ย +85561 777 090
Logo

Recent Articles

Condo Property Management, Forgotten Risk
Condo Property Management, Forgotten Risk
June 6, 2022, 5:05 p.m.
Realestate News
In their purchasing decision condo buyers often pay little or no attention to who will take charge of property management upon completion of the development and what quality property management actually costs. Without effective property management and the necessary according fees, the impact can be catastrophic on re-sale value and the ability to rent a condo, according to Simon Griffiths, associate director at CBRE Cambodia. Check out CBRE's property listings on Realestate.com.kh today!Exclusively for Post Property, Griffiths explains why developers and condo buyers in Cambodia should consider more on property management, management service fees and what it really means to their purchasing decision. โ€œWhile the real estate market in Cambodia is โ€˜hotโ€™ and new condo developments are rising out of the ground all over Phnom Penh, a rarely discussed topic is how these new condos will be managed once they are built and online. With property management (PM) being a decisive factor in the enjoyment of a condo, not to mention potential re-sale values and rental returns, the topic neither receives attention nor interest from many buyers. Understandably and rightfully so. Price, location, developer reputation, facilities and amenities are key determining factors on which a condo buyer will make a โ€˜buy or notโ€™ decision. However, property management and according fees are crucial components when it comes to owning a condo. In one sentence: Buyers beware of low management service fees (MSF)! Consider buying a Porsche sports car. Would you then use the cheapest gasoline off a street vendor or pay the extra 20 cents a litre for the premium gasoline that is meant to protect the engine? Would you clean your car regularly at the additional cost or let it be covered in dirt? You would want to protect and enjoy your investment. The same principle holds true for property investment. Low cost PM will manifest in low quality PM and will quickly become visible to buyers and renters even in the short term. With poor management, the value of a condo investment is at risk, not to mention the enjoyment of anyone living at the condo. Why then, so often, do buyers invest in premium condos and then actively seek-out and desire lowest price MSFโ€™s? Letโ€™s set put this discussion in Phnom Penhโ€™s market context. The often so called โ€˜standard market priceโ€™ for condo management service fees in Phnom Penh is set between $0.5 and $1 per square metre and buyers commonly consider $1 per square metre overly expensive. Consider then a scenario with 100 condominium units at 100 square metre each. If you manage this building at $0.50 per square metre the PM monthly budget is $5,000. This will need to cover a building manager, accountants, handymen, technicians; building insurance; cleaning; 24 hours security; cleaning materials, mechanical and electrical parts and so much more. Simply put, this budget may keep the building functioning but only just, and the initial โ€˜on the surfaceโ€™ benefit of a low MSF would quickly transpire into low safety standards, broken machinery and equipment and a poor condition building in a short space of time. ย Check out some new condo projects here!Now, would you desire a low price MSF or consider paying more for quality? But even at $1 per square metre MSF for the building in the above scenario, while it would be possible to provide functional PM, there is little room for high quality services and sacrifices would need to be made in cleaning, security and mechanical and electrical maintenance to keep within the budget, thus showing that the MSF so called โ€˜market rateโ€™ (in some cases) is artificially low and being driven down by buyers who are mistakenly prioritizing โ€˜low priceโ€™ PM as a positive factor in a purchasing decision. In effect, condo buyersโ€™ MSF expectations are often too low set by a โ€˜market rateโ€™ that makes it difficult for developers to truly deliver promises of high quality. Couple this with the successive increases in minimum wage levels, and achieving a quality PM service becomes an increasingly difficult proposition. In summary, the so called โ€˜market priceโ€™ for MSF in Phnom Penh in many cases is not feasible and creates a situation where there is a disconnect between buyer expectations and what will actually be delivered in terms of PM service quality. The result is a situation where lowering MSFs effectively may secure sales but creates unrealistic expectations. Selling high quality PM with a low budget makes it almost impossible to deliver on such promises. So how should the developers and buyers think and behave? Developers should not be looking for the easy or quick way out of setting an unrealistic MSF to achieve extra sales. This is flawed and would inevitably lead to unsatisfied buyers come the time when the building opens and is short sighted. Developers need to invest time, energy and knowledge to ensure relevant PM services are installed and embedded within a development before they โ€˜exitโ€™ and ensure MSFโ€™s relevance to the quality of the development. Buyers should consider more than the bottom-line price in relation to MSF. Consider your expectations, quality and what you want from your condo investment. If you desire a low price, expect low quality and manage your expectations accordingly. Simon Griffiths,ย associate director at CBRE Cambodia, Phnom Penh Post, Post Property.ย Check out CBRE's property listings on Realestate.com.kh today!
Century 21 Bring Japanese Investors
Century 21 Bring Japanese Investors
June 6, 2022, 5:06 p.m.
Realestate News
Century 21 Family is visiting Century 21 Japan on the 12th of December 2015 to enhance the level of collaboration and co-operation between Century 21 Family and Century 21 Japan. Hence, Century 21 Family is on international level and work in the global market place.Within the Real Estate arena, Cambodia has the most attractive market for real estate development in Asia right now compared to other regional countries. Owing to Cambodiaโ€™s steady economic growth to be number 21 worldwide and number 1 in the region, the expansion of Cambodian property market with affordable price of condominiums, and a sharp rise in the number of condominium in Phnom Penh, there is a huge increase in foreign buyers who are purchasing condominiums for investment or the second home. Also, as the ASEAN Economic Integration 2015 is approaching at the end of this year with the promise of deeper market integration among the states, Cambodiaโ€™s real market attracts investment across the region. Century 21 Japan is efficiently operating 767 offices with professional agents of very strong Project Sale of condominium and generate a great achievement. In addition, Century 21 Family is building networks and relationships to create more opportunities necessarily to introduce and bring potential major Japanese investors to Cambodia.
Property Developers Consider CSX Valuations
Property Developers Consider CSX Valuations
June 6, 2022, 5:05 p.m.
