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

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

Why Is Cambodia An Excellent Investment Opportunity?The reasons to invest in Cambodia are many. Cambodia is a relatively young nation with a rich, old culture. It is a relatively untapped market, offering potentially substantial upside to foreign investors looking for green field investment opportunities. There is plenty of room for improvement in terms of the legal and judicial climate, but the current head of government -- Hun Sen -- has been in charge for more than 25 years, providing uncommon levels of stability in a country that was wracked by war not that many decades ago.  Rami Sharaf, Member of International Advisory Council, APCO Worldwide, and a well-known advocate for the Cambodian market, says that, “the major attraction for foreign investors considering whether they should invest in Cambodia is the ASEAN-member nation’s steady economic growth; phenomenally steady growth: 7.5 per cent average for the last 5 years, year on year. This puts Cambodia as the number 21 worldwide in growth, and number 1 in the region.” The Current Outlook:The country enjoys a relatively low cost of living, which helps keep wages low, thus making it a place investors can get their feet wet with relatively low risks. The government has liberal business policies and is actively seeking to attract additional foreign investment. It is a beautiful country with a rich heritage, fueling opportunities in tourism. It has an unusually good geographic position, giving it access to some of the largest, most active and growing markets in the world. Due to its membership in ASEAN, it has access to the ASEAN Free Trade Area.ASEAN is kind of like the European Union for the Southeast Asian Nations. For comparison, the countries of the European Union have 508 million people and the ASEAN countries have 625 million people and are a less mature market, providing vastly more opportunity for growth. Additionally, Cambodia has been designated one of the Least Developed Countries (LDC), which gives it preferential access to both the European and North American markets. Cambodia joined the Association of South East Asian Nations (ASEAN) in 1999.This multinational organization has substantial goals of economic development for the group of countries located roughly between Australia and China, many of them island nations. If ASEAN were a single country, it would have the seventh largest economy in the world, after the US, China, Japan, Germany, France and the United Kingdom. Please note that Germany, France and the United Kingdom are all members of the European Union, the organization ASEAN is hoping to emulate to some degree.Additionally, Cambodia is midway between China and India. Very recently, India displaced China as the world's fastest growing economy. Due to its location, Cambodia has excellent geographic access to both of this huge, emerging markets. The wealth of the future is practically guaranteed to be determined by who has access to these extremely large and very fast growing markets. In 2010, the China–ASEAN Free Trade Area (CAFTA) became a reality, giving member nations access to a trading block of 1.7 billion people. ASEAN also has an agreement with Australia and New Zealand that creates yet another free trade area in the other direction (AANZFTA).In addition, talks are under way between India and ASEAN, which could create a similar trade block. Last, Cambodia's LDC status gives it preferential access to some of the richest markets in the world for certain products.In 2003, the Heritage Foundation's Index of Economic Freedom ranked Cambodia 35th among 170 countries in terms of economic freedom. This puts in on par with Japan and places it well ahead of many of its neighbors in the ASEAN community. Thus, it constitutes one of the most open economies in the region. At that time, the Index of Economic Freedom commented on positive governmental policies.Obviously, the country's qualification as one of the Least Developed Countries has some downsides, such as limited infrastructure and widespread poverty. But, increasingly, there is evidence that foreign companies typically provide both better pay and better working conditions for local nationals. This means that investing in an LDC can be a case of doing good while doing well.You can feel good about the improvements your investment is bringing to the country while also being happy with the benefit to your own bottom line. In fact, the poverty rate in Cambodia has dropped dramatically from 47.50 percent in 1993 to just 23 percent in 2011. So while it is still a poor country, it is seeing incredible forward progress. This fact helps ensure that investment will be profitable for the investors.Cambodia has been noticed for its unusual degree of market-friendliness for an LDC. The areas of note include:Opportunities in Tourism: Unlike its neighbors, such as Thailand and Vietnam, Cambodia explicitly desires to attract foreign investment in its tourism sector. Tourism is the area in which Cambodia rightly most wants to attract foreign investment. This goal is little different than its neighbors like Thailand , Vietnam and most recently even Laos. In recent years, tourism to Cambodia has exploded, enjoying double digit increases many years and hitting 4.5 million tourists in 2014. In 1992, Angkor Wat, the world's largest religious monument, was named a World Heritage Site. It attracts significant interest, fueling growth of hotels and other amenities in the nearby town of Siem Riep. While it is certainly the best known site in Cambodia, there is no shortage of cultural heritage and natural beauty for attracting additional tourism dollars to the country. Development of hotels, golf courses and other amenities are a strong market. The government has a track record of dealing progressively with this development segment, such as at the Phnom Penh International Airport.Agricultural Investment Opportunities:An abundance of water and fertile land combined with affordable local labor creates significant opportunity for agricultural investment and development, such as in organic farming and agro-processing. Foreign partners bring not only capital, but also essential knowledge and skill to the table. The combination of forces is very often a win/win for both sides. Although land cannot be owned by foreign investors, access to land is readily available via 99-year leases and joint ventures where a local partner owns at least 51 percent of the equity. Some hot agricultural areas include: fisheries, rubber processing, sugar processing, jute, palm oil refineries, and large varieties of tropical fruits and organic produce.Foreign Direct Investment (FDI): Throughout the 1990s, Cambodia attracted increasing amounts of Foreign Direct Investment. Malaysia got in early and captured a great deal of "first mover" benefit, as well as concessions for their investments, such in mining and forestry. Cambodia has come a long way since Malaysia first took notice of the country in terms of internal improvements and development, yet there remains a great deal of room for additional growth. The good track record of improvement combined with so much remaining upside is a situation that is extremely attractive for investors.  Want to know more about Cambodia's real estate market? Keep yourself in the loop through news and updates from Realestate.com.kh!

