Is the cautious mood of optimism an accurate representation of where the economy and construction sector is heading in Cambodia, driven by large-scale infrastructure projects and an increasingly broadening range of foreign direct investment?Cambodia Moving In The Right Economic DirectionThe National Bank of Cambodia (NBC), has predicted Cambodia’s Gross Domestic Product (GDP) to grow by six per cent in 2024, while the decline in inflation will help the economic conditions of the Kingdom.NBC Governor Chea Serey, who has been busy signing a number of agreements with other central banks to help facilitate cross-border payments, said in May 2024 that, “ Cambodia’s economy is supported mainly by exports, both garment and non-garment products, increasing of the tourism sector and related sectors, while agricultural sector grows at a slower pack,” at the launch of the Financial Stability Review 2023.Another factor that the Cambodian government has been saying unanimously is the impact of the Regional Comprehensive Economic Partnership (RCEP) and other Free Trade Agreements (FTAs) which should drive increased foreign direct investment- crucial to the economic growth and investment into ky projects designed to better place Cambodia as a logistics hub in the region as well as allowing it to diversify its productions and exports.Cambodian Structural Reforms In addition, according to the National Strategic Budget Plan for 2025, structural and systemic reforms aimed at strengthening economic and social resilience include:Development of human capital through strengthening the quality of education, sports, science, technology, and technical skills training.Economic diversification and increasing competitiveness through the development of key and new sources of economic growth; promoting the energy, water, and digital sectors; and improving the business and investment environment.Private sector and employment development through labour market development; promoting small and medium enterprises and new businesses; strengthening competition; and market economy mechanisms.Sustainable, sustainable, and environmental development through strengthening resilience, natural resource management, culture and tourism, agricultural promotion, and climate change.Digital economic and social development through the building of digital governments and citizens; digital business development; building and developing digital infrastructure; and developing financial technology.Attracting International Investments - Forging New Logistics AvenuesCambodia has embarked on an ambitious infrastructure development drive, with a focus on transforming its transportation and logistics network over the next decade. The government previously unveiled its 174-project master plan, requiring an investment of approximately USD $36.6 billion, to achieve its goal of becoming an upper-middle-income country by 2030 and a high-income nation by 2050.The Comprehensive Master Plan includes 94 road, eight railway, 23 waterway, 20 sea, and 10 air transport projects, as well as 15 logistics and four other infrastructure development ventures - a long-term strategy to interconnect all modes of transportation and link them with logistics centres in the Kingdom.Connecting The Kingdom’s Road, Air & SeaThe master plan includes the construction of expressways, high-speed rail lines, and other significant infrastructure projects such as airports and ports - and most notably and contentiously - the Funan Techo Canal. The government is seeking assistance from foreign allies, particularly investment from China, Korea and Japan, but it's also western nations who will be looking to add their engineering expertise based on the number of UK, French, Australian and US delegations and business meetings which have been taking place over the past 18 months.China's Belt and Road Initiative (BRI) has led the infrastructure charge, with major projects such as Cambodia's first expressway connecting Phnom Penh and Sihanoukville proving to be a success and two more are under development.Japan has focused on a range of projects, including wastewater treatment facilities and road upgrades as well as the Sihanoukville Autonomous Port - currently the only deep-water seaport in the Kingdom. The Japanese have also completed urban transport and rail feasibility studies in Phnom Penh.The expansion of the international deep-sea port of Sihanoukville, which handles about 60 per cent of Cambodia's import and export traffic, is their most notable project. The port expansion, estimated to cost around USD $750 million, aims to alleviate congestion that has increased over the past decade due to rapid economic growth.The Cambodian construction industry has wavered but FDI and continued expansion