Logo

Realestate News

The Charm of Cambodia for Property Investment
The Charm of Cambodia for Property Investment
June 6, 2022, 5:06 p.m.
Realestate News
Talks of growth in Cambodia has made it a hot-spot for foreign property investment in the last few years, and the nation is receiving worldwide interest from property developers and investors. Known for its beautiful culture, awe-inspiring beaches, mystical forests and rivers, and enormous temple complexes, it’s easy to understand why everyone wants a piece of it. But more than the aesthetic beauty of the country, there are a few other things that give Cambodia its property investment charm:U.S. Dollar Based Investment:Cambodia has used the U.S. dollar as one of its main currencies for a long time now, over 20 years in fact. The government explains that the US$ provides stability in the market with ease of conversion from Riel (the local currency). This makes transactions less complicated for investors and offers a currency option that faces very few transfer restrictions around the world. There are no restrictions for exchanging US$, making it a highly-free flowing currency, and a global currency showing superior stability to all others over recent years. Transferring funds from abroad into Cambodia is very easy and able to be done with very little process. Meanwhile, when you resell your property in Cambodia, you can transfer your money outside of the country very easily, simply by showing your receipt of sale. Many regional banks that have opened in Cambodia also offer ample support for foreign investors who wish to enter the growing real estate market of Cambodia.Early Development Phase:Even though the Cambodian real estate industry has come a long way in the preceding years, there is still a large chunk of undeveloped land and untapped districts able to be utilized by investors and developers from overseas. Most developments in recent years have focused on the capital Phnom Penh, the beach town of Sihanoukville and the tourist destination Siem Reap; but Cambodia still has huge potential for growth in other regions, and investors are welcome to join in when they bring FDI, infrastructural support and experience.Impressive Growth in GDP:Research from a large variety of sources has demonstrated a consistent average GDP growth of 7 to 7.5 percent in the last 5 years for Cambodia. This has allowed the Kingdom to rank 21st in this measure of growth worldwide, and the 1st in the Southeast Asian region – further solidifying its integrity for potential growth into the future. While the bulk of this GDP has traditionally come from garment manufacturing, the economy is entering a phase of diversification and value-adding upskilling which is set to take the economy to a new level of sustainability, for both investors and Cambodian nationals. In fact, last year construction was the largest engine of GDP growth in Cambodia - a testament to the emergence of a booming real estate industry. Appreciation gains for Cambodian real estate are much more attractive than other established markets thanks to the nation’s consistently fast growing economy and GDP. Buyers of property in Phnom Penh, for instance, can safely expect 6 to 8 percent appreciation each year.Secure Assets:Development in policies regarding strata titles, whereby foreign investors can purchase co-ownership in a property as a workaround of the Cambodian State Constitution, has proven to be a profitable decision for its economy and a key for foreigners looking at entering the real estate market. Long term lease policies have likewise allowed huge opportunities for international investors to enter the market and these have provided security sufficient to encourage more and more inward investment.Strategic Trade Location and Logistical Integration:Lying between equally competitive and growing neighbor countries, Cambodia is located alongside Thailand and Vietnam. Meanwhile, the economy sits between the two giants of China and India, with consistently growing partnerships with both. It has also joined ASEAN and has established highly beneficial trade agreements with Europe, North America and Australasia. Infrastructure and trade services have been one of the things Cambodia has pushed very hard on in recent years. That is why it has continued to build better roads, railways, bridges and deep sea ports. It has also continued to develop its international flight connections across the country so as to integrate fast transport and travel for investors. As part of China’s “One Belt One Road” policy, the country will also soon see interconnecting railways across the Asian region and into Europe.Political Stability: The fact that the Kingdom has had one prime minister for almost a quarter century means that there has been, and will continue to be, consistency and continuity in its highly investor friendly policies and political practice. In fact, the current prime minister represents the longest-ruling non-royal leader in South East Asia. Out of the ASEAN nations, Cambodia has demonstrated itself to be within the top 3 in regards to political stability. Retirees' Mecca:Cambodia boasts a low cost and high-standard of living for retirees; offering a great lifestyle at a fraction of what it would normally cost in other places in the region, and tiny compared to highly developed economies. This is what makes it a perfect retirement spot for foreigners. This is becoming increasingly so as the nation's logistical connections, health system, schools, visa support systems and infrastructure grows in leaps and bounds. People:According to the Population Division of the United Nations’ Department of Economic and Social Affairs, Cambodia has about 15,700,000 people, and these people are the Kingdom’s greatest asset in terms of growth. They are not merely spectators to growth; they are the drivers of economic progress - given that 70% of this population is under 30 years of age! Aside from that, the people of Cambodia are also naturally friendly and welcoming, and most understand the value of partnering with internationals for benefits in terms of sharing worldly experience, education and economic benefits.   These are just some of the things that have given Cambodia its charm for investors in the last decade. And as more and more people see the great accomplishments in its past developments and its full potential beginning to emerge, it will soon grow even more attractive for property investment opportunities, whether at a personal or at a business scale. Nevertheless, for the most appreciation, NOW is the time to consider investing in Cambodian real estate! FIND A PROPERTY NOW!
Century21 Cambodia Embark on a Global Strategic Business Development Tour
Century21 Cambodia Embark on a Global Strategic Business Development Tour
June 6, 2022, 5:05 p.m.
Realestate News
The Global Strategic Business Development (GSBD) Team at Century 21 Cambodia will soon embark on a month-long “Global Strategic Business Development Tour” whereby they will visit China, Hong Kong, Macau, Taiwan, Thailand, Singapore, Japan, Malaysia and Indonesia, promoting Real Estate investment opportunities in Cambodia. The tour team will consist of Mr Kuy Vat, Chairman/CEO Century21 Cambodia; Mr Seraj Sutton, Director of Global Strategic Business Development at Century21 Cambodia; and Mr SamAth Him Sprung, Director of Global Strategic Business Development at Century21 Cambodia. Century21 Cambodia, through their tour series, wish to be a catalyst in spotlighting Cambodia in the world market for property investment; and will be approaching major players in key markets in order to combine their regional expertise and to expose the Cambodia market to the huge Century21 Global Network. Even while Cambodia’s construction and economic boom continues, many perceptions of the wealth of the country and the potential for returns on investment are still being overlooked in major global markets, despite nearly two decades of swift economic growth. While the Century21 Overseas tour seeks to identify investment opportunities abroad, it also seeks to alter this mindset and funnel investment capital back to the Cambodian property sector. With up to 80 percent of Cambodian new development projects being bought by International buyers, property developers in Cambodia must educate the global market on the benefits of investing in the Kingdom. Through this tour, Century21 Cambodia is pioneering this mission, and a mission that will bring benefits not only to Century21 offices in Cambodia - but the entire property market sector in Cambodia! Mr Seraj Sutton, Director of Global Strategic Business Development at Century21 Cambodia, said that, “We at Century21 Cambodia are very excited and feel quite positive about the way real estate market in Cambodia is developing and are proud to present Cambodia to the world.” The month long expedition is to promote Cambodian-based property investment opportunities to the International investors and also to identify overseas investment opportunities for Cambodian-based property investors; The investment tour will provide a unique opportunity for personal interaction to close the gap between the investor and the opportunity. In each of the 9 countries they will visit in phase one of the Business Development Tour, the Century21 Cambodia team will harness the Century21 Global Family Network in each of these countries, tapping each country franchises’ network of investors, property owners and sellers. With 7,100 offices, across 78 countries and over 100,000 Professional sales agents, the Century21 Global Family is well positioned to promote new real estate developments in Cambodia to surrounding countries. After the Century21 Cambodia Asian Business Development Tour is complete, they will then look to wider global markets to share information about Cambodian property investment, namely they will visit Australia, USA, Belgium and France.
Kingsland Global Commits to the Cambodian Market
Kingsland Global Commits to the Cambodian Market
June 6, 2022, 5:06 p.m.
