The release of the sixth Realestate.com.kh Cambodia Real Estate Survey indicates a number of leading trends within the market, and overall, a positive buyers sentiment in the Cambodia property and real estate sector for 2023.With 2,000 respondents (both Cambodian and foreign) providing property insights about rental and purchase demand, spending power, consumer preferences, and locations of interest, we can garner some interesting insights for the coming year. Who Is Looking To Invest In The Cambodian Property Market - Incomes & Desirable Price RangesA majority of respondents in the survey were over 21 years old and their range of professions and income suggest the nation is well on its pathway to achieving its middle-class ambitions. Consumers with higher spending power were perhaps unsurprisingly notable among older Cambodians and foreign groups of buyers, but there remains interest among the youngest age bracket which indicates the future buying potential of younger Cambodians.Most respondents in 2023 earned a combined household income of over USD $2,000 per month - which was a slight drop compared to last year. The slightly lower income was also reflected at the top end of the earnings for households earning USD $5,000+ per month.Most households sit in the $1,000-3,000 monthly income bracket, and among foreigners, there was greater spending power with 42.5% indicating an income of over USD $5,000 per month.In terms of living situations, the biggest change indicated was among those who lived on their own, which dropped from 26% in 2022 to 17.7% in 2023.There is an increasing supply of apartments and properties, in general, available at more affordable prices - especially studio and one-bedroom condominiums in Phnom Penh. This suggests more young professionals are saving and looking into buying their first property. In terms of property prices, the biggest representation among all respondents was 27% indicating an ideal Cambodian property price range is between USD $50,001 to $75,000. Among foreign buyers, the desired price range was USD $100,001 - $200,000, with more than a quarter expressing an interest in properties valued at $200,000+.Property Market - Buyer Sentiments 2023Phnom Penh remains the most popular area for all buyers, followed by Siem Reap & then Sihanoukville. Within the capital, combining interest from Cambodians and foreigners, the three areas most in demand to buy property in are:Chroy ChangvarChamkarmon / BKKSen SokCambodian buyers expressed interest in all twelve location options in Phnom Penh but foreign demand was concentrated among the three central locations of Chamkarmon, Daun Penh, and Toul Kork.A quarter of the total respondents also indicated that they were renting a property but were looking to buy as first-time homeowners in Cambodia. Although a majority of respondents indicated they would be more likely to buy their next home instead of renting - they were unsure of the timing. This reflects a combination of investors waiting for the opportune time to buy and first home buyers looking for the right signals to enter the Cambodian property market.A third of respondents were looking to buy property in the next 18 months.Nearly 15% indicated they were looking to buy more immediately (within 6 months).A majority (61%) felt property prices in Cambodia will increase over the next year, and a similar number felt property prices are currently affordable in the market.Buyers PreferencesCambodian buyers indicated investment in land as their top choice, and understandably, condos or apartments were most favoured by foreigners. The latter makes sense due to the ease of buying a condo versus other property types - international investors are seeking a strata-titled condominium development. Overall (for new and older property types), while condos are in greater demand for all buyers, borey developments have seen a drop-off in interest across villas, shophouses and linkhouses.However, among only newly finished developments in Cambodia - there was still strong interest in borey properties - potential buyers express far greater confidence in buying a condominium or landed gated property that is complete or nearing completion.In previous surveys, the location of a property or development was the top consideration for buyers, but this year, the “quality of the property” was ranked as most important, followed by return on investment, location, price, and low-interest rates. Rental Market in CambodiaOnce again, Phnom Penh was overwhelmingly the most desired location to rent in, with 70% of all respondents indicating the city as their top rental location, although this dropped compared to 2022.The next three most popular locations in the Kingdom to rent in all saw an increase of interest (most doubling); Siem Reap (9.3%), Kampot (8.6%), and Sihanoukville (4.7%). There was also some marginal interest in Kep and Takhmao.Similar to the buyer market sentiments, condos and apartments were the most popular among renters, with more than half indicating these properties as their top choice - with the biggest percentage to date since the surveys started.Among only the Cambodian rental respondents, shophouses accounted for as much as 60% in 2023, with land the second most popular at 25%.Among foreigners alone, condos and apartments remain the most favourable (74%).Chamkarmon / BKK were the most popular areas to rent in the capital among all respondents, with a quarter indicating so, but the areas are especially in demand among foreigners (58%).When asked what the most important factor was when looking for a property to rent, security, price, noise, and services were key considerations in that order.  Preferences varied slightly when comparing Cambodian renters to foreign internationals, but price and noise remained the major concerns for both groups.Finance & Insurance In the Cambodian Property MarketThere is a sense that property buyers continue to be better informed and knowledgeable in financial literacy and the requirements for purchasing properties in the Cambodian market. The unrealistic expectations of buying a home with a 0% down payment are constantly declining and a majority of respondents indicated that they do require a mortgage in order to purchase property in Cambodia. Cambodian banks usually require developments to be close to completion before providing buyers with finance - these were reflected in the buyer's sentiment and preferences stated earlier. The insurance industry has seen robust growth in the Kingdom over recent years and an increasing number of companies are entering the market offering more competitive and broader range of products. This year, more than half of respondents suggested they would be seeking property insurance and the coverage of the policy was deemed the most important consideration. The ease of acquiring the insurance was the lowest priority and this suggests an opportunity for more established property insurance companies to make their way into the Cambodian property market.Changes In The Property IndustryIn terms of what changes the market would like to see in the Cambodian real estate industry - this year the need for more affordable housing again was the most important selection - with one-third of all responses backing this.The 2023 survey reflects a generally upbeat mood among investors and buyers in the Kingdom’s property sector. There are some key preferences indicated, in terms of location and types of property, but there are also a healthy number of investors and first-time homeowners looking to enter the market. They appear to be doing so with a positive financial outlook, appreciation of risk, and within a reasonable timeframe - while equipped with the household income and current property prices suggesting a good match for affordability.

We recently wrote about the most affordable and valuable areas for property in Phnom Penh, and overall, the property market sentiment is confident in 2023.Developers have indicated the return of interest from foreign buyers from several countries such as Hong Kong, Japan, Singapore, and China - and the country’s recent removal from the FATF grey list also suggests there is renewed confidence for investing in the Kingdom. So if you are looking to invest in property and a condo, as always do your due diligence, but the information below might be timely.Are You Planning On Investing In A Finished Condo Or An Off-Plan Condo – Which One Is Better?Off-plan property buying, needless to say, is when the property is purchased prior to its construction being completed. Buyers can view the design and construction plans but the physical property is yet to be handed over (completed). The main benefits of buying off-plan is the opportunity to secure properties at the best price and on flexible payment terms. Buying early also means the chance to select the best units (most desirable) with the option of adding customisations to the property.Buying off-plan is typically a great investment opportunity given future capital appreciation and attracting higher rental returns based on it being a new property.   The signed contract is based on the agreed price of the property as per the architectural specifications, plus any additions or changes. A small booking fee is required to secure the unit, followed by a deposit after signing the sales and purchase agreement (SPA). Buyers will also settle payment terms with the developer prior to purchasing the property. Typical payment terms can be staged payments over the construction period, or staged payments based on construction milestones. Typically, the higher amount a buyer pays upfront, the better the price they will be able to secure for the unit.  When you buy a completed condo, you can move in right away without having to wait for construction to be completed. Buyers can also walk through the unit and see exactly what they are buying, allowing the purchaser to make a much more informed decision. In Cambodia, home loans are also typically more accessible once a condominium is complete. In a market like Cambodia's, it is highly advised to use a licensed property advisor throughout the whole process. Visit realestate.com.kh who works with all the licensed brokers in the market. Advantages & Risks Of Buying Off-Plan Condos In CambodiaAffordability & Payment Terms: Off-plan properties are usually more affordable than buying units that are ready for occupancy. Buyers could be provided with extra privileges such as a smaller down payment and more flexible payment terms.Great Investments: This could be fantastic profitability as new condos in Cambodia also yield higher rental returns. Property value appreciation ranges between 5-8% (depending on location, and type of development) per annum for Phnom Penh real estate, hence, first-comers usually enjoy the appreciation when they invest in an off-plan project.Move-In Date Uncertainty - A delay in property completion is a risk. Contracts will include delay clauses (grace period) that free the developer from responsibility for a period of time.Changes In Building Plan - The final product may differ from what was initially expected.Market Fluctuations - Based on the state of the market, the value of the properties may decrease before it is completed.Financial Risk - If a developer does cease operations and go bankrupt or if the project doesn’t get completed - you might be left with nothing. Buying Finished Condos - Pros And ConsMitigate Risk - The property is complete, so you can actually view what you are buying leaving little room for unexpected surprises and this mitigate risks.Property Prices - In some cases, very popular properties might sell all units before the handover, so if you were interested, you might need to purchase a resale unit from the owner which is usually at a higher price. Compared to off-plan properties, payment terms might require a full cash payment or a maximum installment.Access To Home Loans - Banks will be more likely to lend on a completed property as opposed to off-plan properties, although foreign investors will rarely be eligible for a home loan in Cambodia.Property Value & Rental Yield - Waiting to buy a completed condo does offer some assurance, but probably less value appreciation compared to buying off-plan. Older properties in Cambodia typically are leased out for a lower price compared to new properties.Three Items That Should Be On Your Checklist Look for developers with a good reputation or reputable agents - Check the legitimacy of the developer with related government agencies and ministries such as the Ministry of Land Management Urban Planning and Construction.The developer hands over the keys on completion of the property but you should ensure there is a warranty and defects period included in the contract.Get professionals involved - a reliable lawyer/property specialist to check the contract for any inconsistencies or dubious clauses & obtain the services of licensed brokers to assist you with the process if needed.Cambodia Property Survey 2023 - Buyers' SentimentThe soon-to-be-released Realestate.com.kh Cambodia Real Estate Survey 2023 saw more than 2000 respondents at the start of 2023 provide their sentiments on the property market in Cambodia.In general, those who completed the survey are mid-high net worth individuals (who can afford to buy a property) so the survey represents a higher combined family income in Cambodia than is normal as well as potential foreign investors. The main takeaways on their feeling towards condos and buying off-plan or a finished unit were:Increased popularity in studio and one-bedroom condominium units in Phnom Penh overall.Condominiums/apartments remain the second most popular of all property types (after land - but this is more challenging for foreigners) - so among only foreign respondents, two-thirds indicated a condo as their top property choice.Respondents are more confident in buying in a condominium that is complete or nearing completion - Nearly twice as many preferred to invest in a condo that was ready to move into over an unfinished condo development.Among only Cambodian respondents, the number was fairly equal in buying off-plan or a finished condo, so this is a greater concern for foreign buyers (with a ratio of nearly 3:1 preferring completed condos).In addition, nearly two-thirds who responded to the aforementioned survey feel that property prices will increase over the next year, so timing might be everything.But ensuring you purchase an investment from reputable developers, and having your documents and obligations checked by professionals in the real estate sector is mandatory if you want to buy confidently in the market and avoid unexpected surprises.

