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.

Phnom Penh, December 14th, 2022: Tanncam Investment Pte. Ltd., a Singapore-based private equity and venture capital firm, has invested in Digital Classifieds Group (DCG), an Australian-based company and leading operator of a portfolio of online real estate and general classified companies in frontier and emerging markets. DCG’s companies and brands include realestate.com.kh and FazWaz in Cambodia, hausples.com.pg and marketmeri in Papua New Guinea, yula.la in Laos, and property.com.fj in Fiji. Cambodian Investment Management acted as arranger and financial adviser on the transaction for Tanncam Investment Pte. Ltd.DCG Group CEO Mathew Care commented, “These are very exciting times for the group as our businesses have regained traction post-Covid, and we are experiencing strong and robust growth, as well as a substantial improvement in the fundamentals of our portfolio. We welcome Tanncam, a sophisticated, well-known, and established investor, as a shareholder and expect that they will successfully contribute to our future aspirations and strategic objectives.” Anthony Galliano, Director of Tanncam Investment Pte. Ltd. and CEO of Cambodian Investment Management, added, “We believe DCG has demonstrated a unique ability to enter emerging and frontier markets and create a dominant position in their space. We are investing in what we believe is a very promising future, a strong management team, and a successful portfolio ripe for growth. The company is on the precipice of amazing things to come, and we are happy to contribute to their journey.”  Anthony will serve on the board of Digital Classifieds Group (DCG), subject to regulatory approvals.Tanncam Investment Pte. Ltd.Is a Singapore based venture capital and private equity firm that focuses on early-stage start-ups and strategic investment opportunities.Digital Classifieds Group Founded in 2013, DCG operates a portfolio of the Asia Pacific’s leading & fastest-growing online real estate and general classified marketplaces. DCG identifies and corners dynamic early-stage markets by leveraging technology to redefine the value proposition for users and the businesses we work with. Our competitive advantage is our all-encompassing approach to solving our end-users needs and thereby delivering value to our clients.Cambodian Investment Management Co. Ltd. Is a Cambodian based corporate finance and business services firm. Founded in 2009, the company selectively acts as an arranger and financial adviser on mergers and acquisitions, due diligence and private equity transactions.  CONTACT INFORMATION:   Digital Classifieds Group Pty Ltd                                                   Tanncam Investment Pte. Ltd.Mathew Care CEO & Co-Founder                                                  Anthony Galliano+61 409 598 227                                                                              +85510902535mathew.care@hausples.com.pg                                                  anthonygalliano@tanncam.com

With the rise in tourism numbers and as we head into the traditional busy tourist season, there are also an increasing number of potential investors and property buyers venturing into Cambodia over the coming months. More airlines and more routes to Cambodia are being launched, and more investment potential as well as residual optimism around opportunities in the Kingdom following the high-profile ASEAN Summits recently held in Phnom Penh. The anticipated return of more foreign visitors is expected to boost significant demand and sales in the property market.There are already several excellent guides on better understanding property titles in Cambodia, for all buyers but for foreign investors or buyers, there are some limitations in what property can be purchased.The property title or ‘deed’ is the official document confirming who owns the property, its location, and what rights the property owner enjoys - it pays to carry out the necessary due diligence on this document - more than nearly any other legal paperwork when buying a property in the Kingdom.Hard Property Titles in CambodiaThere are broadly four types of Hard Titles to be aware of, and it should be noted that most are only available to Cambodian nationals - these titles contain comprehensive information regarding property ownership. There are key things foreign property owners/investors need to know about Cambodia.Hard Titles are also ownership certificates provided by the Land Department of the Ministry of Land Management, Urban Planning and Construction, and are the official recognition of property ownership in Cambodia. If there is a dispute where a Hard Title and a Soft Title exist, the owner of the Hard Title will likely win.Strata Titles The Strata Title is the only Hard Title that is applicable to foreigners. It is a common mistake and assumption that “foreigners cannot own a Hard Title in Cambodia” but many might not be aware that the Strata Title is legally considered a type of Hard Title.Strata Titles allow foreign nationals to fully own private units of co-owned residential or commercial (office) buildings in Cambodia, subject to certain procedures and criteria. This deed refers to the certificate of ownership of an individual unit in a co-owned building which could include: an office tower for commercial or residential purposes, a condominium building, or a mixed-use space within a co-owned condominium.Co-owned buildings are a building in which several owners reside and could consist of private units that are exclusively held by an individual owner and other spaces that are commonly owned (amenities like lounges, pools, and gyms).By Q4 2022, there are around 30,000 condo units in the capital in 100 buildings – this is expected to rise to 80,000 units by 2025.Because the Strata Title signifies the ownership of each unit under the same building/complex, foreigners can purchase a condo and own a Hard Title property.Foreigners are not allowed to own ground floor units in a co-owned building.At least 30% of a co-owned building must be owned by Cambodian nationals. (These conditions apply to buildings with strata titles registered after 2009.)Boreys are very popular in Cambodia but foreigners are prohibited to own landed property by the foreign ownership law in Cambodia - Boreys are considered landed property, so it is essentially prohibited from being owned by a non-Cambodian citizen.LMAP TitleAn LMAP title (Land Management and Administration Project) is the most secure form of Hard Title in Cambodia and these add GPS information lacking in traditional Hard titles. These geo-tagged points clearly define the coordinates of the property’s boundaries and indicate the plot borders that have been agreed upon between neighbouring parties and reduce the possibility of any disputes over the land. There are two sub-version of LMAP titles where the former does not have a QR code and the latter version comes with a scannable QR code.Feature Title This is the oldest form of ownership certificate for all types of property in Cambodia, including land or a house. It was issued and used during the 1980s-90s and a property that is built or older than 20 years should have a cooperating Hard Title.Some Feature Titles have already been replaced with the latest version of the LMAP Hard Title.Second Generation Hard Title This property title was introduced and used from the 2000s until the present day, although any property that applies for a Hard Title will now get the latest version of LMAP Hard Title. These Second Generation Hard Titles have a different design and appearance compared to the Feature Title and include additional details to verify the land or property.Soft  Property Titles In CambodiaThe Soft Title (considered a letter of possession) is not applicable to foreigners but there is some information worth knowing.The Soft Title in Cambodia is a form of customary ownership and the most prolific form of property title among Cambodians. Most Soft Titles are gradually being converted into Hard Titles, a process that has been ongoing for a number of years and is legally possible.Trust LawOwning a property in the form of a condo or office space that has Strata Title is the safest, most legal and most convenient means of property ownership for a foreigner in Cambodia. In January 2019, the government promulgated the Trust Law. This sets out rules to establish, register, and manage four types of trusts, and the Trust Law does give foreigners an opportunity to invest in land in Cambodia indirectly, with the title of the property to be held by a trust not the individual.A Trust company or a Trustee will thus be required; "a firm that holds and administers property or assets for the benefit of a third party. The role of a Trustee is important and choosing the right Trustee is essential to successful wealth preservation and peace of mind."By September 2022, the Trust Regulator (TR), indicated 52 trusts had been registered with the Regulator under the Trust Law.So if you are heading to these shores soon, Cambodia welcomes you as its fully open to business and investment, and if you are seeking to own a slice of the Kingdom of Wonder, please do have a broad idea of the legal, financial and regulatory frameworks in play.

One of the first condominium projects in Chamkarmon to open its doors to residents, Parc 21 Residence held its grand opening ceremony on Friday, the 9th of December, 2022. The project developer — JV Parc Residence Co., Ltd. — marked this auspicious occasion by providing a special 6% promotional discount to interested property seekers. Parc 21 Residence is located in the prime area of Boeung Trabek in Chamkarmon, Phnom Penh. The project embraces the Singaporean residential concept of “A City in a Garden”, which sees the use of smart spatial planning to create a comfortable living environment in the middle of a bustling and growing area. With a total of 128 residential units, it focuses on exclusivity, privacy, and comfort for its residents. The project features 4 different types of units: studio units, one-bedroom and two-bedroom apartments, and penthouses — ranging from 37 to 211 square meters.The property’s amenities are all conveniently located on the rooftop deck on the 22nd floor. These include an infinity swimming pool, jacuzzi, gym/fitness center, and a skybar — all surrounded by a magnificent view of Phnom Penh city’s growing skyline.On the morning of the Grand Opening, Mrs. Pearl Yu, Executive Sales Director of Parc 21 Residence, expressed gratitude to all of the residents and partners, as well as highlighted the project’s journey to success: “Parc 21 has broken its ground in August 2019, with construction starting in February 2020 — just before the pandemic. Despite the pandemic, our project has gained popularity among local and expat buyers, as it offers a comfortable living environment and proves to be a good investment. After almost 3 years, we are finally here and are excited to welcome our residents! We would like to thank our buyers for their support and for making our project successful!” Learn more about Parc 21 Residence on realestate.com.kh, and contact us for a detailed consultation and a viewing! Looking for property in Phnom Penh? Let us help !