Realestate News
Formed in 2015 as the holding company of Kingsland Malaysia and Kingsland Cambodia, Kingsland Global (ASX: KLO) specialises in commercial and hospitality property development across Asia.  Tracing its origins from Kingsland Development, which has over 37 years of experience in the property development scene in Singapore, Kingsland Global is excited to extend its property development expertise to more territories around the globe - none less than Cambodia. Entering a joint venture with a Cambodian partner, Kingsland Global is proud to announce its entry into the Cambodian property market. “We are extremely pleased to partner with Kingsland Global in this joint venture which we believe will lead to many dynamic projects now and into the future. Bringing their own brand of professionalism and strict adherence to safety standards, Kingsland Global’s values and culture – such as their daily toolbox meeting that kicks off every working day with a stringent safety check on site - will help to raise market standards across the board and greatly add value to the local community,” as said Mr. Pheap Horng, Chairman, CamTrip Investment Co. Ltd., Kingsland's Cambodian JV partner. Jeremiah Lee, Managing Director of Kingsland Global, stated that,“Kingsland Global is particularly excited by the possibilities and opportunities that the Cambodian property market opens to us. With its fast-growing economy and promising prospects, we are confident of harnessing the benefits of Cambodia’s favourable investment climate to deliver high quality commercial and hospitality development projects in the local property scene. We believe our commitment to quality and excellence will allow us to capitalise on the limitless potential the Cambodian property market offers, especially at this point of time when it is still entering its early stages of development.” Infusing value and lifestyle in all their projects, Kingsland Global has demonstrated its standard of excellence through quality projects across Asia. Kingsland Global is currently embarking on more exciting commercial projects that will allow the company to share their expertise and dedication to property development with all partners and clients. Ensuring trust and reliability remain the cornerstones of their corporate integrity, Kingsland Global strives to be Asia’s leading integrated property developer by bringing these values into the Cambodian market and every region that they expand their expertise to. Kingsland Global is proud to announce some upcoming projects in Phnom Penh. To be operated by the acclaimed hotel operator, Wangz Singapore, 228 Oknha Peich is a 13-storey boutique hotel located in Khan Daun Penh which houses many historical monuments. Slated to be completed in the 2nd quarter of 2017, this stylish hotel is equipped with multiple facilities and looks to provide tourists and business travelers with a luxurious home away from home. Another upcoming iconic development, One18 Residences is a luxurious 24-storey apartment providing quality living and hotel-like amenities right in the heart of Phnom Penh city. Look forward to a first-class residential experience like none other when the project is completed soon. For more info on Kingsland in Cambodia, please get in touch with Kingsland (KH) Development Co Ltd, #34, Street 200, Sangkat Boeung Raing, Khan Duan Penh, Phnom Penh, Cambodia (Tel) +855 77 3399 20, (Fax) +855 23 2217 07/08 or Kingsland Global Headquarters (Singapore); (Tel) +65 6362 8998, (Fax) +65 6363 7031; or email info@kingslandglobal.sg
Positive Investment Climate encourages J & L Property Development's entry into the Cambodian market
Positive Investment Climate encourages J & L Property Development's entry into the Cambodian market
June 7, 2022, 1:47 a.m.
Realestate News
Cambodia remains a relatively untapped market for many, offering substantial upsides to foreign or local investors looking for green field investment opportunities. Hence, investors with foresight are increasingly identifying Cambodia as the next boom economy in the Southeast Asian property market. MCC International Corporation Ltd, a Chinese state-owned company which ranked 326th in the world’s largest companies in 2015, and 10th in the Engineering News Record’s Global Top 225 Contractors, recently set up a subsidiary in Cambodia, acting as chief and sole constructor, and strategic partner, for J & L Property Development and their latest project in Russey Keo: SkyTree Condominium.CLICK HERE TO INQUIRE TODAY Mr Chen Shaochun, President of MCC International Corporation Ltd, at a recent press conference in Phnom Penh, stated that “Cambodia is exhibiting the correct economic growth indicators, investment incentives and political stability to allow us to enter this market in a real estate related faculty. And these same qualities are appealing to many other Chinese and International property investors.” Mr Scott Wu, CEO of J & L Property Development concurs, mentioning that “our development company’s investment timing is perfect to enter the Cambodian market in 2016. The Government is stable; the economy is showing impressive but sustainable growth across the board; the nation's infrastructure and logistical networks are developing out of sight; and consumer tastes in the city are fast changing to high-end, convenience-driven, high-rise real estate. Those buyers who look to quality projects such as SkyTree Condominium now will realise their investment was extremely smart five years into the future when Cambodia truly comes of age.” For investors seeking stability, Cambodia is now able to meet international expectations. The current head of government — Prime Minister Hun Sen — has been in charge for more than 25 years; and, in fact, Hun Sen now represents the longest standing non-royal leader in Southeast Asia. CEO of Eastland Development, Sam Yang, said that, “Three things are clear to me: Firstly, the next great international economic boom will happen within the ASEAN countries. Secondly, out of the ASEAN nations, Cambodia has demonstrated itself to be within the top 3 in regards to political stability. Meanwhile, thirdly, in Cambodia investors can still trust in the US dollar – this is unique.” Rami Sharaf, Member of International Advisory Council, APCO Worldwide, and a well-known advocate for the Cambodian market, says that, “the major attraction for foreign investors considering whether they should invest in Cambodia is the ASEAN-member nation’s steady economic growth; phenomenally steady growth: 7.5 per cent average for the last 5 years, year on year. This puts Cambodia as the number 21 worldwide in growth, and number 1 in the region.” Due to its membership in ASEAN, Cambodia has access to the ASEAN Free Trade Area. The ASEAN countries have 625 million people and are a less mature macro-market, providing vastly more opportunity for growth. If ASEAN were a single country, it would have the seventh largest economy in the world, after the US, China, Japan, Germany, France and the United Kingdom.  Additionally, Cambodia has been designated one of the Least Developed Countries (LDC), which gives it preferential access to both the European and North American markets. Why invest in Cambodia? Learn more. Importantly also, Cambodia is midway between China and India. Very recently, India displaced China as the world’s fastest growing economy. Due to its location, Cambodia has excellent geographic access to both of these huge markets. The wealth of the future is practically guaranteed to be determined by who has access to the Chinese and Indian markets. In 2010, the China–ASEAN Free Trade Area (CAFTA) became a reality, giving member nations access to a trading block of 1.7 billion people. ASEAN also has an agreement with Australia and New Zealand that creates yet another free trade area in the other direction (AANZFTA). Additionally, talks are under way between India and ASEAN, which could create a similar trade block. Those seeking pure investment opportunities are offered a unique proposition in the rising market of Phnom Penh; which is exhibiting appreciation growth impossible in the developed markets that property investors have traditionally targeted. According to Knight Frank Cambodia’s Cambodia Real Estate Highlights 1H2015 Report, “land prices in Phnom Penh have increased by as much as 80 percent since 2010, with a forecast of a further 25 percent increase for 2015.” Yang also cites the “One Belt One Road” initiative, saying that plans for a regional Chinese railway in the coming years will only aid Chinese investment in Cambodian real estate. “Thus far,” continues Yang, “the Cambodian real estate market has only attracted relatively small investment pools, in comparison to international and mainland Chinese standards of major investments. Generally, new real estate investments in Cambodia are valued at around five to ten million dollars only. The larger real estate investment funds of 200 to 600 million dollars have not yet come to Cambodia – but they will soon.” With Singaporean architectural design, Sky Tree Condominium rises 32 storeys above Phnom Penh. Uniquely, 40% of the total complex is dedicated to exclusive public facilities such as rooftop gardens, helipad, medical clinic, sky bar, gym, spa, international brand shopping, ample car parking, business facilities, and much more. Furthermore, Sky Tree Condominiums unit size is well suited to a a family who needs extra space - you will have all the room you need to invite extended-family to stay with you in your new condo home. This makes it perfect for Khmer and expat families looking to move into a better standard of living within the inner-city. Don't miss out on your chance to improve your families' quality of life - with monthly payments starting from just $333 per month, and a minimum 10% deposit on signing. CLICK HERE TO INQUIRE TODAY
Condominium Market: Lessons to Learn
Condominium Market: Lessons to Learn
June 6, 2022, 5:05 p.m.
Realestate News
Over the last few years, the Cambodian real estate market, and in particular Phnom Penh, has seen huge growth.In 2015 alone, overall property prices in Phnom Penh rose to an amazing 26.2 per cent. This is according to a report released by global property consultancy, Knight Frank.It’s an impressive feat, considering that it is higher growth than any other city in the Asia Pacific region. Phnom Penh came in just a little bit behind the success of Tokyo in terms of rise in land values within a greater region. But properties like condominiums, despite sales, remain one of the most misunderstood property types in the Kingdom. This is echoed by a statement made by Chrek Soknim at the first annual Real Estate Market & Outlook Conference 2016 (REMOC2016).Soknim explains that the “condominium isn’t a nascent market anymore in Phnom Penh. It’s been here now for over eight years, yet there are still many things for developers, buyers and key players to carefully learn in order to get quality market insights, and shift their focus to the right paths forward for this real estate subsector.” One such factor that developers should consider is the cultural and generational gap of Cambodian society, especially if you are entering its real estate market from an outside perspective. Cambodians prefer to live with their extended families in residential landed homes.This makes condominiums more of a tough sell in the Cambodian context, Soknim laments. This is a sentiment that In Sitha, Business Development Director at VTrust Appraisal, also shared, stating that, “developers must conduct thorough market surveys before beginning any project in Cambodia if they want to guarantee that there will in fact be sufficient demand for their end real estate product.”What works in the property developer’s home market, will not automatically work in the Cambodian context, it seems. Though Soknim, in his presentation at the REMOC2016, is optimistic as he explains that the younger generation of Cambodians are now more open and understanding of why condos make for better investments than residential homes: "So far, our own people, they don't want to live in condos." He continues to say, "but the young generation, mostly the people who go to foreign countries, they are aware and understand about the benefit of condos."The second factor developers can monitor is the Kingdom’s general economy where banks take collateral that charges 100 per cent of the property value. Home loans for relatively expensive condo units, therefore, fall outside the reach of many Khmer buyers. The same applies to high starting deposit rates of 30 percent and upwards. This is leading to an increasing trend of developers working in close partnership with local and international banks to provide realistic payment plans and loan criteria, more and more tailored to the local market requirements.A third factor to consider is the ratio between local and international interest in these types of properties, especially with luxury condominiums. Soknim explains that what developers should come to terms with is the fact that 80 per cent of the condominium developments are usually purchased by foreign investors and only around 20 per cent are purchased by the locals.This is why buildings can have a thousand units yet at the same time seem empty. It is important to note that based on legislation passed several years ago, the strata title law of 2010, foreigners can own up to 70% of the property as long as that ownership does not extend to the ground floor. This is good news for foreign investors and local businesses who can utilize this to their advantage by buying property in Cambodia, and moving businesses into the US-dollar based economy. As Fitzgerald explains, “given the political instability [in thailand for example], the worry of the [Thai] currency; is meaning a lot of the medium to lower funds and foreign investment funds are actually moving their headquarters from Bangkok to Phnom Penh.”It is also important to note though that there are sometimes instances where units are not purchased with intent of occupancy by pure investors. These are purchases made for appreciation benefits or as means to safeguard finances.While the Kingdom of Cambodia still has a lot of policies to polish and lessons to learn, these indicators, along with the rising wealth of statistics and data brought about by Phnom Penh’s globalization efforts, can serve as an analytical tools for potential investors and developers who wish to delve into the real estate and condominium industry.Want to know more about Cambodia's property market? Search through our news section for more updates!