The urban planning and construction panel discussion held as part of the second Global Alumni convention (GAC) at the Intercontinental hotel on Saturday 30th January 2016 presented the figures of 151 borey projects currently underway, 186 real estate companies in operation in Cambodia and that there will be approximately 20,000 condos in Phnom Penh by 2018. This fell into a wider discussion about the proposed Phnom Penh City Master Plan 2035, and how the city can sustainably grow into the future...So what implications does this have for the sector and the investor?There were several questions raised at this year’s GAC event around construction quality control and the legality of the building and construction industry if the Royal Government seeks to achieve its vision of a Phnom Penh City Master Plan 2035. “How do you know that this building is built to standard?” asks H.E. Dr. Sok Siphana, legal advisor to the Royal Government of Cambodia, “There’s a lot of issues around quality of construction, especially if you are building 20-30 stories. How do you know who is qualified?” The government sought the assistance of the experienced legal drafter, Dr. Sok Siphana, to develop a comprehensive building and construction law to regulate the industry, and this experience has no-doubt influenced somewhat the Phnom penh city master plan. “Good construction is a business within itself and it’s good for the economy,” says Dr. Sok Siphana, “Quality class A building attracts reliable investors. How do you attract sub-regional companies to set up in Cambodia in low quality shoddy buildings? We have to regulate the industry and the practitioners within it. We have to introduce the concept of certification.” Dr. Sok Siphana says that public safety is paramount. “For example, in general, the current laws governing contracts for boreys do not protect the consumer. As the State, we have to think about the public... How to ensure that there’s no fraud and that the public are safe, and that buildings won’t collapse while you’re still paying the mortgage.” So how will people within the sector build their knowledge and understanding of the law and how will it be enforced? How will they be educated on real estate technical skills such as quality building codes, practices and property evaluation?That being said, the Phnom Penh City Master Plan 2035 seemingly must come as part of a wider regulatory reform framework. And, so it seems, tertiary and vocational training development throughout Cambodia. Kim Heang, CEO of Khmer Real Estate and current President of the Cambodian Valuers and Estate Agents Association (CVEA), says that the peak industry body plans to start a training institute after Khmer New Year with the view of providing essential technical vocational training for the real estate industry. “We plan to create a specialised institute - as the bulk of the dirty work is not done by the architect or engineer; it’s done by tradesmen. In Cambodian culture we value high position professions but forget about these trades such as plumbers and electricians. These people have a lot of value. This is where the role for vocational training lies. Not everyone can decide to be a crane operator and just go and do it”, he says. Kim notes that the CVEA has the full support of the Ministry of Banking and Finance to undertake their training institute project later this year, “We have the backing of the ministry for a real estate training school. Over the next year we plan to provide three months vocational training in agency work and property valuation.” Simon Griffiths, Associate Director of CBRE, believes along with technical training, realtors need to take the lead in upholding high standards. “Standards and quality all exist in Cambodia. We need real estate firms to take the lead to act responsibly while those valuation standards and new laws are being put in place. The industry as a whole needs to recognize the importance of valuation and not bend the rules when it suits because the impact it can have is very severe. ANZ and the other banks will know the risk of improper valuation.” “Cambodia has so much potential,” says Kim, “We have to compete with our neighbours now we are part of the Asean Economic Community (AEC). We hope our trainees will go out and even work abroad, then bring back this knowledge to Cambodia to advance the real estate industry as a whole”.

