The coming up of high-rise buildings in Phnom Penh, coupled with the strata titles ownership development there over the years have altered the landscape of property investment and management in the city.Essentially, how well the strata titles owners co-manage the building such that it remains competitive for rental or resale market in the course of the investment, is one of the key considerations.    Given that, the owners shall therefore collectively adopt a certain standard of maintenance for the building, develop rules for communal living and sharing and most importantly, dutifully pay for the common funds determined.  Some best practices of it and our observation are:  1. Best Practices   (a) Facilities shall be maintained in accordance with the advice laid down in the operational manual in question religiously. In the case of it being misplaced, seek help from the manufacturer.  (b) Conduct pre-emptive repairs or parts replacement, do not wait for problems to arise.  (c) Cleaning, landscape and security services are to be contracted to competent service providers. Save for compelling reasons or professional input, the required manpower and frequency of service are not to be curtailed.  (d) Personal needs services such as leasing, repairs, laundry, delivery, SOS attendance may be made available to residents in the building.(e) Compliance matters such as inspection, tests or the likes must be strictly complied with.  Some international standards of safety (such as weekly water testing, yearly electricity/ fire alarm testing and fire drill etc) though not mandatory in here, should be practiced.(f) Set up management committee, operating procedures to look into the maintenance needs and long term wellbeing of the property.(g) Set up common maintenance and contingency funds, collection and control procedures thereof.   (h) Engage professional property management firm to render advice and services.2 .Correct Mind Set (a) Correct thinking will support and sustain best practices. Very often, property owners curtailed the manpower or frequency of service of a maintenance contract half way through, reject a proposed increase in maintenance contribution for “cost cutting”. Sadly, this downgrades the quality of the building quickly and results in a greater loss. (b) Correct mindset of the people to comply with rules and cooperate with the management is also important. This will help enhance the name of the building.  3. Statutory Provisions  In Singapore, the relevant statutory provisions make management fund and sinking fund contribution mandatory, allows recovery actions of it to the point of a forced sale of the property in question. Some other breaches of the laws will result in it being fined or jailed.  In any country or system, this is imperative as it ensures satisfactory compliance.   Observation and expectation.Strata titles property ownership is very new here, many of the concepts have not been taken shape. In the absence of a legislation, the implementation of standard practices may be challenging, let alone adopting the best practices.  However, given the encouraging foreign investment and progress here, we are certain that a state of the art strata titles property management system will firm up and even on statutory footing in a not distant future.Meanwhile, we continue our sharing of best practices and experiences with the property owners and take effective steps to moderate some of the not so desirable practices here in our bid to prepare them for the new order.   By Benny Tan: Principal Consultant, Raffles Strata Management (Cambodia) Pte Ltd;  benny@rsm.com.sgFor more updates and information, check out the news section of Realestate.com.kh

With Phnom Penh exhibiting signs of saturation in the high end real estate development market, developers and investors are looking south to Cambodia’s coastal city of Sihanoukville.Realestate.com.kh caught up with Ross Wheble, Country Manager for Knight Frank Cambodia, to get the lowdown on what factors are stimulating the current growth.How is the infrastructural development of Sihanoukville feeding into real estate and property development?One of the main drivers of real estate development and investment anywhere in the world is infrastructure. A few recent infrastructural developments are spurring investor confidence in Southern Cambodia.The Sihanoukville airport is set to become Cambodia’s largest airport, according to various sources. This means more and more regional airlines flying direct to Sihanoukville from international destinations. Grand Union Group, the developer of Dara Sakor at Koh Kong, has also recently received permission to build another airport. While this is not in Sihanoukville, it still represents another access point not far from the city. Until quite recently, airlines were reluctant to offer direct flights to Sihanoukville until a minimum number of hotel rooms were available. Meanwhile developers wouldn’t construct and hoteliers wouldn’t operate in Sihanoukville while the airlines weren't delivering passengers. This standoff has stalled hotel and airline investment in the last few years. Yet now, with the influx of new routes direct to Sihanoukville, luxury hotel brands are trickling in. For instance, Alila, co-founded by the former financial advisor of Aman Resorts, an upscale hospitality group operating in over 20 countries, will launch a 5 star luxury venue on an island off of Sihanoukville. Six Senses Krabey Island is also scheduled to premier in 2017, a large Thai operator of 5 star luxury hotel venues. This trend seems set to continue.Meanwhile, the Chinese-operated Sihanoukville Special Economic Zone (SSEZ), already the biggest SEZ in Cambodia, has announced its intentions to double its capacity and open 300 factories by 2020. New flights from mainland China to Sihanoukville have also been launched recently, specifically to service the SEZ. Continued expansions of the deep sea port are also reducing shipping costs for Sihanoukville based industrialists. Another SEZ in Sihanouk, Steung Hav SEZ, also has a license to build a second deep sea port in coming years.A new highway from Phnom Penh to Sihanoukville has also been slated, and is supposedly due for completion by a Chinese contractor by 2020. This not only aids travelers, but is a key improvement for manufacturing logistics between the factories of Phnom Penh and the Sihanoukville deep sea port.How does the Government’s Coastal Development Plan fit into this?Alongside this private investment, the Government is drafting a coastal development master plan, with certain elements now actively being enforced in regards to protection and maintenance of ecological assets such as beach fronts and mangroves. While these changes are hurting some businesses now, especially on Ochheuteal beach, in the longer term these measures seem to be on the right track to preserving the region's tourism assets. A coastal road connecting Sihanoukville to Kampot and Kep has also been announced.What major development projects are already underway?There have been a handful of major mixed use developments launched in Sihanoukville thus far, and seemingly this is the start of a Sihanoukville condo market set to continue. To name those that we are aware of: D’Seaview; Sunshine Bay; Blue Bay Condominium; Royal Bayview Condominium; The Scarlett (a time share condotel); and Blue Sky Tower.Meanwhile, since beginning of 2016, hundreds of millions of USD of investment has landed in the Sihanoukville, predominantly geared towards integrated resorts, casinos and the gaming market. In turn, a large number of gambling licenses have been granted. This thirst for casinos is being driven primarily by Chinese investment.Meanwhile, at Ream, a lesser known part of Sihanouk province, a huge economic land concession of around 3,300 hectares is being developed by the local owner in conjunction with foreign investors. So far around 15 agreements with investors for parcels of land have been signed, with the long term vision of building an integrated hospitalities zone, including golf courses, luxury hospitality, leisure, gaming and eco tourism ventures. A jetty/port that could support cruise ships has also been planned here, able to receive cruise ships from destinations such as China and Hong Kong.What does this new focus on Sihanouk Province say about the state of the Phnom Penh market?When looking at the overall number of condominiums compared to the size of the population, there is no oversupply. However, there is an oversupply in the high-end segment of the market and we are now seeing a shift towards the launch of more affordable condominium projects in Phnom Penh targeting the domestic market. Factoring in the buying power and preferences of the local market, the vast majority of rental demand for these high-end condominiums will be from the expatriate community residing in Cambodia; hence the likelihood of downward pressure on proposed rental returns once projects are completed over the coming years. Sihanoukville represents a different proposition, there are different fundamentals at play: tourism is strong pull for foreigners and locals, but simultaneously there is a strong economic focus in the city, with many international companies currently setting up here. This population of comparatively wealthy foreigners, in addition to a significant increase in tourist arrivals which is set to continue for the foreseeable future, suggests that there is an untapped rental market in Sihanoukville which has caught the attention of developers and investors alike.  Why not Siem Reap?In comparison to Siem Reap, Sihanoukville offers better long term potential. Yes, Siem Reap has tourism and will continue to - but Sihanoukville is simultaneously an economic hub which will underpin demand for residential accommodation over the long term as the population continues to grow. Furthermore, whilst Siem Reap attracts visitors due to the world heritage site of Angkor Wat, once international tourists have seen this wonder, they are unlikely to return. Coastal resort destinations, if developed well, encourage repeat visitation with tourists returning year after year. Another factor to keep in mind, although not economically viable at present, is the oil and gas reserves offshore in the region which will drive the long term growth of Sihanoukville once extraction begins.By James Whitehead, director of content @ Realestate.com.khThis story was a co-production of the Khmer Times & Realestate.com.kh "Property" Liftout. The section is available every Wednesday in the Khmer Times newspaper, with 10,000 copies distributed across Cambodia every day. Contact us today for advertising opportunities in the Khmer Times/Realestate.com.kh Property liftout. Check out the best Sihanoukville property listings on Realestate.com.kh

