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Legal Ownership in Cambodia: CVEA’s Public Forum
Legal Ownership in Cambodia: CVEA’s Public Forum
June 6, 2022, 5:04 p.m.
Events & Announcements
Realestate News
The Cambodian Valuers and Estate Agent Association (CVEA) will be organizing a public forum on “ Legal Ownership in Cambodia ” for all stakeholders and workers in the real estate sector to discuss topics on legal property aspects.  The upcoming Legal Ownership in Cambodia public event will mainly focus on four significant segments which included:Types of property titles in Cambodia from 1979 to 2017How to transfer property title and stamp duty for both soft and hard titleHow to calculate a yearly property’s stamp duty and unused land taxHow to prepare the property, buying, selling, and leasing contractThe Legal Ownership in Cambodia event will be held on February 26, 2017 from 7:30am to 12:00pm at the Cambodia-Korea Cooperation Center (CKCC) in Phnom Penh.The Legal Ownership in Cambodia forum is open to all real estate industry experts, students, and to the general public in order to promote knowledge sharing and learn in regards to Cambodia’ property ownership laws.Entrance will cost $5 for BBA students and $10 for the general public.CVEA members can send up to three representatives from their company free of charge.For more information and for registration about the Legal Ownership in Cambodia forum,  contact Mr. Moth Vanneth through:  Phone: 069 211 268/ 069 527 944, Email:   vanneth@cvea.org.khFind out more the latest real estate news on Realestate.com.kh
D’Seaview Sihanoukville: Construction moving forward
D’Seaview Sihanoukville: Construction moving forward
June 6, 2022, 5:06 p.m.
Realestate News
Sihanoukville is one of Cambodia’s premier tourist destinations and fastest growing cities, which has recently became a target for many property developers. Find out why Sihanoukville is Cambodia’s next real estate boom town...Some developers are focused on the tourism sector, which is attracting millions yearly due to the province’s white sand beaches; others are looking to the residential realm - where modern accommodation is in demand for seasonal holiday makers, workers and managers for the Special Economic Zones within and around the city; and local Cambodia investors looking to buy their next dream home in Cambodia’s next up and coming city.Sihanoukville, in comparison to Phnom Penh and Siem Reap, presents a more extensive growth prospect for Cambodian property investors - due to the various fundamentals at play here: tourism is a strong pull for foreigners and affluent locals. Meanwhile, Sihanoukville has a strong economic and is industrial focus, with many international companies currently investing large capital for operations here. This population of working foreigners, in addition to consistently increasing tourist arrivals - suggests a future rentals market in Sihanoukville that is likely to buoy residential investor returns in the coming years.Camhomes was one of the first-mover’s in the Sihanoukville residential market with their maiden condo project “D’Seaview” – a majestic high rise alongside the city’s beautiful coastline.HLH Group is a Singapore listed company with significant experience in residential developments in other markets; and Camhomes represents HLH Group’s “Property Division” in Cambodia.D’Seaview is strategically located next to the popular and picturesque Sokha Beach, raised on almost one hectare of land area, with a total of 737 residential units of one, two and three bedrooms apartments. This project will be a mix development featuring condominium units, commercial units as well as a hotel. Residents and guests will be able to enjoy common facilities such as the swimming pool, gym, lush garden and a squash court.The construction started in January 2016 and progress has picked up very quickly: the foundations are rising at an impressive speed and 100% of the piling work has already been completed. The company is now focusing on the main building construction and the construction of the carpark underneath is now underway and right on schedule. Camhomes believes in: choosing the best quality materials for the development and is making all the necessary controls in order to ensure long lasting quality of each and every unit. A temporary office has also been set up and is ready to welcome those interested in visiting the site.Camhomes is working closely with Shanghai Bao Yue (SBC), a subsidiary of MCC (Cambodia), its main construction builder, on the planning and execution schedule in order to avoid any delay and complete the construction on time. The construction is expected to be completed by the 3rd quarter of 2019 - and units will be ready for handover to buyers.The development offers a wide range of unit choices to meet the needs of both local and foreign customers. Prices are being priced reasonably and competitively and D’Seaview is in cooperation with Maybank (Cambodia), to cater to buyers financing options for loan up to 25 years at 70% of purchase price - and a 9% interest rate.Learn more about the D’Seaview project today!
Join the Habitat Condos Open Days, 9th and 10th of February, Tonle Bassac
Join the Habitat Condos Open Days, 9th and 10th of February, Tonle Bassac
June 6, 2022, 5:06 p.m.
Events & Announcements
Property Reviews
Realestate News
Habitat Condos is one of a kind exclusive luxury condo development in Phnom Penh with only 13 units, located within 14 floors, on cosmopolitan Street 21 in Tonle Bassac – one of the most sought after residential districts, 200m from Aeon mall, and Bassac Lane with its trendy bars and restaurants.To celebrate the close of construction and the upcoming first handover of units to buyers, this coming Thursday 9th and 10th February, the developers of Habitat are cordially inviting prospective buyers to come and visit the completed units.The Open Home event will run from 8am - 8pm on Thursday the 9th and 10th of February. PROSPECTIVE BUYERS ONLY are welcome at the event (this event is not for real estate agents, none to attend). Starting prices for the completed units begin from $232,000 (just $2,600 p/sm).  Habitat Condos, from an investment perspective, offers very few uncertainties and no developer risk. Units are now ready for handover, with guaranteed full freehold ownership upon signing and handover as the strata titling process is completed.Investors will have an asset yielding a yearly rental return rate between 7% to 9% immediately, thanks to the units’ exceptional appeal to those searching for exclusive luxury, stunning design and volumes, and high-end natural materials & finishes, all in secluded privacy while in the heart of Phnom Penh.Constructed to international standards and quality, Habitat Condos meets all embassy employee residence guidelines, with fire, electrical, security and construction standards of first-world quality and safety.All units include beautiful hardwood floors, harvested from sustainable forests in Cambodia by a reputable international company, with full line traceability. Electronic key systems come standard, with CCTV throughout, and fire-fighting systems and codes in place, complemented by smart TV connections and ceiling ducted A/C systems in all units.Also inclusive to the property are dedicated community areas which include a rooftop saltwater swimming pool, gym, and BBQ area on the upper rooftop. The top floor duplex units offer stunning views and benefit from a private direct access to the recreation facilities.And from a capital appreciation point of view, Tonle Bassac is a district where property values show strong resilience thanks to its increasing appeal underpinned by the proximity of Aeon Mall, Naga hotels and casinos, luxury duty free shops, new restaurants, bars, and high end developments.But come and see for yourself on Thursday 9th and 10th - 8am to 8pm. ALL MUST RSVP BEFORE THE EVENT (No Walk-Ins): Matthew Tippetts: Matthew.tippetts@m-invest.capital - 010 927 450Find out more about Habitat Condos today!
Festival of Sustainable Design coming up in Phnom Penh
Festival of Sustainable Design coming up in Phnom Penh
June 6, 2022, 5:04 p.m.
Events & Announcements
Realestate News
At the end of March, local NGO Building Trust International will be hosting the first ever CAMBOO Festival over the course of a week in Phnom Penh’s Freedom Park. The open festival will see 6 of Phnom Penh’s finest Architecture and Engineering universities battling it out in a sustainable building competition, each school’s students designing and building bamboo displays on site for the judges. On top of this, the Festival will showcase the Kingdom's finest environmentally friendly construction and architecture technology. Realestate.com.kh caught up with David Cole, the founder and director of Building Trust International to learn more about Cambodia’s first Sustainable Design fair. David first came to Cambodia to deliver flood resistant housing to communities affected by severe flooding in 2013. Since then he has helped design health facilities, schools, recreation areas and community based ecotourism infrastructure. He lives with his wife and young daughter in the capital and the design office he opened here, COLE Architecture+Design, continues to grow and take on new projects and support sustainable development across the country and region.   1) Tell us more about CAMBOO 2017:The CAMBOO Festival at the end of March will showcase Cambodia's rich natural environment with spectacular bamboo buildings and structures providing spaces for people to get to know local industries and local artisans. While promoting natural products and social enterprises that protect and promote some of Cambodia's best assets: natural landscapes and traditional skills. Six of the top Architecture and Engineering Universities from Phnom Penh are collaborating with us to design and build pavilions for the Festival. Building Trust are hosting an international design competition for the design of the temporary central hall space which will be a main feature of the Festival. The design challenge is already gaining the CAMBOO Festival international exposure. The week long event will host stalls in an eco market space along with shows, demonstrations and daily activities for people of all ages to get involved with.2) What's the purpose of the event?We want to celebrate Cambodia's natural resources and landscape and promote the amazing new industries working with natural products and providing sustainable development strategies that protect and enhance the environment for all those living in Cambodia and Southeast Asia. I work in the field of architecture and development, we are getting asked more and more to think about sustainability. In fact it is this growing interest in materials like bamboo that has provided the name to the festival CAMbodian bamBOO.3) Who is supporting the event?We have the support of a number of organisations doing great work with Ministries of the Environment, Fisheries and Forestry. We also have the support of the Municipality of Phnom Penh who have been kind enough to allow us to use Freedom Park. We are looking for more people and organisations that would be interested in being part of the event holding classes, shows or reserving one of the market stalls to promote and sell their products. We are also on the lookout for companies that may want to sponsor the cause and advertise their brand alongside such a worthwhile event that will attract a diverse mix of people to the central Phnom Penh civic space.  4) How about the architecture competition?Building Trust international have just announced their 7th international design competition which seeks to find an innovative design proposal for a landmark pavilion structure made from bamboo. The bamboo piece will be the centre of a CAMBOO Festival in Phnom Penh, Cambodia this March. The competition challenges architects, designers and engineers to provide a design solution which has the chance to shape the future of building with bamboo globally. This is an open International competition hosted by Building Trust International to encourage wider appreciation of bamboo and its use in construction. The goal is to generate progressive contemporary design ideas that Building Trust international and sponsors can actively work towards. We hope that the event will capture international media attention and perhaps even become an annual event.5) And how can readers join the event?Check out the CAMBOO Facebook event page, as we will post more information of daily events and make sure to keep the end of March free so you can drop by Freedom Park. We look forward to welcoming you there along with many other exciting organisations and brands.This story was a co-production of the Khmer Times & Realestate.com.kh “Property” Liftout. The section is available every Wednesday in the Khmer Times newspaper, with 10,000 copies distributed across Cambodia every day. Contact us today for advertising opportunities in the Khmer Times/Realestate.com.kh Property liftout. James Whitehead, director of content @ Realestate.com.khFind the latest real estate news now on Realestate.com.kh
A look into the most spectacular borey in Phnom Penh, their location and prices
A look into the most spectacular borey in Phnom Penh, their location and prices
June 6, 2022, 5:01 p.m.
