Currently, there is significant growth in the Cambodian market for subdivision plot land because it returns a good profit - and the idea of buying land is a lot easier to understand for local investors. It’s possible for them to have a quick return on investment if they find a good location and invest wisely. It can also be done with just a little savings - so this market has opened up opportunities for the lower middle class to invest in property.But in terms of subdivision plot land buyers, there is a great need for a holistic consideration of the project and the original investor before deciding to buy land in a plot land project.In the discussion regarding the challenges of buying plot land in the Cambodian market, Yin Leangkong – editor in chief of Property View Magazine, and presenter and editor of real estate and economics at BTV – suggested that in the past, the plot land market has faced various problems between developers and buyers.He raised up three corelated aspects that need consideration to avoid disputes that occur over plot land now and into the future.Buyer's due diligence:Buyers must be cautious before buying any land area. You need to know what type of land title the seller has - whether it’s a soft or hard title. Leangkong explains that if there’s an investor with a hard title but only transfers the soft title to the buyer,  this creates great risk for the buyer. In the case when the seller migrates or dies, the hard title will be transferred to their children, relatives or anyone else, according to the law, and a buyer who only has a soft title will not gain possession of the plot land that they have already paid for.Developer/Seller’s Ethics:The second aspect, plot land developer/investors themselves should respect professional ethics and not deceive people. If you have a soft title, transfer it to buyer. If you also have the hard title, transfer it to buyer. Leangkong believes that this is one way of protecting people who buy the land from plot land projects.Meanwhile Leangkong also said that investors need to consider the residential layout and the infrastructural layout that is being provided for all citizens within the project - such as road plans, sewage systems, and electricity connections. He said that when the layout is properly managed, the area of plot land will become a fast development area in the future that’s organized and aesthetically pleasing for residents. This equals investment returns in the short term for buyers, and even more in the longer term.Yet, in recent years, while many plot land projects have been sold with promises of infrastructure to come, in fact, these investors ultimately did not provide what they said they would. Also, some took no control over the management of the land post-sale. Some plot land buyers built high houses, some small, some together or even some for business - which didn’t look like an appealing place to live in once it was all finished, says Leangkong. And some buyers didn’t even build homes because they were waiting for the right time to sell again to make a profit, effectively degrading the whole area.If this continues in the future, this will create anarchy for housing construction within developments, according to Leangkong.Government's Role:The third aspect relates to the Ministry of Land Management, Urban Planning and Construction, and the Ministry of Economy and Finance. Leangkong urged the two ministries to speed up the establishment of a law pertaining to the subdivision plot land management.He said that if we have clear and proper legal provisions, the Ministry will easily be able to implement regulations for investors - such as how many meters to keep for building the road, what the residential layout will be, the drainage system etc. These are for sustainable development which comply with environmental standards and the visual character and beauty of the city.Plot Land Buyers Advice:When asked about what critical point plot land buyers should inspect before buying, Leangkong mentions that most of the buyers of plot land are in the middle and lower middle class, and some of them bought the land for future investment returns. He stressed that most of the prices of plot land aren’t rising anymore. If prices do go up, it won’t be by much because the large-area investors have already taken most of the profits. So, buyers should consider this point before buying in the hopes of dramatic returns.He explains that well-off and wealthy citizens will not buy plot land because it’s a slow development site with relatively slow returns. He adds that the already existing houses that are built without proper planning will most likely not see an increase in value as well.However, Leangkong clarifies that the subdivision plot land has been beneficial to the whole society in some ways because it allows the middle-class or lower middle class to afford to buy land. Everyone should have land for building a good home down the line, concludes Leangkong.Invest with care: Read the ultimate Plot Land Buyers Guide - from Realestate.com.kh

Scouting for your dream home can be an exciting process, but it can also be a disheartening one if you have your priorities mixed up. This is true when deciding whether or not to get a home loan first.There’s a general notion that home shopping should come before applying for a loan. But is it really more efficient?Save your breath:Sure, you might think that knowing the cost of a home first would serve you well because you can get a ballpark range as to how much financing you’d need to get. But buyers are usually disappointed after going down this route. Banks are not magical wallets you can take money from any time you want to. There’s a limit that banks set, depending on their evaluation of your application. And there’s a computation they have to base the loan amount off of. Sometimes that means they can only approve half of the price of your desired home. This can be disappointing for some, especially if you’ve already gone through an exhaustive search for properties.Pre-approved loans also save you more time. Instead of waiting to get your loan approved to purchase the home, you can get bargaining power by having the money at hand already.Let’s be realistic:There is a financial advantage in applying for a loan first. Knowing how much you can spend gives you a more realistic perspective. You can then budget your finances. This removes any oversized fantasies and gives you the ability to adjust your home shopping flexibility, leading you to revisit your checklist to see which features of the home you really need.This also helps you plan out your future expenses after the purchase of the home, like mortgage, interest rates, out-of-pocket home repairs you’d be willing to pay for as well. It gives you an overall sense of where you are and how much you’d be willing to do financially.Insider Info:Should you decide to get a home loan pre-approved, you’re also opening yourself up for better opportunities you may not have been aware of. These loan officers have had several interactions with people under the same situation as you. They can offer you practical tips and advice on several topics from their own experience. It also allows you to study the loan terms better instead of rushing through it once you’ve already found your home.Whether you’re a first-time home buyer or not, it’s helpful to see what options you have by doing your research and knowing where you stand. Because sometimes, knowing your limitation doesn’t mean there is a restriction. Depending on how you look at it, there can even be greater freedom in your limits.Need a home loan? We are here to help. It’s free, easy and secure.Lookin for property for rent in Phnom Penh or property for sale in Phnom Penh!