As the construction industry has risen to become the single most progressive engine of economic growth in the Kingdom, various sector stakeholders suggest there is an increasing need for added legal protections within the industry, overarching urban planning, along with more protections and long term policies to sustain investments in the sector.The Phnom Penh Master Plan 2035 seeks to dictate the urban planning for the expansion of the city and construct new infrastructure to accommodate the growing population. Until now, the city has had no zoning regulations of note nor clearly identifiable urban development planning.Slow implementation of master planning is raising concerns over traffic congestion, and general infrastructural capacity in the key districts seeing high number of condo development projects.Knight Frank’s Ross Wheble states that, “Cambodia’s real estate market is still at a nascent stage of development and teething problems along the way are to be expected. However, a key area of focus for any developing country should be infrastructure. This includes both hard (physical infrastructure; such as roads, railway networks, mass transportation systems, utilities) and soft infrastructure (the education system, healthcare system, financial system) - and it is well documented that infrastructure development is important not only for economic growth but also for poverty reduction which, in turn, increases demand for real estate over the long term.”He continues, “The Government has certainly been making progress in this regard, with numerous major infrastructure projects having completed, commenced construction or been announced during the past few years, but there needs to be an overarching infrastructure policy to set the proper framework.”“A key obstacle to overcome is the funding of such projects, which is particularly relevant in developing markets. One way to tackle this is through planning policy, which is another area that needs to be addressed to improve transparency in the market. In developed markets, it is not uncommon for developers to be required to make significant contributions to infrastructure improvements to ensure that the impact of high density development on the existing infrastructure network is mitigated. With the increasing number of development projects being announced in the Kingdom’s capital, this is certainly an area that needs to be reviewed,” concludes Wheble.Sunny Soo, of Keystone Property Consultants Co., Ltd., an international associate of Savills, adds, “the legal policies of a comprehensive town and country planning system has to be in place now and that it needs to improve continuously and simultaneously adjusting to a larger vision in the future, notwithstanding market transparency and good regulatory enforcement framework. There is no other way about it. Legal guidance and clearer future planning policies in line with good enforcement will be of utmost importance to serve and lead the market toward a healthier city development; whether the aim is to subside a strained city’s infrastructures or serving a role of directing sub-urbanization. But more importantly it also leads to better self-regulation in the future, and that’s when the level of assurance for a healthier real estate market can be elevated.Another real estate area in need of improving is the “soft infrastructure” - meaning those features of the country that make it suitable for living, such as educational institutions, medical care and retail options. While these things are improving, there is certainly some way to go before Cambodia represents a lifestyle on par with the countries from which investors are coming from.Marc Townsend, managing director of CBRE Vietnam and Cambodia says that Cambodia is an increasingly attractive area to settle down. This is because it has a lower cost of living than other popular areas for retirees.But he warns that Cambodia still has to work on medical, travel, and infrastructure concerns in order to attract more mature investors like Malaysia. He states, “We weren’t trying to prove anything here because we were just trying to see whether there was a market that was sustainable. Malaysia’s gone a long long way to trying to attract retirees with their silver-hair visa. And Cambodia is just starting. And it’s interesting where it possibly could go. As long as you get the right type of retirees.”He explains that cost of living is one of the main selling points for normal expats. But this isn’t always the case for all ages. He says that “a lot of it comes down to medical. And if you’re in good health, it’s not something that you worry about. But obviously, as you get older, the ability to have just a simple consultation, ten minutes with a private practitioner/general practitioner – in your own language – and knowing that the pharmaceuticals you’re buying over the counter are safe, again, these are issues that Cambodia has yet to overcome.”Learn more about recent Infrastructure upgrades in Cambodia!

Citizens and investors of the country will soon be able to work, play, and live in The Gateway Cambodia – a prime new development property that’s set to change the urban landscape of Phnom Penh city.The Gateway will be a freehold mixed use development that will include residential, retail, and office options for local and international investors.The development will see the rise of an ample 7-storey car park and 2-storey retail podium, a 39-storey residential tower, and a 36-storey office tower. It will also feature a sky terrace and a basement car park on its residential tower. There will be a total of 299 office units and 572 residential units in the project.The residential units will range from one to three bedrooms and will have luxurious fittings and private balconies to match. These units will offer a guaranteed 6 percent return per annum for two years. For buyers who commit soon, there’s an ongoing “Star Buy Promotion” for a limited number of residential units; One bedroom units start around $130,000 range; two bedroom units start around $200,000 range; and the three bedroom units start around $250,000 range.The office tower will have a helipad, a double-glazing glass for heat reduction, 8 elevators, and a separate fire elevator for safety. Uniquely, The Gateway offers the only Grade A offices for sale in the Phnom Penh Central Business District area. These units will offer a guaranteed 8 percent return per annum for two years. There’s also sound potential for capital return due to the high demand in the Phnom Penh office market segment currently - as the city transforms into an epicenter for inter-Asean manufacturing and trade.The Gateway Cambodia will be carefully crafted using quality construction materials by a competent set of local and international industry experts. The developer, TACC (C.R.) Ltd., have utilized the services of 2nd Edition Pte Ltd for the interior design, award-winning Mr. Lim Koon Park of Park + Associates Pte Ltd for the architectural design, KCL Consultants Pte Ltd as the structural engineers, and United Project Consultants Pte Ltd as their M&E engineer.The developer has around 40 years of construction experience and 15 years of real estate experience in Singapore, and is currently listed on the Singapore Stock Exchange.The Gateway Cambodia is set to reach completion by December of 2019. It will be strategically located along Russian Boulevard. It is one of the only major roads in the country from the airport to the city centre that has no flooding potential. This transit route is also undergoing significant development to maintain its usability moving forward into the next decade of Cambodia’s growth.Located just 15-minutes drive from Phnom Penh International Airport, The Gateway will be the tallest building from the airport to the office of the Prime Minister. It’s also near important establishments and amenities such as the Ministry of National Defence, the Thai-managed Royal Phnom Penh Hospital and a host of world-class International Schools and respected Universities. Parkson Mall is also underway along the same boulevard, and is set to become Cambodia premier retail mall complex.It’s also close to the Phnom Penh City Center development site, a huge tract of land under development on the former Boeung Kak Lake, which is the only area in the country with a full master plan. According to the developer’s source, a future MRT station will also be built near The Gateway project.The developer’s research shows high potential for return and a doubling of capital appreciation every 5 years due to high foreign direct investment from countries like Japan, Korea, Europe, and China. There will also be a guaranteed 6 percent to 8 percent yields per annum.Take a look at the development if you want to find a space that promises convenience, comfort, and luxury in a city that is rising dynamically in the ranks of Asean. You don’t have to settle for anything other than The Gateway.Find out more about this great project from The Gateway’s professional sales team today!

Home and business security is important for all property owners in Cambodia. Crime prevention requires attention from the right providers in order to ensure that your property is secured. However, it is also important to look after yourself.Ms. Sim Kalyan, general manager of Global Security Solutions (GSS), recently talked to Realestate.com.kh about how to stay safe when living in Cambodia. What qualifications should security companies have?Kalyan said that the history of the security company's management should be reviewed, especially the Managing Director’s. Check for experience and if they have a clear policy for the staff, such as if their salaries regularly paid or if the security guard’s salary is good enough. This is crucial because you must have a guard that is loyal to their company above all else. Try to also look for information on whether the services are good enough from past customer.Also check whether the security company’s registered and licensed in the ministry. There are more than 200 security companies in the country and some of them don’t have licenses.What safety precautions should we take in Cambodia?There’s always a risk of pickpockets or thieves. Kalyan advised not wear a lot of jewelry when going outside, using a small bag and putting it inside shirts in order to avoid pickpockets.In terms of robbery protection, bodyguards can be an option for those who can afford them. Alternatively, walking with two or more people lowers the risk of robbery. But we should also be careful in crowded places. There can be a possible kidnapping because of neglect. Knowing where to sit or where to look around also helps.In case thieves are following you, it’s recommend not to go home. It’s better to go to crowded areas or places like hospitals or police stations. The daily commute should include scouting areas in case of emergency.Kalyan also mentioned that it’s better not to go home when you’re out past midnight night. If you really need to go home, inform your family. Do not set up a password on your phone so that if you are in an accident, the first on scene can still contact your close friends or family.  Should I use insurance even when I already have security systems?A security company will guarantee limited payment in case something happens. Choosing insurance is a good safety net for any damages that could occur.Kalyan said that those who have plenty of high-valued objects should use insurance services. Also, doing a consultation with an expert insurance firm or consultant is advisable before you decide to purchase a home or business. When using insurance, You only need to pay a fixed monthly amount  to get compensation for what has been lost. Insurance service is the best choice for property owners who want to eliminate risks on their property asset.Other factors to consider:Kalyan added that if you know you’re being watched all time, you shouldn’t leave the workplace with a consistent schedule. Leave early sometimes and sometimes late. We should not drive only one route. By doing this, the thief will not know exactly what time you leave and which  route you take.In addition, there are three strategies: run, fight, and hide. These three strategies can enable us to escape from danger. But we also have to be responsible to know when to use each method.Learn more about home security in Cambodia!

Outcome of Trans-Pacific Partnership presents uncertainties and opportunities for flight-to-quality activities30 November 2016, Singapore – Knight Frank, the independent global property consultancy, today launches the Asia-Pacific Prime Office Rental Index for Q3 2016. The index monitors prime office rents in 19 cities across Asia-Pacific. For Q3 2016, eight cities registered positive rental growth, down from 10 in the previous quarter.Results for Q3 2016Knight Frank Asia-Pacific Prime Office Rental Index grew 0.6% in Q3 2016 compared to the previous quarter as a result of rising rents in eight markets and rental declines in six markets.Tokyo continues to experience the highest rental growth, although demand is expected to taper off as a strong supply pipeline looms.Singapore sees the largest decline in rental due to slowing global economy.Going forward, we expect rents in 14 cities to remain steady or increase, unchanged from last quarter’s forecast.While it is still early days, the results of the US election is likely to lead to more uncertainty across the region, with the likely end of the Trans-Pacific Partnership (TPP) a blow to export-dependent economies. Mr Nicholas Holt, Head of Research for Asia-Pacific, says, “The outlook for the regional economy is uncertain as the future of the TPP hangs. We expect a knock-on effect on office demand when export-driven economies are dealt a blow should the TPP be dissolved.“Given the significant amount of supply coming into a number of markets, we do see opportunities for occupiers to upgrade into superior space, as the pendulum swings from landlord to tenant-friendly conditions.”Download the full Knight Frank Report

