To introduce ourself to the readers of the Khmer Times: Realestate.com.kh, established in 2009, is the leading website for property buyers and sellers in Cambodia. Our website lets users search for properties online based on location (sangkat & khan), property type and price range. People interested in buying or renting can see photos, special features, floor plans, video walkthroughs, property locations, 360 degree tours, and all other necessary information they need before physically visiting the property. When they are ready to find out more, they can call or email the property seller through our website. We are not real estate agents, and we do not collect commission on sale - we simply connect the buyer and the seller. Realestate.com.kh also works with a variety of banks, insurance companies, law firms and valuers - to offer it's users a one stop property shop. We have over 45,000 property listings for you to browse through, including over 300 new development condo, office and borey projects. People might be surprised by our decision to partner with Khmer Times to co-produce a property liftout in the first place, considering we operate a real estate portal and we are forever championing ‘online’ and ‘digital’ as the future of marketing - which it is, by the way…However, Realestate.com.kh’s mission is to provide the public with the most convenient source of real estate listings in Cambodia and to provide our clients with the best source of real estate sales and rental leads. And this mission extends beyond our online portal to new technologies and marketing initiatives. A prime example of this is our own magazine: the “Cambodia Real Estate” magazine, which we print 15,000 copies quarterly and distribute widely across Cambodia. We know how important it is to market Cambodia and Cambodia real estate overseas, to attract foreign investors, and online is the most effective and the cheapest way to do so. But we also understand that our clients want to attract the local market and expats living in Cambodia. And the reality is, that even though we are experiencing rapid growth in internet penetration in Cambodia, there are still local buyers and renters that are primarily print focused consumers. And if we can provide more value to our clients by co-producing a print publication such as the Khmer Times Property Liftout we will and well, we have. We really do pride ourselves on playing our part in educating the Cambodian real estate market, and the Khmer Times partnership is just another way we can achieve this mission. On top of this the Realestate.com.kh/news blog is the top ranking online news source for real estate infiormation, news and buyers/sellers advice. Whilst at one end of the spectrum your customers want to relax at Browns whilst reading the Khmer Times, those same customers may decide they are interested in viewing properties in more detail online. By providing both channels, we aim  to make that experience as convenient, educative and immersive as possible. In keeping with Realestate.com.kh’s mission, this leads to happier, better-informed customers, higher quality leads and more sales for our clients.We are extremely proud to begin this relationship with the Khmer Times and look forward to becoming Cambodia’s most respected and comprehensive real estate news source - both online and in print.For advertising rates in the Realestate.com.kh/Khmer Times Property Liftout, please call our friendly local team on: +855 017 436 756 / 069 436 756

The end of the year is coming and a new one is about to unfold. And what better way to end 2016 than with a celebration? This is why Phnom Penh City Center partnered with PTG International to host and co-organize the Phnom Penh Year End Festival 2016.Friends and families are invited to gather this coming December 25 to December 31, 2016, to experience fun and entertainment as the year comes to a close. The event will hold a series of activities which will include two large-scale concerts and a series of mini-concerts that will start on the 25th of December.The roster of famous personalities appearing and performing will include Koy, Eva, Sovath, Yuth, Veasna, Krem, Cambodia’s Next Top Models, and Super Dream! In addition to that, festival-goers will also be treated to the F&B and consumer goods exhibition which will happen every 9am to 10pm on the festival dates!The organizers are expecting an attendance of 100,000 local and international visitors.The organizers also aim to use this event as a means to showcase the potential and the diversity of the area. Mr K. Elamaren, Deputy Head of Project Management & Construction at the PPCC – in a recently concluded press conference for the event – explains, “The event provides us with a dynamic platform to interact directly with our stakeholders – current and future – in a very tangible way. The Phnom Penh City Center township offers modern city conveniences through our integrated accessibility, and comprehensive traffic and drainage systems.” This event will showcase the economic potential and the various ongoing developments located in Phnom Penh City Center, right in the heart of the city.The event is sponsored by Cellcard, Angkor Beer, Soukea Restaurant, and Dara Restaurant. Join the party at the Phnom Penh City Center and experience great food, great music, and great company.Check out two exciting projects underway in Phnom Penh City Center: The Edge & Residence 90