of major infrastructure should assist its rebound in 2024 as major road, rail, port, and airport projects continue to attract foreign interest.Foreign direct investment from Asian partners remains the main source of funding for transport and energy projects but social infrastructure, such as schools and hospitals, will also benefit from regional development funding, while the accelerated influx of tourists and manufacturing (especially with beneficial trade deals and more special economic zones being investigated) might spur private investment in the non-residential building segment.The government's efforts to modernise and upgrade infrastructure and logistics systems present an important opportunity for private-sector investment and private-public partnerships. The latest of which is the on-again-and-off-again Kampot International Tourism Port which is now expected to have a private partner appointed before the end of the year and have that port operational by the year’s end too.Urban areas will also benefit from the Urban Infrastructure Development Project funded by the Asian Infrastructure Investment Bank (AIIB) which is supporting the Government of the Kingdom of Cambodia in providing basic urban services such as water supply, sanitation, drainage, and solid waste management and access to climate and disaster-resilient urban infrastructure in participating towns in Cambodia.Improved Construction SectorThere are also systematic improvements being planned to make the construction sector more eco-friendly, updated construction laws and practises are due to be introduced and the Ministry of Land Management, Urban Planning and Construction (MLMUPC) confirmed the national land registry records of all Cambodian land titles will be recorded and digitized to improve efficiency.The Cambodia Green Building Council (CamGBC) will also develop a green building certification tool for the Cambodian construction sector.If 2024-2025 are to see a revival for the construction industry in Cambodia, driven by large-scale infrastructure development and an expanding middle class, there will be increasing demand for quality housing and commercial projects.

With the number of condos and apartments increasing on the Cambodian market, especially in Phnom Penh, and a possible rebirth of Sihanoukville could be on the cards with the new strategic plans and inbound travel options rebounding, the rental market might be an area worth looking into - we have tried to bring some contemporary advice and tips into renting properties in Cambodia in 2024.Managing Expectations in The Cambodian Rental MarketIt’s important to have a checklist of qualities you look for in potential tenants, but don’t set unrealistically high expectations for them. Every tenant has their own personality and needs and comforts - so, ideally, look for someone who’s willing to be cooperative and who also has consideration for you and your property and time!Find out their needs and let them know yours and lay out what you expect from them and ask them what they expect from you - this will help set up some boundaries and expectations and means it could result in a healthier relationship. And if you do run into problems, at least you know who’s liable and what the process is.Looking for property in Cambodia? Let us help!Clearly Explain All The Rental Costs And How To PayMost rental rates are exclusive of extra monthly charges such as maintenance (mostly applies to condos), waste collection, gas and water rates, electricity bills, etc. These should be established in the rental contract before the owner and tenant sign. It also helps to walk the tenant through means of payments, so much now in Cambodia is possible via the banking apps, and in Phnom Penh at least but also in other urban hubs, you can pay the water, electricity, and almost all utility bills via the apps. The same applies to the rental fees which can be paid bank to bank via relevant apps at ease and immediately. Establishing clear payment dates and exchange of information are important. Telegram and WhatsApp have also become more common as a way to communicate between tenants and landlords.As a guide, although these vary from each Sangkat to the next and depending on the property, electricity can be from 1000 Riel / USD $0.25 per Kilowatt, USD $2-5 per month for water charges & trash collection and additional fees for cable TV and broadband connections (if included) might need to be applied.An increasing number and range of nationalities are also moving to cities like Phnom Penh from the region and internationally due to the opportunities and in some cases geopolitical displacements. Using language apps can be useful to communicate with each other if there is no common language.Finding Good Tenants In CambodiaFinding the right tenant can be a daunting task but there is nothing worse than having a bad tenant so putting in some groundwork or hiring an agency to deal with tenants might be another alternative solution.Renting an apartment might be a viable option if the property market is slow, and especially as we enter the slower tourism season, there could be digital nomads and other short-termers looking for an alternative to hostels and hotels.Mid-year is usually the one of the seasons in which international schools have their longest holidays and some foreign teachers could be leaving these shores, while others with holidays as long as 6-7 weeks might be looking to sublet their rentals or making decisions to change locations.What Responsibilities Does the Landlord Have In CambodiaAlthough not a legal requirement, as a landlord you could try to get background information about the potential tenants but very few would do this in Cambodia.Meeting the tenant more than once to establish their character is highly recommended though and allows you to evaluate whether you’d have a good dynamic as landlord and renter.What is their profession, their family situation, is it their first time renting in Cambodia (how much hand-holding will they need) etc?If they’ve never rented a property before, you can try to get their employer as a reference so you can investigate their credibility and capability to pay rent.You should also try to be upfront about noise issues or possible construction (which is one of the biggest sore points in the cities) and maintain an honest relationship with your tenants.Once rental agreements are signed, it's advised to do a walkthrough with the tenant and record any major snags (flaws, scratches etc) so both parties are in agreement, photo evidence is always handy as it can be time-stamped and shared between the tenant and landlord.You can find out more here as a guide to the sort of checklist to establish before renting in Cambodia.Advance Payments On RentNot all tenants will be willing to pay advance payments and deposits for yearly rental agreements in Cambodia so you will need to negotiate a fair deposit in advance with 4-8 weeks being pretty standard for a one-year lease.Having tenants pay in advance gives property owners some sense of security that if the tenant is not able to meet monthly payment deadlines, or if they damage the property, the deposit can be used to compensate for their neglect or carelessness. Although an unwritten agreement, it's quite common for the deposit to be offset from the tenant’s last month's rent payment once notice is given in advance but this should be clarified in the contract or once trust is established.Foreigners Present in Cambodia System (FPCS) The FPCS was introduced in Cambodia by the General Department of Immigration to record data on foreigners living and visiting the Kingdom in 2020, and it is the responsibility of the owners of hotels, guesthouses, condominiums, and houses/condos to complete the app or online about foreigners staying in properties.The FPCS app can be downloaded and once the tenant has been registered you should share the screenshot of the completed registration on FPCS and keep it for your own recordsYou could also ask for a copy of the tenant's passport, and if they are non-Cambodian, check they are legally working and residing in Cambodia. The last thing you would want is to hear of a hasty exit from the country for violating their visa and work permit obligations and start the process again of finding a new tenant!

The hospitality and real estate market in Cambodia has experienced rapid development in recent years, driven by foreign investment and urbanization, as well as the influx of many new investors. The market is still challenging and in the recovery stage, yet it is embracing global trends and expanding its offerings. In line with this, WeHub has brought back HoSKar Night to Phnom Penh, aiming to connect local industry leaders in Cambodia with international investors and experts. The goal is to create business opportunities, keep up with market updates, and discuss challenges.Recognized as the premier networking platform in the region, HoSkar Night is tailored for professionals in the Hospitality and Real Estate sectors to connect with real estate developers, hotel owners, designers, general managers, senior industry leaders, technology specialists, culinary innovators, and forward-thinking business entrepreneurs. The upcoming event will be hosted on 29th May at TRIBE Phnom Penh Hotel. It will commence with a series of panel discussions, the HoSkar Talk, starting from 4:45 PM. During this session, industry experts will discuss how stakeholders navigate interests and solve