Welcome to another weekly real estate news report, brought to you by Realestate.com.kh.
On this week’s show, we’re going to be speaking with Desmond Yap, Managing Director of Yong Yap Properties Phnom Penh, and one of Realestate.com.kh’s featured agents.
Tell us about the Riverside area and the attraction of it?
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 terms of investment, there’s only so much river and we cannot make more space here. So it is exclusive and a beautiful place to live. It makes it a very attractive location for foreigners, and grants the riverside area a high investment return potential in the coming years.
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.
How has the riverside area changed over the years?
In our area, there has been huge changes in very little time. We were one of the first western companies opening on street 13 just 2 years ago. Now there are countless new ventures, such as Q Foffee House, Trunkh, Bespoke, Opera Café and many more new brands.
St 172 has also flourished into a renowned restaurant street now, with institutions such as Sundance, Sun moon hotel and Oskar Bar.
Infrastructure has developed beyond recognition along Riverside too, including improved drainage. Flooding used to be a real risk on riverside - but now there are very few issues with this.
Is the Riverside area good for investment?
Anywhere in Cambodia is a good for investment in my opinion, as it is a growing, developing country.
As I mentioned, riverside is the number one tourism location in Phnom Penh – and because it will retain that prestige for many years to come, prices will always go up. Activities are growing weekly, including new options for food, drinks, entertainment, music and festivals. Looking forward, Riverside is the perfect spot for a “cappuccino” strip for the city.
Tell us about Yong Yap Properties.
Yong Yap is a boutique real estate agency specializing in the Riverside area and focused on providing relevant, up to date data in a clear transparent way for our clients. In our short time, Yong Yap has established ourselves as the premier agency in the Riverside market and have built a brand around transparency, trust and quality service.
What sort of clientele do you find are most interested in the Riverside real estate area?
Foreigners are our main clients to buy/rent, and Khmer as owners - though this is starting to change as our real estate agency name develops more. Investors are interested in 3 things on riverside: firstly, buying properties for rental yield. Secondly, investment properties for capital growth (long term). And thirdly, what I call 'flippers', otherwise known as renovators.
We also see a fair share of single expats needing accommodation, or deciding to buy for themselves. A part of this demographic are floating expats, especially from Thailand, who need temporary homes in Cambodia due to visa regulations and renewals.
Retirees are another demographic we are seeing more and more of. They want to buy now, collect rent while they sort their affairs in their home countries; then, in the future, they have a great retirement home and money in the bank when they eventually move to Phnom Penh.
Where do you see Yong Yap growing to in the future?
We will stay focused on riverside, this is where we are experts. We are still growing here and just moved into a bigger office. We also offer cleaning service & renovation company - these two side businesses should assist our clients. We want to focus on modern style marketing methods, including video marketing, open homes, mail out flyers and we want to become more and more active in community projects.
What’s the easiest way to start looking at Riverside properties?
Of course, the best place to look for properties for rent or sale on riverside is by checking out the huge selection on www.realestate.com.kh, or Yong Yap’s website: www.yongyap.com. Don’t forget to call Yong Yap for a free consultation.