Phnom Penh’s landed housing developments are a fast growing subsector of the real estate market, and recent research findings record that there are currently up to 400 gated landed housing developments of all scales scattered across the capital city of Phnom Penh.This Phnom Penh housing supply is being driven by rapid growth in the local population and family households, meaning this sector of housing demand is estimated at about 6,300 units per annum in Phnom Penh alone.In light of this, VTrust Appraisal Co., Ltd. has conducted a comprehensive survey “Housing Market & Outlook Report 2016 – Phnom Penh”, the result of which will be released to the public on the 16th of December. The market survey results being presented at this seminar will provide crucial information for real estate and construction professionals, the banking and home loan sector, developers, investors and policymakers.Realestate.com.kh is proud to be a supporting partner of this event. Housing Market & Outlook Report 2016 – Phnom Penh:When:Friday, 16 December, 2016: 8:00am – 4:30pmWhere:Phnom Penh Hotel (Monivong Boulevard) Who: Mr. Sim Hoy Chhoung, C.E.O, VTrust Appraisal Co., Ltd.Mr. Hoem Seiha, Director of Research, VTrust Appraisal Co., Ltd. Dr. Sopon Pornchokchai, Ph.D., D.FIABCI, CRS, MRICS, and president of AREA Mr. Chrek Soknim, CEO of Century 21 MekongWhy:Insightful statistics, indicators and information regarding landed Phnom Penh housing market are crucial for developers, bankers, real estate players, policy makers, and other interested stakeholders.Fee:Participatory fee is US$193 per individual (ONLY until 5 December 2016!), with study materials and full lunch provided. regular Pricing is US$237 per participant.Language:English, with spontaneous Khmer interpretationDownload Full ProgramContentsHistorical and Cumulative Supply of Phnom Penh Housing, by year since 2000New Supply of Phnom Penh Housing in 2016Supply by Types of Phnom Penh Housing, Location, Zone, DeveloperMarket Performance, Number of Units Sold, Sold by Type, Location, DeveloperLocal Demand and Affordability for Housing Survey ResultsMapping of Phnom Penh Housing Development ProjectsSale / Stock Ratio,Number of Units Released by year since 2000Sold Prices by Type, Location, Quarterly Pricing AnalysesMarket Absorption RateTake-Up RateHousing Market Outlook onto 2017Industry Conclusion and Recommendations   Contact Information:Ms. Chhoeurn Sonita, General Manager, Entrepreneur Consulting,  Tel: (855)-12-90-63-40/ (855)-86-777-734/ (855)12642466 | email: entrepconsulting@gmail.com hsrealestateconference@gmail.com | Website: hmor-pp.weebly.com | office: #113 (Parkway Square), 2nd floor, Mao Tse Tung Blvd, Tuol Svay Prey 1, Phnom Penh, Kingdom of Cambodia

Enchan Sreyleak, Sales Consultant of Yong Yap Property, talks to Realestate.com.khTV about where to go shopping in Phnom Penh and details what are the most Popular Shopping Markets in Phnom Penh.What are the most popular shopping markets in Phnom Penh?There are two popular markets in the city of Phnom Penh. These are the Russian Market (Phsar Toul Tum Poung) and the Central Market (Phsar Thmey). These are where both foreigners and local usually like to go shopping.Why are these markets so popular?They’re both popular because they have local Khmer products like handicraft, silk, handmade jewelry, and other types of souvenirs. Foreigners like to stop by and shop for souvenirs there before going back home to their country. But these markets are also popular with expats and locals - because besides souvenirs, you can find almost anything if you search around in these traditional markets.How about the food quality?Well, the food in both markets are really good and popular too.  In terms of pricing, it is as good as the taste. People can easily find various local food here such as fresh fruit shakes, grilled fish, grilled pork, Khmer noodle soup, fried noodles, fried rice, and porridge.Are there pubs, bars, restaurants, and shops around the Russian Market?Yes. Because there are a lot of expats living in the Toul Tum Poung Market (Russian Market) area. And tourist also roam around the area to enjoy both Khmer and Western food. There are also international restaurants where you have options for entertainment or beer. All these things make the Toul Tum Poung Market even more popular.Learn more about life in Toul Tum Poung!