It’s no secret that foreigners can own high rise properties via strata title in Cambodia. But what is not widely known is that foreigners have additional options to legally own land in the Kingdom.If you're interested in other topics related to investment in Cambodia be sure to click over to our Investment Guide 2019.Here is a guide from Realestate.com.kh to show you the different options regarding how to invest in Land in Cambodia, for foreign investors:How to invest Land in Cambodia by Forming a company with a Cambodian CitizenWhat do you need to set up an Limited Liability Company?How to Invest in Land in Cambodia through a Long-term leaseWhat are the advantages and disadvantages of a long term lease for a foreigner in Cambodia?How to Invest in Land in Cambodia by Registering Real Property With a Cambodian Citizen - a.k.a Buying via a NomineeWhat are these documents for in the nominee structure?How to Invest in Land through Concessions in CambodiaHow do I apply for an Economic Land Concession in Cambodia?How to Invest in Land in Cambodia by Cambodian MarriageWhat happens when you get a divorce?What are the requirements to get married in Cambodia?How to Invest in Land in Cambodia by Cambodian CitizenshipLet's get started...How to invest Land in Cambodia by Forming a company with a Cambodian Citizen:Foreigners can set up various businesses in Cambodia. This is easily done.But they would have to form a limited liability company or a private limited company with a Cambodian citizen/s first if they want to own land in the country under that company. This is because foreigners aren’t allowed to buy land directly, as according to the Cambodian constitution.However, when a Cambodian citizen owns 51 percent of the company, that company is then entitled to purchase land under its name and can do anything with that land within the legal bounds of the law in Cambodia.  Chapter VI, Article 16 of the Law on the Investment of the Kingdom of Cambodia states that “ownership of land for the purpose of carrying on promoted investment activities shall be vested only in natural persons holding Cambodian citizenship or in legal entities in which more than 51% of the equity capital are directly owned by natural persons or legal entities holding Cambodian citizenship.”But this can be a cause for concern for investors as a minority stake in the company appears to remove the controls from the foreign shareholders over those business assets.However, a careful allocation of the shares and an appropriate draft of the rights that are attached to the share certificates can guarantee full control for the foreigner involved. A foreigner can also opt for an additional mortgage, security, and Power of Attorney documents in order to ensure its full control over the land or other real estate vested in the company.What do you need to set up an Limited Liability Company?You need to make sure you meet the requirements first before you set up a limited liability company. This includes the need for two shareholders, a director, and a minimum capital of $1,000. The LLC will also need a corporate bank account, a real office space through a registered agent, and a local Khmer company name. These can usually be arranged with the legal assistance of independent lawyers. An LLC takes around 8 weeks to set up and a separate 4 weeks is needed to set up the bank account. The LLC will then need to file annual tax returns and register for VAT after incorporation.Foreigners are expected to pay 100 percent of real property purchase costs and construction costs. If a decision is made to sell the real property, 100 percent of what it was sold for goes to the foreigner. It is advised to detail this on the company and sales documentation.You have to check the uniqueness of your company’s name before setting it up. This will cost $10 through the Ministry of Commerce. You are then required to deposit $494 through an authorized bank under that name if it is unique. Do not lose your deposit slip. The second step requires you to get a company registration form for $5 to $15. This can be obtained through the Cambodian Investment Board. You then have to shell out another $15 to get an official company seal.The next thing you have to do is to create and publish a company abstract through a recognized newspaper. You also have to wait 30 days after your company’s established before enrolling it into the commercial register through the Ministry of Commerce. After setting up the company, you then need to get your documents stamped. This will set you back $26. You also need to fill out forms and documentations to get your official tax registration. That is the last step to get your company officially set up and recognized.There are additional documents you can obtain to ensure security of ownership over that company. A security document will set you back $1,000. The Power of Attorney document will cost around $500. Mortgage will be at around $1,000. A registered title deed is priced at $500. Company documents and license will cost a total of $1,200. You may need at least $5,000 for the total process.How to Invest in Land in Cambodia through a Long-term lease:Purchasing land isn’t exactly the same as leasing it. But it’s the next best thing. It’s easier and less expensive than setting up a company to buy land.This method technically allows foreigners to “purchase” real property. But foreigners would need to allow the registered title deed to remain under a Cambodian citizen’s name. Both parties formally enter a long-term rental agreement. Land is able to be leased to the foreign national for periods up to 50 years - however cases of 75 and 99 years are not unheard of.What are the advantages and disadvantages of a long term lease for a foreigner in Cambodia?The only downside to this method is that you still do not hold full ownership over the land - and this means that some uncertainty remains for the investor over the security of their asset. You will need to first get the thumbprint and signature of the Cambodian national before you can sell the property.But proper drafting of property holding and lease arrangements terms help make this a secure means of gaining control over real property. Foreigners can also hold on to the original copy of the title deed as an additional safety measure because the Cambodian national cannot sell the property without it.A long-term lease provides lessors the rights to develop the land they’re leasing. They will be able to obtain construction permission under their own names. This also entails that the foreigners involved will also be able to sell the property and keep all of the of the sales revenue. The attached financial obligations to this method for the foreigners will be for the legal assistance of a lawyer and any amount agreed upon for the price of the property and the lease agreement. These prices may vary.How to Invest in Land in Cambodia by Registering Real Property With a Cambodian Citizen - a.k.a Buying via a Nominee:This is otherwise known as a nominee structure. This structure lets foreign investors enter a trust agreement with the land holder. The land is put up for mortgage after that. It is then leased out to the foreign investor involved.  