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

Spring CJW Development Pte Ltd is excited to present Axis Residences as the pioneering condominium in Phnom Penh to adopt sustainable solar PV technology (Solar Panels) into the development. By doing so, Axis Residences will be the first and the only condominium in Cambodia that incorporates this innovative green feature that benefits the buyers with both a stable electrical supply and a reduced utility and maintenance bill. It is also nice to know that your home is supporting the reduction of carbon footprint for our mother earth and elevating a cleaner Cambodia into the new century. South-east Asia enjoys an abundance of sunshine all year round; making the harnessing of solar energy highly viable in this region. Currently, Thailand leads the way for solar power in South-east Asia with more solar power capacity than the rest of Southeast Asia combined. In terms of solar potential, Thailand lags behind the USA, but is ahead of Japan. Spring CJW Development Pte Ltd aims to be the first developer that leads the embracement of green sustainable solutions and strive to contribute in making Cambodia the next solar power hub.SolarPVExchange (Cambodia), Asia-Pacific’s Largest Solar Marketplace, is also the first ever online marketplace in Asia-Pacific that revolutionize solar PV marketplace with their matchmaking and crowd funding platforms by bringing together the Initiators (owners), Installers (Solar PV installers) and Investors.  The intuitive online platform enables everyone to interact with the whole platform; satisfying solar customer’s needs by standardizing and simplifying the current solar PV installation and financing process. SolarPVExchange (Cambodia) is currently in process and in discussions with various clients in Cambodia; including hospitals, banks and factories to bring about sustainable PV solutions into Cambodia and into the South-east Asia region. SolarPVExchange (Cambodia) will design and construct a 217kWp solar PV system for Spring CJW Development Pte Ltd latest property development, Axis Residences in Phnom Penh. The solar system being installed at Axis Residences will allow residents to enjoy the use of the condo’s facilities, such as its huge indoor gym, 4 luxurious swimming pools, multi-purpose rooms, games room and lounge using clean sustainable solar energy to power them. At its peak capacity, the solar PV system being installed on the roofs of the condo will generate enough power to run 14 air-conditioning units to cool Axis Residences’ indoor gym, multi-purpose rooms and children's playroom and facilities. Alternatively, the energy produced is enough to power up to 111 of the water pumps for Axis Residences’ swimming pools, and also to cycle water into the homes of its residents. By utilizing clean renewable energy from the sun, all residents at Axis Residences benefit from cheaper maintenance rates and likewise reduce the carbon footprint of the condo in its entirety. The green energy generated from the rooftops of Axis Residences reduces CO2 emissions equivalent to that of 3222 trees every year. Axis Residences is the forerunner for new quality condo developments in Cambodia - and firmly believes that innovation as such will pave the way for future condo and commercial developments in considering the incorporation of clean sustainable energy sources in their design. Axis Residences’ buyers will enjoy the clean, green and responsible lifestyle – so don’t miss out on this opportunity. Inquire today and visit the world-class showroom.And…do remember while being impressed by the quality and design, you might just be rubbing shoulders with a few of our very own Cambodia’s celebrities…