News Page Concierge 590x250 ENG
Realestate.com.kh Official Media Partner for the 2016 South East Asia Property Awards!
Realestate.com.kh Official Media Partner for the 2016 South East Asia Property Awards!
June 6, 2022, 5:05 p.m.
Realestate News
Realestate.com.kh is proud to be announced as Official Media Partner for the 2016 South East Asia Property Awards. Returning for a successful sixth year, the South East Asia Property Awards 2016 is the biggest, most prestigious and most recognised industry awards in the entire region.  Organised by PropertyGuru, Asia’s leading online property portal group, the programme serves as the grand finale for the ASEAN strand of the 11-year-old Asia Property Awards series, with the top and emerging names in real estate gathering on 23-24 November at the prestigious Shangri-La Hotel Singapore. Last year’s biggest winners included Far East Organization and UOL Group from Singapore, and Front Concept group from Malaysia, while UOL’s deputy group CEO Liam Wee Sin was awarded the coveted Singapore’s Real Estate Personality of the Year accolade. The event is also a tremendous networking opportunity for real estate professionals who would like to meet the industry leaders who are redefining the property landscape. Don’t miss this! As stated by Director of Realestate.com.kh, Mr Tom O'Sullivan, about the media partnership: "In early 2016, Realestate.com.kh created a strategic relationship with the PropertyGuru Group that allows Realestate.com.kh and our clients to leverage off the powerful network of property portals, events and related media in the ASEAN region; including PG Singapore, PG Malaysia, DD Thailand and Indonesia. The South East Asia Property Awards brings together leaders from across the region, including those from our market: the extremely fast-developing Cambodia. Partnering with the SEA Property Awards allows Realestate.com.kh and our clients to bring Cambodian property to the world stage, and of course to network and learn from the region's industry leaders."WANT TO FIND OUT MORE?
Land Prices up 4.8%: CBRE Phnom Penh Q1 2016 MarketView
Land Prices up 4.8%: CBRE Phnom Penh Q1 2016 MarketView
June 6, 2022, 5:06 p.m.
Special Reports
Realestate News
CBRE's Phnom Penh Q1 2016 MarketView has just been released! Chris Hobden, Manager of Research, Consulting & Valuation Services at CBRE Cambodia said that, “The Phnom Penh property market witnessed a significant increase in development activity over the first quarter, with investment in construction and residential project launches up 267% and 61.6%, year-on-year, respectively. Land prices appreciated by an average of 4.8% over the first quarter across Phnom Penh’s six principal districts. Notably, prices in Chroy Chang Va district rose by 8.8%, bringing its total land price appreciation to 208% since Q1 2010, driven by a combination of infrastructure improvements, local development activity and the continued expansion of the city’s core.”In summary:Land prices across principal districts appreciated by an average of 4.8% over the first quarter, with land prices in Chroy Chang Va and 7 Makara districts rising by 8.8% and 8.3% Q-o-Q, respectively.A total of 4,158 condominium units, across 8 projects, announced over Q1, representing a Y-o-Y increase of 61.6%.Average sales and rental prices broadly appreciated over Q1, with the exception of shopping mall rents, due to challenges faced by ageing retail stock in the context of upcoming supply.Limited new supply came on-stream over Q1, with 3 office buildings collectively adding 17,260 sq.m of leasable space to modern Phnom Penh stock.US$1.65bn invested in construction over Q1, compared to US$448m in Q1 2015, representing a significant Y-o-Y increase of 267%.Find out more: Download the full report!
HLH Group Announce CamFarm
HLH Group Announce CamFarm
June 7, 2022, 5:14 a.m.
Realestate News
HLH GROUP EXPANDS AGRICULTURAL FOOTPRINT IN CAMBODIA BY UPGRADING ITS EXISTING 10,000-HECTARE FARM INTO A FULL-SCALE AGRICULTURE PARK: Camfarm.SGX Mainboard Listed HLH Group, had successfully upgraded its existing 10,000-hectare farm in Aoral District, Kampong Speu Province in Cambodia to become a full-scale Agriculture Park, which covers the cultivation and processing of cassava (Tapioca) into cassava chips or cassava starch. It will also have an area to attract international investors with interest in husbandry and livestock assets to set up farms in the new park. The new cassava starch production factory at the site was completed last week. Known as Camfarm.FIND OUT MORE - contact HLH Group now!Meanwhile, the company’s first starch production line which was completed in the first week of April 2016 will produce 120 tons of cassava starch daily starting from this week. Production levels are expected to increase to an estimated 150 tons per day and will hit about 35,000 tons of cassava starch annually by the end of this year. Most of these cassava starch will be exported. The current market value of cassava starch is around USD360/ton.“With the new 10,000-hectare agriculture park in place, we can scale up our production significantly through the supply of cassava products. We are also looking forward to attract and partner with global investors with a robust appetite in the agricultural sector. With the right infrastructure such as the well-equipped deep-water sea port of Sihanoukville for exports, agricultural equipment and production facilities, we can enhance the yield of our plantations as well as raise both production quantity and quality,” said Dato Dr Johnny Ong, HLH Group’s Deputy Chairman and CEO.“HLH Agriculture (Cambodia) Co. Ltd is also planning to initiate programmes for contract farming and provincial collection center to raise the competitiveness of Cambodian farmers and at the same time provide new employment opportunities in the country by enabling more Cambodians to become self-employed in the fast-growing agriculture industry,” he added. By end of this year, the Agriculture Division expects to export 50,000 tons of both cassava starch and cassava chips. The ultimate target is to export 1 million tons of both products in the near future.Meanwhile, the company has also unveiled a new plan for an integrated Agriculture Food Processing Park to be named CAMFARM on a 400-hectare plot of farm land acquired in 2008. It is expected to be completed in year 2017. The company will be actively sourcing for strategic international investors in food processing industry to set up their assets in this park. THE FIRST AND ONLY AGRICULTURE PROCESSING HUB IN CAMBODIA, BROUGHT TO YOU BY HLH GROUP. We are offering to any investors an opportunity to join us and explore this project of 400-hectare plot of farm land.FIND OUT MORE - contact HLH Group now!AGRICULTURE PROCESSING HUB WITH THE SINGARPOREAN STANDARD:Can fruit processing factory. Can food processing factory.Dried fruit processing factory.Vegetable processing factory.Bio-gas Industry.Water treatment plant.Rice industry.Restaurant, food outlet & Entertainment places…etc.Animal farm, such as: Pig farm, Cow farm, Goat farm, Chicken farm, duck farm..etc.Manufacture of food processing industry.Fruit planting, such as: Banana, Mango, Coconut, Grass for cow feed, Sesame, Maringa plant, Vegetable etc.Bee Keeping.Fish Farming. Fruits and Vegetables Export.Fruit juice-Jam-Jelly Production.Groundnut Processing.Cashew-nut Processing.Potato Chips Production.Agro-Farming Blogging.Hotel (Farm Resort stay).Shop house.New expressway.Bank etc…Going forward, HLH plans to add another two production lines in 2017 which will raise its daily starch production capacity to 600 tons. The cost of the new production facilities is estimated at USD10 million and will be funded by financial institutions and potential joint investors.FIND OUT MORE - contact HLH Group now!
Home loans in Cambodia: How do you choose a reputable lender?
Home loans in Cambodia: How do you choose a reputable lender?
June 6, 2022, 5:07 p.m.
