As 2022 drew to a close, we enter 2023 still facing serious challenges but Cambodia is in a far more economically positive place than it was a year ago. There are actually some really exciting milestones due to take place in the coming year and the trends are shifting to potentially healthier sector outlooks and ongoing infrastructure development that can ignite industries and a rebound in tourism.This is fuelled by the announcement that China will relax travel restrictions in January - a potentially vital economic step for the region and the Kingdom.Here are the top economic drivers we are excited about in 2023.Southeast Asia Games 2023It's hard to ignore the importance of the first SEA Games to be hosted by Cambodia from May 5-17 2023, as well as the 12th ASEAN Para Games which are due to be held in June 2023.It almost feels as if the year in some way hinges on the success of the Games. Aside from the sporting prowess of athletes on display, it will be the opportune time for major cities in Cambodia to be showcased to the regional and global media, which means investors too. With events due to take place in Phnom Penh, Siem Reap, Sihanoukville, Kep, and Kampot, the epicentre will undoubtedly be the area around the new Morodok Techo National Stadium in Chroy Changvar. With recent assurance, the important athlete's village is on track at Worldbridge Sport Village, how all visitors, as well as the media, enjoy their experience and the facilities are paramount in generating positive press which could lead to a surge in investment as Cambodia tries to carry its ‘tiger status’ as an investment destination.Much of this comes down to attention to details, something that perhaps in the past was not a strong point for the Kingdom. However, the huge success of the ASEAN Summits in Phnom Penh demonstrated the ability to host such important events. The authorities need to encourage local involvement and drive national sentiment while appealing to international investors, which is a balancing act - local strategic planning is hugely important, as is clear communication. We all want a successful SEA Games, and for Cambodia to haul in record medals for the athletes but there is more at stake economically for the nation.Continued Economic Recovery & GrowthDue to rising global demand, foreign investors’ confidence, and a full reopening of Cambodia’s borders, the Kingdom was anticipated to see 5.4 per cent economic growth in 2022 and 6.6 per cent in 2023, according to Economy and Finance Minister Aun Pornmoniroth. The GDP per capita was expected to rise to USD $1,785 in 2022 and should increase to USD $1,924 in 2023.(Cambodia's economy was forecast to grow 5 per cent in 2022 and 5.4 per cent in 2023 according to the IMF in mid-December 2022).The success of the economy still rests on the same key pillars. Garment exports, construction and real estate, tourism, and agriculture should all continue to see growth in 2023 due to various factors. However, there are signals there could be slowing demand in the export markets in Europe and the United States but new trade agreements and the success of RCEP and others may also offset this.The International Monetary Fund agreed that the Regional Comprehensive Economic Partnership and the Cambodia-China Free Trade Agreement (CCFTA) will support Cambodia’s economic growth over the medium term.The garment and construction sectors are set to grow by 9.2 per cent in 2023, while the service sector (including tourism and real estate) should see 6.6 per cent growth, while agriculture will see a marginal 1.1 per cent growth. Cambodia faces inflation too, and this is expected to drop to 2.5 per cent in 2023, down from 5 per cent in 2022.The same core obstacles that hampered the past 12 months remain - the global economy staring down possible recession coming into 2023 and the impacts of the supply chain and trade negatively impacted by the actions of the Russian invasion of Ukraine, but the tight zero-COVID policy change in China shouldn't be underestimated, although its economic repercussions are obviously not completely known.Other key factors to keep an eye on heading into 2023 are:Will Cambodia be removed from the AML ‘Grey List”? - The Financial Action Task Force (FATF) is set to visit and assess the country’s AML/CFT efforts in January 2023.Ongoing Digitalisation & Cross-border payments - Cambodian banks made huge headway in the digital landscape, with online transactions surging, more innovative apps and cross-border payment systems, as well as agreements on a standardised KHQR.Ongoing investment into construction - Licenses were granted to 3,827 construction projects with a total investment of USD $2.63 billion in 2022.Infrastructure projects - Bridges (Korea-Cambodia Friendship Bridge & Mekong River-Crossing Kratie Province Bridge), National roads (PP-Bavet Expressway and Phnom Penh-Sihanoukville (PPSHV) Expressway, the Kampot Seaport, airport renovations and construction.These are key signals to economic development and many are due for completion in 2023!Sustained Tourism Resurgence Tourism numbers rebounded