Realestate News
In the past years Phnom Penh’s lifestyle has seen a rapid shift from traditional to a more modern one. People are changing their mindsets as well as way of living; within real estate this can be seen in the fast rise of condominiums and borey, which have given local market its necessary momentum.Currently, those interested in investing in a property in Cambodia can enjoy a very high offer; of course, caution should still be applied when choosing any project. The ministry warns the buyers to ensure that the projects for purchase have legally obtained licenses from the relevant ministries. As a matter a fact there is already a number of projects in the city have been declared illegal, thus buyers must be extra careful.Luckily the majority of the projects provide confidence to the public due to their reputation, experience, quality, and the investment opportunities attached to them. Realestate.com.kh has gathered some of the​ best borey in Phnom Penh whit a price range of $40,000-300,000:1. Borey Peng Huoth has been a popular project for quite some time now. It is located in well developed areas including Peng Hout Oknha Mong Reththy street,  Peng Huoth Phsar PC market, and Peng Huoth Road 6A. A unit at Borey Peng Huoth, starts at $60,000 and works its way up. Borey Peng Huoth also won the Best Residential Development Property Awards for 2016 and it has gained confidence from customers for its quality of construction, stylish housing design and years of experience. Borey Peng Huoth recently completed several projects and is also planning to start projects that will include The Star Premier -- located along Chea Sophara Road -- and The Star Premier Project which will be located along Highway 6A. You can contact them for more information and to purchase your dream house that may come in various types and sizes.2. Borey The Mekong Royal is a development project by the Mekong Phnom Penh Development Corporation Ltd. It is located along National Road 6, near the agricultural school Prekleap. Plans on developing and improving infrastructure for this area have already been discussed with local government, in order to address important issues such a traffic congestion and accessibility. Road No. 6 also connects to the big provinces Kampong Cham, Kampong Thom, Siem Reap, etc. Borey The Mekong Royal is also accompanied by a nice river view and enormous investment opportunities. There are many types of residences offered, such as villas, link houses, and shophouses, with starting prices at around $100,000. This Borey project is most suitable for safe and modern Khmer living.3. Borey New World has 10 years of experience in developing housing and has build up to 10,000 residential units to date. The company offers both reliability and quality for buyers. Borey Piphup Thmey is located near Boeung Chhouk, Phsar PC, Camko City, and Chamka Dong. Its strategic location is also in proximity of the potential investment area of Chea Sophara Road and Takmao. Units at the Borey Piphup Thmey have a starting price of $60,000.4. Borey Phnom Penh Thmey is another Borey located in the Municipal development, where there are currently eight ongoing projects along Chea Sophara Road. Unit prices range anywhere from $100,000 to $500,000.5. Borey Maha Sensok is a housing project under the development of the Japanese Company Creed Group. There are approximately 683 residential houses built on an area of ​​114,005 square meters. The project offers different types of villas, business units and a park pool water gym. This starting price is at $ 40,000.6. Borey Angkor residential accommodation provides high living standards and each construction project follows aesthetically-pleasing and topnotch quality. The development will offer property types such as villas, twin villas, link houses, and many more. Housing projects built by Borei Angkor has always gained support from buyers and investors, suggesting high confidence in the developer. You can check out the Borei Angkor I, Borei Angkor II and Borei Angkor III projects today. Starting price from $100,000.7. The Borey Hi-Tech Luxury project is one of the most popular projects in Phnom Penh. It is located 800 meters from Monivong bridge. The housing is built with great quality materials and offer both single and twin villas with a starting price of approximately $300,000.8. The Orkide Villa is a residential property in the city which is conveniently located in Sen Sok at Teuk Thla. New projects are situated along National Road 6A. Residential units are priced from $150,000. Beyond housing projects, they also offer various amenities like a swimming pool, a park, a playground, and a recreation center.9. Grand Phnom Penh has been completed outside the capital, in the satellite town project in Khan Sen Sok. Grand Phnom Penh residence offers several different types of properties, like villas and shop houses of varying size. The price ranges from $100,000 to $200,000 and up. It has modern aesthetics and comes with in-house security to help families to feel safe.10. Borey Lim Chheang Hak is a construction company and housing project that was founded in 1990. It is one of the leading construction companies who’ve built residential units for families in Phnom Penh through careful analysis of the needs of its customers. They are continuing to grow and gain recognition in Cambodia. They have and continue to build numerous projects located in Chom Chaov, Chomkardong, Stung Meanchey, Veal Sbov, and Phnom Penh Thmey. The company offers various property types such as villas, flats, and shophouses. The sales price for individual units start at approximately $60,000.Borey in Phnom Penh have significantly increased, which led to a more competitive market and improved construction standards. This has allowed them to offer a modern and comfortable lifestyle with international quality standards. Find out more about Borey projects on Realestate.com.kh
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Protecting your property interests during the 2018 national election
Protecting your property interests during the 2018 national election
June 6, 2022, 5:06 p.m.
Realestate News
Protecting your property interests is crucial, especially as the national elections approach in mid-2018 and the Cambodia real estate industry expects a significant slowdown will soon begin. With this is mind, Realestate.com.kh spoke to some local investment specialists to find out how buyers can protect their assets during this period.So how can buyers and sellers proactively plan for the election period? What can/should they do to protect their assets?“The political climate creates more uncertainty in the market which reduces investor confidence during that time. We saw this being reflected by lower sales numbers during the previous election campaign. While it is true to be extra cautious in times of instability, there are even greater rewards to those who understand the market and capitalize on the situation.  Many successful investors have made a significant part of their wealth during these turbulent times. Talking to an experienced agent who has been in Cambodia for significant amount of years will give you a true understanding of Cambodia’s situation and paint a clearer picture of the future, than newspapers covering the election,” says Desmond Yap, the General Manager of Yong Yap Properties.“My advice - and it is not just because of the elections - would be convert any soft title property holding to hard title to guarantee your property ownership rights. As far as cash in the bank goes, just simply look towards a trusted commercial bank within Cambodia that has regional or international ties (if your still wanting some form of safety net or security around election time),” says Joe Phelan, Head of Personal Financial Services at Hong Leong Bank.“Election proofing your assets is relatively simple, investors should ensure they have enough liquidity to manage their assets during the election period - as forced sales during this time should be avoided. Astute investors should be preparing war-chests to take advantage of these opportunities. The election will come and go, and Cambodia has significant upside in regards to its continued economic growth and we believe this growth will continue,” says David Murphy, Managing Director at Independent Property Services (IPS) Cambodia.“I don't believe there's anything really one can do as the election period will be affected by events behold your control. The normal practices of due diligence should be adhered to ensure that any purchase or sale goes smoothly,” Bobby Peoples, Country Manager at Home Connect (Cambodia) Ltd.“Buyers and sellers should assess their financial position on a regular basis and think about having a good balance between cash, property holdings, and other liquid assets so that they can react quickly to any given situation.  Most local investors have had experience in dealing with the ups and downs of the markets during the election cycles here.For foreign investors who have property holdings here, the feeling is a little more anxious if they have no deeper connections to the country other than their condos.  They may consider to convert their soft title to hard or strata title if they haven’t already done so, and to get a reputable management company to ensure that their units are rented out and well maintained, especially if the investor is based overseas. They should really do their research and invest in properties with good management companies because this can help protect their property value in the long term,” says Saraboth Lee, Managing Director at Maxem Property.Find the latest real estate news now on Realestate.com.kh
First Wealth Management Forum in Cambodia Will be held in February 2017
First Wealth Management Forum in Cambodia Will be held in February 2017
June 6, 2022, 5:06 p.m.
Events & Announcements
Realestate News
The First Wealth Management Forum will be held in Cambodia at the Sokha Hotel Phnom Penh, the 16th and 17th of February.The Wealth Management Forum will be a two days comprehensive event, which will merge three major exhibitions: Property Forum, Marketing Exhibition and the Startup Exhibition.It is a three in one event which aims to create a forum in regards to financial education for the general public, give the chance to companies to present their products and services, and to create a network opportunity for entrepreneurs and investors.Miss DEK Davy , who organized the event, stated that in Cambodia the number of financial institutions and companies is increasing however, the overall knowledge in regards to this topic is still unsatisfactory.This forum therefore, has been created with the objective of bringing together various companies to present their products and experts in the field, to promote knowledge sharing and learning opportunities.More than 20 new businesses launched in 2016 will be given free exhibition stands, and the chance to meet potential investors. The event will be divided in eight sessions and will feature several speakers, who will share their experiences and give the chance to the public to ask questions.We are really excited about the event and would like to thank our sponsors for their support: Metfone, Phillip Bank Plc, Canadia Bank and Sovannaphum Life Insurance.Register today: www.wealthbuildingcambodia.com To buy tickets please call: 023 694 4444 / 071 3333 208 Seminar entrance ticket is 25$ and 15$ for students.  Special discount for early bird tickets.Find the latest real estate news now on Realestate.com.kh
Cambodia’s real estate: a more transparent market with NC Max World Co. Ltd
Cambodia’s real estate: a more transparent market with NC Max World Co. Ltd
June 6, 2022, 5:04 p.m.
Realestate News
In highly competitive and unregulated markets such as Cambodia; few agents are working as hard as NC Max World Co., Ltd. to bring more transparency and fair practice to their industry.Realestate.com.kh met up with Mr. Toko Kobayashi, Chairman & CEO of NC Max World Co. Ltd.Mr. Kobayashi, originally from Japan, has been operating real estate businesses for over thirty years, gaining invaluable experience in crucial markets such as the USA, Japan, Macao, Thailand, Europe and Cambodia.When asked why he chose Cambodia, Mr. Kobayashi informed us that “Cambodia is currently offering significant investment opportunities” and that he believes this trend will continue to rise over the upcoming years.The prosperity of the local real estate market has also been verified by the ASEAN Investment Report, which stated that between January and August 2016, real estate foreign direct investment reached $7.2 billion.Mr. Kobayashi has also revealed that Cambodia offers a luxurious yet affordable lifestyle, which has been attracting an ever increasing number of expats searching for better quality of life over the past several years. This is also reflected within the Global Retirement Index, in which Cambodia ranked first among 23 countries for having the lowest cost of living. Due to his extensive experience across the international markets, we asked Mr. Kobayashi to draw comparison on how he felt about the local market. “Cambodia displays very weak regulations when it comes to professional conduct in real estate, compared to the other countries I have worked in”, says Mr. Kobayashi. In Cambodia, the absence of certified accredited license requirements, makes anyone eligible to become an agent and establish a real estate company. This in turn has contributed to the manifestation of a fairly sinister environment, where expats often fall victim to scams, inflated prices or mal-practice. “People often enter into real estate thinking that they’ll become rich quickly, but they fail to understand that in reality the average time it takes for an agent to sell their first property is approximately six to twelve months. This span of time, whereby the agent is unable to earn a commission, pushes those in for a quick buck to operate without integrity.” says Mr. Kobayashi.His advice for all those considering real estate investments in the Kingdom, is to perform a thorough check before signing any agreements or making any payments.As a professional with decades of experience, Mr. Kobayashi feels it is his duty and responsibility to operate with integrity and harbor good practice. The NC Max World Co. Ltd. team helps expats to find the right property based on their personal and financial needs.Although this is nothing new for the international markets, what differentiates Mr. Kobayashi from other Real Estate Agents operating in the Kingdom is that his team performs thorough due diligence reports on behalf of its clients, ensuring safe and reliable transactions. “I am not looking for quick return, my strategy has always been to focus on establishing long term relationships and relying on positive word of mouth. Real Estate is usually one of the most significant purchases we make in our lifetime, therefore we have a duty to display the upmost integrity and honesty with every single one of our clients. After all, a happy customer is a returning customer” says Mr Kobayashi.  The team at NC Max World Co. Ltd, whose exceptional code of conduct forms the foundation of their business practice, are firm believers that a transparent, regulated market starts with the agents. If you are looking for a property to invest and want to ensure a safe purchase, visit: http://realestate.com.kh/max-world-real-estate/
Investing in condos in Phnom Penh: Tips for Investors
Investing in condos in Phnom Penh: Tips for Investors
June 6, 2022, 5:04 p.m.