conflicts faced by owners and developers during the development and operation stages. They'll share insights on the resort development process and discuss how the selection of operators and brands can add value to projects. Additionally, there will be several discussions on the Cambodian hospitality market and its future.The HoSkar Night networking session will take place from 6 PM, where esteemed guests can make valuable connections, explore potential business partnerships, and enjoy socializing. Given the event's exclusive nature and limited capacity, priority access will be accorded to local developers, hotel owners, senior industry professionals, and esteemed members of the WeHub community. Inquire to attend both HoSkar Talk Panel Discussion and Networking session:  https://forms.gle/awtpM6VaLKNp8gUMA Inquire to attend the Networking session only: https://hoskarnight.com/register/Co-hosted by Hafele Cambodia and Savills Hotels, in partnership with SALTO WECOSYSTEMS, Radisson Hotels Group and supported by Seara Sports Systems Cambodia, Archetype Reality, Cambodia Hotel Association, Architectural Engineering Consultants, Eurocham Cambodia, Confluences Trading, Cambodia Investment Reviews and PR Newswire, the HoSkar Night aspires to create an extraordinary networking experience for industry professionals in Phnom Penh.Following HoSkar Night Phnom Penh, a series of events is set to take place across Southeast Asia including HCMC (June 2024), Manila (July 2024), Hanoi (October 2024) and Bangkok (November 2024).  For more information about HoSkar Night in Phnom Penh and WeHub’s upcoming events, please contact Ms Thi – Thi@wehubyou.com or follow WeHub's official social media channels at: LinkedIn Facebook

On May 8th 2024, the Cambodian real estate industry was celebrated and recognised at Sofitel Phnom Penh Phokeethra during the annual Cambodia Real Estate Awards 2024 (CREA) - we look at some of the winning projects and what developers to keep an eye on for potential buyers and investors.Cambodia Real Estate AwardsCREA is organised annually by Realestate.com.kh in collaboration with The Ministry of Land Management, Urban Planning and Construction, The Real Estate Business and Pawnshop Regulator of Cambodia, and the Cambodian Valuers and Estate Agents Association.The winning CREA 2024 projects are a showcase of outstanding individuals and companies in the Cambodian real estate and property sector - more than 300 individuals from Cambodia’s industry were in attendance to see nominees and award recipients celebrated and pick up the coveted trophies.Tom O'Sullivan, CEO of Realestate.com.kh emphasised the industry awards as “crucial roles of professionalism, transparency, and trust-building in bolstering buyer confidence and sustaining international investment.”Celebrating Cambodia’s Property & Real Estate WinnersWith more than 30 CREA 2024 winners, we have picked just a few leading property developments or developers that are worth keeping an eye on.OCIC - Top Cambodian DeveloperThe top Developer of the Year awards went to Overseas Cambodia Investment Corporation (OCIC), and Thierry Tea (Vice-President of OCIC Group) said on the night that they were delighted to be the recipient of the CREA (in total they picked up seven awards) with Tea adding that “It is a testament to the vision of our founder and the hard work of all of our employees.” The VP added that they are working on several properties in the Cambodian capital, in particular in the Chroy Changvar area which he called “an up-and-coming (growing) community area with a fast-developing neighbourhood.” He also highlighted the Airport City project which we have mentioned previously and is being built in the vicinity of the new Techo International Airport under development and expected to be operational as soon as 2025.Time Square 6 - From Cambodia’s Best Condo DeveloperThe projects’ developer MegaKim World Corporation won the Best Condominium Developer of the Year at CREA 2024 and they have developed a hallmark of quality at their developments in the Kingdom.Time Square 6 (which is also known as Time Square 302) is located in Boeung Keng Kong I, Chamkamorn with close access to embassies, financial institutions and a range of retail and food and beverage outlets.The residential condo tower consists of one-bedroom and two-bedroom units and is set to provide contemporary urban living with all the modern amenities. Some of the highlights include a 48th-floor rooftop, fitness and lifestyle facilities, a swimming pool and a canopy garden. There is also a ping pong room, golf simulation, a lounge, cafe and games room, a kid's play area, a cinema room & karaoke, plus more on the 37th floor.The development also won the ‘Affordable Condominium Development