Join the Cambodia Real Estate Awards 2023 and be a part of one of the most prestigious real estate events of the year. With leading real estate professionals and developers in attendance, sponsors of our events are afforded the opportunity of engaging and networking with participants who invest billions of dollars in their businesses, developments and projects annually, and are continuously looking for new contracts, suppliers and related services.Sponsor the Cambodia Real Estate Awards 2023By sponsoring the Cambodia Real Estate Awards 2023 (CREA2023) companies will have their brand and name directly linked to this prestigious event. The mission of the CREA is to recognize the achievements of the Cambodian real estate industry objectively, without bias or undue influence and on a wholly inclusive basis. With limited sponsorship opportunities available, brands are proud to be associated with CREA.The awards will be available for real estate agencies, valuation firms, property management companies, developers and developments, nationwide. This will give recognition to your company in the real estate sector as it becomes a recognized brand among leading industry professionals.By directly associating your brand with this prestigious event you can benefit from our reach through our extensive pre and post-event advertising campaigns across multiple mediums. During the gala dinner brands will also benefit from logo and display exposure. There will also be a major digital component where the gala dinner will be broadcast across national television, streamed premier-live on the Cambodia Real Estate Awards Facebook page as well as core-partner Facebook pages including; realestate.com.kh, B2B Cambodia, Freshnews & more.If you are interested in entering the awards or becoming a sponsor of the Awards, please click on the link to the official website below, or find contact information below. Learn more about CREA 2023Key Contacts for Cambodia Real Estate Awards 2023Developers & Development Awards Entry Contacts:English & KhmerName: Ms. Annabelle Vong (Anna)Position: Event - Sales ManagerEmail: annabelle.vong@realestate.com.khPhone: +855 (0) 17 426 797Chinese:Name: Ms. Muyngy Taing (Muyngy)Position: CREA Developers & Development Entry Facilitator & REAKH Relationship ManagerEmail: muyngy.taing@realestate.com.khPhone: +855 (0) 10 723 379Agency Awards Entry Contacts:English & Khmer:Name: Ms. Sokphea Rorm (Phea)Position: CREA Agent Entry Facilitator & REAKH Relationship ManagerEmail: sokphea.rorm@realestate.com.khPhone: +855 (0) 81 921 707 / (0) 89 428 028 Chinese:Name: Ms. Muyngy Taing (Muyngy)Position: CREA Agent Entry Facilitator & REAKH Relationship ManagerEmail: muyngy.taing@realestate.com.khPhone: +855 (0) 10 723 379Cambodia Real Estate Awards - Sponsorship Contact:Name: Ms. Annabelle Vong (Anna)Position: Event - Sales ManagerEmail: annabelle.vong@realestate.com.khPhone: +855 (0) 17 426 797

The dramatic changes to the retail landscape of the main urban hubs in Cambodia are also seeing changing habits of the consumers, and the increase in the income and the number of HNWI (High Net Worth Individuals) are helping shape the retail planning and sprawl of the cities.New mall developments such as the Chip Mong Sen Sok Mall, Chip Mong 271 Mega Mall, Prince International Plaza, and AEON 3 are a small snapshot of the type of new shopping mall and customer experience that are springing up in the Kingdom.CBRE Cambodia Market Insights for Q3 2022 suggested that retail occupancy was around 70% and that brick-and-mortar retail outlets remain in strong demand, which is contrary to several developed city centres where many high street shops are in decline.In Cambodia, competition has also been heating up with grocery retail stores too. Franchises like 7-Eleven have quickly expanded in Cambodia and even Prince Supermarket is looking to radically grow and open more than 100 franchise stores by the end of 2023 and with 150 planned by the end of 2024 in a very competitive market.Makro has doubled down on its market capitalisation with its huge megastores, with plans to have as many as three locations in the capital (the most recently just opened in Chroy Changvar last month).Retailment in CambodiaThe latest reports from The Mall Company shed some insights on the growth of the retailment and leisure space in Cambodia - retailment is a combination of retail and entertainment. The concept aims to drive immersive experiences at retail centres to bolster foot traffic. In addition to standalone leisure destinations (minigolf, parks, immersive museums), there are a wide range of malls incorporating new Indoor & pool amusement parks, aquariums, or other tech-embracing amusement parks.The November 2022 Retail Insights - The Mall Company suggests:By Q3 2022, the existing supply of retailtainment-related trade in Phnom Penh reached 33,310 sqm.Cinemas in the capital now account for 78.4% of the total existing supply of retailtainment by Q3 2022 (26,101 sqm).Indoor playgrounds, indoor theme parks, arcades, and bowling centres occupied the next biggest areas of retail space in Phnom Penh.The Mall Company report also concludes that 77% of millennials prefer to spend on experiences over goods and 40% of Gen Z’s prefer to spend on experiences over goods.Simon Griffiths said of the latest report “AEON 1 is a traditional shopping mall format. AEON 2 went much further introducing ‘retailtainment’ as a core concept throughout the mall. With Aeon 3 launching shortly - watch out for AEON 3 going even further with this concept and taking the idea to a new level.” Of interest was the conclusion that “new performance metrics such as experiences per square meter will become more prevalent in the future” and that this space is still in its infancy locally but there is an expectation landlords will “raise their game” with regards to innovation and diversified offerings.Rise of the Malls in Phnom PenhThe rise of the malls in the capital, especially congregated in certain areas of the city have forced the development of new access and transport routes (infrastructure) and even are enticing urban housing developments to spring up in the vicinity.In the south of Phnom Penh, the Chip Mong Megamall 271 and Aeon 3 are both huge modern malls - with US$ 2.2 billion of investment being spent on public infrastructure - the area of the city is attracting large-scale real estate investments.The Retail Insights Edition 5 provides just one snapshot of this retail growth in the south of the capital which encompasses Meancheay and Dangkao districts. In summary, the area has seen:5 completed and open modern retail centres.3 modern retail centres are currently under development.1 modern retail centre is currently on hold.In total, 9 modern retail centres are expected by 2024.In the space of a few years, the amount of retail space has grown from around 10,000 sqm in 2019 and has reached 82,843 sqm in 2022. An expected additional 157,902 sqm of new retail supply is due to be added between 2023-2024. On the positive future outlook of the capital’s south, the report added: “Having a comparatively small supply of modern retail for many years, South Phnom Penh will see a substantial increase of modern retail space over the next two years. With the advent of major new retail centres, the Phnom Penh; south supply will increasingly outpace demand, creating a highly competitive retail landscape. With such significant increases in modern retail supply by 190.6% going forward into 2024. Downward pressures on retail rents will likely occur, especially for non-prime locations within existing and new retail projects.”Luxury Retail Set to ExpandThrow in the government’s re-assurances that the Kingdom will be a high middle-income country by 2030, as well as the enticing investment laws and good economic growth predicted, and there are also an increased number of HNWI (High Net Worth individuals). The Capgemini report in 2021 indicated Cambodia is now home to more than three thousand millionaires - retail and franchises also need to consider this shifting consumer wealth and dynamics.Food and beverage, and fashion remain the dominant market share expansion in Cambodia's retail growth.The Naga 3 complex continues its skyward development, but initial plans were for the site to also connect to the already existing underground and duty-free NagaCity Walk shopping mall which connects NagaWorld and NagaWorld 2 and offers several mid and luxury range brands.Local business and market partner Confluences also announced its partnering with luxury retail giant Bluebell and the consultancy CGHP Beespoke to launch the first French luxury market in Q1 2023 at The Peak - a shopping mall covering more than 12,000 m2. “Le Beau Marché Français - In the mood for Spring” is set to launch from March 17-26, 2023 and this is expected to be a precursor to the grand opening of the shopping centre scheduled for September 2023.Stepping outward with a view to regional headwinds and opportunities, Knight Frank in their Asia-Pacific Outlook 2023 sees the region as a bright spot and foresees that “across much of the region, growth momentum will continue to normalise”.There undoubtedly will be challenges and growing pains in Cambodia, but a more diverse, more consumer-conscious retail market, increasing expendable income, and developers and retail property owners keeping their fingers on the pulse of future tech and utilising immersive experiences all bode well for a retail scene that is expected to make massive leaps over the coming years.

Realestate.com.kh is proud to announce the fourth annual Cambodia Real Estate Awards (CREA 2023). The gala event will be held in April 2023, to recognize and celebrate outstanding results and achievements within the Cambodian Real Estate industry.CREA 2023 award categories are divided into the following disciplines in real estate:Real Estate Developer / Development AwardsReal Estate Agency AwardsReal Estate Hall Of Fame AwardsBENEFITS OF JOINING CREA 2023The Cambodia Real Estate Awards, is a prestigious event celebrating the best of the best in Cambodia's booming real estate sector. Joining the CREA 2023 allows agencies and developers to establish themselves as recognized and trustworthy members of the industry. Winners and nominees also get the following:Expose your brand & development to local & international buyers, homeowners & investorsJudged by respected leaders in the Cambodia real estate industry and the general publicEndorsed by the Ministry of Land Management & Urban Planning Endorsed by the Real Estate Regulator of CambodiaWinners receive the CREA iconic trophy & winners plaque to display in your office, showroom & at eventsWinners receive the official CREA seal to use on all marketing material for your developmentEnter the Cambodia Real Estate Awards 2023WHO CAN PARTICIPATEAll licensed firms and individuals are allowed to participate in CREA 2023, regardless of the size or wealth of their operation. With industry and government involvement from The Ministry of Land Management & Urban Planning, The Real Estate Regulator of Cambodia as well as The Cambodian Valuers & Estate Agents Association, participants can be sure that the process is objective, fair, and done with integrity from start to finish. All these steps are taken to recognize the achievements of the Cambodian real estate industry objectively, fairly, and on a wholly inclusive basis.HOW TO PARTICIPATETo participate in CREA 2023, please get in touch with our team or download the relevant submission form here.Benefits of ParticipatingFurther strengthen your position in the Cambodian real estate marketBe recognized as a leader in the Cambodian real estate industryNetwork with fellow professionals from Real EstateLearn more about new industry developmentsReceive an iconic Cambodia Real Estate Awards trophy and certificateReceive marketing assets to leverage across your businessInterested in learning more about CREA 2023? Visit our website at www.cambodiarealestateawards.comOr follow us on Facebook at ‘Cambodia Real Estate Awards’Enter the Cambodia Real Estate Awards 2023Key Contacts for Cambodia Real Estate Awards 2023Developers & Development Awards Entry ContactsEnglish & Khmer:Name: Ms. Annabelle Vong (Anna)Position: Event - Sales ManagerEmail: annabelle.vong@realestate.com.khPhone: +855 (0) 17 426 797Chinese:Name: Ms. Muyngy Taing (Muyngy)Position: CREA Developers & Development Entry Facilitator & REAKH Relationship ManagerEmail: muyngy.taing@realestate.com.khPhone: +855 (0) 10 723 379 Agency Awards Entry ContactsEnglish & Khmer:Name: Ms. Sokphea Rorm (Phea)Position: CREA Agent Entry Facilitator & REAKH Relationship ManagerEmail: sokphea.rorm@realestate.com.khPhone: +855 (0) 81 921 707 / (0) 89 428 028 Chinese:Name: Ms. Muyngy Taing (Muyngy)Position: CREA Agent Entry Facilitator & REAKH Relationship ManagerEmail: muyngy.taing@realestate.com.khPhone: +855 (0) 10 723 379 Cambodia Real Estate Awards - Sponsorship ContactName: Ms. Annabelle Vong (Anna)Position: Event - Sales ManagerEmail: annabelle.vong@realestate.com.khPhone: +855 (0) 17 426 797

