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Realestate News

Savills Enters the Cambodian Real Estate Market
Savills Enters the Cambodian Real Estate Market
June 6, 2022, 5:06 p.m.
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International property consultancy, Savills, signed a contract earlier this month with Keystone Property Consultants to make the local firm the Cambodia-based associate of Savills.The move strengthens Savills’ presence in South East Asia, and increases Savills’ Asia Pacific presence to 58 operations across 17 countries in the region. Sunny Soo, Managing Director of Keystone, has been working in emerging real estate markets in Malaysia, China and Mongolia since 1997. He arrived in Cambodia in 2010 and continued in the same profession. Soo says, “The hardware of the Cambodian property market is upgrading quickly; in a very short space of time, the country has become host to a new breed of world class projects that will change the city skyline beyond recognition. The advancement of these developments also means the software must keep up, and this means more professional and holistic real estate consultancy is in demand.”Savills, with their Indochina representative in Vietnam, has been in close contact with developers in Cambodia for over a decade. Hence, the Cambodian extension, through the association with a local sought after consultancy, is only natural, says Soo.Neil MacGregor, Managing Director of Savills Vietnam, said, “Current international clients of Savills were seeking investment consultancy and other services within Cambodia and Indochina region. The association with Keystone though will allow us to leverage both parties’ expertise, will further strengthening Savills portfolio across this dynamic region.”Soo also commented that a considerable amount of current projects underway in the Cambodian real estate market currently may encounter difficulties in the future due to lack of necessary preparation and calculated foresight in planning. “We are wishful for the opportunity to serve the industry and hopefully in time the market will recognize and welcome us as a valued consultant”, he said.Presently in the development of business infrastructure, expect to see the physical launch of the Savills’ association - Keystone in early 2016.
Serviced Apartments in Cambodia: Make Life Easier...
Serviced Apartments in Cambodia: Make Life Easier...
June 6, 2022, 5:01 p.m.
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Serviced apartments are the creme de la creme of the Phnom Penh, Siem Reap and Sihanoukville real estate sphere, and these luxury abodes include all amenities fit for a king, or queen.Serviced apartments are plentiful in Cambodia’s major cities, but prices are comparatively high and overall occupancy levels can be quite low. Serviced apartments are the number one choice for young professionals who want to live alone in the central city, close to work, and save time managing their home. They are also increasingly popular with families, who appreciate the privacy and quality of living in serviced apartment complexes. The supply of serviced apartments is only set to soar too - with a host of new options ready for occupancy in 2020 and beyond.What should I expect in my serviced apartments unit?When you start considering serviced apartments for rent, or possibly purchase, expect western style interior decoration, plenty of light and windows, views of the skyline, fully functioning kitchens - including ovens, clean and modern bathrooms, and expansive storage space and closets. What should I expect in the serviced apartments complex?Serviced apartment buildings will generally incorporate elevators, full security services (including a 24 hour guard, CCTV, intercom and possibly fire safety provisions), ample parking for cars and motos, fully equipped gym, and in most you can even find a swimming pool. When you live in a service apartment your landlord shouldn’t be hard to deal with - expect professional  and well-documented rental payment collection and fast feedback on requests for property maintenance. Make sure you get a good contract, here are a few tips!What should I expect in my serviced apartments amenities and services?In regards to services included in serviced apartment management fees, expect services such as house cleaning, laundry and drycleaning, fast and consistent internet, cable television, reliable water and a water heater for the shower and bath, and often serviced apartments also include full concierge service. The concierge will be able to help you navigate the city, book taxis and buses, and generally make sure everything is to your taste in your new home.  What's the price range for serviced apartments in Phnom Penh?Let’s compare service apartments vs. non-serviced apartments (prices based on Realestate.com.kh data):For serviced apartments:Lower = $600 – $800Middle = $800 – $1,400High = $1,500 ++For standalone apartments:Lower = $300 – $500Middle = $550 – $900High = $1,000 ++Check out over 200 serviced apartments for rent in Cambodia on Realestate.com.kh!
Serviced Apartment Supply Bump
Serviced Apartment Supply Bump
June 6, 2022, 5:05 p.m.