The finest developers and projects in 8 countries collected the Best of the Best honours in real estate. And Realestate.com.kh was extremely proud to be an official media sponsor for the event, alongside the official broadcaster CNN! Malaysia’s Sime Darby Property won the coveted Best Developer (South East Asia) titleThailand collected the most number of regional titles, followed by Philippines, Indonesia, Vietnam and SingaporeAround 400 VIPs and senior industry figures attended the exclusive, black-tie gala dinner  SINGAPORE – 24 November 2016Southeast Asia’s best developers and achievers brought honours and prestige to their respective countries as they competed for the regional titles at the 6th annual South East Asia Property Awards 2016 grand finale event of the prestigious Asia Property Awards series, presented by Hansgrohe and organised by PropertyGuru, Asia’s leading online property group.According to the judges, the Best Developer (South East Asia) winner is an all-rounder with a long-term commitment in the Malaysian real estate industry. “Inheriting its legacy of excellence in plantation, one of the Sime Darby Group’s core businesses, Sime Darby Property is a prominent developer with a 40-year track record of developing sustainable communities and with expertise in property development, property investment and asset management.“Given its significance and constant reinvention, Sime Darby Property is certainly an integral part of developing Malaysia’s history, and now Asia Property Awards history as the 2016 Best Developer (South East Asia).”Accepting the region’s highest honour in real estate, Sime Darby Property’s managing director Dato’ Ir. Jauhari Hamidi commented: “The recognition of Sime Darby Property as the Best Developer not only in Malaysia, but in South East Asia by such esteemed industry experts is further testament of our commitment as a trusted developer. We are honoured to receive this award and our heartfelt appreciation goes to the organisers.”Indonesia, which led the grand final nominations tally with 15 nods, ended up with two regional design awards for Sinar Mas Land and Intiland Development, the Best Developer (Indonesia) winners in 2015 and 2016, respectively.MQDC Magnolia Quality Development Corporation, the Best Developer (Thailand) 2016, led the country’s regional winners, with one design award going to thecompany’s multi-billion riverfront project – The Residences at Mandarin Oriental, Bangkok. PACE Development’s acclaimed MahaSamutr country club and villas project in Hua Hin also took home a South East Asia design award, while Siam Piwat Co Ltd’s Siam Discovery was voted the region’s Best Commercial Development.Two regional winners emerged from the Philippines, including a Special Recognition in Sustainable Design (South East Asia) for renowned green developer ArthaLand for its Bonifacio Global City-based ArthaLand Century Pacific Tower development.Continuing its winning streak, Vietnam’s Deutsches Haus Ho Chi Minh City by Deutsches Haus Ho Chi Minh Stadt Ltd followed up their triple victory at the Vietnam Property Awards with the Best Green Development (South East Asia) title.Singapore’s Chiu Teng Group received another accolade as it was declared the regional winner in the new category for Best Boutique Developer (South East Asia). Singapore collected a total of two regional gongs.Attended by 400 VIPs and senior industry figures from Phnom Penh to Jakarta, the South East Asia Property Awards celebrated the successes of all the country winners following more than a year’s journey that began with the launch of the inaugural Cambodia Property Awards in late 2015, when the 2016 South East AsiaMalaysia’s Sime Darby Property collected its first regional Best Developer (South East Asia) gong, besting other national winners from Cambodia, the Philippines, Myanmar, Thailand, Indonesia and Singapore.Property Awards edition began at the entry stage, until the Indonesia Property Awards 2016 held in Jakarta in October.To date, nearly 190 awards have been presented to the region’s finest real estate developers and developments in 2016. The exclusive gala dinner ceremonies have welcomed about 3,000 guests that included top government officials, global experts, senior industry figures and even royalty, and members of the press.Presented by title sponsor Hansgrohe, the South East Asia Property Awards grand finale was part of the two-day event on 23-24 November at the prestigious Shangri-La Hotel Singapore. The entire event was preceded by the two-day Property Report Congress Singapore, the high-level conference series of Asia’s industry leading Property Report magazine that featured insights from around 30 speakers including Winners and Judges of the Asia Property Awards; the South East Asia Property Awards (Singapore) ceremony in the early evening on the 24th.The much-awaited grand finale event immediately followed the South East Asia Property Awards (Singapore) 2016 ceremony, which saw City Developments Ltd (CDL) crowned the Best Developer (Singapore).“2016 has been a momentous year for the Asia Property Awards. Since starting 11 years ago the Awards have always endeavoured to reward the best in local real estate and produce credible winners with a transparent entry and judging system. We have achieved this goal by developing the most detailed and comprehensive entry system of any property awards in the world,” says Terry Blackburn, founder and managing director of the Asia Property Awards.“Southeast Asia’s property sector has come a long way in the last decade and we are proud to have been a part of that growth,” he added. “It’s been our privilege to work with all the developers who participated in each country over the years and we can’t wait to know who will win at the grand finals this year.”The South East Asia Property Awards 2016 Gala Dinner was supported by co-sponsor Mitsubishi Electric, influential media partners including CNN International, the official broadcaster of the awards, and official property portal PropertyGuru.com.sg, Singapore’s No. 1 property website.For more information, contact info@asiapropertyawards.com or visit the official website: AsiaPropertyAwards.com/singapore/The complete list of Regional and Country Winners in the South East Asia Property Awards 2016:DEVELOPERBest Developer (South East Asia)Borey Peng Huoth Group – CambodiaMegaworld Corporation – PhilippinesShwe Taung Development Co., Ltd. – MyanmarSime Darby Property Berhad – Malaysia – WINNER, South East AsiaMQDC Magnolia Quality Development Corporation – ThailandPT Intiland Development Tbk – IndonesiaCity Developments Limited (CDL) – Singapore Best Boutique Developer (South East Asia)AppleOne Properties, Inc. – PhilippinesGreen Vision Construction Company Limited – MyanmarMitraland Group– MalaysiaSiamese Asset Co., Ltd. – ThailandAsiana Group – IndonesiaChiu Teng Group – Singapore – WINNER, South East Asia DEVELOPMENTBest Villa/Housing Development (South East Asia)Grand Star Platinum by Borey Peng Huoth Group – CambodiaThe Dàlat at 1200 Country Club & Private Estate by Acteam International Co Ltd, a company of the Centurion Global Group Singapore – VietnamMahaSamutr by PACE Development Corporation PLC – Thailand – WINNER, South East AsiaSerenia Hills by PT Intiland Development Tbk – IndonesiaGoodwood Grand by Feature (Balmoral) Pte Ltd (Tong Eng Group) – Singapore Best Condo Development (South East Asia)Acqua Private Residences by Century Properties Group, Inc. – Philippines\The Nassim by SonKim Land & HongKong Land – VietnamThe Gems Garden Condominiums by Capital Development Ltd – MyanmarSerai, Bukit Bandaraya, KL by BRDB Developments Sdn Bhd – MalaysiaThe Residences at Mandarin Oriental, Bangkok by MQDC Magnolia Quality Development Corporation – ThailandThe Mansion at Le Parc by PT Putragaya Wahana – IndonesiaGramercy Park by City Development Limited – Singapore – WINNER, South East Asia Best Commercial Development (South East Asia)SM Seaside City Mall Cebu by SM Prime Holdings, Inc. – PhilippinesDeutsches Haus Ho Chi Minh City by Deutsches Haus Ho Chi Minh Stadt Ltd – VietnamSedona Hotel Yangon (Inya Wing) by Keppel Land – MyanmarMedini 10 by Medini Iskandar Malaysia Sdn Bhd – MalaysiaSiam Discovery by Siam Piwat Co., Ltd. – Thailand – WINNER, South East AsiaSouth Quarter by PT Intiland Development Tbk – IndonesiaMarina One by M+S Pte Ltd – Singapore Best Green Development (South East Asia)ArthaLand Century Pacific Tower by ArthaLand – PhilippinesMenarco Tower by Menarco Development Corp. – PhilippinesDeutsches Haus Ho Chi Minh City by Deutsches Haus Ho Chi Minh Stadt Ltd – Vietnam – WINNER, South East AsiaSerai, Bukit Bandaraya, KL by BRDB Developments Sdn Bhd – MalaysiaWhizdom Avenue Ratchada – Ladprao by MQDC Magnolia Quality Development Corporation – ThailandThamrin Nine Tower 1 by PT Putragaya Wahana – IndonesiaM Social Singapore by Novel Developments Pte Ltd – Singapore Special Recognition in Sustainable Design (South East Asia)ArthaLand Century Pacific Tower by ArthaLand – Philippines – WINNER, South East Asia DESIGNBest Residential Architectural Design (South East Asia)Grand Star Platinum by Borey Peng Huoth Group – CambodiaEmbassy Central by Urbanland Central BKK Co., Ltd – CambodiaUptown Ritz by Megaworld Corporation – PhilippinesThe Dàlat at 1200 Country Club & Private Estate by Acteam International Co Ltd, a company of the Centurion Global Group Singapore – VietnamRosehill Residences by Rose Hill Soilbuild Co., Ltd – MyanmarThe Crystal by Genting Property – MalaysiaMahaSamutr by PACE Development Corporation PLC – Thailand – WINNER, South East AsiaCasa Domaine by PT Griyaceria Nusamekar – IndonesiaThe Mansion at Le Parc by PT Putragaya Wahana – IndonesiaSelong Selo Residences by The Selong Selo Group – Indonesia Best Residential Interior Design (South East Asia)Admiral Grandsuites by Anchor Land Holdings, Inc. – PhilippinesThe Dàlat at 1200 Country Club & Private Estate by Acteam International Co Ltd, a company of the Centurion Global Group Singapore – VietnamThe Gems Garden Condominiums by Capital Development Ltd – MyanmarPuteri Cove Residences by Pacific Star Development Pte Ltd – MalaysiaThe Residences at Mandarin Oriental, Bangkok by MQDC Magnolia Quality Development Corporation – Thailand – WINNER, South East AsiaThe Mansion at Le Parc by PT Putragaya Wahana – IndonesiaBellewoods by Qingjian Realty (Woodlands) Pte Ltd – Singapore Best Retail Architectural Design (South East Asia)SM Seaside City Mall Cebu by SM Prime Holdings, Inc. – PhilippinesJunction City Shopping Centre by City Square Commercial Co., Ltd (a member of Shwe Taung Development Co., Ltd) – MyanmartheCOMMONS by The Commons Co., Ltd – ThailandThe Breeze Lifestyle Center by Sinar Mas Land – Indonesia – WINNER, South East Asia Best Office Architectural Design (South East Asia)ArthaLand Century Pacific Tower by ArthaLand – PhilippinesJunction City Tower by City Square Office Co., Ltd (a member of Shwe Taung Development Co., Ltd) – MyanmarSouth Quarter by PT Intiland Development Tbk – Indonesia – WINNER, South East Asia Best Hotel Architectural Design (South East Asia)Conrad Manila by SM Prime Holdings, Inc. – Philippines – WINNER, South East AsiaSedona Hotel Yangon (Inya Wing) by Keppel Land – MyanmarAVANI Riverside Bangkok Hotel by Minor Hotels – ThailandSix Senses Resort Uluwatu Bali by PT Cahaya Warna Prima – IndonesiaM Social Singapore by Novel Developments Pte Ltd – Singapore Best Hotel Interior Design (South East Asia)Conrad Manila by SM Prime Holdings, Inc. – PhilippinesMelia Ho Tram at The Hamptons by Tanzanite International – VietnamSedona Hotel Yangon (Inya Wing) by Keppel Land – Myanmar – WINNER, South East AsiaAVANI Riverside Bangkok Hotel by Minor Hotels – ThailandSix Senses Resort Uluwatu Bali by PT Cahaya Warna Prima – IndonesiaM Social Singapore by Novel Developments Pte Ltd – Singapore Best Landscape Architectural Design (South East Asia)Melia Ho Tram at The Hamptons by Tanzanite International – Vietnam – WINNER, South East AsiaCeladon City by Gamuda Land – VietnamD'Lagoon by the Lake at Seri Austin by United Malayan Land Bhd (UMLand) – MalaysiaAVANI Riverside Bangkok Hotel by Minor Hotels – ThailandThe New Australian Embassy, Jakarta – IndonesiaSol Acres by MCL Land Limited – SingaporeFind more  real estate news on Realestate.com.kh

Enchan Sreyleak, the Sales Consultant of Yong Yap Property, talked to Realestate.com.kh about how to open a bank account in Cambodia, on Realestate.com.khTV.What are the requirements to open a bank account in Cambodia? Cambodian citizens are required to present an ID card or a passport to the bank. Initial deposits vary between different banks. Some require an initial deposit of $100 to $500. Some banks require an initial deposit of $10 to $500. It’s a bit different for foreigners. Foreigners are required to present a passport, a visa that’s still valid for six months, or a job contract. These requirements also vary between banks. Initial deposit that are required by banks can range anywhere from $10 to $500.How about an ATM card?It’s good to use an ATM card, but you will be charged a monthly fee. You are also supposed to actively use your ATM card. If  you don’t use it within a given time period, you will be charged an extra fee if you want to use it again. Find out more about Banks in Cambodia on Realestate.com.kh

Enchan Sreyleak, Sales Consultant of Yong Yap Property, talked to Realestate.com.kh about how to set up an internet connection in Cambodia, on Realestate.com.khTV.How to set up an Internet Connection in Cambodia: What are requirements to set up your internet?There are many options and many internet service providers in Cambodia. Most of these companies have the same requirements for foreigners or Khmer nationals. To set up your internet, you’re required to present an ID card or a passport with visa.How to set up an Internet Connection in Cambodia: What’s the process of setting up an an internet connection in Cambodia?Once you know which company you want to avail the services from, you can give them a call. You then need to go to the company and fill up a document. But it’s also possible to call them to go to your home as well to fill up the form if you’re unable to go there directly.How to set up an Internet Connection in Cambodia: What about the payment responsibilities?You’re required to make a deposit. Some companies will charge $35 up to $150. It takes around three days to a week in order to complete the process of setting up. Fees start with a minimum of $12 and a maximum of $150 a month. The faster the speed, the higher you need to spend.Check out Yong Yap Properties listings and services on Realestate.com.kh