Realestate News
Condominium as an investment:In recent years, developers have shifted their development focus towards modern condominiums in order to satisfy the needs of the current and upcoming generation.  A condominium is now a popular type of modern, and luxury living space. Condos have very special characteristics that differentiate them from other types of residential properties in Phnom Penh. It caters to the needs of the working class, offering convenience as traffic worsens. Moreover, condominiums are the perfect choice for those who want to live in proximity to the commercial hubs of the city, schools, business centres, and other amenities which offer you high standards of living.Investing in a condominium is a big step and investors need to be certain that they are making the right investment decision, to prevent money loss, overspending, or wasting time on unnecessary problems. If you are considering investing in a condominium in Phnom Penh, you should consider several factors. Although investing in property is a vast subject area, this article aims to offer valuable information in respect to the factors that those future buyers should consider.If you're interested in other topics related to investing in Cambodia, you need to read our Investment Guide 2019. What are the hottest areas for condos in Phnom Penh?When talking about potential areas for investing in condo in Phnom Penh, Khan Chamkarmon has 4 Sangkats that display high potential. These are BKK1, BKK2, BKK3 and Toul Tom Poung. There are already few condo investment opportunities in these areas such as the Imperial Crown Condominium, and the 88 Suite Condo.Other condo projects in Khan Chamkarmon include (but not limited to) the East View, East commercial Centre,  The Penthouse Residence, The Bridge, Habitat Condo.Does Toul Kork have any potential for condo developments? And how about other Khans in Phnom Penh?Recently, Toul Kork became a target for residential developments as well as businesses. Although this area is not as developed as Chamkarmon yet, it is set to become a big residential area in the near future.There are already few developments in Toul Kok which will be soon completed, such as the TK Royal One opposite to Royal University of Phnom Penh, Apennines in Boeung Kak 2, The Gateway which is so close to Parkson Mall along Russian Blvd.What type of customers are best-suited for condo living?Living in a condo entails a modern way of life focused on convenience, comfortability, and security. Majority of the condominiums are occupied by foreigners while Khmer nationals prefer a more traditional lifestyle and chose to live with their extended families in landed houses. However, this trend might change in the upcoming years, and Khmer nationals are predicted to switch their focus on villas and condominiums.Which areas do expats prefer to live in?Chamkarmon:The four Sangkats of Chamkarmon are the most preferred areas of living for expats. As mentioned, these are the BKK1, BKK2, BKK3, and Toul Tom Pong areas. These areas are very popular because are filled with businesses and entertainments such as: pubs, coffee shops, bars, karaokes, clubs, fitness centres, restaurants, and many other service-centered businesses.Daun Penh:Khan Daun Penh is another popular area among expats. This areas is also offers several entertainments but also features tourist attractions such as the riverbank and the royal palace. There are a few sangkats where expats are fond of such as Sangkat Phsar Kandal 1,  Phsar Kandal 2, Phsar Chas, and Sangkat Chey Chum Nas.Are you looking for a professional property management for your condo investment?Property management services include operations, control, and oversight administration of residential properties. The administration takes the overall control of the property on behalf of the owner.  When considering purchasing a condo, make sure you research the property management firm taking care of development. Remember: this firm will take care of the management of all the common areas and services offered in the condominium, it is therefore crucial to the firm's capabilities and experience. Learn more about Lack of Quality Property Management may knock Investor Confidence in New Developments Market!Are you a foreigner wanting to invest in condo? Here are your ownership rights:Foreign nationals are unable to buy land  and landed property freehold within Cambodia, in accordance with the Land Law of 2001 and the Cambodian Constitution, unless a landholding company is set up with the majority of shares being held by a Cambodian citizen or citizens.Nominee Structure: This structure or method is used by some foreigners to own land or landed properties in the country. It’s fast, easy, and inexpensive. Basically, real property is bought by the foreigner. The property title is then transferred into the Nominee’s name. Once titles are received, a lease and/or mortgage is registered through the Sangkat office. The security documents are also signed in Khmer and English. The foreigner then holds the property title.Strata title: A strata title is a form of ownership certificate for units in a co-owned building. There are also a number of laws, policies, and amendments made in Cambodia to safeguard the condominium and strata titling mechanism. One of these is that foreigners cannot own a grounded unit. They also cannot own more than 70% of the units of the building.For detailed information on Strata Titles, check out our Strata Title GuideTax obligation: A co-ownership title transfer costs around 4% of the value of the property which is evaluated and set by the cadastral official.Is an off-sale condo a worthy investment?Off-sale refers to the purchase of condo units before the completion of the construction. The off-sale unites are usually quite appealing due to their discounted prices and can offer a quick return on investments. However, developers often tend to delay their constructions and buyers are advised to consult a knowledgeable attorney and insert their own conditions in the agreement, especially in regards to the completion date and the deposit.Why should you consider investing in Condo in Phnom Penh?International investors are rushing in the Cambodian capital, Phnom Penh, seeking a share of one of the region's last frontier property markets.Price Comparison with neighbouring countriesCambodia offers a wide range of luxury accommodation. It also offers a high standard yet affordable lifestyle, compared to the neighboring countries. In the Global Retirement Index report, Cambodia ranked 1st among 23 countries for having the lowest cost of living. Therefore, is not surprising that an ever increasing number of expats searching for a better quality of life over the past several years,is relocating to Cambodia.According to Bonna Realty, the price for grade A condos lies between $2,300 to $5,791/sqm; Grade B+ at $1,718 to $3,725/sqm; Grade B $1,000 to $3,000/sqm; and Grade C around $789 to $1,700/sqm. In comparison, according to the CBRE Vietnam report, in Vietnam the average sales price is at $2,046/sq.Instead in Bangkok, there are six categories of condos: the Super Luxury is above $7,058/sqm, Luxury is at $4,799 to 7,057/sqm, High End is at $3,387 to 4,798/sqm, Upper-Mid-range is at $2,541 to 3,388/sqm, Mid-range is at $1,976 to 2,540/sqm, Entry Level is Below $1,974/sqm. (CBRE Thai report).Future Market Supply of Condominium Units in Phnom Penh:According to CBRE Cambodia’s Marketview report Q2 2016, the addition of 22,464 units will raise the total supply to 25,250 units by the end of 2018, marking an 806% increase. Additionally, Knight Frank estimates that by 2020, 74 projects will add 24,533 units to the residential condo market, marking a sevenfold increase in total supply, with a growth of 723.5%.An even bigger prediction is made by Century21 Cambodia, forecasting that or future by 2020 the total supply of completed condominium units will reach a rounded figure of 37,570.These forecasts suggest that Cambodia is developing quickly and investors are showing great confidence in the market. An ever increasing number of foreigners is considering relocating to Asia. Are you one of them?Take a look at these finished new developments at Phnom Penh now!
Cambodian Investment Unlikely to be Influenced Chinese Outward Capital Restrictions
Cambodian Investment Unlikely to be Influenced Chinese Outward Capital Restrictions
June 6, 2022, 5:04 p.m.
Realestate News
New regulation that has technically limited mainland Chinese residents from converting RMB into foreign currencies for overseas property investments is likely to have little impact of Chinese  investors buying into the Cambodian condo market, suggests local market operators.From January 1, 2017, China’s foreign exchange regulator has tightened scrutiny on foreign currency purchases at banks within mainland China and heightened punishments for illegal outflows. As reported by Reuters, Chinese citizens withdrawing funds from domestic banks will now have to fill out an application form stating the purpose of their foreign purchase. Previously, Chinese citizens could transfer up to US$50,000 out of mainland China legally. The new year directive will maintain the same 50K threshold, but individuals must declare the purpose of their foreign currency purchase - and that purpose cannot be real estate investment.  A recent Bloomberg report also clarifies that Chinese citizens withdrawing their funds in 2017 must sign a pledge that the money won’t be used for overseas purchases of property, securities, life insurance or investment-type insurance. They must give a detailed account of the intended use of those funds, such as business travel, overseas study, family visits, medical treatment etc. Withdrawing citizens must also confirm they aren’t lending or borrowing quotas to or from other citizens. Meanwhile, violators will be be added to the currency regulator’s watch list, denied foreign-exchange quota for up to three years and face an anti-money-laundering investigation. Chinese overseas property transactions worldwide are predicted to hit US$220 billion by 2020 and 70% pay cash for property purchases, according to Juwai.com, the leading property portal for Chinese seeking overseas property investments. But industry experts in Cambodia suggest Chinese investors in the Cambodian condo and general properties market will quickly find loopholes to the new capital restrictions. Jasper Shin, Sales and Marketing Manager at Phnom Penh’s TK Square, said that, “The airplane from China to Cambodia is still full of property buyers. They come here to find a way to deliver money into overseas property. As the RMB currency has devalued 1:7 in the recent months, it makes sense that the Chinese consumers want to export their money to oversea investment targets, especially one in USD$ such as Cambodia.” Shin notes that there are various ways around the new restrictions: “Often the Chinese developers in Cambodia will have a mother company in China. This resolves the issue as the funds can remain in China, but the overseas property asset is still captured by the Chinese buyer. When this isn’t possible, Chinese investors in Cambodia can use financial companies to manage their capital transfers and dodge the domestic regulation.Yet this may be on table or under table, we don’t know for sure.”Chinese mainland investors have traditionally tapped policy loopholes such as pooling the quotas of family and friends to move larger funds off short, or utilised “grey market” banks to transfer money into overseas markets.Nevertheless, it is natural that these regulations are being tightened by the Chinese Government and keep the RMB strong: “efforts such as this seek to avoid the next economic crisis striking China,” says Shin.Victor Chao, Project Manager at NC Max World Co. Ltd., a Cambodia-based Real Estate Development & Management company, believe Chinese buyers aren’t yet relevant in the Cambodia residential market.Chao said that, “There are no lines of Chinese buyers waiting outside showrooms and there has never been any. The China real estate buyer is primarily looking at America, Canada, Australia, and parts of Thailand - Cambodia is not yet a target. And what we never had, we won't miss.”“I'm more concerned about the rental market in Cambodia, as most condo unit buyers have bought as an investment with little to no leverage from mortgage financiers. We need the Chinese middle management personnel to flood the market as tenants to fill the void,” continues Chao.Thomas Lam, a Hong-Kong based senior director at property consultancy Knight Frank, said in a South China Morning Post report that, “The new policy may hit some middle-class Chinese who have just started to consider overseas asset allocation. But for high net-worth individuals, I don’t see any impact, as most of them already have offshore bank accounts and investments.”Anthony Galliano, ceo of Cambodian Investment Management, says that, “The Chinese government is dealing with significant financial challenges, primarily an 8 ½ year low in the depreciating  Yuan, a five low in foreign reserves, approximately $ 762 billion in capital flight in 2016, and persistent money-laundering.  While the Chinese economy is suffering from poor economic growth, the capital outflows have been supportive of property market in Canada, the U.S., Australia and Southeast Asia.  The stricter measures taken by the government will likely stabilize capital outflows and potentially reduce them.”Galliano continues, however, “The impact on Cambodia’s residential property market will not be material given the average unit price and the fact that Chinese citizens are not among the leading buyers in the Kingdom.  The enforcement of the restrictions may be harsher and more administratively burdensome, however the door still remains open.”Ultimately, it would seem that the impact of the new regulations on Cambodian Investment, and international property investment generally, will depend heavily on the ability of China’s State Administration of Foreign Exchange (SAFE) to implement the new directive.By James Whitehead, director of content @ Realestate.com.khThis story was a co-production of the Khmer Times & Realestate.com.kh “Property” Liftout. The section is available every Wednesday in the Khmer Times newspaper, with 10,000 copies distributed across Cambodia every day. Contact us today for advertising opportunities in the Khmer Times/Realestate.com.kh Property liftout. Find the latest real estate news now on Realestate.com.kh
The Apennines Condominium Construction nearing completion
The Apennines Condominium Construction nearing completion
June 6, 2022, 5:06 p.m.
Realestate News
The Apennines Condominium project, which aims to bring elegance and comfort to its future residents, is now 100% completed. Now is the time when the developer devotes its resources into interior design, furniture and hiring and training the staff which will be servicing those living in the brand new condominium.The buyers of the Apennines Condominium will have the choice of purchasing an unfurnished apartment and decide themselves on the furnishings and decor, or buying a furnished unit based on few design models offered by the developer KHSI Investment. All the furniture is imported from overseas, carefully selected to provide comfort and high end style. Although the projected completion date was set to January 2018, the construction progressed faster than expected and the key handover will take place in September 2017. More than 50% of the units have already been sold and a 6 percent discount is currently offered to those deciding to purchase a unit. So far, the main customer target has been international buyers with great predominance of Singaporean nationals, with the exception of few Khmer buyers.The development has 17 storeys and the starting price is $170,000 for single bedroom, going up to $330,000 for 3 bedroom apartments.What does Apennines stand out above the rest?The Apennines development stands out from its competitors with its unique construction features: is the very first condo in Cambodia which uses car elevators. The advantage of having this feature is to have an assigned parking spot for each resident and a singular lift, where one can enter with his car and go right to his/hers parking spot, saving time and energy.Another important feature of the building is its singular structure. The condominium has only column from the first to the the sixth floor, leaving the rest of the floors column free. Building apartments with this approach means having more spacious and with greater air flow units.Lastly, the developers put high importance to each and every part of the construction, ensuring perfection in every detail. The aim is to make people feel at home, which is not the case when continuous maintenance work takes place. For this reason, the engineers put their best efforts in ensuring the highest quality of the materials, to guarantee long lasting quality.Despite the many years of building experience overseas, this is the first project in Cambodia for KHSI Investment PTE LTD and building a strong reputation of high quality developers, is their mission which they are determined to achieve.Find out more about The Apennines Condominium today!
The Bridge celebrates "Topping Out"
The Bridge celebrates "Topping Out"
June 6, 2022, 5:05 p.m.
Property Reviews
Realestate News
“Topping out” is the term given to the last stage of structural construction. The highest mixed development namely The Bridge has successfully achieved a topping out in December 2016 and well celebrated the special occasion at a private event in Sofitel on Friday the 13th of January.The Bridge set to be the iconic development of the Kingdom is a Singapore-Cambodia joined venture between Oxley Holdings and Cambodia's WorldBridgeLand. The developer has reportedly committed more than $300 million investment for this twin tower project. It is expected to complete and deliver to its buyers on time by the year 2018.Although several developments are taking place in the capital, The Bridge complex overseeing Diamond Island and Bassac River, is certainly an art of its own class to redefine the landscape of Phnom Penh. The building also enjoys good Feng Shui to enhance the lifestyle of the owners whether they are buying the units for own stay or doing business. The Bridge, directly opposite the Australian Embassy in the Tonle Bassac district, is located in the very heart of Phnom Penh. Coupled with full condo facilities, office spaces and a lifestyle shopping mall, the prime location offer the residents and commercial users an excellent choice to live, work and relax in the same complex.The developer is currently working on their second project, The Peak hotel mixed development located approximately 100 meters from The Bridge. The peak set to complete by the year 2020 and will serve to complement the lifestyle and work expectations in this city center Take a look at Oxley's next upcoming project The PEAK...For those interested in The Bridge or The Peak, please visit Oxley WorldBridge’s showroom at Great Disciple Sar Bith Street, Village 14, Khan Chamkarmorn, Sangkat Tonle Bassac, Phnom Penh (Opposite Toyoko Inn) or Find out more information about The Bridge here.
The Second Cambodia Property Awards
The Second Cambodia Property Awards
June 6, 2022, 5:06 p.m.
Events & Announcements
Realestate News
Although relatively small, Cambodia’s real estate market scene is filled with industry-related events. It is that time of the year again when developers get the chance to see (or not) the payoff of their efforts and work, reassembled in the form of an award. For the second year in a row, the PropertyGuru Group is organizing the Cambodia Property Awards, which is set to be the biggest and most exclusive real estate awards event in the Kingdom.Last year, the debut event saw over 300 guests and VIPs, and was broadcast live on CTN’s Cambodia News Channel.Bringing together all the biggest developers in town and award them without upsetting anyone must be not an easy task. In order to find out more Realestate.com.kh met with Mr Terry Blackburn, Managing Director of PropertyGuru Asia Property Awards.The Cambodia Property Awards was launched in late 2015 as part of the then 10-year-old Asia Property Awards programme that began in Thailand in 2005 (which later on expanded to other seven countries across South East Asia and in China). Cambodia held its first gala dinner in February 2016, becoming the latest addition to the awards programme last year, which Terry described as “one of the last pieces of the puzzle.”Mr Terry believes that due to the Awards’ long history and earned credibility, they are in the right position to set a benchmark for quality within real estate, on a regional level.Developers of contemporary projects that will be completed within the next 18 months are now eligible to apply. Currently 22 categories are set for this year and each project will be evaluated by an independent panel of judges formed by top experts of the industry. The panel will be supervised by BDO, one of the world’s largest accounting and auditing firms, to ensure full transparency and conflict-free evaluations. But how can the Cambodia Property Awards set the benchmark for quality?Mr Terry explained that each project goes through a thorough onsite inspection, where the panel of experts reviews the viability of the construction and their quality, based on a verified checklist that covers different crucial aspects. This process – from nominations to choosing the winners – takes up to six months. Every real estate development is scrutinised, giving an extra assurance to future buyers. More importantly, based on existing rules of the Awards, developers who eventually win but fail to complete their projects by the established deadline, risk to have their award withdrawn. This gives assurance not only in terms of quality and design of a given development, but as well as its economic viability.Due to his familiarity with other Southeast Asian real estate markets, we have also asked Mr Terry’s thoughts on Cambodia compared to other countries where the Awards operate in, as well as the possibility of a real estate bubble: “In the upcoming months , when majority of the developments will be completed, we should have a better overview of what is being sold for occupation and what for investments. Of course a healthy market implies a high number occupants rather than speculative investments; if this will be the case for Cambodia, then a new wave of investments will come in, if not it might take a while before these projects are sold or rented out. In the latter case however, I do not see an imminent drop in price, since developers often work on tight margins.”When comparing Cambodia to other countries in Asia, Mr Terry stated: “I must say that Cambodia is small but certainly a fast-moving market, with plenty of room for everyone: I particularly see a big potential in the affordable housing, given that the Cambodian finance sector is more consolidated compared to other countries, such as for instance Myanmar, where all the payments still happen in cash and a proper mortgage system is not yet in place.”For developers who are interested in entering their properties in the Cambodia Property Awards, nominations will close on 27 January and entries on 3 February.Find more  real estate news on Realestate.com.kh
House For Sale In Siem Reap
House For Sale In Siem Reap
June 6, 2022, 5:01 p.m.
Realestate News
The Siem Reap province is located in the northwest area of ​​the country, along National Road No. 6, about 314 km from the capital city. Siem Reap is one of the three country's major economic areas. The other two areas include the Phnom Penh Commercial City and the port city of Sihanoukville. Siem Reap is also home to the world's famous tourist destinations known as the Angkor Wat temple. What are the types of houses for sale Siem Reap?The residential sector in the province surrounding Siem Reap is rapidly growing; with inbound tourist numbers increasing year-on-year. The increase in both tourists and expats looking for a place to stay has contributed to the sprouting of different types of housing such as boreys, shophouses, apartments, villas, and condominiums.Each type of housing is different in terms of  physical specifications, living conditions, and functional use to satisfy the local and foreign market demands.What is a Borey?A borey is a type of housing project that is popular for the Khmer standard of living, and is popular among middle and upper-class people. This type of residential development is also a good investment for developers in the country because boreys in Siem Reap are generally located in commercial areas.The primary feature of a Borey is its collection of houses attached to one another and enclosed as a gated community. Houses in a Khmer Borey may include single villas, twin villas, and flat houses. Borey developments also have a range of properties that serve the needs of both individuals and families. For example, houses within Borey Angkor Palace, Borey Nagara, and Borey Brem Brey may feature anywhere from 1 to 4 bedrooms each with a starting price of $60,000.Interested in buying a Borey? Check out our updated list of boreys for sale in Siem Reap!What is a shophouse? A shophouse is like a flathouse, a linked house, or a townhouse. Shophouses are mostly two or three stories high with a shop on the ground floor for mercantile activity and a residential space above the shop. The shophouse units are usually around the 4x16 to 5x20 sqm size with prices starting from $60,000.  Normally, a shophouse functions with a business in mind on the ground floor. This type of house is a good investment choice for those who plan on living where their business is. However, shophouses usually do not have a garden or front yard, but a small outdoor space behind the home. They generally don’t have a standalone fence for security, but feature a very secure front and back entrance with protective steel bars. Parking spaces are usually not included in the basic shophouses; many shophouse owners park their motorbikes on the ground floor or up the street curb.Are there different classifications for a shophouse?When it comes to purchase a shophouse, buyers can chose between a Khmer style, or a modern one. A Khmer-style shophouse has a traditional design focused on Khmer vernacular architectural construction. Modern shophouses, on the other hand, adopts a more contemporary and western design. It’s hard to spot the difference from the outside as some western shophouses are renovations from the Khmer style ones, and often are in the same buildings.What is a Villa?A villa is a type of private (and often luxurious) residence in the province. A villa is different from regular house primarily due to its detachment from other houses allowing it to have a yard of its own. There are different types of villas such as a hybrid, twin, and single. What makes a villa a good place to live in?Siem Reap is a place surrounded by nature: it offers trees, greenery, gardens, a good airflow and low pollution due to the limited traffic. Villas, therefore, are the perfect choice for nature lovers and those wishing for a great amount of privacy. Villas for sale are generally available from $150,000 - $230,000 depending on their location and features.Another factor to take in consideration is the long term prospect of the investment; Siem Reap is one of the main tourist destinations of Cambodia, bringing millions of tourists every year. For instance, according to Apsara Authority report there are more than two million visitors on average in Siem Reap every year. Check out villa for sale in Siem Reap!What is a condominium?A condominium units exist within a tower building with a number of residents. Individual unit owners share ownership of the common areas in a condominium. These include the recreation rooms, playgrounds, gardens, and also the courtyards. Common areas can be used by anybody residing in the building. But the individual condo units remain the private ownership of the residents. Condominiums usually have staff on-site to assist the needs of the unit owners. Condominiums also offer  security features and shared parking areas.What makes condominiums attractive living spaces?Condominiums is a great choice for a first house since it offers many amenities and management-facilitated services which save  money, time, and efforts of the owners. Generally, condominiums are located in the inner city, near the commercial hubs. Condos usually offer great  views, and feature fresh air and cool temperatures.Even if condominium units have just a wall separating you from your neighbors, this type of housing is still more private than a standalone home and will also have added security services. Maintenance fees and association dues will, however, be charged to all residents to manage common areas. Lastly, condominiums usually have many internal regulations and may have restrictions in regards to the restructuring of the unit.  Are there a lot of condominiums in Siem Reap?There are a lot of condomoniums in Siem Reap ready for occupancy. These condos have a starting price of $65,000 per unit. These units feature anywhere between 1 to 3 bedrooms and offering spaces up to a crazy 1,500 sqm. Check out our list of condos for sale in Siem Reap to find what's best for you!Where do locals and foreigners prefer to live in Siem Reap?Cambodians won’t have any troubles living in Siem Reap, it’s just a matter of deciding on preference and needs. But for foreigners, there are two main areas they are likely to settle down. Asian tourists such as the Chinese and South Koreans, prefer to live in the west side of the Siem Reap river due to the high concentration of  tourist companies, restaurants, bars, stores, and souvenir shops. Europeans or westerners in general, prefer living on the eastern side of the Siem Reap river because the residential areas are mainly located in green areas, integrating homes with nature.If I buy a house in Siem Reap for investment in which area should I buy? Mr. Sok Sarath, a real estate agent in Siem Reap, suggested that those buying to invest, should consider the area around the ring road. According to Mr Sarath, this area with the most potential whether for living or investing. Other areas worth of investments are the Central and Upper Market.Is investing in Siem Reap better than Sihanoukville or Phnom Penh?The biggest incentive for investors to invest in the province lies in its land prices. Price per square meter in Sieam Reap are significantly lower compared to  land prices in Phnom Penh. The population is also comparatively low; creating an environment of tranquility suitable for those wanting to escape for the hustle-and-bustle of big cities. Moreover, the province has also seen an increase of businesses such as hotels, restaurants, private clinics and schools, resulting in a perfect place that can adequately support families.Where are the most developed areas in Siem Reap?Mr Sarath suggested  that the number of houses for sale in Siem Reap is rising inside the ring road area of the city, especially along main roads such as Sivatha Boulevard, Charles de Gaulle Street and Route No. 6. The development of residential and commercials areas is attritubted to the continuous growth of both domestic and international tourism in Siem Reap.At present, new businesses such as contractors and agricultural companies have turned up along Road No. 6 to the Prasat Bakong district, toward Phnom Penh.Does Siem Reap suffer from floods?Residents of Siem Reap don’t seem to worry about flooding. In recent years, there have been no floods in the area. However, if you are going to buy a house on the ground floor, double check with the previous owner and neighbours whether or not your new home is prone to flooding.How is the infrastructure in Siem Reap?Siem Reap infrastructure is developing rapidly; roads are interconnected to different areas of the province which is key for the development and expansion of the city.The roads of Siem Reap also connect to a number of different temples of Siem Reap, Phnom Penh, Battambang, Kep and Kampot, Sihanoukville, and Kampong Cham. Road links between the provinces benefits the real estate market in Siem Reap by making them more accessible to one another.Public Service InfrastructureFor families looking to settle down in Siem Reap, there is an increasing number of international schools being offered, which in turn are rqising the educational standards within the city at impressive rates. Healthcare is massively improving, as well.Siem Reap has a number of international standard hospitals and clinics – including the international standard Thai-managed Royal Angkor International Hospital, which is affiliated with the Bangkok Hospital Medical Center, offering medical services for locals as well as expats.How is Food and Entertainment in the town?Siem Reap offers a great mix of cultures and flavours from all over the world. The area is filled with Khmer, European, Chinese, Korean, Japanese, Thai, Indian, French, and other international restaurants. These are available, especially on Pub Street -- a place that is reminiscent of the cities of Europe.Other than street food, the city offers many places for entertainment:pubs, bars, karaokes, and clubs where people can enjoy talking, drinking and, dancing.Curious about living in Siem Reap? Take the first step in imagining a life by checking our list of houses for sale in Siem Reap today!