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In the first half of 2015, serviced apartment supply bumped up 14 per cent versus 2014 - meanwhile, rental prices remained similar to the year prior as a host of new offerings entered the local market. CBRE Cambodia’s recent report highlights that a total 349 additional serviced apartment units will come online within the local marketplace before mid-2016. 5797 units presently exist, and 11 more condo projects are currently underway. Check out CBRE's listings on Realestate.com.khHowever, the supply appears to be overshooting the current demand. Want to learn more about serviced apartment expectations?Overall occupancy rates of serviced apartment units have declined from 90 percent to around 70 percent at the end of 2014. However, showing slight improvement, this occupancy across all serviced apartment units rate grew to 80 percent this year, according to the CBRE report. Check out a video interview about how to find the best expat rentals in Phnom Penh. According to the report, on average, for a serviced apartment unit, a one bedroom unit or studio with 50 to 55 square meters varies from $1,000 to $1,500, two bedroom units with 70 square meters varies from $2,000 to $2,500 and three bedroom units with 110 square meters varies from $3000 to $3,500 per month, while “penthouse”units with 250 square meters are priced between $4,000 to $5,000 per month, according to the report, depending on the architecture and design. Make sure you get a good contract, here are a few tips!Check out over 200 serviced apartments for rent in Cambodia on Realestate.com.kh
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Serious Investment for Condos in Sihanoukville
Serious Investment for Condos in Sihanoukville
June 6, 2022, 5:06 p.m.
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Sihanoukville is becoming more than just a place to soak up the sun on a slow weekend; it’s attracting the interest of serious investors looking to cash-in on a growing middle class in the coastal city.Trade and tourism are the city’s biggest revenue generators and with growing numbers of tourists and business people who come to invest for condos in Sihanoukville, especially from China and the rest of Asia, property developers are looking for new opportunities to capture these growing markets.One of the upcoming properties set to make an impression of condos in Sihanoukville is D’Seaview, a 735-unit condominium to be located near Sokha Beach. The project is backed by Singaporean agribusiness company HLH Group Ltd under their newly formed Camhomes branch.  Through private subsidies, the company is marketing units as low as $33,000 for Cambodian citizens – but this subsidized investment opportunity is running out at the end of December 2015. Construction on the project is expected to begin later this year, with a completion date of 2018. New families, young professionals and other prospective buyers will have the chance to secure one of the beautifully appointed units on offer at D’Seaview available from as little as $675 per square metre. D’Seaview will boast state-of-the-art facilities including a swimming pool, a fitness centre and sauna, function rooms and a children’s playground, all catering to a modern family lifestyle and all with a view over the ocean. Real estate experts say major condominium projects such as D’Seaview will bring international standards to the city and draw more sophisticated investors. See full details of D'Seaview, condos in Sihanoukville here! Clement Dupont, a property market watcher and investor based in Sihanoukville, said D’Seaview will give the city a new image, one of luxury and liveability rather than just an affordable holiday destination. “This will make people realize that condos in Sihanoukville is a worthwhile place to invest money and attract homebuyers who are looking to live and work in a comfortable, classy environment, as the city’s economy grows from year to year.” “It’ll definitely be interesting to see how the property market pans out once D’Seaview is complete,” he added. In the first eight months of the year, Sihanoukville airport handled a total of 65,698 passengers, with total arrivals at 35,882, up 149 per cent and 140 per cent year-on-year, respectively. Lucky Air recently launched direct flights from Kunming to Sihanoukville, becoming the first Chinese carrier to offer year-round regular scheduled service to Sihanoukville. “Many Chinese have come here to invest and live and work,” said Y Thearin, a Sihanouk Provincial Hall representative. “Their investment in the city has become important to the way condos in Sihanoukville is moving forward,” he added. The Chinese influence is certainly becoming noticeable as Chinese-backed casinos and hotels multiply rapidly. One of the largest properties to open recently is the 135-room White Sand Palace, which will also feature a casino set to be open next month, in Occheuteal. The casino industry has doubled since last year to 15 casinos, with an additional five applications pending approval. Spurring this growth is the potential of online gambling which is being offered from the majority of Sihanoukville casinos, says the spokesperson Ministry of Economy and Finance, Ros Phirun. Paralleling Sihanoukville’s growth is its property market, with land prices going up fast especially in areas where infrastructure is being improved, says Ruslan Gronov, manager of Sihanoukvilla Real Estate and Consulting. “The new road that is being upgraded from Sokha to Independence beach is resulting in more land available for sale, while prices are also going up around Otres beach where the road joining National Road 4 and the airport are going up.” Gronov says the rental market for small residential properties has not changed much amid the city’s growth but rental prices for commercial properties and full buildings have gone up considerably since November last year as the hospitality industry thrives and Chinese business people living in the city push up demand. Here is another article considering the benefits of living and investing in Sihanoukville! Gronov said the lowest price for a one-bedroom apartment with a kitchen is around $250 per month, located in the downtown area away from the beach. For a similar property near the beach the price is around $100 more. “If you rent commercial and full building, the prices have changed a lot but for residential and small houses it’s the same.” “It is a good time to invest here in condos in Sihanoukville. Some areas are still growing and the price is growing fast.” Check out the investment opportunity here!Gronov added that the cheapest land prices are around $200 per square meter for land not close the beach, while some of the highest prices are in Otres and the Golden Lion, the city’s most prominent landmark just a short walk away from Occheuteal Beach where land can go for about $1,000 per square metre. Sihanoukville has maintained a crucial position in the country’s trade and manufacturing sectors and is set to capitalize on this as the government looks to construct a 190-kilometre-long, 25-metre-wide expressway linking Phnom Penh and Sihanoukville on National Road 4. This project is said to begin next year and finish in 2020. Sihanoukville is home to the country’s largest port and one of the largest special economic zones, but set to create competition is the development of the Stung Hav Port. LCH Investment Group acquired the more than one thousand hectare Stung Hav site in 2005 and began in 2007 constructing the site’s small port about 4 km from the entrance. The smaller port opened in July 2012 and handles general cargo but not containers. However as of January this year, American and Singaporean investors pledged investment that will result in construction of the port starting in January 2016. This will take approximately two years to build and once complete, hopes to attract the business of around 75 factories in the Sihanoukville Special Economic Zone who currently use the Sihanoukville port for shipping. Management says the first step will be to build the International port next year and then the economic zone, and hopes to offer more competitive prices to the main Sihanoukville Port and SEZ, which has around 75 mainly Chinese-owned factories who currently use the Sihanoukville port for shipping. Take a look at D'Seaview's convenient finance terms here.