Realestate News
As interest grows in the nascent Cambodia Securities Exchange amid announcements of new floats tentatively scheduled for 2016, real estate agencies push for approval to become panel valuersโ€”the sole legal mediator to value property holdings while pursuing an IPO. Thus far, members of just six real estate agencies have been granted approval for IPO appraisals in Cambodia: V Trust Appraisal, Real Estate VMC Cambodia, CBRE Cambodia, Bonna Realty Group and the most recent entrant joining this month, Knight Frank Cambodia.Although activity on the Cambodia Securities Exchange (CSX) was initially slow, with the Phnom Penh Water Supply Authority listing in 2012 and Taiwanese-owned Grand Twins International listing in mid-2014, Ross Wheble, country manager for Knight Frank Cambodia, believes that the recent activity indicates growing confidence in the Cambodian economy and finance industry as a whole. โ€œWhich is a positive sign for Cambodiaโ€™s real estate and construction industry,โ€ he said. The recent announcement that Hong Kong-based property developers, Eastland Development, expressed interest in listing on the CSX follows a number of similar announcements by companies such as the Phnom Penh Special Economic Zone (PPSEZ), TY Fashion and Sihanoukville Autonomous Port. [caption id="attachment_79853" align="aligncenter" width="297"] Mr Kuy Vat, VTrust Appraisal Co., Ltd.[/caption] If Eastlandโ€™s promises come to fruition and other real estate developers follow suit, โ€œthis shall enable investors who may not be able to afford to buy a property a chance to participate in the growing real estate sector by indirectly investing through the purchase of shares within real estate companies,โ€ said Wheble. Regardless if a company like Eastland pursues a listing, a publicly traded entity would bring in the much needed transparency to a vague property market where financial capital and level of investment is often kept in the dark. But besides that, it would allow more investors to enter the market without having to put down the large sums to acquire property directlyโ€”and at lower risk. โ€œSmall investors will have a chance to invest in the property market,โ€ says Kuy Vat, president VTrust Appraisal, meanwhile โ€œthe developer can mobilize more cash and spread the risk. Of course, the CSX will also receive a boost in public confidence with the announcement.โ€ [caption id="attachment_78669" align="aligncenter" width="255"] Ross Wheble - Country Manager of Knight Frank Cambodia[/caption] Simon Griffiths, associate director at CBRE Cambodia, suggests that for property developers with an established and diverse portfolio, new projects in the pipeline, and a well-financed organisation, โ€œrisk is diversified and can be stabilized across sectors to some extentโ€ by joining the stock exchange. While diversity is important, especially in the real estate and property developersย market which often faces turbulence, โ€œas we saw during the last global economic crash,โ€ said Griffiths, a certain amount of risk will always remain.ย โ€œBuyers of any stock would consider this and hedge their bets,โ€ he said. However, if more property developers join the CSX, Griffithโ€™s believes that it would allow for investors to capitalize on developments. It could also issue in the unique potential for Real Estate Investment Trusts (REITs)โ€”a type of security that invests in real estate by combining property or mortgages, thus providing more liquidity and high dividend yields. While Kuy believes that there would certainly be an increase in liquidity, additionally, it would also provide a secondary market for investors who want to easily trade out of their investment.ย โ€œThis means adding more lubricant to transactions [across other] sectors,โ€ he said. [caption id="attachment_79857" align="aligncenter" width="225"] Simon Griffiths, CBRE[/caption] But while it is highly debatable if foreign property developers are even considering listing, property valuation is an important step in the IPO process that requires companies to open their books and disclose their assets. โ€œA company is required to have its real estate assets valued to determine its Net Asset Value (NAV),โ€ explained Wheble. But with only six accredited panel valuers currently operating in Cambodia, Griffiths highlighted the high standards required to gain entrance into the club. A foreign agent has to be security checked in their home country and in Cambodia and academic and relevant valuation experience and qualifications need to be verified, he said. One such accreditor that can audit an agent or a real estate company that wishes to be a panel valuer, is the Royal Institute of Chartered Surveyorsโ€”a London based organization that values property worldwide. โ€œ[Royal Institute of Charted Surveyors] adheres to strict and internationally recognized valuations guidelines, practices and methodologies,โ€ said Griffiths. For smaller, local real estate agencies, the demand for CSX valuations remains too small of a market to service, and with qualification thresholds currently out of reach. [caption id="attachment_79081" align="aligncenter" width="300"] Kim Heang. CVEA[/caption] โ€œUntil this stock exchange grows significantly,โ€ Kim Heang, president for the CVEA, suggests, โ€œlocal agents will continue to focus on [regular] property valuation.โ€ โ€œIt is great to have more, and more professional, panel valuers in the industry - so that we can compete with professionalism and quality rather than on price,โ€ said Kuy. However, โ€œconsidering the market and volume of assignments currently available, the CSX valuations market for local agents likely wonโ€™t grow dramatically in the short term.โ€
Featured Agent Profile: Furi Real Estate
Featured Agent Profile: Furi Real Estate
June 6, 2022, 5:05 p.m.
Realestate News
Realestate.com.kh would like to present another of our featured agencies โ€“ Furi Real Estate Co., Ltd.Furi Real Estate is the largest pure condo agency in Cambodia, in regards to agencies, agents and overall sales. In late 2012, Furiย Real Estate founded a trade mark limited company under the new brand name: FURI Real Estate Co., Ltd. Furi Real Estate attributes 98 per cent of their condo sales over the last three years to Khmer buyers, according to CEO Ly Senleap.ย Furi Real Estate encourages locals to sell land, pool their savings and buy sets of condo units as live-in investments. By buying several units or a floor at one time, these buyers can save on market prices. Furi Real Estate currently has an exclusive listing over โ€œThe Bay,โ€ an already-renowned condo complex being built on Chroy Changvar by the Singaporean-based TEHO-SBG Development Co., Ltd. Check out The Bay, from Furi, today on Realestate.com.kh today!"Our vision is clear," says Senleap: "To create a state of the art experience in buying and selling real estate, in Cambodia and Southeast Asia. We pride ourselves in understanding clients needs by building trust and developing lifetime relationships." Furi Real Estate seeks to provide excellence inย investment services. Services always push to ensure outstanding and accountable services with integrity to customers, honesty in commitments, transparency with no hidden costs, building relationships and, ultimately, achieving great results. Invest with the best!ย See another superb development from Furi - The Diamond Twin Tower! Furi Real Estate is unique organization built around understanding theirย clientsโ€™ true need of investment. Whether it is location, size, or price - Furi willย have the right fit for your needs through our property network across Cambodia, Singapore, Indonesia, and Hong Kong. Furi'sย real estate, product design, development, sales strategy management, and networking services are customized to meet each clientโ€™s unique needs. Check out two exciting listings from Furi Real Estate on Realestate.com.kh today:The Bay and Diamond Twin Tower.