Condominium is a non-legal term. It describes a kind of ownership of certain types of private properties (known as ‘co-owned buildings’) where there’s a distinct and separate ownership between individual units and common area co-ownership.A strata title refers to the certificate of ownership for such an individual unit in a co-owned building. There are also a number of laws, policies, and amendments made in Cambodia to safeguard the condominium and strata titling mechanism.Some of these points regarding Strata Titles in Cambodia were discussed during a recent breakfast briefing conducted by VDB Loi in association with PYT & Associates, IPS Real Estate and Yong Yap Properties. The speakers included senior associate and real estate specialist, Mr. Lucas Vosch, VDB Loi Taxation Director, Mr. Robert Porter, IPS Real Estate Country Manager & Condominium expert, Mr. Grant Fitzgerald, and Yong Yap Properties General Manager, Mr. Desmond Yap.Land Law of 2001: The Land Law of 2001 came as a revision for the original 1989 Land Law of Cambodia. The 2001 revision created a provision for the private ownership of land. This also became the starting point for the creation of the land registry system that issues Cambodia land titles that remains in place today.Article 1 of the Land Law states that it “has the objective to determine the regime of ownership for immovable properties in the Kingdom of Cambodia for the purpose of guaranteeing the rights of ownership and other rights related to immovable property, according to the provisions of the 1993 Constitution of the Kingdom of Cambodia.”The law includes the provisions on public and private property, principles of ownership, collective ownership, acquisition of ownership, land concessions, rights and obligations of owners, limited proprietary rights, undivided ownership, co-ownership, joint ownership, immovable property, mortgage, Cadastral administration, and penalty provisions.Law NS/RKM/0510/006:This law generally “provides foreigners with ownership rights over private parts and rights to use and enjoy over the common parts of co-owned buildings.” This law limits foreign ownership to above the ground floor and to a percentage of the building to be determined separately by sub-decree (refer to Sub-decree no. 82 below).  This law contains topics on general provisions, general principles, Acquisition of special co-ownership, rights and obligations of the special co-owners, procedure for registration and issuance of certificate, penalties, and transitional provisions.Sub-decree No. 82:According to official documents, “This sub-decree is to determine the proportion and calculation of percentage of private units that can be owned by foreigners in a co-owned building in the Kingdom of Cambodia.The sub-decree states that “Legally qualified foreigners can have ownership rights in private units of a co-owned building not exceeding 70 (seventy) percent of the total surface-size of all private units of the co-owned building.” It also states that in “issuing a certificate of ownership of a private unit of co-owned building to foreign owner, the Cadastral Authority shall write down on the certificate about the proportion of the surface-size of each private unit comparing to the total surface-size of all private units in co-owned building.”Sub-decree No. 126:The goal of Sub-decree No. 126 is to “determine management and use of co-owned buildings as well as mechanisms and procedures for registering ‘private units’ of co-owned Buildings.”According to the documentation of the same law, “The scope of this sub decree covers all categories of co-owned buildings that were legally constructed in the Kingdom of Cambodia. Only legal or individual persons of Khmer nationality can own private units of a co-owned building unless there are specific provisions stipulating the contrary [refer to laws and sub-decree noted above].”Sub-decree No. 114:This Sub-decree determines the procedures and rules for the application and regulation of Value Added Tax in reference to the supply of services or goods in Cambodia. This law also covers the requirements for registration, registration of investment enterprises, cancellation of registration, credit for input tax, tax invoices, non-taxable supplies for diplomatic missions and international organizations, adjustment of tax amount, supply of goods or services for consumers, supply by an agent, collection of VAT at importation, zero-rating of the export of goods and services, and transfer of a business.Learn more about Strata Titles in Cambodia and the process of getting one!

Marc Townsend – Managing Director of CBRE Cambodia & Vietnam – recently tackled the question, “Is Cambodia’s Residential Market a Target for Investment?”His presentation included updates on the status of the condominium market in Cambodia. He talked about the upcoming supply and the various sources of activities in the market. He also compared the residential market of Cambodia with its neighboring countries. Townsend’s discussion focused mainly on Phnom Penh. He also touched a bit on the retirement sector.Condominium Activity in Cambodia’s Residential Market:Townsend mentions that there will be around 7.6 billion dollars coming into real estate in Q3 of 2016. And some of these investments are to develop different condominium projects. He explains that most of these investments are coming in from countries like Taiwan, South Korea, Malaysia, and Singapore.China remains to be one of the biggest investors in the country. Townsend says that most of the projects are “mainly mixed-use with some component of commercial property.” He states that there is a dramatic increase in the sizes of these projects and their speed of delivery.Townsend continues to say that “particularly, as the infrastructure improves, the ability to sell these units, off the plan – because it’s all off the plan – is obviously very important.” But he clarifies that this is not the first cycle for Cambodia. He recalls, “The first cycle was when CBRE opened its office about 8 years ago, we had the first movers which were mainly South Korean developers doing high-riseprojects. So, this is the second time around. The first market blew out relatively quickly after 2008. Again, a mixture of oversupply and just a little bit of resistance about moving it from townhouses, row houses, villas into high-rise and mid-rise properties.”He says that demographics have changed. The population is getting younger and that resistance is slowly disappearing. He also says that the secondary market is also softening.Residential Market Projects:Townsend says that land prices in Cambodia are relatively lower than in Vietnam. He explains that it may be due to Cambodia having fewer projects and a more availability of land, or because Cambodia has higher margins.But he also states that “for the moment though, you’ve just got traffic to cope with and not pollution. It will come as your industries start to change.”He also notes the changing number of residential units and explains that “if you divide the size of the project by the number of project, you can see it.” He adds that “five years ago, a big project was two or 300 units. Now you can see projects here of up to a thousand units at a time.”Retirement Market in Cambodia’s Residential Market:Townsend says that Cambodia is an attractive area to settle down. This is because it has a lower cost of living than other popular areas for retirees. But he warns that Cambodia still has to work on medical, travel, and infrastructure concerns in order to attract more mature investors like Malaysia. He states, “We weren’t trying to prove anything here because we were just trying to see whether there was a market that was sustainable. Malaysia’s gone a long long way to trying to attract retirees with their silver-hair visa. And Cambodia is just starting. And it’s interesting where it possibly could go. As long as you get the right type of retirees.”He explains that cost of living is one of the main selling points for normal expats. But this isn’t always the case for all ages. He says that “a lot of it comes down to medical. And if you’re in good health, it’s not something that you worry about. But obviously, as you get older, the ability to have just a simple consultation, ten minutes with a private practitioner/general practitioner – in your own language – and knowing that the pharmaceuticals you’re buying over the counter are safe, again, these are issues that Cambodia has yet to overcome.”Townsend closed his presentation by saying that “as long as the organization is happening, as long as the infrastructure’s still going in, we’re confident about the mid to long-term future of the Cambodian market.”Do you want to know more about the Cambodian real estate market? Stay tuned for daily updates on our news section!