Special Economic Zones (SEZs) were established throughout Cambodia to provide investors with a “one-stop service for imports and exports” and to facilitate trade. These hubs have also been instrumental in national economic development and are increasingly linked by key transport routes.Pre-pandemic, it was estimated that there were more than 50 SEZs in the Kingdom, collectively employing a workforce of 130,000 people in more than 450 factoriesHow are some of these key Special Economic Zones operating as the end of 2022 approaches and how do they spur national economic development? Sihanoukville Special Economic Zone (SSEZ)Sihanoukville Special Economic Zone (SSEZ) Co Ltd, is the operator of the 11.13 square kilometre special economic zone on the southern Cambodian coast  - it is the largest by size and occupancy in the Kingdom.Long Dimanche, the Sihanoukville province deputy governor said in 2022 there are 170 factories from China, Europe, the United States, Southeast Asia and other regions in the SSEZ which have a total investment of more than USD $1.3 billion and create around 30,000 jobs.Devin Barta from Fine Flooring Cambodia, which makes and engineers hardwood flooring and sources materials from Cambodia and countries globally, is based in the Sihanoukville Special Economic Zone and their main export destination is North America.Barta said “The SSEZ provides import and export duty relief along with many services in-house. The zone is very good at meeting our business needs and providing services. Proximity to the (Sihanoukville) port is also a significant advantage and the labour pool from the nearby communities is very reliable.”The value of imports and exports passing through the SSEZ in Cambodia topped the $2 billion mark by October 2022. This represents an increase of over 17 per cent compared with 2021. For reference, the total value of imports and exports passing through the SSEZ in 2021 was $2.2 billion.On the scale of the SEZ, Barta sees this as a benefit. “There are more services and there is a substantial market located within the SEZ. Due to the variety of businesses here, as well as those within the same industry, we are able to effectively work together and use the same suppliers.”This region of Cambodia continues to spike interest due to the Kingdom’s only deep-water port, the new Law on Investment, and infrastructure projects such as the Phnom Penh-Sihanoukville expressway which has significantly reduced the travel time between the two economic hubs.Dimanche added that the economic hub is transformative in connecting the province with the regional and global supply chains.Barta added “These upgrades will pay enormous dividends to the region. It was quickly obvious of the new highway opening that tourism to Sihanoukville increased significantly. I suspect expansions of the airport will increase international tourist traffic, while a larger port entices even more industrial development.”Regardless of the business activity type in the SSEZ, the zone improves the economic development of the country and provides essential skills and jobs.“From a business owner standpoint, being in an SEZ makes operations easier; it provides well-paying jobs to the local community which also increases their quality of life. The infrastructure needed to support the SEZ has a spillover effect in the area, improving roads and other aspects which the communities benefit from”, said Barta.Poipet O’Neang Special Economic Zone (POSEZ)In the northwest of the Kingdom, located near the Thailand border, the POSEZ has been operational since 2005 and today employs nearly 10,000 people.This SEZ covers over 260 hectares and it has access to a key border crossing with Thailand, which provides convenient and economical access to a global market via air, rail and seaports. Eric Wong is the Assistant General Manager of CCI Co. Ltd. (operator of the Poipet O’Neang Special Economic Zone). He said, “Our strategic location is attractive to prospective investors who are looking to start, relocate or expand their manufacturing businesses, warehouses or distribution centres to Cambodia. Situated right next to the future O'Neang checkpoint on the border, manufacturers can mitigate all of their business risks and shorten transportation times to the Laem Chabang Port of Thailand, as well as enjoying faster processing times for customs. We have no power shortages which means shorter lead times for the finished products.”All of the Special Economic Zones in Cambodia attract investors by providing a range of services and economic benefits. These include reliable water and power supply, duty exemptions, 0% Value-Added-Tax (VAT) on exports and transactions within the SEZ, as well as incentives. In the POSEZ, businesses are offered a 9-year tax vacation, while visas can be arranged for families of investors. They also offer a One Stop Service (OSS) “designed to facilitate application, information, company registration, evaluation, investment approval, license and permit acquisition“, said Wong.The main business targets are manufacturers of auto parts, agricultural machinery, agro-based products and biotechnology, consumer electronics, garments, industrial tools & parts etc. Wong also says that “all types of commercial businesses including financial and trading services” are welcome to operate in the commercial zone and that six enterprises from Thailand operate in Poipet SEZ.Positive Impacts of Trade Agreements for SEZ in CambodiaThe Regional Comprehensive Economic Partnership (RCEP) and new bilateral free trade agreements have generated increased exports from the POSEZ to Thailand, confirmed Wong. “I have always believed that Thailand is a “necessary channel” for Cambodia to export products to foreign markets.”For the SSEZ, there has been a relatively weaker performance of imports and exports as the year has progressed due to sluggish demand on the international markets caused by uncertainty in the financial markets, the conflict in Ukraine and the ongoing zero-COVID policy in China.However, the trade agreements, as well as increasing international interest in Cambodian-made products, means there is huge potential for the upside.“We want to encourage more investments in warehouses along the border to facilitate more varieties of exports and Cambodia needs more foreign investment for the technologies, human resources and infrastructure to develop production chains in the coming years to maximise the economic potentials and benefits from RCEP” concluded Wong.By offering attractive incentives and one-stop business services, these SEZ drive Direct Foreign Investment and are a source of skilled labour, which spurs national projects and has a positive impact on the national economy.

Phnom Penh – Cambodia’s largest general insurer and fast-growing life insurer, Forte, has unveiled a refreshed logo and tagline ‘Live with confidence’ to mark the next phase of the company’s growth.As part of its brand refresh, Forte has sharpened its vision, mission and values to emphasize its focus on providing innovative customer-focused products and services and expanding their general and life insurance offering across more markets in the region.The brand development and new tagline, ‘Live with confidence’, is a manifestation of the company’s leadership in the insurance sector to take a stand on sustainable growth and building capacity in people, whilst humanizing insurance and financial services in an empowering way.Forte took an empathetic approach and invested in research to understand people’s perceptions of what Forte does well, where opportunities existed and what people really wanted from insurance providers in order to differentiate their services in the market.Charles Cheo, Group Executive Chairman of Forte, said, “Forte has built our success upon being customer-focused, forward-thinking and innovative over the past two decades. We believe that building stronger brand equity, coupled with our strong financial outlook based on our ‘AA’ Global Credit Rating Co ranking in terms of national financial ratings, will add value for our shareholders and transform Forte into a regional player. We look forward to even more successful decades to come.”Mr Youk Chamroeunrith, Group Chief Executive Officer of Forte, said, “It’s time for us to move forward and modernize for today’s digital age. Our refreshed brand identity signifies confidence and optimism in moving forward as one Forte family with a strong purpose, aligned with our vision to protect and empower everyone in the region for a better future – one person, one business at a time.”Ms Sharliza Rahman, Chief Brand and Digital Officer of Forte, said, “We have evolved Forte’s brand and messaging to better reflect who we are today and to match our ambitions for the future. Our brand evolution has to be done sensitively while staying true to our heritage and history. Alongside some recognizable elements we have also incorporated new visual devices to give our brand a dynamic and confident new look.”She added that, “What we are doing is not simply a re-branding exercise or a marketing campaign. It signals our intent and commitment to empower people by providing them with a safety net which enables them to have the courage to achieve their aspirations.”In the coming months, Forte will be rolling out their refreshed brand identity in stages across various touchpoints, as well as a regional brand campaign in Cambodia and Laos.Since its founding in 1999, Forte has developed the largest market share in Cambodia for general insurance, expanding into life insurance in 2019. It has also achieved regional recognition as Domestic Insurer of the Year by Insurance Asia Awards for the second time and Best General Insurance Company in Cambodia by Global Banking and Finance Review for 8 years in a row.About Forte Forte is leading the growth of the insurance industry in emerging Southeast Asia with its vision to protect and empower everyone in the region for a better future – one person, one business at a time.Founded in Cambodia in 1999, Forte has remained true to its mission to provide innovative customer-focused products and services, build capacity in people, and contribute to the progress of the insurance industry in the markets they operate in. Offering both general and life insurance in Cambodia, and general insurance in Laos, Forte is the preferred partner of multinational insurers.Forte is also an employer of choice which offers a collaborative workplace that rewards achievement and provides opportunities for employees to grow through professional education and development. Inquire about Forte insurance