strongly as 2022 progressed and the numbers recorded at the start of the peak season were very optimistic. China will, as of January 8 2023, drop quarantine upon arrival for inbound travellers - this should see a spike in visitors in Q1 2023 Cambodia. In 2019, Cambodia received an estimated 2,3 million Chinese tourists, only 330,000 in 2020, and 24,000 in 2021! If the trend follows the rest of the globe when border restrictions are eased, there will be a lot of pent-up travellers very keen to get out and see the world again from the Chinese mainland.According to trip.com, the U.S. and Southeast Asian countries were among the top 10 overseas destinations with the fastest-growing search volume by Chinese users in the wake of the news with trips being booked.With SEA seeing a 26.3 per cent recovery rate versus pre-pandemic levels in tourism, Cambodia was ranked third among ASEAN member states. This has been buoyed by a number of airlines and routes quickly being re-established as Cambodia was seen as being “open for tourism and business”.Foreign tourism numbers were expected to reach 2.2 million by the end of 2022, and pre-COVID numbers were 7 million - the room for growth is clear.Cambodia Airports confirmed that Cambodia is serving 24 destinations and 11 countries by the end of 2022 - still nowhere near pre-pandemic levels.It is expected that a direct flight will be resumed between Cambodia and Japan, a reopening and new Cambodia-Vietnam routes, while other routes with India, Timor-Leste and others are being discussed.Air Asia for one, is going all in on Cambodia and their decision to launch Air Asia Cambodia in 2023 in a joint venture partnership with Sivilai Asia is massive. Capital A Chief Executive Tony Fernandes provided three reasons why they chose the Kingdom - the huge potential GDP growth, a good population, and three great cities; Phnom Penh, Siem Reap and Sihanoukville to launch flights to and from.Visitors and the ease at which international tourists can enter Cambodia are obviously important but the Kingdom still needs to diversify its attractions and tourism industry. Increased focus on natural and eco-tourism preservation and promotion as well as heritage and cultural preservation is needed.2023 is exciting, it doesn't come without its headwinds and growth might start gradually, but it should accelerate as the year progresses. The key pillars remain just that, but the Kingdom needs to keep exploring new tech avenues, embrace diversified industries and take advantage of its advantageous attraction within the region.

In the process toward International Development Standard, Phnom Penh has never lacked “extraordinary events”: On December 15th, AEON III celebrated its soft opening which is situated along Hun Sen Boulevard, Phnom Penh. Whereas on December 26th, the first real estate project exhibition is hosted by non-other than Le Condé BKK1 @ AEON III! Le Condé BKK1 is as always, the forefront that led the trend!AEON III’s first real estate project exhibition with 200 square-meter space of luxury exhibition officially kickstarted.Luxurious exhibition with the space of over 200 square meter-square which includes fun activities awaits you:Family-themed photo booth with Chinese reunion elements have attracted many guests to visit. A family portrait embodies the guest’s love towards their home;The blessing tree which represents good wealth and health has bloomed on the exhibition. Beloved guests please come over with sincere heart and make your Chinese New Year wishes. Of course, the Chinese New Year’s lucky red envelope to mark the celebration scene is available!The most highly anticipated thing is definitely the lucky-draw. XiaoMi home appliances, golden eggs and non-stop surprises kept on coming. This has definitely caused a scene which attracted countless spectators to stop and watch. There is no denying that Le Condé BKK1 has once again created something extraordinary!Le Condé BKK1Explorers and leaders of the trendsetter.Looking back at the past three years, the first real estate exhibitor in AEON III, the first real estate company to exhibit in AEON I and the first real estate company auto show initiator, its non-other than Le Condé BKK1. The forefront of the industry; especially in the Phnom Penh market where the overall transaction volume exceeds 200Million square meters in 2022 and the success deals is superb. The sales performance of Le Condé BKK1 is as bright as the shiny stars on the skies.What makes it successful?The logic towards the success is the product structure are based on the needs of the customers in the property market! This is very common for many players in the property market, a clear understanding on the development of the entire city. It is not something you can achieve overnight! The players of this industry need to carefully study Le Condé BKK1 especially in terms of product strength!Begin with the local community and continue towards globalIn the real estate industry, a company that does not have a benchmark project will have no convincing power. Focusing on the creation of the product is essential! Without a competitive product means there is no brand significance!As for the benchmarking work in order to penetrate Phnom Penh for the first time, the developer of Le Condé BKK1: Wangfu International resolutely choose the architect who knows Cambodia best – Van Molyvann. The architectural design of Le Condé BKK1 inherits the design concept of Mr. Van Molyvann's architecture as an extension of nature. Inspired by the "terraced fields" in Southeast Asia, it incorporates the feelings and elegance of oriental literature, and benchmarks from the source Van Molyvann’s masterpieces: Cambodian Olympic Stadium, Senate Building, Independence Monument and other national landmarks, which fully explain how Wangfu International has towards the importance of research and development and also demonstrate the high advanced vision!Of course, the birth of Le CondéB KK1 was not an improvisation, as early as 2019 before the Research and Development team in the depth of layout, thinking, trying, from field research to door-to-door project visits, from the transposition of experience to answer the demand, based on a strong data, insight into [human nature]: Phnom Penh’s four revolutionary packages that are well-known to everyone:Bringing Phnom Penh's first sky jogging track to a city with year-round 30℃ heat.1,000 square-meter immersive sky garden balancing nature and life.800 square-meter children's playground to create a parent-child space for the young city that will welcome the next generation.Phnom Penh's first reading space creates a palace of free thought in the city;A total of more than 10,000 square meters of shared space, covering dimensions such as the customer itself and family needs, tailor-made unique products that truly fit [Phnom Penh Time]. Such extreme care and layout were not officially presented to the world until in 2019!On the other hand, taking the initiative to go out to learn and exchange information is also the winning strategy of Le Condé BKK1.For example, for the creation of Le Condé Sky Villa-The Condé The Royal, Le Condé BKK1 has conducted specific research on super landmark products and top luxury residential projects around the world, visited more than 10 international metropolises such as the United States, Singapore and Japan, saw more than 50 projects and formed preliminary research results, and finally selected Singapore's famous design Team SingBuild to provide professional development services, which can be said to be at the forefront of the whole industry.The success of bringing up the Sales Galleries in Hong Kong, Singapore and Japan has increased the global talents for Le Condé BKK1. This advanced layout, imagination, boldness, and restraint are also worth learning from peers. Thus we can also see the vision and determination of Le Condé BKK1 management for the Cambodian market!Owners from 19 different countries.How to test the results of product development? The sales result is one dimension, but more importantly, it is implemented into the living scene, into various functional settings, and the understanding of the space.In the center of the capital city, where the foreign resident population is as high as 300,000 and the traffic is full of high net worth people, the convenient hotel service and personalized intelligent lifestyle can provide hassle-free solutions and solve the worries of high net worth people at the same time; for example, for the studio type unit, instead of unnecessarily enlarging and emphasizing just right, the traffic area is controlled within a reasonable range as much as possible, so as to free up more area to create a guest dining room and master bedroom, creating a warm social and family bonding space.Even if we don't conclude with sales, the industry awards are a good indication of its impact.Winner of the Asia Real Estate Awards Serviced Apartment Award, the royal residence of the Cambodian royal family, and the unanimous choice of customers from 19 different countries around the world... These awards and honors are confirming the taste and style of Le Condé BKK1. In 2022, the overall project has already exceeded 50% of the total occupancy. Synchronizing with the construction site of Le Condé, as of December, the project has completed 2,5721 square meters of construction area, 2,079.21T of steel reinforcement, and 15,242 cubic meters of concrete and the main building of the project has grown to 18 floors above ground, giving the owners a real peace of mind. These results cannot be achieved without fine management methods, which also shows the execution efficiency of Le Condé BKK1.Phnom Penh is an open market with a huge supply, but it is also a market with brutal competition. The future market is destined to be more and more challenging. High-end people are fed up with mass production, they are more interested in quality products and people's tastes have become more refined.What new trend will Le Condé BKK1 set for the market? From 26th December 2022 till 25th January 2023, Le Condé BKK1@AEON3 exhibition, AEON3 MALL PLUS, come see it for yourself! Learn more about Le Condé !