Report SummaryRuessei Kaev’s landed housing market grew remarkably within the preceding five-year period from 2012 to 2016, with  an average of 1,600 new housing units launched into the market each year. Well over 2,800 units were completed in 2016, and it is projected that well over 3,000 additional units will be finished off and ready for prospective occupants by 2017.Fortunately, only 14 percent of the launched units are awaiting total completion recorded as of today, whereas 17 percent are still listed on the market inventory. In sum, albeit a slight market slowdown since the end of 2015, housing market stimuli initiated by developers has come to ignite the demand engine again, giving rise to a ‘slightly’ positive trend expected to continue over the course of 2017.Ruessei Kaev DistrictRuessei Kaev district (Khan Ruessei Kaev or Khmer: ខណ្ឌឬស្សីកែវ) is one of Phnom Penh’s 12 districts and administratively subdivided into 6 communes (Sangkat or សង្កាត់), namely Chrang Chamreh Ti Muoy, Chrang Chamreh Ti Pir, Kilomaetr Lekh Prammuoy, Ruessei Kaev, Svay Pak, and Tuol Sangkae. The district lies north and northeast of the prominent central business districts of Doun Penh and Tuol Kouk, having easy and quick access to the central city of Phnom Penh. As combined, Ruessei Kaev district is currently home to an estimated number of 180,000 residents.IntroductionThe rapid growth in population, increasing traffic pressure, and rising property prices in the inner city center have all  quickened the increasing rate of urban expansion to many different suburban parts of the capital, including many parts of Ruessei Kaev district. Thus, housing demand started to exist, especially in the suburbs, as a way to accommodate this rapid growing population.Landed housing market began in Phnom Penh since 2002, when a few of supplies were on the market and some of the housing construction work was started for a few hundred housing units in some parts of the capital. Afterwards, Ruessei Kaev, one of Phnom Penh’s 12 districts, saw a gradual increase in cluster landed housing market since 2003, when Borey Rith development was first launched in Tuol Sangkae commune (in Ruessei Kaev district), supplying a rough number of 700 linkhouse units.Housing Market ShareAs of today, Ruessei Kaev district is home to a cumulative supply of 12,200 landed housing units (with 86 percent complete, while some under construction), clustering in different communes of the district.Recorded as of 2016, Chrang Chamreh Ti Muoy shares 21 percent (about 2,544 units) of the total cumulative housing market supply; Chrang Chamreh Ti Pir, 4 percent (465 units); Kilomaetr Lekh Prammuoy, 25 percent (3,085 units); Ruessei Kaev commune, the largest market, up to 29 percent (3,574 units); Svay Pak, 5 percent (597 units); and Tuol Sangkae, 16 percent (2,004 units).   Market Share by Project Across Ruessei Kaev district, a number of cluster landed housing projects have been positioned to offer residential options for home buyers from different parts of the capital. The market share dominance as of 2016 was Borey Vimean Phnom Penh by Ly Hour Development Co., Ltd., sharing up to 16 percent (1,977 units, 90 percent of which were complete) of the total cumulative supply.Borey Peng Huoth, Borey New World, and Borey Rith shared the second largest market in the district, up to 9.1 percent, 8.9 percent, and 8.4 percent (1,120 units, 1,102 units, and 1,035 units, respectively). Nevertheless, there were also many other projects with fewer than 400 units, collectively sharing up to 39 percent (4,787 units, 84 of which were totally complete up to the date of reporting) of the total cumulative market supply.Housing Development, Completion, SalePerformance by CommuneAmong the six communes of Ruessei Kaev district, Chrang Chamreh Ti Muoy had 1,398 units completed, 247 units nearing completion, and 899 others still under construction. Overall, the commune achieved up to 94 percent of all units sold, outperforming the other communes within the district.Chrang Chamreh Ti Pir fetched a relatively small market share, having only 465 units in total supply, with 94 units totally complete, 148 units nearing completion and 223 others under construction. About 51 percent of the housing units there had been sold out.Kilomaetr Lekh Prammuoy held a relatively large market stake within the district, having a total supply of 3,085 units, with 1,375 units totally complete, 593 units nearing completion, and 1,072 others under construction. About 72 percent of the total housing supply there had been sold.Ruessei Kaev commune took the largest share within the district, having up to 3,574 units of the total supply, with 2,537 units totally complete, 291 units nearing completion, and 733 others under construction. About 80 percent of the total housing supply had been sold out. Svay Pak had a total of 597 units supplied, without yet any units complete by then, while 303 nearing completion, and 294 others under construction. About 78 percent of all the units there had been sold out. Last, Tuol Sangkae held a relatively large market stake, having a total market supply of 2,004 units, with 1,850 units totally complete, 28 units nearing completion, and 111 others still under construction. Above all, all of the units there had been sold at presale stage.Supply and Completion by YearCluster housing market has been around in Ruessei Kaev district since 2003, with first construction launch of about 739 units by Borey Rith in Tuol Sangkae, a commune immediately adjacent to Boeng Kak Ti Muoy of Tuol Kouk district to the southwest and Srah Chak of Doun Penh district to the south.Afterwards the construction work of cluster landed housing started gradually until 2007, when the supply jumped, bringing 1,275 of new off-plan units into the market. But global economic downturn slowed down the speed of housing demand, yet most of landed housing construction work was not delayed at the time. Until 2012, the economy started to show sign of recovery, and housing market supply across the capital started to pick up again, but this time it was stronger than it used to be during the preceding nine years.In 2012, site work began for the construction of 2,218 units, and in 2013 some additional construction work was launched, bringing 1,859 of new off-plan units into the market, with a few hundred housing units completed each year then.Despite the decline of new supply within the district, construction completion started to grow gradually; and 2016 was the most remarkable year, when 2,827 housing units of all types were totally completed. Further, by 2017, it is projected based on the data obtained from developers that an additional figure of 3,383 units will be finished and ready for buyers to move in.Nevertheless, market supply within the district has started to show sign of slowing down because 2016 and 2017 have seen no sign of new housing supply, even though it is too early to predict.Chrang Chamreh Ti MuoyChrang Chamreh Ti Muoy saw the first housing development project in 2012, when construction work started for 546 units of the first out of 5 phases of Borey Vimean Phnom Penh by Ly Hour Development Co., Ltd. In 2013, two other housing projects were launched construction work for 1,321 units, the majority of which were shared by Borey Peng Huoth (the Star Premier).The trend of the new supply slowed down following those preceding years, except for housing completion which started to jump high in 2015 (with 892 units totally complete),  and onto 2017 it is projected that a figure of 1,146 units will be finished that year.Kilomaetr Lekh Prammuoy Kilomaetr Lekh Prammuoy hosted up to 25 percent, or 3,085 of the total cumulative housing units supplied into the market, within Ruessei Kaev district.The market supply first started in 2006, with construction work begun for 189 units and finished in 2007. During the economic crisis, there was no further housing supply until 2012, when 1,207 units were added to the housing stock and construction work. Then the market went quiet for a few years until the new supply hit the market again in 2015. That year, construction work started for 1,317 units, offering new presale supply into the market. 2016 saw a small number of new entries to the construction work, yet the figure of housing project completion hopped on the horizon,  having totally finished off 1,465 units for buyers to move in.Ruessei Kaev (Commune)Ruessei Kaev commune fetched the largest housing market share of the district. The supply began to exist in 2005 from a small base. In 2007, a few projects with 504 units, including one in the area so-called Stad Chas (meaning Old Stadium), were added to the housing stock and launched for construction work. Despite in a small number, the supply went steadily almost every year since then, but the completion was remarkable in 2009 (647 units finished), 2014 (651 units finished), and 2016 (821 units finished). Further, based on the data obtained from the developers, 2017 is projected to see another completion of 654 units.Tuol SangkaeTuol Sangkae took a share of 16 percent of the cluster landed housing market in Ruessei Kaev district. The supply grew strongly but abruptly over the course of the last decade, though all construction projects there were able to be completed before and during the 2008-global economic downturn. And it seemed there was no major entry into the market since 2009 until 2015, when 139 units were launched and slated to be finished in 2016.Market Supply by Housing TypesCumulative Market SupplyAcross Ruessei Kaev district, the very small percentage of cluster landed housing supply was classified as the purpose-built ‘shophouses’, accounting for only 2.5 percent (290 units), as recorded cumulatively from 2003 to 2016. On the other hand, purpose-built residential link-houses took the largest market share, accounting for 84.8 percent (9,711 units) of the total market supply.Another housing type classified as ‘semi-detached houses’ held the market stake of 9.5 percent (1,083 units), while ‘single detached houses’ accounted for only 3.2 percent (369 units).Supply Launched in 2016New housing market supply launched in 2016 across Ruessei Kaev district was collectively 1,174 units, but the majority of them were link-houses, accounting for 96.7 percent (1,135 units).Shophouses accounted for 1.1 percent (13 units) of the new launches, while semi-detached houses accounted for 2.2 percent (26 units) the same year.Houses were listed on average at US$195,700 per units and averagely sold at US$178,800 per units, while single-detached houses were listed on average at US$643,000 and averagely sold at US$595,500 per units.Market Share by Price RangeCluster landed housing market in Ruessei Kaev district offered different sets of prices, depending on location, housing type, and the quality.Practically, there has not been housing supply with pricing about or less than US$25,000 per unit, but those with prices above and up to US$50,000 per unit shared 9.7 percent of the total current supply.Housing units with prices between more than US$50,000 to US$100,000 per unit accounted for 30.6 percent. And above all, it was up to 41.9 percent of the total housing market supply with pricing between more than US$100,000 to US$200,000 per unit.Housing units with prices between above US$200,000 to US$300,000 per unit accounted for 6.5 percent, and those with prices above US$300,000 to US$500,000 per units as combined accounted for 4.8 percent.However, there was still a market for housing units with prices of more than US$500,000 to US$1,800,000 per units, as combined accounting for 6.5 percent of the total market share.Housing SizeSizes of housing units vary across the district, depending on housing types and development schemes of the housing  projects.However, based on common market supply within the district of Ruessei Kaev, average size of land for shophouses was between 90 sq.m and 160 sqm, while cover-up area (built-up) of between 60 sqm and 110 sqm. The total building area (also GBA) could range from 160 sqm to 200 sqm.Linkhouses are usually designed for residential purposes, and thus the sizes are usually smaller than shophouses. In practice, average land size for linkhouses was between 80 sqm and 180 sqm, with average cover-up area ranging from 60 sqm to 80 sqm and average GBA of 100 sqm to 180 sqm.Semi-detached houses are designed with wider width but relative depth (or length) if compared to linkhouses. For average land size, semi-detached houses were usually spared with 160 sqm to 300 sqm, depending on sub-types and specific designs of the houses. Nevertheless, the built-up area was between 80 sqm and 150 sqm, while the total building area could range from 230 sqm to 300 sqm.Above all, single-detached houses are larger and more expensive than another other housing types in the market. Average land size reserved for a single detached house could range from 350 sqm to 780 sqm, while its over-up area could be between 160 sqm and 280 sqm. And GBA could range from 470 sqm to 600 sqm.Housing Market OutlookCluster landed housing market in Ruessei Kaev district grew strongly within the past-five-year period, with average launches of new 1,600 units into the market every year between 2012 and 2016, while about 2,800 and 3,380 units will be finished by 2016 and 2017, respectively.Both sales and construction work performed well recently, with current completion of 86 percent compared all units launched for construction so far. Achieved sales rate was up to 83 percent, meaning only 17 percent still on the market inventory. Despite a slight slowdown since late 2015, market absorption was relatively good within recent years, and this trend still continues to grow well in the next following year, given the overall favorable performance of cluster landed housing market within the district. The continued growth was thanks to housing market stimuli (such as minimal or zero down payment schemes and other very flexible installment options, to name a few) initiated by developers across the capital’s housing market in the midst of 2016 has also helped bolster the demand and keep the market growth from slowing down. Regarding take-up rate, the majority of the finished housing units are occupied, though relocation of residents to take up the finished housing projects may take some time, about 3 to 6 years on average. Still, speculative purchases of housing units in primary market will still continue to leave some of finished housing units empty due to slower secondary demand than the rate of housing completion, especially in 2016 and onto 2017.This research report was a production of  V Trust Appraisal.Find  property in Khan Ruessei Kaev on Realestate.com.kh!

Collaborations can be powerful tools for social change. Axis Residences recognized this potential and partnered with both the CIA First International School and Cambodia Care Centre in order to fulfill a collective calling towards social responsibility.Creativity with Purpose:The collaboration called upon the utilization of talent, skills, and passion of students from the CIA First International School to create meaningful art pieces for Axis Residences’ theme of going green. This is also in line with the company’s vision and campaign of the company to do more environment-friendly developments. It was also a means to educate and inspire the newer generation to take care of the earth.The top ten – out of around a thousand – artworks were chosen via online voting to be included in the auction organized by the developers and the school last November 5th of 2016.The auction was attended by students, school officials, executives of the Axis Residences, and a few other special guests including Guest of Honor Oknha Tay Heang Ly. There was also a special presentation by the children from the Cambodia Care Centre. The top prize winner also got a 3D2N trip to Singapore.Creativity for a Cause:This initiative by The Axis Residences was also for the benefit of the Cambodia Care Centre. The Cambodia Care Centre is a non profit Christian organization that was started in May 2011. It aims to positively affect the less-privileged youth and break them out of the bondage of poverty through the provision of basic education. It has been part of several community outreaches, feeding programs, sports activities and health programs. 100% of the proceeds garnered from the auction went towards programs underway by the organization. On top of this, Axis Residences also donated 10 tonnes of rice to the poor and needy of Khan Sen Sok district during the water festival period.Creativity at the Core:Axis Residences is being developed by Spring CJW Development Pte. Ltd. This developer is not a stranger to the concept of creativity. They list it as one of their company values along with timeliness and worthiness. The Axis Residences follows that ideology. It has a contemporary design that uses both modern and eco-friendly features for an elegant and quality finish. The developers have described this project as an “oasis of tranquility” and being an Eden-like haven amidst the busy city life surrounding it.Learn more about the Axis Residences project today!