Property Developers Consider CSX Valuations
Property Developers Consider CSX Valuations
June 6, 2022, 5:05 p.m.
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As interest grows in the nascent Cambodia Securities Exchange amid announcements of new floats tentatively scheduled for 2016, real estate agencies push for approval to become panel valuers—the sole legal mediator to value property holdings while pursuing an IPO. Thus far, members of just six real estate agencies have been granted approval for IPO appraisals in Cambodia: V Trust Appraisal, Real Estate VMC Cambodia, CBRE Cambodia, Bonna Realty Group and the most recent entrant joining this month, Knight Frank Cambodia.Although activity on the Cambodia Securities Exchange (CSX) was initially slow, with the Phnom Penh Water Supply Authority listing in 2012 and Taiwanese-owned Grand Twins International listing in mid-2014, Ross Wheble, country manager for Knight Frank Cambodia, believes that the recent activity indicates growing confidence in the Cambodian economy and finance industry as a whole. “Which is a positive sign for Cambodia’s real estate and construction industry,” he said. The recent announcement that Hong Kong-based property developers, Eastland Development, expressed interest in listing on the CSX follows a number of similar announcements by companies such as the Phnom Penh Special Economic Zone (PPSEZ), TY Fashion and Sihanoukville Autonomous Port. [caption id="attachment_79853" align="aligncenter" width="297"] Mr Kuy Vat, VTrust Appraisal Co., Ltd.[/caption] If Eastland’s promises come to fruition and other real estate developers follow suit, “this shall enable investors who may not be able to afford to buy a property a chance to participate in the growing real estate sector by indirectly investing through the purchase of shares within real estate companies,” said Wheble. Regardless if a company like Eastland pursues a listing, a publicly traded entity would bring in the much needed transparency to a vague property market where financial capital and level of investment is often kept in the dark. But besides that, it would allow more investors to enter the market without having to put down the large sums to acquire property directly—and at lower risk. “Small investors will have a chance to invest in the property market,” says Kuy Vat, president VTrust Appraisal, meanwhile “the developer can mobilize more cash and spread the risk. Of course, the CSX will also receive a boost in public confidence with the announcement.” [caption id="attachment_78669" align="aligncenter" width="255"] Ross Wheble - Country Manager of Knight Frank Cambodia[/caption] Simon Griffiths, associate director at CBRE Cambodia, suggests that for property developers with an established and diverse portfolio, new projects in the pipeline, and a well-financed organisation, “risk is diversified and can be stabilized across sectors to some extent” by joining the stock exchange. While diversity is important, especially in the real estate and property developers market which often faces turbulence, “as we saw during the last global economic crash,” said Griffiths, a certain amount of risk will always remain. “Buyers of any stock would consider this and hedge their bets,” he said. However, if more property developers join the CSX, Griffith’s believes that it would allow for investors to capitalize on developments. It could also issue in the unique potential for Real Estate Investment Trusts (REITs)—a type of security that invests in real estate by combining property or mortgages, thus providing more liquidity and high dividend yields. While Kuy believes that there would certainly be an increase in liquidity, additionally, it would also provide a secondary market for investors who want to easily trade out of their investment. “This means adding more lubricant to transactions [across other] sectors,” he said. [caption id="attachment_79857" align="aligncenter" width="225"] Simon Griffiths, CBRE[/caption] But while it is highly debatable if foreign property developers are even considering listing, property valuation is an important step in the IPO process that requires companies to open their books and disclose their assets. “A company is required to have its real estate assets valued to determine its Net Asset Value (NAV),” explained Wheble. But with only six accredited panel valuers currently operating in Cambodia, Griffiths highlighted the high standards required to gain entrance into the club. A foreign agent has to be security checked in their home country and in Cambodia and academic and relevant valuation experience and qualifications need to be verified, he said. One such accreditor that can audit an agent or a real estate company that wishes to be a panel valuer, is the Royal Institute of Chartered Surveyors—a London based organization that values property worldwide. “[Royal Institute of Charted Surveyors] adheres to strict and internationally recognized valuations guidelines, practices and methodologies,” said Griffiths. For smaller, local real estate agencies, the demand for CSX valuations remains too small of a market to service, and with qualification thresholds currently out of reach. [caption id="attachment_79081" align="aligncenter" width="300"] Kim Heang. CVEA[/caption] “Until this stock exchange grows significantly,” Kim Heang, president for the CVEA, suggests, “local agents will continue to focus on [regular] property valuation.” “It is great to have more, and more professional, panel valuers in the industry - so that we can compete with professionalism and quality rather than on price,” said Kuy. However, “considering the market and volume of assignments currently available, the CSX valuations market for local agents likely won’t grow dramatically in the short term.”
Featured Agent Profile: Furi Real Estate
Featured Agent Profile: Furi Real Estate
June 6, 2022, 5:05 p.m.
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Realestate.com.kh would like to present another of our featured agencies – Furi Real Estate Co., Ltd.Furi Real Estate is the largest pure condo agency in Cambodia, in regards to agencies, agents and overall sales. In late 2012, Furi Real Estate founded a trade mark limited company under the new brand name: FURI Real Estate Co., Ltd. Furi Real Estate attributes 98 per cent of their condo sales over the last three years to Khmer buyers, according to CEO Ly Senleap. Furi Real Estate encourages locals to sell land, pool their savings and buy sets of condo units as live-in investments. By buying several units or a floor at one time, these buyers can save on market prices. Furi Real Estate currently has an exclusive listing over “The Bay,” an already-renowned condo complex being built on Chroy Changvar by the Singaporean-based TEHO-SBG Development Co., Ltd. Check out The Bay, from Furi, today on Realestate.com.kh today!"Our vision is clear," says Senleap: "To create a state of the art experience in buying and selling real estate, in Cambodia and Southeast Asia. We pride ourselves in understanding clients needs by building trust and developing lifetime relationships." Furi Real Estate seeks to provide excellence in investment services. Services always push to ensure outstanding and accountable services with integrity to customers, honesty in commitments, transparency with no hidden costs, building relationships and, ultimately, achieving great results. Invest with the best! See another superb development from Furi - The Diamond Twin Tower! Furi Real Estate is unique organization built around understanding their clients’ true need of investment. Whether it is location, size, or price - Furi will have the right fit for your needs through our property network across Cambodia, Singapore, Indonesia, and Hong Kong. Furi's real estate, product design, development, sales strategy management, and networking services are customized to meet each client’s unique needs. Check out two exciting listings from Furi Real Estate on Realestate.com.kh today:The Bay and Diamond Twin Tower.
Expat rentals in Phnom Penh: What you should know
Expat rentals in Phnom Penh: What you should know
June 6, 2022, 5:07 p.m.