News Page Concierge Service 590x250 ENG
แžแžพโ€‹แžขแŸ’แž“แž€โ€‹แž€แŸ†แž–แžปแž„โ€‹แžŠแžถแž€แŸ‹โ€‹แž›แž€แŸ‹โ€‹แžขแž…แž›แž“โ€‹แž‘แŸ’แžšแž–แŸ’แž™โ€‹แžšแž”แžŸแŸ‹โ€‹แžขแŸ’แž“แž€โ€‹แžฌโ€‹? แžŸแŸ’แžœแŸ‚แž„แž™แž›แŸ‹โ€‹แž–แžธโ€‹แž—แžถแž–แžแžปแžŸแž‚แŸ’แž“แžถโ€‹แžšแžœแžถแž„โ€‹แž”แŸ’แžšแžถแž€แŸ‹โ€‹แž…แžปแŸ‡แžˆแŸ’แž˜แŸ„แŸ‡โ€‹แž‘แžทแž‰ แž“แžทแž„โ€‹แž”แŸ’แžšแžถแž€แŸ‹โ€‹แž€แž€แŸ‹
แžแžพโ€‹แžขแŸ’แž“แž€โ€‹แž€แŸ†แž–แžปแž„โ€‹แžŠแžถแž€แŸ‹โ€‹แž›แž€แŸ‹โ€‹แžขแž…แž›แž“โ€‹แž‘แŸ’แžšแž–แŸ’แž™โ€‹แžšแž”แžŸแŸ‹โ€‹แžขแŸ’แž“แž€โ€‹แžฌโ€‹? แžŸแŸ’แžœแŸ‚แž„แž™แž›แŸ‹โ€‹แž–แžธโ€‹แž—แžถแž–แžแžปแžŸแž‚แŸ’แž“แžถโ€‹แžšแžœแžถแž„โ€‹แž”แŸ’แžšแžถแž€แŸ‹โ€‹แž…แžปแŸ‡แžˆแŸ’แž˜แŸ„แŸ‡โ€‹แž‘แžทแž‰ แž“แžทแž„โ€‹แž”แŸ’แžšแžถแž€แŸ‹โ€‹แž€แž€แŸ‹
June 6, 2022, 5:05 p.m.
Realestate News
แž–แŸแž›แžŠแŸ‚แž›แž›แŸ„แž€แžขแŸ’แž“แž€แž›แž€แŸ‹ แžขแž…แž›แž“แž‘แŸ’แžšแž–แŸ’แž™ แžขแŸ’แž“แž€แž‚แžฝแžšแžแŸ‚แž™แž›แŸ‹แžฒแŸ’แž™แž…แŸ’แž”แžถแžŸแŸ‹แž–แžธแž—แžถแžŸแžถแžŠแŸ‚แž›แž‚แŸแž”แŸ’แžšแžพแž€แŸ’แž“แžปแž„แžœแžทแžŸแŸแž™แžขแž…แž›แž“แž‘แŸ’แžšแž–แŸ’แž™แŸ” แžขแŸ’แž“แž€แžแŸ’แžšแžผแžœแžแŸ‚แžขแžถแž…แž”แŸ‚แž„แž…แŸ‚แž€แžฒแŸ’แž™แžŠแžถแž…แŸ‹แžšแžœแžถแž„แž”แŸ’แž›แž„แŸ‹แžŠแžธแžšแžนแž„ แž“แžทแž„แž”แŸ’แž›แž„แŸ‹แžŠแžธแž‘แž“แŸ‹ แž€แžถแžšแž”แž„แŸ‹แžšแŸ†แž›แžŸแŸ‹ แž“แžทแž„แž€แžถแžšแžแŸ’แž…แžธแž”แŸ’แžšแžถแž€แŸ‹ แž€แŸแžŠแžผแž…แž‡แžถแž€แžถแžšแž”แž„แŸ‹แž”แŸ’แžšแžถแž€แŸ‹แž…แžปแŸ‡แžˆแŸ’แž˜แŸ„แŸ‡แž‘แžทแž‰ แž“แžทแž„แž”แŸ’แžšแžถแž€แŸ‹แž€แž€แŸ‹แŸ”แž˜แžถแž“แžขแŸ’แž“แž€แž›แž€แŸ‹แžขแž…แž›แž“แž‘แŸ’แžšแž–แŸ’แž™แž‡แžถแž…แŸ’แžšแžพแž“ แž“แžทแž„แžขแŸ’แž“แž€แž‘แžทแž‰แž˜แžฝแž™แž…แŸ†แž“แžฝแž“ แžŠแŸ‚แž›แž™แž›แŸ‹แžแžถ แž€แžถแžšแž”แž„แŸ‹แž”แŸ’แžšแžถแž€แŸ‹แž‘แžถแŸ†แž„แž–แžธแžšแž“แŸแŸ‡ แž˜แžถแž“แž›แž€แŸ’แžแžŽแŸˆแžŠแžผแž…แž‚แŸ’แž“แžถ แž”แŸ‰แžปแž“แŸ’แžแŸ‚แžแžถแž˜แž–แžทแžแž‘แŸ… แž‚แžบแž˜แžทแž“แž˜แŸ‚แž“แž“แŸ„แŸ‡แž‘แŸแŸ” แž“แŸ…แž–แŸแž›แžŠแŸ‚แž›แžขแŸ’แž“แž€แž…แžถแž”แŸ‹แž•แŸ’แžแžพแž˜แž›แž€แŸ‹แžขแž…แž›แž“แž‘แŸ’แžšแž–แŸ’แž™แžšแž”แžŸแŸ‹แžขแŸ’แž“แž€ แžขแŸ’แž“แž€แžแŸ’แžšแžผแžœแžแŸ‚แž™แž›แŸ‹แžฒแŸ’แž™แž…แŸ’แž”แžถแžŸแŸ‹แž–แžธแž€แžถแžšแž”แž„แŸ‹แž”แŸ’แžšแžถแž€แŸ‹แž‘แžถแŸ†แž„แž–แžธแžšแžšแž”แŸ€แž” แž“แŸแŸ‡ แž–แŸ’แžšแŸ„แŸ‡แž€แžถแžšแž™แž›แŸ‹แž…แŸ’แžšแžกแŸ†แž’แŸ’แžœแžพแžฒแŸ’แž™แžขแŸ’แž“แž€แžแžถแžแž”แž„แŸ‹แž”แŸ’แžšแžถแž€แŸ‹แž‡แžถแž…แŸ’แžšแžพแž“แŸ”!แž”แŸ’แžšแžถแž€แŸ‹แž…แžปแŸ‡แžˆแŸ’แž˜แŸ„แŸ‡แž‘แžทแž‰ แž”แŸ’แžšแžถแž€แŸ‹แž…แžปแŸ‡แžˆแŸ’แž˜แŸ„แŸ‡แž‘แžทแž‰ แž‚แžบแž‡แžถแž”แŸ’แžšแžถแž€แŸ‹แžŠแŸ‚แž›แž”แž„แŸ‹แž‘แŸ…แžฒแŸ’แž™แž˜แŸ’แž…แžถแžŸแŸ‹แžขแž…แž›แž“แž‘แŸ’แžšแž–แŸ’แž™ แž“แŸ…แž–แŸแž›แžŠแŸ‚แž›แžขแŸ’แž“แž€แž‘แžทแž‰แž”แž„แŸ’แž แžถแž‰แž–แžธแž…แŸ†แžŽแžถแž”แŸ‹แžขแžถแžšแž˜แŸ’แž˜แžŽแŸแž€แŸ’แž“แžปแž„แž€แžถแžšแž‘แžทแž‰แžขแž…แž›แž“แž‘แŸ’แžšแž–แŸ’แž™แž˜แžฝแž™แž“แŸ„แŸ‡แŸ” แž…แŸ†แž“แžฝแž“แž‘แžนแž€แž”แŸ’แžšแžถแž€แŸ‹แž“แŸแŸ‡แžขแžถแž…แž…แžถแž”แŸ‹แž–แžธ แŸฅ แž—แžถแž‚แžšแž™แž“แŸƒแžแž˜แŸ’แž›แŸƒแžŸแžšแžปแž” แžฌแžแŸ’แžšแžนแž˜แžแŸ‚ แŸคแŸ แŸ  แž‘แŸ… แŸฅแŸ แŸ  แžŠแžปแž›แŸ’แž›แžถแžš แž”แŸ‰แžปแžŽแŸ’แžŽแŸ„แŸ‡แŸ” แž”แŸ’แžšแžถแž€แŸ‹แž…แžปแŸ‡แžˆแŸ’แž˜แŸ„แŸ‡แž‘แžทแž‰ แž‚แžบแž‡แžถแž€แžถแžšแžŠแžถแž€แŸ‹แž€แŸ’แžšแŸ„แž˜แžˆแŸ’แž˜แŸ„แŸ‡แžšแž”แžŸแŸ‹แžขแŸ’แž“แž€แž‘แžทแž‰แž แžพแž™แž‡แžถแž•แŸ’แž“แŸ‚แž€แž˜แžฝแž™แž“แŸƒแž”แŸ’แžšแžถแž€แŸ‹แž€แž€แŸ‹แž“แŸ…แž–แŸแž›แžŠแŸ‚แž›แž€แžถแžšแž‘แžทแž‰แž”แžถแž“แžŠแŸ†แžŽแžพแžšแž€แžถแžšแžšแžฝแž…แžšแžถแž›แŸ‹แŸ” แž€แžถแžšแž”แž„แŸ‹แž”แŸ’แžšแžถแž€แŸ‹แž”แŸ‚แž”แž“แŸแŸ‡ แž‡แžถแžœแžทแž’แžธแžŸแžถแžŸแŸ’แžšแŸ’แžŠแž˜แžฝแž™แž€แŸ’แž“แžปแž„แž€แžถแžšแž”แž‰แŸ’แžˆแž”แŸ‹แžขแŸ’แž“แž€แž‘แžทแž‰แž•แŸ’แžŸแŸแž„แž‘แŸ€แžแž€แŸ’แž“แžปแž„แž€แžถแžšแž‘แžทแž‰แžขแž…แž›แž“แž‘แŸ’แžšแž–แŸ’แž™แž“แŸ„แŸ‡แžŠแžพแž˜แŸ’แž”แžธแž—แžถแž– แž„แžถแž™แžŸแŸ’แžšแžฝแž›แž€แŸ’แž“แžปแž„แžแžŽแŸˆแž–แŸแž›แžŠแŸ‚แž›แžขแŸ’แž“แž€แž’แŸ’แžœแžพ แž€แžถแžšแžŸแž˜แŸ’แžšแŸแž…แž…แžทแžแŸ’แžแž‡แžถแž…แžปแž„แž€แŸ’แžšแŸ„แž™แŸ” แž‘แŸ„แŸ‡แž‡แžถแž™แŸ‰แžถแž„แžŽแžถแž€แŸแžŠแŸ„แž™ แžœแžถแž˜แžทแž“แž˜แŸ‚แž“แž‡แžถแž€แžถแžšแž‘แžทแž‰แžŠแŸ‚แž›แž”แŸ’แžšแžถแž€แžŠแž…แŸ’แž”แžถแžŸแŸ‹แž›แžถแžŸแŸ‹แž˜แžฝแž™แž‘แŸแŸ” แž€แžถแžšแž”แž„แŸ‹แž”แŸ’แžšแžถแž€แŸ‹แž…แžปแŸ‡แžˆแŸ’แž˜แŸ„แŸ‡แž‘แžทแž‰ แžขแžถแž…แž…แžถแžแŸ‹แž‘แžปแž€แž”แžถแž“แžแžถ แž‚แŸ’แžšแžถแž“แŸ‹แžแŸ‚แž‡แžถแž€แžถแžšแž”แž„แŸ’แž แžถแž‰แž–แžธแž”แŸ†แžŽแž„แž€แŸ’แž“แžปแž„แž€แžถแžšแž‘แžทแž‰แž”แŸ‰แžปแžŽแŸ’แžŽแŸ„แŸ‡แŸ” แžšแžธแžฏแžขแž…แž›แž“แž‘แŸ’แžšแž–แŸ’แž™แž“แŸ„แŸ‡แž“แŸ…แžแŸ‚แžขแžถแž…แžŠแžถแž€แŸ‹ แž›แž€แŸ‹แž“แŸ…แž›แžพแž‘แžธแž•แŸ’แžŸแžถแžšแžŠแžŠแŸ‚แž›แŸ” แž”แŸ’แžšแžถแž€แŸ‹แž€แž€แŸ‹ แž•แŸ’แž‘แžปแž™แž‘แŸ…แžœแžทแž‰ แž€แžถแžšแž”แž„แŸ‹แž”แŸ’แžšแžถแž€แŸ‹แž€แž€แŸ‹ แžฌแžŸแž˜แž’แž˜แŸŒ แžขแžถแž…แž…แžถแžแŸ‹แž‘แžปแž€แž”แžถแž“แžแžถ แž‡แžถแž€แžถแžšแž”แž„แŸ‹แž”แŸ’แžšแžถแž€แŸ‹แž˜แžปแž“แžŠแŸ‚แž›แž˜แžถแž“แž—แžถแž–แž”แŸ’แžšแžถแž€แžŠแž‡แžถแž€แŸ‹แž›แžถแž€แŸ‹แž‘แŸ…แž›แžพแžขแž…แž›แž“แž‘แŸ’แžšแž–แŸ’แž™แžŽแžถแž˜แžฝแž™ แž“แŸ„แŸ‡แŸ” แž”แŸ’แžšแžถแž€แŸ‹แž€แž€แŸ‹แžแŸ’แžšแžผแžœแž”แžถแž“แž”แž„แŸ‹แž“แŸ…แž–แŸแž›แžŠแŸ‚แž›แžขแŸ’แž“แž€แž‘แžทแž‰แž”แžถแž“แžŸแž˜แŸ’แžšแŸแž…แž…แžทแžแŸ’แžแž‘แžทแž‰แžขแž…แž“แž‘แŸ’แžšแž–แŸ’แž™ แž“แŸ„แŸ‡แžแžปแžŸแž–แžธแž€แžถแžšแž”แž„แŸ‹แž”แŸ’แžšแžถแž€แŸ‹แž…แžปแŸ‡แžˆแŸ’แž˜แŸ„แŸ‡แž‘แžทแž‰แžŠแŸ‚แž›แž‚แŸ’แžšแžถแž“แŸ‹แžแŸ‚แž‡แžถแž€แžถแžšแž–แž“แŸ’แž™แžถแžšแž–แŸแž›แžšแž”แžŸแŸ‹แžขแŸ’แž“แž€แž‘แžทแž‰แž€แŸ’แž“แžปแž„แž€แžถแžšแž‘แžทแž‰แžขแž…แž›แž“แž‘แŸ’แžšแž–แŸ’แž™แž“แŸ„แŸ‡แŸ” แž“แŸ…แž–แŸแž›แžŠแŸ‚แž›แžขแŸ’แž“แž€แž›แž€แŸ‹แžขแž…แž›แž“แž‘แŸ’แžšแž–แŸ’แž™แžšแž”แžŸแŸ‹แžขแŸ’แž“แž€ แž”แŸ’แžšแžถแž€แŸ‹แž€แž€แŸ‹แž‚แžบแž‡แžถแžœแžทแž’แžธแžŸแžถแžŸแŸ’แžแŸ’แžšแž›แŸ’แžขแž‡แžถแž„แž‚แŸ! แžขแŸ’แž“แž€แž„แžถแž™แžŸแŸ’แžšแžฝแž›แž€แŸ’แž“แžปแž„แž€แžถแžšแž”แŸ‚แž„แž…แŸ‚แž€แžŽแžถแžŸแŸ‹ แž“แŸ…แž–แŸแž›แžŠแŸ‚แž›แžขแŸ’แž“แž€แž›แž€แŸ‹แžขแž…แž›แž“แž‘แŸ’แžšแž–แŸ’แž™แžšแž”แžŸแŸ‹แžขแŸ’แž“แž€แŸ” แžแŸ’แžšแžผแžœแž…แž„แž…แžถแŸ†แžแžถ แž”แŸ’แžšแžถแž€แŸ‹แž…แžปแŸ‡แžˆแŸ’แž˜แŸ„แŸ‡แž‘แžทแž‰แž“แžนแž„แž€แŸ’แž›แžถแž™แž‘แŸ…แž‡แžถแž•แŸ’แž“แŸ‚แž€แž˜แžฝแž™แž“แŸƒแž”แŸ’แžšแžถแž€แŸ‹แž€แž€แŸ‹แž“แŸ…แž–แŸแž›แžŠแŸ‚แž›แž€แžถแžšแž‘แžทแž‰แžแŸ’แžšแžผแžœแž”แžถแž“แžŸแž˜แŸ’แžšแŸแž…แžšแžฝแž…แžšแžถแž›แŸ‹ แž แžพแž™แžขแžถแž…แž˜แžถแž“แž›แž€แŸ’แžแžŽแŸˆแžแžผแž…แž‡แžถแž„แŸ” แž€แžถแžšแž”แž„แŸ‹แž”แŸ’แžšแžถแž€แŸ‹แž‘แžถแŸ†แž„แž–แžธแžšแž”แŸ’แžšแž—แŸแž‘แž“แŸแŸ‡ แžŠแŸ„แž™แžšแžถแž”แŸ‹แž”แž‰แŸ’แž…แžผแž›แž‘แžถแŸ†แž„แž”แŸ’แžšแžถแž€แŸ‹แžŠแŸ‚แž›แž˜แžทแž“แž‘แžถแž“แŸ‹แž”แžถแž“แž”แž„แŸ‹ แž‚แžฝแžšแžแŸ‚แžŸแŸ’แž˜แžพแž“แžนแž„แžแž˜แŸ’แž›แŸƒแžŸแžšแžปแž”แž“แŸƒแž•แŸ’แž‘แŸ‡แžšแž”แžŸแŸ‹แžขแŸ’แž“แž€แž“แŸ„แŸ‡แŸ” แžŸแž„แŸ’แžƒแžนแž˜แžแžถ แžขแŸ’แž“แž€แž”แžถแž“แž™แž›แŸ‹แž…แŸ’แž”แžถแžŸแŸ‹แž–แžธแž—แžถแž–แžแžปแžŸแž‚แŸ’แž“แžถแžšแžœแžถแž„แž€แžถแžšแž”แž„แŸ‹แž”แŸ’แžšแžถแž€แŸ‹แž‘แžถแŸ†แž„แž–แžธแžšแž”แŸ’แžšแž—แŸแž‘แž“แŸแŸ‡ แž“แŸ…แž–แŸแž›แžŠแŸ‚แž›แžขแŸ’แž“แž€แž›แž€แŸ‹แžขแž…แž›แž“แž‘แŸ’แžšแž–แŸ’แž™แžšแž”แžŸแŸ‹แžขแŸ’แž“แž€แŸ”แž”แŸ’แžšแžŸแžทแž“แž”แžพแžขแŸ’แž“แž€แž˜แžถแž“แžŸแŸ†แžŽแžฝแžš แž…แž˜แŸ’แž„แž›แŸ‹ แž“แžทแž„แž€แžถแžšแž”แžถแžšแž˜แŸ’แž—แž‘แžถแž€แŸ‹แž‘แž„แž“แžนแž„แžขแž…แž›แž“แž‘แŸ’แžšแž–แŸ’แž™ แžขแŸ’แž“แž€แžขแžถแž…แž’แŸ’แžœแžพแž€แžถแžšแž‘แŸ†แž“แžถแž€แŸ‹แž‘แŸ†แž“แž„แž˜แž€แž€แžถแž“แŸ‹แž€แŸ’แžšแžปแž˜แž€แžถแžšแž„แžถแžš Realestate.com.kh แžแžถแž˜แžšแž™แŸˆ info@realestate.com.kh แžฌ +855 (0)17 436 756, แžœแžถแž‚แžบแž‡แžถแž”แžŽแŸ’แžแžปแŸ†แž“แŸƒแž‘แžธแžแžถแŸ†แž„แžขแž…แž›แž“แž‘แŸ’แžšแž–แŸ’แž™แžšแž”แžŸแŸ‹แž”แŸ’แžšแž‘แŸแžŸแž€แž˜แŸ’แž–แžปแž‡แžถ แž“แžทแž„แž‡แžถแž”แŸ’แžšแž—แž–แž–แŸแžแŸŒแž˜แžถแž“แžขแž…แž›แž“แž‘แŸ’แžšแž–แŸ’แž™ แž“แžถแŸ†แž˜แžปแžแž‚แŸแž“แŸ…แž€แŸ’แž“แžปแž„แž”แŸ’แžšแž‘แŸแžŸแŸ•
Beautiful Sihanoukville: Cambodia's Rising Star
Beautiful Sihanoukville: Cambodia's Rising Star
June 6, 2022, 5:06 p.m.