Given that many local population’s lack the initial capital to invest in new homes, albeit condo, borey or other, home loans are underpinning the market currently.The IMF have stated recently that buyers across the Cambodian market are taking on more and more credit to buy property, and this is increasing year on year. In fact, the IMF state that loan-to-value ratios have risen to 70-80% in 2016.Owners that have leveraged finance in order to buy properties are generally the first sellers after the market has reached its peak, accentuating risks of a “bubble” bursting in the market.This situation can be amplified when interest rates on those mortgages rise, and rental yields for the completed property drop below prior expectations. Mortgagees reselling their condo units can then add the oversupply, creating a dangerous snowball effect for the market. As debt levels continue to rise, the risks of an eventual credit crash are becoming more of a concern in Cambodia.When credit loans increase, the credit in the market increases, then there’s a cash flow for the citizens and the economy. It is good for citizens when they place this cash into targeted businesses by creating a business with a clear plan. It’s also useful for business expansion, etc. These activities create more jobs for people.Yet there are downsides…Hoem Seiha, of VTrust noted that another credit risk is growing in the 2016 market as developers take financing into their own hands in efforts to stimulate sales growth in the lower end of the market, and particularly the domestic market: “For the recent market stimulus, developers have now offered another very flexible option for home and plot land buyers by applying a zero down payment scheme to drive their sales, and, in the short run, the practice looks good and helpful for the overall market. Yet, while banks are very careful when releasing mortgage loans to buyers, most developers have not conducted enough due diligence on their clients before releasing installment contracts, to avoid future defaults. If not well managed, this could, in the medium-to-long term, create over-indebtedness among unqualified buyers and therefore potentially lead to a mortgage crash. Regulators should study this seriously.”Another potential risk for the Cambodia finance market is the 2018 general election.During election periods in Cambodia there have been a tradition of “capital flight,” whereby multinational companies, dual citizens and affluent locals remove their capital from Cambodian banks, and instead store their wealth offshore. This is seen as a safeguard during times of political uncertainty. Given the correlation between the upcoming election, and the completion and release of a larger proportion of the incoming condo supply, these two factors may amplify the effects of each.Mey Kalyan, senior advisor to the Supreme National Economic Council, noted that general credit across the Kingdom has increased around 30%. The Supreme National Economic Council are aware of the risks this raises, especially in the real estate market. As according to a recent report from the Phnom Penh Post, Mey Kaylan says that, “credit is like fat in our body. We need the fat to function, but we also don’t need too much of it.”In light of these concerns, the IMF have stressed the need for Cambodia lenders to place higher capital requirements on any real estate financing, weigh risks for banks in regards to real estate lending, and ensure that property developers are “under strict regulatory and supervisory control”.Yin Leangkong – editor in chief of the magazine Property View, and presenter and editor of real estate and economics at BTV - notes in a recent interview that, “loan providing institutions should keep lending to people, but there should be a limitation and conditional loans must be specific and clear. When providing loan to people, you have to make sure it will contribute to help for a better standard of living for the customers. For a home loan, it may be suitable with the middle-class bracket. A term loan will provide both affordable standard of living to people. It also profits banks or microfinance institutions.”These recommendations appear to be having an influence in the market as we enter the second half of 2016. Regulatory control of developers has seen a rise in recent months, as policy makers continue to clarify and develop licensing procedures from new development projects. Meanwhile, private lending institutions appear to be tightening lending on real estate, especially off-plan properties.Check out what 5 industry experts have to say about the state of the Cambodia real estate market!

The Cambodia Construction Industry Expo and Summit 2016 is less than a month away and Realestate.com.kh is proud to be official media partner for the event.  Industry professionals from all over the world will gather to plan, discuss, learn, and connect with each other. The event will be joined by construction, financial, architectural, and insurance firms who wish to showcase evolving technologies and services in the field.They said event is strongly supported by different institutions such as the Ministry of Land Management Urban Planning and Construction, Ministry of Labor and Vocational Training, Ministry of Commerce, Board of Engineers Cambodia, Board of Architects Cambodia, the ASEAN Constructors Federation, the International Federation of Asian & Western Pacific Constructors’ Association, and the China-ASEAN Building Material Industry Cooperation.Activities:The Cambodia Construction Industry Summit will feature reports and speeches from esteemed guests such as CCA Chairman Neak Oknha Pung Kheav Se; Chairman of the ASEAN Constructors Federation, Mr. Nattaphorn Bhromsuthi; President OF China-asean Business council, Mr. Xu Ningning, Representative of Neak Oknha Mong Reththy, Phd. Tan Monivann; Vice President of the International Federation of Asian & Western Pacific Constructors’ Association, Mr. Datuk Matthew Tee; Governor of the Phnom Penh Municipality, His Excellency Pa Socheatevong; and the Senior Minister of the ministry of Land Management Urban Planning and Construction, His Excellency Chea Sophara.The Summit will also accommodate reviews and suggestions from delegates that may be passed on to government to improve the industry.The Expo will feature presentations by representatives from companies like the Overseas Cambodian Investment Corporation, Tem Trading M & E Product Co. Ltd., UC Design Build Co. Ltd., KHI Brand, Meng Leng Eav Co. Ltd., Smart Dragons Group Co. Ltd., Camcona Trading (Cambodia) Co. Ltd., CCW Co. Ltd., and Omura Concrete Co. Ltd.And of course, Realestate.com.kh will have a prime booth at this years Cambodia Construction Industry Expo and Summit event! We will be giving away our latest magazine and showing off our latest Virtual Reality Tour products, perfect for making your property listings stand out from the rest!Who’s Invited to the Cambodia Construction Industry Expo and Summit?Cambodia Construction Industry Expo and Summit 2016 will include participants such as property developers, investors, contractors, designers, managers, purchasers, engineers, architects, distributors, and students. The organizers also encourage construction material, water, and plumbing suppliers to exhibit their products and services at the expo. Property Developers, real estate agents, brokers, banks, financial institutions, architects, interior designers, insurance companies, and engineers may also exhibit at the event.The event will take place at Diamond Island in Phnom Penh on December 1 to December 3.Find out more and sign up today!

The Ascott Limited has recently made waves again in the hospitality and real estate market with the introduction of its up and coming developments across different countries in Asia such as in Vietnam, Thailand, and the Philippines. It will also include the new Somerset Meridian Square Phnom Penh development in Cambodia.About the Owner-Operator:The Ascott Limited is considered to be one of the biggest international owner-operator of serviced residences worldwide. It is a subsidiary of CapitaLand which is a huge name in the international real estate market. The The Ascott Limited recently broke records as it hits its highest number of units.Lee Chee Koon – their chief executive officer – explains, “With these latest additions, Ascott has as at today over 52,000 units in our portfolio. We secured a record over 10,000 units in 2016, making this Ascott's highest increase in inventory count in a single year. Of these new units, 90 percent are located in gateway cities across the Asia Pacific and the Middle East.” Koon continues, “This year, Ascott has also opened 20 properties with more than 3,700 units, our fastest pace ever. As more of the newly signed properties come into operation, we can expect a further boost to our management fee income.”About The Project Somerset Meridian Square Phnom Penh:Somerset Meridian Square Phnom Penh will be the second project in Cambodia by The Ascott Limited after its Somerset Norodom Phnom Penh project.Somerset Meridian Square Phnom Penh is a prime residence serviced apartment. It will rise as part of an integrated retail and condominium development. It will be situated at the Central Business District’s first planned city project – the Phnom Penh City Center.It will be located near a Special Economic Zone where international corporations such as Toyota, Yamaha, and Coca-Cola hold their international manufacturing bases. An upcoming mall and the Cambodia Railway station will also be located minutes away from the project.Somerset Meridian Square Phnom Penh will have around 266 apartment units. These will range anywhere from studio to three-bedroom units. It will also have amenities like a swimming pool, a gym, a playroom for kids, residents' lounge, and a few meeting rooms.Ascott has already invested a lot into the capital city of Phnom Penh with the Somerset Norodom and Somerset Meridian Square Phnom Penh. Will we see another development from the company in Phnom Penh or will Ascott change the game by placing their developments in provinces that are becoming increasingly popular such as Sihanoukville and Siem Reap? That might not be a far off idea if the country sees continuous economic growth across all major cities.Read more of the the latest real estate news