of the Year’ at CREA 2024; and with construction having commenced in December 2023, there is a completion target date in 2027.Canopy Sands Development - Top Cambodian DevelopmentAfter winning the top development of the year at CREA 2024, Canopy Sands Development is building up a head of steam as this mega project on the southern coast of the Kingdom continues to turn heads. Established in 2019, the Canopy Sands Development is led by a diverse Pan-Asian team With the Bay of Lights breaking ground in late 2022, the Canopy Sands Development has also since launched the Summer Bay & Beach Cabins, and announced the Bay 19 golf course which is designed by the Greg Norman Golf Course Design team, as well as partnering with Ascott Limited (Ascott) to manage two properties; the Oakwood Bay of Lights Sihanoukville, and Summer Bay Beach Club & Cabins by Preference.Le Condé BKK1 - Condominium Development Of The YearLe Condé BKK1 was the winner of multiple awards including the Home Condominium Development of the Year and the Premium Condominium Development of the Year at CREA 2024.Le Condé BKK1 is situated on Street 352 in the BKK1 area of the capital and is a mixed-use luxury development rising to 43 stories. Developed by Wangfu Guoji Property Development, the project consists of 4 different types of fully furnished units including studio, one-bedroom, two-bedroom and three-bedroom with integrated smart home features.The development includes the BKK Avenue Retail Store, a 240-meter sky jogging track, an indoor swimming pool, a fitness centre, a children's play area and a sky garden as well as an infinity pool. In October 2023, Le Condé BKK1 achieved its topping-out milestone, with the project eyeing a completion date of August 2024.Borey Williams - Best Landed Property Development of the YearThe American-style housing development in Phnom Penh aims to nurture a modern urban community lifestyle with the development providing green space, large lots and homes at affordable prices.The development won Development of the Year – Western Phnom Penh and Best Landed Property Development of the Year at the Cambodia Real Estate Awards 2024.Situated in Kambol district’s Romdul Village, the award-winning landed property development is ideally situated close to the Phnom Penh-Sihanoukville Expressway and only three kilometres from both National Road 4 and the Kop Srov Ring Road - offering sublime transport access.Borey Williams spans 200 contemporary homes as well as a community swimming pool, two parks, a playground and an open picnic area. With 24-hour security, CCTV surveillance, solar panel street lights, full gardening services, as well as pool and community cleaning it offers an idyllic lifestyle in the Kingdom.Connexion - Lifestyle, Retail, And Sustainable Development WinnerAnother serial winner at CREA 2024, Connexion picked up the Lifestyle Development of the Year, the Sustainable Development Of The Year, and Retail Development Of The Year, Connexion is quickly building a strong reputation in Phnom Penh.Set to open very soon, the community hub is located in Koh Pich (Diamond Island) and has become a model for repurposed and environment-conscious architecture in the Cambodian capital.Operating under the tagline of “Repurposed mall for greener working, living and connecting on Koh Pich,” Connexion is a ‘work & lifestyle sustainable hub’ covering 45,000m² of uncompleted shopping spaces under the ‘adaptive re-use’ architecture movement.Connexion is also an OCIC development and offers offices, cultural & event halls, food & beverage outlets, shopping areas, hotel rooms, a supermarket, and sports facilities, the development promotes community-like living and working environments. There is also underground parking for 600 vehicles!It is worth looking into many of the winners from the CREA 2024, Mean Chey Residences, Picasso City Garden, Sophea Suites, Prince Happiness Plaza, Borey Amory, Diamond Bay Garden, and Time Square 6.What is Realestate.com.kh Connect PlatformConnect comes from the Kingdom’s leading property portal. The new platform is designed to promote Cambodia and its real estate sector globally. In addition, the online tool enables for far more efficient and transparent transactions through one integrated platform.O’Sullivan said the platform is in line with the aim of the business and what the whole industry is trying to achieve, “which is bringing everyone together for a common goal.” He added that as a tech company, they have the resources and capabilities to develop it for the “betterment of the whole market” and not just their own. The CEO highlighted it will allow agencies and property developers to develop their business within one seamless ecosystem which will only add transparency and trust.

Phnom Penh, Cambodia - May 9, 2024: The real estate industry's finest gathered at the Sofitel Phnom Penh Phokeethra on the evening of Wednesday, May 8th to celebrate the achievements of outstanding individuals and companies in the industry.The prestigious event is organised annually by Realestate.com.kh in collaboration with The Ministry of Land Management, Urban Planning and Construction, The Real Estate Business and Pawnshop Regulator of Cambodia, and the Cambodian Valuers and Estate Agents Association.Tom O'Sullivan, CEO of Realestate.com.kh opened the evening with a keynote speech emphasising the crucial roles of professionalism, transparency, and trust-building in bolstering buyer confidence and sustaining international investment.During the evening, Realestate.com.kh launched its latest initiative, Connect, a platform designed to unify the entire industry. Connect aims to promote Cambodia and its real estate sector globally while enabling efficient and transparent transactions through one integrated platform.The event was graced by over 300 of the most prominent and successful real estate players in the country's industry. The nominees and award recipients were evaluated based on their industry leadership, innovation, business growth, impact, and overall excellence.Over 30 winners from the leading property developers and agencies in Cambodia were announced throughout the night and were awarded the iconic trophy, prestigious CREA seal, and gold plaques to confirm their company's success.The top Developer of the Year awards included the winner of the overall Developer of the Year, Overseas Cambodia Investment Corporation (OCIC), while Time Square projects’ developer MegaKim World Corporation won the Best Condominium Developer of the Year.The top development of the year winners included Canopy Sands Development, which won the top award of the evening, The Development of the Year. Le Condé BKK1, winner of multiple awards took home Condominium Development of the Year, whilst Borey Williams won the Best Landed Property Development of the Year, and Connexion, a multiple award winner, won Lifestyle Development of the Year.Mean Chey Residences, Picasso City Garden, Sophea Suites, Prince Happiness Plaza, Borey Amory, Diamond Bay Garden, and Time Square 6 were some of the other notable winners from the developer categories.Asia Real Estate Cambodia (ARC) and WH Living and Properties rounded out the agency awards for the evening.In a post-awards interview, Tom O'Sullivan, CEO of Realestate.com.kh, expressed his gratitude to the judging panel and emphasised the success of the 2024 awards. He remarked, "While the industry faces challenges, it's crucial for us to unite and reinforce our commitment to sustainable and transparent growth." O'Sullivan also extended thanks to all the sponsors, including Hanuman Beer, Port City Colombo, B2B Cambodia, DFDL Cambodia, The Room Architecture & Design, Over Under, GAC Motor Cambodia, TDB Projects, Khmer Times and other contributors who made the night a success.Complete list of winnersDeveloper winners Developer of the Year - Overseas Cambodia Investment Corporation (OCIC)Condominium Developer of the Year - MegaKim World Corporation (Time Square 6)Borey (Landed Property) Developer of the Year - Overseas Cambodia Investment Corporation (OCIC)Lifestyle Developer of the Year - Bay of Lights EntertainmentDevelopment winners Development of the Year - Canopy Sands Development - SihanoukvilleCondominium Development of the Year - LE CONDÉ BKK1Township Development of the Year - Canopy Sands Development  Mixed-Use Development of the Year - Prince Happiness PlazaBorey (Landed Property) Development of the Year - Borey Williams Affordable Condominium Development of the Year - Time Square 6Premium Condominium Development of the Year - LE CONDÉ BKK1Luxury Condominium Development of the Year - Picasso City GardenWaterfront Development of the Year - Diamond Bay GardenRetail Development of the Year - ConnexionPremium Condominium Unit Design of the Year - Diamond Bay GardenResidential Design of the Year (Interior) - Sophea SuitesLifestyle Development of the Year - ConnexionDevelopment of the Year – Eastern Phnom Penh - Borey AmoryDevelopment of the Year – Western Phnom Penh - Borey WilliamsDevelopment of the Year – Southern Phnom Penh - Mean Chey ResidencesBoutique Housing Development of the Year - The Future 30Community Mall of the Year - Mean Chey Avenue Sustainable Development of the Year - Connexion Agency winnersProperty Management Firm of the Year - Residential - WH Living & Properties Agency - Research / Valuation Firm of the Year - Asia Real Estate Cambodia (ARC)Realestate.com.kh Co-Broke Agency of the Year - Vanguard Investment And Consultancy Services & Botra Real Estate Realestate.com.kh Co-Broke Agent of the Year (Individual) - Ms. Sisowath Nearyroth&  Mr. Peng Khomsong