You need to secure 4 documents first. These are the mortgage agreement, the lease agreement, the loan agreement, and the security agreement.What are these documents for in the nominee structure?The mortgage agreement’s registered at the Sangkat. It transforms the buyer into a bank. This prevents further activity by the Cambodian national without the permission of the foreign national. Further activities would require approval from the foreign national.The loan agreement is a paper loan that’s made between the nominee and the foreign national. It accrues interest over time. The lease agreement gives the foreigner the right to legally reside in the property. The Security agreement lays out the necessary limitations and obligations of each party with regards to the property.Foreigners are allowed to own any type of property through this structure. But this method is not advisable as it is in violation of the constitutional prohibition on the direct ownership of property by foreigners. It is a sort of loophole that the government is trying to regulate. Costs for the whole process also varies depending on the agreement of both parties involved and the agreement of the buyer and their lawyer.How to Invest in Land through Concessions in Cambodia:According to Article 48 of the Land Law, “A land concession is a legal right established by a legal document issued under the discretion of the competent authority, given to any natural person or legal entity or group of persons to occupy a land and to exercise thereon the rights set forth by this law.”There are three types of land concessions available in Cambodia. These are the Use, Development or Exploitation Concession, the Economic Concession, and the Social Concession.Social Concession allow beneficiaries to construct residential projects and cultivate State land. Economic Concession allow beneficiaries to clear land for purposes of industrial or agricultural exploitation.Use, Development or Exploitation Concession are not regulated under the 2001 Land Law – specifically, Article 49 and 50. But this type of concession includes port concessions, mining concessions, industrial development concessions, airport concessions, and fishing concessions.Article 52 and 53 further states that “A land concession may only create rights for the term fixed by the concession contract in accordance with the provisions of this law. A land concession cannot establish ownership rights on the land provided for concession except for concessions responding to social purposes.”It continues, “A land concession can never result from a de facto occupation of the land. The land concession must be based on a specific legal document, issued prior to the occupation of the land by the competent authority, such as the State or a public territorial collectives or a public institution that is the owner of the land on which the concession is being granted. The concession must be registered with the Ministry of Land Management, Urban Planning and Construction.Land concessions cannot have more than 10,000 hectares and is limited to 50 years but may be revoked by a government decision if there is a problem with compliance.The most common concession type foreigners go for is the Economic Land concession.How do I apply for an Economic Land Concession in Cambodia?An investor cannot apply for economic land concession from abroad. They are required to have a registered company in the country, a valid tax identification number, and an active local bank account. Once this is in place and a piece of land is located, the investors must apply through the Ministry of Agriculture. They will require documentations to prove financial qualification and additional documentation detailing information of the investor.The Ministry of Agriculture will then review the land details listed on their database. They will decide whether it can be made available for a concession based on the review. The official bureaucratic machinery will come into play if the land is available.Representatives from the Ministry of Agriculture, Ministry of Environment, the Council for Development of Cambodia, the provincial government, and the Ministry of Commerce will then form a commission to review the feasibility of the application. So, investors will also need to include a business plan and supporting documents during the application process.The Ministry of Environment is assigned to create an ‘Environmental Impact Assessment” which studies the different factors pertaining to the land. These include elevation, settlements, waterways, and soil. This process takes 3 months. The assessment will include the land designation, religious sites, community property, and settlements mapping. The local government is in charge of the socio-economic factors and effects.The Ministry of Agriculture then forwards the application to the Office of the Prime minister after the application is approved. The PM will then sign and authorize the Ministry of Agriculture to go into a concession deal with the investor. The investor is then tasked to create a master plan or a five-year business plan.The public land of state will then be transferred to a private land of state once the master plan is approved.The CDC will provide special tax status for the investor’s company such as exemptions and reductions. The company is then going to be noted in the investment register through the CDC.The approximate duration to complete the process will be 6 to 9 months.How to Invest in Land in Cambodia by Cambodian Marriage:Foreigners married to a Cambodian citizen are allowed to register real property using the name of their spouse on the title deed. In case a citizenship has been granted to the foreigner, the Cambodian Law states that the land can be registered under the names of both husband and wife. This follows that there should be a mutual agreement before the land is sold.What happens when you get a divorce?Should there some a time when a divorce or separation is needed, the land and property division is dependent upon the conditions of any court ruling that refers to the divorce. Interracial marriages require the participation of the embassy of the foreigner’s home country and different local government agencies such as the Legal and Consular Department of the Ministry of Foreign Affairs and International Cooperation, Ministry of Interior, province officials.What are the requirements to get married in Cambodia?For the wedding itself, you would need several documents such as a certified birth certificate copy, a valid passports and its photocopy, a visa and its photocopy, an affidavit of single status, an affidavit of marriage, criminal records, certificate of profession, divorce or death certificates in case of a previous divorce or death of a previous spouse, a medical certificate from Calmette Hospital that’s located in Phnom Penh, and a marriage application form.Other legal requirements for marriages include a civil or religious ceremony, the woman is considered to be at least 18 years old and a man at least 20. There should be two witnesses for the wedding. A wedding must be registered at the Civil Registry Office in order to be recognized.How to Invest in Land in Cambodia by Cambodian Citizenship:One way for well-off individuals to buy land is by getting an honorary Cambodian citizenship. This can be obtained in two ways. Either by donating at least $312,500 for the Cambodian people through the Cambodian Government or by making a significant impact to the country.Being granted an honorary citizenship allows foreigners to purchase obtain 100 percent of the rights to real properties. But it is important to note that the foreigner’s original nationality is not affected in any way.Individuals may also gain residential status in the country by living here for 7 years.Cambodia is breeding grounds for successful developments where land is a main proponent. As more people gain interest in the country’s real estate climate, it is entirely possible to see a number of foreigners included in the same crowd of people who make a profit from land that they own.Learn more about investing in Cambodia, with Realestate.com.kh’s in-depth investor guides!

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

The housing market has risen sharply within these five years, with noticeable trends seen as an influx of new launches of condominium and cluster landed housing units that seems to flood the market at the moment.This offers even more options for prospective buyers to tour around looking for a new home that suits their style, preference and budget. In the marketplace, most still prefer landed properties; a few look onto high-rise condos; and many seek ones at which they could afford to pay with some short of finance scheme. Yet there remains a lot more to learn about the Phnom Penh Housing Market.Coming this December, VTrust Appraisal, a local firm specialized in property valuation, research and consultancy, is going to launch the first-ever and in-depth report on cluster landed housing market, unveiling every detailed statistics and indicator about the market, including current and historical supply, demand and sales performance, development and completion status, and all other crucial indicators stratified by home types and locations within the capital.To get insights into the launch of the report as well as some views on the housing market here in Phnom Penh, Realestate.com.kh sat down Mr. Hoem Seiha, director of research at VTrust Appraisal, to discuss the topic:ReakhNews: As we recall, VTrust Appraisal has just recently released a housing market report that covers the market views on cluster landed housing in Ruessei Kaev district, one of the 12 districts of the capital. For the whole market view here, could you tell us in brief how it is going now?Hoem Seiha: In general, the market trends still hold onto the positive line. However, 2016 sees a y-o-y drop in new launches of cluster landed housing supply if compared to 2015 - but still more than other years in the history. But the good news is that there will be a big increase in housing completion if compared to 2015. By 2017, many projects with a lot more units will be finished and ready for buyers to move in. However, the result of overall market slowdown has impeded the speed of constructions at some development projects, especially the smaller or nascent ones who tended to rely on presale budget to cover their construction spending.ReakhNews: You have mentioned that 2016 sees a small decrease in new launches and increase in completion, so could you give the figure and why it is so compared to other years?Hoem Seiha: We have collected all market data across the capital, but let us give an account of Ruessei Kaev district as an example. There, the figure of new sale launches of cluster landed housing supply was almost 2,500 units in 2015, but only 1,000 new units were launched during 2016. The supply has slowed because the new entries accumulated on the market inventory over these few years have outpaced the