In a program with local media news, BTV, Mr. Chheang Sophanna – international sales manager of Pallas Group – said that the company plans to launch its $23.2 billion development project in March of 2017.  It will be located in the coastal area of Kampot and Kep.The government issued a license of development for to the project on October 12, 2016.Mr. Sophanna added that the Kampot and Kep project will be developed for residential holiday homes, business, and tourism and holiday homes. This is the first large-scale international project. It will be a great way to welcome foreign visitors from all around the world, he claimed.  Pallas Group is an international real estate company which is expected to occupy a total land area of 4,158 hectares in Kampot and 144 hectares of land area in Kep. Meanwhile, the company is also looking to do a similar project in Thailand and Vietnam. Kampot is situated 148 kilometres away, while Kep is located 170 kilometers away from City of Phnom Penh. Ms. Siriluck Choochart, the President of Pallas Group, mentioned that the project in the two provinces will be called the “French Riviera Marina”.The French Riviera Marina is set to become an international destination for purposes like residential, business, tourism, and film production. Siriluck cited that the company's Kampot and Kep project will create over 50,000 jobs after the construction begins and thousands more after the development is completed. And each project will be environment-friendly. It will also make use of modern construction materials and the most advanced construction methods. This project will be made with quality in mind and is slated to become the best of its kind in Cambodia.The French Riviera Marina will also offer a safe sea park that includes villas, hotels, apartments, a swimming pool, artificial beach, a private coast, a golf course, a port, boutique shops, leisure area, and many more.Enjoy more of the latest real estate news!Click here to download your free copy!

Infrastructural projects like railway completions, airport expansions, and road widening have been fast-tracking growth in Cambodia. As a result, the tourism sector is experiencing a sudden surge.  According to the Ministry of Tourism, around 2.7 million international visitors traveled to Cambodia. Leading the herd of visitors are the neighboring Vietnamese, Thai, Chinese, and South Koreans.  So, this is being utilized as a resource towards a better tourism strategy.Anticipation Builds:Though declining to communicate project cost and timeline, Chinese-owned development company Tianjin Union Development Group (UDG) announced last week that a plan to construct a coastal airport has already been finalized and that “a geological survey and initial design work has been concluded for this high-grade international airport.” This is according to a representative from UDG. The representative adds, “The construction is ready to go.”The Union Development Group signed a 99-year lease with the government and has been developing projects in its 45,000-hectare of land concession in the districts of Kiri Sakor and Botum Sakor since 2008. Along with this is the government’s commitment to deny any application to construct new airports in the area, making UDG’s development the main airport of the province.The Bigger Picture:Most of the arrivals into Cambodia go through Phnom Penh and Siem Reap, accounting to around 90 percent of visitor arrivals. In comparison, coastal areas only received 8.8 percent of visitors who mostly arrive either by sea or by land. The developers are hopeful that this move will bring that number up. This airport will be a part of a bigger plan that includes the Dara Sakor Seashore Resort and a free trade zone with ports. And much like the expansion project of the Sihanoukville airport, the construction of the new airport in Koh Kong is expected to address any possible congestion.The airport development will be a part of the UDG’s $3.8 billion dollar plan to turn Koh Kong province into one of Cambodia’s main tourist destinations. Once completed, this airport is expected to bring in planes as big as an Airbus 380 and around 10 million travelers.So, will the construction of the Koh Kong airport allow the province to soar high or struggle to fly? We just have to wait for more details about the project to see.Find out new development in Cambodia on Realestate.com.kh