Home and business security is highly important for residential and business owners in Cambodia. Ms. Sim Kaliyan, the general manager of Global Security Solutions (GSS), recently joined Realestate.com.kh to talk about professional home and business security. There are 2 types of solutions that deal with predictable risks and security precautions in Cambodia, according to her. One is suited to a smaller budget - the other is more comprehensive, but also more expensive.1.  Cheaper Home Security Solution for those on a Tight Budget:Ms. Kaliyan cited that normal middle class families or small businesses can choose this solution. She mentioned some major points to check out:Door, Fence, Key and Window:You must check whether the door of the house and other entry points are secure or not. There should at least be a fence to keep the inside of the property safe. You can use long broken bottles placed on the fence to strengthen it. And it's best to use double steel bars if you have a bit more money and want a better defense. This action will also prevent the fence from being stolen.Steel Bars:You also need to thoroughly inspect all aspects of the outer doors, the lock quality, and the bars of the windows and doors to ensure your home’s safety. Kalyan warns about a possible fire though. It is important to enforce the windows, but it is also important to ensure that you have a backup exit point to yourself in case a fire breaks out. You want to keep people out of your house - but you don’t want to trap you and your family inside in the case of an emergency.Use Motion Sensor Lights:You can also use motion sensor lights that activate when they detect movement outside of the house. You can place these at the entrance, the exits, and on the fence.Other Affordable Home Security Solutions:Kaliyan explains that there are other options to secure your house such as building secret passages. She also introduced ideas like placing a cardboard image of a person close to the windows, leaving your lights on while you’re not home, using a pillow to give the illusion of people sleeping, placing objects that will sound when drawers or desks are being moved, asking for the assistance of neighbors, and not letting people know when you bring home a valuable or expensive product.2. More-Expensive Home Security solutions:Kaliyan said that whatever solution is chosen, what matters most are the “external monitoring and internal monitoring”. But there are more convenient solutions for those with more resources.  These home security solutions include:Electronic Entrance and Fence:You can install electrical wires on your fence in addition to steel bars so that anyone who attempts to touch it will get shocked.Use Light Motion Sensor:You can use “light motion sensors” to protect your home round the clock. However, you need to do a perimeter check to find potential areas where burglars can pass through such as trees.Hiring Home Security Guards and  Installing a Security Camera:You can hire security guards from an agency for your home and build a central monitoring station in the compound. They can keep watch of the camera feed and inspect the house. In case someone jumped your fence and tried to enter, they can take action immediately.Intrusion alarm:Intrusion alarms are also called sirens. In case someone climbs or jumps your fence, the device will ring and alert people nearby.Magnetic Door Contact or Magnetic Door Break:You can install a “magnetic door contact” or “magnetic door break” on both doors and windows of your house. When someone attempts to break in using the door or window, it will signal your smartphone. Other similar alarms include motion sensors and photo beam protectors.Safe Control:For those who have a lot of money, it’s not necessary to use locks. Using “Safe Control” may be the best option because it requires you to either use a card or fingerprint to open.Beware of Dogs:Whether you choose the cheaper option or the more expensive one, you can always hang a sign that says “beware of dogs”. This will give you good results.Learn more about Home Security Solutions on Realestate.com.kh

Cambodia is well-regarded for providing affordable living standards and is complemented by its trademark Asian hospitality. It’s no surprise that the Kingdom of Cambodia has been a choice destination for expatriates for more than a decade. Phnom Penh was even previously named Southeast Asia’s new capital of cool by Lonely Planet and regularly features in global travel guides as a must-visit destination.However, the actual nitty-gritty of settling into the country is not always well-explained. To make your life choice easier, Realestate.com.kh provides you with all of the essentials of how banking works for expatriates in Cambodia!Because living cheaply isn’t merely about spending less, but managing your finances well.Banking and currency in the Kingdom The Cambodian Riel (KHR) is the official currency of Cambodia, however, the U.S. dollar is widely accepted throughout the country. Both currencies are used in everyday transactions; with the USD used for larger transactions and the KHR usually used for smaller purchases or as petty cash.According to the National Bank of Cambodia (NBC), while the KHR is growing in terms of circulation, 80% of transactions in the country are still done using the U.S. dollar.Since 2019, the National Bank of Cambodia has been pushing for the de-dollarisation which has been supported by local businesses with the prices often now showing in Riel. NBC also launched Bakong, a central bank digital currency (CBDC), and has encouraged more digital payments since the global pandemic started in 2020.As an expat, what you do need to know is that all banks support both currencies when it comes to banking in Cambodia.Opening a bank account in CambodiaOne of the best things about expat living in Cambodia is the ease of opening an account with almost any bank. All you need as a foreigner to open an account in Cambodia are the following:A passport valid for at least 6 months.A 1-Year extended visa.A nominal deposit amount (depending on the bank).Bring all of these documents to any major bank and their staff will set you up with your very own Cambodian bank account. During the COVID-19 pandemic, some banks have even started accepting online applications of accounts.However, there are instances of some bank branches/representatives asking for additional documentation as an exercise of due diligence. Better have these ready just in case:A passport-sized photo of yourself (white background).Business patent/license/registration (if you’re self-employed or own a business in Cambodia).A copy of your rental agreement (lease).Proof of employment in Cambodia.So, the question now is, which bank should you go to?TOP 5 Banks for Expats in CambodiaAs a general rule for expatriates, we recommend you pick the bank that is most accessible to you. You can never be too sure when an emergency will arise, hence, we highly recommend that you also adopt this rule-of-thumb.But let’s say you’re in a major city and there’s a wide range of banks well within your area. This is where our recommendation of the best banks for expats in Cambodia comes in, all of which have won numerous banking awards. The banks in the Kingdom have also recently rolled out much better banking apps, contactless cards and digital payment options.ABA BANKPhoto courtesy of Khmer Times, K/T Mai VireakABA also is known as the Advanced Bank of Asia was founded in 1996 is wholly owned by the Montreal-based National Bank of Canada (NBC). ABA Bank serves financial products geared towards individual persons, micro-financing needs, and SMEs.While ABA Bank is not the biggest bank in Cambodia in terms of assets, they do have the most sophisticated online banking app and payment network. Expat communities online generally recommend ABA Bank as the best bank because of the ease of transaction within Cambodia and with personal accounts from their home countries.ABA Bank has branches nationwide, assisted by over 250 self-banking kiosks, and over 450 ATMs available across the country and in most major urban hubs.ABA Bank even offers an offsite bank account opening where their staff will go to your residence, along with the relevant documents to be filled out, to open an account right in the comfort of your home.Minimum Deposit Amount: USD $50 (for non-residents) / USD 10 (for residents)Maintaining Balance Required: USD $10 (both residents and non-residents)SATHAPANA BANKSathapana Bank is a Japanese-owned commercial bank in Cambodia. Its parent company, MARUHAN Corporation of Japan, originally operated in the Kingdom as MARUHAN Japan Bank Plc. in May 2008 and focused on providing commercial banking products and services, aiming at expanding its operation nationwide.In 2012, the MARUHAN Corporation acquired SATHAPANA Limited which was originally established as a non-government organization (NGO) in 1995, and at the time of acquisition, had become a deposit-taking microfinance institution providing funds to the low-income people throughout the country.Today, Satphana Bank has over 170 branches and over 230 ATMs providing reliable banking services as the “People’s Bank” in Cambodia. Sathapana Bank aims to empower entrepreneurs and improve their customers' business and living standards through access to financial services in a sustainable manner.Minimum Deposit Amount: USD $10 for Savings AccountMaintaining Balance: USD $5 for Savings AccountJ-TRUST ROYAL BANK (formerly known as ANZ ROYAL BANK)J-Trust Royal Bank (formerly ANZ Bank) was established in Cambodia in 2005. The bank was initially a joint venture between Australia and New Zealand Banking Group Ltd., and The Royal Group of Cambodia. In 2019, the Japanese J-Trust Bank bought into the partnership and has taken over official operations since August of the same year.Despite ANZ Royal Bank’s limited presence with only over 40 branches nationwide, the bank still boasts an impeccable banking portfolio as acknowledged by the Global Finance Magazine with their 2015 Best Trade Finance Bank in Cambodia. In 2016, the International Finance Magazine awarded ANZ Royal its Best Foreign Retail Bank in Cambodia.J-Trust Royal Bank’s entry into the booming Cambodian banking sector is set to bring the trust associated with Japanese quality.Minimum Deposit Amount: USD $500Maintaining Balance: USD $100BRED BANKBRED Bank officially opened its services in Cambodia in 2017 and is one of the newest banks on this list. It is owned and operated by the BRED Banque Populaire, France’s 2nd biggest banking conglomerate. It is the only French - and European - bank in the Kingdom of Cambodia.BRED Bank Cambodia’s CEO, Guillaumme Perdon, said in an interview with the Khmer Times that the bank aims to break Top 5 or 10 banks in the Kingdom.BRED Bank has multiple branches across Phnom Penh and has branches in other major city centres, such as Siem Reap and Battambang.Minimum Deposit Amount: USD $100 for Silver AccountMaintaining Balance: USD $1 deducted per month as maintaining fee for Silver AccountMAYBANK CAMBODIAMaybank Cambodia first established its operations in the country in 1993. It has since supported multiple sectors of the economy such as retail banking, SMEs, commercial business and corporations. In April of 2012, this Maybank officially became Maybank Cambodia to symbolise the regional bank’s commitment to its stakeholders in the country.It is the choice financier of Malaysian and Singaporean businesses operating in Cambodia - particularly companies focused on infrastructure development and the service sector.Maybank currently has over 20 branches operating in major population centres across the country. The bank has also expanded its services to support SMEs through various loan programs.Minimum Deposit Amount: USD $100Maintaining Balance: USD $10This is just a brief overview of some of the biggest banks in the Kingdom of Cambodia. As to which bank should you choose is completely up to you. Given that bank promotions change over time, we highly encourage you to visit any accessible bank to you and find out which one will suit your needs the best.Now that you know more about expat banking in Cambodia, you might be interested to read our guide to retiring in Cambodia. LOOKING FOR SALE/RENT PROPERTIES? CLICK HEREArticle by: