Hong Kong-based developer Eastland Development (HK) Ltd has announced plans to list on Cambodia’s stock exchange within a year.Sam Yang, the company’s CEO, said during a recent company promotional event that Eastland is working with a local underwriter to prepare to float shares on the Cambodian Stock Exchange (CSX). “The application will be ready early next year and the company will have an initial public offering in September next year,” he said, adding that Eastland intends to be the first foreign-registered company to list on the CSX. Yang said that the purpose of listing was not just about raising funds for its projects, but also to raise the confidence of its investors and allow them to be part of a high-standard property firm. Read a related article: Knight Frank authorized to conduct IPO valuations.  Eastland Development (HK) Ltd is a branch of China’s Guangzhou Yuetai Group, a real estate developer with over $1.2 billion in assets. Eastland is focused on real estate development in Cambodia, and claims to have invested $60 million in three projects here: East One Apartments, East View Residence and East Commercial Center (ECC). Phnom Penh Securities, the underwriter for the IPO according to Yang, could not be reached for comment yesterday. Sou Socheat, director-general of the Securities and Exchange Commission of Cambodia (SECC), said he had not received any letter or official documents from the Eastland yet, though he welcomed its intention to join the stock market in Cambodia. He said some foreign-registered companies have submitted letters of interest to list on the CSX, though nothing is official yet. In addition, the SECC is also reviewing the applications of three local companies that intend to list within the next year, namely Phnom Penh Special Economic Zone (PPSEZ), TY Fashion and Sihanoukville Autonomous Port. Sor Chandara, Phnom Penh Post Want to invest with Eastland? Check out their properties for sale on Realestate.com.kh: East One Apartments, East View Residence and East Commercial Center (ECC).

A recent study has found that the hotel service quality in Cambodia is improving due to rising competition and the industry’s readiness to compete regionally. A recent report by the Bunna Realty Group shows that as of the third quarter of 2015, there are 317 hotels with 15,000 rooms in Phnom Penh, and 417 hotels with 17,000 rooms in Siem Reap; 133 hotels with 4,000 rooms in Sihanoukville, and 45 hotels with 1,600 rooms in Battambang. The same study also identified that within Siem Reap, Phnom Penh and Sihanoukville, only 892 hotels could be deemed to have at least a two-star ranking. In addition to the breakdown of the sector, the study also looked at hotel occupancy rates. Of the hotels surveyed in Phnom Penh from January to November of this year, occupancy reached 68 per cent; while it was 66 per cent in Siem Reap, 74 per cent in Sihanoukville, and 75 per cent in Battambang. The study also looked at the hotel’s ranking compared to price. Two-star hotels offered rooms ranging from $21 to $60, whereas 3-star hotels cost from $60 to $200 for a room. 5-star hotels saw the greatest range of prices at $150 to $2000 per night, based on the room type, size and amenities included. Hen Socheat, Bunna Realty Group director announced that private online bookings cost more than bookings made through travel agencies. “The rate of hotel occupancy via online booking is about 71 per cent on average,” he said. He added that the improvement in services seen in the growth of the hospitality sector came from better coordination between the Ministry of Tourism and private sector training programmes. However, the study concluded that during the peak months from December to February every year, hotels reach near full occupancy especially in Siem Reap when bookings rise to 100 per cent. Socheat said that this signifies the need for hotel expansion. However, Ho Vandy, an adviser to the Cambodian Chamber of Commerce, said these statistics are not credible due to the fact that the study was undertaken via an online survey, and did not consult with private hospitality companies that work directly with clients and their partners. Socheat admitted that the statistics in this study could have been skewed. Based on the Ministry of Tourism’s statistics from 2013 to 2014, Vandy explained that in Phnom Penh there were a total of 7,807 rooms across 170 hotels, and 477 guesthouses adding an additional 6,614 rooms. “Meanwhile, in Siem Reap, there were only 175 hotels but they had a total of 11,620 rooms, with an additional 3,927 rooms from 254 guesthouses,” he said. Government data also showed that there were only 54 hotels in Sihanoukville, totalling 2,697 rooms with an additional 2,734 rooms from 187 registered guesthouses. For Battambang, the government study yielded 32 hotels with 1,620 rooms. From this comparison, the number of hotels in Phnom Penh, Siem Reap and Sihanouk province have more than doubled, while those in Battambang province has also seen a notable increase, all within one year. Nevertheless, both statistics show that the hotel industry is growing. Siv Meng, Phnom Penh Post, Post Property.

After defining high-end taste in Russia, China and Thailand, an Italian luxury home-décor company aims to conquer the villas market of Cambodia’s rich.Greeted by gold-gilded tables, intricately carved gold-leaf headboards, and polished tiles of marble and ceramics, one would feel as though they had just stepped into a magical place reminiscent of the Winter Palace in St. Petersburg or an oligarch’s lavish home. In actual fact, this place strikes much closer to home. With its palatial and baroque items on display at the launch of their showroom on November 22, Azza Décor is the first of its kind in Phnom Penh; a luxury home-décor company specializing in Italian interior design, mainly in the market for furniture and lighting, tiles and bathroom furnishing and kitchen fittings. Every distinctive product has a “Made in Italy” tag, while its exclusive brands boast of names like Versace (Ceramics), Valentino, Bastianelli Home, and Socci, amongst many others. Marco Cipriani, area manager for CIAC Group which supplies furniture to Azza Décor, explained that, “our first market all over the world [for this style of furniture] is the Russian market, as the Russian people love to buy these types of gold leaf furniture.” However, at $165 per pop for one Versace Ceramic tile-piece or $10,000 for a Versace sink, the question is whether such ornate and lush furniture is prohibitive here in Phnom Penh. “Since our expansion in other Asian countries like China and Thailand, we feel it is time that this kind of furniture comes into the interior market in Cambodia,” Cipriani said. Minea Prach, Azza Décor’s sales and marketing manager, explained that the Phnom Penh launch was due to the exponential growth in the construction sector and an increasing appetite for luxury goods among a few. “Our main target audience is the high-end niche market of those who own private residences or villas,” Prach said. The influx of foreigners and foreign businesses in Phnom Penh does seem to complement the opening of such a company. Azza Décor seemingly fits in with the high-end residences, exclusive condominiums and villas that have been springing up over the past few years. Lorenzo Martini, founder of architecture and interior design company Lorenzo Martini Design Studio, offered his insight on the home décor style that appeals most to Cambodians, as well as how luxury interior décor companies will fare in the Cambodian market. In reference to what style of interior design piques the locals’ interest, “Cambodians with a budget manage to implement what I would say a Neo-Baroque, or Transitional Classic [style],” Martini said. “People would call it ‘classical’, but is a classical style with exaggerated curves, patterns and textures, heavy to the sight, which draws on baroque but while sharing its power, it doesn’t share its elegance. It’s a style that is popular in most developing countries,” he continued. On how high the demand for such a niche market is here, Martini said that it is tempting to affirm a high demand given the number of showrooms showcasing luxury furnishing in Phnom Penh. However, this pertains only to a pocket of very wealthy people who may not have an idea of what defines a real luxury product. Therefore, many end up purchasing overpriced products without much discernment. “I’m happy to see [Azza Décor] stepping up the game, and will give a run for their money to many other shops currently selling average products at high prices under the pretense it is luxury,” Martini said. There is no such pretense at Azza Décor, with each product guaranteeing its authenticity of quality and branding. Partly echoing Prach’s words, Martini said, “I don’t see the market as being ready for luxury commercial projects just yet, I think luxury products are almost exclusively employed in high-end private residences.” Azza Décor currently works closely with luxury housing developer The Bay, managed by the TEHO Group, in supplying materials to them. Having sold a considerable number of products before and during the launch to owners of private villa residences in BKK 1, Borey Orkide, and Borey New World, Azza Décor looks set to make waves in this small, but powerful, pocket of Phnom Penh’s elite. Hanamariya Halim, Phnom Penh Post, Post Property