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

Naki Group is leading the first tokenised real-world asset investment project in Cambodia. By creating a blockchain-based token that is legally backed by the luxury Silvertown Metropolitan property and making it available for both local and international buyers to invest, they are showcasing the ability of the technology to provide greater access and transparency to historically exclusive opportunities. Naki Group announced the launch of the first tokenised real estate investment offering in Cambodia via Silvertown Token (STM) which has been offered to investors since the start of Q4 2022. Veasna Meas, Chief Executive Officer at Naki Group Co Ltd is spearheading the utilisation of blockchain and is adamant it is beneficial in Cambodian property development. He says: “This is easing investment in Cambodia, and by utilising blockchain technology, it's really transparent in terms of the access to information. Usually buying a property in Cambodia involves a lot more steps than buying in a more developed country such as the United States.So what we do is remove the hassle and the risk of information asymmetry when investing and buying in Cambodia by utilising the tech. This helps us as a developer to liquidate and move on to more projects, but as an investor, it's about access to an asset class  which they may never have thought about before.”Blockchain Offers Consumer Protection Through TransparencyVeasna says that lumping blockchain together with Bitcoin and cryptocurrency is not right, and the crypto space has been in the limelight for too many of the wrong reasons of late. Blockchain, however, is about transparency - and with this tokenisation of Silvertown - it’s about providing opportunities for investment.“This investment opportunity with Silvertown is open to anyone who is an accredited investor. We are registered in the US, and as a regulated company, follow the U.S. Securities and Exchange Commission (SEC) rules which are in place to protect the consumer. This is a real-world asset and investors can even come and see the property at Silvertown Metropolitan in Phnom Penh - that's a huge difference between blockchain in this case and with crypto.” adds Veasna.To conduct the offering and subsequently manage token holders, Naki Group has chosen to partner with TaroFi. The TaroFi platform enables Naki to provide their token holders with real-time information about the performance of the property, trading capabilities, and direct distributions. TaroFi provides users with custodial accounts that they can safely receive distributions to, invest out of, and hold their tokens without the need for a digital wallet, however token holders have the option to self-custody. To register, anyone interested can simply go create an account on TaroFi and submit to a KYC (Know Your Customer) and pass Anti-Money Laundering check to begin investing. All of the information including the operating history of the property, information on the company, and contractual agreements are available on the platform.Why The Tokenisation Model And Blockchain Will Work?Veasna believes the tokenisation aspect via the blockchain is beneficial to all involved, and in addition to the transparency, flow of information, accessibility, diversification, and generating liquidity, he feels it will help first-time investors feel comfortable in investing and make use of this technology.“I believe in it because it can be a win-win situation. As a developer, it will allow us to open the door to raising capital and move on to a new project. Usually, you would need private investors or banks to be involved but using the blockchain and tokenisation opens it up to new investors and a potentially bigger pool of investors - so it can raise capital much easier and faster and enable us to move onto new projects compared to traditional fundraising.”For the investor and token holder, he says “This is a new avenue of investment and income. If they usually are looking at buying a house as their biggest investment, or maybe even two houses, at a certain point they are tapped out and can't buy anymore. But with tokens, they are able to invest in different properties that they couldn't access before.”Veasna also believes this project will show proof of work so moving forward, they might have other projects which will be tokenised but they may even look at running a real estate fund which could stay live.How Does Investment Work?The Silvertown tokenisation development project works on two fronts. Silvertown Metropolitan is a 111-unit luxury condotel in the heart of Phnom Penh’s business district and it was built in 2014.There are 34 units available under this tokenisation scheme, and Veasna says: “We know the generated income at Silvertown and we operate nearly like a hotel - so  customers book to stay at the property which generates rental income from long-term rentals, say 6 months and above.”Secondly, there are units being sold too. “The token holders (investors) will have rights to the profits of the sale of units. If for example each unit is approximately USD $200K, and if we sell them for $250K, that $50K is gross profit that goes to the token holders. So by owning just a portion, the token holders get rights to the profits.”Appealing To A Global MarketVeasna admits that most of their current investors understand the process as it has been targeted in that way. “In  Cambodia there is growth in future investment and the recently held ASEAN Summits shed a positive light on the Kingdom and exposed the country to new investors” he adds.He also says that investors overseas who have never been to the Kingdom need to filter the information on the country.“If there is some negative news seen overseas, which sometimes may not be true, we need to help them analyse and sort through the information to understand what they are hearing and what their concerns are. That's the one part which may need some hand-holding in this investment process for those international investors. Helping them understand the facts and how business is done in Cambodia.”