Realestate News
In the distance on Otres Beach a golden runny sun slips behind the horizon. โ€œAnother day in paradise coming to a close,โ€ remarked one tourist.Sihanoukville is known for its tranquil beaches and idyllic islands and long been a destination for tourists and locals alike looking to escape the humdrum of Phnom Penh and Siem Reap.ย The province boasts numerous beaches such as Otres, located about five kilometres from the town, and along the unspoiled Saracen Bay on the island of Koh Rong Samloem. Visitors can pick from a variety of competitive tour packages that include a glass boat and fishing trips, while for those looking to travel in style, Sail Cambodia offers charter services on a 45-foot racing yacht Cygnet. Similarly, groups can also hire private boats and go fishing or travel to and from the islands without a tour guide, an option popular among Cambodian families, travel agents say. For those struggling to find their sea legs, an afternoon well spent with spectacular views can be had at Wat Leu temple, which sits on top of a hill about 1.5 kilometres northwest of the cityย center. Similarly panoramic views of Sihanoukville from a swimming pool, along with top-quality sushi, can be found at Victory Castle Villa and its restaurant Yamashiro.ย Check outย the hottest investment opportunity is Sihanoukville, for Khmers and international investors! But for a truly luxurious experience, it doesnโ€™t get much more exclusive than Sokha Beach Resort. The hotel has a casino, three restaurants and six bars and two large swimming pools. While part of Sokha Beach is private there is also a section available to the public. Only minutes away from luxurious Sokha Beach, the Dโ€™Seaview complex is beginning to take shape. Though in a prime location, this property by Singaporean developer Camhomes is not only affordable for the very rich but also for new families, young professionals and other prospective buyers. Units are available from as little as $675 per square metre. Until the end of the year, Cambodian buyers may even enjoy a 50 per cent subsidy on their purchase reducing the price per unit from $66,000 to $33,000. Financing options to fit lower incomes are also available. Interested buyers are advised to make up their minds quickly as this special offer is running out at the end of the month. Once finished, Dโ€™Seaview will boast state-of-the-art facilities including a swimming pool, a fitness centre and sauna, function rooms and a childrenโ€™s playground, all catering to a modern family lifestyle and all with a view over the ocean in the heart of the port city. See full details here. When it comes to sampling the freshest seafood in the country that comes right from the port, Sihanoukville is the place to go.ย The city is famous for its fish. Fresh red snapper, shrimp and crab are served at most of the restaurants at very affordable prices.ย Early birds looking to bypass the popular fish market in the town can buy from fisherman who sell their latest catch by the shore in the morning. Damien Pradayrol, general manager of the newly opened Chivas Beach Club and Sports Bar in Occheuteal, said having good food on the menu is crucial to keeping his more discerning clients happy. The high-end bar, which has nine TV screens showing the latest sports programs, opened just one month ago but is already taking big bookings from Cambodian and Asian clients looking for refined food and entertainment. โ€œThereโ€™s no other place like this in Occheuteal. Everyone is trying to open in Otres so we thought why not set up here,โ€ said Pradayrol. Authentic European cuisine can also be found in Sihanoukville. The Italian restaurant, Lโ€™Osteria di Gino, offers homemade Italian meats and pasta dishes, while the French restaurant Susaday ages its own beef. As the province grows in popularity, more flight and bus connections are being established, linking it to the rest of the country and region.ย Sihanoukville International Airport now operates flights from South Korea, Singapore and China, as well as daily flights to Siem Reap. Pan Sophy, co-owner of Wonderful Travel and Tours, says about 13 bus companies connect Sihanoukville to Phnom Penh, Siem Reap, Vietnam and Thailand.ย The road to Kampot, another popular nearby destination, has been recently improved, cutting the time considerably to about one-and-a-half hours by taxi. โ€œBefore the road was bumpy but now very easy to get there so more companies are offering tours to Kampot where you can see the pepper farms and see the river.โ€ย The city also looks poised to benefit from greater investment as the government looks to capitalise on Sihanoukvilleโ€™s infrastructure and accessibility to Phnom Penh. Since Sihanoukville properties market raising fast, Advisor to the Cambodian government, Dr Sok Siphana, said in August that the government plans to shape Sihanoukville province into a primary hub for trade, logistics and manufacturing, which also involves improving the connectivity to Phnom Penh. To achieve better connectivity, the government signed a memorandum of understanding with Chinaโ€™s Henan Provincial Communication Planning, Survey, and the Design Institute Co. Ltd for the construction of a 190-kilometre-long, 25-metre-wide expressway linking Phnom Penh and Sihanoukville on National Road 4. This project is said to begin next year and finish in 2020. Read another article about why Sihanoukville is prime for investment here! Moreover, last month Korean developer Green Eco Energy Co. Ltdโ€™s signed up for development the 275-kilometer-long, 20-metre-wide Sihanoukville expressway along National Road 3 that could begin as soon as next year. Learn more about D'Seaview today!Phnom Penh Post, Post Property
Realestate.com.kh on BTV
Realestate.com.kh on BTV
June 6, 2022, 5:06 p.m.