Amidst a series of two-storey buildings in the urban heart of Sihanoukville stands a single one-storey community center constructed with fabric and concrete; a result of the collaboration between Orkidstudio and Bomnong L’Or. Realizing how the original Bomnong L’Or (Goodwill) Center was poorly ventilated with inadequate lighting, the team sought out to reconstruct the building using a more environmentally friendly measure by reducing timber usage in response to the deforestation in Cambodia while also conveying an architectural message of “strength”. Tom Woodward, project coordinator of Orkidstudio, explained, “The fabric was used as a formwork to contain the concrete whilst it was poured but not set. Once the concrete had hardened, the fabric was then taken off and washed, before being reused as a cladding.” Unlike the previous center, the new building is raised up off the ground to utilize the seasonal winds off the Gulf of Thailand. To ensure that the building stays cool all year round, Woodward said the team employed a variety of passive techniques such as shading external walls with the roof and “using modern insulated roofing sheets that prevented heat from building up.” In the search for affordable, green, and quality housing, the building is a combination of traditional Khmer housing and modern construction technologies. Woodward said, “In particular, we placed great emphasis on communicating how we had utilized passive design principles to ensure the building remained cool without relying on energy-intensive air conditioning units.” To make sure that the building is durable, a two-step approach was adopted into the construction. “The fundamental frame consists of a heavy concrete and steel construction that is incredibly durable, whilst the fabric and bamboo merely act as infill material, creating a sense of enclosure whilst allowing ventilation and light into the space,” said Woodward. “Accepting the susceptibility of the fabric to the elements, we designed the panels to include zips, in order that they can be removed and washed or replaced when needed.” For eight weeks in July and August, a team of 25 people, including local men, women, and those with a lack of skills were able to pull off the project. With a total floor area of 240 square metres, the center consists of four classrooms, an IT room, a library, a soap-making facility, and can accommodate over 100 students at any given time; a “50 per cent increase on the previous facilities,” according to Woodward. Jennifer Hoggett, manager of Bomnong L’Or, said, “We run daycare, education (for adults and children), provide basic healthcare and treatment costs, nutritional support and run a soap-making scheme with some of the women in the area.” In addition to its education programme, it also provides food packages to some of the poorest members of the local community and runs a social enterprise programme providing employment for local disadvantaged women through the production and sale of natural soaps. The construction cost of the new Bomnong L’Or Center was $300 per square metre with a total cost of $72,000. Catherine Harry, Phnom Penh Post, Post Property.

It is confusing how valuations can differ depending on who does it, right? Your real estate agent will give you one valuation figure - and then the lender-valued estimate (your banks's valuation) arrives looking much different... Why?  Which price is right? And how does your bank and agent come to different conclusions? The bank valuation: If your home is or soon to be mortgaged, your lender/bank will need to value it. This is necessary to give the lender/bank confidence your asset/home offers sufficient security against the borrowed amount of money if, for any reason, you cannot pay your mortgage and the lender must sell the property to reclaim the debt. Hence, a bank valuation will usually be quite conservative, sometimes 10%-20% less than the current selling prices of comparable homes in the same area. The selling agent’s valuation: Real estate agents are commonly asked to assess the market value of your property, and many have some training in how to conduct proper appraisals of property. This agent valuation will often be used to decide who to engage to sell your home. Before completing your valuation, the agent will typically inspect your home and research comparable sales in the local suburb or commune before producing a report and a sale price estimation. This price guide is useful to a vendor when deciding what price to advertise. However, the bank is unlikely to respect this valuation without a follow up appraisal by one of their valuation specialists, or an independent appraisals agent. Of course, the agent wants to help you get a good price - because this means more commission for them, and a happy customer - but these over-confident valuations can be dangerous to a lender. Learn more about how valuations are estimated, here.

There are lots of easy things you can change in order to make your home quieter, and fetch a higher market price. Here's why a quiet home is worth more $!  Sam, a local Phnom Penh real estate agent recounts: “I recently checked out a villa home for sale along the main road out of Phnom Penh, Road number 4. The main road there is very loud and dusty - as you may know. But, as soon as I walked in the large gate of this 4 bedroom villa for sale, I found that the owners had created a peaceful garden sanctuary behind the thick and tall street fence. Inside this secret garden wasn't loud or dusty - and it was hard to tell the main road was not far away. This owner had very-cleverly created a quiet home setting able to offset the property’s location shortcomings.” The trick is to stop street and/or neighborhood noise from entering the house. You can do this by adding: Botanical gardensWindow glazingWall insulationBlindsTall secure fences: a good landscape designer will use walls, fencing, plants, hedges and other noise cancelling techniques to bring down the noise levels of your home.Generally - using noise-reducing materials when building or renovating is the best way to start when trying to cut your home noise down.In the design stage consider having bedrooms and living areas away from the noisiest parts of the building.Here's why a quiet home is worth more $!

Welcome to Realestate.com.kh’s Dream Home Report. Every week we will showcase some of Cambodia's most luxurious, interesting and unique properties from throughout our listings database. We want to show you the gems of the Cambodian property market. This week we want to survey some homes with a unique Khmer flavor.Located in growing tourist area of Kampot, Samon's Village, this tree house home is something you dream of when you are stuck in the hustle and bustle of Phnom Penh!Fancy a holiday home on a private island off the coast of Cambodia, Song Saa!Known as Khor Sang, located in Wat Kor Vollage, Battambang, the traditional khmer home has been passed down through 4 generations, and now restored to its former glory. And is a must see for tourists visiting Battambang.This locally designed 6 bedroom guesthouse in Siem Reap captures Cambodian culture perfectly, and its unique location inside a pagoda adds to the guests experience!A list of amazing houses in Cambodia wouldn’t be complete without mention of Vann Molyvann’s stunning architecture - and his signature roof design on this home.Check out another Dream Home report here.

After the success of the “East One International Apartments” project – a condo development which is already 70% sold and now under construction in Duan Penh, Eastland Development Co. Ltd. have announced the launch of sales for “East Commercial Center (ECC)” along Norodom Boulevard, near the Malaysian Embassy. The number one real estate need within Phnom Penh moving into the future is a lack of affordable, sole-purposed office space, believes CEO of Eastland, Mr Sam Yang. "There are a growing number of talented local entrepreneurs and small business owners who need a place for their businesses to take flight, without driving them bankrupt." The East Commercial Center (ECC) will be completed in late 2017 and provide the market with 38 floors of pure office space, divided into small and affordable units, with low management fees, and common areas with all necessary business amenities. Inquire about the East Commercial Center (ECC) on realestate.com.kh todayThe ECC project will include a total of 680 car parks, over 6 floors. And in fact, the following stage of this development will be the East View Residence project, which will include four 38-floor high residential buildings. The second Cambodian condominium project for Eastland Development. The current office space market in Phnom Penh is unsuited to the growing demand, believes Mr Yang. "These types of start-up businesses are not interested in A-grade office space, as rental rates are too high, and instead now find themselves adapting villas or flat houses into office space. Meanwhile, International companies are increasingly interested in moving an office to Cambodia at low risk because investment incentives are some of the best in the region."Inquire about the East Commercial Center (ECC) on realestate.com.kh today

Is a property near the action of a higher value? Or are home buyers and renters willing to pay more for some peace and quiet? It may depend on your taste... Learn how to make your home quieter here.For some, such as Brian, who lives on central Street 51, Phnom Penh - the noise is offset by his surroundings: "I'm a heavy sleeper, so I can handle the late night music outside my apartment window. For me, it is a welcome trade-off for being able to walk 5 meters outside my home and be immersed in the heart of Phnom Penh City - I personally love the smells, sounds and great food all at my doorstep! And no need to pay for transport."  However, according to Realestate.com.kh data, most of the housing market does put a higher value on quiet homes. Having your home on a quiet street can increase its value by thousands of dollars, if you can find the right type of buyer. The value of peace and quiet is highly sought after by many property seekers, and this is known by valuation professionals. Homes on noisy main roads generally lose 10% of their value, as compared to homes in the same area on quiet side-streets. Enjoyed this post?  Learn how to make your home quieter here.

Foreign direct investment (FDI) is luring a new breed of foreigners to Cambodia, and the region more generally. With foreigners comes an increase in demand for property, and different types of property - and a series of new allowances in national property laws to accommodate this demand.Foreign investors come to the South East Asia region for the low labour costs, connectivity between the neighbouring economies, and the huge supply of land, resources and business opportunities. And as local markets grow, FDI will naturally follow as international companies are spurred by the chance of jumping on the wagon of a fast moving economy. Foreign capital presents a huge engine of growth in South East Asian countries such as Cambodia, Vietnam, Myanmar and Laos - which cumulatively saw an average annual rise in FDI of 9.2 percent in the years 2010 to 2013. In this FDI growth, Myanmar was the leader of the pack with a 35.8 percent increase over the three year period. Cambodia followed with 22.3 percent; Laos came third at 15.2 percent; and finally, Vietnam, fell behind with just 2.6 percent growth over the three year survey. Yet, amid the Cambodia, Laos, Myanmar and Vietnam bloc, foreigners are subject to a variety of ownership limits. The foremost of these is being barred from owning land on a freehold basis, otherwise termed as outright ownership in perpetuity. This is a rule which is largely steadfast throughout the four nations’ borders. This may not be surprising, however, as freehold possession of land is likewise unavailable to citizens of Laos, Myanmar and Vietnam, where government policy holds the state as the principal owner of all land. Long-term leasehold is, therefore, the accepted form of land ownership for foreigners based in these nations. Lease terms are flexible for most purposes, whether it be for a new business property or a residential address, and allow room for ownership limits to potentially ease in the years to come as governments in the region increase efforts to attract quality FDI. Given the relative political stability in the region, investors are generally happy to accept these long term leases. Cambodia, unlike its three neighboring counterparts, has a freehold land ownership system for its citizens. Foreigners based in Cambodia are also allowed rights of ownership over certain properties, subject to 2010 Law on the Provision of Ownership Rights. These rights, however, are restricted to buildings that have obtained a "strata title", which is available only to newly completed apartment buildings. According to the strata title regulation, foreigners cannot acquire a ground-floor unit legally, and any foreign ownership allocation is limited to a maximum of 70 percent of the units in any one co-owned building. Nevertheless, a foreigner lease term over landed properties can still be up to a 50 year maximum, with a 50 year renewal option included. In Laos, land is owned by the "national community", meaning no individual or business entity, foreign or local, can truly own land. Land-use rights are only granted to individuals or organizations by the state, and these rights are able to be transferred or inherited. 50 year leases are commonly granted to foreign individuals or companies. Myanmar's constitution similarly establishes the state as the ultimate owner of all land. Yet, under the new Myanmar Foreign Investment Law, an investor may lease land for up to 50 years, with two 10 year extensions. Structures affixed to land are the property of the foreign owner, but these rights revert to the lessor or the state with no prescribed compensation when the lease comes to an end. A Condominium Law, likely inspired by the Cambodian example, that is currently in development in Myanmar but not yet in force, would allow a foreigner to purchase a condominium on the sixth floor or above of a co-owned building, up to a quota of 40 percent foreign ownership of the total units in the property. In Vietnam, freehold ownership by foreigners over land is prohibited by the constitution. Yet state authorized leases between 50 and 70 years are widely available, especially for development projects, and renewable at the discretion of officials. Further, pursuant to the Vietnamese Law of Housing 2014, a foreigner may now own a unit in an apartment or condominium building - if it is a no-more-than 30 percent foreign owned building. The influx of FDI and the relaxations upon ownership laws is pushing local real estate developers to create and sell more residential space suitable for the needs of this new investor class. The massive boom in construction in all of these countries, Cambodia’s condo explosion being a prime example, reflects this drive to meet a new FDI based market. As rules are eased, companies such as property developers, banks and providers of property-related services, like maintenance, insurance and security, soon flow into the economy and boost it from within. In evidence of this, the GDPs’ of Cambodia and Myanmar each grew 9.7 percent last year; Vietnam's shot up by 8.8 percent; and Laos experienced 5.2 percent GDP growth.