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Welcome to the first weekly real estate news report for December, 2015 - brought to you by Realestate.com.kh, Cambodia’s home of real estate, and the leading real estate news source in the Kingdom. This week we talk with Grant Fitzgerald, general manager for IPS Cambodia, about finding the best expat rentals in Phnom Penh. To introduce this week's guest: Grant Fitzgerald is an Australian citizen, who has spent the past six years working in Cambodia and China, and has developed a solid understanding of the complexities of real estate in Phnom Penh.Before joining the IPS real estate company as General Manager, Grant worked for an investment and business consulting firm as a Project Manager specializing in project valuation, due diligence, business planning, financial modeling and fund raising. Grant has also worked in the microfinance industry, focusing on project development and implementation. Grant holds a Bachelor of Commerce majoring in Economics and Finance from Curtin University in Australia, as well as a Post Graduate Diploma in Applied Finance and Investment.Grant, what are the top 3 areas that expats should consider when moving to Phnom Penh? What are the benefits of these areas for expat rentals in Phnom Penh?BKK1 is the most popular area for expat rentals in Phnom Penh. Tonle Bassac and Russian Market offer more value for money and are upcoming areas with a lot of new bars and restaurants. What sort of amenities can expats expect when moving to a home in Cambodia? Are there serviced apartment options? House cleaning? etc.For a serviced apartment you can expect: cleaning, internet, cable TV, parking, security to all be included in the price. There are plenty of options in town now for those looking for a pool and gym too. For standalone apartments, these services are usually excluded and it’s up to the tenant to organise.What are the most common concerns for expats when moving to Cambodia and looking for expat rentals in Phnom Penh?Usually the first question that pops up from new expats when they move to Cambodia is security. Most people jump on information websites and forums and read up a bit about the city before they arrive and usually have heard some stories about security issues in various areas and bring up security as one of their requirements. Another common concern we get is being near construction, new expats often hear horror stories about certain apartments being surrounded by construction which is obviously not ideal.What are the lower, middle and upper end prices an expat should expect to pay when moving to Cambodia and looking for expat rentals in Phnom Penh for serviced apartments:Lower = $600 - $800Middle = $800 - $1400High = $1500 ++For standalone apartments:Lower = $300 - $500Middle = $550 - $900High = $1,000 ++What are the secrets to securing a great expat rentals in Phnom Penh at a good price? Look around – there are plenty of apartment options in PP. Know your requirements. Don’t rush – head out, take a look at some properties and then relax and sleep on it. Look for a long term lease – longer term lease gets you more bargaining power. Get help - agents don’t charge fees to the tenant and should be an expat in PP and negotiating with clients.Could you please explain some the top things an expat should be aware of when signing a lease agreement in Cambodia? Be clear about the services included. Maintenance is another area some people get caught on. A lot of landlords here will refuse to pay for repairs and some people get stuck with costs they didn’t expect. Conditions if you break the lease are important to know – and it is not unusual to lose your deposit. Price of electricity should be defined in the contract. And becareful your new home is not too close to ongoing construction.What are the typical prices for utilities such as electricity, water, internet, cable etc monthly?Electricity: $0.25/kW – 1 bed between $40 and $80/month depending on a/c. 2 bedroom you are probably looking at around $80 – 120/month for moderate use. Water: $2 - $10/month.Wifi: $12 - $60/ month, depending on download limit and speed.Cable TV: $5 - $10/month.Cleaning: $30 for one time month, $60 for twice per month.What’s the best place to start an expat rental search?IPS Cambodia and Realestate.com.kh websites are great tools to get you started. Here you can find the largest selection of quality expat rentals in Phnom Penh.What are some of the benefits of using IPS Cambodia to source an expat rentals?  Firstly, we are a completely free service to all tenants. We are expats helping expats - We know all the ins and outs with negotiation, contracts and we have long standing relationships with landlords. This means we can often get discounts or conditions not available to the general market.Thanks for tuning in to this week’s real estate news report - brought to you by Realestate.com.kh, Cambodia’s home of real estate, and the leading real estate news source in the Kingdom.Make sure you subscribe to our Youtube Channel to keep up to date with the latest real estate news and analysis.Looking for real estate for rent in Cambodia or real estate for sale in Cambodia?
Realestate.com.kh on BTV
Realestate.com.kh on BTV
June 6, 2022, 5:06 p.m.
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Don't miss Realestate.com.kh on BTV Cambodia Real Estate and News Talk Show.Mr. Siv Meng, presenter at BTV Cambodia Real Estate and News Talk Show, talked with Realestate.com.kh director, Mr Tom O’Sullivan, about his inspirations for starting Realestate.com.kh, and his forecasts for the Cambodian real estate market. How long have you been in Cambodia?I have been in Cambodia now for 3 years. First I lived in Battambang and needed to find a place to stay. I remember finding it very difficult to find an apartment to rent online, and it was clear to me that there was an opportunity to create a real estate portal. Cambodia needed a website where you can find all property listings for sale and rent across Cambodia in one place, and you can contact any number of real estate agents from the same website. I was tired of looking on individual agency websites, where information was not clear or up to date. A real estate portal brings home buyers and renters convenience! When you look for properties online first, you don’t need to travel around town looking at properties that may or may not fit your criteria. Our company originally planned to launch the website alone, but then we met Bong Chenda Moek, the founder of Realestate.com.kh. He started the website in 2009 and was already doing great job with the website, and creating a lot of sales inquiries - but ultimately he was under resourced. We had technological skills to help him, and access to resources - and he had local knowledge that we desperately needed. We want Realestate.com.kh to suit Cambodians, and this is always been our goal. Understand what the market wants and needs, and bring that to our customers! How does the Cambodian market compare to other ASEAN markets?Regionally, Cambodia is on the front foot for foreign ownership laws and creating attractive conditions for FDI. Regional neighbours such as Vietnam and Thailand are much slower to accept foreign influence, and this means Cambodia remains ahead of the pack in terms of  FDI. This is helping Cambodia catch up to these larger markets. Is there an oversupply of condos, approaching 2017-2018?I understand this is becoming the hot question for the Cambodian real estate market, as is worrying some investors and developers.But condos still appear to be selling, and meanwhile the market of potential buyers, both foreign and international, is expanding quickly. There is nothing to say that demand won’t continue to grow, even if supply exceeds expectations in the short term. Of course, it is no secret that chinese investment in coming thick and fast to Cambodia, and this trend seems set to continue. Having spoken to many property developers recently, and learning from their observations - it is clear that the increase in Chinese property investment in condos continues to be a growing force. As the Chinese market sees fluctuations, Cambodia is increasingly becoming an investor’s haven, buoyed by the USD.Furthermore, with increasing congestion in the city of Phnom Penh, it seems likely that we will see an increase in condo buying from the younger generation of Khmers over the longer term. Lifestyles are changing and this will influence demand in the future. Want to see more great real estate news interviews? Check out the Realestate.com.kh youtube channel and subscribe today!