current demand. Therefore, most of developers have been busier selling off their existing inventory rather than challenging themselves by adding new units to the inventory. Nevertheless, in Ruessei Kaev district, about 2,800 of new units have been finished this year, and 3,300 others are slated to be completed by 2017. While this could be a small case, the scenario may apply across the capital. ReakhNews: You have mentioned that 2017 will see a lot of housing completion within the district, and this may apply across the market here in Phnom Penh. If so, how will be the take-up rate or the speed of people moving to live in the completed houses?Hoem Seiha: A lot of new families will move in for sure, but the relocation speed is not so fast here. Further, there are also a number of to-be completed housing units still listed on the market inventory. In Ruessei Kaev district, for example, some projects still have their partially-finished units listed on pre sale inventory, be it 17 percent in general.ReakhNews: Is there any possibility of pricing drop within the housing market here in Phnom Penh? Hoem Seiha: No sign yet. The general pricing may not increase because of slow market absorption and overwhelming supply, but the price will not drop at the moment through to 2017. However, if the slow market absorption rate still persists until 2018 given the current large volume of supply and rapid completion rate by 2017, some of weak developers who struggle to finish their units but underperform sales of their completed units will consider selling them off below the market prices to recover their spending.ReakhNews: It is so interesting to learn about this market view, and there seems a lot more to learn from your report on this subject. If I were someone who wishes to learn more in greater details about your cluster landed housing market report, where should I go?Hoem Seiha: As we mentioned earlier, we are going to launch our market report entitled “Housing Market and Outlook Report 2016 – Phnom Penh, or HMOR 2016-Phnom Penh” on 16 December at Raffles Hotel Le Royal from 8:30am onwards. The report will provide in-depth figures and statistics regarding cluster landed housing market here in Phnom Penh. Register for the conference now: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

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!

Meet Property Market Experts from Local & Int'l Leading Firms, Gain First-Hand Insights Into Phnom Penh's Cluster Landed Housing Market in 2016 and Outlooks onto 2017, Network With Real Estate Minded Persons, and Enjoy Moments of Opportunities; Only at HMOR 2016 - Phnom Penh...Realestate.com.kh is proud to be a supporting partner of this housing market event; along with Entrepreneur Consulting, Century 21 Cambodia - & graciously hosted by V Trust Appraisal.The landed housing market represents a large part of Cambodia's current residential real estate boom. 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.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

As the Cambodian architecture industry becomes more competitive, a new generation of graduates are pushing their way into the industry with the help of relevant tertiary education, creativity and innovation. However, within this demographic, women are also proving to be a key human resource of the industry. Realestate.com.kh caught up with a few women currently active in the Cambodia architecture industry Ms. So Sopha, an ex-student of Royal University of Fine Arts and currently architect at the Archetype Group; Mrs. Tep Sothy, a fifth year student of Architecture and Urban Planning at the Royal University of Fine Arts; and Ms. Tri Lida, 2D architect in technical team at  Re-Edge Architecture & Design weigh in on what it’s like to work in the field.What’s your background and why did you decided to enter the architectural industry?  Sopha: When I was in school, I spent a significant amount of time finishing projects from all my classes. Sometimes even a whole night. To be an architect means to sacrifice a lot of your spare time. I didn’t  hesitate to push myself in this career though because I love being creative and innovative. Sothy: In 2012, I just got a bachelor’s degree. Most of my friends chose university subjects like accounting, finance and banking, pharmacy. I eventually decided to study architecture, a subject which everyone thought had no job market and is only for men. But it’s a job of innovation I like. So, it’s really best-suited for me.Lida: I chose this major because I like painting a picture and applying my imagination. I like working as an artistic designer doing creative work. It’s possible to say that I want my dreams to come to life. I’m fond of creating new things.    Which architect and what type of architecture do you like?Sopha: I like Zaha Hadid. She’s an international and renowned architect. She did the Galaxy Soho, Beijing (2012) and Sleuk Rith Institute, Cambodia. And if we’re talking about architectural work, I mostly like natural and green architecture because it’s eco-friendly and looks fresh.Sothy: Mr. Tadao Ando is a Japanese architect whose work is reflective of sunshine that is believed to be connected to a lovely mindset. Some of his achievements are The Church of the Light in Ibaraki and The Pulitzer Foundation for the Arts. Moreover, there are other architectural works in Cambodia such as the Ta Prohm temple, some French colonial construction, National Olympic Stadium, and some bamboo houses in Takhmao which was built in 2015.Lida: The architect I like are Vann Molyvann — the father of Cambodian architecture and the founder of the New Khmer Architecture — and Jean Nouvel, a French architect. I like the Olympic Stadium. And every achievement of Molyvann that’s well-designed and good-looking. He incorporates the Khmer style by converting nature into sustainable buildings where the air and sunshine go from the inside