There are three basic components to any mortgage. You must understand these clearly before you start the home loan application process. If you missed Mortgage Matters Part 1, read it here!In short, these are the home loan amount, interest rate, and loan term:Mortgage Component #1 - The Loan Amount: The loan amount is the principal amount that you want to borrow. Banks in Cambodia generally give a loan of up to 70% of the property value. Mortgage Component #2 - The Interest Rate: The interest rate is very important to understand! It is the percentage of annual interest that you have to pay on the total loan amount. It can be a fixed rate, a flexible rate, or a combination of both. Mortgage Component #3 - The Loan Term: The loan term is the duration/length of time that you take to completely repay the loan. Loan generally range from 15 to 30 years in Cambodia. If you combine the principal loan amount and the interest amount, you will then know the overall loan amount. Most home loans are usually repaid via monthly installments.The repayment comprises two parts or portions. One part is for the repayment of the principal amount. The other part is for the repayment of the interest.This information should help you calculate your monthly mortgage payment... These home loan calculators should help too! Ready to get a Mortgage?? Inquire for a home loan here.

Myanmar's election held on November 8, deemed as the country’s first free election in 25 years, caught the attention of people around the world as Aung San Suu Kyi’s National League for Democracy won by a landslide. Considering the date from the Directorate of Investment and Company Administration (DICA) indicating the rise in the real estate market in Myanmar from $440 million in 2012 to 2014, to $780.7 million this year, Post Property’s Catherine Harry met up with Kevin Goos, CEO of Century 21 Cambodia, to talk about how the changes in the political scene will impact the local and regional property markets. How does the Cambodian property market fare compared to the region? Cambodia has the most attractive market for real estate development in Asia right now. Following closely are Japan and Myanmar. Most real estate markets such as Singapore, Hong Kong, and Taiwan have seen a decrease in transaction by as much as 30 per cent; hence, the surge in foreign buyers over the last 24 months who are purchasing condos in Cambodia. Phnom Penh is seen as relatively affordable when compared to other cities in Southeast Asia and Cambodia has a strong economic growth track record with strong GDP growth since 2001. Comparative real estate markets such as Singapore, Taipei, and Hong Kong were booming in the 1980’s and 1990’s. What we are seeing in Phnom Penh is a city that is “catching up” and we can directly see the success of new developments, most notably North Park Condominium which sold 40 per cent of phase 1 on launch day. What advantages does Cambodia have in terms of laws, regulations and the ability for foreign ownership? Cambodia is good for business. The government’s stance on foreign direct investment (FDI) is very attractive when compared to surrounding countries. The drafting of the new development and construction law will create a clear pipeline for big developers to enter the market and the creation of the strata title and condo law in 2009, allowed for a transparent and practically applied way for foreigners to buy condos in Cambodia. Recently, Vietnam has brought in new laws for foreign ownership. While it appears to have had mixed results thus far, could this have an impact on property development in Cambodia? Yes. The new Vietnam laws on foreign ownership are a move in the right direction and I am sure when these laws are practically applied to the local market, more investors will continue to bring new real estate developments into Vietnam. Traditionally, if both Vietnam and Thailand are doing well in real estate, Cambodia also grows. In this case Phnom Penh is very far ahead of Ho Chi Minh City for condo development, housing development, and commercial development. The main positive effect of a prosperous real estate development market in Vietnam, that benefits Cambodia, is the decreased cost in construction materials for new developments in Cambodia. With Myanmar’s recent election, and the hope of a proposed condominium law, how could this change the focus of investors looking at frontier economies? How do you see the election results affecting the real estate market there? Myanmar is an attractive country for both retail and institutional investors, largely due to the growing populations, geographic location, and the positive results of last elections. However, for brands entering the real estate market, like Century 21, we are still very far from considering Myanmar as US sanctions are still in effect and pertain primarily to property. The condo law has been in the works for roughly 24 months and would have a great effect on real estate developments in the country. Once Myanmar finalises the condo law and allows foreigners to own condominiums outright, we will see a huge surge in world class developments begin to emerge in the country, bringing some of the best developers and large amounts of FDI. How important is political stability when it comes to investors’ decisions? Both retail and institutional investors are smart and base their decision around elections in frontier markets. However, Cambodia has been very consistent in economic growth and political stability for the last 15 years. We are seeing investor confidence at a very high level in Cambodia. After the recent political events in Cambodia, do you think it will have a lasting effect on the real estate market? The real estate market here has not been affected by any recent political events. The only political events that affect real estate transactions in Cambodia over the last 15 years are elections and they are minimal. Usually transactions begin to slow down about six months prior to elections and pick back up again about six months after the election outcome. This has been the recent trend and we expect to see this trend continue. However, as Cambodia enters into the ASEAN community, we expect to see a strong real estate sector in Cambodia well into the 2020’s. It’s believed that foreign investment in retail in Myanmar is limited because of its regulations that require foreign-brand entries to team up with local partners. Do you see similar problems happening in Cambodia? Foreign brands can enter the Myanmar market as a franchisor without a local partner but are required to have less than 40 per cent control over franchisee operations. American brands are still very hesitant due to the current sanctions that pertain primarily to specially designated individuals (SDI’s) who are considered to be involved in human rights violations. Currently, there are about 85 SDI’s that are restricted from doing business with American brands or American nationals should they involve in more than 50 per cent of the current investment, especially in property. Catherine Harry, Phnom Penh Post, Post Property.

39.5% of the Cambodian population now own a smartphone, according to a recent report entitled "Mobile Phones and Internet in Cambodia," written by staffers from the Open Institute in Phnom Penh. This is double the number of users reported in 2013. According to the Open Institute, the rise in smartphone ownership is playing a large role in the nation's internet connectivity, and is likely to take the percentage of internet users in Cambodia from a 1/3 up to 1/2 of the population. Almost 95% of Cambodians own a phone, but the nation's youth are increasingly buying a smartphone or two, with a higher rate of ownership than the older generation. Meanwhile, Facebook has become the second-most read news source in Cambodia, surpassing radio and moving closer and closer to television, according to the report.

Due to rising prime retail real estate prices, many new restaurateurs looking to set up shop in both Phnom Penh and Siem Reap are choosing whether to accommodate high property rental rates into their business costs in order to sit on the vein of the tourist and expat traffic – or whether they step outside the prime retail real estate zones and give their customers a reason to come to them. In Siem Reap, says Dave Murphy of IPS Cambodia, who have offices in both Phnom Penh and Siem Reap, prime retail real estate space is heavily centered around Pub Street, and the surrounding lane ways. “In a city with far fewer expats than Phnom Penh,” says Murphy, “this is where the money really gravitates for restaurateurs.” Check out what's on offer in Siem Reap! For those cooking in Phnom Penh, their scope for prime retail real estate, primarily, is around the riverside district, BKK1 and the central suburbs of Duan Penh and Tonle Bassac. “However,” notes Murphy, “where these businesses ultimate choose to set up depends on their products and who they are catering for - as most expats are not particularly attracted to the Riverside area.” And, in fact, prime retail real estate rental prices in affluent areas such as BKK, Duan Penh and Tonle Bassac are growing faster than those on riverside, spurred by high demand - “which suggests,” says Murphy, “that F & B businesses in Phnom Penh are realizing there is a strong market in Phnom Penh that lies outside of the tourist dollar.” Check out what's on offer in Phnom Penh! For Edward Carminati, managing director of Il Forno Restaurants in Phnom Penh and Siem Reap, BKK1 was the preferred location for his second Italian restaurant destination after great success in Siem Reap. “We didn’t choose to set up on Riverside,” says Carminati, “because we know, from our experience with our tourist driven venue in Siem Reap, that tourists primarily want to eat Asian food, and their spending limits are often smaller that the expat community.” “In fact,” continues Carminati, “BKK1 offers us access to a whole new market.” In Siem Reap, 90 percent of Il Forno’s customers are tourists – the other 10 percent are expats, who predominantly work in the NGO sector. In Phnom Penh, Carminati’s new venue caters to 80 percent expats, 10 percent Khmers and a measly 10 percent tourist traffic. See BKK1 real estate here!“In Phnom Penh,” says Carminati, “the expat community has much higher spending power than we are used to in Siem Reap. Here you have the NGOs, but you also have the corporates. The long-term expats are looking for a taste of home, and an ambient, authentic dining experience – we can offer that all year round.” Carminati confirmed that his costs of doing business are 300% higher in Phnom Penh’s BKK1, sitting on some of the countries most prime retail real estate, than they are in Siem Reap, but the profit available in Phnom Penh easily legitimizes these rates. In Siem Reap, the market is far less complex. Pub Street is the pinnacle of demand for prime retail real estate thanks to a high turnover of affluent visitors, but likewise rental rates. “It is becoming an extremely hard area to break into for new business ventures,” says Murphy, “as pub street has quickly been deemed prime retail real estate leaving few owners willing to sell, and rental rates climbing every new term.” This means new F & B enterprises have no choose but to move off the main street, where rental rates are lower – but so is foot traffic. However, in both Siem Reap and Phnom Penh, some restaurant owners are showing that it is not always crucial to have your property in the hottest areas. “Those businesses with high quality user reviews, and effective marketing, can take cheaper space in side streets off Pub Street, or a lesser known part of Phnom Penh, and customers will still find them,” believes Murphy. Carminati notes that, in fact, Il Forno’s less prominent retail space in Siem Reap, launched in 2011, located down a laneway off Pub Street, has been a blessing in disguise. “Our rental rates are more reasonable than on Pub Street, although growing fast, and, in fact, our location offers customer’s privacy, relative peace and tranquility, something very hard to offer when your restaurant sits directly on Pub Street. This keeps us well-reviewed, which makes tourist willing to come and find us off the main drag.” This is not unlike the booming F & B market in downtown Melbourne in the 1990’s, says Murphy. Spurred by the coffee culture boom, “any new cafe owners in the central Melbourne F & B industry either bought into prime retail real estate areas at huge cost – or did something very clever and unique to service their clients while they sat in the lower rental zones.” Check out IPS's listings here!

Stepping up to purchase your very first investment property represents a large financial commitment, and is probably one of the first major financial risks you will take in your life. So, how do you ensure you are not buying a lemon when looking for your first investment property? Here is the right start from Realestate.com.kh: Start by asking the following 3 questions! 1. Do you know your own strategy? The basis of a successful investment property is having and practicing a clear strategy. Always consider your "bigger picture" first and foremost. Consider what you are looking to achieve through your investment property: Are you looking to create a supplement to your income in retirement? Or, are you looking to improve your cash flow in the short term? Alternatively, you might be trying to improve your equity position in order to consider buying more properties? First be perfectly clear on the "WHY?" question... Only then you can think about the ‘HOW?’. This means, if it is cash flow now you want, then you had better target cash flow positive properties. Trying to improve your equity position? Perhaps you need to renovate and flip a property. Whatever the why, you must be perfectly clear about how you’re going to make money from the investment property before you start investing. 2. Know your finances, perfectly: Always plan your exact budget, before you even start surfing property listings on Realestate.com.kh. Here's why: If you are considering your first investment property purchase, you’ll need to have enough cash to cover the deposit and any additional purchase costs, such as transferring the title. Even if you’re using equity in your home to cover the deposit, you’ll still need some additional capital to cover the purchasing costs. Always be very clear about your precise borrowing capacity because understanding how much can you borrow is critical! It’s pointless looking for a property until you know what you can afford to buy. Only then can you work out your borrowing capacity using the realestate.com.kh calculators. Also, you had better not forget to add in purchasing costs, as well as including the headline cost of the investment property. For example, land transfer fees can be anything up to four per cent of the purchase price. You should also factor in legal fees, loan establishment fees and property inspection fees, as all these buts and pieces begin to add up. Learn how to budget better, with Realestate.com.kh 3. Know the buying process inside out: Each country’s investment property purchase process is unique, and even within the different provinces of Cambodia, buying requirements can differ slightly – you should understand how these work in your area and in relation to your investment property. Here's a guide to land title classifications in Cambodia, and a guide to transferring ownership rights in Cambodia, thanks to Realestate.com.kh. The three steps above may seem like small considerations in comparison to the actual house hunting and inspection process. However, successful property investing is not about falling in love with a house and buying it. Keep these three steps in mind and be fully prepared to make a wise financial choice when you take the plunge on an investment property.

ANZ Royal Cambodia and Realestate.com.kh are working together to make your dreams of owning a home a reality. We want to help all Cambodian's leverage their finances effectively to improve their life, and the life of their families, today!Realestate.com.kh is the number 1 property portal in Cambodia, with over 15,000 properties for rent and sale, and attracting 1000's of visitors everyday! [caption id="attachment_79387" align="alignleft" width="259"] Realestate.com.kh are on ANZ Royal ATM screens across Cambodia![/caption] A standout feature of our website is being able to apply for a home loan directly - and you can even use our clever home loan calculators to work out how much you will likely need to loan, based on the price of the property you are considering. Once you know the value of your dream house or commercial property, with Realestate.com.kh you can apply for a loan directly to ANZ Royal Cambodia with the click of your mouse. This process makes getting a home loan easier than ever before - all from the comfort of your home, office and even from your mobile phone! Find out more today about how you can finance your dream home with ANZ Royal and Realestate.com.kh, Cambodia's home of real estate.

ទាំងនេះគឺជាហេតុផលទាំង ៦ ដែលបកស្រាយថា ការស្វែងយល់ពីទីផ្សារអនឡាញ ជាជម្រើសទី ១ ក្នុងការបង្កើនមុខជំនួញរបស់អ្នក មិនថាជាភ្នាក់ងារអចលនទ្រព្យ ឬកម្លាំងលក់អចលនទ្រព្យនោះទេ។ វាក៏ជាមូលហេតុដែលបង្ហាញថា ជាចុងក្រោយវានឹងជំនួសឲ្យវិធីលក់តាមបែបធម្មតាផ្សេងៗទៀត។ ១. ពិសោធន៍អំពីគំនិតស្វែងយល់ពីទីផ្សារលឿន៖ការរៀបចំយុទ្ធនាការស្វែងយល់ពីទីផ្សារអនឡាញ មានភាពឆាប់រហ័ស និងងាយស្រួល។ ទន្ទឹមនឹងនោះយើងក៏អាចបិទ ឬបើកយុទ្ធនាការនោះដោយគ្រាន់តែចុចលើ mouse យើងតែប៉ុណ្ណោះ។ លោកអ្នកក៏អាចរៀបចំឲ្យមានយុទ្ធនាការច្រើនកើតឡើងស្របគ្នា (ការពិសោធផ្សេងគ្នា) ដែលធ្វើឲ្យអ្នកមានលទ្ធភាពប្រៀបធៀបយុទ្ធនាការការស្វែងយល់ទីផ្សារពីរ ដោយផ្ទាល់ក្នុងពេលតែមួយ។ ដូច្នេះហើយ វាជាវិធីដែលអាចឲ្យអ្នកពិសោធគំនិតបានយ៉ាងឆាប់រហ័ស។២. ពង្រីកបានលឿន៖នៅពេលដែលអ្នកមានយុទ្ធនាការស្វែងរកទីផ្សារមួយដែលកំពុងទទួលបានជោគជ័យក្នុងការពង្រីកវាឲ្យធំជាងមុននឹងមានភាពងាយស្រួលផងដែរ។ដោយសារតែអ្នកមានទិន្នន័យ និងការវិភាគទាំងអស់នៅក្នុងកណ្តាប់ដៃរបស់អ្នក អ្នកដឹងច្បាស់ថា អ្វីដែលប្រសើរ និងអ្វីដែលមិនប្រសើរ។ ប្រការនេះធ្វើឲ្យយុទ្ធនាការស្វែងរកទីផ្សារអនឡាញ សមបំផុតក្នុងការពង្រីកយុទ្ធនាការរបស់ខ្លួន។៣. ទៅលើសពីទីកន្លែងដែលអ្នកអាចទៅដល់ជាធម្មតា៖បណ្តាញអ៊ីនធឺណិតជួយឲ្យអ្នកស្វែងរកបានមនុស្សនៅជុំវិញពិភពលោក។ ទីផ្សារគោលដៅរបស់អ្នកនឹងត្រូវបានពង្រីកយ៉ាងខ្លាំង នៅពេលដែលអ្នកមានលទ្ធភាពទាក់ទងជាមួយនឹងមនុស្សដែលរស់នៅក្រៅពីទីតាំងរបស់អ្នក ជាពិសេសនៅពេលអ្នកកំពុងស្វែងរកអ្នកបណ្តាក់ទុនផ្នែកអចលនទ្រព្យអន្តរជាតិ។ដោយប្រើប្រាស់ការស្វែងរកទីផ្សារអនឡាញ អ្នកអាចទាក់ទងនឹងមនុស្សម្នាក់ ដែលស្គាល់ម្នាក់ទៀត ដែលស្គាល់បន្តទៅម្នាក់ទៀត ក្នុងរយៈពេលតែប៉ុន្មានវិនាទីប៉ុណ្ណោះ ហើយដែលពួកគេអាចនឹងរស់នៅរាប់ពាន់គីឡូម៉ែតពីអ្នក។ នេះហើយគឺជាអំណាចរបស់បណ្តាញសង្គម និងការស្វែងរកទីផ្សារអនឡាញ។ ប្រសិនបើអ្នកមានបណ្តាញតូចមួយក្នុងអ៊ិនធឺណិតដែលមានសមាជិកប្រហែល ៤៥០ រូប អ្នកអាចមានសក្តានុពលយ៉ាងខ្លាំងក្នុងការពង្រីកបណ្តាញនេះតាមអ៊ិនធឺណិត។៤.ការស្វែងរកទីផ្សារអនឡាញមានប្រសិទ្ធភាពជាងការអំពាវនាវលក់ពីព្រោះអតិថិជនរបស់អ្នកមានលក្ខខណ្ឌគ្រប់គ្រាន់ និងមានសេចក្តីរំភើប!ប្រសិនបើអ្នកគោះទ្វារផ្ទះ ឬផ្ញើរអ៊ីមែលទៅកាន់ជនចម្លែក នោះបានន័យថា ពួកគេមិនដឹងអ្វីទាំងអស់ពីសេវាកម្ម ឬកេរ្តិ៍ឈ្មោះរបស់អ្នក។ ប្រការនេះអាចនឹងធ្វើឲ្យការលក់របស់អ្នកធ្លាក់ចុះ និងយឺត។ ដោយសារការស្វែងរកទីផ្សារអនឡាញ អតិថិជនរបស់អ្នកអាចដឹងនូវគ្រប់ពត៌មានទាំងអស់មុននឹងពួកគេទំនាក់ទំនងមកអ្នក ហើយពួកគេមានភាពរំភើបទៀតផង! តើអតិថិជនប្រភេទណាដែលអាចនឹងទិញទំនិញរបស់អ្នកច្រើនជាង?ការស្វែងរកទីផ្សារអនឡាញ ជួយឲ្យអ្នកបង្កើតនូវក្រុមអតិថិជន «ជាប់» ដែលងាយស្រួលនឹងត្រូវបានផ្លាស់ប្តូរឲ្យក្លាយទៅជាការទិញ ពីព្រោះពួកគេមានចំណេះដឹងទាក់ទងនឹងសេវាកម្មរបស់អ្នក ហើយពួកគេទទួលបានការបញ្ចុះបញ្ចូលរួចហើយមុននឹងអ្នកនិយាយទៅកាន់ពួកគេ។ ការជួបជាមួយនឹងមនុស្សដែលចង់និយាយជាមួយអ្នកតែងតែមានភាពសប្បាយជាងជានិច្ច!៥. មានតម្លៃថោកជាង ៖ការប្រើប្រាស់បណ្តាញអ៊ិនធឺណិតដើម្បីស្វែងរកអតិថិជនអចលនទ្រព្យ មានតម្លៃថោកជាង បើប្រៀបធៀបទៅនឹងវិធីផ្សេងៗ ដោយសារហេដ្ឋារចនាសម្ព័ន្ធអ៊ិនធឺណិតមានតម្លៃថោកជាងហេដ្ឋារចនាសម្ព័ន្ធពិតប្រាកដឆ្ងាយណាស់។ ហើយអ្វីដែលល្អជាងនេះទៅទៀតនោះ គឺអ្នកគ្រាន់តែចំណាយលើអ្វីដែលអ្នកប្រើប៉ុណ្ណោះ ហើយអ្នកអាចចាប់ផ្តើមពីតូចទៅបាន!៦. បង្កើតម៉ាករបស់អ្នកតាមអ៊ិនធឺណិត៖អ្នកនឹងមានអត្ថប្រយោជន៍ក្នុងការប្រកួតប្រជែងដ៏ខ្លាំងមួយ ប្រសិនបើអ្នកអាចធ្វើឲ្យខ្លួនអ្នកខុសពីគូប្រកួតរបស់ខ្លួនតាមរយៈការបង្កើតម៉ាករបស់អ្នកនៅក្នុងអ៊ិនធឺណិត។ ការស្វែងរកទីផ្សារអនឡាញ ជួយឲ្យអ្នកបង្កើត និងផ្សព្វផ្សាយ ម៉ាកនោះយ៉ាងស្រួល និងចំណាយ ថោកបំផុត។ជាសរុបមក ការស្វែងរកទីផ្សារអនឡាញអាចជាឧបករណ៍លក់ដ៏ខ្លាំងក្លាសម្រាប់ពាណិជ្ជកម្មអចលនទ្រព្យរបស់អ្នក ទោះបីជាអ្នកជាភ្នាក់ងារម្នាក់ ឬជាអ្នកសាងសង់អចលនទ្រព្យក៏ដោយ ដោយសារមូលហេតុពីរធំៗ។ ទី១ វាជួយឲ្យអ្នកពិសោធគំនិតរបស់អ្នក ហើយវាក៏ជួយឲ្យអ្នកពង្រីកយុទ្ធនាការរបស់អ្នកផងដែរ។ក៏ប៉ុន្តែទោះជាយ៉ាងនេះក្តី សូមកុំភ្លេចនូវរឿងទាំងពីរនេះ៖១. អ្នកត្រូវមានគម្រូពាណិជ្ចកម្មដែលសមរម្យមួយសិន ៖អ្នកត្រូវមានគំរូពាណិជ្ជកម្មដែលមានភាពរឹងមាំមួយ ដែលត្រូវបានបង្កើតឡើងពីការវាយតម្លៃរបស់អតិថិជនពេលអ្នកអាចគិតពីការស្វែងរកទីផ្សារអនឡាញ។ ការស្វែងរកទីផ្សារអនឡាញមិនអាចជំនួស ឬជួយឲ្យគំនិតពាណិជ្ជកម្មមិនល្អមួយឲ្យមានភាពប្រសើរជាងមុនឡើយ។២. កុំភ្លេចពីការស្វែងរកទីផ្សារធម្មតានេះមិនមែនជាការជជែករកខុសត្រូវរវាងការស្វែងរកទីផ្សារអនឡាញ និងការស្វែងរកទីផ្សារធម្មតានោះទេ។ អ្នកគួរតែបន្ថែមការស្វែងរកទីផ្សារធម្មតា នៅពេលដែលជំនួញរបស់អ្នកកាន់តែធំទៅៗ តែអ្នកគួរតែចាប់ផ្តើមដោយប្រើប្រាស់ការស្វែងរកទីផ្សារអនឡាញ ដោយសំអាងលើមូលហេតុខាងលើ។តើលោកអ្នកចង់ដឹងព័ត៌មានបន្ថែមស្តីពី ឱកាសនៃការស្វែងរកទីផ្សារអនឡាញ សម្រាប់ភ្នាក់ងារ និងអ្នកសាងសង់ទេ? សូមចូលទៅកាត់ realestate.com.kh នៅថ្ងៃនេះ!