Realestate News
Don't miss Realestate.com.kh on BTV Cambodia Real Estate and News Talk Show.Mr. Siv Meng, presenter at BTV Cambodia Real Estate and News Talk Show, talked with Realestate.com.kh director, Mr Tom Oโ€™Sullivan, about his inspirations for starting Realestate.com.kh, and his forecasts for the Cambodian real estate market. How long have you been in Cambodia?I have been in Cambodia now for 3 years. First I lived in Battambang and needed to find a place to stay. I remember finding it very difficult to find an apartment to rent online, and it was clear to me that there was an opportunity to create a real estate portal. Cambodia needed a website where you can find all property listings for sale and rent across Cambodia in one place, and you can contact any number of real estate agents from the same website. I was tired of looking on individual agency websites, where information was not clear or up to date. A real estate portal brings home buyers and renters convenience! When you look for properties online first, you donโ€™t need to travel around town looking at properties that may or may not fit your criteria. Our company originally planned to launch the website alone, but then we met Bong Chenda Moek, the founder of Realestate.com.kh. He started the website in 2009 and was already doing great job with the website, and creating a lot of sales inquiries - but ultimately he was under resourced. We had technological skills to help him, and access to resources - and he had local knowledge that we desperately needed. We want Realestate.com.kh to suit Cambodians, and this is always been our goal. Understand what the market wants and needs, and bring that to our customers! How does the Cambodian market compare to other ASEAN markets?Regionally, Cambodia is on the front foot for foreign ownership laws and creating attractive conditions for FDI. Regional neighbours such as Vietnam and Thailand are much slower to accept foreign influence, and this means Cambodia remains ahead of the pack in terms of ย FDI. This is helping Cambodia catch up to these larger markets. Is there an oversupply of condos, approaching 2017-2018?I understand this is becoming the hot question for the Cambodian real estate market, as is worrying some investors and developers.But condos still appear to be selling, and meanwhile the market of potential buyers, both foreign and international, is expanding quickly. There is nothing to say that demand wonโ€™t continue to grow, even if supply exceeds expectations in the short term. Of course, it is no secret that chinese investment in coming thick and fast to Cambodia, and this trend seems set to continue. Having spoken to many property developers recently, and learning from their observations - it is clear that the increase in Chinese property investment in condos continues to be a growing force. As the Chinese market sees fluctuations, Cambodia is increasingly becoming an investorโ€™s haven, buoyed by the USD.Furthermore, with increasing congestion in the city of Phnom Penh, it seems likely that we will see an increase in condo buying from the younger generation of Khmers over the longer term. Lifestyles are changing and this will influence demand in the future. Want to see more greatย real estate news interviews? Check out the Realestate.com.khย youtube channel and subscribe today!
Selena Gomez's Party-Friendly House for Sale
Selena Gomez's Party-Friendly House for Sale
June 6, 2022, 5:05 p.m.
Realestate News
Pop star Selena Gomez has put her Calabasa house for sale. And if you are in the market for a party house for sale, the celebrity's compound is available for just US$4,495,000...Sheย purportedly wants to catch a decent profit for her eighteen months investment. The "Wizards of Waverly Place" album has gotten to be something of a wiz at the land biz. She purchased the 7,700-square-foot house for sale at $3.7 million in 2014. Is this house for sale going to be "Great for You?" For anyone on a hunt for a superstar then the answer is yes... Do you think Tailor Swift would buy her house? The new proprietor will move into a customย home withย five bedrooms, five chimneys, a gourmet expert's kitchen with breakfast alcove, a formal lounge area with floor-to-ceiling windows, a gym , a theater, an outdoor courtyard and a guesthouse. Fashionistas will mostly appreciate the enormous wardrobe.ย Invite all your friend lists or families for gatherings in the "great lawn" that features a pool, cabana, an outside kitchen and pizza broiler. While the estate charges itself as "private and extremely rare," it wasn't sufficiently private for Gomez. As per TMZ, various calls to 911 about gatecrashers most likely prompted her choice to put up the house for sale. Gomez has some an opportunity to scout out her next land find. The 23-year-old will be on tourย beginning in 2016....
Sihanoukville Property Takes A Hit
Sihanoukville Property Takes A Hit
June 6, 2022, 5:05 p.m.
Realestate News
Sihanoukville property market has taken a blow since Chinese nationals living and working in the city upped and left following last monthโ€™s police arrest and extradition of 168 Chinese, local real estate agents say.On October 31, Cambodian immigration police working with Chinese Interpol agents raided a villa and a guesthouse in Sihanoukville, busting a ring that was using an internet-based telephone system to extort money from victims back in China. Many of those arrested in the Cambodian raids were working in casinos in Sihanoukville, an industry that has seen strident growth on the back of Chinese investment in the past year, but which will be challenged after hotel and casino owners told The Post last month they have suffered immense losses and risk bankruptcy. Check out Sihanoukville property for sale here.Bonna Realty Groupโ€™s valuation manager in Sihanoukville, Phourn Sophy, said the sudden departure of Chinese investors, workers and tourists who have left the coastal city en masse and put investments and staffing in disarray, has also seen such tenants renege on their rental agreements and contracts. โ€œSuddenly, the Chinese people just left, leaving Sihanoukville property developers worried,โ€ he said. Those that are still here have cut down on how many months deposit they are securing in case the situation intensifies, choosing to put down two monthsโ€™ rent in advance as opposed to six monthsโ€™ like before, said Sophy. The upheaval has also left developers and landlords, who were swept with excitement six months back when they saw Chinese demand for property increase, saddled with bank loans they will struggle to pay back, Sophy added. โ€œI donโ€™t think this situation is temporary. Those people who have gone wonโ€™t come back so yes itโ€™s a problem for the property business.โ€ Norn Thin, director of Sihanoukville Property, said he knows of one building with about 20 rooms that has closed since the arrests. Want to rent Sihanoukville property? โ€œChinese people tend to all stay in one big building all together with about 20 to 30 rooms,โ€ he said. Thin added that despite the trepidation in the market the rental prices for such large residential properties are still double what they were last year, while Sophy estimates such prices may have fallen by less than 5 per cent. George Styllis, Phnom Penh Post, Post Property.
Prince Central Plaza: Redefining Tonle Bassac
Prince Central Plaza: Redefining Tonle Bassac
June 7, 2022, 2:10 a.m.
Realestate News
Prince Central Plaza represents a new age of living for one of Cambodiaโ€™s most exciting and desirable districts: Tonle Bassac. โ€œLocal people are starting to have a concern about good location and land - demand for premium land is very high right now,โ€ says a spokesperson of Prince Central Plaza - and this is why Tonle Bassac was the obvious choice. Located on the exclusive Norodom Boulevard, the landmark development is just minutes to Independence Monument, Aeon Shopping Mall and various embassies. The building will have 37 floors in total, with the bottom three dedicated to the retail plaza and restaurants. Inspired by classical art deco lines and style, Prince Central Plaza will fast become an architectural icon of theย neighborhood.ย The unique design is the product of American DF International Building Design Co., Ltd., a company that has already completed around 300 engineering design projects, spanning more than 20 million square meters. The Mansion House โ€“ the premium residence within the Prince Central Plaza project โ€“ offers a range of 1 to 3 bedroom condominiums, studio and SOHO units, all beautifully furnished with elegance and class, stunning balcony views of the city skyline, and finished with the latest amenities for modern living. The units will all have services provide by the 24 hour concierge staff, including International platinum housekeeper services. The Interior design of all Prince Central Plaza units have been formulated with taste and art deco elegance, by Shenzhen Guangtian Design Group Co., Ltd., a listed Chinese company with a renown portfolio of real estate projects.ย Inquire today to visit the showroom! Landscape design is also a key element of Prince Central Plaza, with delicately crafted surrounds in both the communal and private gardens of the residential complex. These have been designed by TTR Design Co. Ltd., a company with a wealth of experience designing and implementing gardens for resorts, hotels and recreational facilities across China. The beautifully designed infinity pool gives residents a place to relax and unwind; an impressive, fully equipped gymnasium and a fitness room will help you and your family keep healthy; shopping at your doorstep is assured โ€“ with the plazaโ€™s malls; and an international standard business center will guarantee a convenient lifestyle for modern business people. The construction of Prince Central Plaza has already begun, under the management of China Construction Co., Ltd., Chinaโ€™s largest and most renowned real estate and construction enterprise. This will be another benchmark project for a company with many already in its portfolio. Prince Central Plaza is set to be completed by 2018.new Maintaining a 10% โ€“ 15% growth rate over 5 years, Prince Central Plaza promises a healthy return on your investment.ย And priced from just $55,000 per unit, the project is priced to sell โ€“ fast. Inquire today to visit the showroom!