One Park Condominium represents one of Cambodia’s most sophisticated and holistically-planned mixed use developments yet. Covering a total landed area of 7.9 hectares, and a floor area of approximately 2.5 million square feet, One Park is situated in the very heart of the Phnom Penh CBD, inside the newly-developed Phnom Penh City Center area - which is adjacent to the ministerial and financial hub along Confederation de la Russie or Russian Boulevard. Given that the area has been recently developed with no prior structures on the land, the developer, Graticity Real Estate Development (GRED), was presented with an opportunity to plan the entire development layout from the outset, unrestricted by surrounding buildings, caveats or infrastructural limitations - a unique proposition in inner city Phnom Penh.  This has resulted in a design which ensures state of the art base level infrastructure, a relatively low-density design throughout, North-South facing buildings, and a project that is designed with natural forces considered - thanks to in depth studies by the developer on wind flow and shade patterns.Furthermore, thanks to One Park’s central “Parking Podium” concept, the project has a discreet, centrally located car parking facility with over 1,600 self contained car parks. The retail area also caters for fully-off street parking for all owners. These features create convenience for residents and will protect the project from any congestion issues into the future. The layout of the project comes in european style, with wide boardwalks containing retail outlets, bars, cafes and restaurants encircling the entire complex, meeting in the center to create an internal plaza boulevard which cuts between the twin residential sections. The centerpiece of this plaza will be a statue of Eros, better known as cupid - a concept imported from Piccadilly Circus in London. These retail and shophouse units are now almost 100% sold. At the far end of the shopping plaza will be an international school, creating traffic flow for the retail outlets and a buzz of culture inside the One Park complex. Opposite the development, residents will also have access to various green spaces and sporting amenities. Again, wide roads and township planning is assured in the surrounding neighbourhoods of Boeung Kak.Starting from just $170,000 per unit, One Park condo units are sleek, modern and spacious, with fully furnished options available, thanks to GRED’s partnership with DP Architects Singapore, a renowned architectural design firm. Common areas include swimming pools, gyms and children's play areas, with a high proportion of green features maintained throughout the complex.The end result of the One Park design is a truly international product, and a product that will hold its value for decades to come. Graticity Real Estate Development (GRED), the developer behind One Park, is a Hong Kong based real estate development company with a wealth of experience completing grand scale projects to spec, always uniquely tailored to the surroundings and cultural context. Having broken ground in H2 2015, construction is racing forward at the One Park site, under the experienced guidance of China Construction 2nd Engineer Bureau, with over 1,200 workers currently on site, and 24 hour construction works. This means that the Phase 1 of shophouse and retail units will be ready for handover as soon as Q1 2017; and the first phase of  around 1,600 condos will be released to residents by the end of 2017. The international school, within the One Park complex, will be operational by 2018.Find out more about One Park today and secure your place in the new world of Phnom Penh!

Big cities with lots of small spaces are an old tale that’s been told many times before. It may be because of a housing budget issue or maybe because of a lack of proper planning and innovation. And while some choose to focus on what isn’t there, others have chosen to make use of what they have as they try and expand their property – or at least give an illusion of it.So, what should you do if you find yourself cramped and uncomfortable in your own home?Here are some handy tips to make that small condo unit, apartment of shophouse feel more spacious and open, without knocking out any walls! This can improve your lifestyle as a resident in that condo, but it is also a useful trick to use when it comes time to sell or rent that space.Play with Colors:For years, psychologists have deduced that colors play a significant role in affecting our emotions and our behavior. But you can push that a bit further and use that concept to trick your brain.Using light colors on your walls can create the illusion that a room is actually bigger than it is. The reason for that is because we associate dark colors with enclosed spaces like prisons, coffins, and closets. Brighter colors remind us of the sky, the beach, and the open sea. It’s all about using colors and the concept of association.Create Dimensions:While you can go for a more monochromatic feel, using only light colors doesn’t mean you can’t use different shades on the wall to create more depth. It’s all about balance. Alternately, you can also achieve the same effect by actually eliminating the depth between the wall and your furniture. You can do this by using objects of the same color as your wall or use a slightly different shade to create some variation. You can also make use of light and bright color palette to keep your house looking fresh and alive.Spacing Your Space:There is a natural tendency for people to push the furniture as far back to the wall as they can in order to create a big centralized space inside a room. But this hurts your cause more than it helps.Providing small spaces in between furniture not only literally gives you more space, it also gives you the appearance of a bigger room. You can even angle it out so that lines on the room begin to bend and break. This takes the focus away from the corners and effectively widens the visual perspective.Open Up:Just because you’re trying to make your space look bigger doesn’t mean you can’t utilize the space outside the room for continuity. Infinity pools are great examples of this concept.If you have windows, it’s best to not put up curtains. This not only keeps the room’s aesthetic light, it also helps incorporate the view into the space. If you’re at an area at the center of the house though, you can opt to have small windows installed that go through to other rooms. For example, you can install a window between the dining room and the kitchen. This then opens up both spaces and makes both look wider than it is. Make it Magical:Magicians are full of tricks. They use a lot of distractions, slight of hand, and illusions in order to show the audience what’s there and even what isn’t. We can take a cue from that and use tools like mirrors to magically make enclosed areas look bigger by visually duplicating the space. This simple and subtle tip has been effectively used by interior designers for years now.Small spaces don’t have to make you feel like you live in a small space. The only limit to how big small spaces can feel is a little bit of work and a little bit of creativity! Try some of these tips in your home today!Catch the coolest property tips on Realestate.com.kh news today!

Although the housing market’s currently experiencing a slowdown, Yin Leangkong – editor in chief of the magazine Property View and presenter and editor of real estate and economics at the BTV – said that developers should keep investing intelligently in the housing sector.He suggests that intelligent investment means developers should divert their development capital to meet the customers’ needs by targeting affordability for the middle-class and lower middle-class families. After all, these lower income brackets are where the majority of the Cambodian population are currently classed.In practice, some developers are also using some new strategies in the market to counter the sudden decline and appeal to the lower end of the market. Buying Boreys usually required customers to deposit in advance, but the new strategy used by many developers to stimulate sales allows the customer to pay monthly installments - even after the construction is complete - in order for them to buy their desired house.He says this is good for investors and also makes it easier for buyers because they do not need an initial deposit anymore. However, Leangkong warns that "long-term payment from 10 to 20 years means customers have to spend more money than pay cash one time. So, customers need to consider what options would suit their desired outcome seriously.”A report of the Ministry of Land Management, Urban Planning and Construction show that citizens need around 10,000 residential units per year. This was from data gathered where 2014 was met with an insufficient supply and in 2015, there was almost enough units to meet the demand. In 2016, however, the supply seemed to have met the market demand for the year.Leangkong explains that in 2016, the high-medium and high-class citizens have already bought residential homes. Thus, the housing market for these people is already enough. As a result, a number of projects were brought to a halt and the construction sector started slowing down.Leangkong continues that investors will find success in affordable housing for the middle-class and lower middle class as there are more people in these classes and because it will be addressing a visual demand. The bestselling homes still range from $30,000 to $50,000.And according to a Ministry of Finance and Economy report, real estate development shifted from both middle-high and high standard of living to middle and lower middle class to meet with most people's needs. For example, Okhna Sear Rithy’s project is underway to develop an affordable housing project near Phnom Penh.In conclusion, Leangkong urged all the developers to consider selling affordable properties to people to help reduce a social dilemma, to strengthen the economy, and to help the whole country progress towards civilization and modernization.Read another great editorial article: Are Cambodia lifestyle preferences changing?