The latest released 2023 land prices for Phnom Penh reveal the most valuable Sangkats in the capital but there remains strong confidence in Cambodia’s economic growth and in the property sector. So what is the value of land, the buyer's confidence in the market and will new buyers be entering the local property market?Property Development In Phnom Penh And Rise Of Land PricesBetween 2000 - November 2022, the Cambodian government approved more than 61,000 construction investment projects with a total registered capital of nearly $70 billion!The cumulative floor area of the combined real estate projects was 173 million square metres, with 2,500+ projects categorised as “high-rise buildings”. In Phnom Penh alone,  there are 1,675 high-rise properties with the second most in Preah Sihanouk (685).The January 2023 land prices from the Ministry of Economy and Finance of Cambodia for Phnom Penh indicate ranges which are considerable, but this can be due to main roads, proximity to infrastructure, and land bordering rivers or lakes which impact price valuations and may contribute to a higher land price.At its peak, land per square metre reached USD $13,000, while land can be as affordable as $20 p/sqm.The 2023 land prices in Phnom Penh indicate the most valuable areas are:Daun Penh7 MakaraBoeung Keng KangChamkarmonToul KorkThe most affordable three Sangkats by sqm in Phnom Penh are:KambolPrek PnovDangkorTowards the end of 2022, the Residential Property Price Index (RPPI) for Phnom Penh showed a continued upward trend and the average house price was $114,164. The RPPI was introduced in June 2022 by the National Bank of Cambodia (NBC) and the National Institute of Statistics (NIS) and is used to calculate the value of an asset in the real estate market. In the banking sector, the house price index is used in providing loans to customers.Optimism In The Cambodian Real Estate & Property MarketAt the recently held Cambodian Great Real Estate Debate, the triple risk of financial headwinds (rising interest rates, inflation, and increase in non-performing loans in the Cambodian market) was a key talking point.Property buyer trends have changed, such as the increasing move away from buying off-plan which was a pre-pandemic preference, as well as the increased general awareness and knowledge of the property market.  There remain some concerns over the possible oversupply of condos in the Kingdom with 41,000 condominiums currently available and an estimated 34,000 due to be completed over the next five years. However, the capital continues to grow in population size and new housing will meet this demand.Developers have also, by and large, indicated the return of interest from foreign property buyers -  from Hong Kong, Japan, Singapore, and now China.Cambodia’s recent removal from the FATF grey list should also promote increased confidence and capital investment in the Kingdom.The soon-to-be-released Cambodia Real Estate Survey 2023 also indicates that a majority of respondents have positive views on the housing and property market for the next year.61% feel property prices will increase over the next 12 months.65.5% indicated they were looking for second homes or investment opportunities in Cambodia.A third of respondents suggested they were looking to buy in the next 18 months.New Investors In Cambodian PropertyThe re-opening of the Chinese market has been seen as a major boon for the investment and potential of the property market in Cambodia (and regionally). Pent-up travel demand has seen more Chinese travelling again in Q1 2023 and this includes tourists as well as potential investors. Bloomberg interestingly reported that “since the end of Covid Zero in December, many rich Chinese have begun traveling overseas to check out real estate or firm up plans to emigrate.” There is no suggestion Cambodia is highly-ranked on the exodus destination list but with an estimated minimum of $150 billion capital expected to leave China, with the Kingdom's welcome and easy immigration and investment laws, it's possible some of that financial capital reaches these shores.Juwai IQI, a real-estate firm that helps sell the international property to customers in Asia, added that the number of mainland Chinese buyer inquiries dropped 26% in 2021 and fell 11% in 2022, but has already increased 55% in 2023.The recent announcement from NBC that Cambodia has applied for membership in the Cross-Border Interbank Payment System (CIPS) should further facilitate and promote Cambodia-China trade, investment, and tourism - but there is no timeline for this to take place. Chinese visitors can also make payments in Yuan in the Kingdom through banking systems such as WeChat and Alipay at some tourist and business sites.Rising Investment Funds In Trust CompaniesInterest in landed properties such as Villas, Shophouse, Linkhouses etc., remains strong among Cambodian buyers but for foreigners has remained flat. However, trust companies in Cambodia can allow for foreign ownership of land and landed property and enable investment in land in Cambodia, indirectly, with the title of the property to be held by a trust.In 2019, Cambodia introduced the new Trust Law and regulations. A trust is a “legal arrangement which allows a trustee to hold a property for the benefit of another person” , says legal firm DFDL. Four types of trusts exist in Cambodia; Commercial Trust, Public Trust, Social Trust, and Individual Trust.The latest data from the Trust Regulator (TR) of Cambodia suggests that 492 trusts were registered with the TR with a combined investment pool of $735 million as of February 2023. In September 2022, Sok Dara, Director General of the Trust Regulator (TR), estimated this to reach a maximum of $600 million by the end of 2022.The TR report indicates that Commercial trusts accounted for a combined investment fund worth $492 million, or 66 per cent of total registration, while Financial trusts and Individual trusts showed investment capital of $175 million and $2 million respectively.The role of trustees with respect to the control and management of the immovable property is a key topic. The Non-Banking Financial Services Authority (NBFSA) has also issued guidelines for the recognition of appraisal companies and real estate appraisers in the field of trust investment, the Khmer Times reported.How Is 2023 Shaping Up Economically?Despite a number of challenges on the horizon, Cambodia is forecast to have the highest GDP growth rate among all Asian economies in 2023 according to the IMF (International Monetary Fund).Some members of the Cambodian financial and business community don't anticipate Cambodia to reach the economic growth that the IMF predicts for 2023 but the views on growth, in general, are positive and more so from 2024 onward.The IMF says “growth is set to accelerate to 4.7 per cent this year from 3.8 per cent in 2022 (in the Asia-Pacific). This will make it by far the most dynamic of the world’s major regions and a bright spot in a slowing global economy.”Property prices have stabilised in Phnom Penh but land prices are still on the move in the most central and popular areas of the capital. Renewed local and foreign buying interest, stronger economic growth than recent pandemic-impacted years, and a buoyant mood about Cambodia’s future should bode well for the property sector in the long run.

The Cambodia Real Estate Awards 2023 (CREA) is set to take place on April 7, 2023, at the Sofitel Phnom Penh Phokeethra. This is the fourth annual gala event to be held recognising and celebrating excellence within the Cambodian real estate industry. CREA is organised by Realestate.com.kh in partnership with the Ministry of Land Management and Urban Planning, The Real Estate Business Regulator (under the Ministry of Economy and Finance) and The Cambodian Valuers and Estate Agents Association (CVEA). 2023 CREASince 2018, the annual leading real estate awards event has celebrated the very best of Cambodia’s property developers, developments and agents, awarding their efforts in providing quality products & professional services to Cambodia’s fast-expanding property market.CREA 2023 has been a record-breaking year for the awards with the organisers having received more entries than ever before. More than 40 companies, enterprises and projects have submitted entries to win coveted awards so far. All licensed firms and individuals are allowed to participate in CREA 2023.What Awards Are Up For Grabs - 2023 Cambodia Real Estate AwardsOver 25 awards will be presented throughout the night on April 7th which is bound to be a spectacular evening. Awards include the Property Development Of The Year, Landed Property Development Of The Year, Regional Development Of The Year, Real Estate Agency Of The Year and many more. The CREA 2023 categories are segmented as the following:Real Estate Developer / Development AwardsReal Estate Agency AwardsReal Estate Hall Of Fame AwardsTom O’Sullivan, CEO of Realestate.com.kh, said of the anticipation for 2023 CREA:“We have been overwhelmed by the number of entries this year, with over 40 companies thus far and with more to come. In terms of the number of entries, this is certainly the most successful Real Estate Awards in Cambodia to date. In addition, we already have over 400 seats booked for the 7th of April Gala Awards Dinner and the remaining tickets are selling fast. I encourage anyone looking to get national exposure and sponsor, or attend, to get in contact as soon as possible as the event will sell out.” O’Sullivan also added the CREA 2023 is “very humbled by the high-calibre of judges we have assembled for this year's awards, which is led by Head Judge, Eric Wong”. Wong is a Cambodian-Australian with extensive experience in property consulting and business development, primarily within the emerging SEA market. He has worked on a number of leading developments including Millennium Hilton Hotel (Bangkok), The Pano Condominium (Bangkok), Saigon One Tower (Ho Chi Minh City), 530 Little Collins Street (Melbourne), etc.Where and When are the Cambodia Real Estate Awards (CREA) 2023 Being Held?As the organizer of CREA, Realestate.com.kh is excitedly looking forward to seeing all of the leading property developers, agents, agencies, and the affiliated network during the ceremony on April 7th 2023 at the Sofitel Phnom Penh Phokeethra,  “as a celebration of all the achievements made over the past 12 months,” added O’Sullivan.“Of course, special events like these are not possible without the generous support from some of the leading companies in Cambodia, and CREA 2023 is proud and honoured to have Hanuman Beverages, Cambodian Investment Management, B2B Cambodia, Reya Home, Stronghold Trustee, and V-Two K Trading Co., Ltd on board,” he said.The annual Cambodia Real Estate Awards is considered the premier real estate awards in the Kingdom of Cambodia. With the excitement building up for the event, interested brands looking to meet the leading developers & agents, and expand their reach are encouraged to secure the last few remaining sponsorship slots for the CREA 2023.Key Contacts - CREA 2023Cambodia Real Estate Awards - Entry & Sponsorship ContactsName: Annabelle Vong  (ENG, KH)Email: annabelle.vong@realestate.com.kh   Phone: +855 (0) 17 426 797&Name: Muyngy Taing  (CH, ENG, KH)Email: muyngy.taing@realestate.com.kh   Phone: +855 (0) 10 723 379

On February 8 2023, “The Great Real Estate Debate” was held in Phnom Penh and organised by AmCham, with a selected panel of high-profile guests discussing Cambodia's Real Estate & Construction Sector in 2023 and its future.The success of the debate held at The Factory Phnom Penh saw more than 150 people attend, meaning this will likely become an annual event rounding up some of the key industry leaders, and allowing members of the audience to ask them about the changing trends and expectations of the real estate industry in the Kingdom. Property and the associated sector remain one of the core pillars of the Cambodian economy and the panel had a chance to address the uncertainties in the market as the country emerged into a post-pandemic world. So what did we find out and what are the main takeaways from the panellists?Great Real Estate Debate - Cambodia The inaugural Cambodian Great Real Estate Debate resulted in an informative and engaging discussion which offered different perspectives and refreshingly honest viewpoints from members of the private sector and the government.Among the guests on the two panels were:Panel Discussion: The Cambodian Real Estate Market TodayAnthony Galliano - President AmCham Cambodia (Moderator)Ranarith Iv - CEO  - RMB CambodiaMs Kinkesa Kim - Associate Director “Research & Consulting” - CBRE CambodiaBen Li - Founder & Chairman - Urban Village & Factory Phnom PenhPanel Discussion: The Cambodian Real Estate Market in the Next 5-10 YearsTom O’Sullivan - CEO realestate.com.kh (Moderator)Long Dimanche - Deputy Governor Preah Sihanoukville ProvinceCatherine Chan - Founder & Chairman - Urban Village & Factory Phnom PenhArnaud Darc - Founder & CEO ThailasWhat Is The State Of The Cambodian Property And Real Estate Market In 2023?Anthony Galliano opened the Great Debate by highlighting some of the pessimism in the market to get a reaction from the panellists. These negative viewpoints included the declining prices of off-plan properties over the last few years (as much as 15% across the prime office and retail properties) as well as the triple threat of financial headwinds which include the rising interest rates, inflation, and increase in non-performing loans in the Cambodian market.Ben Li as Founder & Chairman of the Urban Village & Factory Phnom Penh (the venue for the debate) re-affirmed that the first part of 2023 had thus far been strong compared to 2022. He confirmed there had been increased interest from Cambodians as well as international investors from Hong Kong, Japan, and Singapore.Ranarith Iv, the CEO of RMB Cambodia added that banks would continue to lend, but due diligence is very important and noted that Chinese visitors and investors returning would be important to the Cambodian economy and the property sector.Ms Kinkesa Kim as Associate Director CBRE Cambodia and working in the Research & Consulting department, said that buying real estate remains a great investment in Cambodia, however, she encouraged potential buyers to focus on developers that have a good and reliable track record, and to invest in completed properties, as rental returns remained healthy in the Cambodian market.Buy From Trusted Developers in CambodiaTom O’Sullivan also questioned the number of projects that will be actually completed over the next 5-10 years and agreed with Ms Kinkesa Kim, that buyers should be investing in properties from trusted developers and buying completed properties. This was a message that was reiterated throughout the discussion.With 41,000 condominiums completed in Cambodia, it is estimated as many as 34,000 will be completed over the next five years.Arnaud Darc was very positive about Cambodia’s recent and future growth and said Thailas was looking to expand into multiple markets in Cambodia. He confirmed there were some concerns over rental rates when it came to commercial rental properties which was a challenge when securing new sites for restaurants, for example.Catherine Chan added that the continued urbanisation in the Kingdom and the use of the Chinese currency will further help with ongoing investment into property.  She also feels that the market is ideally suited for local buyers and that the market fundamentals remain strong after the downturn.The Potential of SihanoukvilleThe Deputy Governor of Preah Sihanoukville Province said that the Sihanoukville population will increase to nearly one million people, up from the current 300,000 with the implementation of a new master plan. The new masterplan is already starting to take shape and he has confidence in the coastal region in the future. The Sihanoukville master plan is being prepared with the support of China’s Urban Planning Design Institute of Shenzhen (UPDIS). Long Dimanche highlighted the draft laws which are under review for Sihanoukville to be a multi-purpose Special Economic Zone which would result in heavily reduced taxes for companies based in the city and will further attract investment and buyers.Darc also questioned the trending negativity around Sihanoukville and said the government has a very clear road map for the coastal region.Long Dimanche also provided further details of the government's step-by-step approach to the issue of uncompleted buildings in Sihanoukville which was one of the main concerns. This process would involve:A survey of the market.Identifying buildings and correct ownership (as many as 1,000 are believed to be incomplete).Understand the legalities behind each case.Incentivise investors/developers who are looking to enter the market. Incentives could include tax breaks for example.On A Sustainable FutureO’Sullivan asked the panel about the challenges of sustainability and Catherine Chan addressed the question saying that property developers should start to consider this issue, confirming it was all of our responsibility. She added that consumers will shift towards this sustainable mindset affirming that these considerations will become increasingly a core part of buyers’ decision-making.Takeaways From The Great DebateOverall, all of the panellists (and attendees) seemed to leave the Inaugural Cambodian Great Real Estate Debate session optimistic about the market in Cambodia and its potential.Robert Eloy an attendee and Partner at AI Consulting Asia said: “As a newcomer to the market in Phnom Penh, we are a market observer for our European investors. We focus on the upper end of the market and have noticed a natural trend of slightly lower economic conditions and oversupply in condos. Prices are still down a little, and good opportunities can be realised, provided that pre-downturn prices have not been overestimated in some areas. Obviously, the reopening of China's borders will bring their investors back into the Cambodian market... the trend is towards recovery and the “big four” (the four largest international accounting and professional services firms - Deloitte, EY, KPMG and PwC) have confirmed this. So for us, it's absolutely time to catch the good opportunities! What the Great Debate taught us, are the possibilities in Sihanoukville and the Deputy Governor's desire to revitalise the region, I remember his phrase ‘the beach of Sihanoukville is only 90 minutes from the capital’ which is appealing (referring to the new expressway connecting Phnom Penh with Sihanoukville)”.The key takeaways included:Current property prices are much more realistic.Tourism is increasing again and is set to continue in an upward trend.The urban population is expected to increase in Phnom Penh and new housing will meet this demand over the coming years.Buying from reputable developers and finished properties was the key advice for property buyers in Cambodia.Sihanoukville has a much more positive outlook compared to recent years.Tom O’Sullivan concluded “All of the pessimistic sentiments were laid bare at the start of each panel. I myself am optimistic, but maybe I have to be. The main feeling of the evening from both pessimists and optimists was that Sihnaoukville has a bright future after years of doom and gloom. There are many great opportunities at the moment to purchase property at great prices but buyers need to make sure they do their research and take the advice from the panel members”.Top tips for choosing a trusted developer in Cambodia:Research to see if the developer has previously completed any projects.Visit completed projects (if the developer has completed any) to understand the quality of the construction.Try and obtain an understanding of the occupancy rate of the completed projects.Ask to see the construction and sales license.Check the company background.Visit the company website for legitimacy.Check to see if there are any reviews online.Connect with a property consultant from Realestate.com.kh (who work with every developer in Cambodia) to obtain an unbiased opinion.