Construction Resumes for Gold Tower 42
Construction Resumes for Gold Tower 42
June 7, 2022, 1:24 a.m.
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Abandoned for two years, Gold Tower 42 yet again promised that construction would resume on the long dormant project. This time, however, construction will begin in February 2016 and will be completed by 2018. Similar claims were made earlier this year, when the company promised it would resume construction in March of 2015, with a completion date of 2018.According to the Ministry of Urban Planning and Construction, Choi Jong Hae, CEO and Chairman of Yonwoo Cambodia Co, Ltd, who owns Gold Tower 42, requested permission to continue construction by sending a letter. Lao Tip Seitha, Deputy Director General of the General Department of Construction at the Ministry of Land Management, Urban Planning and Construction, confirmed that the ministry had received the letter. Seng Bunna, CEO of Bunna Realty Group, said that if the project actually begins, yet again, it would be a good sign that the Koreans have faith in the Cambodian market. However, he said that he was unsure if the owner of the property was truly committed to the project. But, from a construction materials point of view, now would be the logical time to resume construction because the materials, primarily all imported, have declined in value alongside the drop in regional currencies as the US dollar has remained strong, he said. “Now would be a good time to build, but to attempt to sell, now is not the time,” he said, hinting at the lack of faith investors have in the project. Siv Meng, Phnom Penh Post, Post Property.
Prince Central Plaza: Redefining Tonle Bassac
Prince Central Plaza: Redefining Tonle Bassac
June 7, 2022, 2:10 a.m.
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Prince Central Plaza represents a new age of living for one of Cambodia’s most exciting and desirable districts: Tonle Bassac. “Local people are starting to have a concern about good location and land - demand for premium land is very high right now,” says a spokesperson of Prince Central Plaza - and this is why Tonle Bassac was the obvious choice. Located on the exclusive Norodom Boulevard, the landmark development is just minutes to Independence Monument, Aeon Shopping Mall and various embassies. The building will have 37 floors in total, with the bottom three dedicated to the retail plaza and restaurants. Inspired by classical art deco lines and style, Prince Central Plaza will fast become an architectural icon of the neighborhood. The unique design is the product of American DF International Building Design Co., Ltd., a company that has already completed around 300 engineering design projects, spanning more than 20 million square meters. The Mansion House – the premium residence within the Prince Central Plaza project – offers a range of 1 to 3 bedroom condominiums, studio and SOHO units, all beautifully furnished with elegance and class, stunning balcony views of the city skyline, and finished with the latest amenities for modern living.The units will all have services provide by the 24 hour concierge staff, including International platinum housekeeper services.The Interior design of all Prince Central Plaza units have been formulated with taste and art deco elegance, by Shenzhen Guangtian Design Group Co., Ltd., a listed Chinese company with a renown portfolio of real estate projects. Inquire today to visit the showroom!Landscape design is also a key element of Prince Central Plaza, with delicately crafted surrounds in both the communal and private gardens of the residential complex. These have been designed by TTR Design Co. Ltd., a company with a wealth of experience designing and implementing gardens for resorts, hotels and recreational facilities across China.The beautifully designed infinity pool gives residents a place to relax and unwind; an impressive, fully equipped gymnasium and a fitness room will help you and your family keep healthy; shopping at your doorstep is assured – with the plaza’s malls; and an international standard business center will guarantee a convenient lifestyle for modern business people. The construction of Prince Central Plaza has already begun, under the management of China Construction Co., Ltd., China’s largest and most renowned real estate and construction enterprise. This will be another benchmark project for a company with many already in its portfolio. Prince Central Plaza is set to be completed by 2018.Check out the new development or Prince Central Plaza listing today on Realestate.com.kh!Find out property for rent in Phnom Penh or property for sale in Phnom Penh!
Knight Frank Approved for SECC Valuations
Knight Frank Approved for SECC Valuations
June 6, 2022, 5:06 p.m.
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Knight Frank Becomes the Latest Real Estate Company to be Approved as a Panel Valuer for the Securities and Exchange Commission of Cambodia: As part of the listing process, a company is required to have its real estate assets valued to determine its Net Asset Value (NAV). Established in 1896 and opening their Cambodian office in 2008, Knight Frank, which is the world’s largest privately owned real estate consultancy, has become the latest real estate company to be approved as a panel valuer for the Securities and Exchange Commission of Cambodia. With over 440 offices in 58 countries, all valuations undertaken by Knight Frank are carried out by professionally qualified valuers, and all valuation reports comply with the highest of standards set out by the International Valuation Standards Council (IVSC), giving investors total confidence in the value of a company’s real estate assets. Check out Knight Frank's listings on Realestate.com.kh here. The recent announcement that Hong Kong-based developer, Eastland Development (HK) Ltd, has expressed interest in listing on Cambodia’s stock exchange follows a number of similar announcements by companies that are also looking to list on the exchange, including the Phnom Penh Special Economic Zone (PPSEZ), TY Fashion and Sihanoukville Autonomous Port. Check out Eastland's property for sale here. If the companies indicated above list on the Cambodia Securities Exchange (CSX) as intended, real estate companies will represent one half of the listed companies (based on number of companies and not market capitalisation) on the CSX. Although activity on the CSX was initially slow, with the Phnom Penh Water Supply Authority listing in 2012 and Taiwanese-owned Grand Twins International (Cambodia) Plc listing mid-2014, the recent activity indicates growing confidence in the Cambodian economy and finance industry as a whole, which is a positive sign for Cambodia’s real estate and construction industry. The announcement by Eastland Development (HK) Ltd signifies their commitment to Cambodia over the long term and also their confidence in the Cambodian real estate sector. Furthermore, it also enables investors who may not be able to afford to buy a property a chance to participate in the growing real estate sector by indirectly investing through the purchase of shares within real estate companies.
Eastland Development announces plans for IPO 2016
Eastland Development announces plans for IPO 2016
June 6, 2022, 5:04 p.m.
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Hong Kong-based developer Eastland Development (HK) Ltd has announced plans to list on Cambodia’s stock exchange within a year. Sam Yang, the company’s CEO, said during a recent company promotional event that Eastland is working with a local underwriter to prepare to float shares on the Cambodian Stock Exchange (CSX). “The application will be ready early next year and the company will have an initial public offering in September next year,” he said, adding that Eastland intends to be the first foreign-registered company to list on the CSX. Yang said that the purpose of listing was not just about raising funds for its projects, but also to raise the confidence of its investors and allow them to be part of a high-standard property firm. Read a related article: Knight Frank authorized to conduct IPO valuations.  Eastland Development (HK) Ltd is a branch of China’s Guangzhou Yuetai Group, a real estate developer with over $1.2 billion in assets. Eastland is focused on real estate development in Cambodia, and claims to have invested $60 million in three projects here: East One Apartments, East View Residence and East Commercial Center (ECC). Phnom Penh Securities, the underwriter for the IPO according to Yang, could not be reached for comment yesterday. Sou Socheat, director-general of the Securities and Exchange Commission of Cambodia (SECC), said he had not received any letter or official documents from the Eastland yet, though he welcomed its intention to join the stock market in Cambodia. He said some foreign-registered companies have submitted letters of interest to list on the CSX, though nothing is official yet. In addition, the SECC is also reviewing the applications of three local companies that intend to list within the next year, namely Phnom Penh Special Economic Zone (PPSEZ), TY Fashion and Sihanoukville Autonomous Port. Sor Chandara, Phnom Penh Post Want to invest with Eastland? Check out their properties for sale on Realestate.com.kh: East One Apartments, East View Residence and East Commercial Center (ECC).
New Market Dawns as Oknha Tastes Go Oligarch
New Market Dawns as Oknha Tastes Go Oligarch
June 6, 2022, 5:06 p.m.