out. We feel better and comfortable about this.What are the challenges and benefits of working in the Cambodia Architecture Sector? Sopha: This kind of work is really hard and requires a lot of time to complete. But I’m excited when I’m able to innovate, especially when customers are satisfied with my work. This is proof that I was able to present a high standard of living context.Being an architect is mostly considered to be a man’s job and very few women in the past have worked in the sector. But today, it’s common for women to step into an architectural career. For instance, I am working as an architect and I experience no occupational discrimination. Sothy: When I was still on my first year, I thought this major was related to everyday living. But this major requires long years of keeping busy with school projects and coming up with new creative ideas. We also need to spend a lot of time in construction sites. So, this is why people say architecture is a man’s job. I’m happy with my class and with my works as an architect. It really provided me more creative ideas. On the other hand, this kind of job is a collective of art design, taste of life, modern techniques, and especially the combination of mixed-culture. I’m now at my fifth year. I have studied a lot about urban planning, and I think I understood more about it. Lida: When we say “architecture industry”, the initial thought for me is it’s really difficult. But on behalf of women studying in the sector, I can say both challenge and pleasure work together. Time is valuable for this job. I don’t have enough time with my family and even to sleep. A professional and skillful architect needs to be highly responsible and committed, as well as self confident on what they are doing. Actually, if we have no love and commitment with the job, I believe that we can’t do it well. In terms of what makes me happy, I get the chance to express my ideas as to what kind of buildings I like to design. And those may also become my achievements, especially if my clients are happy. This job makes me smile, whenever I look back and recall memories. I also learned to value friendship and communication with many different people in society. Have you ever experienced employment discrimination in the Cambodia Architecture Sector? If that happens, what is the solution? Sopha: I’ve never had experience with employment discrimination as an architect, even in the workplace.Sothy: While there is gender discrimination in this industry, most of them are on the outside. They’re not in the aspect of this job environment. There’s still a notion that this is still a man’s job. But inside the job environment, there are very few people who think that it’s impossible for women to do this work even if they are required to work on site day and night. However, this job requires using the heart. You have to be thoughtful and creative. So, there’s no reason to think that it’s impossible for a woman to do it. Lida: For instance, nowadays, I work in Re-Edge Architecture & Design. There are both men and women working there. They don’t discriminate. We, as women, are not  discriminated against by men. Instead, we have even been offered more opportunities to express ideas to make the design better. And we are free to share good experiences with each other. I like it. However, in case of discrimination from a coworker at the workplace, it seems to me that the best solution is to first show our abilities. Let them see that what a man can do, a woman can do better.  If you were married and you’re an architect, what are the challenges as a couple? What are the suitable solutions? Sopha: I already know this job demands a lot of time. So, you get to spend less time with the family. I just need to lead a happy life and find a good time to spend with my family. I can’t deny that this is really hard to manage.Sothy: Although I have yet to marry, as far as I’m concerned, it would be trying to understand each other. It needs time and preparation between your job and the family. We need to spend time for family and ourselves as well.Lida: For now, I am single. But I believe problems will happen. The most important thing is time and preparation.Find the best real estate news on Realestate.com.kh

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

The name Donald Trump brings controversy wherever it goes. It doesn’t matter if it’s in a reality show or if it’s in politics. Prime Minister Hun Sen even noted that he preferred Trump to win because it would ease tensions between Russia and improve global cooperation. And the prime minister did get his wish. Donald Trump has been named President of one of the most powerful countries in the world.But what does this mean for countries in Southeast Asia?Marc Townsend – the Managing Director of CBRE Cambodia and Vietnam – discussed the implications during his presentation “Is Cambodia’s Residential Market a Target For Investment?”An Interesting Change:Townsend mentions that Cambodia may not be directly affected by Trump’s victory. But he warns that Cambodia may not remain completely unfazed by it either. A trans-pacific partnership has been in the works during the Obama administration to enhance trade among 12 countries by means of free trade zones. But this may have hit a dead zone as Trump has expressed opposition towards this specific trade agreement. No decision has been made about the issue yet.Townsend explains “it will be interesting to see whether that happens. Obviously, Cambodia’s not so much involved in that. But the ripple effect will be interesting. Obviously, with Mr. Trump’s election future trade agreements become increasingly distant.”The Ripple Effect:The hostile treatment of the United States government under the Trump administration will focus on an “Americans First” master plan. This means providing more jobs to Americans by removing most outsourcing industries. Trump might impose higher