Houses for Rent in Toul Kork: Renter's Guide
Houses for Rent in Toul Kork: Renter's Guide
June 6, 2022, 5:01 p.m.
Realestate News
The Toul Kork district is one of the 11 districts in the capital city extending over 8 km. It's known for its high concentration of villas, low-to-high-end condominiums, and a growing business district!Looking at the current development project in the district, we can notice that there is a range of international schools, restaurants, commercial buildings, shopping malls, sport centers, and coffee shops.Additionally, Toul Kork also offers new developments such as the TK Royal One, The Gateway, Apennines Condominium​, and many more. Due to its fast development, this is currently one of the best locations for living or working. This in turn has increased increased the demand for accommodation within this district. Currently there are several houses for sale in Toul Kork and houses for rent in Toul Kork.Tips for renting in Toul Kork DistrictWe're making it a point that readers who go through our blog are well-informed about the various steps and important things to remember when making investments (yes, renting is an investment!). That's why we've created these important questions to ask if you're looking to rent in this fast growing district!What documents should I secure?If you have decided to look for Houses for Rent in Toul Kork, you should ensure that your landlord is able to issue a legal rental agreement. Make sure that you agree with all the rights and obligations defined in the lease ad that you retain a copy of the agreement.To ensure the legality and vitality of the lease, you can also consider hiring a 3rd party service provider such as lawyers or a reputable estate agents to ascertain the legal liabilities stated in the contract.Should I get a furnished or unfurnished house for rent in Toul Kork?Usually, homeowners will offer different services and conditions for rentals. Serviced apartments have much to offer for customers looking for high-end property, such as: fully furnished units with hot-cold water, washing machine, kitchen equipment, Internet, and cable TV. Additionally, condos often offer gyms, swimming pools, and parking. However, currently even homeowners of simple houses offer fully-furnished units and kitchen equipment.Ms. Sengly, the owner of a rental house on the 2nd floor in Toul Kork said, "In the  past, I used to rent out my house without furniture. Later on, I had to  add kitchen equipment, a sofa, beds, cable TV, etc. This increases the tenants demand as well as the rental price."Getting a fully-furnished rental unit will provide convenience and comfort, especially for expats who who just want to live and work in Cambodia and would rather not worry about where to buy appliances. Fortunately, more and more rentals - be it apartments or condos - are offering fully furnished rooms.What are the rental prices and included amenities in Toul Kork houses for rent?Depending on your preference and needs, you may opt to rent a condominium in Toul Kork; you can get a furnished one-bedroom condo unit for $250 a month up to a four-bedroom fully-furnished lower-end unit for $2,000 a month near TK Avenue. Prime Units in Boeung Kak 1 have three bedroom units for around $2,100 a month. Serviced apartments are also widely available -- starting from $350 to around $4,000 per month, depending on the area, services, and amenities.The rental prices for a villa starts at around $550 and up -- depending on quality, rooms, and amenities such as swimming pools. Villa’s are more freely available for rent and sale in Toul Kork, as compared to prime inner city districts where the availability of villas are now very low, and also much more expensive than those in Toul Kork.An increasing number of borey developments are also popping up around Toul Kork, proving very popular with local buyers seeking shop houses and villas with sound infrastructure and a safe neighbourhood environment.What is the benefit of long-term rental and short term rental agreements?Usually the duration of the lease contracts range from 6 months to 12 months.Foreigners seem to have been more reluctant to long-term lease contracts and rather prefer short-term agreements with month-by-month payment scheme, since they usually don’t stay long.However, long-term lease contracts can have their perks: they presents a great opportunity for negotiations the deposit and monthly rent with the owner. Owners will most likely approve the request due to the long time rent prospect.Where do I start looking for rentals in Toul Kork?Finding a good rental space that suits your needs will likely take some time -- especially if you are a newcomer (more so as a foreigner) in town. Some people rely on private brokers who assist them during the house hunting. It's good practice to search for real estate agents who are under licensed companies. Renters do not pay any fee to the real estate agent, since they charge a commission to the landlords. We've compiled a list of reliable real estate agencies in Cambodia that can save you a great deal of time and offer services for FREE.Miss En Chansreyleak, Sales staff in the real estate company Yong Yap Properties -- one of the leading property service agencies for selling and renting real estate in Phnom Penh said, "As a standard for real estate agents, we provide services in a very efficient and trustworthy manner to our clients."Chansreyleak continued, "We understand the needs of the clients. In addition, we provide counseling and help solve problems they might face during their stay. Honesty and professionalism, this is what you should look for in real estate agents, to help find homes for rent or sale."Are there other options to look for properties on my own?You can visit Realestate.com.kh, the leading real estate portal in the country. Here you can freely browse among more than 45,500 properties of all types, filtering by price,location. etcWhat taxes do I have to pay when I rent?By law, when property owners lease to individual tenants, those must pay 10 percent of the monthly rent to the government. However, depending on the agreement between the landlord and tenants, in some cases the landlord can do that for them.In the past, the real estate entity would normally withhold 10% of the rent from the Lessor and in a sub-lease situation, the tenant of the real estate entity would withhold 10% of the rent on the sub-lease to the real estate company.  Instruction 18410 now provides for an exemption on the withholding tax on the sublease, if both the lessor and lessee are registered tax payers.Looking for real estate for rent in Phnom Penh? Or want to read about critical tips for prospective lessors? Check out Realestate.com.kh.
Boeung Keng Kang (BKK) Profile: Why live in Phnom Penh Hippest Suburb?
Boeung Keng Kang (BKK) Profile: Why live in Phnom Penh Hippest Suburb?
June 7, 2022, 6:29 a.m.
Realestate News
Boeung Keng Kang (BKK) is an area in Khan Chamkarmon considered as one of Cambodia’s most prime real estate destinations. It has three main divisions. Namely, Boeung Keng Kang Muoy (BKK1), Boeung Keng Kang Pir (BKK2), and Boeng Keng Kang Bei (BKK3).BKK1 is a suburb that has hosted NGOs, expats, officials, ministries and businesses throughout the years. Compared to BKK2 and BKK3, it’s a hotspot for upmarket bars and restaurants, international F&B brands, and retail stores. BKK2 is the area situated to the west of BKK1, and still has its fair share of venues and upmarket accommodation - but generally cheaper than uptown BKK1. In comparison, BKK3 is known to sport the best of both traditional Khmer and modern expatriate living, and a quieter set of neighbourhoods.How’s the Boeung Keng Kang property market?Boeung Keng Kang Land Market:The Khmer Times reported that land prices in the area remained stable during the 1st half of 2016. This stability was attributed to the slowing down of investments in the area. Land price in BKK costs around $3,800 to $5,000 per square meter.The general manager of Lucky Real Estate Co. Ltd., Poe Eavkong, adds, “The prices are at the maximum now and that’s why they are stable. But I don’t expect them to fall.” He clarifies, “Compared to neighboring countries, our land prices in the city seem to be lower.”Boeung Keng Kang Residential Property Market:Boeung Keng Kang remains to be the hottest zone for residential properties in  Cambodia, according to the 2nd Quarterly Report released by Bonna Realty last July. BKK took up 51 percent of apartment shares in Chamkarmon district - with a total of 145. BKK3 came in at 8 percent, BKK2 at 9 percent, and BKK1 leading at 34 percent of the currently occupiable apartment and condo stock.If you’re buying a condominium unit, a fully furnished unit goes for as low as $35,000 in BKK. But if you’re looking for more of upscale living, penthouse units go as high as $1.3 million for a unit. Depending on your needs, you can rent a two-bedroom unit for $130 per month or up to $4,100 per month for a fully furnished three-bedroom unit in a “no flood” area.Serviced apartment rental rates in Boeung Keng Kang go as high as $4,500 per month for a three-bedroom apartment. But many quality serviced apartments can be secured for around $1000 per month. Amenities and quality significantly impact pricing. An apartment with just basic services can be fetched for around $400 per month.There are also villas in the area for varying needs. A one-bedroom villa goes for as low as $700 a month in rent. Some Villa’s are still available for sale in Boeung Keng Kang, but there is a limited supply. Many villa properties have been purchased by apartment, hotel and condo developers to make way for new construction. Meanwhile, expect to pay for what you get, because good quality villas with surrounding land are in high demand from wealthy locals in this area. Villas have also been popular for businesses looking to create an office and retail venues looking for something a bit classier than a standard shophouse/flat houses for sale in the area.Prices may vary a little between the three areas though. BKK1 properties are generally more expensive than BKK2 and BKK3 because of an abundance of development taking hold of the available land in downtown BKK1. Developers can afford to pay top dollar for land in the area, meanwhile wealthy renters can afford to pay high monthly rates. These factors are pushing those with less money to put down out of the uptown market.Rental rates are some of the highest in the nation, given the concentration of expats, corporates and high-value Khmer residents in BKK. These high rental rates, in combination with strong occupancy rates, are fueling confidence for developers in strong rental returns into the coming years.Meanwhile, occupancy rates in this area remain strong; in fact some of the strongest across the nation: As of Q2 2016, CBRE suggests that overall apartment occupancy rates in Phnom Penh sat at 86.8% (across all grades and Phnom Penh districts). Knight Frank Cambodia stated in mid-2016 that serviced apartments that are located in prime areas, such as BKK, continue to perform well commanding occupancies of above 80%.Office Spaces and Business Centers in Boeung Keng Kang:A range of offices are available to rent in Boeung Keng Kang, especially in the BKK1 area. Rental rates start from $1,300 for a 100 square meter office and can range up until $5,500 per month for an office with a complete set of equipment and facilities.New Developments in Boeung Keng Kang:There are lots of hot new developments in Boeung Keng Kang.One of them is 88 Suites, developed by YCT Land. This development will be the first pure small office/home office (SOHO) in Cambodia. It will include amenities like a roof deck, a gym, sauna, a pool, and a state-of-the-art automated smart parking system. The target completion will be by the end of 2018.The Imperial Crown Condominium will also make its debut soon. It is inspired by the artistic quality and top-notch design and construction of Baroque architecture. This has been modernized and will be realized into a prime residential dwelling. Materials included in the construction includes sandstone which will not require maintenance for up to 20 years. It will also have a total of six floors of parking space.Boeung Keng Kang Lifestyle:What schools are in the Boeung Keng Kang area?Top international schools in the vicinity include The International School of Phnom Penh (ISPP), CIA Phnom Penh International School, The Bridgeton School & The Raffles Montessori School of Phnom Penh.A collection of other schools are available from BKK1 to BKK3, including the Footprints International School, Paññasastra International School, Western International School of Cambodia, Bamboo International School, and HKC Tree International School. The area also has music and art schools like the Neak Poan School of Music and the Ocarina French Music & Art School.Instructors from some of these schools have Teaching English as a Foreign Language certification, NZQA qualification in Business and Computing, and a Teaching English to Speakers of Other Languages degree.Some of these schools have international certifications from Western Association of Schools and Colleges, the Ministry of Education, Youth and Sport, the Cambridge International Examination Centre, and the International Primary Curriculum.How do I move around Boeung Keng Kang?Boeung Keng Kang has a network of taxis, tuk tuks, motos, and public buses. The three main transport routes for buses that were opened in 2014 run to and from Monivong Boulevard to Okaha Suy Sophan, Ta Khmao to the Night Market, and Chom Chay Roundabout to the NIght Market. Students and Senior Citizens ride free.How is infrastructure in Boeung Keng Kang improving?Among other monuments, Wat Than, Wat Svay Poper, Wat Lanka, the Phnom Penh international Airport, Independence Monument, Embassies of Brunei, Bulgaria, and Sweden are accessible through the main roads in and around Boeung Keng Kang. These include Monivong Boulevard, Norodom Boulevard, Sothearos Boulevard, Sihanouk Boulevard, and Mao Tse Toung Boulevard.What if I get sick? Are there Boeung Keng Kang Medical Centers?Meanwhile, some of the leading clinics in BKK1 include The Khema Clinic, The International SOS Clinic, and The Naga Clinic, to name just a few. Other in the area