Realestate News
The process of choosing home loans in Cambodia and a lender can be quite complicated, but if you tackle it in stages you can avoid disappointment, frustration and wasted time. Realestate.com.kh is here to help.How do you choose a reputable lender in Cambodia? With more than 35 commercial banks operating in the Kingdom, it can be overwhelming to make the right decision and ensure that your lender is conducting its business in a legal and ethical manner.The majority of home loans in Cambodia are provided on flexible interest rates, which means that if your bank wants or needs to change your interest rate during the loan term, then they can. With that in mind, always choose a bank with a trusted reputation and a solid financial position.If you ask a question to your bank lender and they can’t answer you properly, your best bet is to keep looking. Find a bank who has a team of experienced lenders, not “jacks of all trades”.Most commercial banks are generally similar when it comes to upfront costs. Typically, you are expected to pay a loan approval fee (or processing fee), legal fees for the preparation and registration of your mortgage documents at the land titles office, a valuation fee and an insurance fee for basic fire cover over your property.The main point to look out for is hidden costs or clauses around upfront fees and paying off your loan early either partially or in full.Most banks will have a three percent early repayment fee if you make any extra payments or want to pay off your loan within three years, though some banks’ fees are higher and longer.Ask detailed questions regarding the mortgage’s terms and conditions: Ask about the application processing fee and if it is paid upfront or annually; how long it takes to obtain approval for the loan request; and how monthly repayments are to be made - is it by cash or automatically debited from the borrower’s account?Another loan feature worth considering is portability. This is necessary to learn about if you intend to increase your property portfolio by purchasing an additional property or selling your current home to buy another. This may involve a fee but it will be considerably less than the cost of establishing a new loan.Some banks can be inflexible even if you have sold your house and need to pay off your loan to release the title for property transfer ownership. Be careful of this one as it could mean a show stopper for your sale.Some banks insist that you provide at least three months’ notice if you wish to pay off your loan early and that this is often used as a tactic to reduce the instance of people refinancing to another bank. If this is the case, you need to know before you accept the loan.Stay up-to-date on the real estate industry in Cambodia and get real-time updates on real estate news as they happen. Download the Realestate.com.kh App now!Looking for reputable lenders in Cambodia? Let us help!Article by:
The Peak: From Cambodia’s Most-Renowned Developer
The Peak: From Cambodia’s Most-Renowned Developer
June 6, 2022, 5:05 p.m.
Realestate News
Cambodia’s most outstanding mixed-use development is soon to overlook the Mekong River with three 55-storey buildings, set for completion in 2020. The two towers of The Peak will be reserved for residential uses, while the third commercial tower will be the home of 20-storeys of the world-renown Shangri-La hotel, with 35-storeys of Grade A office space below it.With the upcoming ASEAN Economic Community, increasingly international corporations are entering the Cambodian market, and high grade office space and luxury residential units are rising in demand every month. Over 50% of registered companies in the Kingdom are majority foreign owned, and this trend is set to continue as Cambodia rises as an interconnected manufacturing, resource, agriculture and logistics hub for regional firms looking to expand, outsource or diversify. With an additional 5-storeys of prime retail space, The Peak also caters to Cambodia’s rising middle class, who are proving to have a taste for shopping and international brands.The developer is the renowned Oxley-WorldBridge Cambodia, a joint venture between Singaporean-based Oxley Holdings and WorldBridge Land Cambodia, which first launched in Cambodia in 2013. Oxley-Worldbridge’s The Peak is the second major residential development undertaken by the conglomerate.The Bridge, the joint venture’s first Phnom Penh project, marked a turning point for the entire Cambodian’s property sphere. With the release of The Bridge, the world took notice of the Cambodian market, the huge project bringing a new standard of construction and architectural flare to the capital.The Bridge, coming online in 2018, has now sold 96% of the projects 762 apartment units and 71% of 963 SoHo units. The Peak is perfectly located minutes walk from Phnom Penh’s largest AEON Mall, Nagaworld 1 & upcoming Nagaworld 2, and just 2 minutes drive to Business Convention Centres on Diamond Island. And of course, the 5-Star Shangri-La Hotel will be right next door.Don’t miss your chance to own a slice of Cambodian history; get in touch with The Peak’s friendly team today!
A Villa for Rent in BKK1? A $100 Phnom Penh Apartment? Expat Expectations debunked
A Villa for Rent in BKK1? A $100 Phnom Penh Apartment? Expat Expectations debunked
June 6, 2022, 5:06 p.m.
Realestate News
Many westerners who move to Phnom Penh for work, long-term holidays or retirement often arrive with expectations that don’t add up to reality of the 2016 Cambodian real estate market situation.For example, many have dreams of living in an opulent french-style villa at a rental or sale price that is just a fraction of what they might expect for a similar property in their home market.READ OUR ULTIMATE EXPATS GUIDE TO CAMBODIA Others think that their money will go a long way in Cambodia in terms of budget rentals, even in the big city’s hottest corridors. However, Phnom Penh, and in particular the expat-friendly suburbs, is a beast that is changing beyond the recognition of expats that settled here for work, pleasure or retirement 5-10 years ago. Some commonly-held expectations are becoming unrealistic in the 2016 Cambodian real estate market, and especially in Phnom Penh. In fact, the city is no longer full of the inexpensive, charming villas that many expats blithely assume will be readily available. So too is it beginning to see a shortage of affordable options for renters in central locations, as demand rises and landlord understand the underlying value of their locales. Desmond Yap, general manager of Yong Yap Properties in Phnom Penh, notes that this is only a natural result of supply and demand trends in the capital. “As wealthy property developers continue to find prime land for their developments in the central city districts, villas are getting snapped up due to the size of their surrounding land. The villas are then knocked down and the land is developed in a condo complex, hotel or commercial venture. Over time, this has limited the supply of villas and therefore prices have increased dramatically,” says Yap. The reality is that Phnom Penh has grown dramatically in the past ten years. Like any high growth city, this has caused two things to happen: 1) Housing prices have gone up dramatically and 2) no matter how much gets built, it is rapidly filled by buyers and renters, leaving a scarcity of supply for the most desirable kinds of developments. Yap also notes that as the standard of living rises in Phnom Penh, the cost of living also increases: “You can give example of how workers salary in Phnom Penh is rising – it’s a lot tougher now to find a waiter working for $100/month compared to 5 years ago.” Many expats coming to Cambodia are misinformed as to the true affordability of property, suggests Yap. Yap gives the example of The Lonely Planet guide. This highly popular travelers resource says that expats can get small flats for around $200 with internet and wifi in central Phnom Penh, “yet they need to take this into context; are they referring to inner city Phnom Penh? How long ago did they write it? etc. We actually have had people that come into the Yong Yap office quoting lonely planet and how we should be able to find them a western place for $200 inclusive of x,y,z… If they expect western qualities in their new apartment, this proves a very hard ask!” More realistically, western style luxury apartments with all the amenities, and also serviced apartments — such as a pool, gym and security — can be had for $500-$3000 per month. Check out properties available NOW! Alternately, more authentically Cambodian digs can be rented for around $300 per month. As the city has grown, the city has done what so many cities do: Converted housing on busy streets to businesses and demolished low density housing to replace it with high-rise apartments or commercial skyscrapers. When high-rise buildings go up, the villas next door to them are negatively impacted by the noise and dust of construction. They often never really recover. For the villas that remain, the demand is not only from residential property seekers but also F&B operators. This means home buyers and renters are having to compete with commercial enterprises who place a high value on the architecture, parking space and also the prime locations. The reality is that, at this point, there is a fairly small pool of highly desirable, Western-style homes in good locations. And unsurprisingly, these homes are rarely up for grabs. Either the owner knows they have a sweet deal and is not going anywhere any time soon, or these prime locations get sold to people who have connections of some sort, such friends of the family or coworkers. There are a lucky few expats who do enjoy this situation because they locked low rental prices some time ago with a 5-10 year lease. But for new signees, prices remain consistently high. For those new comers looking for a villa for rent in BKK1 - you might be on a waiting list... Some areas popular with expats include BKK1, Tonle Bassac and Southern Daun Penh. They do have a limited supply of villas, but not as many as they once had. Toul Kork remains a relatively good choice for an expat seeking a villa, however. But this may mean a longer commute for workers. Tuol Kork is a neighborhood about 30 minutes out of the center of the city that is increasingly attracting ex-pats. As with other large cities, commuting to a suburb outside the densely developed downtown area is a good way to find places renting for much less money. Learn more about expat rentals in Phnom Penh! Additionally, it is important to keep in mind that Cambodia is not a Western country. Although the West has had a substantial influence upon the architecture of developed cities the world over, like any Eastern country, Cambodia has its own history and culture, including its own architectural tastes. Even for homes that are built in a largely Western style, it is common for some details to just seem odd to the Western eye. The colors may seem not quite right. They may seem bolder than you expected. The trim may also seem in some way unusual. The finishing quality too may differ from western expectations. Yap notes that “western products/services generally will cost more as many products need to be imported. Quality window frames, light fittings etc. all need to be imported, and this naturally raises expected costs for renters and buyers.” Therefore, advice for those moving to Phnom Penh is that you will be well served by arriving with more realistic expectations concerning the style, price and availability of housing in the city where you plan to live out your expat experience. You may need to go with an apartment instead of a villa. You may need to have a longer commute. You may need to adjust your tastes. But after all, the ability to adapt is a key part of the expat experience, in any country, and can come with unexpected pleasures... READ OUR ULTIMATE EXPATS GUIDE TO CAMBODIA
Multiple Issue Cambodia Visa for Chinese and Korean tourists
Multiple Issue Cambodia Visa for Chinese and Korean tourists
June 6, 2022, 5:06 p.m.