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

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

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

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

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

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

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

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

Axis Residences is bringing a unique standard of quality to the Phnom Penh condo market. Already, whilst the Singaporean-inspired project is still under construction, Axis is becoming a pop culture icon among a new generation of Khmer's looking for their first home in central Phnom Penh. The Axis residences showroom, now open in Phnom Penh, is built to the exact specifications of the completed units, as per international standards. This authenticity gives visitors to the Axis showroom a perfect understanding of the look and feel of their new condo home-to-be. But not only are the Axis Residence's units impressing customers, with early sales off to a flying start, the sleek and contemporary design is also impressing Cambodian celebrities and film makers. Recently, the renowned film production company, Hong Meas HD TV, has been using the Axis Residences showroom to film various drama series and movies. The directors and producers of these productions are well-aware that the younger generation of Khmer are craving a higher standard of living, and a taste in design style that the market currently sorely lacks. Because the Axis showroom epitomizes the style and quality that the new generation of home buyers are craving, and feature brand name appliances and fixtures throughout, it is only natural that Axis Residences should be the ideal location to film these popular films and drama series. Spring CJW, the renowned Singaporean development company behind Axis Residences, however, is well-aware that many younger Khmer interested in purchasing their first condo home currently lack access to sufficient finance to make such a dream a reality... With that in mind, Spring CJW has created a very attractive 15 year end-financing package in partnership with Phillip Bank, uniquely designed for their customers. As the payment schedule for this loan is based on each construction stage, off-plan buyers will only have to pay as each stage of the development is completed. The Partnership between Axis Residences and Philip Bank The Phillip Bank loan package, available to Axis Residences buyers, only charges interest for the amount that is supposed to be paid. For example, if the sub-structural phase of construction is competed, just 10% has to be paid to the developer by the end-buyer. This means that customers who purchase via the Phillip Bank loan will only need to incur interest for that initial 10%. This is not a common practice at all in Cambodia, as most projects will charge the loan interest on the full sum owing, and few banks are willing to support condo buyers. Not only that but, again uniquely, the principle sum for the Phillip Bank loan will only be payable at the completion of the Axis Residences project in its entirety, which is around 2 years later. Customers who use the Phillip Bank loan option will thus be looking at only around a $90 installment payment per month for the first year. This is not only affordable for young buyers, but acts as a guarantee that the project is completed to the promised standards, in the promised timeframe. Although this is Spring CJW's first condo project in Cambodia, they have entered the market to stay - and customer-friendly initiatives such as this are a testament to that! At Axis Residences, younger buyers are offered a chance to secure a state-of-the-art home on finance terms that they can genuinely afford. This is a golden opportunity for young couples to own a new home with a lifestyle that will be the envy of their peers for many years to come. If you would like to learn more about Axis Residences, click HERE to check out the full listing on Realestate.com.kh today. Inquire directly with Spring CJW and join their friendly and knowledgable property consultants right here in Phnom Penh for a tour of the famous Axis Residences showroom. Don't forget to bring your camera! Click HERE to request an information pack today!