What makes Boeung Keng Kang 1 such an enduring presence and attractive destination for residents, new businesses, condo and hotel developers who continue to pay top dollar for the centrally located area of Phnom Penh - it remains the city's hottest neighbourhood. The Appeal of BKK1 Phnom PenhIts clear that Boeung Keng Kang 1 remains one of the most desirable and key districts in Phnom Penh and thus remains one of the most popular areas of this growing city (the data supports this and we will get to that later).The location of BKK1 is definitely a major factor, being interconnected and encompassed by four of the city’s busiest roads: Sihanouk Blvd to the north, Mao Tse Toung Boulevard the south, Norodom Blvd in the east and Monivong Blvd to the west - they are among the first street names most residents of the city get accustomed to.The diversity of accommodation, food and beverage outlets, selection of diverse offices, rooftop and ground level bars, the plethora of chic cafes and the ever-changing retail outlets which include stylish boutiques in BKK1 means it maintains its high price point, and popularity.New Brands Choose BKK1Simon Griffiths, Managing Director of The Mall Company, said that BKK1 is often the location of choice for new brands (most notably international brands) entering the Cambodian market. “Either AEON 1 or BKK1 is where new brands choose to establish their first store location and then expand from there. The reasons are the high concentration of expats with BKK1 as the premier residential & apartment location in the city, and the high discretionary spend of the surrounding demographic residing or working within the catchment.”2022 saw more than 99 new brands enter the Cambodian market and nearly 350 brands expanded their presence. Meanwhile, over 600.000 sqm of retail space was added in the capital, with nearly 250,000 sqm still under development. Although retail prices and occupancy rates naturally dropped during the pandemic - there was a wholesale shift in the food and beverage, hotel, retail and grocery offerings in BKK1.361° a global performance and lifestyle brand is a new addition, while locally owned Scarlet Fiber offers bespoke and locally designed fashion, and brand stores from Adidas, Charles & Keith, Pedro, and Zandos are all within the suburb.Boeung Keng Kang 1 still caters for all palates and the wide mix of international franchised food, fine dining, or streetside local Cambodian food makes the area attractive to residents, businesses, and tourists. Restaurants such as Pizza 4Ps, which opened its first location on the Sisowath Quay riverside (which remains extremely popular), have recently opened its second location situated in BKK1 in 2023. The Brown Cafe flagship roaster is located here, as are the ABA Phnom Penh headquarters, while new themed cafes such as 2D Cambodia are gaining in popularity. There still remains an element of charm walking the bustling streets within the Sangkat, as high (and higher) highrises are complemented with ground-level outdoor spaces such as that found at Penh 278, or the hideaway whiskey bars and authentic Khmer noodle houses, Japanese sushi eateries, co-existing with well-known local and international franchises from the USA, Europe and across Asia (Starbucks, Cafe Amazon, Papa John's Pizza, Dominos Pizza, Carls Jnr, KFC, etc.)Where else can you sample local and international craft beer (Embargo, Cerevisia or Duplex), wander over to specialised whiskey bars such as Odin and then join fanatical fans in a sports bar (Score), or join backpackers at singalong clubs, or simply fine-dine with a glamourous skyline view?Rooftop bars with expansive views of the city are chic and these include Highground Sky Bar and Baitong. The continued growth has also not prevented mom-and-pop type stores from surviving, in some cases thriving.The area is incredibly diverse but the ever-increasing and looming condos are evident and some streets have seen wholesale changes as they give in to high prices from developers. Some popular expat hangouts such as the hostel Mad Monkey and bar/restaurant Aussie XL have moved out of the area, while Zeppelins closed permanently.However, this does not detract families from wanting to live in BKK1 as the area also is home to several Cambodian and international schools, a short walking distance to Bluebird British International, Invictus International or iCAN British International schools.The addition of more supermarkets (Lucky Supermarket, Super Duper, AEON MaxValu, the new FairPlus Express) and online shopping makes it even easier to make sure a household is stocked up.The area's first, and still only mall - Chip Mong Noro Mall - opened in 2020 adding cinemas as well as additional retail space, food outlets and a meeting point for BKK1. Griffiths added that the area is “notably absent of big box stores as the rents are too high for large spaces and few large spaces are available.”He concluded “Ultimately BKK1’s growth will be hampered by the available infrastructure - namely roads and parking. If the area becomes inconvenient and limits the number of customers visiting due to traffic conditions and if the demographics within the catchment area cannot grow further, then there will be a threshold to the number of retail stores that the area can sustain and it will reach saturation point.”Property Prices in BKK1According to the latest data from the Ministry of Economy and Finance of Cambodia, Boeung Keng Keng I land price per sqm ranges from USD $4,900-$10,000, which is still $1000 per sqm higher than the next most expensive in the capital of Orussey I - so yes, the land is less affordable within BKK1.But BKK1 is the hottest location in Phnom Penh, so it demands the highest price per square metre in the capital. This is reasonably affordable compared to regional capital cities such as Bangkok or Hanoi. Office rental, retail, and condo rental prices have all dropped over the past few years due to the combination of financial impact of the pandemic and BKK still remains in the top 3 most developed Sangkats in the capital. There were 59 Green Net construction projects (under construction, partial, or on hold) in the area in 2022, with 30 of these residential projects, 12 mixed use and 9 office developments reported by CBRE.900, 000 sqm of office space was added in 2022 in Phnom Penh with a healthy amount in central locations such as BKK. Just under 600,000 was still under development.The city also boasts as many as 24,000 additional hotel room keys to the market in 2022.Examples of new condos and apartment projects under development in BKK1 include: Le Conde BKK1 (due 2024) - A 43-story building set to include a BKK Avenue retail store & boutique reading space, sky Jogging Track, indoor swimming pool & fitness centre, Children’s Play Paradise, Immersive Sky Garden, co-working space, rooftop sky bar, and infinity pool.The Flora Suites (due 2024)- The 38-storey condo and office complex provides a sky swimming pool, club & sky restaurant.Time Square 306 (due 2025) - The 45-floor property provides a gym, kids' play area, games rooms, infinity pool, & decking area with a garden.Golden Tower 322 (due 2023) - The building is already a landmark and will offer both office and living space in the heart of the capital, with an infinity pool, Jacuzzi, open-air hot-spring bath, sauna room, gym, sky bar, and an outdoor recreational area.Recently completed residential projects include:J Tower 2 - A 43-storey Japanese-affiliated condo offering a gym, spacious parking area, boxing ring, cafe, swimming pool, jacuzzi, and a sky bar.L'attrait - The 26-storey high-end Japanese-developed condominium was completed in 2021.M Residence - 29-storey condo offering a sky bar, a sky swimming pool, and gym centre was added to BKK in 2021.Picasso Garden City - Mixed building with a hanging garden, banquet hall,  infinity & paddling pool, gym, international business office, F&B, Picasso art auction centre.What Is In Store For The Future Of Boeung Keng Kang 1?With the high prices not deter developers from establishing new condos, mixed residential properties, or even hotels, and the promise of even more tourism in the future, there will only be more brands and outlets popping up in BKK1. Accor announced its first Mercure hotel in Cambodia, the Mercure Phnom Penh Boeung Keng Kong 1 is set to open in 2027.Griffiths adds that “there will be a constant turnover of retail stores within BKK1 as it is still a highly desirable location resulting in a continued vibrant and active retail real estate sector in the area.”Although city or Sangkat planning has not traditionally been a strong characteristic of the city, there should be some foresight from the authorities. If BKK wants to be the urban living, retail, and foodie hub of Phnom Penh in the future, the area could entertain the idea of increased heritage preservation, pedestrian-only streets on St 51, St 57 or St 63 In the evenings or weekends, and feature more collaborative culture and street style festivals in the Sangkat.Griffiths added “The drawbacks of BKK1 congested roads, especially at peak rush-hour times and school drop-off and pick-up times, and a lack of parking (curbside parking is a remedy of sorts but adds to the congested narrow streets). Pedestrianising parts of BKK1 has potential but the lack of zoning makes it extremely challenging as there are so many stakeholders.”Does the area want to be a downtown Tokyo with bright lights or a Sukhumvit-style attraction with a diverse range of desirability that becomes a traffic nightmare? The identity of BKK1 has always been morphing but with the land the only capped resource, for it to be a world-famous hotspot and attractive hub that caters to Cambodians and international visitors and residents alike - while maintaining its investment pull - BKK1 will continue to modernise and diversify.

It's a challenge to switch on the economic and investment news for Cambodia and filter through which projects will actually materalise. New airports though are coming - as many as six airport projects were explored for the period 2019 to 2024 to further promote the aviation sector, which in turn promotes tourism and national economic growth. The four new airports that are under development have a combined investment worth approximately USD $2.8 billion.Nearly a quarter of Cambodia's 17 million inhabitants lived in urban areas by the end of 2022, but this number is set to grow to nearly 8 million people by 2030. Coupled with the government’s hopes that tourism will keep growing and surpass pre-pandemic levels over the coming years, it makes sense for the network of airports to be increased for greater international and domestic connectivity.What Airports Are On The Rise In CambodiaAt the start of 2023, the fourth greenfield airport in the Kingdom was confirmed to go ahead on Koh Rong, adding to the Dara Sakor International Airport, Siem Reap-Angkor International Airport, and Techo International Airport, all of which are invested in by the private sector.A recent development report indicated that as many as 13 airports were in conversation across the country, and there is a  strong case that this is too many for a country the size of Cambodia. There are three current active and international airports serving domestic and international flights, which have all undergone some form of refurbishment and upgrades over recent years.The sudden rush to interconnect the country locally and within the region has also seen simultaneous upgrades to deep sea ports, the addition of new tourism ports, and possibly new and expensive train links and highways - there is a frantic rush to attract investment into infrastructure.Siem Reap Angkor International AirportThe new international airport in Siem Reap was confirmed in 2019, and construction has been underway at Soutr Nikom district, approximately 51 km southeast of Siem Reap and 40 km from UNESCO-listed Angkor Archaeological Park. The airport is significantly larger than the current operational airport in Siem Reap and will cover 700ha with an estimated cost of USD $900 million.The airport is invested in by Angkor International Airport Investment (Cambodia) Co., Ltd, an affiliate of China’s Yunnan Investment Holdings Ltd which holds the rights to a 55-year build-operate-transfer (BOT) model. The group confirmed at the start of 2023, that the airport would be open before the end of the year. As a 4E-level airport, Siem Reap Angkor International Airport should be able to accommodate aircraft such as A340-300, A350-900, B777-200, B777-300ER, B747-300 and B747-400.Techo Takhmao International AirportThe rapid expansion of urban areas in Cambodia, and especially in the case of Phnom Penh, meant there was nowhere for the current international airport to grow, so it makes sense that with increased travel demand - a new airport was possibly needed.Although the new airport is exciting, one of the real benefits for all these years has been the quick and easy access to the existing airport in the capital for tourists, foreign residents and Cambodians.The Techo Takhmao International Airport, located around 35 kilometres south of Phnom Penh, is a joint venture between the Overseas Cambodia Investment Corporation, the Cambodian government, and the SSCA - called the Cambodia Airport Investment Co.By mid-2022, construction of the new international airport was one-third complete, and like the other airports under development, has fallen behind schedule with the pandemic being blamed. Current plans are for the construction to be completed by 2024, with the airport to be operational by 2025. Changi Airport Group provided a boost of confidence to the ambitious plans for the airport - which will be the ninth largest in the world - and as a 4F class designated airport it would allow for larger aircraft to make use of the transport hub in the capital.The project spans over 2,600 hectares, and according to the master plan, the airport will handle 13 million passengers a year in the first phase, 30 million passengers in the second phase by 2030, and up to 50 million passengers in 2050 in the third phase.OCIC says the new airport is planned to contain hotels, a convention centre, office buildings, an ecological park as well as private housing, adding that it will be connected to the city by a motorway, and ultimately with an elevated rail line. Koh Rong International Eco-Tourism AirportSomewhat surprisingly, in early 2023, the news of Koh Rong International Eco-Tourism Airport was announced with the development expected to cost USD $300 million. The project will be led by Royal Group Koh Rong Development Company, and the Koh Rong International Eco-Tourism Airport is expected to take five years to complete.The Cambodian islands remain a key tourist destination for local and international travellers. Even though “Eco-Tourism” appears in the new airport’s name -  it won't dissuade critics of the plan and how the project will potentially impact the environment and ecosystem which will be keenly monitored.Mao Havannal, the Minister in charge of the State Secretariat of Cambodian Civil Aviation confirmed that the development falls under the government-approved framework of a multi-purpose joint venture for Koh Rong city. Initial plans are for the airport to be a 4C class international airport, meaning that the airport can accommodate larger aircraft for international long-haul flights. The master plan anticipates passenger growth reaching 275,314 per year in Phase 1 (a ten-year phase), followed by 265,929 passengers in Phase II, and a limit of 531,858 passengers per year after the completion of its final development.Dara Sakor International AirportThe Dara Sakor International Airport has experienced several delays after being initially announced in 2016, and the latest estimate is that operations will start in mid-2023.The airport is being constructed near the Dara Sakor resort, in Koh Kong’s Botum Sakor district under a similar agreement to the Koh Rong International Eco-Tourism Airport, but in this case, the Chinese-owned Union Development Group (UDG) are leading the project.The airport is expected to be able to accommodate Code E aircraft (such as the Boeing 777 and Airbus A340), with 4 helicopter terminals, and capacity for 7 million passengers and 10,000 tons of air cargo per year.The airport covers 4.5 hectares and has an expected development cost of USD $350 million (although there has been no recent update taking into account the delays.)What Do These Airports Mean For The Construction And Real Estate Sector?Prime Minister Hun Sen recently said the new Siem Reap International Airport will play a major role in increasing the country’s economy and tourism when it opens in late 2023. “This large-scale international airport will bring a boost to the economic development in our northern region, including the provinces of Siem Reap, Oddar Meanchey, Kampong Thom, and Preah Vihear,” he said.It goes without saying that the construction and development of the airports lead to a number of associated projects such as improved infrastructure, additional retail, F&B, accommodation etc - not only on-site but in the surrounding areas.This will increase demand for cargo facilities, hotels, guest houses and other forms of short-term accommodation, restaurants, cafes & bars, and the spillover from the construction of new improved transport links will see petrol/gas/EV charging stations, roadstop cafes and more.Airports attract the need for industrial space and specialised cold storage facilities, warehouses, data centres, and mass food production facilities.Cambodian international airports in 2023, serve 24 destinations and 11 countries which are not yet at the pre-pandemic level. Once new airports come online, and new routes & destinations are added, with the support of well-placed advertising campaigns & additional quality tourist attractions, Cambodia could well be set for an unprecedented boon in tourism numbers and investment over the coming decade.

Many foreign nationals have chosen to buy property in Phnom Penh, Siem Reap, Sihanoukville, Battambang and other emerging urban hubs in Cambodia. With inbound tourism and visitors set to increase in 2023, especially from China, there will be increased demand from international property buyers looking for investment opportunities in Cambodia. The government hopes tourism growth in 2023 will reach 4.3 million international tourists (double the number from 2022).Some investors might not be permanently based in-country, and even if they have relocated here, it's useful to understand certain key aspects of property management in Cambodia and what services are available, whether you are a remote landlord or not.What Are Some Of The Key Reasons To Buy Property In Cambodia As An Investment?There could be several reasons why anyone would buy property as an investment. For Asian UHNWI (ultra-high net worth individuals) for example, real estate is an important store of wealth and assets remain a key part of a mixed portfolio.Cambodia is quickly establishing itself as a global destination for investment and living for international communities. The country has a positive outlook for economic growth and political stability, while the new Cambodia investment law further promotes favourable international investment.There is also no freehold on foreign exchange in Cambodia and there are no restrictions on the remittance of capital or profits into or out of Cambodia (1997 Foreign Exchange Law).Buying real estate as an investment means:Access to US Dollar assets at a relatively low costDiversify risk through asset portfolio allocationPositive (possibly passive) cash income from renting out the propertySource of income in retirementFreehold property rights can be passed on to the familyA second holiday homePrime condos were priced at USD $2,189 per sqm by the end of 2022. In terms of the condo supply, this reached 28,000 units across 95 buildings in Phnom Penh at the end 2022, and is projected to increase by over 50,000 units to reach a total of 80,000 by 2025 (realestate.com.kh data).The urban population of the Kingdom is also expected to increase substantially, rising from 4.3 million in 2014 to nearly 8 million people by 2030.What Does Property Management Entail?Even before purchasing a condo in Cambodia, you should have a certain base level of knowledge about the property and its implications.Property management refers to taking care of the essential aspects of maintaining a property, and also keeping tenants satisfied if you are renting the condo. In condominiums, in particular (and we are focusing on this type of property as they are the most common and legal form of property ownership for foreigners in the Kingdom), this might include maintenance of lobbies, passenger/service lifts, and common areas used by co-owners and tenants in the property or all aspects of the condo itself such as electrical and plumbing, paint, decoration and other utilities.Within condos, a homeowners’ association (HoA) can also be formed by co-owners in Cambodia and is usually formed once a building is 70% occupied. The HoA might pick a property management company to maintain shared spaces paid with fees collected from the tenants/co-owners.Who Will Manage The Property? Investors can benefit from engaging with project-based Rental Management Agreements, the services of a 3rd Party Property Management Company, or using a trusted associate to manage the letting of a property if they don't want to take care of the day-to-day management.The Ministry of Economy and Finance has issued licenses for property management in Cambodia since 2015-2016 and the industry continues to improve and develop, so it's recommended to take some time to research and speak to several reputable agencies if that's the direction you are looking to take.Facilities Management refers to maintaining the exteriors and interiors of the condo including windows, landscaping, driveways, lobbies, passenger lifts, gyms, and other shared facilities. Often, the fees paid as part of the management fee cover the facilities management in a condo.Physical Management is the service provided within individual properties and is applied more to buyers who purchase for investment purposes and require someone on the ground to manage their properties. This service allows overseas-based investors to manage their properties in Cambodia without physically being in the country.What Are The Benefits Of Property Management For Overseas Investors?As detailed here, if you are a property buyer in Cambodia but based overseas, there are benefits to using a reliable property management service.Allows investors abroad to oversee their properties - During the recent COVID-enforced travel restrictions, many found themselves unable to manage properties from abroad. Investors might find it easier to hand over the responsibilities to a professional local service.All-Inclusive Solution to manage multiple properties - If foreign investors intend to purchase multiple properties, managing these can be time-consuming.Hassle-free Tenant management - Tenants (if the properties are being rented out) might leave and need to be replaced. The Management companies will screen new tenants, take care of the FPCS (if needed), lease and documentation and handle all requests from tenants. For overseas-based property owners, especially if there is a time difference, this could be a huge time-saver. Services offered by realestate.com.kh, include a complimentary marketing campaign to ensure occupancy of a unit if buyers purchase through them. What Costs Are Included In Property Management In Cambodia?Property management fees in Cambodia can range from $1-2 and are multiplied by the gross area in square metres. The gross area refers to the size of the unit itself as well as the share of the common areas. Sinking Fund - Some Cambodian developments allocate a portion of fees for a separate sinking fund used to address unforeseen expenses for the building.Tenant screening and leasing - These are classified as optional services and would cost a nominal fee (around 10% of the rental fee).Dispute resolutions -  These are also classified as optional services and cover instances such as tenant evictions.Should You Be Buying A Condo In Cambodia Now?Some of the main considerations in the Cambodian market are location and potential for growth in the long term, as well as safety and security. Having some insight into what is planned in the area in terms of access to amenities would be beneficial - Cambodia is still rapidly developing and cities are expanding while the wide-scale modernisation and tenant expectations are constantly changing. Results from the Realestate.com.kh Real Estate Survey 2022 indicated that 90% of respondents thought that property was a good investment in Cambodia. And that condos and apartments were the second most popular property type to buy. Cambodia is expected to register a 5.6 per cent GDP growth in 2023, according to the Ministry of Economy and Finance, and although the Cambodian construction sector is set to see modest growth of 1.7 per cent in 2023, and real estate is expected to achieve similar marginal growth of 1.2 per cent this year, investment opportunities should be based on mid to long term prospects depending on the goals.With rising global demand, increased foreign investors’ confidence (and new favourable laws), as well as the full reopening of Cambodia’s borders, the Kingdom is anticipated to do well economically in the future and it could be an opportunistic time to purchase property in Cambodia whether as a home, investment or retirement property.

Cambodia has 3,827 construction projects nationwide with a total floor area of 6,596,936 square meters according to the Ministry of Land Management, Urban Planning and Construction, but if the pandemic taught us anything, it's that those at the lowest end of the economic scale need more support. So what social or low-cost housing is there in Cambodia and what more should be done?At the tail-end of last year, Cambodian Prime Minister Hun Sen made a publicised plea for private real estate developers to come up with projects for low-cost residences, adding that there was high demand, especially among civil servants and low-income or middle-income consumers.To qualify as affordable housing in Cambodia, units must be priced at USD $30,000 or below. With the goal of moving the nation economically forward to achieving high-middle-income status, what affordable housing is available now and what are the challenges in adding more?Economic Status Goals - A Changing CambodiaPrime Minister Hun Sen has said that “sustainable economic growth over the past two decades has moved Cambodia from a low-income country to a low-middle-income country and is striving to achieve its vision of a high-middle-income country in 2030.”The gross national income (GNI) per capita in Cambodia was expected to reach USD $1,785 in 2022 and should increase to USD $1,924 in 2023. Lower-middle-income economies are classified when the gross GNI per capita is between $1,036 and $4,045; and high middle-income economies – with a GNI per capita between $4,046 and $12,535.Undersecretary of State and Spokesman of the Cambodian Ministry of Commerce Penn Sovicheat said the RCEP, which came into effect in 2022 would also be a catalyst for long-term and sustainable trade growth and will help Cambodia move from its least-developed country status as soon as 2028 (the target was 2030).However, Heidi Dahles, an adjunct professor at the School of Social Sciences, University of Tasmania has argued that “GDP is an unreliable measure of the country’s economic performance, obscuring the scope of social inequality, low wages and poverty in rural areas and the informal sector.” She adds that 18 per cent of Cambodians still live below the poverty line.What Do The Finances Suggest - Is Affordable Housing Viable?It is estimated that with the increasing attraction of the nation's booming cities, there could be as many as 7.9 million people living in Cambodia’s urban areas by 2030. This represents a huge increase of the estimated 4.3 million from 2014.In 2017, the government had even announced ambitious plans to meet this growing demand by adding 55,000 affordable new homes every year. Minister of Land Management, Urban Planning and Construction Chea Sophara had predicted that, by 2030, an estimated 800,000 urban homes will need to be added to the housing stock to meet this explosive demand.The National Program for Development of Affordable Housing was established in 2017 and this  Affordable Housing policy was intended to provide developer incentives such as tax breaks, ease of obtaining permits and licenses and more. It does require projects to include at least 100 low-cost housing units and the price range per unit to be between $15,000 to $30,000 or lower. The main sticking point it seems is that to apply,  the location of the development must be within 20 kilometres of the capital or cities. By 2020, it was reported there were only five affordable housing projects comprising 8,331 landed units and 7,256 strata units.Salah Essa CEO of Management Venture Asia Co. Ltd has been heavily involved with Worldbridge Homes affordable housing projects including involvement in the design phase, and project construction management. The company is a Phnom Penh-based business consultancy group which helps facilitate business ventures, taking products to market and market research all throughout Asia and have a key interest in sustainable development.Essa says the Cambodian government have “covered this important property sector with clear rules and regulations as well as incentives to the keen developers' ' and affirmed the law around the affordable housing projects should not accede USD $30,000 in to be included within this category.Ha adds that “landed property is the most favourable type of property to live in for the majority of local Cambodian even though living in condo concepts has started to be more. The main challenges are the land cost, and location, as the properties have to be affordable and accessible by the residents. These two challenges need to be assessed as they will impact the cost of building these affordable housing or apartment type of properties in Cambodia.”Despite the economic and property boom slowdown over recent years caused by the pandemic, there has been and still is plentiful development. Cambodian Valuers and Estate Agents Association (CVEA) president Chrek Soknim also argues that the rise in Cambodian land prices makes it challenging for developers to build affordable homes. He suggested some of the measures that could promote more of these affordable projects would be; land concessions, and infrastructure support from the government such as providing access to clean water and electricity to the sites.There is already in place an exemption on stamp duty which applies to residential properties valued at less than $70,000. The stamp tax on transfers of immovable properties in Cambodia covers the tax paid when an immovable property is sold, exchanged, gifted, or succeeded.Examples of Cambodian Affordable Housing ProjectsMr Sunheng Ek, (a Project Coordinator at the Ministry of Economy and Finance) and Marketing Manager at CREED Group who are a market leader in affordable housing in the Kingdom, said they provide shop houses and townhouses (called link houses) at affordable prices ranging from USD $27,000 at their Borey Maha Boeng Trea development.Ek says, “To some extent, affordable housing provides the most basic needs of the community, from residential to commercial spaces but still has the full set of public standard-based utilities.” He adds that some of the challenges of developing affordable housing in Cambodia include the balance between affordability and quality, and the post-pandemic impact on those in the lower and middle-income brackets.However, he strongly believes there is a need for these projects and there will be a trend among developers to produce more and there is demand. He also says this should be based on providing good standard properties and not ones which are purely revenue based, to make the market inclusive for both investors and residents. “We understand that the quality of the construction has to be set as the highest priority to improve those in the lower income brackets, rather than selling cheap and unsustainable developments of poor quality and repute,” he added.Properties from CREED interest-free payments from as little as USD $150/month, and offer payment plans as one of the most attractive schemes for customers who are facing difficulties with low income. They also try to cooperate with local banks to offer lower interest rates and offer long-term instalment options.Worldbridge Homes General Manager Sothirith Yuk says that Worldbridge Homes (a subsidiary of Worldbridge Group of Company) are also focused on affordable housing developments in collaboration with the government (on a public-private partnership model). They have developed the first and biggest affordable housing project in Cambodia.The Serey Mongkul satellite city is located in Sa Ang district in Kandal province and consists of 2457 units including three community landscape parks. The first phase was already handed over in 2018 and the next two phases are currently being handed over. The homes’ price ranges are from USD $25,000 to $38,888 per unit. He adds “affordable housing is so important in any country, either developed or developing ones, as not everyone can afford to purchase houses currently available in the markets. And Cambodia is no exception. Moreover, by developing these affordable housing projects, we also aim to bring about the social impact from our business providing more access to home ownership for low and middle-income families.”It appears that there are still challenges to adding more affordable housing within the Cambodian market, even though private companies and the government are trying to address this. With cities expanding and land prices rising, although the average wages are set to increase too, there are still limited options in social housing for Cambodians with little to no income.