Realestate News
A recent news release from the Cambodian Ministry of Tourism has announced that the Cambodian Government is currently preparing to issue three-year multiple visas, exclusively to Chinese and Korean tourists. Last year, 700,000 Chinese and 400,000 Korean tourists visited Cambodia last year, putting them in the top 10 foreign visitors. The initiative seeks to bolster the tourism sector, according to the report, one of Cambodia's keys to continued economic growth. Such a flexible and long term multiple issue Cambodia visa should encourage repeat travel and bring more tourists from China and Korea to Cambodia. But it may also bolster Chinese and Korean investment in the Cambodian real estate market... Travel is also opening Chinese eyes to real estate investment opportunities outside their borders; and Chinese outward tourism is the largest and fastest-growing tourism market in the world. Despite only 4 percent of Chinese nationals holding a passport, that 4 percent spend $200 billion overseas yearly. In 10 years, 12 percent of China’s population will hold passports, suggests China’s National Tourism Administration. “By 2020, it is predicted that 234 million outbound Chinese travellers will splurge $422 billion abroad,” says Charles Pitar, CEO of Juwai.com, China's leading international property portal website which introduces mainland Chinese buyers to international real estate investment opportunities. Stay tunes to Realestate.com.kh NEWS for more on this as it unfolds...
Cambodian Property Market: The Big Picture, with Hoem Seiha, REMOC2016 on Realestate.com.khTV
Cambodian Property Market: The Big Picture, with Hoem Seiha, REMOC2016 on Realestate.com.khTV
June 6, 2022, 5:06 p.m.
Realestate News
The first annual Real Estate Market & Outlook Conference 2016 (REMOC2016) was held this April at the Phnom Penh Hotel, with a host of the local and regional real estate industry leaders giving their outlooks on the state of the Cambodian real estate market.Realestate.com.kh caught up with Hoem Seiha, Director of Research, VTrust Appraisal Co., Ltd at REMOC2016 to get his 2 cents on the state of the current and future Cambodian property market prospects and, ultimately, Cambodian Property Market: The Big Picture!What topic will you speak to at REMOC2016, and why is it a key consideration for the Cambodian Real Estate sphere? At REMOC-2016 to be held on 1 April, I’m going to present to the audience about the macro perspectives on real estate industry: Cambodian Property Market: The Big Picture. Developers, policy makers and related key stakeholders need sound knowledge and in-depth insights into real estate sector at macro level so that they can together work to develop and, if any, curb with challenges in the sector. Construction and real estate sector has recently grown its importance to overall economy by contributing to creation of tens of thousands of jobs, pushing demand on mortgages to rise by 19 percent in 2014, and attracting US$ billions of real estate related FDIs that have spillover impacts on many other economic sectors. With my future outlook for this sector, even though real estate market has grown so quickly that it might pose potential risks and growth volatility, I foresee this sector will soon create a new economic engine alongside with the country’s key leading sectors such as garment, tourism and agriculture.
AVA CONGRESS 2016 Underway!
AVA CONGRESS 2016 Underway!
June 6, 2022, 5:05 p.m.
Realestate News
The AVA congress is now official underway!This marks the official Opening of the 19th ASEAN Valuers Association (AVA) Congress at the Sofitel Hotel Phnom Penh, Cambodia, May 5, 2016 - and the first ever congress to be held in the Kingdom of Cambodia. Realestate.com.kh is extremely proud to sponsor this year's event, and commends the huge efforts from the CVEA to create such a fantastic and well-attended event - which will have lasting benefits for the real estate and valuation industry in Cambodia. Well Done! This morning's opening ceremony included Opening Remarks By H.E. Dr. Aun Pornmoniroth, Senior Minister Minister of Economy and Finance. "Mr. Kim Heang, AVA President; Mrs. Dewi Sri Umi, AVA Secretary General; All AVA chief delegates, distinguished guests, Excellencies, Ladies and Gentlemen, Good Morning! On behalf of the Royal Government of Cambodia, it is my great pleasure and privilege to welcome you to the 19th ASEAN Valuers Association Congress on the theme “One ASEAN, One Valuation Standard.” and I would like to take this opportunity to congratulate Cambodia’s Valuers and Estate Agent Association (CVEA) for taking the chairmanship role to host this important congress, which brings together government officials, representatives from the private sector, professional institutions, research communities, academia and other related institutions to discuss the issues and matter relevant to the theme. Excellencies, Ladies and Gentlemen It has been almost 5 years since Cambodia hosted the 17th AVA pre-congress in 2011 in Siem Reap. Now, we can clearly see that all our AVA member countries have significantly developed their valuation profession; among those some members have even moved a step ahead towards international standards. The theme of today’s congress “One ASEAN, One Valuation Standard” reflects the vision of ASEAN Economic Community (AEC) “One Vision, One Identity, One Community”. As we all know, AEC is an emerging political and economic entity that is increasingly becoming an important force in global political and economic landscape, with a combined population of 600 million and total overall market value of around USD 2.6 trillion. The ASEAN with the GDP average growth rate for 2016 expected to reach 4.9%, is a new emerging market to attract global investment and play a role as economic engine to drive the Asia’s economy. With the AEC starting last year, the cooperation among ASEAN member countries has further strengthened significantly. Meanwhile, the regional trend toward increasing ASEAN integration in all aspects of business fields has driven the need for regional standards in every sector of business. Regarding the Appraisal and Valuation profession, it has led to the initiative of ASEAN valuation standards. The growth of cross-border investment and markets, including the real estate markets, needs common rules to level the playing field for market participants and thus contributes to insure transparency in business operations. However, establishing ASEAN valuation standards is not an easy task. It requires time and efforts to reach mutual agreement among member states given the different stage of development, and different legal and regulatory framework of each member. In this regards, I would like to bring your attention to some main challenges we are facing in real estate valuation, namely multiple systems, methodologies, lack of national standards, lack of formal education and training, etc. In addition, it is a matter of fact that data related to real estate market is scarce. Some values of properties are out of date due to irregular updating of market values, which greatly impacts many economic and financial transactions based on property value. In this aspect, the 19th AVA congress today is organized in a very timely manner. It provides a forum for all relevant stakeholders to discuss, compare and analyze the different valuation practices of ASEAN countries in order to identify the challenges of the Valuation Standard and practices and to come up with an improvement plan. Excellencies, Distinguished Delegates, Ladies and Gentlemen, While pressing the importance of strengthening the valuation standard, we also have to understand the need to enhance the capacity of valuers. Without professional valuers, we cannot evaluate assets of a company at fair market value. So far, Cambodia have 75 licensed professional valuers who are working in 62 valuation firms. Some well-known international property agencies and valuation firms, such as Knight Frank, CBRE, Century 21, Savills, and so on, are also expanding their business to Cambodia. Compared to other advanced countries, Cambodia’s real estate market is still at early stage of development, yet a fast growing market. In fact, Cambodia’s real estate sector is facing a lot of challenges in terms of legal, regulatory, and supervisory framework as well as inadequate human capacity. The rapid expansion of real estate projects requires independent and competent professional services in this sector. These professional services are not only fundamentally important for the development of Cambodia’s real estate industry, but also for all AVA members. The Royal Government of Cambodia is now working closely and pro-actively with the private sector to develop the real estate market. In particular, the MEF now is drafting our national valuation standards by taking into consideration regional practices and experiences. In the meantime, we are also preparing ourselves to adapt to ASEAN valuation standards as well as the International Valuation Standard Council (IVSC). We are also now working on updating our regulatory and supervisory framework to be in a better position to monitor and safeguard the real estate sector. In this effort, we are in need of Technical Assistance from the advanced AVA member countries and I trust that through the spirit of ASEAN cooperation, Cambodia will receive these necessary supports and assistance. Excellencies, Distinguished Delegates, Ladies and Gentlemen, Moreover, as a chair of this congress, I would like to encourage all advanced AVA member countries to extend their hands to assist less developed ASEAN members to develop competency and professionalism in the real estate sector. By doing so, I strongly believe we will see sustainable development of our regional real estate market which contributes to further enhance the Asean Economic Community. I strongly hope that the outcome of the 19th AVA Congress will bring closer collaboration, harmony and prosperity to all our AVA member countries. This also enables us to promote AVA as a regional community in the international arena. Before conclusion, I would like to thank the organizing committee for the excellent arrangement of this congress.  I would like to wish the 19th AVA Congress to be conducted successfully and fruitfully and wish Excellencies, AVA chief delegates, Distinguished Delegates, Ladies and Gentlemen happiness, prosperity, and success in all endeavours. For foreign guests, I hope you enjoy your stays in Phnom Penh and make your time to visit and explore the rich culture of Cambodia. May I now declare the opening of “the 19th AVA Congress”. Thank you." Realestate.com.kh is extremely proud to sponsor this year's event, and commends the huge efforts from the CVEA to create such a fantastic and well-attended event - which will have lasting benefits for the real estate and valuation industry in Cambodia. Well Done!Stay tunes for realestate.com.kh's full video coverage of the event on REALESTATE.COM.KHTV
Strata Title Office Space in Cambodia with James Padden, REMOC2016 on Realestate.com.khTV
Strata Title Office Space in Cambodia with James Padden, REMOC2016 on Realestate.com.khTV
June 6, 2022, 5:05 p.m.