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

The Cambodian real estate industry has a larger proportion of women ceo’s, founders, managers and leading salespeople than many other business sectors in Cambodia. This is interesting, because not so long ago these positions were dominated by men in Cambodia.With this in mind, Realestate.com.kh spoke with Cambodia’s leading women in real estate to find out why real estate is providing a unique platform for women to build great careers and rise above their male colleagues to top leadership positions:Tang Hour, president of Amatak Property Service:When did you begin your real estate career and what first attracted you to real estate?“I first started real estate as a hobby. My family expected me to stay at home and look after the house. But that’s not my style. I wanted my own job and my own income. So for a start, I would buy some cheap apartments and houses near my home and renovate them myself, and then sell them on for a higher price. I would buy and sell a new house every 3 to 6 months. In 2014, I began working as an agent for a local company. But as a freelance agent, I had a very low salary, split commissions and lots of competition within the company. Meanwhile, I could see the real estate and construction markets booming all around me. I saw it as a great opportunity at the perfect time - so I started my own company, Amatak Property Service. Since then, I have not looked back.” What has been your greatest achievement since you began in the real estate industry? “I am proud to be my own boss. And I am proud to say that I don’t need to find clients anymore - my clients now find me.” Why is the real estate industry an attractive career for Cambodian women? Does it offer a better opportunity for career growth than other industries? Why? “Anyone with sales skills can find a place in the real estate market, whether they are a man or a woman. Before I got into real estate I was in the beauty industry and had my own spa and sauna business. I have always had a passion for sales and an ability to close deals. These skills are crucial in real estate and I guess that is why real estate was a good fit for me. Before, Cambodian society did not grant women freedom to pursue their own careers. We were expected to stay at home. But now, Khmer woman are becoming leaders in business, and not just in real estate, and other women are being inspired by this. When Khmer women are inspired by each other, we will keep growing as leaders in business. Everybody can benefit by learning from each other. So, if we are fellow real estate agents, we are not competitors - we are partners. It is a state of mind.” What advice would you give to other women (or anyone) considering starting a career in real estate? “Education and training is crucial in real estate. For my company, I am always training, teaching and mentoring my staff. If we teach, we all grow and become better at our jobs. For company leaders, we must focus on education and teaching our staff about the market and each and every property you sell. If we don’t understand the properties we are selling, we will never sell them. Inspiration and mentoring is so important, because when people are inspired by others they have confidence to do things themselves. Surround yourself with people who are excellent and they will inspire you to grow as a person and a professional. Actually, when I first started Amatak I had recently met a friend much younger than me who had just launched his own company. I said, “wow, but you are so young to have your own business!” But it also got me thinking - I could do that too. And I did. I have also had an inspirational friend who lives outside Cambodia and works in real estate in the US and Singapore - they shared knowledge with me and helped push me to start my own company.” Thida Ann, senior associate director at CBRE Cambodia:When did you begin your real estate career and what first attracted you to real estate?“I first started my real estate career in early 2010 at the Accounting and Admin department. I have a thorough understanding of business regulation, taxes, and compliance. I recognized that the frontier market in which we operate presented great opportunities for the development of a real estate sector in its infancy, plus the opportunity offering within the organization. I later moved my career to Marketing and Management. Now, I am the head of CBRE Cambodia and we have 27 dedicated team members.” What has been your greatest achievement since you began in the real estate industry? “For the last 6 years, I have broadened my market knowledge, consulting on a number of Cambodia’s largest, and most formidable projects, which has provided me with invaluable local experience and provided me the opportunity to develop my regional experience, working with both domestic and international clients.” Why is the real estate industry an attractive career for Cambodian women? Does it offer a better opportunity for career growth than other industries?  “I strongly believe in teamwork, having both men and women staff which can provide the balance in coordination when providing successful services. As of today, women are now able to complete a range of jobs similar to that of male focused roles. However, most importantly, I believe that the ultimate success depends on skill and expertise, rather than gender.” What advice would you give to other women (or anyone) considering starting a career in real estate? “It is never too late to start any job that you like. Be confident and do not be afraid to take on new responsibilities. It can be challenging taking on tasks that you have never tried before - but you should view this as a learning opportunity. It is important to be passionate about what you do. I love my job and that really helps me focus. If you do not enjoy what you do, it will be difficult for you to be dedicated to that career 100 percent.” Grace Rachny Fong, learning director at Century 21 Cambodia:When did you begin your real estate career and what first attracted you to real estate?