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

One of the biggest complaints you’ll hear from home and business owners in Cambodia is the high utility bills – particularly, the electric bill.According to the ADB, around late ‘60s and early ‘70s, the power sector started to deteriorate. Attempts at reviving supply ushered in the engagement of  private power producers in the early ‘90s through heavy usage of fuel and diesel. Around 2005, the government started the construction of sub-transmission lines that import electricity from nearby countries.And although Cambodia has locally produced the majority of the supply last year, it still imported 135.5 megawatts from Thailand, 4 megawatts from Laos, and around 277 megawatts from Vietnam. This import process then causes an increase in charges and sets an average Cambodian back $0.25 per kilowatt.Going GreenThe government has been proactive in addressing the issue on power supply and generation throughout the years. And this transcends just constructing eco-friendly buildings. In a recent statement by the tourism department, there are plans to create a garbage-fueled plant and a solar plant which will cost $167 million and $89 million, respectively. The two plants will be situated in Phnom Penh which is expected to generate 30 megawatts and Siem Reap which will generate 55 megawattsThis will be made possible through the ministry’s partnership with French green energy firm Quadran International and Chinese waste incinerator specialty company Shanghai SUS Environment.More Than Power:Other than generating power for Cambodian citizens, the Tourism Ministry sees this as an opportunity to attract even more foreign visitors.Minister of Tourism, Mr. Thong Khon, says, “The policy of green development in Cambodia is transforming the country as a tourist destination, making it green and clean to attract overseas visitors. We hope Phnom Penh will be in the running for Asean’s clean tourist city in 2018.”Not only is it good for tourism, but it will also be good for waste management as this will be one of the primary sources of energy.Will this plan pan out or will the lights dim on these innovative projects? If enough effort is given to making this happen, then there may just be enough spark to make it happen.Find out more about recent infrastructure developments in Cambodia!

For almost two decades, the real estate sector had flourished in Cambodia. For instance, many tall buildings have grown like mushrooms in the City of Phnom Penh. Land prices had also risen robustly. Some areas have doubled, tripled, and even quadrupled in terms of land prices too.Are you planning to invest in land for sale? How much money do you have? Where and what should you buy?The third issue of Property View Magazine from the CVEA has brought professional knowledge from experts as basis to consider and analyze profitable areas for investment and development.What is the purpose of buying land?Do you intend to buy land for quick profit through resale or do you intend to buy it for development? Kim Heang, the president of CVEA explains that if you want to buy land for a condominium project, office building, or hotel, it’s best to buy land within the Chamkarmorn area.If you’re planning to buy land to sell for future profit, you should buy in Toul Kork and New Phnom Penh. However, if you decide to buy land that are 7 to 10 kilometers away from the city, you have to wait at least 7 years to get profit. If the distance is about 30 kilometers away from the city, you can make a profit in around 10 years.Buying land for investment, good or not good?Kim Heang says now is the great time to invest in land if you already have a significant amount of money and don’t know where to invest. But he warns, it’s not advisable to invest using a loan from the bank. Experts have given a firm "no". Some may think that bank loans are just 8 percent a year and land prices rise up to 20 percent a year which makes it is possible to borrow from the bank to buy. But it's confusing because you cannot immediately sell that land. It takes time, and you may be stuck with it for two or three years.Which areas have the potential to make the fastest profit?Areas with the fastest potential for investment returns on land for sale is in Khan Sen Sok, Khan Por Senchey, and particularly in the Toul Kork and New Phnom Penh (Phnom Penh Thmey) area. Land prices in these areas are expected to double in the next two to three years.Which Provinces are the hottest area to buy land right now?Experts say that it’s best to buy land in Siem Reap and Sihanoukville because other than these two provinces, there are no other areas that have higher potential in this sector. Between these two provinces though, Sihanoukville has higher potential than Siem Reap. But if you’re purchasing land in the province for a good return on profit, it’s best to wait around 10 years.Land Investment is not always a good choice Investing in land for sale is not always a good option, because there are far better and faster investment options in other industries than in the construction and real estate sector.Kim Heang said that if you’re already 50 years old or are almost at the age of retirement, you shouldn’t invest in land any more. Instead of that, you should buy a condo unit. If you’re going to buy land, buy it to build houses to rent out. You can also purchase an apartment for rental that can be paid immediately. Conversely, if you are aged between 30 and 40 years old, you should invest in land because it can be highly profitable.How much money do you have?How much money do you have? How is your life situation? Since decision in this condition is very important before investment for land for sale in this sector.Kim Heang mentions that no matter where you invest, you should also have specific conditions in terms of capital, job conditions, life conditions, etc. He said, if you’re a newly married couple and have around $10,000, the first priority to buy a house for accommodation. If you already own a house but still have a bit of money, you can opt to buy a condominium unit because it’s the new trend for the younger generation.This story was featured in the September 2016 edition of PROPERTY VIEW magazine, produced by the CVEA.Realestate.com.kh is very proud to support the CVEA’s Property View publication. For more information about joining the Cambodian Valuers and Estate Agents Association (CVEA) please click here. And, if you are interested in advertising placement or advertorial in the next edition of Property View Magazine, please contact Mr. Virith via email: virith007@yahoo.com Or call: 078 959 567  or 098 66 26 68 Check out available land for sale on Realestate.com.kh now!

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

Moving away from its undeveloped past, these days Toul Kork has become a popular suburban area filled with a variety of villas that people can either rent or own, apartments and office complexes.Offering land prices significantly lower than hot inner city districts such as Chamkarmon and Daun Penh, families have the chance for a larger living area when they move to Toul Kork. The outskirts of Toul Kork are key industrial areas of the city, and many residents in the area work nearby. Toul Kork in 2016 is seeing a huge rise in establishments such as restaurants, clinics, and private schools, and an increasingly eclectic mix of Traditional Khmer families and expatriates.How’s the property market?LAND MARKET:According to a report released by V Trust Appraisal, there was a slight increase in land prices in the area from 2013 to early 2016 which moved average rates from $2,150 to $2,530 per square meter. Prime commercial streets have also been reported to reach up to $5,750 per square meter in central Toul Kork. The lowest land price average comes from the Boeung Kak Ti Muoy Sangkat, at $1,820 per square meter. The highest land price average comes from the Phsar Depou Ti Bei Sangkat, at $3,630. According to V Trust, “Over the last preceding decade, Northern fringes of Tuol Kouk district was the first main destination for residential relocation because of its available large portions of vacant land and a neighborhood of the central parts of the capital. “V Trust also notes that many of the locations in the Toul Kork District now appear to have reached their market price caps. Hoem Seiha, the company’s director of research, says “The market started to show sign of slowing down since the fourth quarter of 2015. The whole year (2016) is foreseen to be a bit sluggish.”RESIDENTIAL PROPERTIES:Depending on your preference and needs, you may opt to rent a condominium in Toul Kork. You can get a furnished one-bedroom condo unit to rent for $180 a month up to a four-bedroom fully-furnished lower-end unit for $2,000 a month near TK Avenue. Prime Units in Boeung Kak 1 have three bedroom units, for around $2,100 per month.Serviced apartments are also widely available, starting from $350 upwards to around $4,000 per month, depending on the area, services and amenities.For a villa, the rental prices range anywhere from $550 upwards, depending on quality, rooms and amenities such as swimming pools.  Villa’s are much more freely available for rent and sale in Toul Kork, as compared to prime inner city districts where the availability of villas is now very low, and also much more expensive than those in Toul Kork.An increasing number of borey developments are also popping up around Toul Kork, proving very popular with local buyers seeking shop houses and villas with sound infrastructure and a safe, neighbourhood environment.OFFICE SPACES AND BUSINESS CENTERS:There are a number of office spaces for rent in Toul Kork. Rental fees of these offices start as low as $4.50 per square meter per month.  You can also rent out a decent multi-level building for around $8,000 a month.Other than renting office spaces, entrepreneurs, small businesses and startups may want to check out the SmallWorld Business Center, a unique business center that provides the necessary facilities, amenities, guidance, community support, and provision for budding businesses. They mostly cater to the younger generation, but all entrepreneurs are welcome to both seek assistance and contribute here. It has a set of foreign and local entrepreneurs in its roster.NEW DEVELOPMENTS:The new Appenines Condominium by KHSI Investment PTE LTD will reach completion around early 2018 or late 2017. It will rise to be 17 storeys tall, and will include units that will range from one bedroom to three bedrooms. It will also have shared condo facilities such as a gym, car parks, and a pool.Conveniently positioned in front of the Royal University of Phnom Penh – TK Royal One is a luxury residential and office complex on Russian Boulevard, very close to Toul Kork. This property provides residents with sweeping views of parklands and the greater Phnom Penh City.Lifestyle facilities include the fitness center,swimming pool, community lounge and roof garden. TK Royal One is close to the Prime Minister’s Office, major banks, shopping malls and the three overpasses along the Russian Boulevard to ensure the smooth traffic between Phnom Penh International Airport and downtown.Toul Kork Lifestyle:What schools are in the Toul Kork area?There is no shortage of schools in Toul Kork. The educational institutions in the area which cater to the needs of students from kindergarten all the way to college. This area is perfect for those who need to live nearby key educational institutions.There are a mix of local and international schools in the area such as the Footprints International School, Learning Jungle School, Hope International School, Western International School, Western University, Stamford International Academy, Paññāsāstra University of Cambodia, the Institute of Technology of Cambodia, and the Royal University of Phnom Penh.Most of these schools also have international accreditation from organizations like the Western Association of Schools and Colleges, the Ministry of Education, Youth and Sport, the Cambridge International Examination Centre, and the International Baccalaureate.How do I move around the city?There are a few familiar modes of transport that people may be familiar with such as the taxi, tuk tuks and the occasional public bus.Motodops are motorbike taxis that serve as a source of income for locals. Tuk tuks and motodops may be the most convenient and fastest way to get around if you don’t have a vehicle of your own, but bus routes in Phnom Penh also pass through Toul Kork. Bus stations in the area include the Daem Kor Market bus station and the Kampot Express Limousine Bus terminal. How is Infrastructure in Toul Kork improving?There are already two major roads – Mao Tse Toung Boulevard and Russian Confederation Boulevard – that connect Toul Kork to different districts around Phnom Penh, making neighbouring Khans and Sangkats accessible, and also offering Toul Kork residents a quick drive to the Phnom Penh International Airport.The Russian Boulevard overpass connecting Toul Kork to the rest of the city has recently undergone a massive improvement, and already traffic congestion at these key crossroads points have decreased significantly. Roads such as Hanoi Street have also seen drastic improvements over the last year. The ongoing development of Boeung Kak lake will also greatly ease pressure on Toul Kork infrastructure moving forward.What if I get sick? Are there Toul Kork Medical Centers?There is no shortage of medical facilities in the area. Toul Kork has the Cambodian Red Cross, National Pediatric Hospital, Khema Clinic & Maternity Hospital, Toul Kork Clinic & Maternity, Biomed Phnom Penh Laboratory, and the National Institute of Public Health. It’s also the location for Cambodia’s Ministry of Health.For your dental needs, you can pay a visit to the Dental Clinic Le Sourire that’s located at the Russian Confederation Boulevard or the American Dental Clinic at Street 289.Is the Toul Kork area prone to natural disasters?When the government and private sector developed Boeung Kak Lake, pumps were installed to transfer water to the surrounding rivers, as the lake previously helped regulate floods in the area. But since the lake’s development, flooding became an issue in surrounding areas such as Toul Kork and Daun Penh. But not all locations here are easily flooded. This “no flood” attribute has been a selling point for some of the properties that are listed online. So if you are looking at ground floor properties in Toul Kork, it is best to check with your agent and previous owners/tenants as to whether or not your future house, and the street you live in, is a flood free area. If it’s not, you may get a surprise next rainy season!What’s the nightlife like in Toul Kork?Though known to be a quiet area, Toul Kork has plenty of places to wind down after a hard day’s work. If you want to go out for some fun, karaoke, food, and good company, you can go to the numerous KTV bars and restaurants located here. You can choose between the Romantic KTV, M2 Restaurant & KTV, Moonlight Restaurant & KTV, and many others. If you’re looking for dance parties and loud music, there’s also the Egypt Nightclub on St. 112 in Boeung Kok II. It has a wide dance floor, good local songs playing, food, and drinks. It’s open from 8:00 pm to 5:00 am. Are there any places to shop and eat in Toul Kork?There are a number of shopping malls and facilities in the area such as Hin Sokha, but most of the people are drawn to the open air shopping experience of TK Avenue.For those seeking international cuisine and want to do some shopping, or catch a movie in the cinema, your best bet is TK Avenue. A trendy shopping and eating plaza, famous among local culture vultures and expats, TK Avenue has french, korean, japanese and american food on offer, and a whole lot more. You can also catch the latest blockbuster movies here on the big screen. The plaza has its own supermarket too, if you need to pick up your groceries while you are there.Find several retail, electronic, and F&B businesses like Dairy Queen, Chatime, Browns coffee, Breadtalk, Penshoppe, Romanson, Pedro, Chateau De Sable, Lily, Sony, OSIM, and Esprit.If you’re searching for a wider selection of food, drinks, and produce though, you may also want to check out the Thai Huot Market, just a drive away from TK Avenue. It was built to serve the needs of both locals and expatriates by providing local and international products you would rarely find elsewhere. But there are also other markets in the area such as the Daem Kor Market, the Neak Meas Market, and the Phsar Plaecher.There are also many restaurants around Toul Kork, but one of the favorites in the area is a branch of the Sonivid Fresh Seafood Restaurant that serves a hefty serving of seafood in asian style. But if this does not satisfy you, you can also go to Burger King, Ratana Srey Mao, Metro Azura, The Blue Pumpkin, J8 Korean Grill & Casual Dining, or the Red Wine House to satisfy your cravings.Toul Kork will also be the location for the Aeon Mall 2 which will stand with four floors and a total area of 151,000 square meters that aims to serve the growing number of tourists and middle-class citizens. The Aeon Mall 2 is expected to be completed by May of 2018.Where are the Gyms, Fitness and Wellness Centers in Toul Kork?For the fitness buff, a couple of gyms are scattered within the area such as the Core Fitness Center along Russian Confederation Boulevard and SeaStone Fitness Center along Street 219.But if you’re looking to get some action through actual sports, there are a couple of sports centers in Toul Kork as well where you can play Soccer, Badminton, and other activities as well. The list includes the Akira Sport Club, Tuol Kork Sport Club, Premium Sport Club, and the Ramar Football club.If you get exhausted after that, spas like the TK Steam Sauna Massage Spa and New Men City Hotel & Spa await you to help you relax and unwind.What Costs of living should I expect in Toul Kork?In a recent Numbeo survey, it was shown that one way transport tickets may cost you an average of $2 and a monthly pass might cost you $29.69. Taxis, meanwhile, start at $1 for short trips in the city. If you have your own vehicle though, gasoline prices in Phnom Penh are expected to be around $0.93 per liter.Depending on your usage, utilities may vary. But the basic utilities such as waste disposal, water, and electricity are at an average of $84.12 per month for a one room apartment, and the internet is approximately $34 for 10mbps of unlimited data. A minute of call on your prepaid phone sets you back just about $0.06.For the food, milk is priced $2.36 per liter; a dozen eggs costs around $1.55; rice is $1.03 per kilogram; a loaf of white bread is at $1.33; and water is $0.77 per 1.5 liters. Meals prices also vary. A meal at an inexpensive restaurant costs an average of $2.75 per person. A three-course meal for two at a mid-range restaurant costs around $16. Learn more about life and real estate in Phnom Penh!

Cambodia isn’t really known for its healthcare system, which is why Cambodians choose to travel to another country to receive treatment. This is how the term “health tourism” was coined.But the government has taken it upon themselves to build trust in local doctors and healthcare.This is assisting the Kingdom in raising its profile as a retirement investor destination. As the level of healthcare rises, more and more retirees will look to Cambodia - the nation already has favorable climate for the elderly, a low cost of living, and many other enticing features. Yet, for Cambodia to become a respected retirement destination, the level of healthcare must continue to rise.Addressing the need:As part of their initiative to lessen health tourists going to nearby countries like Thailand for medical care, the Government of Cambodia has allowed foreign private investments over the years to build quality healthcare developments.One of these private investments include the Sunrise Japan Hospital. This state-of-the-art 50-bed hospital is set to do their first consultations on the 17th of October, where it will officially join the ranks of Phnom Penh’s top hospitals, like the Royal Phnom Penh Hospital, Sen Sok International University Hospital, and the Embassy Medical Center.Although there is no guarantee that this facility will also be able to cater to lower-income citizens, fees will still be relatively lower than what Singapore and Thailand doctors and hospitals charge. If that’s not enough though, a charity fund is also in the works to assist less fortunate patients in receiving quality healthcare.  Bridging the gap:Sunrise Japan Hospital’s clinical director Dr. Yoshifumi Hayashi says, “Here, maybe without me, some cases can’t be solved.” This is something that the hospital wants to improve on. Already sending 80 of its non-Japanese staff to Japan for training, Dr. Hayashi hopes that students from the university and doctors from different hospitals can also utilize the premises to facilitate learning.On top of new learning opportunities though, Prime Minister Hun Sen also mentions that new developments like the Sunrise Japan Hospital will usher in not only an advantage for the citizens. He explains, “Having a hospital with such high standards isn’t just beneficial for the Cambodian population. It builds trust among investors and tourists with money who come from far away,” offering relief for both the healthcare sector and Cambodia’s economy. Read more about expat life in Cambodia!

The 88 Suites project will be the first Phnom Penh based project from the developer YCT Land Pte Ltd. Along with the 88 Suites, YCT Land currently have a land division project in Kampot province.YCT Land represents a joint venture partnership between Chong Lim Development SDN BHD and Chip Hock Realty and Development SDN BHD, two Malaysian based property development firms. YCT Land was incorporated in Cambodia in 2012, yet the company’s Malaysian experience spans over 40 years, with over 3000+ units completed and sold.Successful projects of this development team include the University Green and the Pangsapuri Bukit Beruang Bestari, in Malaysia, to name just a couple. See the full catalog of completed projects from Chip Hock Realty.Another example that the members of YCT Land have had some involvement in is the “Leisure Farm” project in Johor Baru, Southern Malaysia - a 1200 acre home and resort development, which has already completed several phases and are selling currently.88 Suites represents a relatively small project for YCT Land, given the company’s history of completing grand scale township developments.The developer also has various experience in the eco-city development sphere, and hopes to bring this concept the Cambodian market in the near future.The reason for this eco-friendly focus is stated by Chip Hock Realty: “we understand our business’ nature directly and indirectly impacts the ecosystem within the society and community that we have operated on. Therefore, it has been the company’s long-term plan to continue building greater communities with balanced social and environmental awareness within our developments.”The inspiration for YCT Land to launch in Cambodia is the emergence of the nation as a real estate destination with exciting opportunities: “Cambodia represents a young and open market, full of opportunities,” says Mr. Tan Kok Thong - CEO of YCT Land Pte Ltd, “in comparison to the Malaysian market; which has matured already and heading towards saturation”.Cambodia represents a new beginning for the firm, and have settled their operations here for the long term. With that in mind, YCT Land want to maintain the standards they have followed in Malaysia in regards to both their production and partnerships with other firms.The mantra of the company is to bring innovative products, centered on quality: “We look to the long term value for our investors, not the short term. And our partners must always maintain the same quality standards that we do,” says Mr. CP Chong - Chairman of YCT Land Pte Ltd.Hence the launch of 88 Suites came in partnership with architecture firm SW1P Collective, Malaysia, and renowned local real estate agency, Royal 5G Realty, as sole agent.Furthermore, the project demonstrates the company's innovation: 88 Suites will be the first SOHO (Small Office, Home Office) development on the Cambodian market, offering a distinct point of difference for investors shopping in the crowded BKK1 new developments market.Located along Mao Tse Tung Boulevard, 88 Suites will reach completion at the end of 2018. But in the meantime, stay tuned for YCT Land’s next exciting project to launch in Cambodia!See the full 88 Suites project information now!

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

In an effort to manage the demand for properties, the Singapore government went to great lengths starting in 2009 to curb the real estate market's growth, fearing too-faster growth may cause issues in the long term. This is what they called cooling measures.Given the current market climate in Cambodia as of 2016, this Singaporean story offers various points worthy of reflection by local market stakeholders and policy makers. During this time, policies like the Total Debt Servicing Ratio (TDSR), Additional Buyer’s Stamp Duty (ABSD), and Seller’s Stamp Duty (SSD) were implemented to keep property prices at bay. And while this was presented as an opportunity for homeowners and buyers, developers and investors took a great hit when house prices started to plunge. Bloomberg says that this property curb initiative dragged house prices down by almost a tenth. But is that enough to encourage the authorities to backpedal and ease some curbs in Singapore now? For the People: The TDSR framework has assisted and relieved homeowners throughout the years, but everyone took a deep breath as the Monetary Authority of Singapore (MAS) announced last week that it had fine-tuned the rules of the TDSR refinancing. The Managing Director of Singapore’s Central Bank, Ravi Menon, clarifies that this is not meant to make a demand for housing loans. Instead, the goal of the MAS is to ease the debt burden of homeowners.He explains, "This doesn't represent an easing at all. If you look for a prop up to the market, this is not going to help as it doesn't apply to new loans. This is to improve financial prudence without creating new demand for housing loans. We won't ease anytime soon."Proper Pacing: In March this year, Singaporean Finance Minister Heng Swee Keat said that easing the curbs might be premature.But Executive Chairman of City Developments Ltd., Mr. Kwek Leng Beng, says “I think they will do something this year, that’s my speculation, as there are a lot of mid- and low-end homes coming up. I suspect it will be the abolishing of the buyer’s stamp duties.”And while this has stirred negative reactions from investors who wish to enter the market, some still believe that there is a potential to accommodate both ends.The Real Estate Developers Association of Singapore President, Augustine Tan, calls for a reform and re-evaluation as he explains that the government still needs to tweak its cooling measures to avoid crashing and burning. If not, Trading Economics projects a gradual decrease of new home sales from 1,091 during the 2nd quarter of 2016 to only 400 in 2020.Temperatures rise and they also fall. And as climates begin to change, we are yet to see what the next season will hold for Singapore.Looking Outside of Singapore:Since the implementation of these policies, developers and investors have taken a keen interest in surrounding countries such as Cambodia where yields are much higher – a value of 5.33 percent compared to Singapore’s 2.54 percent, according to Global Property Guide. And although there is increasingly stricter enforcement of existing laws such as taxation, the market climate in Cambodia still huge freedom for investors compared to more developed markets.Some classic examples of this are the Oxley Holdings Group and the HLH Group, both Singaporean based companies that have entered the Cambodian real estate and development market in force over the last half-decade.Yet, not only developers are pointing their capital towards Cambodia; individual property investors are increasing purchasing investment properties in the Kingdom as a means to escape the low-rewards of the Singaporean domestic investment market.While there is some potential for an oversupply in the Cambodian foreign investment properties market in coming years as developers flock to capitalise on the property boom; still, with the correct guidance, the market appears robust in the longer term and still highly competitive against the cooling Singaporean property market climate given the continued regulation.Ross Wheble, Knight Frank’s country manager, says “the Cambodian economy has recorded impressive growth over the past decade and, with the implementation of prudent macroeconomic policies, this is forecast to continue over the coming years.”Learn more about the state of the Cambodian market from a regional perspective with CBRE Vietnam  and CBRE Cambodia managing director, Marc Townsend

The Cambodian Valuers and Estate Agents Association held its 3rd quarter general members assembly last September 13, 2016 at the Cambodiana Hotel. Members of the association gathered to discuss the different challenges they’re facing and to share their knowledge ofthe real estate sector in the country.In the forum, they also presented about the study tour held in South Korea late last August, entitled “Incheon International Realtor Conference and Expo 2016” (IIRCE) which talked about the “Advantages and the real estate industry of Cambodia today”Kim Heang , president of the Cambodia Valuers and Estate Agents Association, said that after the workshop was completed in Korea, CVEA was also invited to participate in workshops that will be organized by the National Association of REALTORS (NAR) for the month of November 2016. The NAR has more than 1.5 million members."As we are members of this association and are colleagues, I spoke as if we’re friends. But we are also competitors. We should expand knowledge more here, we need to provide education and skills for our staffs and stakeholders who are involved with the real estate industry in order to make it stronger in the country. Traveling abroad does not provide answers to anything. We must look at ourselves first in order to progress and reach that stage,“ said Alex Evengroen, CEO of real estate firm KEY Real Estate Co., Ltd.When asked about what else was discussed in the meeting, Director and founder of KEY Real Estate Co., Ltd. Sorn Seap said, "We have taken important topics that will explore the typical challenges and business experience in real estate as a whole, particularly regarding professional ethics and the transparency of competition in the real estate sector. These are important in order to help the real estate industry grow. In addition, we also discuss about election the next president of CVEA.”He adds, “The CVEA also plans to invite a professor from the University of Technology Malaysia (UTM) to teach in Cambodia for 3 weeks, training participants to have the best interests of the real estate industry. Knowledge from the course can effectively be employed in the development of the real estate industry, to strengthen professionalism in providing property evaluation services to a wider network in the country.”Please find out more about real estate news on Realestate.com.kh