PHNOM PENH, CAMBODIA - Realestate.com.kh teamed up with some of the leading property developers over this past weekend for an exclusive property showcase, an invitation only event, at the Realestate.com.kh showroom in Phnom Penh. The Property Showcase continued the ongoing success of Realestate.com.kh events - with over USD $1.5 million worth of property sold across the two days, confirming a healthy demand for quality property within Cambodia. The Property Showcase will be added to the Realestate.com.kh event series heading into 2023. Steff Khiem, Marketing Manager of Realestate.com.kh, confirmed the success: "We have hit record sales in 2022 for our partner developers, putting us in a unique position to negotiate the best prices in the market. We are very thankful to our partners for going the extra mile for this event, offering never-before-seen prices for our buyers. Over a million dollars in property sales in just two days is an outstanding result." Dylan Hao, Sales & Marketing Director of Partner developer Le Condé BKK1 described the event as "something I have never seen before in Cambodia!" He continued, "We do a lot of road shows as a way to sell our project. But Realestate.com.kh has a target database which allows them to attract quality buyers to their events. We sold almost $500,000 worth of property at the showcase." Vatey Mom, General Manager of Realestate.com.kh and Fazwaz Cambodia, highlighted that "it's a great way to round out 2022, which has been a record year for us. We consult more international and local investors than anyone else in Cambodia."She added, "As the market continues to recover from the pandemic, there is some correction in segments of the real estate sector in Cambodia. It's now more important than ever to guide buyers to the right properties that will yield a return. Our team has carried out due diligence on every project. We only advise projects that we would purchase ourselves - even if that means losing a buyer."Participating developers included Le Condé BKK1, Morgan Group, Urban Living Solutions, Vue Aston and Times Square. In conjunction with The Ministry of Land Management and Urban Planning, The Real Estate Regulator and the CVEA, entries are now open for Realestate.com.kh next offline event, The Cambodia Real Estate Awards, with the Gala Dinner to be held in the first quarter of 2023.

There is no question that the Cambodian real estate industry has been booming over recent years, while the Kingdom's breakneck economic growth has been well documented. Even post-pandemic, the country is extremely well placed with positive GDP growth estimated by leading financial institutions for the coming years.Property developers have also been swift to try and plug the gap to meet the appetite in the housing demand, which is driven by the emerging middle class, expats and international investors. This also means HNWI (High Net Worth Individuals) locally and internationally.This latter group of investors and uber-wealthy Cambodians in particular are affluent and are seeking to constantly increase their quality of life, are in the pursuit of fine tastes and are driving demand for luxury housing in the Kingdom.Although there are aspects of the local market that are showing a slower recovery, with a short-term oversupply of mid-range properties, the luxury market in Cambodia is largely untapped and is seen as a massive opportunity by industry professionals.HNWI On The RiseAlthough it's not known exactly how many HNWI are within Cambodia, “The Wealth Report 2015” estimated that Cambodia’s pool of ultra-high net worth individuals (those with more than $30 million in total assets) had almost tripled in the space of a decade. The more recently published Capgemini report in 2021 suggested there were now over three thousand millionaires in Cambodia (an increase of over two thousand in five years!)In the Asia-Pacific region (APAC), Knight Frank wrote that based on the 2022 Wealth Report, between 2021 to 2026, APAC is forecasted to experience the most significant growth in the population of HNWIs (59.8%) and UHNWIs (32.7%). The region is also expected to be the largest regional wealth hub by 2026; with two-thirds of UHNWI wealth allocated to property. Capgemini adds that The top 5 Asia APAC countries with the most HNWI in 2022 are:Japan (3.65 million)China (1.53 million)Australia (319,000)India (308,000)South Korea (272,000) Interestingly the report added that art, classic cars, and wine ranked among the top three passions for Asia-Pacific’s wealthy population - and these are also increasingly being catered to in Cambodia.Automobile showrooms that visibly showcase some of the finest brands of sports cars such as Ferraris and Lamborghinis (as well as Maserati, Bentley, McLaren, and Aston Martin or Harley Davidson motorcycles) are no longer out of place in the capital. Rolls-Royce in Cambodia has among the most successful sales rates globally. Meanwhile many luxury brands such as Brioni, Balenciaga, Burberry, Bottega Veneta, Canali, Clarins, Christofle, Dolce&Gabbana, Salvatore Ferragamo, Frette, Hugo Boss, L'Occitane en Provence, Moncler, Poltrona Frau, Stefano Ricci, and Santoni have entered the Cambodian market and more continue to do so.Luxury Property Market in CambodiaTom O’Sullivan, CEO of DCG Cambodia (FazWaz Cambodia & Realestate.com.kh) said of the property searches on the property online platforms in 2022 - that many of the customers were high-net-worth individuals. Online search traffic on realestate.com.kh looking for landed properties that are above USD $4.5 million has increased by 50% this year. The most valuable landed residential transaction was as high as USD $7 million+, which speaks to the demand from the market.The recent Moody’s Investors Service Inc downgrade of Cambodia’s outlook referenced the property market but incorrectly categorised the mid-range properties as luxury in their report saying “a deceleration in activity in the luxury property sector poses broad risks to growth”. If anything this confirms the oversupply of mid-range properties but there is no luxury category in the market currently. So what are the luxury developments and trend changes in the Kingdom that appeal to this elite group of buyers?Borey developers have started to add multi-million dollar villas to their range of products - very few developers are purposely designing luxury property developments with some houses reaching $4.5 million or more.Odom is one example of a high-end condo development to come onto the Cambodian market, however, there is still arguably no luxury landed property development on the market today.Luxury stand-alone villas in Toul Kork are commonly priced anywhere between USD $5 - $8 million. However, these properties are rarely on the market for sale. Demand is increasing for luxury property rentals - one ultra-high-end villa was recently leased for $15,000 per month in the capital. Located by the Mekong River off National Road One in Chbar Ampov, the villa has 7 bedrooms, 8 bathrooms, expansive grass yards, a swimming pool and much more. Although there is a growing demand for luxury properties in Cambodia, there is limited supply in the market. High Networth Individuals and the Ultra High Networth Individuals don’t have a lot of choices when searching for luxury homes but they increasingly have the financial resources to spend on these assets.  Developers are looking for a shift of branding to appeal to the luxury market and have identified this as a profitable and growing sector in the Cambodian real estate market, and the developers and marketers will help shape the image of this luxury housing market compared to regular housing projects.With the Cambodian government having done such an exemplary job handling the COVID-19 pandemic and with pro-foreign investment policies in place, the indication is bright for the local market and it remains incredibly well-placed in the ASEAN region.The specialised and high-end luxury developments in Cambodia are lucrative and with high potential - buyers are actively looking at the luxury property market in the Kingdom and which developments can suit their quality lifestyles and tastes for the finer things in life.

With so many Cambodian condo buyers coming from overseas, mainly as it's the one property type they can easily and legally purchase, do foreign condo buyers understand the essential aspects when buying such a property in the Kingdom?Condo Supply & Foreign Buyers in CambodiaForeigner condo property sales accounted for 65% of all condo sales so far in 2022 according to realestate.com.kh - with one & two bedroom condos most in demand. The company’s Real Estate Survey 2022 indicated that Phnom Penh was also overwhelmingly the preferred area to buy in for Cambodian, Chinese, and Western buyers.In terms of the condo supply - this reached 28,000 units across 95 buildings in Phnom Penh and is projected to increase by over 50,000 units to reach nearly 80,000 units by 2025. CBRE Cambodia reported in “Q1 2022 Market Insights – Navigating the new norms” that 13,000 new condominiums are expected to be available in the capital of Phnom Penh in 2022 alone.The mid-tier condo developments are expected to dominate the future supply as property developers are targeting the demand of Cambodia’s emerging middle class as well as expatriates residing in the Kingdom and buying from abroad..The supply by 2025 in the capital is expected to consist of: Mid-tier condominiums (56%)High-end (22%)Core (17%)Prime (5%)Can Foreigners Own Property In Cambodia?Land and property ownership can be complex for foreign-owned businesses and foreigners in Cambodia to understand. But, yes, foreigners can buy and own property in Cambodia and legally own condos in Cambodia. Cambodian law prohibits foreigners from owning land, but they can legally own properties such as condominiums under a Strata Title, as long as the property is not located on the ground floor of a building (and at least 30% of the other properties in the building must be Cambodian owned).According to R.A. 4726, foreigners can buy and register (under their own name) a condominium unit in Cambodia - the Condominium Certificate of Title (CTC) will be registered under the foreigner's name too.What Is The Property Title When You Buy A Condo?The form of private ownership in a co-owned building is issued under a hard property title known as a Strata Title. Strata titles allow foreign nationals to fully own private units of co-owned residential or commercial (office) buildings in Cambodia, subject to certain procedures and criteria. Co-owned buildings are defined as a building in which several owners reside and could consist of private units that are exclusively held by an individual owner and other spaces that are commonly owned (amenities like lounges, pools, and gyms).Can A Foreigner Apply For A Home Loan In Cambodia?While it is challenging, it is still possible for foreigners to apply and get a home loan in Cambodia if they are in-country. However, not many Cambodian-based banks will offer home loans to non-Cambodians. If you are able to secure a home loan, a set of legal documents including collateral equivalent to the loan value, a salary confirmation letter, a valid identity card, and the information of guarantors might be required.The three main terms to consider for a mortgage in Cambodia are:The loan amountThe interest rateThe loan termsWhat Does Buying Off-plan Mean?What does "off-the-plan" buying mean in Cambodia? Well, off-the-plan property buying is when the property is purchased prior to its construction being completed and buyers can view the design and construction plans (it's also called pre-selling). The main benefit of buying off-plan is the opportunity to select condos with the best locations in the development, and there is a degree of flexibility to customise the condo (within the limits of construction design).Most Cambodian-based property developers target international buyers and investors and offer some sort of rental return scheme or Guaranteed Rental Returns (GRR).GRR is a future rental income that is guaranteed by the developer or management company to the property purchaser for a contracted period of time after the purchase agreement is signed.This reassurance mechanism targets new investors with standard net returns often advertised in condos and in new developments. The GRR ranges from 4 per cent to 9 per cent in Cambodia, normally for a duration of two to five years.Before any purchase, do your due diligence and research and even assign legal and property experts if you are unsure and are buying from overseas. With the rebound in tourism and the positive economic outlook for the Kingdom, property prices are expected to rise in the coming years - the latest Residential Property Price Index (RPPI) for Phnom Penh indicated a 15.4 per cent increase compared to the index in 2020 which is the base year.