are the Maliya Hospital at St. 392, Japanese-run Ken Clinic at St. 370, Cabinet Médical Francais at St. 57. There’s also smaller medical facilities like the SMC Clinic.Dental clinics are also available. These include the Pachem Dental Clinic at Norodom Boulevard and Japanese-owned Shigeta Dental Clinic at the corner of St. 294 and St. 21.Is the Boeung Keng Kang area prone to natural disasters?High end constructions since last year have been made in BKK1 for its low risk profile for natural disasters. Regardless, the Ministry of Public Works and Transport expanded and repaired around 162,871 meters of drainage area in Boeung Keng Kang to anticipate flooding and drainage woes.What’s the nightlife like in Boeung Keng Kang?Most of the bars and clubs in the area are concentrated at the north end of BKK1. Backpacker/Hostel bars dominate the night scene. Popular Boeung Keng Kang bars include the Mini Banana’s Hostel Bar and the Blue Dog Bar located across the Urban Patio Hotel, The White Rabbit Hostel Bar on St. 294, The Mad Monkey Bar on St. 302, Duplex Club & Bar on St. 278, and Club Love!But if you are looking for something a bit more up-market, BKK also has a lot to offer for trendy cocktails and fine dining. In this area you can find some of the best restaurants and bars that Cambodia have to offer.Are there any places to shop and eat in Boeung Keng Kang?Boeung Keng Kang is near the Aeon Mall at Tonle Bassac. It also has a variety of cafés and food places such as Costa Coffee, Brown Coffee, True Coffee, Gloria Jean’s Coffee, Fish & Co., Aria D’Italia, Sushi Honda, Blue Pumpkin, Deco,  Comme a la Maison, Uraetei BBQ Japan, and the Lost Room.Fast food places like Burger King, Bonchon, Domino’s Pizza, and KFC are also available. Markets like the Thai Huot on St. 352, Boeung Keng Kang Market on St. 380, and the Lucky Market. For organic finds, meats, and cheese. And Veggy’s organic is located along St. 240.Where are the Gyms, Fitness and Wellness Centers in Boeung Keng Kang?For workouts, you can choose between nearby Paddy’s Fight Club at St. 294, Afighter Gym, Chey Mongkul Sport Club at St. 360, Crossfit Amatak, Superfit Fitness and Health Club at Mao Tse Toung Boulevard, and VIP Sports Club at Norodom Boulevard.For peace and relaxation, spas and wellness centers like the Soben Spa at St. 294, La Rose Boutique Hotel & Spa at Norodom Boulevard, Oriental Spa along Sothearos Boulevard, the Samata Health & Wellness Studio, and the Angkor Spa along St. 310.Now you know the neighbourhood. Take a look at properties for rent and properties for sale Boeung Keng Kang!
Lack of Quality Property Management may knock Investor Confidence in New Developments Market
Lack of Quality Property Management may knock Investor Confidence in New Developments Market
June 6, 2022, 5:01 p.m.
Realestate News
As many major residential projects reach completion across Phnom Penh in 2017, condos, boreys, and mixed-use complexes alike, industry insiders are becoming increasingly focused on what will become of these buildings once actively occupied with residents. More specifically, how well will the property be managed.Cambodia has traditionally been a market in which family-owned buildings are essentially managed by the family members with a sporadic collection of maintenance fees from tenants. Yet, in a 200+ unit condo tower, this model is shaky at best. “The gap comes from an overall lack of talent in the market, whether you are looking for an experienced Property Manager or Chief Engineer, or even Operations Manager,” says Sunny Soo, Managing Director of Keystone Property Consultants Co., Ltd., an international associate of Savills. “Unlike countries like China, Thailand or even Vietnam, property management in these markets is already a mature industry. Human resources is still a big issue here,” continues Soo.Simon Griffiths, Senior Associate Director at CBRE Cambodia, agrees, stating that, “there are very few experienced property managers in Cambodia - and not surprisingly so, given that Cambodia has been a low-rise nation up until the recent surge of development. This is accentuated by Cambodians not having the benefit to learn from previous generations - and in the property management industry, experience beats academic qualifications.” “Meanwhile, the legal framework has ‘grey areas’ - more grey than black and white,” says Griffiths. “With structural weakness in the legal system, there are owners/tenants who do not wish to pay their service charge and see it is optional for them often using any excuse or reason to avoid paying. If there is no money in the property management account for a building, lights are switched off, elevators are not fixed and staff are let go. Combine all the above factors and it is a difficult industry facing challenges,” he continues. “There is a gap currently between the expectation of the developer that is usually unattainable from the lower sum of management fee collection they would want to collect,” says Soo.Matthew Rendall, senior partner at Sok Siphana & Associates, a member of ZICOlaw, states “there needs to be a development of the owner-run body corporate culture (where owners come together as the management body and control the sinking fund etc). Failing this, the developers either have to manage the apartment blocks in perpetuity or risk the development falling into disrepair.” As many projects reach completion, dangers exist for the end buyer if a sound property management system is not in place. “The high-end, good quality projects would have hired foreign management firms to start with in the first place. As for the others, buyers should take note of the ill market demand of a lesser managed property and hence take corrective measures decisively, the sooner the better.A sound system will show up over time,” notes Benny Tan, Principal Consultant at Raffles Strata Management (Cambodia) Pte Ltd. “Remember that “cheaper is not better!” If you demand a cheap steak and then complain it is tough, you should not be surprised - you pay for what you get and it is the same with property management,” says Griffiths. “If a developer tries to sell you a condo unit with a cheap service charge, expect low quality and that the lifetime and value of your investment is at risk. $1 per square meter service charges in the residential condo sector as a general market practice guide are wrong - they are too low. Buyers must see the budget plan for property management from the developer. If the developer is not sure what this is, start to be concerned as property management is clearly being treated as an afterthought,” continues Griffiths. "It is highly advisable for potential buyers to scrutinize the sale contracts to identify precisely what the developer proposes regarding the ongoing management of the facility. This is as important as the quality and design of the structure itself.If the contract is silent or unclear on this point beware. Buyers should also look at the developer’s previous developments and judge them by how well they are managed (when deciding whether to buy into a developer’s subsequent development),” concludes Rendall. Yet, the market may be in the midst of a natural learning curve. “The other regional markets have had gone through the same. Such a gap exists initially but when the local market opens herself to the higher standards elsewhere and embraces the same, the gap gets narrower and vanishes eventually,” says Tan.By James Whitehead @ Realestate.com.kh This story was a co-production of the Khmer Times & Realestate.com.kh “Property” Liftout. The section is available every Wednesday in the Khmer Times newspaper, with 10,000 copies distributed across Cambodia every day. Contact us today for advertising opportunities in the Khmer Times/Realestate.com.kh Property liftout.
Daun Penh Profile: Why live in Phnom Penh ’s founding district?
Daun Penh Profile: Why live in Phnom Penh ’s founding district?
June 6, 2022, 5:05 p.m.
Realestate News
Khan (district) Daun Penh’s name comes from a local legend where a woman named Lady Penh supposedly found statues of Buddha inside a floating tree along the Mekong river. Nowadays, Daun Penh is considered one of the largest commercial hubs in Phnom Penh – lined with art deco architecture, sprawling local markets, various F&B options and criss-crossed by key arterial roads of the capital city.Khan Duan Penh has 11 Sangkats in total. These are Srah Chak, Phsah Chas, Phsah Kandal I, Phsah Kandal II, Chey Chomneas, Chaktomuk, Phsah Thmey I, Phsah Thmey II, Phsah Thmey III, Boeng Raing, and the location where Lady Penh supposedly hid the artifacts, Wat Phnom.How’s the property market in Daun Penh?Duan Penh Land Market:Land prices in Phnom Penh continued to rise from 2010 to 2016. Daun Penh represents one of Phnom Penh’s most valuable districts. Land value in Daun Penh generally ranges between $4,000 to $4,300 per square meter, according to the H2 2016 CBRE Cambodia Market Overview by CBRE Cambodia. It is considerably cheaper than land in BKK 1 & 2, yet prices are still high in Duan Penh is key retail locations and along main roads. Parking is in high demand in this district, so land lots with space for car parking are highly sought after.Duan Penh Residential Property Market:Condominiums/Condos in the area range from $21,500 for a basic, unfurnished one room unit to $520,000 for a fully furnished two-bedroom unit. Rental rates are from $150 a month for a unit near Sorya Mall up to $2,800 per month for a unit in Phsar Kandal I. These prices for both rental and sale of condos varies dramatically depending on the quality of construction, management and location.Some Villas are still available for sale in Daun Penh, but there is a limited supply. Many villa properties have been purchased by apartment, hotel and condo developers to make way for new construction. Meanwhile, expect to pay for what you get, because good quality villas with surrounding land are in high demand from wealthy locals in this area. You can rent a 200-square-meter villa for $600 a month all the way to $25,000 a month for a high-end 600-square meter villa. For sale prices start from around $200,000 and can rise to the millions depending on quality, land size and location.Flats and shophouses for sale can start from $29,500. It can go up to $2 million for a flat with four-bedrooms and 4-bathrooms. Rental rates start from $90 a month to several thousand a month, depending on location and quality.There are also a number of Borey projects in the area that you can inquire about if you want to buy a property within a gated community. Some of these are completed already, others are still in progress.Office Spaces and Business Centers in Daun Penh:Rental rates for office spaces in Daun Penh can go for as low as $6 per square meter a month and as high as $15 million to buy an entire office building with a land area of 1,070 square meters.The major business center here is the Canadia Bank Tower, located at Ang Doung Street. It has 32 stories and has a total area of 6,000 square meters. It will comprise of a business lounge, workstations, meeting rooms, part-time offices, day offices, internal offices, and window offices that you can rent out through office provider, Regus.The Vattanac Capital Tower is one of the most prestigious locations for business in Phnom Penh. It stands at a total of 187.3 meters high with 39 storeys of commercial space.It was built with international standards and even has a Gold Certification in Leadership in Energy and Environmental Design as a green facility from the United States Green Building Council.The Phnom Penh Tower is another business center here. It also has a gross area of 1,172 square meters. It provides office spaces for every need and caters to anyone from individuals to large brands.16-Levels of Grade A office space will also be available through the Hong Kong Land Exchange Square, which is expected to reach completion in 2017. The development – 30,000 square meters in size – will also include a four-level retail podium.  Daun Penh Lifestyle:What is Daun Penh’s environment like?Daun Penh is characterized by its tasteful mix of culture and diversity. It contains historical value through its legends and structures but it also does not steer away from the construction of modern establishments such as restaurants, bars, hotels, business centers, and condominiums. It has no shortage of activities for backpackers all the way to executives. In Daun Penh, you are who you want to be because you have a variety of lifestyle options.Daun Penh encompasses the Riverside area - and overlooks the great Tonle Sap river. Lifestyle wise, riverside has the best selection of restaurants and bars, making it very easy to meet new people. Of course it is riverfront, which means amazing views and fresh air. Riverside also has plenty of markets. For people interested in Riverside real estate, most of all this area is convenient – everything is just a walk away.In regards to Tourism, riverside is the #1 spot in Phnom Penh, and one of Cambodia’s travel hubs. Here you can easily access all tourist amenities, such as bus tickets, ferry tours, the night market, royal palace, and riverside is also home to a host of cultural events & festivals.Are there any places to shop, eat, or entertain yourself in Daun Penh?There are plenty of places to go to in Daun Penh such as the Central Market between St. 126 and St 136. It was built in the 1930s and is a bargainer’s heaven for souvenirs, handicraft, shirts, and jewelry. And just south of Central Market is the Sorya Mall – a more westernized retail mall – which was once the largest shopping complex in Cambodia. Sorya Mall is currently being remodeled to attract new brands and create a more-modern shopping experience.Golden Sorya Mall was also Phnom Penh’s biggest mall back in 2009. It has a number of food courts and a big supermarket inside. But if you’re looking for western supplies, Lucky Market is just along Sihanouk Boulevard, and includes a very well stocked supermarket.A variety of restaurants, fast food joints, and coffee shops are available as well such as Kentucky Fried Chicken, Lucky Burger, The Deli Bistro Gourmet on St. 178, Ratanakiri Restaurant on St. 51, Le Point Café Restaurant, Mekong Korean Restaurant, Sarpino’s Pizzeria, Golden Mermaid Restaurant, Brown