Vanguard Investment and Consultancy Services Co., Ltd (Cambodia) has been appointed the exclusive property agency for the WorldBridge Sport Village (WBSV).Vanguard Managing Director Harry Martin IV is at the helm of the company after spending several years with OxleyWorldbridge (Cambodia) Co., Ltd as a Sales Director. He managed the sales for their maiden project The Bridge, a 45-storey mixed development with a total of 2477 units consisting of 746 Condominium units, 965 SOHO (Small Office, Home Office) units and a five-storey retail podium housing 766 units. Following the successful launch of the property sales in 2014 which saw 200 units sales on the opening event night, the project received exposure in the region, including Singapore, Malaysia, Taiwan and China in 2014 and 2015. The Bridge continued to be one of the best-selling projects in Cambodia during that time and was fully sold.Martin then moved on to the property sales of The Peak for OxleyWorldbridge, which launched in 2016 in the Cambodian capital. With over 2300 units in the whole development, The Peak stands at 55 storeys and comprises a mix of condominiums, offices, a retail podium and the luxurious Shangri-La Hotel. He achieved a 100% sale of condominiums and office units and despite the challenges faced in retail during the COVID-19 pandemic had a great track record. Martin identified the opportunity in targeting foreign investors during the pandemic who could not travel.  He took the leap to venture out on his own, leaving OxleyWorldbridge in May 2022 to start his own real estate investment and consultancy firm in Cambodia - Vanguard. He prides himself on his ability to provide professional advice to investors on the property market and to offer a one-stop service in terms of real estate investment. With his invaluable experience in the local property market, he is able to assure foreign investors that their investments and properties are well taken care of. Vanguard has access to some of the leading property developments in the market and they are able to confidently inform clients about on-the-ground information in the local market and to provide a professional and reliable service on their investment journey.  Harry Martin says, “Vanguard, although we are new to the market, the team and myself have built a strong understanding of the local market and surrounding regions. With our vast experience and knowledge, we are able to provide services not only in real estate sales and leasing, but we are moving into property management as well.This enables us to gain the trust of not only local investors but also investors globally. We have also been able to build strong relationships with many local agencies. It's always about doing things differently and doing different things that set a good example.”Vanguard has exclusive agency rights to some incredibly exciting projects; The Bridge, The Peak, The Palms and the Worldbridge Sport Village.Martin added, “I am honoured to be able to be appointed as the exclusive agency for these developments. I was one of the first few to embark on a fruitful journey with OxleyWorldbridge to launch the projects, and it helped me to develop a specific skill set; in terms of planning as a representative of the developer and to engage in external activities in sales to bring the projects overseas. I believe the developer has also been able to see the value I will be able to add to the successful marketing of their projects.”The Worldbridge Sport Village is located opposite the newly built National Stadium, Morodok Techo National Stadium located in Chroy Changvar. The development consists of landed houses, 12 condominium towers, a hotel and a retail podium. Worldbridge Sport Village will also be housing all the athletes participating in the SEA Games in 2023 which Cambodia is hosting for the first time from May 5-17 2023, as well the 12th ASEAN Para Games, which are scheduled for June 2023 and the regional and global media will shine the spotlight on the area during these massive sporting events.On the development of the WBSV, he says, “the developer is working hard towards the completion of the project for the housing of the athletes and are definitely working closely with the various departments in the Government to ensure it will be a hugely successful event.”Vanguard and Harry Martin will be selective in selecting high-potential development projects they will represent and of their selection in property and asset management.There are special property promotions for customers who are interested in investing in the WorldBridge Sport Village, with as much as an 8% discount, and low and affordable monthly instalments, while buyers now have the chance to win the newest Toyota Raize as well as high-end furniture packages.

