard coded in all languages as opposed to using Google Translate.Realestate.com.kh also entered into a strategic partnership with property technology company, KE Holdings Inc. (Beike) to use RealSee VR technology in Q1 2022. O’Sullivan said of the partnership, “We have actually been using 360 VR tours for over 3 years. But since the exclusive partnership with Realsee we have been able to scale this. It was almost perfect timing during COVID to focus on VR''. The company has educated the market with the tech and changed buyer behaviour and the CEO said it remains very popular as the country moves out of COVID.Data Centres and the Push for Digitisation/Big DataBig Data is another tech buzzword and is crucial in the ongoing move towards digitalisation and analytics. Big Data is also being used in making informed data-driven strategic and development decisions in the property sector.The Asian Development Bank (ADB) reported digital technology and big data are key to fast-tracking post-COVID-19 economic recovery in Southeast Asia (SEA).and recommends policy reforms to help capture the benefits of big data, including improving technical infrastructure, and ramping up training to create a skilled workforce to lead the digital transformation.Dan Fagg, Sygna Commercial Director APAC, says there is globally increased demand for data centres due to increased digitisation and Cambodia could benefit.“From a development point of view, we have seen no let-up in the volume of new projects around the APAC region, and there only seems to be more to come for the near future. As more developed markets get saturated (in terms of land space and competition), we are expecting more growth in new/emerging markets, especially in SEA. This has been aided by the development in (data) infrastructure over the last few years by both foreign and local enterprises, but it places the region in a good position for development for the years to come – however, high energy prices and availability of power in these areas could stump the potential growth.” The data centre services market was valued at $48.9 billion in 2020 and is speculated this will increase to $105.6 billion by 2026.Dan added he thinks there is a demand and opportunities for more local development, and suggests “being first to market in a lot of these instances is key. That said, the investment amount is significant compared to other developments (such as commercial, residential, hospitality).”He concludes “Data centres are the future for the foreseeable future, but I am sure as technology advances the market will have to move with it, and it's unknown how that might impact existing investments/facilities.”Blockchain Opportunities in CambodiaBlockchain provides a secure, decentralised way to record and transfer ownership of assets.Veasna Meas, Chief Executive Officer at Naki Group Co Ltd says utilising blockchain is beneficial in Cambodian property development. “I believe utilising blockchain in Cambodian property development will help to provide access to a larger pool of investors. Some of the benefits of tokenisation include accessibility, diversification, transparency, and liquidity. What that means is those who desire to participate in real estate investment in Cambodia, previously had concerns about the process, or simply just do not know how to enter the market, can now do so with ease.”    His company is behind local developments such as Silvertown and it is a real-world example of using the technology. “The benefits of tokenising Silvertown specifically are 1) It’s a real-world asset and 2) It has been operating since 2014.”He adds, “The fact that it has been operating for several years means we have historical performance data. With that, buyers of the Silvertown token can analyse past and estimated future performance to determine their returns. By having all the information for the project on the blockchain, it can help developers gain more liquidity by having access to more investors while investors have access to verified information.”Naki Group has announced the upcoming launch of the first tokenised real estate investment offering in Cambodia. The Silvertown Token (STM) is being offered to investors starting Q4 2022.

With sustainable developments in the spotlight in the fast-growing urban areas of Cambodia, many local and international residents have commented on the perceived lack of greenspace in cities like Phnom Penh. New builds are trying to address this and incorporate much-needed green areas and community spaces.Some reports suggest that as little as 1% of the capital is allotted to urban parks, and most residents of the city can name the few natural greenspaces on their fingers. A UNDP study of Phnom Penh indicated that the public space ratio in Phnom Penh has dropped from 1.1 square meters per person in 2014, to only 0.67 square meters per person in 2020. For comparison, at 7 SQM per capita, neighbouring Bangkok is considered to have a “low” rate regionally. Studies also indicate that access to greenery in urban areas is vital for mental and healthy well-being and even though the WHO recommends universal access to green space, even most European cities fail to meet this.Green space can be associated with many health and social benefits, including longer life expectancy, reduced mental health issues, and even better cognitive functioning in children and the elderly. They also reduce air pollution, heat and noise levels, and provide us the chance to better enjoy physical exercise and social interaction, thus becoming a key element through which social capital is enhanced and strong communities are built.Some new developments in Phnom Penh are addressing this, such as Chankiri​​ Palm Creek, North Park, and Odom.Why Sustainability Matters in Cambodia’s New DevelopmentsUrban Living Solutions (ULS) is a well-known developer in the Kingdom and behind such developments as Factory Phnom Penh, Urban Village (Phase 1). Their newest announced development, Odom, will see a currently used community green space (Odom Garden) be enhanced and developed.ULS is a Cambodian-owned real estate and lifestyle development firm which aims to build livable urban spaces that connect and nurture communities. The company has supported other initiatives that enhance communities including the 2019 Housing Phnom Penh Architectural Workshop that ULS developed for Cambodian students on affordable housing.ULS representative and Head of Sales Mr. Ty Chea told realestate.com.kh that “people, communities, are at the very core of ULS and all its projects’ values. We aim to offer a type of development that meets the needs of present generations with those of the future ones in mind.”He adds that all ULS’ projects are designed to support the view that Cambodian cities can do better socially, environmentally and economically. “We try to offer homes and spaces for the Cambodian middle-class, inspired by traditional local architecture (from the Angkorian temples and village lifestyle to the shophouses), but updated to modern Cambodian needs”. He adds that they want to improve the quality of life of residents but also be conscious of the Cambodian climate and lifestyle.Odom - Phnom PenhULS believes that cities should provide green public spaces for people to connect with nature and with other citizens. They believe this is the foundation of a healthy society, and the company wants to contribute to it by sharing a rare green oasis in the city centre before anything else was built on it.Odom Garden is located on the future site of the Odom project. “We wanted to let Phnom Penhers experience the sense of community we envision for the completed project. Our goal is to create community-focused spaces, and with Odom Garden we gave free access to 4,000 SQM of green space on Norodom Boulevard”, Chea said.ULS adds that Odom “will be one of the few buildings to hold LEED-certification allowing future residents and tenants a healthier, more sustainable way of living and working”. The project will feature shared courtyards and public areas for people to meet and connect as well as walkable spaces and greenery offering a safer and healthier lifestyle.“We design our homes with bigger living rooms and balconies for families to gather and spend time together. We believe this is how you build a healthy and happy community – by giving its people the spaces to create a healthy social fabric”, they added.On the transformation of the current Odom Garden, the developer says what was once a private garden became a popular meeting place for families and a platform for small and micro-entrepreneurs with our monthly farmers' markets. They added, “We are happy to see how many connections have organically grown out of Odom Garden, and we hope those networks will continue beyond this pop-up park.”Odom will have more space to grow when the final project is completed with more than 7,000 SQM of green space (126% the area of Odom Garden), and nearly 80% will be open to the public. “We are incredibly thankful to our partners and all the regular supporters that make up the Odom Garden community.”Development will start in 2022 and the main features include Odom Square, a five-story layered park and publicly accessible retail podium connecting the offices and residences. Six Sky Villages (pockets of outdoor spaces) are integrated into Odom Tower which also features a rooftop and resident-only space.If more future developments like these incorporate greenspaces and embrace community living aspects into their designs, there is hope we can have a greener and more natural, vibrant, and livable capital to call home in the future.