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After defining high-end taste in Russia, China and Thailand, an Italian luxury home-décor company aims to conquer the villas market of Cambodia’s rich.Greeted by gold-gilded tables, intricately carved gold-leaf headboards, and polished tiles of marble and ceramics, one would feel as though they had just stepped into a magical place reminiscent of the Winter Palace in St. Petersburg or an oligarch’s lavish home. In actual fact, this place strikes much closer to home. With its palatial and baroque items on display at the launch of their showroom on November 22, Azza Décor is the first of its kind in Phnom Penh; a luxury home-décor company specializing in Italian interior design, mainly in the market for furniture and lighting, tiles and bathroom furnishing and kitchen fittings. Every distinctive product has a “Made in Italy” tag, while its exclusive brands boast of names like Versace (Ceramics), Valentino, Bastianelli Home, and Socci, amongst many others. Marco Cipriani, area manager for CIAC Group which supplies furniture to Azza Décor, explained that, “our first market all over the world [for this style of furniture] is the Russian market, as the Russian people love to buy these types of gold leaf furniture.” However, at $165 per pop for one Versace Ceramic tile-piece or $10,000 for a Versace sink, the question is whether such ornate and lush furniture is prohibitive here in Phnom Penh. “Since our expansion in other Asian countries like China and Thailand, we feel it is time that this kind of furniture comes into the interior market in Cambodia,” Cipriani said. Minea Prach, Azza Décor’s sales and marketing manager, explained that the Phnom Penh launch was due to the exponential growth in the construction sector and an increasing appetite for luxury goods among a few. “Our main target audience is the high-end niche market of those who own private residences or villas,” Prach said. The influx of foreigners and foreign businesses in Phnom Penh does seem to complement the opening of such a company. Azza Décor seemingly fits in with the high-end residences, exclusive condominiums and villas that have been springing up over the past few years. Lorenzo Martini, founder of architecture and interior design company Lorenzo Martini Design Studio, offered his insight on the home décor style that appeals most to Cambodians, as well as how luxury interior décor companies will fare in the Cambodian market. In reference to what style of interior design piques the locals’ interest, “Cambodians with a budget manage to implement what I would say a Neo-Baroque, or Transitional Classic [style],” Martini said. “People would call it ‘classical’, but is a classical style with exaggerated curves, patterns and textures, heavy to the sight, which draws on baroque but while sharing its power, it doesn’t share its elegance. It’s a style that is popular in most developing countries,” he continued. On how high the demand for such a niche market is here, Martini said that it is tempting to affirm a high demand given the number of showrooms showcasing luxury furnishing in Phnom Penh. However, this pertains only to a pocket of very wealthy people who may not have an idea of what defines a real luxury product. Therefore, many end up purchasing overpriced products without much discernment. “I’m happy to see [Azza Décor] stepping up the game, and will give a run for their money to many other shops currently selling average products at high prices under the pretense it is luxury,” Martini said. There is no such pretense at Azza Décor, with each product guaranteeing its authenticity of quality and branding. Partly echoing Prach’s words, Martini said, “I don’t see the market as being ready for luxury commercial projects just yet, I think luxury products are almost exclusively employed in high-end private residences.” Azza Décor currently works closely with luxury housing developer The Bay, managed by the TEHO Group, in supplying materials to them. Having sold a considerable number of products before and during the launch to owners of private villa residences in BKK 1, Borey Orkide, and Borey New World, Azza Décor looks set to make waves in this small, but powerful, pocket of Phnom Penh’s elite. Hanamariya Halim, Phnom Penh Post, Post Property
Make your Home Quieter
Make your Home Quieter
June 6, 2022, 5:06 p.m.
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There are lots of easy things you can change in order to make your home quieter, and fetch a higher market price. Sam, a local Phnom Penh real estate agent recounts: “I recently checked out a villa home for sale along the main road out of Phnom Penh, Road number 4. The main road there is very loud and dusty - as you may know. But, as soon as I walked in the large gate of this 4 bedroom villa for sale, I found that the owners had created a peaceful garden sanctuary behind the thick and tall street fence. Inside this secret garden wasn't loud or dusty - and it was hard to tell the main road was not far away. This owner had very-cleverly created a quiet home setting able to offset the property’s location shortcomings.”The trick is to stop street and/or neighborhood noise from entering the house. You can do this by adding: Botanical gardensWindow glazingWall insulationBlindsTall secure fences: a good landscape designer will use walls, fencing, plants, hedges and other noise cancelling techniques to bring down the noise levels of your home.Generally - using noise-reducing materials when building or renovating is the best way to start when trying to cut your home noise down.In the design stage consider having bedrooms and living areas away from the noisiest parts of the building. What is the value of a quieter home?For some, such as Brian, who lives on central Street 51, Phnom Penh - the noise is offset by his surroundings:"I'm a heavy sleeper, so I can handle the late night music outside my apartment window. For me, it is a welcome trade-off for being able to walk 5 meters outside my home and be immersed in the heart of Phnom Penh City - I personally love the smells, sounds and great food all at my doorstep! And no need to pay for transport."However, according to Realestate.com.kh data, most of the housing market does put a higher value on quiet homes. Having your home on a quiet street can increase its value by thousands of dollars, if you can find the right type of buyer. The value of peace and quiet is highly sought after by many property seekers, and this is known by valuation professionals. Homes on noisy main roads generally lose 10% of their value, as compared to homes in the same area on quiet side-streets.Want more articles similar to this? Check out Realestate.com.kh now!