WorldBridge Sport Village (WBSV), which is built on 6 hectares of prime land in Chroy Changvar, comprises a total of 12 buildings and 265 landed properties. The massive development recently completed construction of all of its building structures and 80% of the building decorations and held its topping-off ceremony for Tower Two.The site is set to be on track to house the thousands of athletes that will call the area home for the SEA Games 2023 in May, which is one of the most exciting events in Cambodia in 2023 (if not the decade).Prime Area For InvestmentThe huge property development at WBSV is carefully being monitored by Neak Oknha Sear Rithy, Chairman of the Board of WorldBridge Group, one of Cambodia's leading real estate investors as the development will be a key cornerstone of the Southeast Asian Games next year.The first large-scale commercial and residential areas of WorldBridge Sport Village will open soon in the Samdech Techo Dragon City which is located north of the capital in an area primed for growth and development.The potential downtown area of this new satellite city near Phnom Penh is surrounded by extensive connecting public transport infrastructure projects such as new bridges and new roads, and the area has seen the addition of modern hospitals, national and international schools, gymnasiums, a 5-star golf course, shopping malls, supermarkets, and other entertainment venues.Being located in a key growth area and near the Samdech Techo National Stadium along National Road 6A - WorldBridge Sport Village is a fantastic destination and investment for those looking to enter the property market who are looking to secure their first home, which will potentially a long-term generation property and asset.Sothavatey Mom, Country Manager for FazWaz Cambodia previously said of the area and the impact of the SEA Games; “The property market will benefit in the long-term - this will happen due to the exposure from the international media in the build-up to and during the Games and the international audience and visitors that are expected to attend in Cambodia including corporate sponsors.”Vatey added “Chroy Changvar should continue its growth momentum with low-rise developments for the next decade and along National Road N6. I think most purchases will be condos and office investments in the short term but in the long term, as the demand for people to live in the area beyond the stadium grows, there will be more diverse developments.”SEA Games 2023 ExcitementCurrently, the corporate construction and architecture teams are hard at work to complete the preparation of the development to ensure it will be ready for 2023 SEA Games, which is the perfect opportunity to enhance Cambodia’s image and as a potential investment destination on the regional and global stage.Despite the impacts of the pandemic, the real estate sector in Cambodia and the projected GDP of 4.5-5% in 2023 and rising in ensuing years in the Kingdom, offer plenty of optimism. Cambodia is ready to host the foremost major sporting event in its history when the SEA Games comes to these shores from May 5-17 2023, as well the 12th ASEAN Para Games, which are scheduled for June 2023. These are expected to attract more domestic and international visitors to the host cities as well as investors to this region.Vanguard Investment and Consultancy Services Co., Ltd (Cambodia) Managing Director, Harry Martin IV, whose company is the exclusive property agency for the WorldBridge Sport Village (WBSV) said: “I believe everyone in the region has adapted a ‘wait and see’ attitude over the last two years in terms of property investment or even any form of investment.  As we have witnessed, many countries have opened up, and we are confident that the market will make a turnaround in 2023. This expectation comes as most, if not all, of the countries in Asia are open again. The enticement of investing is still within many who see the potential opportunities. And Cambodia is definitely on top of that list with the various regional advantages it has to offer.”The capital will be the centre of attention for the SEA Games and ASEAN Para Games, especially the area around the Morodok Techo National Stadium which will be used for the opening and closing ceremonies. The recently held National Games which was used as a test of the facilities was a hit, and proud nationalism is brewing in anticipation of a milestone event for Cambodia.Find out more about World Bridge Sports Village here.

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.