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

On September 21st of 2016, a first-of-its-kind forum at the Intercontinental Hotel in Phnom Penh which will deal with the recent changes in the taxation system.Eurocham Cambodia – who has been helping the business community since 2011 – will hold their inaugural tax forum, that aims to align businesses with current taxation policies.In a recent interview with Realestate.com.kh, Blaise Kilian and Anthony Galliano – advocacy manager and Chairman of Eurocham’s Tax Committee, respectively – discussed the benefits of attending this Eurocham tax event.What’s the inspiration to have an event like this?When asked about what prompted the inaugural tax forum, Mr. Kilian mentioned that since the government is now more assertive on tax reform, the system is becoming even broader. He said that attending the event is an opportunity to improve one’s understanding of recent changes and the event will be informative and educational on existing tax law, encouraging compliance.According to him, “We also understand that it is not always easy to be compliant because you need to understand the system, you need to be able to understand and implement correctly the new regulations that are being adopted. Therefore, we thought it would be very important and useful to organize a tax forum for the business community to provide the opportunity to present, explain, and discuss recent regulations so that entrepreneurs, corporations, and businessmen can find answers to their questions on how to be more compliant.”Who is the Eurocham tax forum most suited for?Kilian continues by explaining that while it is an event on taxation, it is targeted towards the whole business community that comprises entrepreneurs, CFOs, accountants, auditors, and tax preparers. Whether big or small, he says it is open for anyone in the business community who wishes to “understand the tax system and be compliant.”What is this year’s agenda?When asked about what sorts of things will be discussed in the forum, Galliano responds by saying, “Since it was our first tax forum, we wanted to make sure we’ve put a very comprehensive agenda together, one that covers the issues that are really pertinent today and issues that taxpayers may be struggling with given their degree of complexity.”These issues include recent tax changes and complications with current taxation law. The forum will also cover topics such as changes in tax regime, patent tax, tax registration, key tax issues for SMEs, common VAT issues, withholding tax, tax audits and disputes,and the double tax agreement with Singapore.Eurocham will also discuss their White Paper, specifically on tax related issues, an effort generated by their Tax Committee which is representative of tax issues from their membership and discussed directly with the GDT. CamEd will also be speaking to attendees about certain taxation qualifications.There are a lot of topics that will be covered in this forum. As Mr.Galliano puts it, it is “very comprehensive, very much to the issues of today that taxpayers are facing. And we couldn’t have put a more fabulous agenda to address the occurring issues in the market.”And who are some of the Sponsors and Speakers for this year’s event?Attracting a great deal of interest, Eurocham has managed to get sponsorships from big entities like the Cambodia Bureau Credit,CamEd Business School, BRED Bank, Infinity Insurance, R&T Sok & Heng, DFDL, AGS Four Winds, Deloitte. Its media sponsors are the Khmer Times and Realestate.com.kh. Presentations will be made by the industries top professionals and tax experts which include His Excellency Kong Vibol, the Director General of the Department of Taxation, Eurocham’s Chairman Arnaud Darc, Ambassador of the EU Delegation, Mr. George Edgar, Anthony Galliano, CEO of Cambodian Investment Management and Chairman of the Eurocham Tax Committee, Ms. Kimsroy Chhiv, Director of Tax at Deloitte and Vice Chairwoman of the Tax Committee, Mr. Sean Wong, CFO of Cambodia Airports, Mr. Thibaud Sournia, Managing Director of Europe Continents, Clint O’Connell, Director, Head of Cambodia Tax Practice of DFDL, Mr. Vann Sinat, Tax Advisor of  Bun & Associates, Brendan Lalor, Director of Tax & Advisory Services for Ernst & Young, and Ronald Almera, CEO & Partner of Grant Thornton.Why should I join?As the interview came to an end, Galliano encouraged people from the business sector to participate in the said event. He said, “You should come to this event because we’re seeing a tremendous and dynamic change in tax regulation, we’re seeing a much more sophisticated and educated tax department who is certainly enforcing more assertively with stronger oversight. With regulations changing, it’s important to keep up to date. You’re hearing about changes in tax regulations and how to properly comply with existing ones directly from industry professionals.  It is also a great opportunity to hear from the General Department Taxation,represented by  H.E. Kong Vibol who will deliver the opening speech. There will be some insightful presentations on what’s coming up. It’s a full day of amazing coverage of topics that are so relevant and pertinent today that it’s a great opportunity to take advantage of what is going to be the tax forum of the year.”Kilian adds, “If you want to be compliant. If you have a hard time understanding all the regulations including the existing one and newer ones, if you want to have the opportunity to engage directly with the best tax specialists in the country, and if you want to meet a larger network in the wider business community in Cambodia, well, then you have of the good reasons to attend this forum.”So, if you want to improve your knowledge and understanding on taxation in Cambodia, joining this event is a must. Tickets for the forum for Eurocham members go only for $50, and non-members can register and participate for only $60. FIND OUT MORE!Eurocham is still has sponsorship opportunities available for the event. Interested parties can call their executive team or talk directly to Blaise Kilian by emailing at  b.kilian@eurocham-cambodia.org

Imperial Crown is strategically located in the most-desired residential location available in Phnom Penh, namely street 360, BKK 1, Khan Chamkarmon.Since as early as the 1980s, NGOs, diplomats and expats have viewed BKK1 as the safest and most valuable residential area in Cambodia. Today this label remains; BKK is home to the majority of embassies, expatriate residents, upmarket and international style restaurants, cafes and nightlife. The elite of Phnom Penh is and will continue to center itself around this prestigious district; and current land prices as high as $6000-$8000 per square meter are a testament to this demand.see the full listing for Imperial Crown condominium and find out more!Imperial Crown has by far the highest standard of interior decoration out of any project currently underway in Phnom Penh. 15th-16th century Baroque interior design has been maintained throughout Imperial Crown condo units with impeccable attention to detail and high quality materials, finishes and fixtures. Every unit’s entrance door is imported and handmade in Italy and Taiwan from carbon fiber steel, and it is totally thief, fire and sound proof, available in a series of unique, artistic designs. Each unit includes classic Baroque style furniture handmade from 50 year old mahogany, all of which is hand painted with real silver.Swiss and German ceramics and faucets are standard throughout: Kitchenware is imported from Germany with the brand of Bauformat; and full oven, dishwasher, induction heating cooker, and high quality cabinetry is standard throughout. Sanitary equipment is imported from Switzerland with the brand of Teka, Laufen and Steinberg. Each house unit comes with Rinnai water heater, and air conditionings.And absolutely all furnishings are included in the completed units, as shown in the BKK1 showroom and Sales and Purchase Agreement.In other projects in prime districts such as BKK, developers are generally sacrificing parking space in order to maximise profits on residential units. However, given the current shortage of parking facilities in this area, the Imperial Crown developer has ensured their residents will have ample car parking space. A total of six floors of car parking is reserved for residents, with a total of 144 parking spaces. Meanwhile, Imperial Crown residents will not need to wait on elevators; the project will include four high speed elevators, each able to travel at three meters per second.While some developers in Phnom Penh are retaining rights of ownership over the common areas of the finished condominium, Imperial Crown unit owners will automatically own a share of the common area when they receive their strata titles, totalling 25.8% of the total property - and the developer retains no ownership of this area to ensure that no conflict of interest arises. Once the project is complete and occupied, the management and maintenance fees for the common areas will be paid directly to a third party. Once the third party property management company receives this money, it will be kept in a cash pool to maintain or repair the common areas when need be.The development is now underway with the guidance of renowned construction company, RockStone from Taiwan, along with Beijing Urban Construction - renowned for famous projects such as the Beijing National Stadium “Bird’s Nest”. This is their first project of many in Phnom Penh, all of which will soon become landmarks of the city.The Imperial Crown project will include the highest grade of structural engineering elements, including 53 counts of all casing concrete pile drilled straight into the bedrock, with the use of reinforced concrete for the basic building structure. The outside wall, from the ground floor to the fourth floor, will be constructed from marble; and from the fifth floor upwards, colored sand stone coating will be used. This stone coating is waterproof and blocks incoming heat from the sun. Painting on the exterior wall will generally deteriorate in around three years, while sandstone used in Imperial Crown lasts more than 20 years without maintenance.Available units at Imperial Crown include two bedroom condos with one smaller office room integrated into the design. However, on the buyer's request, these units can be modified into three bedrooms. There is a total of of just 161 units, with 6 units on each floor.  Prices range from $500K to $700K, and uniquely this net price includes all the interior electronics, fixtures and furnishings. Loan financing is available for buyers and the project has already sold around 55% of units. Guaranteed Rental Returns are guaranteed at 6% per year, for the 3 years, totalling 18% yields. see the full listing for Imperial Crown condominium and find out more!