Realestate News
The first annual Real Estate Market & Outlook Conference 2016 (REMOC2016) was held this April at the Phnom Penh Hotel, with a host of the local and regional real estate industry leaders giving their outlooks on the state of the Cambodian real estate market.Realestate.com.kh caught up with James Padden, Commercial Agency Manager at CBRE Cambodia at REMOC 2016 to get his 2 cents on the state of the current and future Cambodian property market prospects and to learn about strata title office space in Cambodia: What makes you optimistic and what worries you about the Cambodian real estate market? CBRE are optimistic about the office market. Exchange Square is due for completion in Q4 16 and has seen strong interest locally and regionally highlighting growing demand for grade A space in Phnom Penh. Increasingly we are seeing interest from companies in office space in secondary cities such as Sihanoukville, Battambang and Siem Reap highlighting that Cambodia is not all about Phnom Penh but these provincial cities are seeing strong economic growth in their own right.I think there is a need for caution regarding the residential market and we are yet to see strong domestic owner/occupier demand that is required for condominiums to really drive the market forwards. Existing investment is predominantly by overseas investors looking for capital growth. This market will be driven long term by Cambodian occupiers and this has been slowly changing but is yet to become a clear segment of demand. What significant changes are you anticipating for the Cambodian real estate market over the next year?We have seen the announcement of strata title office space in Cambodia for the first time in 2014 and this is a welcome trend with this asset being a popular investment in other markets such as Hong Kong and Bangkok. There will be further segmentation of the office market as Exchange Square adds to grade A office stock. High prices and limited availability of land in prime, central areas is likely to continue the trend for development in secondary locations such as Sen Sok and Chroy Changvar.Strata title office space in Cambodia is a good step forward for the investor market. I think we will also see continued development and investment activity in provincial cities such as Sihanoukville, Battambang and Siem Reap. Overall we expect 2016 to be a year of a lot of activity driven by Cambodia’s continued strong economic growth and further bolstered by the movement towards ASEAN integration as there is continued intra-ASEAN investment and regional expansion of businesses out of their home markets.Want more video content? Check out the Realestate.com.khTV channel now!
Penthouse Residence in Aeon Mall this week!
Penthouse Residence in Aeon Mall this week!
June 6, 2022, 5:05 p.m.
Realestate News
The Penthouse Residence will host a special event at Aeon Mall between May 5th and 6th, 2016. For every unit purchased at the Aeon Mall event, all customers will receive a special 5% discount together with a brand new iPhone 6S!!!Learn more about Penthouse Residence in this great video on Realestate.com.khTV! FIND OUT MORE ABOUT THIS GREAT PROJECT RIGHT HERE!The Penthouse Residence are strategically located on Sothearos Boulevard and architecturally designed to meet the demand for luxurious condominium living within the contemporary city of Phnom Penh, Cambodia.With its bold and innovative architectural design, nothing has been spared in creating Cambodia’s first luxury condominium development. 36 floors of luxurious residence complemented by every amenity will result in nothing less than lavishing, from the spectacular panoramas of the city skyline to the attentive services of the concierge and our management team. Setting on prime & unique real estate location, The Penthouse Residence comes with roof top terraces, infinity swimming pool,fitness center and the first and only one world class revolving restaurant (in Phnom Penh) to give you a 360 degree panoramic view of the city skyline. Surrounded by conveniences of international standard, located next to premium residences and business centers such as the Sofitel hotel, Aeon Shopping Center and ICAN British International School to name a few, make The Penthouse Residence the most desired address in Phnom Penh. Designed to surpass expectations, The Penthouse Residence exude a warm Cambodian feel, which is subtly manifested in the premise’s architectural style, choice of furnishings and landscaping. Residence enjoy privacy and warm hospitality. A wealth of recreational facilities and luxurious services make The Penthouse Residence the most desired address in Phnom Penh. Come along to the special event at Aeon Mall this May 5th and 6th, 2016. For every unit purchased at the Aeon Mall event, all customers will receive a special 5% discount together with a brand new iPhone 6S!!!FIND OUT MORE AND INQUIRE TODAY
Land bordering the new city of Tbong Khmum in hot demand
Land bordering the new city of Tbong Khmum in hot demand
June 6, 2022, 5:14 p.m.
Realestate News
While Tbong Khmum advances towards becoming Cambodia’s first model satellite city, land prices along the outskirts of the proposed development area are skyrocketing as investors who foresee the rapid growth of the new province rush to capture roadside plots for future commercial and retail purposes.Tbong Khmum city, the new centre of the province formed in late 2013, is the first ever Cambodian city to have zoning and infrastructural plans firmly in place before any official groundbreaking.Sorn Seap, CEO of Key Real Estate, visited the site over the Khmer new year to inspect progress and survey land investment opportunities; and said all road construction was underway.Zoning is already clearly defined and signposted on site, to include commercial, industrial, residential and administrative areas.“The combination of strict zoning, open roads, green space, and the gentle slopes of the city, will create a new urban centre that will look more like a western-style city,” Seap said.Tbong Khmum governor Prach Chan said this week that current plans are to complete all basic roadwork in the precincts development plan before the onset of monsoon season, while the water treatment system is slated for completion in 2017.According to Chan, no private companies have yet invested in the new city. “However, the land prices are still cheap here, and offer a good chance for investors in the near future,” he said.Although land within the borders of the Tbong Khmum development zone are not yet up for sale, land along the border of the site on the eastern side of National Road 73 remain a hot ticket for local investors.Investors from the provincial capital of Suong, currently the largest city of Tbong Khmum province, and other parts of the neighbouring Kampong Cham province, are racing to get their hands on some land.Despite the new provinces isolation from other major real estate hotspots, the land prices remain high along National Road 73, with land prices commanding up to $4000 per metre front.“The land is not being sold by meters squared, however, but rather according to meters of road front access,” noted Seap, adding that investors were buying purely for retail and other commercial purposes.“The current land for sale is being resold now, having been subdivided by the original buyers into smaller sections.”While large parcels of land were originally available for first movers, Seap said since plans for the city had become more concrete, all plots have been divided to a maximum of 10 meters road front, with between 30 - 50 meters of land attached behind.Co-written by James Whitehead and Siv Meng
Phnom Penh Land Market Outlook with Sorn Seap, REMOC2016 on Realestate.com.khTV
Phnom Penh Land Market Outlook with Sorn Seap, REMOC2016 on Realestate.com.khTV
June 6, 2022, 5:05 p.m.
Realestate News
The first annual Real Estate Market & Outlook Conference 2016 (REMOC2016) took place April 1st at the Phnom Penh Hotel, with a host of the local and regional industry leaders giving their outlooks on the state of the Cambodian real estate market.Realestate.com.kh caught all the action with the speakers of REMOC2016 to get their 2 cents on the state of the current and future Cambodian property market prospects.Here is what Sorn Seap, ceo of Key Real Estate had to say...What topic will you speak to at REMOC2016, and why is it a key consideration for the Cambodian Real Estate sphere? At REMOC-2016, I’m going to present about the most updated Phnom Penh land market, going in-depth into market prices, zoning and development trends in the future. Phnom Penh land market prices continue to rise up by 10 to 20 percent a year. Nevertheless, the whole Phnom Penh land market has many areas that see different price growth rates depending on many factors, including zoning, planned infrastructure, and location special features. Over the last 10 years, I’ve seen that Phnom Penh has expanded quickly. Residents not only concentrate in central business zones but also spread out to form new clusters of housing in the outskirts – with some areas are now home to tens of thousands of residents. Other locations, furthermore, will also have the same experiences in the next few years.
The ULTIMATE Expat Guide to Phnom Penh
The ULTIMATE Expat Guide to Phnom Penh
June 6, 2022, 5:06 p.m.