“I began my real estate business about four years ago together with a few of my friends. At first we targeted expats looking for house rentals. Real estate is an important contributor to the country’s GDP and accounts for significant employment and investment opportunities for Cambodians. It has also put Cambodia on the Asia-Pacific map as a place for investors to invest and seek good returns on their investments.” What has been your greatest achievement since you began in the real estate industry? “I am now conducting real estate training for agents and owners. I genuinely believe that the Century 21 University which I am now heading can be the game changer for local real estate agents and owners. We are bringing a mindset change from those trying to become a “kokchhear” or traditional broker (a degrading Khmer name for a broker), to instead becoming a professional, ethical, knowledgeable, skillful and respectable agent through further training and education.” Why is the real estate industry an attractive career for Cambodian women? Does it offer a better opportunity for career growth than other industries? “Women in real estate do have an important role to play. More so, when it comes to opening doors for themselves and their male counterparts to make and close deals. Male and female property owners are more open and welcoming to ladies, especially when they receive phone calls from women in real estate. The real estate industry offers both full time and part time opportunities, meaning women with family can opt to work part time if need be. It’s perhaps also easier to sell or rent out their own properties and earn a better income for their family, and on their own properties. Real estate is generally easier to sell than other consumer products/services, as many people tend to heavily invest in properties.” What advice would you give to other women (or anyone) considering starting a career in real estate? “They must be willing to work hard, be smart and be professional. They must also be willing to invest their time and some money to learn things about real estate and develop through soft skills training. But, to succeed in real estate there is really no magic except for a strong commitment and willingness to work hard to gain trust.” Somnang “Lucky” Cheam, ceo of Lucky Property Services:When did you begin your real estate career and what first attracted you to real estate?“In 2005 I first started to work in real estate because i had good communication skills, honesty and commitment to clients - that is why I soon had great connections and referral clients. From the year 2010 until 2015 (August) I worked with one local real estate company, and I was a 5% shareholder in that company. When I started, I worked as admin and later became an agent. After success in this role, I became the Khmer director, taking care for khmer staff as well as selling properties as an agent. The company then changed their policy - so I decided to sell my shares and started my owner company: Lucky Property Services Co., Ltd. from September 2015.” What has been your greatest achievement since you begun in the real estate industry? “My timing has been very good. The real estate market in Cambodia, starting from around 2009, has seen a huge quantity of transactions from both local buyers and sellers, and international investors. For me, starting my career around this time, this offered great opportunities to make real estate deals as an agent, and build my connection network too.” Why is the real estate industry an attractive career for Cambodian women? Does it offer a better opportunity for career growth than other industries? “Most women in Cambodia cannot do this job because to become a woman in real estate you must commit time and money into training, education, property and client networking. And once you are an agent, you need to commit your life to the clients. But, if you are lucky to have a husband who understands this well, then you will be able to find a balance in work and family. For me as a single mom, I work hard like a man but I enjoy this job very much because I can see a lot of opportunities in this country. You will find success though only if you are committed. You cannot be lazy in real estate, because every minute is money! Lots more women can have a place in real estate though, whether full time or part time, because the market is growing very quickly, which equates to opportunities for sellers. More condos, link houses etc. are coming online everyday - I just hope the demand can match the supply.” What advice would you give to other women (or anyone) considering starting a career in real estate? “As you know, real estate is not always easy! You need to constantly take care of your client and take them to visit the properties that suit them - sometimes in town and sometimes outside the city. For me, my second house is my car because most of the time I am looking for new properties to list, or taking clients to see properties! Also, you need to be wise and careful, because not every client is a good client. Make sure that you know the property you are selling inside out - and do your homework before you take the client to visit.” Related news :