Property sales and ongoing foreign direct investment (FDI) remain strong as the end of 2022 approaches in Cambodia. FDI is key, as is the ease at which investors from overseas can make calculated transactions in the Kingdom - although trends suggest the domestic property market matured during the pandemic - foreigners are still the main force of real estate investment in Cambodia.The construction sector has significantly contributed to economic development and is also a key employment driver, so as a sturdy pillar of economic growth in Cambodia, the sector’s success is pivotal.According to the Financial Stability Report 2021 of the National Bank of Cambodia (NBC), FDI inflow in 2021 was valued at $3.5 billion, while the total FDI inflow between mid-1994 and end-2021 amounted to 168.8 trillion riel ($41 billion) coming from a number of nations.The NBC added that the increase in FDI to investment mainly was sourced from China, South Korea, Vietnam, Singapore, Japan and Malaysia. FDI in construction rose from $260 million in 2020 to $334 million in 2021 in the Kingdom.The construction sector in Cambodia is projected to expand at an average of 6.3 per cent in 2022 and will grow 9.4 per cent between 2023 and 2026, reported Bussineswire’s Cambodia Construction Industry Report 2022.Property Sales In CambodiaMs Vatey, General Manager of DCG Cambodia (FazWaz Cambodia & Realestate.com.kh) said the property sales growth curve in the past six months of 2022 has almost shown a straight upward trajectory. She adds that the firm's sales in the past three months reached USD $5.4 million."Recently, there has been a surge in platform searches and customer inquiries. It is obvious that the market is picking up. Most of the customers come from high-net-worth individuals brought by channels and databases" said Vatey.Who Is Buying Real Estate In Cambodia Right Now?One-fifth of property buyers in Cambodia come from the United States, 10% are from Singapore, 11% are from France, 10% are from Japan, and 10% are from the United Kingdom and Italy, while 4% are from other European countries such as Germany, Belgium, Hungary, Sweden, Spain.The major investor market remains China which accounts for 15% of property buyers, despite the ongoing zero-COVID policy that has restricted travel. The remaining 20% are local Cambodian buyers.Vatey believes that the reason why foreign investors are choosing to invest and buy a property at this time is mainly due to:Continued inflation in Europe prompted more people to move and live in Asia;Housing prices in Cambodia are still affordable compared to other countries in the region;Public life in Cambodia has returned to mostly a pre-COVID normal;The unique investment opportunities in Cambodian real estate and ease of foreign ownership;More developers are offering affordable and flexible payment options for buying a home.What Types Of Properties Are Investors Buying?In terms of property sale types in Cambodia in 2022, 65% of investors purchased condominiums - this makes sense as foreign real estate buyers can legally own strata condominiums. Most buyers have been opting for spacious one and two-bedroom condo units, which is indicative of the trend of large units being most popular, especially among high-net-worth individuals who are considered the core investment group.Some buyers are even buying two adjacent apartments, and following planning permission, are merging the space into a large apartment following their desired renovations. Apart from condominiums, land-linked homes such as townhouses, shophouses, and villas are the most popular property investment type and account for 20% of sales (these include off-plan and resale properties.)Ten per cent of all buyers have indicated they are optimistic about the investment prospects of office buildings, especially projects that provide guaranteed rental returns (GRR) and guaranteed buybacks (GBB), which are safer investments, especially for those based overseas.Vatey believes that the current market can still be classified as a "buyer's market" and that the current market is still "small" - developers need to provide more attractive conditions to grab a larger slice of the market share. An increasing number of developers have focussed on the improvement of their projects in terms of design, greenspace, convenience, amenities etc and hope to offer a unique property in the market. By diversifying Cambodia's real estate products - it will make the country more attractive and solidify the Kingdom as an emerging economic hub in Southeast Asia.Edward Lee, CEO of Prince Real Estate (Cambodia) Group Co., Ltd. commented “As post-pandemic lifestyles are shifting to a new dynamic, demands have changed, and developers need to build products that uplift the community through value creation from the consumers’ perspectives.”New Comprehensive Air Transport Agreement It was also announced this month that the Comprehensive Air Transport Agreement (CATA) between the ASEAN and European Union (EU) is expected to boost travel between the two regions.The CATA allows airlines to operate as many flights as possible between the regions and in effect replaces the 140 different bilateral air transport pacts signed in the past by the countries in the two regions with a single set of rules.Since Q1 2022 more multinationals have moved into the local market (post-COVID) and this moves further adds to the attractiveness of the Kingdom to investment as the year draws to a close.

There have been countless proposed railway modernisation projects proposed as well as feasibility studies carried out in the Kingdom, in particular in Phnom Penh. A glance over the geographic shoulder to other Southeast Asian cities and it's clear the capital is far behind the modern transit infrastructures that Bangkok, Singapore, or Kuala Lumpur offers its inhabitants and visitors.Despite the massive costs required for such an undertaking, urban transit systems play a significant role in the social and economic development of large urban areas, and can also be attributed to significantly improving the quality of life in such areas as well as raising the value of properties.What would a Phnom Penh urban rail transportation system look like and what are the obstacles to overcome to make it a reality?What Options Are There For A Phnom Penh Rail Transit Network?In 2019, a Chinese-funded feasibility study for a monorail project in Phnom Penh was completed, while a Japanese feasibility study investigated implementing an automated gateway transit (AGT) system with an electric-powered mass transit system - but these were derailed due to the high costs involved.In 2021, the Ministry of Public Works and Transport also asked the Asian Development Bank to help devise strategies for monorail and metro projects for Phnom Penh.But this past September, the Cambodian government announced it was prioritising a subway train system in Phnom Penh as part of its mega transportation plans. Reference was made to the Japanese (JICA) study from 2019 which estimated costs of USD $1.8 billion (albeit from 2019). As far as we know, this study did not specifically mention an underground system but officials feel that Phnom Penh's best solution would be a subway system and not monorails, a sky train, or an overland system.On the positive side, a reliable and functioning urban rail transport infrastructure has the ability to improve the local employment rate, spur the development of the transport industry, and increase the value of the real estate and land when situated close to these urban transport hubs.Whether it's underground, on monorails or something else that embraces future tech, Phnom Penh will eventually need a comprehensive strategy that will help reduce increased traffic in a city that is expanding & outgrowing its current borders. It's a real growing pain - bridges and flyovers, and even utilising water transport services alone will only help alleviate the issues in the short term.It's also unlikely any project will be affordable unless it is a partnership between the government and a private entity or entities (such as so many of the current infrastructure projects eg: Phnom Penh- Sihanoukville expressway).Environmental ImpactsThe Ministry of Land Management, Urban Planning and Construction (MLMUPC) reported that there are more than 2,500 high-rise buildings in the capital alone and this number is not slowing down anytime soon - the additional urban sprawl also adds strain to the ability of the city to handle the high rainfall during the wet season and greenspace is already scarce in the capital.Cambodia is located within a regional zone that a number of reports have suggested is at high risk from climate change, greenwashing aside, the scalability of Phnom Penh’s infrastructure needs to take the environment into consideration.2022 has been a particularly wet rainy season in Cambodia (and the region). By mid-October, the National Committee for Disaster Management (NCDM) confirmed Cambodia’s 25 provinces 23 have been affected by floods and 110,000 families were left stranded.At the recent Infrastructure Asia 2022 forum, the need to scale up sustainable infrastructure was a focal point and the keynote address mentioned  “While every nation in Southeast Asia will have its own unique hurdles in the development of sustainable infrastructure, they also share many similar challenges and, as a consequence, can apply other nations’ best practices and solutions.”This year has already witnessed subways badly flooded due to extreme weather in very developed and first-world cities such as in Tokyo & New York City.Costs of Developing a Modern Rail NetworkWe can glance at the costs of recent current rail network developments in the region to understand what is at stake. In Bangkok, the urban rail transit system has been undergoing its biggest expansion since the BTS opened in 1999 - with a number of lines being added this year and in 2023. BTS Group Holdings had to raise USD $2.1 billion through an IPO (the largest in Thailand's history) to secure funds for the expansion of BTS and MRT lines in the future. A 30-year plan is split into phases to continue to develop Bangkok’s sky train system, however, the upgrades are plagued by financial woes and rising debts. The country’s national rail network is also expanding and a 2028 target date has been set to finish a High-Speed Rail Link with China (at the cost of $12 billion).Although not exclusively an urban rail hub, the China-Laos Railway completed at the end of 2021 carried a price tag of US$6 billion. There are plans between 2024-2026 to connect Vientiane with BangkokBe Modern But Realistic - Avoid GadgetbahnsA very tongue-in-cheek video recently mocked mass transit plans of the future that are announced by “visionaries” such as Elon Musk, these are termed gadgetbahns.These are public transportation schemes based on modern technology which seem to be unfeasible or unnecessary. In Musk's case, his Hyperloop project which has not really progressed and by all accounts seems some decades away from being a scientific reality (never mind the exorbitant costs) means the project and its solutions don't appear to be fit for purpose in the near future.Whatever is decided, a major urban rail hub in the capital is a positive for the city and its long-term future.

On November 18-19, Cambodia’s leading real estate company, Realestate.com.kh, will hold an exclusive property showcase at their showroom, located on the 1st floor of their office in BKK1.  The event is set to feature a limited number of the best developments in the market, with a limited number of units at exclusive discounted prices for this event only. Tom O’Sullivan, CEO, says: “We attract more clients than any other platform in Cambodia, and generate hundreds of buyers each year. This puts us in a unique position in the market; we have huge negotiating power with developers”.Adding to this, Sothavatey (Vatey) Mom further highlights: “We have overachieved the sales targets for our partner projects in 2022, so they were more than happy to provide us with units for this event at prices never seen before in the market”.Earlier this year, the Realestate.com.kh expo generated over 30 Million dollars worth of property in sales. This event is set to be a scaled-down version of the expo, inviting select developers and limited to just 100 attendees. Projects participating in the event will be announced next Tuesday, the 25th of October. Who should attend Anyone interested in buying property, including Cambodian nationals and expats. If you are currently in the market or someone that is always looking for a great deal, do not miss this opportunity!Event key details: Limited to the first 100 registrations Realestate.com.kh Showroom; Level 1, corner street 302 & street 63, BKK1, Phnom Penh Lucky door & buyer prizes Friday the 18th of November. 10:00AM - 7:00PM Saturday the 19th of November. 10:00AM - 5:00PM  REGISTER HERE

As we move well into Q4 2022, everyone is hoping the COVID period is in our rearview mirror, and the Kingdom of Cambodia has done an excellent job overall of ensuring its citizens, visitors, and investors are healthy - and the right steps have been taken to ensure a path for a healthy economic state of recovery.Make It Easy And they Will Come (and Spend)With the Southeast Asian nations all competing for a slice of the regional investment pie, many nations have introduced new visa schemes such as the ten-year Golden Visa in Thailand, the Investment Visa in Singapore, or the Special Investor Resident Visa (SIRV) in the Philippines which aim to spur not only investors but to attract top global talent, particularly in sectors such as technology-heavy industries.In the Kingdom, the Ministry of Tourism (MoT) of Cambodia announced a special tourism policy “aimed at attracting long-stay tourists, high-spenders, repeat tourists and potential tourists who can be investors in the country.”The Ministry’s permanent secretary of state Tith Chantha added that the policy is important to attract high-income international tourists to visit and stay in Cambodia for a long time and to create more investment in Cambodia.”The MoT plans to offer an Angkor Lifetime Pass to help attract foreigners to Siem Reap. The pass includes the choice of the Angkor Pass Package or the Privileged Pass Package, offering visitors priority rights to use tourism services and visit the Angkor Archeological Park for the rest of their lives. Long-term expats have also been rewarded with the government acknowledging the long-term residents who call Cambodia home (anyone living in the country for two years or more) by introducing a free Angkor Special Pass under a new government scheme for long-term foreign residents in Cambodia.Since Q3 2022, domestic tourism was also set to benefit from another “Travel Pass” - offering discounts for national and international tourists - with Kunthea Phirum, head of the Office of Domestic Tourism Promotion at the ministry saying the pass will be a  mechanism to organise affordable tour packages and help the tourism industry recover in 2022 and 2023.*This is open to diplomats, investors, international organisations, foreigners working in companies and private enterprises of all kinds, experts working in ministries, public and private institutions, as well as families.There is even a pass being considered for Thai tourists who reside in any of the seven provinces that border Cambodia - this will allow them to travel overland to Siem Reap province with only this border pass and not requiring a passport. The ministries are looking to boost investment and tourism by making it easier to visit the country and with the added possibility of offering something similar for Vietnam or Laos.The Cambodia My 2nd Home (CM2H) Program which was unveiled earlier in the year also targets foreigners looking to invest in Cambodia who can be eligible for a new 10-year visa.Finally, following the announcement in early October 2022 that all visitors by land, sea or air will no longer need to produce health certificates or show proof of full vaccination upon arrival removed the final obstacle (or excuse) anyone could use for not visiting or investing in the Kingdom.ASEAN and Cambodia Remain Attractive to InvestorsThe country and the region remain highly attractive to investors. Sun Chanthol, Senior Minister, Minister of Public Works and Transport confirmed that ASEAN had received the highest-ever FDI inflows of $182 billion in 2019 – making ASEAN the largest recipient of FDI in the developing world. Although the numbers dipped during the height of the pandemic, key areas remain ripe for investment and the steps the country has taken to improve and enhance trade, ongoing plans to enhance the ASEAN transport connectivity, and make investment more transparent and easier in Cambodia all are bullish optimistic signals.In the first eight months of 2022, Cambodia received just under a million international arrivals and with the most recent Nikkei Covid-19 Recovery Index indicating Cambodia is in the top percentile (ranking in the top 10 for four consecutive months) - we all need to do our part in flying the national and symbolic economic flags for the Kingdom.In construction specifically, the Q3 2022 CBRE Market Insights report indicates that there are more than 400+ construction projects in Cambodia with 167 under development - this is a 20% year-on-year increase.For Cambodia to see continued growth in the real estate market there are some key drivers that are important. The World Bank confirmed that Cambodia has “one of the fastest increases in financial inclusion rates” among developing economies in East Asia and the Pacific, and has maintained its positive outlook for the nation’s 2022 GDP.With increasingly transparent payment systems and armed with new Investment and Trust Laws as well as a sleuth of investor and tourist-friendly initiatives - the country is well-positioned to attract investment from domestic and foreign investors.

Proptech is an increasingly popular buzzword and encompasses disruptive and innovative technology in the property sector - we look at some of the trends in proptech being utilised in the Kingdom of Cambodia and how its technology has the potential to change the real estate industry.What is proptech?Proptech (property technology) are the tech tools the real estate professionals and property development industry can use to radically change the way and optimise buying/selling, research, and marketing among others. Proptech is the alignment between real estate and technology.There are countless proptech companies but very few are truly disruptive and bring added value to the industry. According to one report, over the past decade - more than 9000 proptech companies were formed globally! The Asian Proptech real estate industry only accounts for 3.5% of the global number and is dominated by Chinese firms.Examples of proptech could be a digital platform that utilises tech to promote properties, examples of smart real estate {Internet of Things, Virtual Reality (VR) & Augmented Reality (AR)}, fintech solutions, tech infrastructure such as data centres, or even leading edge tech such as the metaverse.Ascendix predicts that some of the proptech trends in the near future include:Proptech Big Data & digitalisation of property data assetsAI and Machine LearningVirtual Reality for better online search & buying experiencesChatbots for better customer experienceProptech in Cambodia - VR and Web Functionality Residential and commercial property tech facilitates the way people buy and rent properties while Commercial Real Estate (CRE Proptech) makes the use of innovative tools to efficiently run, search, rent, and the property assets.Realestate.com.kh offers an innovative web (and app) platform which has more than 30,000 live property listings (commercial and residential) and 200,000 visitors monthly. The company saw increased online traffic from international buyers in 2022 while the impact of the pandemic was still being felt. “Our online traffic really spiked during the pandemic as many investors were not able to fly to Cambodia,” said Tom O’Sullivan, CEO of Realestate.com.kh.Property search platforms (which feature user-friendly listing and marketplaces, agent tools, etc.) are a great example of proptech. The Cambodian property market is changing (as well as property buyers in the Kingdom). “As the market returns to normality we have seen another spike in traffic both locally and internationally…we have witnessed a huge shift from desktop to mobile over the last few years”, added O’Sullivan.The company also created unique user experiences for western, Khmer and Chinese property seekers with the web and app platforms hard coded in all languages as opposed to using Google Translate.Realestate.com.kh also entered into a strategic partnership with property technology company, KE Holdings Inc. (Beike) to use RealSee VR technology in Q1 2022. O’Sullivan said of the partnership, “We have actually been using 360 VR tours for over 3 years. But since the exclusive partnership with Realsee we have been able to scale this. It was almost perfect timing during COVID to focus on VR''. The company has educated the market with the tech and changed buyer behaviour and the CEO said it remains very popular as the country moves out of COVID.Data Centres and the Push for Digitisation/Big DataBig Data is another tech buzzword and is crucial in the ongoing move towards digitalisation and analytics. Big Data is also being used in making informed data-driven strategic and development decisions in the property sector.The Asian Development Bank (ADB) reported digital technology and big data are key to fast-tracking post-COVID-19 economic recovery in Southeast Asia (SEA).and recommends policy reforms to help capture the benefits of big data, including improving technical infrastructure, and ramping up training to create a skilled workforce to lead the digital transformation.Dan Fagg, Sygna Commercial Director APAC, says there is globally increased demand for data centres due to increased digitisation and Cambodia could benefit.“From a development point of view, we have seen no let-up in the volume of new projects around the APAC region, and there only seems to be more to come for the near future. As more developed markets get saturated (in terms of land space and competition), we are expecting more growth in new/emerging markets, especially in SEA. This has been aided by the development in (data) infrastructure over the last few years by both foreign and local enterprises, but it places the region in a good position for development for the years to come – however, high energy prices and availability of power in these areas could stump the potential growth.” The data centre services market was valued at $48.9 billion in 2020 and is speculated this will increase to $105.6 billion by 2026.Dan added he thinks there is a demand and opportunities for more local development, and suggests “being first to market in a lot of these instances is key. That said, the investment amount is significant compared to other developments (such as commercial, residential, hospitality).”He concludes “Data centres are the future for the foreseeable future, but I am sure as technology advances the market will have to move with it, and it's unknown how that might impact existing investments/facilities.”Blockchain Opportunities in CambodiaBlockchain provides a secure, decentralised way to record and transfer ownership of assets.Veasna Meas, Chief Executive Officer at Naki Group Co Ltd says utilising blockchain is beneficial in Cambodian property development. “I believe utilising blockchain in Cambodian property development will help to provide access to a larger pool of investors. Some of the benefits of tokenisation include accessibility, diversification, transparency, and liquidity. What that means is those who desire to participate in real estate investment in Cambodia, previously had concerns about the process, or simply just do not know how to enter the market, can now do so with ease.”    His company is behind local developments such as Silvertown and it is a real-world example of using the technology. “The benefits of tokenising Silvertown specifically are 1) It’s a real-world asset and 2) It has been operating since 2014.”He adds, “The fact that it has been operating for several years means we have historical performance data. With that, buyers of the Silvertown token can analyse past and estimated future performance to determine their returns. By having all the information for the project on the blockchain, it can help developers gain more liquidity by having access to more investors while investors have access to verified information.”Naki Group has announced the upcoming launch of the first tokenised real estate investment offering in Cambodia. The Silvertown Token (STM) is being offered to investors starting Q4 2022.