Realestate News
Want to start living in Phnom Penh? You should. Over 80,000 expats have already moved to the Kingdom and life is good! The ULTIMATE Expat Guide to Phnom Penh covers all things you need to know before moving to the kingdom of wonder, thanks to Realestate.com.kh, Cambodia's home of real estate. Real Expat Reviews:Firstly, let’s see what some expats currently living here in Phnom Penh have to say:Daniel Santantoniou, an Insurance Broker originally from Geneva, Switzerland, who has lived in Cambodia for 20 months, says that “the best thing about living in Cambodia is the cost of living, business opportunities, overall growth in all sectors, proximity to the beach and the influence of Buddhist culture.” Daniel lives in a one bedroom apartment, local Khmer style, with a view of Royal Palace and the National Museum. This costs just 430$/month, including water and cleaning once a week, which Daniel says is “good value for money given the location and view. However, we found serviced apartments way overpriced in Phnom Penh compared to Bangkok.”Alexander Evengroen, a Netherland’s native and a business developer, real estate professional and motivational speaker by trade, has lived and worked all over the world, including China, Singapore, Thailand, Ghana, Malawi, and now Cambodia... “I have stayed in beautiful Cambodia for around 5 years. The best thing about living here is my beautiful Cambodian wife,” says Alex. In terms of advice for new expat residences, Alex says that, “someone moving to Phnom Penh soon needs to be open-minded and go further than the tourist attractions. Dare to explore more provinces and meet the fantastic people of Cambodia. The amazing food, the culture and so much more. Meet other expats to share experiences and join events to learn from each other - but don’t only hang around them! See and feel the beauty of this great country.” Alex lives in a beautiful spacious 5 bedroom, 5 bathroom villa home with “all the needs and facilities you can dream of - Seldom do we get power cuts, and fully air-conditioned - in the Attwood area of Phnom Penh.”Filipino native Carmela Torres, a real estate marketer by day, band vocalist by night, has resided in Phnom Penh for 1 year and 3 months. She says, “The best thing about living in Cambodia is the affordable yet high quality of life (cheap cost of living). Also, the unique freedom to start a business and not get killed with taxes.” “My advice for an expat moving here,” says Carmela, “would be shop around to find the best deals on property and to always try to barter the price. Do not be overly anxious about safety and security when moving in Phnom Penh, and when it comes to healthcare I think the medical care facilities here have greatly improved, and many ailments can now be treated in Phnom Penh by foreign doctors and foreign-trained Cambodian doctors. Dental care is also professional and affordable. But have medical insurance in your home country in case of the worst! Finally, beware the heat!” Carmela lives in a stand alone apartment in the BKK1 area, which she says is “definitely good value for money: Centrally located, easy access and very close to everything.”Hayley Flack, a student instructor from London, has lived in Cambodia almost fourteen years. Hayley comments that, “I enjoy my job and the easy going lifestyle of Phnom Penh. On weekends, the hardest thing is deciding where to eat - as there are so many great restaurants, and which gigs to go to. We are generally spoilt for choice. A piece of advice I would give is to stay calm and do not lose your temper. A smile will go a long way even when you get frustrated, which will happen.” In regards to where you should live, Hayley explains that, “I have lived in the same apartment for nearly ten years. The rent is very good and the landlord is very hands off, apart from when we need help. We live behind the University of Fine Arts. It is very good value for money. However, one thing I will say is the apartment next door and many others in our area lie empty. Why? Because the rent is more than double than ours. I don't understand why the landlords keep the rent high and therefore the apartments empty. I have had friends look at them and try to haggle the price, but they won't budge.”Adolfo Perez-Gascon, a Spaniard who has lived in Cambodia for 2 years already working as a journalist, thinks that, “the best thing about living in Phnom Penh is the fact that you have access to a big and vibrant community of expats, while also having the opportunity to interact with a very friendly and open local population. Living in Phnom Penh, you'll find that you have access to almost all western commodities and activities that you enjoy back home, but you are still in a foreign and exciting country; a country that you'll feel compel to explore and learn more about. In this regard, Phnom Penh strikes an almost perfect balance.” Adolfo notes that, “a lot of people move to Phnom Penh without a plan; they don't really know what they want to do here, and, of course, do not have a job waiting for them. They are lured to the country by lax visa requirements and the prospects of an easy life. My advice to any person planning the move to Cambodia is to come here with a job. Do your research, find an employer that you'll like to work for, and don't board that plane until you are sure of what you are going to be doing. Having a concrete plan of action will help you enjoy your experience in the Kingdom a lot more. Starting work right away will help you integrate into the community. I shared an apartment (with 2 other people) on the second floor of a traditional Khmer building located in the vicinity of the Genocide Museum. Rent is extremely cheap (we pay 400$/month for the whole apartment). Compared to my home country, this is an amazing deal. Put bluntly, you'll never find such cheap accommodation in Spain. The apartment is nice, spacious and comfortable. We have all the amenities that you'd expect of a modern house, including wifi and aircon.”A Little History That Ex-Pats Should Know:Cambodia has a rich history going back at least five thousand years. However, it was an experiencing a Dark Age from the 1400s until 1863. This Dark Age ended when the French came in and established a protectorate. Over time, this situation changed and Cambodia became a French colony. In the early 1940s, events that occurred during World War II weakened the French Colonial Empire. In 1953, Cambodia established itself again as an independent kingdom. Thus, from the 1940s through the 1960s, development in Cambodia was comparable to what was occurring in Vietnam and Thailand at the time. Unfortunately, the war in neighboring Vietnam negatively impacted Cambodia, resulting in sections of Cambodia being bombed by various parties, including the USA. This helped bring a group to power known as the Khmer Rouge. Most likely, you have heard the term "Khmer Rouge" and are aware that it has negative associations. They came to power in Cambodia in the 1970s, and, during their relatively short reign of terror, killed approximately a third of the country's population. These events affected everyone in the nation and still do. But this era was particularly hard on educated professionals, such as doctors, lawyers, and teachers. They were targeted first. Although these events are history, they are not yet resolved. The country is still struggling to heal its wounds from these events. The trials of the Khmer Rouge leaders for their atrocities started relatively recently and are still ongoing in The Extraordinary Chambers in the Courts of Cambodia (ECCC) located outside Phnom Penh. Additionally, the country developed the Tuol Sleng Genocide Museum and Choeung Ek Killing Fields in Phnom Penh. These are tourist sites aimed at educating the world, as well as a form of national therapy, helping the country to come to terms with these recent events.History and The Ex-Pat Community:Modern Cambodia was established in 1993. Thus, it is a relatively young nation, yet it has a long and rich history. The recent events detailed above have some of the following impacts on the ex-pat community today: 1) The tremendous recent loss of so many educated people is the primary reason that Cambodia has such a thriving ex-pat community. The country needs far more educated, skilled professionals to fill vital roles than it can supply internally. So, if you are an ex-pat living in Cambodia, you have been welcomed here to help with the recovery process that the country is still undergoing. 2) If you want to fit in and be comfortable in your interactions, it helps to understand the culture a bit. One of the take-aways from this short history lesson is that there is a significant French influence in Cambodia due to the years that it was a French colony. Another is that Cambodia is right now undergoing a process not unlike The Nuremburg Trials from some years ago, when European leaders were similarly tried for war crimes from World War II. 3) The country still has a lot of landmines and other visible scars from being embroiled in conflict for decades. It is wise to be mindful of potential danger in some parts of the country when you travel.Phnom Penh for Expats:As the capital and the largest city in the nation, Phnom Penh is a locus of the ex-pat community. Not only are there a lot of jobs here that are well-suited to attracting ex-pats, it has development more comparable to that of many western nations. This gives ex-pats the chance to find their comfort zone, anywhere from largely recreating a life similar to what they had in their country of origin to living much like a local for an especially broadening personal experience. The ongoing influx of foreign investment and foreign workers living here has brought with it western style businesses and amenities, plus international school amenities geared to the needs of ex-pat families. As with any big city, more development tends to lead to higher prices. However, going local can give you an exotic experience on the cheap, if you so desire it. Western style luxury apartments with all the amenities, and also serviced apartments -- such as a pool, gym and security -- can be had for $500-$3000 per month. Check out properties available NOW! Alternately, more authentically Cambodian digs can be rented for less than $300 per month. If your comfort zone involves organic, upscale food stores, you can find that for prices comparable to what you would pay at home. Or you can shop the local outdoor vendors (similar to western Farmer's Markets) for substantially less, often about half price. A western style coffee from a foreign chain can be had for around $3, while a cup of coffee from a local stall is typically well under $1. In fact, the first Cambodian Starbuck's recently opened in the Phnom Penh International Airport. If you just must have a taste of home, it can be found there at typical Starbuck's prices. There is plenty to do and see within the capital, including fine dining, live music, movies and other entertainment venues. But, living in Phnom Penh also gives you easy access to the recently expanded international airport and bus services, making regional travel very do-able for the more adventure-minded types. All of this means that an ex-pat living in Phnom Penh can live what would be a very upper class lifestyle in most large western cities, but on a relatively modest income. A housekeeper can be hired for about $5 per visit, making it affordable to have one come once or twice per week. A mid-price restaurant meal for two is approximately $15-20, about the same as or not much more than you would pay for fast food in many western cities. Plus, simply being here means that when you take a day trip or a weekend jaunt, it is invariably to see things that many westerners would only dream of visiting if they were incredibly rich.The Ex-Pat Work Scene:Most ex-pats in Phnom Penh live on anywhere from $12,000 to $60,000 per year. They are employed in NGOs, the hospitality and tourism sector, education, tech and business. Some are hired to come here. Others choose to simply show up and look for work. Simply showing up is not as crazy as it might sound. Cambodian visas have some of the most lax rules in the entire world, and being here allows one to find jobs via word of mouth that won't ever be advertised online. You can also check newspaper listings if you are here. Some people start by looking at online