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

Realestate.com.kh spoke to the leaders of the Cambodian real estate market to find out what type of trends we are likely to witness in the property market in 2016.Sunny Soo, managing director of Keystone, Savills Cambodian associate: “For the last 6 months, the speed of apartment transactions have softened significantly in Cambodia, especially those projects heavily targeting foreign buyers - and one would only assume this trend to continue into 2016, especially when the volatility of regional economies continue to be a challenge and the Cambodian economy as a whole moves slower than the real estate market boom, the market will eventually face adjustment. The coming election in 2018 may also prompt some developers to start considering holding onto their development plan for now, unless 2016 proves to be a good year for transaction. Nevertheless, it seems that landed developments as well as projects targeting locals will continue to see higher demand as the middle income group continues to grow bigger. All in all, there are still good opportunities for real estate developments in middle-end offices and hotels. The Cambodian market will continue to remain significant for investment consideration among the countries in this region in 2016.”   Simon Griffiths, associate director at CBRE Cambodia:“For 2016, confidence in the Phnom Penh real estate market, with particular reference to the condominium market, will be low within Cambodia with commenters stating oversupply and too-rapid growth causing oversaturation, ultimate leading to exposure to risk.Interestingly, this sentiment will not be reflected outside of Cambodia, in particular relating to Taiwan and China where inbound investment is expected to grow from consumers and developers alike. However, Singaporean investment is likely to cool.Developers who have not launched schemes pre-2016 are likely to continue to progress with development plans but unlikely to consider exclusively condo developments.  Mixed-use schemes, as well as freehold strata title office and retail space, are likely to become more popular as the potential returns in these sectors are realized both locally and internationally.Hongkong Land Development’s “Exchange Square” shall be ready for tenants to fit-out in November 2016, bringing a second high quality Grade A building to Phnom Penh and a very interesting life-style mix for tenants.”   June Zeng, investment adviser at Da Yu Real Estate:“In my opinion, 2016 will be a rather different year for property developers and real estate agents alike. The major fact everyone has to face is that gone are the days when anyone who had a piece of land in town could make a fortune simply by building something on it. The age of professionals have come, which consequently means Adios to the amateurs.In the city of Phnom Penh, market performance will strictly favour the few projects that score high in two aspects: excellent product and professional marketing. Anything short of either, I'm afraid, is very likely to bring about disappointment.The immediate question Phnom Penh is soon to face within this year is not whether or not there are too many condo units in the market, but why aren't there enough small-sized and affordable units for the young middle class and expats.So, 2016 is the year for many to re-examine demand, which isn't a bad thing at all as that's how a market learns to mature. Despite Phnom Penh's new challenge, the nearly uncharted waters of other provinces are still fresh. 2016 is also the year we might hear major success stories from other fast-growing cities - Sihanoukville, to name the most potential one.”    VA Vireak, chairman of Century 21 Fortune Investment:“Cambodia’s property market in 2016 is very challenging and it’s very hard to predict about its future for this year and beyond.On one side, there are some challenges with increased supply (houses, condos, apartments, offices, …), and the possibility of global economy impacts (mainly from China and the region), the interest rate and bank loan policy (which may be changed), the exchange rate from US Dollars to other currencies (the strong US Dollar), etc.On the other side, Cambodia’s economy can maintain the growth of around 6.9% till 2018, the population growth rate in the urban areas as well, and the AEC (ASEAN Economic Community) integration.Economic growth means more income to the country and to the people as well, therefore the GDP per capita will be increase, so people can have more money to buy the property - of course if there is not too much inflation. Population growth in the city triggers the demand for the housing, as most developments are based in cities only. The AEC integration will bring more skilled workers and specialist, so this new labour pool can help to boost the demand, especially for the condo, apartment and office space.All these factors can help to balance on the real estate market.”   Van Chanthorn (John), managing director of TownCity Real Estate:“The property market in Cambodia will be better than in the previous years for the following reasons.The ASEAN Integration will bring more expatriates to Cambodia. When expatriates come, whether tourists, investors, employees, students, workers or interns, the first thing that they need is accommodation, a place for business, an office, or hotel for a temporary stay. So when they come, it is not only a direct benefit to Cambodia but indirect as well. Cambodians can earn more money and will have the purchasing power to buy other products. When this happens, finally the locals will have enough money to invest in property.Cambodian Returnees who have stayed abroad for a long time have now graduated in their adopted countries and look to Cambodia with new, innovative ways of doing business. When the new businesses enter the market, the properties and offices are their first requirement. These returnees and expats will also seek a higher standard of living, meaning condo demand should pick up also.Bank policy is also changing, and this will boost the lower income real estate market. For the previous 5 years, the banking sector has increased year by year, and still more banks will come. As more competitors come, the policies of the banks are becoming more and more accommodating to Cambodian investors and young couples seeking their first home loan. More appropriate loan policies will drive up demand for low to middle range flats and villas across the market.Government Policy to encourage international and local Investors will also develop in 2016. When the government implements new policies to encourage the private sector, more businesses will come - and when businesses come, people have jobs, better salaries and a higher standard of living. Thus, there will be greater demand for property investment and homes for stay as well. In particular, the real estate sector is monitoring the government's plans to expand the city, and develop infrastructure in suburban areas."   Sharon Liew, ceo of Huttons CPL:“2016 will be a very challenging year for the property market in Cambodia. With owners and investors spoilt for choices for condominium and the country's upcoming elections, buyers are getting more cautious on their purchase. Personally, I feel this is a better start as cautiousness leads to more informed buyers, and this also helps to prevent the exploitation of over-promising developers. The market has upgraded more to commercial properties as is the current trend, and this is another challenge for local buyers needing to absorb the commercial investment value which is rather new in this market. Overall, through experience, I always believe that "Prime property will hold it's value" and "the Early & well-informed bird always catches the worm".”   