One of the sectors that have been booming in Cambodia right now is tourism. TTR Weekly reports an increase in tourist arrivals by roughly 3.4% from January to July of this year. In addition to that, 2,756,693 travelers from all over the world visited the country. This not only leaves an impression, but it also provides opportunities for businesses – especially for Phnom Penh, where 24.7 percent of the travelers enter through. This increases demand for better accommodations, especially for travelers looking to stay comfortably while in the country.Grabbing the Chance:One of many big international names clenching onto this tourism growth is the Hyatt Hotels Corporation. Already garnering international praise through 30 countries and 168 locations worldwide, reports have been swirling that – through an affiliate of the company – a management agreement has been entered into with leading Cambodian conglomerate Chip Mong Group to build Cambodia’s first Hyatt Regency Hotel in Phnom Penh.The Chip Mong Group has worked on large-scale projects like The Park Land Sen Sok, and will utilize their expertise on construction materials and real estate for the Hyatt Regency development and construction.Integrating the Familiar:Though internationally acclaimed, Hyatt Hotels Corporation still wishes to incorporate the familiar quality it has brought worldwide into the culture of the Cambodian people and environment. The Hyatt Hotels Corporation Asia Pacific president explains, “As Phnom Penh continues to become known as a destination for art, culture, tourism and business, we are confident that the globally recognized Hyatt Regency brand will resonate with business and leisure travelers visiting the country. Furthermore, we believe the hotel will play a vital role in the city’s development and will become a landmark in the city and a dynamic member of the local community.”In lieu with this, the development will stand among popular attractions such as art galleries, cafés, restaurants, the Royal Palace, and the National Museum.Capturing the NicheEstimated to open on 2020, this 250-room hotel will join existing hotels such as Arunreas Hotel, Raffles Hotel, and Sofitel to provide a complete hospitality experience in Phnom Penh. Plans for the hotel include setting up facilities like a rooftop swimming pool, a bar, a spa, a fitness center, and an amazing view of both the Mekong River and the Royal Palace. It will also cater to the needs of tourists and locals who are in need of services and a venue for exhibits, weddings, meetings, conferences, and social banquets.Find serviced apartments in Phnom Penh!

Phnom Penh has undergone surprising changes in the last decade. Commercial buildings and skyscrapers have been and are being built, turning this once haunting ghost city to one of the newest civilized and modern cities in the world.But the changes aren’t quite done yet. A 78-storey commercial building will rise from the ashes for the first time in Phnom Penh where construction will begin in early 2017. This will add to the estimated 600 existing tall buildings – living up to the Asian Development Bank’s designation of Cambodia as "Asia’s New Tiger Economy.”A staff of the Yung Chung Company who does not wish to be named said that “the building design has been completed, and the construction is scheduled to begin in early 2017. The development will reach total completion by 2021, but its showroom will be launched in November this year.” He added that “this building will be a mixed-use development and will include shopping malls, condominiums, hotels, as well as a swimming pool and a rotated restaurant on the 78th floor.”He continues, “The detailed plans of using this building was completed, but details are still confidential at the moment. This project has already been approved by the Ministry of Land Management, Urban Planning and Construction.”Seng Lot, the spokesman for the Ministry of Land Management, Urban Planning and Construction confirms, “The ministry has already agreed to provide a license for Yung Chung Real Estate to construct a building of 78 floors.”Ann Sothida, director of CBRE Cambodia, said that as far as she’s gathered, this mixed-use business center will be built in the future. But the market is not doing good, and that could cause a delay in the construction of the project. She added that with the company’s innovative approach of the building though, this project should not have any problems in the Cambodian market once it is completed. According to her, the project will be located behind “The Bridge” building, which is near Diamond Island (Koh Pich). However, she did not show the feature details of the plan.President of CVEA, Kim Heang, said that “Investors of the skyscraper project will be through a developer from China. The project will also  occupy a total area of 4,500 square meters and will cost lower than $20 million.” He adds that “if the project owner has enough money to complete this huge building project, it will not be a problem for this market.”Once completed, it will become the 2nd tallest building in Phnom Penh, next to the 133 floor Thai Boon Roong twin trade center which is 500 meters high.Dr. Van Vat, Planning Specialist, explains that Cambodia already has a regulation to limit tall buildings. So, if our law enforcement is good, it will not only protect the heritage in the city, but it will maintain the beautiful sceneries and will minimize the environmental impact as well. He continues to say that normally the construction of  such a high building requires the company to have studied all the technical standards, and the specialist from the ministry has to inspect and go over the construction standards to make sure that the company’s complying with the request or not.He adds that "Having these tall commercial buildings, it is a national pride because it is not only improving the economy, but it also provides employment and income for the people as well."Check out the hottest new development homes and offices!This story was featured in the September 2016 print edition of PROPERTY VIEW magazine, produced by the CVEA.Realestate.com.kh is very proud to support the CVEA’s Property View publication. For more information about joining the Cambodian Valuers and Estate Agents Association (CVEA) please click here. And, if you are interested in advertising placement or advertorial in the next edition of Property View Magazine, please contact Mr. Virith via email: virith007@yahoo.com Or call: 078 959 567  or 098 66 26 68