Guest Contributor: Aronsakda Ses - Junior Research Fellow -  Future ForumThis week we hear the first of a two-part series from Aronsakda Ses (Junior Research Fellow from Future Forum) who provides commentary on Siem Reap's urban development, exploring urban development strategies that can help ‘temple town’ grow without jeopardising the region's cultural, historical landmarks and ecology. Siem Reap Can Neither Grow Tall Nor Wide, How Will It Grow? Siem Reap holds a special place in all Cambodian’s hearts. Therefore, it isn’t surprising to hear varying and conflicting opinions about the future development of the area that is sacred to so many in the Kingdom and beyond its borders.In February 2022 at a real estate workshop, a prominent real estate tycoon was critical of the strict building regulations imposed to protect the landscape surrounding Angkor Archeological Park, preventing the construction of highrise buildings which drew criticism and caused him to issue a public apology.A different perspective and observation of this episode reveal the apparent desire among Cambodians to retain the unique characteristics of the city and the surrounding province due to the heightened cultural and symbolic significance of the temples in the Angkor Archaeological Park. But this desire does keep Siem Reap’s residents in a conundrum - where all development must walk a very tricky tightrope between progress and respect for the past.Given the government’s redoubled efforts to attract more and more tourists and the needs of the city’s own inhabitants, it seems inevitable that Siem Reap will grow, one way or another. It is imperative that we figure out how the city can grow without damaging its cultural sites and fragile ecological balance.Siem Reap - Neither Tall nor WideDeveloping Siem Reap into a city replete with tall buildings - as lamented by so many - would possibly destroy the cosy and tranquil natural setting that the town is known for. But a Siem Reap which endlessly sprawls into the countryside is no better. Yet, this is the trajectory the city is currently on. Automobile dependency is a major factor behind Siem Reap’s urban sprawl. Many projects are located in Siem Reap's outskirts and along its Ring Road, placing them farther and farther away from existing amenities and services. This is compounded by the project's singular land-use focus, for example only including housing rather than mixed-use developments. This means that local neighbourhoods lack basic amenities and services, forcing residents to make many long trips by car or motorcycle.This demand for travel manifests in larger and larger roads, like Road 60 leading to the new airport which is under construction, as well as parking lots to cater to vehicle usage. Roads with high traffic speeds and volumes create an unsafe environment for every other road user. This results in pushing more people to drive and makes them less likely to take advantage of other commuting options (although increased public transport options are also needed). Hence, the superfluous vehicle-centric infrastructure leads to congestion; necessitating even more vehicle infrastructure - a self-perpetuating cycle.Siem Reap has undergone a major transformation of 38 major inner-city roads during the pandemic - also included was the installation of 200 security cameras, 20 traffic lights, 5000 street lights, 3000+ trees, as well as adding dedicated bicycle paths. In addition, a large roundabout at Svay Thom market and a new traffic bypass are also planned to reduce traffic congestion - however, these only really benefit the centre of the city.Siem Reap’s outer districts still face sprawling development, traffic gridlock, and poor walkability as a result private vehicles become the de-facto mode of travel, which degrades the physical quality and livability of its inhabitants. The Case for CompactnessAn alternative future for Siem Reap, in which the city aims for compactness rather than sprawl, results in urbanism that is radically different from the current car-centric model. A comparative case study between the city of Atlanta in the United States and Spain’s Barcelona aptly illustrates the differences between a city that sprawls and a city that focuses on efficient development.Atlanta is a typical US car-dependent city covering 7,692 square kilometres with 5.3 million inhabitants. While Barcelona, with a similar population, covers an area only one-twelfth that size.Where Atlanta has oversized roadways, parking lots and strip malls, Barcelona has pedestrian streets, plazas, corner stores and residences - all within the same city block. Atlanta experiences gridlock traffic, poor urban mobility and excessive carbon emission, while Barcelona zips its citizens around on an efficient transit system augmented by walkable and bikeable neighbourhoods. Where Atlanta copes with an insufferable urban heat island due to an ocean of concrete and asphalt surfaces, Barcelona chills inhabitants with trees, parks and waterfronts.The contrast could not be more apparent, especially in cities with similar populations. Furthermore, Barcelona is not a concrete jungle of endless skyscrapers. Most of its buildings are only 5-6 floors high, yet it manages to pack more housing, shops, services, and activities in each square kilometre. No doubt these characteristics help propel the city to sit high in most global liveability indexes.The example set by Barcelona proves that compact development does not have to be claustrophobic and vertigo-inducing to be successful. In fact, optimal density and compactness are an advantage, because it brings homes, jobs, education, services, etc. closer together, it makes public transit and active commuting more viable, and the smaller urban footprint of the city helps preserve surrounding ecosystems.The lessons from Barcelona and other compact but vibrant cities can serve to inspire Siem Reap's development path.For Siem Reap - Compactness is the WayYou may be wondering: would prioritising compactness lead to the construction of taller buildings in Siem Reap? The answer is no in my opinion. Efforts to limit sprawl, paradoxically, do not always directly lead to skyscrapers - as evident in Barcelona.Compactness means intensifying the usage of space in an urban area. Buildings should be mixed-use and multi-purpose, containing housing, restaurants, grocery stores, etc. Following a compact model would mean that developers avoid creating spaces which only have limited usage like garages and golf courses. Instead, public spaces, plazas, and parks that serve all manners of social, cultural, leisure and economic functions should be prioritised. Encouragingly, several developers already embrace the value of compact and mixed-use development. There are excellent examples that demonstrate the convenience and attractiveness achieved by designing residences in human-scaled, walkable, and mixed-use developments,  are:Bakong VillageRose Apple SquareAngkor GraceLikewise, transportation must also be condensed. The construction of endless highways, swathes of parking lots and countless garages should be avoided. Instead, space for commuting should be condensed into more efficient modes like bus transitways, cycling lanes, and pedestrian corridors which carry more traffic, are cheaper to operate and more sustainable to maintain.Compactness simply calls for the intensification of usage of space we already occupy, which in turn decreases demand to build tall or build sprawl to begin with.Achieving compactness in Siem Reap calls for carefully designed neighbourhoods which are mixed-use, walkable, contain a myriad of people-centred spaces and are integrated with an efficient transportation system. One critical policy tool to ensure Siem Reap develops in such a manner is a mobility-based land-use master plan.Correct Land-use Planning is Key A planning policy where land use is based on mobility profiles means that a building’s placement would take into account how users commute to and from it, and the intensity of traffic generated by users of that space. The advantage of a mobility profile allows planners to distinguish between buildings which generate different amounts and different types of traffic.Small shops, food and beverage establishments, and retail stores where users can arrive by foot would fall into a “light” traffic zone, characterised by prioritizing public transit and active commuting. Siem Reap’s centre with its many small streets like Pub Street and Sok San Road is home to many such establishments and therefore should be categorised accordingly.Furthermore, areas along the Siem Reap River stretching from Wat Damnak to Wat Preah Enkosey should impose a "restricted" traffic zone where no vehicular traffic is allowed; except for emergency and public services vehicles. This is especially relevant in fostering social, cultural, and economic activity in the heart of the city, as well as enlarging the public space inhabitants and tourists can enjoy.For buildings which require frequent vehicle access, Siem Reap planners can designate zones of “heavy” traffic located along major roadways. Such “heavy” traffic zones should be located away from the city centre and be limited to a few areas to avoid conflict with other zones. This planning tool also helps streamline traffic by restricting sites that generate heavy vehicle traffic from being located near intersections where they would dramatically impact traffic flow.Making land-use decisions based on impacts on urban mobility is preferred compared to the current land-use masterplan for the city, which strictly adheres to traditional zoning practices of categorising zones by their expected function, i.e residential, commercial, industrial, etc.In essence, a mobility profile allows planners to tailor Siem Reap’s buildings to work with the local street network and its transportation plans. For Siem Reap to ThriveDespite sounding contradictory, it is possible for Siem Reap to grow and prosper while also preserving its unique blend of characteristics. A mobility-based land-use policy would allow planners to better adapt growth around the unique needs of Siem Reap, maximising livability, and negating negative impacts on the traditional feel of the city. This compact form of urbanism, coupled with public transit and active commuting can minimise the need for the current levels of expansion which threaten Siem Reap’s small-town atmosphere, its priceless cultural sites, as well as the fragile ecology of the province as a whole.