Chee Yap, project director at Grand Phnom Penh International City:“Currently, there are so many unknown factors within the country, and both regional and global issues.First of all, I suggest the “actual” absorption and digestion of exponential land price growth in 2015 will be something very interesting to watch in 2016.Meanwhile, various factors will exert pressures on the local real estate market, in uncertain ways: such as minimum wages rising to USD 160 per month; local undercurrent political issues; Cambodians adjusting to improving regulations ( i.e. Traffic Law, Tax Law, Forestry Law etc.); the dropping of oil prices below USD 30 per barrel; the appreciation of the USD currency against other major currencies in 2016; and the regional influence of a booming Jakarta and increasing demand in other major regional centers. With these things on the horizon, be prudent and conservative for 2016.Last but not least, Grand Phnom Penh’s Fantastic Water World Waterpark will be completed in mid-February this year and will be the talk of the town during Khmer New Year.”   Ross Wheble, country manager of Knight Frank Cambodia:“With signs of softening in certain sectors, some developers are diversifying. Whilst the supply of retail and office space will approximately double by 2018, the supply of condominiums will increase by more than six-fold. This has led to a recent slowdown in sales rates of condominiums and developers are looking at alternative asset types to appeal to investors.TC Royal Asset Manor was one of the pioneers in this area with the launch of stratified office units in their TK Royal One development. This has been followed by a raft of new stratified office developments as developers seek to diversify away from the condominium sector and we expect this trend to continue into 2016.Equally, with more funds being allocated to infrastructure improvements, we are seeing increasing investment in the industrial sector as multinational companies assess the benefits of setting up operation in Cambodia, particularly along the border with Thailand. We also expect to see growing demand for agricultural land as foreign companies seek to take advantage of a more mechanised approach to farming, providing higher crop yields and better returns than the more traditional methods currently used in Cambodia.”   Alex Evengroen, general manager of Khmer Real Estate:“My forecast for the property market in 2016 is that there will be a large shift from buying properties to investing in land.Cambodia became part of ASEAN and this means that the country will be flooded with highly skilled and hungry Real Estate professionals and investors with a lot of inside knowledge. The M2 price keeps going up and so it is inevitable that at one point people start to look at other and more creative options….This is in my opinion land. There will also be a change in demographics regarding the land market. More will look for (low priced) land in the other provinces like Kep, Kampot, Sihanoukville and others closer to the borders. One of the issues I expect is the oversupply of mostly condominiums which will at a certain point lower the prices and will have an effect on the investments people make to buy these properties.  If this is not well monitored and guided many people could get into financial difficulties. One very important positive change that I see will be the unification of the official Real Estate companies under the scepter of the CVEA. This will result in a better understanding and sharing of upcoming and expected changes and needs within the Real Estate industry, and will also eventually eliminate the people who do Real Estate on the side without the proper papers or required knowledge. We do have to understand that we have to work hard and smart to keep going in the right direction, the direction that will benefit the people of Cambodia and safeguard their investments in the industry. This also means that it is important to keep communicating frequently and act on decisions made to reach the required upgrades.”   David Kim, ceo at Informax Property:“The core sector of new developments will shift from pure residential toward mixed commercial and residential developments in 2016, a trend we are already beginning to see.Due to new residential shifts during 2014 and 2015 to the suburbs of Phnom Penh, these areas now need commercial facilities such as shopping centers, hospitals, offices and schools.Expect to see a rush from mainland China. While Singaporean and Taiwanese developers were the main developers for 2015, now mainland Chinese developers with large capital are starting to launch projects in Cambodia. When they start promoting these projects in China, more and more Chinese investors will consider investments in Cambodia.Industrial development along the borders of Cambodia will enjoy the benefits of the AEC. Cambodia has a good business environment for regional expansions such as low tax, low labor cost, freehold property, and prime logistical connectivity to other member countries of the AEC. When the AEC goes through, the biggest handicap of Cambodia - namely it’s small domestic market - will not be handicap anymore.These 3 issues will be main things to watch in Cambodia's real estate market in 2016.”   Kim Heang, president of the CVEA:“I name the Year 2016 as “the Year of Condo Construction” as you can see the construction of Condos across the City, especially in Khan Chamkarmon, Daun Penh, 7 Makara and Khan Toul Kork.There will be around 18 000 to 20 000 Units of Condo by 2018, this amount is too much for the local market but it is still a small amount for the ASEAN Market. Developers need to find out their own market or create their own market for their product. Also, the Cambodian Government needs to attract more investors to help the Condo industry.The land price has increased too much in 2013, 2014 and 2015 - so the price in 2016 will not increase too much. It should be just 5 to 10% for land in down town, and still around 20% for land outside the city.Boreys for the Middle Class and High End clientele have reached their limits, so it is better for the developers to focus on the lower income and new family markets, especially for the flat house at around 30 to 45K - instead of flat houses at 80 to 100K for the middle class, or 200 to 300K for the high end client.Warehouses need to be moved from downtown as the price keep increasing for their land. The savvy warehouse owner needs to sell their land for big money and shift their business elsewhere!Serviced Apartments in prime locations such as BKK1 and nearby areas are doing good business. However, lower standard apartments will disappear and be replaced by higher end apartments.There will be investors coming to buy factories in Cambodia as we have great advantages for industry. In particular, no tax to the EU, USA and other Asian countries, and low labor costs. However, there are too many demonstrations in the industrial industries recently - thus, the Government needs to take the action and find a solution to the issues of workers.”   Desmond Yap, general manager of Yong Yap Properties:"Cambodia will continue to be an investment hotspot - especially with its continual integration into ASEAN and the government enforcing laws to ensure a cleaner business environment."               Check out a 2015 info-graphic review from Realestate.com.kh here...

The National Committee on Management and Development has halted construction along Sihanoukville’s Otres Beach and also announced that some existing buildings will be demolished.The news comes as the Royal Group's proposed construction of a port on Otres Beach (to support development on Koh Rong) was abruptly halted this week, under order of the government.  According to Neb Samuth, Tourism General Director, in a recent Khmer Times report, Otres Beach has been selected by the ministry as a model case for ensuring that bays and beaches remain environmentally friendly. This protection is being implemented in order to encourage more domestic and international tourists to the coast of Sihanoukville and its islands. Samuth went on to say that a “Coastal Master Plan” is likely to get approval from the Ministry of Tourism and other government ministries in the middle of this year. Other fresh news on realestate.com.kh, Cambodia's #1 Real Estate news source: Chroy Changvar plot, open for bids & Property Registration Fees Waived for Family Members