First came artificial islands off the coast of Dubai, and the next stage is building villa homes that will be sit half above, and half below, the water. A first for the world property market! A developer, known as the Kleindienst Group, is now set to build the villa project. Each Villa home will have two floors above water level - and one beneath - as part of The World islands project, known specifically as the Heart of Europe. The 1,700 sq ft villas, expected to be finished in 2017, have been introduced at the price of Dh5 million, on a construction-linked payment plan. Read more of the latest real estate news today, on Realestate.com.kh

Diamond Island, known as Koh Pich in Khmer, is a piece of land located just a few kilometers south of the merger-point of the Mekong and Tonle Sap rivers. Diamond Island is separated from Phnom Penh’s Tonle Bassac area by just a narrow channel and connecting bridges. Now covered in the widest and least-congested roads in central Phnom Penh, this island is filling up quickly with residential, retail and hospitality projects aimed at affluent locals and foreign investors.

Sihanoukville has long been a part of the government’s plan to develop the Southern coast as Cambodia’s next tourism hotspot after Siem Reap, and if recent arrival numbers are anything to go by it seems to be growing in appeal. However, as new property developers and casino operators descend on the city, and as budget backpackers continue to zip past to the beaches of nearby islands, it is yet to be seen how the development will play out and what crowd it will bring in. In the first eight months of the year Sihanoukville airport handled a total of 65,698 passengers, with total arrivals at 35,882, up 149 per cent and 140 per cent year-on-year, respectively. Check out properties for RENT in Sihanoukville now! But as nearby islands such as Koh Rong and Koh Rong Samloem become more heavily marketed, and with the amount of visitors increasing every year – including tourists from other Asian countries –Sihanoukville still looks scarcely more than a forgotten seaside town. Ho Vandy, a tourism expert and former co-chair of the Private and Public Sector Working Group, said the city has been neglected and outpaced by visitation to the islands, which is largely apparent in the low season. “There needs to be more attractions such as theme parks and special places to visit to get more tourists all year round,” he said. But beyond the view of sleepy restaurants along Ochheuteal and Serendipity beaches that offer nearly identical sun-bleached and faded menus, Sihanoukville has a growing property sector driven by largely Chinese and ASEAN investment that could pick up the slack during the quiet periods. Check out properties in Sihanoukville, on Realestate.com.kh! One industry that appears to be taking off more than others is gambling, as integrated hotel and casinos aimed particularly at the rising number of Chinese visitors, multiply. Ros Phirun, spokesman for the Ministry of Economy and Finance, said the number of licensed casinos operating in Sihanoukville has doubled since last year to 15, with an additional five applications pending approval. “Before, casinos were mainly at the border but as the economy grows and more tourists visit the coast more casinos are opening… and for first time Chinese are going to the seaside to look for opportunities to invest,” said Phirun. Sihanoukville’s casino boom now puts the city on a par with Poipet, near the Thai border, in terms of the number of licensed facilities, though, still lags behind in volume. But this could change as Chinese arrivals continue to surge. From January to August of this year, arrivals from China to Cambodia totalled 461,518, up 26.5 per cent year-on-year and accounting for 15.2 per cent of total arrival numbers. These numbers have secured China’s place as the second biggest source market behind Vietnam. With Sihanoukville International Airport now operating flights from South Korea, Singapore and China, as well as daily flights to Siem Reap, the coastal city totalled more than 1 million visitors during the eight-month period, boosting its connection not only China but the rest of Asia. Phirun says the casinos, lit up at night in Chinese characters, predominantly do business with online games rather than face-to-face and that the growth of casinos will hopefully draw in more business tourists with greater spending power. “Sihanoukville previously attracted local tourists who mostly visit on the weekend and during the holidays, which means business is very slow during the week. If the city can attract more investors in gambling, then construction, hotels and a bigger tourism business will grow accordingly,” he says. But despite the economic potential of hotel and casinos, the country’s gambling industry has long maintained a murky reputation, while Sihanoukville rarely makes positive headlines. Check out properties in Sihanoukville, on Realestate.com.kh! Earlier this year, there was a highly publicised incident involving a group of armed men launching an assault in the Queenco Hotel and Casino to extort money from music festival organizers. The music festival, Kazantip, which had for years been held on the Crimean peninsula before shifting to Georgia, was eventually cancelled after what government had deemed it an “indecent” and “illegal” event. Meanwhile, casinos in the border towns of Bavet and Poipet have been dogged by stories of kidnapping and extortion. Yet, the absence of law, oversight and bad press has still attracted brisk investment amid relaxed regulations and fewer restrictions compared to neighbouring countries. Check out properties for RENT in Sihanoukville now! The Post reported last month that a senior official in Cambodia’s anti-money laundering agency said the body lacks the resources to investigate or penalise financial institutions that break the law, leaving the country open to exploitation by organised crime. But at the moment, it seems any investment is good investment explained Luu Meng, President of Cambodia Hotel Association. He said that with Chinese investors taking risks by building large scale properties, this could hopefully lead to diversification within the market when more cautious investors show interest. While he said it is important to have a balance of regional and foreign investors, regardless “Sihanoukville has been waiting for many years for someone to start it off...and it’s always good to have more tourists looking for different things,” he said. “It’s always good to see construction going on and it’s a good indication there will [be] even more development because more than a year ago Sihanoukville was so empty.” However, it’s not just casino operators that are looking to cash in on Sihanoukville’s growth. The city has caught the attention of major property developers. Earlier this year Cambodian property and hotel conglomerate SGPD Corp. broke ground on The Sunshine Bay, a 31-storey mixed development with three towers comprising 900 units, water parks and bars, to be located on Independence beach. Prices per unit start from $123,000. The developers reportedly sold more than 200 units before the groundbreaking ceremony in May to Taiwanese, Chinese and Cambodian investors. Another such property is D’Seaview, a 735-unit condominium backed the Singaporean agribusiness company HLH Group Ltd under their newly formed Camhomes branch, will be located near Sokha Beach. Through private subsidies the company is marketing units as low as $33,000 for Cambodian citizens. Construction on the project is expected to begin later this year, with a completion date of 2018. Ross Wheble, country director for global real estate consultancy firm Knight Frank, said Sihanoukville’s first real condominium projects are aiming to bring international standards to the city and breaking a long spell of inactivity and relatively flat land prices. Check out properties in Sihanoukville, on Realestate.com.kh! “This in part can be attributed to the increase in scheduled flights to Sihanoukville Airport which is only going to increase over the medium to long term, in addition to the growth of the industrial sector and the increasing number of [special economic zones],” he said in an email. The inflow of investment is also seeing Sihanoukville’s popular beach, Otres, gain interest as higher-end hotels offering luxury amenities set up in the stretch farther away from the city called Otres Two. “Presently, Sihanoukville itself does not have so much of a good reputation and Serendipity Beach is not the best. The reason we are seeing development at Otres Beach is that it is catering to the more upmarket/family tourist segment as opposed to the backpacker market associated with Sihanoukville,” said Wheble. Check out properties for RENT in Sihanoukville now! Norn Thim Sothear, director of Sihanoukville Property, said the speculation in Otres Two also comes amid a lack of space on Otres One, which has pushed land prices up by about $100 since last year, totalling $600 per square metre along the entire beach. Whether Sihanoukville’s growth will complement the government’s tourism drive and attract a breed of tourist other than backpackers or whether it will turn into a generic casino town like Bavet will remain to be seen. But for now the focus is taking that initial plunge and shaking the city from its slumber. “It requires someone to take the risk. Someone has to begin building and we’ll need to wait for the customers to see what happens,” said Meng. Check out properties in Sihanoukville, on Realestate.com.kh!  or Check out properties for RENT in Sihanoukville now! George Styllis, Phnom Penh Post, Post Property