tariffs on import as well.Fortune mentions that “any such moves could also hurt Asian exporters who ship components there for assembly and export to the United States, at a time when global trade is already weakening.” It is important to note that most of the countries that will be affected by this change are major investors of Cambodia. A weakening of their trade policies with the United States of America may spell trouble for the country given its reliance on industrial based exports. The Dashboard from CBRE Cambodia:Townsend said “We put this dashboard together every month. And you can see here, particularly, it’s important to see where we’ve come from, where the FDI numbers have come from, where they’re going to.” His presentation showed no future FDI estimates from CBRE as a result of the uncertainty that the Trump administration may bring. They do expect stable GDP growth though.It is difficult to see how Trump’s going to play the presidency out until he reaches his first 100 days. But many are still hopeful that his making America great again will include better foreign trade agreements with nations such as Cambodia.Find more Investor Guides in Cambodia on Realestate.com.kh

Cambodia real estate speculators recall the market of 2008–10 in which Phnom Penh property prices fell around 40% across the board, not fully recovering until as late as 2014. Domestic confidence in the market plummeted during this period, and this dropoff in demand was significantly accentuated by a global economic crash. The period saw large declines in FDI flows into the nation and its property market. Warning signs are appearing in the current condo market of Phnom Penh that show some similarities to this last property market crash. The current state of the market is suggesting that condo Investors now need to consider longer term investment if they want high returns - as opposed to cashing in quick for short term gains.In 2016 we can see a new developments market (particularly condo) predominantly targeting the foreign investment market, with prices so high as to block all but a small fraction of local buyers entry into the market. The predicted supply increases seem likely to outstrip the markets current ability to absorb, meaning proposed rental yields are unlikely after the bulk of new units come online between 2018-2020. Investment returns on resale are also in question alongside new supply rates, and plateauing land prices in central Phnom Penh where the majority of condos are being built.A condo oversupply red flag for investors exists when unit sales prices are growing faster than the money flows and returns on investment that underpin those units’ values. This uncertainty around secondary markets for the large new supply of condos set for release is worrying some investors.Many condo developments are offering a guaranteed rental return for a period of time. The lower end of these returns represents 6-7% per year, and some are as high as 20%. These returns are generally guaranteed for 3 years by the developer - meaning, regardless of whether or not the property is rented, the developer is obliged to pay the returns to the buyer.When the guaranteed rental yields for the incoming glut of condos expire, owners might decide to sell, having found that tenants are in-fact unavailable given the huge supply at the time available in the market. This lack of rental income could lead to buyers forfeiting mortgage repayments with no option but to sell the units. The concern is that if too many of these guaranteed rental periods expire in the same period of time, as they appear they will given that the majority of units will be released into the market between 2018-2020, this could result in a fall in condo prices as the market is flooded with resales.  Given that foreigners make up the vast majority of high end rental yields, the dramatic increase in condo supply over the next 2-4 years is supported by an underlying belief that a secondary market will continue to grow to supplement demand. The belief is that more foreigners with means to rent or buy prime condo properties will move to the capital city to live and work.Yet, population statistics do not appear to be supporting this prediction. While the number of expats currently in Cambodia is widely quotes at a total of 80,000, the Ministry of Labour recorded that only 35,000 applied for work permits in 2015, and just 25,000 of these permits were granted.  The other way that the resales and rentals market could increase is through domestic means for condo investment increasing, however, this too appears to be limited. Domestic demand is also a key element of a successful condominium project for any developer in Cambodia, due to foreign ownership of an individual building (strata law) being restricted by law to 70%. This means 30% must be sold to local Cambodians. Despite significant population growth, the World Bank citing 4% year on year in Cambodia, local buyers still lack the means to buy into the condo market for the largest part. Most local buyers are struggling to satisfy deposit and payment requirements for mid to high end condo units, which represents that largest portion of incoming supply. In 2014, a Park Café consumer survey among Phnom Penh’s active professional population showed that only 1% of this class earned between $2,001 to $5,000 per month; and just 6% between $1,001 to $2,000 per month. To compliment this statistic, VTrust’s housing market survey in 2015 stated that 54% of the respondents wished to buy homes at net prices between $30,000 to $70,000 per unit. In comparison, V Trust noted that 40% of current condo market unit supply are priced less than $70,000 per unit. Furthermore, consumer tastes appear to remain firmly focussed on the landed properties market. The VTrust survey found that just 9% of these buyers would choose to buy condos - the traditional preference for landed properties