Sihanoukville Real Estate and recent policy changes, with Kim Heang on Realestate.com.khTV
Feb. 16, 2017, 12:21 p.m.
Sihanoukville is located in the southwest area of Cambodia and is known for its beautiful beaches and wonderful people.
It is also home to some exciting new mixed use developments, such as D’Seaview by Camhomes.
But recently, the province had experienced some significant policy changes which have influenced the Sihanoukville real estate market quite dramatically.
The news of partitioning the province into three sections/zones and classifying them as luxury beaches for the private sector, public beaches for the private sector, and public entertainment beaches came as a surprise to many after Cambodian Ministers, Thong Khon and Chea Sophara, had their discussions on the matter. The move, however, was met with heavy scrutiny after many local businesses in the area were demolished – particularly in the Otres and Ochheuteal beach areas. As a result, complaints were filed through the Interior Ministry in an attempt to come to a compromise. In a recent video interview with Realestate.com.kh, current president of the CVEA, Mr. Kim Heang, weighs in on the current status of Sihanoukville real estate as an investment destination.So, how do recent policy changes affect property investment opportunities in the province? Despite the recent changes, Heang suggests that Sihanoukville is still a good place for investment. He adds that the best time for investing in Sihanoukville real estate is anytime from now, into the next 5 years. This is because in the short term, properties here are still relatively inexpensive and still have great potential for investment returns. This may be attributed to the recent real estate segmentation/zoning being implemented by the government that will pave the way for better zoning management and policy conception into the coming years. This progress will only stimulate the economy of the province in the longer-term. Heang further explains that if there is a clear master plan for Sihanoukville and it is followed through with conviction, Sihanoukville has the potential to become another Singapore, or at least a Phnom Penh. But this will not happen without serious attention to infrastructural upgrades, such as stronger rail and road connections, and deeper ports. Although there are already plans to strengthen the infrastructure, Heang says these plans still have a long way to go.
Railway Infrastructure Capacity Needed:Currently, it takes about eight hours to come from Phnom Penh to Sihanoukville via train, says Heang. Improving the railways and making the system at least three times bigger, he adds, would make this journey just 2 hours. This would also allow ease for sharing resources such as materials and workers that would be helpful in construction of additional infrastructure and property developments in the port city. Having a faster train system would make the entire province more profitable for investors in a much shorter amount of time.Sihanoukville Real Estate for Commerce: Sihanoukville is also a popular tourist destination for both locals and foreign nationals. So, for those looking to invest in commercial properties in the area, there is already natural and organic foot traffic to work with.While Sihanoukville is currently undergoing changes, it clearly has a bright future to come.