Knight Frank Approved for SECC Valuations
Knight Frank Approved for SECC Valuations
June 6, 2022, 5:06 p.m.
Realestate News
Knight Frank Becomes the Latest Real Estate Company to be Approved as a Panel Valuer for the Securities and Exchange Commission of Cambodia: As part of the listing process, a company is required to have its real estate assets valued to determine its Net Asset Value (NAV). Established in 1896 and opening their Cambodian office in 2008, Knight Frank, which is the worldโ€™s largest privately owned real estate consultancy, has become the latest real estate company to be approved as a panel valuer for the Securities and Exchange Commission of Cambodia. With over 440 offices in 58 countries, all valuations undertaken by Knight Frank are carried out by professionally qualified valuers, and all valuation reports comply with the highest of standards set out by the International Valuation Standards Council (IVSC), giving investors total confidence in the value of a companyโ€™s real estate assets. Check out Knight Frank's listings on Realestate.com.kh here. The recent announcement that Hong Kong-based developer, Eastland Development (HK) Ltd, has expressed interest in listing on Cambodiaโ€™s stock exchange follows a number of similar announcements by companies that are also looking to list on the exchange, including the Phnom Penh Special Economic Zone (PPSEZ), TY Fashion and Sihanoukville Autonomous Port. Check out Eastland's property for sale here. If the companies indicated above list on the Cambodia Securities Exchange (CSX) as intended, real estate companies will represent one half of the listed companies (based on number of companies and not market capitalisation) on the CSX. Although activity on the CSX was initially slow, with the Phnom Penh Water Supply Authority listing in 2012 and Taiwanese-owned Grand Twins International (Cambodia) Plc listing mid-2014, the recent activity indicates growing confidence in the Cambodian economy and finance industry as a whole, which is a positive sign for Cambodiaโ€™s real estate and construction industry. The announcement by Eastland Development (HK) Ltd signifies their commitment to Cambodia over the long term and also their confidence in the Cambodian real estate sector. Furthermore, it also enables investors who may not be able to afford to buy a property a chance to participate in the growing real estate sector by indirectly investing through the purchase of shares within real estate companies.
Eastland Development announces plans for IPO 2016
Eastland Development announces plans for IPO 2016
June 6, 2022, 5:04 p.m.
Realestate News
Hong Kong-based developer Eastland Development (HK) Ltd has announced plans to listย on Cambodiaโ€™s stock exchange within a year.Sam Yang, the companyโ€™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). โ€œThe application will be ready early next year and the company will have an initial public offering in September next year,โ€ 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.ย  Eastland Development (HK) Ltd is a branch of Chinaโ€™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:ย East One Apartments, East View Residence and East Commercial Center (ECC).
Cambodian Hotel Industry Growing
Cambodian Hotel Industry Growing
June 6, 2022, 5:04 p.m.
Realestate News
A recent study has found that the hotel service quality in Cambodia is improving due to rising competition and the industryโ€™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 hotelโ€™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. โ€œThe rate of hotel occupancy via online booking is about 71 per cent on average,โ€ 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 Tourismโ€™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. โ€œMeanwhile, 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,โ€ 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.
New Market Dawns as Oknha Tastes Go Oligarch
New Market Dawns as Oknha Tastes Go Oligarch
June 6, 2022, 5:06 p.m.
Realestate News
After defining high-end taste in Russia, China and Thailand, an Italian luxury home-dรฉcor company aims to conquer the villas market of Cambodiaโ€™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 oligarchโ€™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 Dรฉcor is the first of its kind in Phnom Penh; a luxury home-dรฉcor 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 โ€œMade in Italyโ€ 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 Dรฉcor, explained that, โ€œour 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.โ€ 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. โ€œSince 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,โ€ Cipriani said. Minea Prach, Azza Dรฉcorโ€™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. โ€œOur main target audience is the high-end niche market of those who own private residences or villas,โ€ Prach said. The influx of foreigners and foreign businesses in Phnom Penh does seem to complement the opening of such a company. Azza Dรฉcor 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 dรฉcor style that appeals most to Cambodians, as well as how luxury interior dรฉcor companies will fare in the Cambodian market. In reference to what style of interior design piques the localsโ€™ interest, โ€œCambodians with a budget manage to implement what I would say a Neo-Baroque, or Transitional Classic [style],โ€ Martini said. โ€œPeople would call it โ€˜classicalโ€™, 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 doesnโ€™t share its elegance. Itโ€™s a style that is popular in most developing countries,โ€ 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. โ€œIโ€™m happy to see [Azza Dรฉcor] 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,โ€ Martini said. There is no such pretense at Azza Dรฉcor, with each product guaranteeing its authenticity of quality and branding. Partly echoing Prachโ€™s words, Martini said, โ€œI donโ€™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.โ€ Azza Dรฉcor 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 Dรฉcor looks set to make waves in this small, but powerful, pocket of Phnom Penhโ€™s elite. Hanamariya Halim, Phnom Penh Post, Post Property
Building new Community Center in Sihanoukville
Building new Community Center in Sihanoukville
June 6, 2022, 5:06 p.m.
Realestate News
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 Lโ€™Or. Realizing how the original Bomnong Lโ€™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 โ€œstrengthโ€. Tom Woodward, project coordinator of Orkidstudio, explained, โ€œThe 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.โ€ 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 โ€œusing modern insulated roofing sheets that prevented heat from building up.โ€ In the search for affordable, green, and quality housing, the building is a combination of traditional Khmer housing and modern construction technologies. Woodward said, โ€œIn 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.โ€ To make sure that the building is durable, a two-step approach was adopted into the construction. โ€œThe 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,โ€ said Woodward. โ€œAccepting 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.โ€ 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 โ€œ50 per cent increase on the previous facilities,โ€ according to Woodward. Jennifer Hoggett, manager of Bomnong Lโ€™Or, said, โ€œWe 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.โ€ 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 Lโ€™Or Center was $300 per square metre with a total cost of $72,000. Catherine Harry, Phnom Penh Post, Post Property.