Experts and developers in the field still maintain a confident position that there will be continuous growth in Cambodian real estate, most especially for the condo market.This is because there is a growing interest in this type of property as a result of continuous increase in land prices.Kheang Puthy, director of Slek Rith Realty, says that sooner or later the occupancy rate of Cambodians living in condo will increase. Where currently, those who purchase units are people who used to live or study abroad, Puthy believes that more and more professionals will be buying or renting out units in the near future. This is from the fact that there is a growing population of middle- to high- income Cambodian Citizens who are affected by the worsening of traffic conditions.He encourages people to support and be optimistic about the progress of the condos sector. Puthy adds that negativity will only undermine the process of development and may cause the country to fall behind in comparison to neighboring countries that are also rapidly growing in terms of condominium developments. But he warns of a possibility of surplus. If there is an excessive supply, then the government will eventually have to tackle this issue and look for ways to regulate it.Anthony Ong, CEO of Spring CJW Development, said that "Cambodian citizens remain as a pillar for strong economic growth and real estate in the country." He added, "We do have confidence and want people to have good living standards." Spring CJW Development is also an investor in the Axis Residences condominium project which has 566 units located near the Phnom Penh International Airport.He says they really want to help improve the lives of citizens through offering a good place to live in which is comparable to Singapore. He added that the purpose of their investments in the condos project, Axis Residences, is not just to create a home, but to create a desirable housing project with all the necessary amenities.Meanwhile, Cheng Kheng, tycoon and CEO of CPL Cambodia Plc, said that living in condos is a more civilized and modern way of living because condos can have everything people will need such as parking spaces, shopping malls, gyms, saunas, swimming pools and gardens. Kheng adds that Cambodians feel a difference between landed properties and condominium units where they can live harmoniously in a modern setup.According to a research report from a Cambodian real estate agent, land in commercial zones in the city varies by location. In Norodom Boulevard, land can cost between $3,500 and $6,000 per square meter. While in Monivong Boulevard, land prices range from $3,000 to $5,500. In Russian Boulevard land can cost anywhere from $1,500 to $3,000 dollars. It’s relatively lower in Mao Tse Tung Boulevard where you’ll only need to spend between $3,000 and $5,000 per square meter. However, in the top 4 residential districts such as ChamkarMon, Daun Penh, 7 Makara and Toul Kork, it will only set you back around $1,500 and $ 4,000 per square meter in investment cost.Mr. Sarun Rithea, spokesman of the Ministry of Land Management, Urban Planning and Construction, recognizes this difficulty to buy land and build houses, especially in prime areas such as Boeung Keng Kang, Daun Penh and Toul Kork.The increase of land price is due to the land at Delta City becoming a land where investors build high-rise buildings, commercial buildings and condominiums. He said that according to the Municipality of Phnom Penh, land located 20 square kilometers around the city center is also becoming more expensive, but the increase isn’t as drastic as the capital city itself.He said that, "In Phnom Penh, a number of those who have from 1 to 10 homes are only 10 percent. Those who have a home for themselves are about 20 percent, and a number of those who do not have homes, fixed salary and middle-income (citizens) or above is about 70 percent.” Most of these people without homes have houses with their family and can be redeemed with the bank.The report of the Ministry of Finance showed that the growth of condos in Cambodia in 2015 reached 15,000 units and this number will continue to rise to 45,000 units in 2018.While in Phnom Penh, the number of new condos has increased, most customers who bought a unit are foreigners, including nationals from China, Taiwan, Malaysia, Singapore, Japan and France. Statistics showed that there are 20 percent of Cambodians who are condominium owners, while another 80 percent are foreigners. Find  more real estate news on Realestate.com.kh!This story was featured in the September 2016 print edition of PROPERTY VIEW magazine, produced by the CVEA.Realestate.com.kh is very proud to support the CVEA’s Property View publication. For more information about joining the Cambodian Valuers and Estate Agents Association (CVEA) please click here. And, if you are interested in advertising placement or advertorial in the next edition of Property View Magazine, please contact Mr. Virith via email: virith007@yahoo.com Or call: 078 959 567  or 098 66 26 68

Experts have said that the group of islands off the coast of Cambodia will be able to help the real estate and tourism industry rise faster if development companies are willing to develop them to be more attractive to guests.During the past two years, there were 2 developers who announced plans to develop the islands in the province of Sihanoukville to become a favorite destination for tourists, both national and international.Kim Heang, the president of the CVEA and CEO of Khmer Real Estate, said that Cambodia is a country with many islands located in its coastal area. But so far, there doesn’t seem to be any significant changes you can see in these islands, even if there are already private developers licensed by the Cambodian government.He continues by saying that even with the licensing by the government, so far, some real estate investment companies have not used a lot of money to develop the islands. In other cases, some developers just sell out to another developer.He said that “when the project owners spend the money to develop maritime islands, then Cambodia will attract more tourists and investors. And also, the land price can potentially increase. The developer can start building infrastructure on the island to capture a higher market value of real estate after the roads, bridge, and travel become more convenient and comfortable.”He suggested that “if the company retains the right to invest in the island, they should work on the development of infrastructure because transportation will be taking guests around the island.”Chrek Soknim, CEO of Century 21 Mekong, said that a clear plan of development will bring out the potential of the area. And when foreign investors come to invest, it will be more profitable for Cambodia. Development in the island area can easily be done because the natural view of the island is very attractive.Vorn Chanthorn, CEO of Town City Real Estate said that investment on the huge islands need a lot of capital. The government also requires those companies to abide by the national and international environmental standards. Investment is not just for the sake of investing, but there’s also a need for proper, clear, and detailed inspections. Otherwise, it will damage the environment in the islands. So, there’s a requirement of a detailed research before retaining the right developers to invest.He said that “The development of the island is a positive thing for the tourism realm of Cambodia. If a company has the right to invest in the island, they should build bridges and if possible, build a resort or holiday home as well.Mr. In Sitha, director of business development of VTrust Appraisal Co., Ltd., said that “Real estate developers cannot develop the  island unless they get the license for long-term development - because a large amount of capital is needed to build infrastructures here. In such investments, it helps promote the beautiful island view for tourism and helps to employ citizens with jobs from food processing companies, souvenir shops, vendors, hotels, guesthouse services, and other entertainment places.There are 64 islands in Cambodia, where 54 are situated in the territory of the Sihanoukville Province. Koh and the rest of these islands are located in the Koh Kong, Kep and Kampot provinces, but so far 28 of these islands totally occupy an area of more than 18,000 hectares. These were leased to private companies as investments to turn them into tourist sites with luxury and attractions in mind. But in practice, we found that only a few islands are developed gradually as a tourist area such as Koh Pos island, Koh Dek Koul, Koh Song Saa, Koh Tang, and Koh Rong.In late 2015, the Royal Group of Oknha Kith Meng started the construction of a 5-star hotel called “The Royal Sands”, located on Koh Rong in Sihanoukville. After the project is completed, a new hope springs to attract more tourist to come.Check out the Cambodian Investment guide and learn more!This story was featured in the September 2016 print edition of PROPERTY VIEW magazine, produced by the CVEA.Realestate.com.kh is very proud to support the CVEA’s Property View publication. For more information about joining the Cambodian Valuers and Estate Agents Association (CVEA) please click here. And, if you are interested in advertising placement or advertorial in the next edition of Property View Magazine, please contact Mr. Virith via email: virith007@yahoo.com Or call: 078 959 567  or 098 66 26 68