job listings. The two most popular Cambodian job sites are Bong Thom Dot Com and HRinc.How to Get a Visa:There is a low bar to entry here. Many people get a standard E-class visa by simply showing up. Airports and border check points both allow you to get one by filling out very nominal paperwork and paying a few extra dollars above what a tourist visa costs. For about $300, you can extend it to a year. However, in 2014, Cambodia passed a new law that requires foreign workers to have a government issued work book. This is really a responsibility of the employer, not the employee, and, so far, enforcement has not been stringent.Currency:It may surprise you to learn that US Dollars and Cambodian Riel are the predominant currencies here. In fact, most ATMs dispense US Dollars only (unless otherwise noted). With the exchange rate in the neighborhood of 4000 Riel to $1, it is typical for transactions to be made primarily in dollars, with "change" given in the form of Riel instead of US coins.Popular Ex-Pat Neighborhoods:A popular area for ex-pats is Boeung Keng Kang 1, 2 or 3. Don't worry! Everyone just abbreviates this as BKK 1, 2 or 3. The Russian Market and the Riverside area also have many ex-pats. BKK 1 and 2 are more upscale, with more amenities geared specifically towards foreigners. BKK 3 and the Russian Market both offer an attractive mix of western and local shops. The Riverside area is popular with tourists and has a number of bars and nightclubs. It is, perhaps, less family friendly than the other neighborhoods, but a good place to go if you love the nightlife. More recently, Tuol Kork is a neighborhood about 30 minutes out that is increasingly attracting ex-pats. As with other large cities, commuting to a suburb outside the densely developed downtown area is a good way to find places renting for much less money. Housing:In addition to the aforementioned luxury apartments and local style rentals, Phnom Penh also has French colonial architecture and western style homes tucked away on tree-lined streets. Single ex-pats who choose to share an apartment can find accommodations for as little as $150 per month. Those who choose to live on their own may pay up to $500 for an apartment, depending upon its size, location and amenities. Couples or families are typically looking at costs between $250 and $1000.Should I opt for a long or short term lease in Cambodia? Here are some pros and cons. If you go through a real estate agency to help you find a place, it shouldn't cost you anything as they are typically getting paid by the landlords. They can help you understand what is available and what is in the lease. Just like you would in other countries, it is not uncommon to sign a lease for a set period of time, pay a security deposit and your first month's rent prior to moving in.Here’s how to choose the right Cambodian real estate agent for you!Utilities:Although some landlords cover utilities for you, such as cable, water and trash, they typically charge you for electricity. The typical rate is around $0.25 USD/kilowatt. Read your contract before you sign. Some landlords may try to pad that. Make sure you understand your contract before you sign!English is Common:As with many countries, a lot of the locals speak English. This makes it easier to shop, dine and make friends than you might expect. Many shops and restaurants can assist you in English, even with local goods.Petty Crime:If you look like a well-heeled foreigner, you may find yourself the target of petty crime. This is pretty normal in less developed countries, but Phnom Penh is actually safer than Vietnam and Bangkok. Crime levels have gone up recently, but if you take reasonable precautions, this shouldn't be particularly more concerning than in any big city. Bag snatching is a minor issue in downtown areas at night, especially for western women. This also occurs from the side of Tuk Tuks at night, perpetrated by thieves on motorbikes. To be sure, make sure you keep your bag on the inside of you at all times.Learn more about home and personal security in Cambodia.The State of Medicine in Cambodia:Perhaps you have heard that you should "Go to Thailand" if you need medical care while in Cambodia.It was not that long ago that this was the standard wisdom in the ex-pat community, but medical care has come a long way in recent years. Increasingly, Phnom Penh has first rate doctors available, whether foreign doctors who came here to practice or Cambodian doctors who were trained abroad. Dental care is also comparable to that in more developed nations, while costing far less.None the less, some kinds of procedures may not be available locally. Thus, it is not uncommon for people to go elsewhere if they require certain things. Thailand is still popular, followed by Singapore and Malaysia. Bangkok is particularly popular for OB care. However, even after you factor in travel expenses, you will find that medical care in this region will generally be less expensive than what you would pay in the USA. To give you a general idea of the price range: Visiting a local emergency clinic for stitches, plus two follow-up appointments, can cost less than $300.Getting Groceries:Ex-pats can shop at modern grocery stores for many of the same amenities they would find in a western country, often at prices that are not substantially different, though there are certainly some notable exceptions. For example, apples and are not native fruits here. Since they are imported, they may be surprisingly expensive compared to the prices in your country of origin. However, many ex-pats enjoy checking out the numerous open air markets that dot the city. Similar to Farmer's Markets, these are a great place to get great prices on locally grown produce. Bonus: You may get a chance to learn some of the local language (Khmer) and it puts you directly in touch with local culture in a low risk, comfortable manner. You do not have to be too adventurous to partake of this ex-pat experience, while collecting charming stories to tell back home someday. Ex-pats may love the local outdoor markets with their fresh, surprisingly cheap in season produce, but for more perishable items, like meat and dairy, many ex-pats prefer to shop at stores geared towards western sensibilities. These are western style grocery stores with air conditioning and refrigeration for perishables. Unsurprisingly, they are more readily available in some of the same neighborhoods where ex-pats tend to concentrate, such as BKK 1 and 2 or the Russian Market. You may especially enjoy the lingering French influence that is clearly present at such places. Their bakeries routinely carry croissants, baguettes and other authentic French style baked goods. Most ex-pats can find all their familiar favorites, just like back home. If you are feeling a bit homesick, you can just stock up on all of your "normal" foods and cook at home, giving some of the local eateries a rest for a bit. Then dip back into Cambodian culture again at will, whenever you feel like it.Wine and Spirits:If you are fond of good alcohol, it is surprising how readily available and affordable such things are in Cambodia. Many familiar brand names, such as Absolut Vodka, are readily available, usually for under $20. You can find wine shops and craft beers. There are bars and restaurants that will serve you cocktails. Happy Hour often means cocktails are half price. A can of local beer from a local shop is astonishingly cheap. You can also find experiences such as weekly rum tastings.Local Transportation:Within Phnom Penh, ex-pats and locals mostly travel by hiring tuk-tuk and "motos" (local slang for motorbikes). Tuk-tuks are carriages pulled by a motorbike. Going across town via tuk-tuk should cost around $5. Shorter trips within the city will be less.If you are traveling alone, you can catch a ride for a small fee on a moto. This will be cheaper, but more of an adventure. They are not particularly regulated here, thus most drivers are engaging in a casual form of unregulated entrepreneurship. Pretty much anyone who owns a motorbike can hire themselves out. They do not usually provide helmets for their passengers. Of course, they typically do not wear a helmet themselves either. Taxis can be found, but they mostly service the airport. If you really want a taxi, you should call and arrange one. They do not typically cruise the city looking for passengers, so it is not realistic to assume you can readily flag one down. In 2015, local bus service was established in the city. Unsurprisingly, given how new the system is, routes are limited and service is not yet reliable. This is something to look forward to for the future, but not something you should count on for basic transportation just yet.Travel Outside of the Capital:Phnom Penh’s International Airport is still being upgraded. Its ongoing expansion has added more international flights, both to and from the capital. There are multiple daily flights to Bangkok, Thailand, and Ho Chi Minh City, Vietnam for less than $100. For about $50, you can take an Air Asia flight to their Kuala Lumpur hub, and from there go on to other parts of Asia. Although the local bus service is in its infancy, regional bus service has been around for some time. Thus, it has had the opportunity to mature. Typically for less than $20, you can find air conditioned buses to most parts of the country via Giant Ibis. For not much more money, it is also possible to find buses that will take you to a bordering country, such as Thailand. If you wish to go someplace not on an established bus route or you wish to retain additional control over your schedule, for a bit more money, you can also hire a car and driver to take you anywhere you wish to go.A Magnet for Foreign Nationals:Phnom Penh has much of the charm and opportunity that our parents found in so many places around the world, but which is nearly non-existent these days. This unusually low cost cosmopolitan city offers ready access to relatively obscure, exotic regional destinations. Plus, it has economic access to major markets, such as India, China and Australia. This makes it one of the few places left in the world where educated people from more developed nations can find abundant career opportunity while living like they are on a permanent vacation.Retiree’s Mecca:InternationalLiving.com’s Annual Global Retirement Index has just named Cambodia as 1 of 3 top retirement destinations worldwide. The retirement index seeks to compare and contrast retirement destinations around the world – all of which are exhibiting relatively low costs of living by global standards. Retiring in weaker economies is becoming a global trend for expats from more expensive, developed economies, as the relative costs of living in cheaper retirement destinations guarantees a better quality of life for pensioners. In the past 10 years the Kingdom of Cambodia has become one of Southeast Asia’s most up-and-coming destinations for tourists and expats looking to enjoy the exotic charm of a country that also offers the most attractive cost of living in Asia.Cambodia has flexible visa requirements for citizens of Western countries who can obtain annual long-stay visas with a minimum of paperwork and a processing fee of just $285 per year. When you get there, everything from entertainment to renting is very affordable in Cambodia. Meanwhile, the Cambodian government looks set to make it even easier to retire in the Kingdom…Meanwhile, the government has released plans to increase Cambodia’s attractiveness as a destination for foreign retirees, according to a draft policy from the Ministry of Tourism obtained by the Cambodia Daily. “The draft includes a range of proposals to extract more income from Cambodia’s tourist industry by encouraging foreigners to buy property and stay longer in the country, with involvement from the ministries of tourism, finance and land management,” said the Cambodia Daily report.The proposed policies are said to include measures such as the development of “special residences” throughout Cambodia with commercial tourist properties and a wide range of useful facilities. “Special tourists” such as retirees would have the right to buy, rent or sell property in these special residences, and also be entitled to longer-term and more flexible vi­sas, according to the draft of the policy.Enjoyed the Expat guide to Phnom Penh? Learn more about real estate investment in Cambodia!