The riverside in the capital of Phnom Penh often seems to elicit a love-or-hate reaction, but until the pandemic struck with its economic hammer blow, the area along Sisowath Quay was at the heart of most tourists’ visits to Cambodia. COVID-19 obliterated businesses along the river-facing quayside, it's still visibly bearing the scars with many closed and vacant shophouses.The area though was due a rejuvenation, and new hotels, restaurants and developments mixed with the popular eateries, bars and guesthouses that survived the pandemic, as well as the longstanding heritage and colonial buildings offer a glimmer of the changing face of a new riverside. What Is New To The Riverside In Phnom PenhOver the past decade, the riverside area has seen many changes with the selection of bars, restaurants and hotels becoming more diverse, which is important to the budgets and tastes of all travellers whether it be domestic or international tourists and visitors.In terms of hotels, Tribe and KVL are new additions while others still hang in stasis with their development coming to a halt during the pandemic. In 2022, Accor also announced it would open its first Ibis budget hotel in Cambodia with the Ibis budget Phnom Penh Riverside.Popular F&B establishments such as Oskar and Metro survived and the addition of the 313 Quayside mall was somewhat of a surprise; Rukkha Sky Bar & Tapas, The Waterside restaurant, Starbucks, Pizza 4Ps and the selection of Asian restaurants have been welcome additions.The survival of rooftop bars such as Juniper, and long-standing Italian restaurant Pop, and the selection of budget-friendly bars and restaurants are a relief too. Amanjaya Hotel took the time to undergo major renovations but the popular FCC stays in a status of limbo/construction.Between the quayside mall and the night market, there has also been the addition of a new Mexicano restaurant and the rooftop The Hideout sports bar and restaurant, while further along Hummus House still remain popular.Infrastructure Set to Change The AreaThe two main infrastructure projects which may change the face of the riverside area are the proposed development of the bridge from the night market across to Chroy Changvar. The Cambodia-South Korea Friendship Bridge construction is due to start in 2023.The ongoing Yuetai Phnom Penh Harbour development will be occupying approximately 1.2 million sqm, and include a commercial development with a construction area of 1.17 million sqm. The project is split into four phases, from Chroy Changvar Bridge down to the Titanic Restaurant.Blending A Modernising City With Heritage PreservationFor many years, there have been suggestions of making the riverside, or sections of it, more pedestrian-friendly and even banning vehicle traffic for certain time periods. There have also been voiced concerns about protecting the style of the area and the many historical buildings in the vicinity. How does the city modernise, expand and maintain its legacy?The Sisowath quayside is still home to some of the biggest cultural tourist attractions in the city, most notably the Royal Palace and adjacent museums, the pagodas such as Wat Analoum and the Preah Ang Dornkeu shrine and Wat Phnom. The Chaktomuk Theatre and the French colonial buildings near the Cambodia Post Office are both of historical and heritage significance too, while the more than a century-old Chinese House still lies vacant but protected.Soreasmey Bin Ke, the founder and CEO of Confluence (a Cambodian market-access firm) partnered with Trove (a New York-based tourism development advisory firm) to recently present a Sangkat-level urban tourism plan to the Ministry of Tourism and detailed heritage preservation. He said, “The main objectives were to create a plan capable of supporting the sustainable local economic development of the proposed areas: Phsar Kandal Ti Mouy/Riverside and Wat Phnom/La Poste areas.This will enable the local community to gain benefits from the natural and cultural heritage. Our work was based on the best international models adapted to the Cambodian context, so the framework we suggested is able to enhance the quality of the tourism potential in a structured manner, and provide a replicable model for localised urban tourism planning across Cambodia.”He added that there were two main outcomes - the creation of a local stakeholder tourism steering group involving the public, private stakeholders, and community who will manage and progress the recommendations in the plan. Secondly, a full audit/inventory/situation diagnostic of the project area was also completed, including asset mapping to assess the current situation regarding tourism development and its potential.”In total, there were 40 key recommendations based on four key areas; sociability, access and linkages, uses and activities, and comfort and image. In terms of city planning and maintaining the local heritage, Soreasmey added, “I do believe heritage preservation today is key to Phnom Penh’s future. Our capital city is no longer a small city, we can see how it has expanded both horizontally and vertically. A tremendous job has been achieved in terms of infrastructure, and more is coming - a massive new airport, ring roads, flyovers, a possible tramway, skytrain or cable cars will complement the 100+ public city buses already serving the city. Public parks have also been announced in the near future.This is great, but we should not forget the soul of the city. Our city lives through two main assets, its history and what is left of it and its people. Some iconic colonial buildings have been destroyed, but Phnom Penh has kept its soul alive, with its dozens of pagodas, historical sites, markets, and eclectic people. This is already a victory.”This mix of new and old is one all growing urban centres face globally and it's a balancing act. “We want to preserve and highlight everything that makes Phnom Penh unique. This creates an experience that is worth staying for, and coming back for. How can we utilise the treasures of the urban heritage, history, culture and architecture to spur tourism development? That is the major challenge we need to have a solution for if we want Phnom Penh to rise as the next landmark city of Asia.”In late 2022, a Future City Summit was held and urban transformation, city retrofitting and urban technology co-investment were discussed. The event concluded with a deeper discussion on pedestrian transformation and sustainable landscape design on the proposed Preah Sisowath Quay - Riverside Heritage Walk.Living Forum, a group of Junior Research Fellows from Future Forum, who utilise research, design, and policy formation to shape Cambodia’s urban outlook said, “City planning, we believe, is about developing communities that are more liveable, affordable and sustainable. There must be an emphasis on people, especially when making decisions for urban mobility. Transportation infrastructure should prioritise augmenting and completely replacing vehicle-centric streets with new public transit lines, revamping old ones, and improving walkability and likeability.Consequently, the space gained from this process can then be reallocated into additional public spaces, which serve social, economic, and cultural purposes. Easing the commute to the riverside and active public spaces positively impacts the prospects of rehabilitating and preserving architectural heritage. Phnom Penh should commit to an integrated approach, taking into account economics, heritage, sustainability, and governance.”On maintaining heritage they were also adamant. “It is not only crucial, it is existential. For a city would not be much without heritage, character, uniqueness, and creativity. As such, all of these are key livability criteria, and having good livability attracts more skilled workers, visitors, innovations, and investment. To put it simply, livability correlates to a city’s potential.”In conclusion, they reiterated that a “strong sense of identity brings livability, and livability brings tremendous value in both tourism, investment, and other economic benefits.Efforts to enhance creativity and cultural productivity are also a sign of expansion and modernisation - they are not necessarily mutually exclusive preservation. Modernisation doesn't always mean importing something completely new but finding ways to make living easier and more accessible for people, while also maintaining Phnom Penh’s identity. In short, modernisation should be a way to iterate and evolve locally inspired and contextually relevant urban design and planning.”

The Cambodia Real Estate Survey is an annual initiative that Realestate.com.kh uses to create valuable reports and insights on the local property market that are published for free across its platforms, so buyers, renters, agents, developers, and the industry, in general, can continue to make informed decisions when buying, renting or selling property.Your answers go a long way in helping improve the Cambodian real estate market. Rest assured that your answers will be kept confidential and anonymous in our final report.If you would like to receive a copy of the final report and go in the lucky draw to win a brand new iPhone 14, make sure you add your contact details at the end of the survey. Simply complete the 5 minute survey for your chance to win! Start Survey

A new year brings renewed optimism, and while reports from the International Monetary Fund suggest as many as a third of all countries globally will enter recession in 2023, generally, Cambodia still has a positive outlook this year. Key to this economic growth is investment and new infrastructure projects which get underway or will be completed in 2023 - strengthening transport and logistics, improving the landscape for future investment, and adding to the foundations of a country powering towards its ambitious goal of becoming an upper-middle income nation by 2030.New Bridges - Korea-Cambodia Friendship Bridge The construction of the Cambodia-South Korea Friendship Bridge is due to start in the second half of 2023 with the Ministry of Public Works and Transport set to meet with their South Korean counterparts at the start of 2023 to finalise details.The South Korean government has pledged USD $1.5 billion in economic development loans to the Kingdom under the Economic Development Cooperation Fund (EDCF). The bridge is planned to be built in two sections across the Mekong River and the Tonle Sap River in Kandal province. In the heart of Phnom Penh, the first section will be constructed from the night market near the riverside and across to the Chroy Changvar peninsula, with the second section of the bridge stretching across the Mekong River to Arey Ksat. The project is expected to cost around USD $245 million and take around four years to complete, and the cable-stayed bridge will have four lanes of traffic.These projects are necessary growing pains which will undoubtedly impact areas during the construction phase but these transport links are needed as the city expands beyond its current limits. Koh Norea Development (And More Bridges)The USD $2.5 billion Koh Norea project is a massive and ambitious project covering 125 hectares in the capital and led by the OCIC. The project won't be completed in 2023 as it had only reached 30% completion by mid-2022.The satellite city is intended to be home to commercial & entertainment areas, residential properties, schools, a medical centre, and many other urban conveniences.The development is expected to offer capacity for around 50,000 people and will generate 7,000 jobs initially, rising to 10,000 at completion. The development will also see the addition of two more bridges in the capital -  one connecting Koh Pich to Koh Norea which started construction in 2020 and is expected to cost USD $38 million. This larger bridge is 824 metres long and 24.5 metres wide with two 60-metre-high cable-stayed pillars and will have four main lanes and two motorbike lanes. The second bridge connects Koh Norea to National Road 1 and is 16 metres long and 21 metres wide, costing USD $1.6 million. A number of property developments hinge on the development of the area including Vue Aston, while luxury real estate developer AKRAM Development Co., Ltd acquired 3.5 hectares of land in Koh Norea to build Cambodia’s first ultra-luxurious development.Kampot Tourist Seaport & Deep-Sea PortThe long-delayed Kampot Seaport was due to open several times over recent years but was pushed back during the pandemic. The project was announced to be completed in October 2022 but is now awaiting government approval and funding to deepen the Kampot International Tourism Port’s waterway and make further improvements.The port was constructed with an Asian Development Bank-approved USD $18 million loan and features a 123 metre long & 11-metre-wide wharf leading to facilities including passenger and restaurant buildings - it is hoped that the Kampot Seaport will be able ​to accommodate one million travellers annually.With tourism rebounding in 2023, the time is perfect for the Kampot Seaport to be functional if it means fulfilling the ambition of the Ministry of Tourism to become the country’s main gateway to tourism destinations in the region.In 2022, the construction of a large international deep-sea port in Kampot also got underway at an estimated cost of USD $1.5 billion. “The port has a water depth of up to 15 metres, which can accommodate large cargo ships with a capacity of up to 100,000 tonnes,” said the Ministry of Land Management, Urban Planning and Construction.The newly inaugurated NR41 will also connect major international ports such as the Kampot port, the logistics centre under construction at the Kampot tourism port, the Sihanoukville Autonomous Port and the newly built Kep-Koh Tonsay tourism port.Cambodian Airport Construction ProjectsThe Techo Takhmao International Airport, located around 35 kilometres south of Phnom Penh, is a joint venture between the Overseas Cambodia Investment Corporation, the Cambodian government, and the SSCA - called the Cambodia Airport Investment (CAIC).By mid-2022, construction of the new international airport was one-third complete, but the important announcement of the partnership with Changi Airport Group has provided a boost of confidence to the ambitions for the airport to be the ninth largest in the world - importantly it will be designated as a 4F class airport allowing for larger aircraft to make use of the transport hub.The project spans over 2,600 hectares in Kandal Province, and the plan is for the airport to be an international hub connecting flights globally. According to the master plan, the airport will handle 13 million passengers a year in the first phase, 30 million passengers in the second phase in 2030, and up to 50 million passengers in 2050 in the third phase.The Dara Sakor International Airport, following several delays, is due to start operations in Koh Kong province in mid-2023.Siem Reap Angkor International Airport continues its construction phase well into 2023 but the project is behind schedule.Sihanoukville International Airport could also see a possible expansion and an upgrade in 2023 according to its operator VINCI Airports - this would be important in the long run for huge projects such as the Bay of Lights on the coast.New Cambodian ExpresswaysFollowing on from the success of the Phnom Penh-Sihanoukville Expressway, which saw more than one million vehicles make use it in the first three months of opening, other major expressways and road improvements are in the works in 2023.Two more road projects were inaugurated on the eve of 2023 - National Road N31 connecting Takeo province with Kampot province, and National Road N33 linking Kampot town with Kep.The Phnom Penh-Bavet Expressway should get underway in mid-2023 - the 138-kilometre expressway project is estimated to cost USD $1.63 billion.A feasibility study for the construction of a Phnom Penh-Siem Reap Expressway will be completed in 2023.Rail Construction?Phnom Penh and Cambodia have been linked to many railway projects over the years and there has been a renewal of interest in developing a transit network in the capital, while a national rail service linking the country to its neighbours such as Vietnam, Thailand and Laos would boost trade and logistics.However, of all of the infrastructure projects in this list, the development of a high-speed rail network or one in the capital within 2023 is least likely. There are post-election 2023 promises being made for the possible Poipet-Phnom Penh-Sihanoukville railway, the Poipet-Siem Reap-Kampong Thom-Kampong Chhnang-Phnom Penh and Phnom Penh-Bavet lines, with the latter planned to link with Ho Chi Minh City via Moc Bai.There is no shortage of investment into the infrastructure of the country, and Cambodia needs these partnerships (and increasing loans which need to be carefully monitored) for its gradual ascendance to be a regional economic player - 2023 is a milestone year for many of these projects and their progress and delivery will be exciting to monitor.

Phnom Penh: On Friday, January 6, 2023, at the Raffles Le Royal Hotel, there was held a signing ceremony of the Brand Ambassador between Ms. Nikki Nikki and the Vong Residence. Presided by Mrs. Meun Sreynet, CEO of the company, as well as management and staff members.The signing ceremony was to open a new era of cooperation between the two sides on the work as brand ambassadors of Vong Residence, especially to develop the quality, aesthetic, beautiful and civilized housing construction.Mrs. Meun Sreyneth, the CEO, said with confidence that "Vong Residence is a much-needed addition to the community, with the best potential, safety standards, high quality, and excellence both for living and business”. She continued, "Seeing the support and love from fans and the general public, as well as her diverse abilities, likeable manners and speech, general knowledge, ethics, friendliness, positive social relations, and most importantly, her multiple talents, we decided to choose Ms. Nikki Nikki as our brand ambassador - the perfect choice for Vong Residence."Ms. Nikki Nikki said “I am very honored to be the brand Ambassador of the Vong Residence, I am so excited, it’s indescribable! Behind this decision there have been discussions, evaluations and expectations. House is not a Home - having a house but not living together is not a happiness family, as only a shell. Home is really the most important thing to build happiness together, home for dinner, family reunion, represent me like my song "Home For Dinner". Home is like workers who work together, build together, protect each other, have goals and hopes that are a source of energy and strength. I am ready to prepare the conten tsrelated to the Vong Residence to educate and encourage the benefit of our project to fans and clients. I believe that Vong Residence will receive strong support from customers and I will join the company's activities to achieve the common goal.” Please be informed that Vong Residence is located along Street 20A near Ring Road 3 in Sangkat Tien, Khan Dangkor, Phnom Penh - a favorable location with high economic potential, near new Phnom Penh International Airport and the new Aeon Mall 3. The value of the Vong Residence is "Building One’s Harmony ."

As 2022 drew to a close, we enter 2023 still facing serious challenges but Cambodia is in a far more economically positive place than it was a year ago. There are actually some really exciting milestones due to take place in the coming year and the trends are shifting to potentially healthier sector outlooks and ongoing infrastructure development that can ignite industries and a rebound in tourism.This is fuelled by the announcement that China will relax travel restrictions in January - a potentially vital economic step for the region and the Kingdom.Here are the top economic drivers we are excited about in 2023.Southeast Asia Games 2023It's hard to ignore the importance of the first SEA Games to be hosted by Cambodia from May 5-17 2023, as well as the 12th ASEAN Para Games which are due to be held in June 2023.It almost feels as if the year in some way hinges on the success of the Games. Aside from the sporting prowess of athletes on display, it will be the opportune time for major cities in Cambodia to be showcased to the regional and global media, which means investors too. With events due to take place in Phnom Penh, Siem Reap, Sihanoukville, Kep, and Kampot, the epicentre will undoubtedly be the area around the new Morodok Techo National Stadium in Chroy Changvar. With recent assurance, the important athlete's village is on track at Worldbridge Sport Village, how all visitors, as well as the media, enjoy their experience and the facilities are paramount in generating positive press which could lead to a surge in investment as Cambodia tries to carry its ‘tiger status’ as an investment destination.Much of this comes down to attention to details, something that perhaps in the past was not a strong point for the Kingdom. However, the huge success of the ASEAN Summits in Phnom Penh demonstrated the ability to host such important events. The authorities need to encourage local involvement and drive national sentiment while appealing to international investors, which is a balancing act - local strategic planning is hugely important, as is clear communication. We all want a successful SEA Games, and for Cambodia to haul in record medals for the athletes but there is more at stake economically for the nation.Continued Economic Recovery & GrowthDue to rising global demand, foreign investors’ confidence, and a full reopening of Cambodia’s borders, the Kingdom was anticipated to see 5.4 per cent economic growth in 2022 and 6.6 per cent in 2023, according to Economy and Finance Minister Aun Pornmoniroth. The GDP per capita was expected to rise to USD $1,785 in 2022 and should increase to USD $1,924 in 2023.(Cambodia's economy was forecast to grow 5 per cent in 2022 and 5.4 per cent in 2023 according to the IMF in mid-December 2022).The success of the economy still rests on the same key pillars. Garment exports, construction and real estate, tourism, and agriculture should all continue to see growth in 2023 due to various factors. However, there are signals there could be slowing demand in the export markets in Europe and the United States but new trade agreements and the success of RCEP and others may also offset this.The International Monetary Fund agreed that the Regional Comprehensive Economic Partnership and the Cambodia-China Free Trade Agreement (CCFTA) will support Cambodia’s economic growth over the medium term.The garment and construction sectors are set to grow by 9.2 per cent in 2023, while the service sector (including tourism and real estate) should see 6.6 per cent growth, while agriculture will see a marginal 1.1 per cent growth. Cambodia faces inflation too, and this is expected to drop to 2.5 per cent in 2023, down from 5 per cent in 2022.The same core obstacles that hampered the past 12 months remain - the global economy staring down possible recession coming into 2023 and the impacts of the supply chain and trade negatively impacted by the actions of the Russian invasion of Ukraine, but the tight zero-COVID policy change in China shouldn't be underestimated, although its economic repercussions are obviously not completely known.Other key factors to keep an eye on heading into 2023 are:Will Cambodia be removed from the AML ‘Grey List”? - The Financial Action Task Force (FATF) is set to visit and assess the country’s AML/CFT efforts in January 2023.Ongoing Digitalisation & Cross-border payments - Cambodian banks made huge headway in the digital landscape, with online transactions surging, more innovative apps and cross-border payment systems, as well as agreements on a standardised KHQR.Ongoing investment into construction - Licenses were granted to 3,827 construction projects with a total investment of USD $2.63 billion in 2022.Infrastructure projects - Bridges (Korea-Cambodia Friendship Bridge & Mekong River-Crossing Kratie Province Bridge), National roads (PP-Bavet Expressway and Phnom Penh-Sihanoukville (PPSHV) Expressway, the Kampot Seaport, airport renovations and construction.These are key signals to economic development and many are due for completion in 2023!Sustained Tourism Resurgence Tourism numbers rebounded strongly as 2022 progressed and the numbers recorded at the start of the peak season were very optimistic. China will, as of January 8 2023, drop quarantine upon arrival for inbound travellers - this should see a spike in visitors in Q1 2023 Cambodia. In 2019, Cambodia received an estimated 2,3 million Chinese tourists, only 330,000 in 2020, and 24,000 in 2021! If the trend follows the rest of the globe when border restrictions are eased, there will be a lot of pent-up travellers very keen to get out and see the world again from the Chinese mainland.According to trip.com, the U.S. and Southeast Asian countries were among the top 10 overseas destinations with the fastest-growing search volume by Chinese users in the wake of the news with trips being booked.With SEA seeing a 26.3 per cent recovery rate versus pre-pandemic levels in tourism, Cambodia was ranked third among ASEAN member states. This has been buoyed by a number of airlines and routes quickly being re-established as Cambodia was seen as being “open for tourism and business”.Foreign tourism numbers were expected to reach 2.2 million by the end of 2022, and pre-COVID numbers were 7 million - the room for growth is clear.Cambodia Airports confirmed that Cambodia is serving 24 destinations and 11 countries by the end of 2022 - still nowhere near pre-pandemic levels.It is expected that a direct flight will be resumed between Cambodia and Japan, a reopening and new Cambodia-Vietnam routes, while other routes with India, Timor-Leste and others are being discussed.Air Asia for one, is going all in on Cambodia and their decision to launch Air Asia Cambodia in 2023 in a joint venture partnership with Sivilai Asia is massive. Capital A Chief Executive Tony Fernandes provided three reasons why they chose the Kingdom - the huge potential GDP growth, a good population, and three great cities; Phnom Penh, Siem Reap and Sihanoukville to launch flights to and from.Visitors and the ease at which international tourists can enter Cambodia are obviously important but the Kingdom still needs to diversify its attractions and tourism industry. Increased focus on natural and eco-tourism preservation and promotion as well as heritage and cultural preservation is needed.2023 is exciting, it doesn't come without its headwinds and growth might start gradually, but it should accelerate as the year progresses. The key pillars remain just that, but the Kingdom needs to keep exploring new tech avenues, embrace diversified industries and take advantage of its advantageous attraction within the region.

In the process toward International Development Standard, Phnom Penh has never lacked “extraordinary events”: On December 15th, AEON III celebrated its soft opening which is situated along Hun Sen Boulevard, Phnom Penh. Whereas on December 26th, the first real estate project exhibition is hosted by non-other than Le Condé BKK1 @ AEON III! Le Condé BKK1 is as always, the forefront that led the trend!AEON III’s first real estate project exhibition with 200 square-meter space of luxury exhibition officially kickstarted.Luxurious exhibition with the space of over 200 square meter-square which includes fun activities awaits you:Family-themed photo booth with Chinese reunion elements have attracted many guests to visit. A family portrait embodies the guest’s love towards their home;The blessing tree which represents good wealth and health has bloomed on the exhibition. Beloved guests please come over with sincere heart and make your Chinese New Year wishes. Of course, the Chinese New Year’s lucky red envelope to mark the celebration scene is available!The most highly anticipated thing is definitely the lucky-draw. XiaoMi home appliances, golden eggs and non-stop surprises kept on coming. This has definitely caused a scene which attracted countless spectators to stop and watch. There is no denying that Le Condé BKK1 has once again created something extraordinary!Le Condé BKK1Explorers and leaders of the trendsetter.Looking back at the past three years, the first real estate exhibitor in AEON III, the first real estate company to exhibit in AEON I and the first real estate company auto show initiator, its non-other than Le Condé BKK1. The forefront of the industry; especially in the Phnom Penh market where the overall transaction volume exceeds 200Million square meters in 2022 and the success deals is superb. The sales performance of Le Condé BKK1 is as bright as the shiny stars on the skies.What makes it successful?The logic towards the success is the product structure are based on the needs of the customers in the property market! This is very common for many players in the property market, a clear understanding on the development of the entire city. It is not something you can achieve overnight! The players of this industry need to carefully study Le Condé BKK1 especially in terms of product strength!Begin with the local community and continue towards globalIn the real estate industry, a company that does not have a benchmark project will have no convincing power. Focusing on the creation of the product is essential! Without a competitive product means there is no brand significance!As for the benchmarking work in order to penetrate Phnom Penh for the first time, the developer of Le Condé BKK1: Wangfu International resolutely choose the architect who knows Cambodia best – Van Molyvann. The architectural design of Le Condé BKK1 inherits the design concept of Mr. Van Molyvann's architecture as an extension of nature. Inspired by the "terraced fields" in Southeast Asia, it incorporates the feelings and elegance of oriental literature, and benchmarks from the source Van Molyvann’s masterpieces: Cambodian Olympic Stadium, Senate Building, Independence Monument and other national landmarks, which fully explain how Wangfu International has towards the importance of research and development and also demonstrate the high advanced vision!Of course, the birth of Le CondéB KK1 was not an improvisation, as early as 2019 before the Research and Development team in the depth of layout, thinking, trying, from field research to door-to-door project visits, from the transposition of experience to answer the demand, based on a strong data, insight into [human nature]: Phnom Penh’s four revolutionary packages that are well-known to everyone:Bringing Phnom Penh's first sky jogging track to a city with year-round 30℃ heat.1,000 square-meter immersive sky garden balancing nature and life.800 square-meter children's playground to create a parent-child space for the young city that will welcome the next generation.Phnom Penh's first reading space creates a palace of free thought in the city;A total of more than 10,000 square meters of shared space, covering dimensions such as the customer itself and family needs, tailor-made unique products that truly fit [Phnom Penh Time]. Such extreme care and layout were not officially presented to the world until in 2019!On the other hand, taking the initiative to go out to learn and exchange information is also the winning strategy of Le Condé BKK1.For example, for the creation of Le Condé Sky Villa-The Condé The Royal, Le Condé BKK1 has conducted specific research on super landmark products and top luxury residential projects around the world, visited more than 10 international metropolises such as the United States, Singapore and Japan, saw more than 50 projects and formed preliminary research results, and finally selected Singapore's famous design Team SingBuild to provide professional development services, which can be said to be at the forefront of the whole industry.The success of bringing up the Sales Galleries in Hong Kong, Singapore and Japan has increased the global talents for Le Condé BKK1. This advanced layout, imagination, boldness, and restraint are also worth learning from peers. Thus we can also see the vision and determination of Le Condé BKK1 management for the Cambodian market!Owners from 19 different countries.How to test the results of product development? The sales result is one dimension, but more importantly, it is implemented into the living scene, into various functional settings, and the understanding of the space.In the center of the capital city, where the foreign resident population is as high as 300,000 and the traffic is full of high net worth people, the convenient hotel service and personalized intelligent lifestyle can provide hassle-free solutions and solve the worries of high net worth people at the same time; for example, for the studio type unit, instead of unnecessarily enlarging and emphasizing just right, the traffic area is controlled within a reasonable range as much as possible, so as to free up more area to create a guest dining room and master bedroom, creating a warm social and family bonding space.Even if we don't conclude with sales, the industry awards are a good indication of its impact.Winner of the Asia Real Estate Awards Serviced Apartment Award, the royal residence of the Cambodian royal family, and the unanimous choice of customers from 19 different countries around the world... These awards and honors are confirming the taste and style of Le Condé BKK1. In 2022, the overall project has already exceeded 50% of the total occupancy. Synchronizing with the construction site of Le Condé, as of December, the project has completed 2,5721 square meters of construction area, 2,079.21T of steel reinforcement, and 15,242 cubic meters of concrete and the main building of the project has grown to 18 floors above ground, giving the owners a real peace of mind. These results cannot be achieved without fine management methods, which also shows the execution efficiency of Le Condé BKK1.Phnom Penh is an open market with a huge supply, but it is also a market with brutal competition. The future market is destined to be more and more challenging. High-end people are fed up with mass production, they are more interested in quality products and people's tastes have become more refined.What new trend will Le Condé BKK1 set for the market? From 26th December 2022 till 25th January 2023, Le Condé BKK1@AEON3 exhibition, AEON3 MALL PLUS, come see it for yourself! Learn more about Le Condé !

For years now, the key southern coastal city of Sihanoukville has been in the limelight, a once popular tourist destination for many foreigners and Cambodians, the city underwent rapid transformation & saw a spike in property prices, massive infrastructure development and tourism decline. At times the city has been unsure of its outlook and direction, and although it does still face headwinds, piece by piece elements that showed its great promise are coming together.Tourism - Sihanoukville Needs To Be More Than A Gateway To The IslandsThere was a time when many domestic and international tourists would flock to the Cambodian coast, and especially to Sihanoukville. Otres and its many numbered beaches in particular were lively before the city underwent its infrastructure makeover and tourism dried up due to the pandemic. The guesthouses, beachside restaurants and bars were forcibly removed or moved on, and several business owners relocated to nearby Kampot, Kep or to the islands - the city had changed, the construction was overbearing, casino-hotels dominated the scene and there were more criminal elements.Tourists would still pass through the city as a gateway port to reach the beautiful islands of Koh Rong and Koh Rong Samloem but few would stay long in the city. The pandemic largely put a halt to the tourism sector.After online gambling and casino laws changed, and massive infrastructure projects slowly crawled to completion or suspension, the city started seeing a slow resurgence post-COVID despite the many obstacles of recent years, which included the absence of Chinese visitors who had been a key tourist and investor segment. In December 2022, the Preah Sihanouk area welcomed 700,000 tourists for the Sea Festival - a first sign of the resurgence in mass tourism to the area. In the second half of 2022, Cambodia has seen a dramatic rise in international visitors and expects to welcome around 2 million international tourists by the end of the year.Vinci Airports, the parent company of Cambodia Airports, has also expressed further expansion plans for Sihanouk International Airport. Prior to the pandemic, due to the increased growth of international flights and visitors to the area, a 3,300-meter runway extension project was completed (to handle long-haul Code E aircraft), and a new temporary arrivals terminal and a VIP building were added in 2021Development And Diversification Of Preah SihanoukIt's also important to acknowledge that valuable lessons have been learned from the international border closures caused by the pandemic, and diversification is a key one.Very few international visitors have been jetting into Sihanoukville over the past couple of years but the area is a key economic and tourist attraction for the Kingdom. Hun Sen has said as much of the potential of Cambodia's coastal areas, nicknamed “The Rising Star of the Southwest”.The Ministry of Economy and Finance and China’s Urban Planning Design Institute of Shenzhen (UPDIS) have also been reviewing the master plan for transforming Preah Sihanouk province into a model multi-purpose special economic zone - intended to be the roadmap to develop the area into a “second Shenzhen city”, in line with the implementation of the national Industrial Development Policy 2015-2025.Since the post-pandemic recovery has been underway, the Asia-Pacific region has been the main source of visitors for Cambodia and the start of the traditional tourist season (December-February) has already seen increased numbers from beyond the region returning to our shores.Other recent key development and economic highlights in Sihanoukville include:The Asian Development Bank approved a $73 million financing package to boost the climate resilience and sustainability of coastal and marine fisheries in Cambodia - It will help coastal provinces address the decline in fisheries, promote sustainable mariculture, and improve seafood safety.Sihanoukville Autonomous Port's new container terminal will allow larger container vessels to call on the port (expected to be completed by mid-2025).The largest power generation project in the country was launched in Q4 2022 - the Huadian Preah Sihanouk coal-fired power plant.A five-star hotel proposed by Maritime City Co., Ltd. valued at USD $164.4 million has been approved by the Council for the Development of Cambodia - while sites by Novotel and Marriott have already been secured.Young Entrepreneurs Association of Cambodia released a new Sihanoukville investment guide, labelling the area the “engine and dragon head” of the Kingdom’s growth.AEON MALL (CAMBODIA) CO., LTD. are developing the country’s first multifunctional logistics centre in Sihanoukville.Bay of Lights A massive development in Ream, called the Bay of Lights by Canopy Sands Development, covers 934 hectares and is set to be another important economic driver if their lofty ambitions come to fruition. The early estimates are that this mammoth development would last for decades (up to 25 years) and has a total projected investment value of USD $20 billion! The Bay of Light development hinges on six key pillars:Offering varied entertainment and lifestyle optionsEducationTourismFinancial ServicesHealth & WellnessArts & CultureThis all-encompassing city would include a marina, golf courses, luxury resorts, shopping malls, condos, universities & international schools, medical centres and a new financial hub. The development expects to create over 300,000 jobs and build 40,000 residential units by 2050.To attract tourists and to cater to people in the area, a number of attractions are under development due for completion in 2023-2024; a beach club, beachside cabin hotel, a go-kart track, bungee rides, paintball, as well as a golf course and a driving range.Phnom Penh-Sihanoukville Expressway (PPSHV) Opens Up Economic and Tourist CorridorThe expressway which opened in the second half of 2022 has seen the road journey travel time from the coastal city to the capital be reduced to two hours from anything between 4-6 hours previously.The PPSHV Expressway will provide a significant boost to economic growth and tourism development -  imagine flying into the capital or to Sihakoukville and travelling to the other destination within a couple of hours. In logistics and commerce, container trucks would take 1-2 days to travel between the two economic hubs but now travel two or three times per day, suggested one report.To date, it's the biggest single project under the Belt and Road Initiative cooperation between Cambodia and China and it took three years to complete at a cost of USS $2 billion. But two more expressways are being studied, which will further interconnect key hubs in the KingdomThere has also been a smart push to digitalise the payment process when using expressways to make it more efficient and cashless. Canadia Bank and ABA​ Mobile​ app​ users​ can use digital payment solutions to pay for the toll - the top-up service using car plate numbers and paid via the apps means there is no need to stop and the toll fee will then be automatically deducted (although how useful this is for international visitors or if it's used by the transport companies is unclear).With a strong GDP forecast for Cambodia by many leading international monetary organisations (IMF, ADB & World Bank) in 2023, the rising skilled young population with increased expendable income, combined with the country being seen as an increasingly attractive investment destination and significant infrastructure projects underway - it might be time to consider the long term opportunities in Sihanoukville realistically, as well as its potential to match its hype which has thus far proved to be elusive.

Bay of Lights is a landmark development for Cambodia and the new city development broke ground on Tuesday the 20th of December 2022 with more details confirmed for the project. The master developer, Canopy Sands Development is committed to achieving the full potential Sihanoukville has to provide.The (Recent) History Of Sihanoukville Sihanoukville was once a sleepier coastal town with some hotels, guesthouses and backpackers but very few high-end resorts.By 2019 the coastal region of Cambodia had a thriving deep sea port boosting economic trade, an expanding Special Economic Zone and many flights landing at the international airport from around the region weekly, not to mention the busload of expat visiting over weekends and on holidays and tourists that flocked during the busier season - business and tourism was booming. Although the city was fast developing into a town that attracted high volumes of local visitors and international tourists with increased spending power, Sihanoukville saw the emergence of multiple unregulated casinos and an alarming trend of online gaming operations. Before to the onset of COVID-19, the Cambodian Government stepped in to ban online gambling and casinos, a long-term positive move which saw a mass exodus of people leave Sihanoukville - with many returning to their home countries. The onset of the COVID-19 pandemic presented unique challenges for Sihanoukville - primarily a skyline of unfinished building projects, poor town planning, and very few tourists as international borders shut and funding also slowed. The Cambodian Government took this as an opportunity to rapidly improve infrastructure by initiating the project to expand the deep sea port, upgrading and completing all local road networks to an international standard, and completing a new expressway connecting with Phnom Penh -  conveniently improving what had become a 6-hour journey into a trip of 90-120 minutes.The New Centre Of Sihanoukville - Bay of LightsThe new epicentre of Sihanoukville is forecasted to increase tourism by 3 million visitors by 2030, adding 330,000 new jobs by 2040, and contributing 40,000 new dwellings to the additional population growth of 160,000 people by 2050. The development focuses on six key pillars; Tourism, Entertainment & Lifestyle, Health & Wellness, Education, Arts & Culture and Financial Services. The key attractions will include; a golf & villa resort; marina; performance theatre; tourism walking streets; shopping malls; medical centre; financial hub; integrated resorts; international school & university; private islands and luxury villas. The vision is aimed to be completed in 2050 and Canopy Sands Managing Director Ian Tan told us about the prospects for the future of Bay of Lights and Sihanoukville, adding that tourists, businesses, hotels and potential partner developers do not have to wait to benefit from the development of Ream Sihanoukville. “The Bay of Lights is a project that will bring about significant change for the Kingdom, and Canopy Sands Development has engaged the best consultants across the world to oversee the completion of this mega-project.With clearer, cleaner waters and its proximity to national parks, the city centre of Sihanoukville is shifting towards the southeastern beaches (Otres and Ream), where the treeline meets the sea. And further away from the deep seaport which is becoming a key zone for commerce, warehousing and trade.”He added, “The beach communities can experience the first ever beach club, with a 60 keys cabin hotel offering ocean views and surrounded by lifestyle and activities such as go-karting, paintballing, and a reverse bungee. Come 2024, a walking street full of artisan shops and items from local designers, food and beverage outlets will be thriving, and of course the pristine golf clubhouse and driving range. All are situated along a white sandy beach and pristine coastline in the Kingdom of Cambodia.I am very confident with the team we have put together and based on my personal experience in delivering previous township projects that this will be a success My personal experience is successfully delivering projects like this across the globe and we are excited to redefine Sihanoukville with our partners, and we look forward to welcoming others to bring the project to life”.