Prakas No. 965 (MEF) on the Management of Residence Development Business was dated August 24, 2016 and aims to get developers to obtain a license from the Finance Ministry.The Director of the Finance Ministry, Mr. Noung Piseth, said that only around 167 housing developments, 104 gated communities, and 63 condominiums that are currently underway are actually authorized by the Finance Ministry. He estimates that around 10 to 20 percent of current developments have no licenses. And this is causing concern from buyers who have already purchased units from these developers.This prakas (law) affects real estate developments that either have more than 4 apartments, 3 villas, or 4 units. Developers who fit the criteria are considered to be a residence development business company and are now required to have a license through the Ministry of Economy and Finance, for several reasons.Why should developers obtain a license?Other than avoiding a fine for owners of unlicensed housing projects that can reach up to $25,000, getting a license actually has a well rounded advantage for everyone involved in a development. It benefits the customers, the developers, and the industry as a whole.The Head of the Office of Business Management Housing Development at the Department of Industry and Finance, Ms. Chan Socheata, said that “generally, before the issuance of the license for any project development, the ministry evaluates through its checklist to find out whether the development has a clear and strong source of income, capital, collateral, land title, and other assets that support their project.”She continues, “The ministry will check whether it’s a good business, and if it can be successful in the future or not. In some cases, there’s a need to research on the sales strategy of the project, because sometimes a project’s owner does not do an in-depth market analysis with the surrounding market. And another reason is to find whether this project causes a bubble market. So, if this case happens, the ministry can take measure immediately,”And since a residence development business company is also required to deposit 2 percent of their capital, there is an assurance for both the ministry and the customer that there is enough resource for the project to successfully move forward and reach completion. Additionally, once a company is licensed, the ministry can serve as a mediator of sorts for any disputes that may arise between the developer and its customer.What are the types of licenses?Besides the 2 percent secured deposit, there is still a separate fee for each type of license that must paid by the company.There are currently two types of licenses.The first license is for companies which has either loaned from financial institutions or have their own capital that they can use for the development and sale of the property once construction is over.The other license is for companies who have their own capital or loan from a number of financial institutions or capital that comes from installation payments by the buyer, where construction is still not over.What are the Developer licensing requirements?For the first type of license, the development company must already have finished construction with the cost already determined.While the second type of license calls for the same requirement, it also calls for the development company to open a trust account where they will be placing payments from the customer.Socheata also mentions that “project owners need to make a business plan to present to the ministry” before they are issued a license. There are also requirements that should be submitted after the project is finished. This is called a reporting requirement where the Ministry of Economy and Finance needs to be updated after a month of the project’s completion regarding financial soundness and the project ending.With the release of this Prakas on developer licensing, we can expect to see positive changes in the aspects of construction and financing; and more transparency for end buyers - bringing much needed protections to the off-plan real estate market.Learn more about Investing in Cambodia, with your real estate information leader: Realestate. com.kh!

Whether you are looking for your dream home or buying a property for investment, the place to be is at the CAMBODIA PROPERTY & INVESTMENT EXPO ’16. It is where the latest commercial, industrial and residential properties from top developers are showcased. What’s more, you can get the best deals as there will be special discounts and free gifts offered only at the Expo. Make sure you drop by at the Diamond Island Exhibition & Convention Centre, Koh Pich, from 8-10 September 2016 for the Biggest Property Show of the Year! When you are at the Expo, you can also visit CAMBUILD’16 – Cambodia’s Biggest International Building, Construction and Interior Décor Show for the latest building and interior design products. See the full list of property developments on show at this year's expo and find out how you can join this years event!