Coffee, KOI Café Vattanac Capital, Bloom Café, and many more.For those looking to create home-cooked meals, there’s the Kandal Market, Pencil Supermarket, Orussey Market, and the Old Market. Here you can buy just about anything from the expansive wet and dry markets.Where are the Gyms, Fitness and Wellness Centers in Daun Penh?For those looking to unwind, relax, or work out, Daun Penh is crawling with health and wellness facilities. Among them are The Place 2 at St. 278, Prokout Fitness and Fight Center, Paddy’s Fight Club, and Kim Hour gym. Spa’s include the SK Relax Massage & Spa I, M Health Khmer Spa, and the Rock Hotel and Spa.What’s the nightlife like in Daun Penh?For hanging out and chilling, you can head on over to the three main areas of nightlife in Daun Penh. Street 51 includes dynamic beats from Pontoon which serves up some mean music like EDM or electro house. Heart of Darkness is also on Street 51 which has been serving the locals and tourists since 1993. Street 51 area is the most well known area for bars and clubbing in Phnom Penh.The riverside walk area is another popular location for people looking to go out and have fun. The Metro Hassakan is just one of the trendy eateries located here which serves Tapas by day and cocktails by night. It has a more upscale vibe with well-dressed tourists and trendy locals. Just stroll the riverside for countless other options and all variety of cuisines.The third main area is over at Street 172 where you will find a strip of bars, restaurants and hotels. Since the filling of Boeung Kak lake years ago, many tourism ventures relocated on this street and have imported a truly metropolitan crowd. Other bars in Daun Penh include Blue Chilli Bar on St. 178, The Empire Movie House, Bar & Restaurant, Velkommen Backpackers, Shanghai Bar and Restaurant, Oasis Bar, Eden’s Bar, Dream Bar, and bars in hotels like Monsoon Boutique Hotel, Le Grand Mekong Hotel, and Hotel Cambodiana.What schools are in the area?Daun Penh is filled with bilingual schools that are also accredited by IELTS and TOEFL. Some of them also offer U.S. high school diplomas on top of Cambodian high school diplomas. These institutes include the Wat Koh High School, Preah Sisowath High School, Westline School, Chaktomuk Secondary School, Paññāsāstra University of Cambodia, Beijing International Academy, Student Development Institute, Hun Sen Bun Rany Wat Phnom High School, Preah Sihanouk Raja, Golden Gate American School, ICS International School, and the Sovannaphumi School.A number of these schools are also registered with the Cambodian Ministry of Education and accredited by the Cambridge International Exams, Western Association of Schools and Colleges, Middle States Association of Colleges and Commissions on Elementary and Secondary Schools and the National Council for Private Schools.How do I move around the city?There are plenty of transportation options in Daun Penh which is evidenced by numerous terminals and stations connecting the area to the outer provinces and cities of Cambodia.Cambodia Railway Station is one of them - and this has a passenger line to Kampot and Sihanoukville. Other terminals include the Battambang Taxi Station, Central Market Bus Stop, G.S.T. Express Bus Stop, Medical University Bus Stop, BKC Bus Stop, Monivong Road 214 Bus Stop 36, Kampong Chamlong Phnom Penh, Precah Ket Mealea Hospital Bus Stop, Calmete Hospital Bus Stop, Old Stadium Roundabout Bus Stop, Giant Ibis Bus terminal, Larryta Express terminal, and the Daun Penh Health Center Bus Stop.There are a also tuk tuks and motorbike taxis available in the area. If you’re using your own vehicle, bikes are also a normal sighting in Daun Penh. Cars also have easy access to different parts of Phnom Penh through Daun Penh’s surrounding main roads.What if I get sick? Are there Daun Penh Medical Centers?Serving as the location for the Medical University, Medical centers and medical supply stores such as pharmacies are also abundant in the area.Pharmacies in the area include the Pharmacy Gold Palace in National Highway 5, the Pharmart UHS, and the Pharmacie De La Gare along Preah Monivong Boulevard, U-Care along Preah Norodom Boulevard, and U Care Pharma along Samdach Sothearos Boulevard.Hospitals in Daun Penh include the Daun Penh Health Center, Calmette Hospital on St. 80, Bayon Hospital along Prah Norodom Boulevard, the Preah Ket Mealea Hospital on St. 47, and the Ang Duong Hospital.For your dental care and needs, there’s also the Roomchang Dental Hospital located on St. 184 in Sangkat Phsar Thmey III. This is known as one of Cambodia’s leading dental clinics.Is the Daun Penh area prone to natural disasters?Daun Penh is prone to flooding. Just recently, reports have circulated about Daun Penh district’s Psar Kandal commune, Chamkarmon district’s Tonle Bassac commune and Tuol Kork district’s Doeum Kor Market partially submerged in flood waters.A continuous government initiative to offset flooding is being made. There are now more than ten pumping stations in Phnom Penh after construction of a new pumping station was started in 2015 in Boeung Trabek.City hall spokesman, Chen Bunthoeun, said that “based on new water pumping stations that are equipped with large pumping heads which we are installing, the governor guarantees that the city won’t be affected by flooding again.”If you want to make sure the area you’re going to live in has no flooding issues, check the surrounding area or the property itself for flood lines. These are usually darker discolorations at the bottom part of a wall or vertical surface. You can also check for fresh paint jobs at the bottom part of these surfaces.If you’ve already purchased or rented a house and read this just now, getting around the city during a flood will be manageable using a tuktuk or taxi. Storms in Cambodia are also windy. So, thick and waterproof outerwear would be better than using an upturned umbrella.Now you know the neighbourhood. Take a look at some properties that are up for rent and for sale in Daun Penh!
House for Sale in Phnom Penh: Home Buyers Guide
House for Sale in Phnom Penh: Home Buyers Guide
June 6, 2022, 5:01 p.m.
Realestate News
If you are considering buying a house for sale in Phnom Penh you may think that the only things you need to think about are the price, the quality, and the location. Yet there are several other things you should familiarize yourself with before you select your new home in Phnom Penh.Realestate.com.kh is here to help - with a step by step guide to choosing the right house for sale in Phnom Penh:What are the types of houses for sale in Phnom Penh?There are a few kinds properties you need to define first before actually deciding on what type to get. In Cambodia, these are generally Shophouses, Villas, Borey Homes and Condominiums.Each type of house is a bit different in terms of physical specs, supply in the market and the kind of ownership available. Depending on the size of your family, your budget and your commute to work - each of these types of properties offer various pros and cons. Also, in regards to home ownership, depending if you're a Cambodian citizen or not, some of these properties may not be available for you to purchase.What are Shophouses?Shophouses, aka townhouses, flats houses, or link houses, are townhouses that are typically characterized by its standard setup, and by facing a main street or road. It has a shop front at the ground floor facing the street and residential areas in the back section of the ground floor, and above the ground floor. Hence the term “shophouse”.The shophouse units are generally 4 x 16 meters squared in size, and generally 2 or 3 floors high. Shophouses sit together in a row of houses generally.Shophouses located in popular urban areas offer a bonus for families - as the front of the home is easily converted into a restaurant, mart or other small retail venture. Yet, the rest of the home can still be used for the family’s living. Having said this, you don’t need to have a shop just because you have brought a shophouse.Generally, shop houses will not have front yard or garden, and likely only a small outdoor space behind the home. They won’t generally have a stand alone fence for security - but they will usually have a very secure front entrance and back entrance, and a protective screen. Car parking is often difficult with a basic shophouse, however many shophouse owners park their motorbikes inside the bottom floor room for security at night.  There are different types of shophouses. The Khmer-style shophouses have a more traditional design and more basic interior fit outs. While modern or western shophouses have incorporated a more current design and interior decoration and amenities that expats deem as necessities - such as western style toilets, baths, ovens, air con etc. It’s hard to spot the difference externally because some western shophouses only renovated on the inside.The maintenance and upkeep of shophouses are pretty straightforward and low since the property is sectioned into smaller areas. It’s also pretty accessible since shophouses tend to be where the foot traffic is. That being said, it can also get noisy as a result of that.Are shophouses susceptible to floods?Because you are on the ground floor, be careful of buying a shophouse in a flooding area. Check with the past owner and neighbours whether or not your new home is prone to flooding. If it is, you had better be prepared when the rains come. If you are buying in a flooding area, this should reduce the price.Can foreigners own shophouses?Not really. Foreigners can only technically own a shophouse through a nominee structure where foreign investors enter into a trust agreement with the owner. The land or property is then held for mortgage. The property’s then leased to the foreigner.  You would need a mortgage agreement, a lease agreement, a loan agreement, and a security agreement. But use this structure at your own risk. This is still a violation against the constitution of the land law in Cambodia. A 3 story shophouse will not have a strata title available for its 2nd and 3rd floor units as it is likely built before this law was implemented (2010) and the owners are unlikely to have filed for strata title creation - therefore, foreigners could not buy is as they could a new condo unit.Learn more about buying a shophouse via nominee structuring. Learn more about different land titles in Cambodia.If I'm a Cambodian, should I buy a shophouse in Phnom Penh with a hard or soft title?For Cambodian citizens who want to buy a shophouse, it's worth noting that many shophouses are sold with a soft title. While soft titles are cheap and fast to obtain, they present risks that may affect ownership rights in the future since soft titles are not recognized on a national level. It's advised that Cambodian citizens secure a hard title for their new shophouse home. This will incur more cost (4% of the properties value, and some bureaucratic fees), but the protection is highly valuable.Note that if the seller can’t offer hard title ownership, or seems reluctant to, there are probably some issues with the title. Due diligence is in order on the buyer's part to find out more about the title and the true ownership of the property before handing over any money.Land Management and Administration Project (LMAP) titles can also be utilized. This is considered to be the safest kind of land title because it utilizes GPS coordinates to allocate land plots for the shophouses. This accurately defines the boundaries of a purchased plot of land. It has no significant difference from hard titles except for the fact that it comes with more detailed information. And the best part is, if you can obtain this type of title, you will be safe from any claims to parts of your property into the future - because you have confirmation of the exact boundaries of your property ownership.Interested in buying a shophouse in Phnom Penh? Check out shophouses for sale in Phnom Penh now!What are Villas?Villas are houses standing within its own grounds. Villas in Cambodia don't stray too far from this definition as Khmer villas are also detached from other houses and include a yard of its own. Interested buyers might also encounter a further play on these words and hear twin villa and mini villa. These simply mean that the townhouse is semi-detached or smaller, respectively.Khmer villas have yards typically featuring gardens and even trees. The benefit of having a yard space is giving families, especially children and pets, the space is safely play within the security of their property. Villa owners can also use their yards to conveniently park their cars and motorbikes on their property and away from the risks of the busy street. Villas are ideal for buyers/families looking for a quieter, safer, and more private living environment. Some villas in Cambodia even come with swimming pools - a perfect getaway from the hot Cambodian summer right at their backyard!Another upside to owning a villa is that even the smallest villa has plenty of space. There is also a wide array of designs to choose from. These can range anywhere from traditional Khmer, opulent french-inspired styles, to modern refits. Because villas are primarily suited for families/large groups of people, buying villas in more populated (or near commercial) areas present a potential for rental opportunities from family tenants, or a group of shared renters.Are villas susceptible to floods?That depends on where you buy your villa. Be sure to check with the previous owner/seller/neighbors whether or not the area is susceptible to floods during Cambodia's rainy season. It might be wise to prepare for when the downpour arrives if the villa is indeed prone to flooding. However, buyers can use this information to get the villa at a more bargain price.Can foreigners buy villas in Phnom Penh?The simple answer is no. But foreigners may opt to use a nominee structure, similar to a shophouse. But again, doing so will still be a violation against the constitution of the land law in Cambodia. The land law runs across all landed property types and offers no exception.Learn more about buying a villa via nominee structuring. Learn more about different land titles in Cambodia.If I'm Cambodian, should I buy a villa with a hard or soft title?A soft title should be okay if you’re absolutely sure there won’t be any disputes with the villa ownership. But hard titles are the strongest type of proof of ownership. It’s an ownership certificate that’s given by the Land Management and Planning Office (LMAP). It details the information recognized by the cadastral office and the Ministry of Land at a national level. A transfer tax of 4% is usually paid when the property is sold. LMAP titles can also be used to determine exact GPS coordinates of the land plots should anyone dispute the property boundaries/ownership.Check out villas for sale in Phnom Penh now!What are Boreys?Borey is characterized by a group of low-rise residential properties located in a gated community. These includes villas, flats, townhouses, shophouses, and even the occasional condominiums. Borey developments have a variety of properties that cater to both individuals and families. It typically has its own infrastructure and services which includes roads, water, electricity, and waste management. But the biggest selling points of a Borey is its huge space and security. It also generally has a more quiet scene because of of its exclusivity.Boreys are a good option since it has immediate access to all the right infrastructure, such as water, electricity and nearby major roads. Borey communities are secure and feature common areas for families to enjoy. The downside is added costs compared to stand alone properties; there may also be a waiting period before you can move into your new home.Can I buy a Borey home if I’m not a Cambodian citizen?Foreigner nationals are not allowed to buy homes in Boreys because these are predominantly landed properties. Article 8 of the Land Law states that “a foreigner who falsifies national identity to become an owner of land in Cambodia shall be punished as determined under article 251 of this law. Any property bought under these circumstances will be seized as State property without compensation from the State.” Yet, some boreys do have condominium units available with strata titles fully applicable to foreign buyers. Also, foreign buyers could consider buying a borey home that is landed via a Cambodian nominee.Learn more about buying a borey home via nominee structuring. Learn more about different land titles in Cambodia.I’m Cambodian, can I buy a house inside a Borey?Cambodian citizens will be able to purchase landed properties in Borey developments with no issues -- provided they satisfy the legal and financial obligations.What documents should I look for when choosing a new house in a Borey development?Many developments will pass themselves off as Boreys. But these fake projects don’t have the necessary approvals and documentation. They simply call themselves a “Borey” in their marketing drive. Buyers need to check for five (5) important documents to ensure the quality and credibility of the Borey development.These 5 crucial documents are the hard title, company registration, approved master plan, construction license, and Borey License.Hard Title: You have to look at two classifications of hard titles when dealing with Boreys.The first is the hard title for the whole borey development. This is called a master title - and will cover the entire piece of land on which the project sits. The second one should be hard titles that are subdivided for each residential unit included in the borey. These are called individual titles. A legitimate Borey development should be able to produce both of these hard titles to potential buyers. If they can’t show this, don’t put any money down until they do.Development Company Registration: Development companies will need to register themselves to gain approval from the necessary ministries to proceed with construction. However, construction is not always a sign that they’ve been approved. You can ask to see their company registration just to make sure both the project and the developers can proceed legally.Master Plan Approval: The Ministry of Land Management will need to approve the developer’s Master Plan first by the Ministry of Land Management before construction begins. A credible developer will be able to provide you with it or at least show you a copy.Construction License: The construction company then goes through a thorough background check with the Ministry of Land Management. Boreys must have a single registered construction company building the units and infrastructure to ensure consistency and quality throughout the development. Once this has been cleared, the construction company is then given a license.Borey License: The Ministry of Economics and Finance releases the license for the Borey once everything is in order. This means that the developer has satisfied the requirements of the Government in terms of quality, design, sales plans, and documentation.Learn more about buying the right borey home in the ultimate Borey Buyer’s Guide, on Realestate.com.kh.Should I buy in a Borey project with a hard title or a soft title?You have to look at the main hard title first when looking at Borey developments because it’s a large-scale project. Ms. Lay Solida, Lawyer at CBL Law Group, said that:“Borey projects should be legal and recognized by related ministries. The most important thing is that the Borey project has the main hard title.”We still advise Borey buyers to have an individual hard title for their section of the project. An individual hard title for the borey project can be obtained through the appropriate ministries at 4% of the property's price. Once this is obtained, Borey property owners can sleep well that their ownership is secured.Check out Borey homes for sale in Phnom Penh now!What are condos?Condominium units exist within a tower building with many residents. Individual unit owners share ownership of the common areas in a condominium, like recreation rooms, playgrounds, gardens, and courtyards. All are welcome to use the common areas, but the individual condo units remain the private ownership of the residents. Condominiums usually have staff on-site to help manage and assist in the needs of unit owners. They also have security and shared parking areas.Condominiums can be great starter homes. It has a manageable space, with management-run amenities and services. This means low effort and time for upkeep by owners. Generally they are located in the inner city, so they also offer convenience and low travel times for inner city workers. They will generally have a nice view above the city, with fresh air and cooler temperatures. A unit in a condominium is also more private than a stand alone home and will have added security services. Condo units in Phnom Penh are normally quite modern in design and contain western style fixtures and interior layouts. Maintenance fees will however be charged to all residents to manage the common areas. There may also be restrictions in terms of remodelling the unit.  Can foreigners buy a condominium in Cambodia?Foreigners can buy condominium units and gain ownership with a strata title. But they are usually only able to buy in newer condominium developments because developments older than 2010 do not have strata titles yet. They can own up to 70% of the total units in the building. The remaining 30% should be owned by a Cambodian Citizen. The 70% ownership excludes any ownership on units on the ground floor.What is a Strata Title?A law was created back on the 24th of May in 2010 regarding foreign ownership of real properties. This began the issuance of Strata titles. Strata titling basically allows private ownership in co-owned buildings. The conditions are that foreigners are only allowed to own up to 70% of the building, excluding the ground floor. So, this cannot be used to buy a landed house for sale in Phnom Penh. But it’s helpful to know that citizens can benefit from it if they choose to develop a strata-titled property. Strata titles are recognised at the Ministry of Land Management, Urban Planning and Construction - and are as safe as any other hard title in Cambodia.How do I obtain a strata title for a condo in Phnom Penh?Creating a strata title involves the developer’s acquisition of land and obtaining a hard title for it. It is important to note that private unit ownership cannot be directly transferred by way of the original master plan. This can only be done by transferring the collection of the split titles under the ownership and name of the developer.The next step is for the Ministry of Land Management, Urban Planning, and Construction to check the created regulations and practices regarding the insurance and management of the property. Once this is set and approved, a strata title will be released by the department to the developer. This is when the individual titles can already be distributed.The transfer will call for the presentation of personal identification and marital status of the buyer to the Ministry of Land Management, Urban Planning, and Construction. These documents must be in Khmer. The buyer will also need to have their name translated into Khmer because the strata title will be in that language. Buyers can opt to use the services of professional translators and legal assistance to inspect the contract.The title transfer costs 4% of the value of the condo unit. There’s also a public service fee for the issuance of each individual strata title under the buyer’s name.Check out Condos for sale in Phnom Penh now!What information do I need before buying a House for Sale in Phnom Penh?Conducting a title search before you purchase property is always ideal. This will reveal whether there are legal disputes or discrepancies with the land. The next thing you can do is to gather information about the property through a Commune council official.How can I secure myself from frauds or fake companies?The buyer should ask for a copy of the ID of the company’s representative if the seller is a company. A notarized copy of the Ministry of Commerce-issued certificate, power of attorney, and a signed resolution by the board of directors that authorizes the representative to deal with the land office is also needed.What happens when a buyer and seller make a deal?An initial 10% deposit is usually made first. The purchase must then be submitted to the Ministry of Land Management, Urban Planning, and Construction’s district office. This is otherwise known as the Cadastral Office. Both buyer and seller have to make an appearance at the Cadastral Office for the signing and preparation of the required documents.The seller then has to show the original title certificate to the Khan during the deed signing in order to amend it with the new owner’s name.  A down payment of 10% payment is given by the seller after this. The total processing time can range anywhere from 20 to 30 days.What are my tax responsibilities?A 4% Transfer Tax is required by the General Department of Taxation. This process usually takes around 1 day. A transfer tax is only required it there is a hard title in place. Both the buyer and seller must return to the Cadastral Office with the transfer tax receipt. They will need to sign a buying and selling form in front of a local authority. The whole process usually takes around 5 days.A soft title does not incur this tax - however, by dodging this cost you may cause yourself more issues in the future.The certificate of title under the new owner’s name will be released by Municipal Land Office once the Cadastral Office sends all the necessary documents and once 80% of the payment is made by the buyer. The processing time for this step takes around 5 to 21 days.Be aware of scammers!It's important to be aware there are some common real estate scams in Cambodia. Be aware of these when you are searching for a house for sale in Phnom Penh! If anything seems suspicious, seek the advice of an independent real estate agent or lawyer with property law experience.Should I work with a Realtor/Real estate agent when buying a house for sale in Phnom Penh?Cambodia has seen the stabilization of the real estate sector as more security measures are enforced. And this is an important aspect in investment. But since Cambodia is growing rapidly, its policies and enforcement also evolves in a quick succession. This is why working with a realtor is helpful because they are familiar with the ins and outs of the industry. They can offer sound advice and can help you ease your worries on your housing security. They can also give you a good comparison of prices and types of houses to choose from. They also have connections to mortgage professionals who can assist you.Having said that, agents in Cambodia are not all equal - you need to choose the right real estate agent!We hope this information helped! Now it’s time to search for your dream house for sale in Phnom Penh right here on Realestate.com.kh!
How to Pay the Water Bill
How to Pay the Water Bill
June 6, 2022, 5:04 p.m.
Realestate News
Enchan Sreyleak, Sales Consultant of Yong Yap Property, talked to Realestate.com.kh about how to pay the water bill using the money services of Wing.What are the various ways to pay for a water bill?Well, you have a few options to choose from. You can pay directly through the water supply office or you can pay via the bank or Wing.Can you tell me the process of paying the water bill through Wing?It is important to check whether or not the payment date is still valid. If it’s already expired, the bank or Wing will not accept your payment anymore.In case your payment date is expired, you need to go directly to the office and pay for the bill there. How about the fees associated with using the services of Wing?If your bill is lower than $25, you will be charged $0.25. If you need to pay a bill that’s higher than $25, you will be charged $0.50.When is the water supply cut off?There are two cases why the water is cut off. The first scenario is when there’s damage to the water system such as when a pipe is broken. The second scenario is when you don’t pay the bill. In case the pipe is broken, it will be fixed as soon as possible. If you don’t pay the bill, you are advised to  pay your bill at water supply office.Are there penalties for late payment?You will be fined around $15 on top of the amount that you owe. Then one or two days later, you can use the water again.Find out more about Young Yap property on Realestate.com.kh