With less than nine months until the country hosts the 32nd SEA Games 2023 - which is tied into a number of key transport and infrastructure projects - there should be a massive impact on tourism and investment with media attention shifting to the country over the coming year.Cambodia is hosting the SEA Games for the first time in its history from May 5-17 2023, and a variety of sporting events will take place in a number of cities. Together with the 12th ASEAN Para Games, which are scheduled for June 2023, the organising committee has confirmed that Phnom Penh, Siem Reap, Sihanoukville, Kep, and Kampot province will be used.At the most recent SEA Games held in Vietnam, nearly 5,500 athletes from 11 countries were involved across 526 events in 40 sports. Cambodia has suggested hosting even more activities with 40+ sports and potentially a record number of events - 632!Cambodia will also host the 2029 Asian Youth Games, so what impact can we expect the Games to have on the residential and commercial areas being utilised for the events, especially in the capital of Phnom Penh?Phnom Penh will be the SEA Games HubThe capital will be the centre of attention for the SEA Games and ASEAN Para Games, especially the new Morodok Techo National Stadium which is located in Chroy Changvar. It will be used for the opening and closing ceremonies, but a number of sports venues and facilities will be utilised.The National Olympic Stadium and the OCIC Chroy Changvar Exhibition Hall are also expected to be used and the total government budget is around USD $30 million for the SEA Games and ASEAN Para Games.Vath Chamroeun and CAMSOC have said the Sports Athletes Village at the stadium will house between 5,000 - 7,000 people, while the main stadium will host a variety of sports such as football and athletics and has a capacity of 60,000, while there is also a 3,000-capacity aquatic centre, and a 5,500-capacity multi-sports gymnasium and a training hall.Athletes' villages developed for the previous Olympic Games in Beijing, Athens, and London all became residential communities following their respective Games.This focal point will be key for attracting investment opportunities and potentially international and regional buyers in the property market. Showcasing the latest and upcoming developments via online portals such as realestate.com.kh will ensure overseas and domestic buyers have access to the best-consolidated selection of properties in the country. Thomas O’Sullivan, chief executive of realestate.com.kh has said previously that the Southeast Asian Games will put Cambodia firmly on the map. “We know that when someone travels to a foreign country, they may consider buying property there. We believe now is a really good time to get into the market.” Over recent years, buyers and investors have come from China, Japan, South Korea, Singapore, the United States, Europe and Australia.Which Developments Will Benefit from SEA Games 2023Some of the developments in Phnom Penh set to benefit from the SEA Games are:Morgan EnMasonThe Peninsula Private Residences World Bridge Sports VillageThe latter is located within the boundaries of the Morodok Techo National Stadium over eight hectares of land and is only situated a 15-20 minute drive away from the capital’s CBD. There are already four bridges that can be accessed to reach the development and the stadium. WorldBridge Sports Village incorporates shopping areas, entertainment & leisure areas, sports areas, and residential areas.The area is also home to Safari World, Water Park, the 18-hole Garden City Golf Club course (27 additional holes are under development), with many more amenities that have sprung up in the area in recent years in anticipation of the Games.Other Cambodian Cities Expected to host SEA Games 2023 events:Siem Reap - Expected to host the cycling competition.Sihanoukville - Expected to host water-based events such as sailing and jet skiing.Kep - Might host the triathlon.Kampot - Anticipated to host canoe, kayak, and possibly other boating competitions.SEA Games  - Short and Long-Term BenefitsSothavatey Mom, Country Manager for FazWaz Cambodia thinks hosting the Southeast Asian Games will yield both short and long-term benefits. “In the short term some industry sectors such as hotels and accommodation, restaurants and bars will benefit immediately from the influx of visitors, media and athletes. 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.”Other countries that have hosted events like the Olympic Games, SEA Games, or FIFA events have yielded an uptick in international investments as global investors take notice of the host nations, and for developing nations like Cambodia that are put in the spotlight, it's a great opportunity.Mom believes Phnom Penh is set to be the main beneficiary and she identifies the areas around the Royal Palace, riverside, and similar commercial areas to benefit from property sales, as well as the vicinity around the Stadium which will have the highest foot traffic.“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.”CAMSOC secretary-general Vath Chamroeun seems to agree on the importance of the exposure, “We want all countries to notice our sporting potential. When they arrive, they will see the extent of our infrastructure and note the changing face of Phnom Penh. Our development has progressed smoothly under the shadow of peace, bringing economic stability and good security. Those who see it will describe the true Cambodia to the world.”As someone who loves sports, but also wants the Kingdom to continue its upward journey, I can't wait to see how the next year unfolds - and we all should hope that Cambodia and its people are excellent hosts.

With sustainable developments in the spotlight in the fast-growing urban areas of Cambodia, many local and international residents have commented on the perceived lack of greenspace in cities like Phnom Penh. New builds are trying to address this and incorporate much-needed green areas and community spaces.Some reports suggest that as little as 1% of the capital is allotted to urban parks, and most residents of the city can name the few natural greenspaces on their fingers. A UNDP study of Phnom Penh indicated that the public space ratio in Phnom Penh has dropped from 1.1 square meters per person in 2014, to only 0.67 square meters per person in 2020. For comparison, at 7 SQM per capita, neighbouring Bangkok is considered to have a “low” rate regionally. Studies also indicate that access to greenery in urban areas is vital for mental and healthy well-being and even though the WHO recommends universal access to green space, even most European cities fail to meet this.Green space can be associated with many health and social benefits, including longer life expectancy, reduced mental health issues, and even better cognitive functioning in children and the elderly. They also reduce air pollution, heat and noise levels, and provide us the chance to better enjoy physical exercise and social interaction, thus becoming a key element through which social capital is enhanced and strong communities are built.Some new developments in Phnom Penh are addressing this, such as Chankiri​​ Palm Creek, North Park, and Odom.Why Sustainability Matters in Cambodia’s New DevelopmentsUrban Living Solutions (ULS) is a well-known developer in the Kingdom and behind such developments as Factory Phnom Penh, Urban Village (Phase 1). Their newest announced development, Odom, will see a currently used community green space (Odom Garden) be enhanced and developed.ULS is a Cambodian-owned real estate and lifestyle development firm which aims to build livable urban spaces that connect and nurture communities. The company has supported other initiatives that enhance communities including the 2019 Housing Phnom Penh Architectural Workshop that ULS developed for Cambodian students on affordable housing.ULS representative and Head of Sales Mr. Ty Chea told realestate.com.kh that “people, communities, are at the very core of ULS and all its projects’ values. We aim to offer a type of development that meets the needs of present generations with those of the future ones in mind.”He adds that all ULS’ projects are designed to support the view that Cambodian cities can do better socially, environmentally and economically. “We try to offer homes and spaces for the Cambodian middle-class, inspired by traditional local architecture (from the Angkorian temples and village lifestyle to the shophouses), but updated to modern Cambodian needs”. He adds that they want to improve the quality of life of residents but also be conscious of the Cambodian climate and lifestyle.Odom - Phnom PenhULS believes that cities should provide green public spaces for people to connect with nature and with other citizens. They believe this is the foundation of a healthy society, and the company wants to contribute to it by sharing a rare green oasis in the city centre before anything else was built on it.Odom Garden is located on the future site of the Odom project. “We wanted to let Phnom Penhers experience the sense of community we envision for the completed project. Our goal is to create community-focused spaces, and with Odom Garden we gave free access to 4,000 SQM of green space on Norodom Boulevard”, Chea said.ULS adds that Odom “will be one of the few buildings to hold LEED-certification allowing future residents and tenants a healthier, more sustainable way of living and working”. The project will feature shared courtyards and public areas for people to meet and connect as well as walkable spaces and greenery offering a safer and healthier lifestyle.“We design our homes with bigger living rooms and balconies for families to gather and spend time together. We believe this is how you build a healthy and happy community – by giving its people the spaces to create a healthy social fabric”, they added.On the transformation of the current Odom Garden, the developer says what was once a private garden became a popular meeting place for families and a platform for small and micro-entrepreneurs with our monthly farmers' markets. They added, “We are happy to see how many connections have organically grown out of Odom Garden, and we hope those networks will continue beyond this pop-up park.”Odom will have more space to grow when the final project is completed with more than 7,000 SQM of green space (126% the area of Odom Garden), and nearly 80% will be open to the public. “We are incredibly thankful to our partners and all the regular supporters that make up the Odom Garden community.”Development will start in 2022 and the main features include Odom Square, a five-story layered park and publicly accessible retail podium connecting the offices and residences. Six Sky Villages (pockets of outdoor spaces) are integrated into Odom Tower which also features a rooftop and resident-only space.If more future developments like these incorporate greenspaces and embrace community living aspects into their designs, there is hope we can have a greener and more natural, vibrant, and livable capital to call home in the future.