remained dominant in the survey.This situation of an oversupply compared to domestic demand has been accentuated by the recent economic slowdown in China and other Asian countries, further slowing demand for Cambodian investment properties from key investor markets across Asia. In regards to the condo market for international investors, Marc Townsend, Country Manager for CBRE Vietnam and Cambodia, notes in a recent presentation that, “It’s a limited market at the moment. And obviously, at some point, it will come on the radar screen of a wider group of people”. Once Cambodia enters the consciousness of investors around the world, the market has the potential to change dramatically. Yet apparently, as of 2016, this consciousness is relatively small.Townsend adds the need for a diversified investor pool to negate risk across the market, a point that is well demonstrated by the recent slowdown of the Chinese market: “We need investors from all over the region. Not just from one place. You need to have a balance.” Otherwise, when one set of investors for some reason boycott the market or lose their influence in the country, the market can still be sustained by the overall investor pool.The Taiwanese, for instance, represent one of the largest investment property buyer groups in Cambodia currently. If the Taiwanese market shies away from Cambodia due to a lack of confidence in the secondary market or growing political tensions as the 2018 elections loom, the entire market could take a dive. “Education of investors is the most crucially needed factor to maintain a healthy market in the long-term,” suggests Sam Yang, ceo of Eastland Development HK Co. Ltd, an active developer with three large scale projects underway in Phnom Penh. Yang continues, “This is because so many non-Cambodians do not have a clear understanding about this country or even Phnom Penh. As for locals, they don’t yet appreciate fully the benefits of living in a condo. I suggest that there is a strong need to increase this country’s exposure to the rest of the world via advertising abroad, introducing the beauty of this country. And that’s something that the government can lead on and coordinate with the private sector in order to achieve success.”Given Cambodia’s overall dependency on the garment and footwear industries currently, if market conditions for manufacturing these products change to a point where major stakeholders decide to move their operations away from Cambodia to more competitive markets, this could also alienate a large sector of the international property investment pool.Yes - despite these risks - in the long run, the condominium market should correct itself by reaching the equilibrium where condo prices and quality will be geared to genuinely suit buyers demand, affordability and preferences, both domestic and international, and the prices will adjust to reflect the real potentials for rental yields upon completion. Marc Townsend of CBRE in a recent presentation says this is the mark of a maturing market whereby, “trajectories have changed from being favorable to the developer to favorable to the buyer.”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 we will not see a crash like in 2008 caused by a condo oversupply, however: “It’s impossible! Actually, the real estate crisis in 2008 did not start out from Cambodia. It was a global crisis that started from the United States. And although the real estate market slowed down, intelligent and experienced investors in real estate have already taken precautionary measures. Moreover, government already issued regulations to prevent a crisis in this sector as well.”Matthew Rendall of ZICO law notes in a recent interview with Realestate.com.kh that, “what is crucial is the need for developers to organize a working exit strategy.  I.e. The long term management of the apartments blocks once the development is finished and completely sold. There needs to be a development of the owner-run body corporate culture (where owners come together as the management body and control the sinking fund etc).  Failing this, the developers either have to manage the apartments blocks in perpetuity or risk the development falling into disrepair. Buyers will start to look at developer's previous developments and judge them by how well they are managed (when deciding whether to buy into a developer's subsequent development).”Ross Wheble, country manager for Knight Frank concluded in a recent interview the Phnom Penh Post, that many property developers are only just beginning to understand the dramatic changes that the condo market has witnessed over the last few years. Wheble predicts, “There will certainly be a period of consolidation, particularly when you compare rental prices across the different sectors here in Phnom Penh with major cities such as Kuala Lumpur and Bangkok….We advise any investor that they need to take a long-term view as opposed to short-term speculation.”“Demand from foreign investors has been declining during the past six months and developers need to be more innovative in terms of the products they are offering, with the market now more price sensitive,” continues Wheble.Sunny Soo of Keystone Property Consultants Co., Ltd., an international associate of Savills, notes that, “it is normal to have winners and losers in a competitive market where development is in-itself a higher risk business. If any developer’s pre-development preparation is not market-driven but rather fueled by optimism alone, this is the price of ego the market has to pay.”One final point is that developers are now looking to new products in new markets, outside of Phnom Penh. Fears of oversupply in Phnom Penh are naturally pushing developers to look to new markets, the frontrunners currently being Sihanoukville, Siem Reap, Battambang and Poipet. Check out the condo market opportunities now!

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!