Naki Group is leading the first tokenised real-world asset investment project in Cambodia. By creating a blockchain-based token that is legally backed by the luxury Silvertown Metropolitan property and making it available for both local and international buyers to invest, they are showcasing the ability of the technology to provide greater access and transparency to historically exclusive opportunities. Naki Group announced the launch of the first tokenised real estate investment offering in Cambodia via Silvertown Token (STM) which has been offered to investors since the start of Q4 2022. Veasna Meas, Chief Executive Officer at Naki Group Co Ltd is spearheading the utilisation of blockchain and is adamant it is beneficial in Cambodian property development. He says: “This is easing investment in Cambodia, and by utilising blockchain technology, it's really transparent in terms of the access to information. Usually buying a property in Cambodia involves a lot more steps than buying in a more developed country such as the United States.So what we do is remove the hassle and the risk of information asymmetry when investing and buying in Cambodia by utilising the tech. This helps us as a developer to liquidate and move on to more projects, but as an investor, it's about access to an asset class  which they may never have thought about before.”Blockchain Offers Consumer Protection Through TransparencyVeasna says that lumping blockchain together with Bitcoin and cryptocurrency is not right, and the crypto space has been in the limelight for too many of the wrong reasons of late. Blockchain, however, is about transparency - and with this tokenisation of Silvertown - it’s about providing opportunities for investment.“This investment opportunity with Silvertown is open to anyone who is an accredited investor. We are registered in the US, and as a regulated company, follow the U.S. Securities and Exchange Commission (SEC) rules which are in place to protect the consumer. This is a real-world asset and investors can even come and see the property at Silvertown Metropolitan in Phnom Penh - that's a huge difference between blockchain in this case and with crypto.” adds Veasna.To conduct the offering and subsequently manage token holders, Naki Group has chosen to partner with TaroFi. The TaroFi platform enables Naki to provide their token holders with real-time information about the performance of the property, trading capabilities, and direct distributions. TaroFi provides users with custodial accounts that they can safely receive distributions to, invest out of, and hold their tokens without the need for a digital wallet, however token holders have the option to self-custody. To register, anyone interested can simply go create an account on TaroFi and submit to a KYC (Know Your Customer) and pass Anti-Money Laundering check to begin investing. All of the information including the operating history of the property, information on the company, and contractual agreements are available on the platform.Why The Tokenisation Model And Blockchain Will Work?Veasna believes the tokenisation aspect via the blockchain is beneficial to all involved, and in addition to the transparency, flow of information, accessibility, diversification, and generating liquidity, he feels it will help first-time investors feel comfortable in investing and make use of this technology.“I believe in it because it can be a win-win situation. As a developer, it will allow us to open the door to raising capital and move on to a new project. Usually, you would need private investors or banks to be involved but using the blockchain and tokenisation opens it up to new investors and a potentially bigger pool of investors - so it can raise capital much easier and faster and enable us to move onto new projects compared to traditional fundraising.”For the investor and token holder, he says “This is a new avenue of investment and income. If they usually are looking at buying a house as their biggest investment, or maybe even two houses, at a certain point they are tapped out and can't buy anymore. But with tokens, they are able to invest in different properties that they couldn't access before.”Veasna also believes this project will show proof of work so moving forward, they might have other projects which will be tokenised but they may even look at running a real estate fund which could stay live.How Does Investment Work?The Silvertown tokenisation development project works on two fronts. Silvertown Metropolitan is a 111-unit luxury condotel in the heart of Phnom Penh’s business district and it was built in 2014.There are 34 units available under this tokenisation scheme, and Veasna says: “We know the generated income at Silvertown and we operate nearly like a hotel - so  customers book to stay at the property which generates rental income from long-term rentals, say 6 months and above.”Secondly, there are units being sold too. “The token holders (investors) will have rights to the profits of the sale of units. If for example each unit is approximately USD $200K, and if we sell them for $250K, that $50K is gross profit that goes to the token holders. So by owning just a portion, the token holders get rights to the profits.”Appealing To A Global MarketVeasna admits that most of their current investors understand the process as it has been targeted in that way. “In  Cambodia there is growth in future investment and the recently held ASEAN Summits shed a positive light on the Kingdom and exposed the country to new investors” he adds.He also says that investors overseas who have never been to the Kingdom need to filter the information on the country.“If there is some negative news seen overseas, which sometimes may not be true, we need to help them analyse and sort through the information to understand what they are hearing and what their concerns are. That's the one part which may need some hand-holding in this investment process for those international investors. Helping them understand the facts and how business is done in Cambodia.”

Vanguard Investment and Consultancy Services Co., Ltd (Cambodia) has been appointed the exclusive property agency for the WorldBridge Sport Village (WBSV).Vanguard Managing Director Harry Martin IV is at the helm of the company after spending several years with OxleyWorldbridge (Cambodia) Co., Ltd as a Sales Director. He managed the sales for their maiden project The Bridge, a 45-storey mixed development with a total of 2477 units consisting of 746 Condominium units, 965 SOHO (Small Office, Home Office) units and a five-storey retail podium housing 766 units. Following the successful launch of the property sales in 2014 which saw 200 units sales on the opening event night, the project received exposure in the region, including Singapore, Malaysia, Taiwan and China in 2014 and 2015. The Bridge continued to be one of the best-selling projects in Cambodia during that time and was fully sold.Martin then moved on to the property sales of The Peak for OxleyWorldbridge, which launched in 2016 in the Cambodian capital. With over 2300 units in the whole development, The Peak stands at 55 storeys and comprises a mix of condominiums, offices, a retail podium and the luxurious Shangri-La Hotel. He achieved a 100% sale of condominiums and office units and despite the challenges faced in retail during the COVID-19 pandemic had a great track record. Martin identified the opportunity in targeting foreign investors during the pandemic who could not travel.  He took the leap to venture out on his own, leaving OxleyWorldbridge in May 2022 to start his own real estate investment and consultancy firm in Cambodia - Vanguard. He prides himself on his ability to provide professional advice to investors on the property market and to offer a one-stop service in terms of real estate investment. With his invaluable experience in the local property market, he is able to assure foreign investors that their investments and properties are well taken care of. Vanguard has access to some of the leading property developments in the market and they are able to confidently inform clients about on-the-ground information in the local market and to provide a professional and reliable service on their investment journey.  Harry Martin says, “Vanguard, although we are new to the market, the team and myself have built a strong understanding of the local market and surrounding regions. With our vast experience and knowledge, we are able to provide services not only in real estate sales and leasing, but we are moving into property management as well.This enables us to gain the trust of not only local investors but also investors globally. We have also been able to build strong relationships with many local agencies. It's always about doing things differently and doing different things that set a good example.”Vanguard has exclusive agency rights to some incredibly exciting projects; The Bridge, The Peak, The Palms and the Worldbridge Sport Village.Martin added, “I am honoured to be able to be appointed as the exclusive agency for these developments. I was one of the first few to embark on a fruitful journey with OxleyWorldbridge to launch the projects, and it helped me to develop a specific skill set; in terms of planning as a representative of the developer and to engage in external activities in sales to bring the projects overseas. I believe the developer has also been able to see the value I will be able to add to the successful marketing of their projects.”The Worldbridge Sport Village is located opposite the newly built National Stadium, Morodok Techo National Stadium located in Chroy Changvar. The development consists of landed houses, 12 condominium towers, a hotel and a retail podium. Worldbridge Sport Village will also be housing all the athletes participating in the SEA Games in 2023 which Cambodia is hosting for the first time from May 5-17 2023, as well the 12th ASEAN Para Games, which are scheduled for June 2023 and the regional and global media will shine the spotlight on the area during these massive sporting events.On the development of the WBSV, he says, “the developer is working hard towards the completion of the project for the housing of the athletes and are definitely working closely with the various departments in the Government to ensure it will be a hugely successful event.”Vanguard and Harry Martin will be selective in selecting high-potential development projects they will represent and of their selection in property and asset management.There are special property promotions for customers who are interested in investing in the WorldBridge Sport Village, with as much as an 8% discount, and low and affordable monthly instalments, while buyers now have the chance to win the newest Toyota Raize as well as high-end furniture packages.

WorldBridge Sport Village (WBSV), which is built on 6 hectares of prime land in Chroy Changvar, comprises a total of 12 buildings and 265 landed properties. The massive development recently completed construction of all of its building structures and 80% of the building decorations and held its topping-off ceremony for Tower Two.The site is set to be on track to house the thousands of athletes that will call the area home for the SEA Games 2023 in May, which is one of the most exciting events in Cambodia in 2023 (if not the decade).Prime Area For InvestmentThe huge property development at WBSV is carefully being monitored by Neak Oknha Sear Rithy, Chairman of the Board of WorldBridge Group, one of Cambodia's leading real estate investors as the development will be a key cornerstone of the Southeast Asian Games next year.The first large-scale commercial and residential areas of WorldBridge Sport Village will open soon in the Samdech Techo Dragon City which is located north of the capital in an area primed for growth and development.The potential downtown area of this new satellite city near Phnom Penh is surrounded by extensive connecting public transport infrastructure projects such as new bridges and new roads, and the area has seen the addition of modern hospitals, national and international schools, gymnasiums, a 5-star golf course, shopping malls, supermarkets, and other entertainment venues.Being located in a key growth area and near the Samdech Techo National Stadium along National Road 6A - WorldBridge Sport Village is a fantastic destination and investment for those looking to enter the property market who are looking to secure their first home, which will potentially a long-term generation property and asset.Sothavatey Mom, Country Manager for FazWaz Cambodia previously said of the area and the impact of the SEA Games; “The property market will benefit in the long-term - this will happen due to the exposure from the international media in the build-up to and during the Games and the international audience and visitors that are expected to attend in Cambodia including corporate sponsors.”Vatey added “Chroy Changvar should continue its growth momentum with low-rise developments for the next decade and along National Road N6. I think most purchases will be condos and office investments in the short term but in the long term, as the demand for people to live in the area beyond the stadium grows, there will be more diverse developments.”SEA Games 2023 ExcitementCurrently, the corporate construction and architecture teams are hard at work to complete the preparation of the development to ensure it will be ready for 2023 SEA Games, which is the perfect opportunity to enhance Cambodia’s image and as a potential investment destination on the regional and global stage.Despite the impacts of the pandemic, the real estate sector in Cambodia and the projected GDP of 4.5-5% in 2023 and rising in ensuing years in the Kingdom, offer plenty of optimism. Cambodia is ready to host the foremost major sporting event in its history when the SEA Games comes to these shores from May 5-17 2023, as well the 12th ASEAN Para Games, which are scheduled for June 2023. These are expected to attract more domestic and international visitors to the host cities as well as investors to this region.Vanguard Investment and Consultancy Services Co., Ltd (Cambodia) Managing Director, Harry Martin IV, whose company is the exclusive property agency for the WorldBridge Sport Village (WBSV) said: “I believe everyone in the region has adapted a ‘wait and see’ attitude over the last two years in terms of property investment or even any form of investment.  As we have witnessed, many countries have opened up, and we are confident that the market will make a turnaround in 2023. This expectation comes as most, if not all, of the countries in Asia are open again. The enticement of investing is still within many who see the potential opportunities. And Cambodia is definitely on top of that list with the various regional advantages it has to offer.”The capital will be the centre of attention for the SEA Games and ASEAN Para Games, especially the area around the Morodok Techo National Stadium which will be used for the opening and closing ceremonies. The recently held National Games which was used as a test of the facilities was a hit, and proud nationalism is brewing in anticipation of a milestone event for Cambodia.Find out more about World Bridge Sports Village here.