The Time Square ‘Residence Series’ is expanding! The well-known Taiwanese developer, Megakim World Corp. Ltd, unveils its latest project in Tuol Kouk district,Phnom Penh—Time Square 7. As the seventh project in this successful series—with the previous six nearly sold out—Time Square 7 represents a first-choice investment opportunity, especially with an exclusive early bird discount currently on offer.Project OverviewThis new project stretches over a land area of 1,734 square meters and rises to 49 floors, housing a total of 700 units serviced by 7 elevators. Time Square 7 caters to a variety of lifestyles with its diverse apartment layouts. Options range from efficient one-bedroom units (40, 47, and 60 sqm) perfect for individuals or couples, to a more spacious two-bedroom unit (76 sqm) ideal for small families. The largest three-bedroom units (100 sqm) are designed for larger families needing more space. Additionally, duplex units ranging from 1 to 4 bedroom (60, 70,100, 130 and 160 sqm) are also available on higher floors.When it comes to amenities, we can expect a sky lounge with city views, a pool & gym. The building features two car parking for convenience and the ground floor houses the lobby and commercial retail spaces, making daily necessities easily accessible for all residents. Location HighlightThe new project is only 450 meters from Time Square 2 and Time Square 3. Tuol Kork is renowned for its villas typically where most of Cambodia's elite reside. The district offers a quieter, residential atmosphere yet it remains well-connected to other key areas through a network of major roads. Tuol Kork is adjacent to the communes of Russey Keo, Daun Penh, Chamkarmon, Meanchey, and Sen Sok. The district offers a variety of options when it comes to cafes, restaurants, supermarkets, and hospitals, providing residents with multiple options to meet their lifestyle needs. Whether it’s dining, shopping, or healthcare, the area has much to offer.Popular Amenities Nearby:Financial Services: Residents are a 10-minute drive from banks like Canadia Bank, Prince Bank, BIC Bank, Wing Bank, and ABA Bank.Commercial Amenities: Dining and shopping options include Happy Lamb Hotpot, Fun Mall, TK Avenue, Eden Garden, View Park Mall, and Sunshine Family Park.Education Institutions: Over 20 international schools such as Western International School, Golden Gate American School, and Paragon International School are located the neighbourhood.Affordable Pricing & Early Bird DiscountsWith starting prices at $3X, XXX, Time Square 7 offers affordability paired with attractive early bird discounts. The payment plan is designed to ease the financial burden on buyers, requiring only a 20% down payment followed by up to 40 months of interest-free instalments.Project PopularityTime Square's developments have gained popularity across two of Phnom Penh's most sought-after districts, BKK1 and Tuol Kouk. Here's a brief overview of previous projects:Time Square 1 (17-story apartment in BKK1, completed in 2017, 100% sold out)Time Square 2 (Borey residential community, 100% sold out)Time Square 3 (30-story apartment in Tuol Kouk, completed in 2021, 100% sold out)Time Square 4 (25-story mixed-use development in Tuol Kouk, completed in 2023, 100% sold out)Time Square 5 (also known as Time Square 306, 45-story apartment in BKK1 on Street 306, groundbreaking in 2022, 100% sold out)Time Square 6 (also known as Time Square 302, 48-story apartment located in BKK1 on Street 302, groundbreaking in 2023, 98% sold out)Time Square 7 (49-story apartment located in Tuol Kork, now open for pre-sale!)Bookings are now open for Time Square 7! Don't miss the early bird discount—secure your unit today. Contact us now to reserve your new home or investment!Click Here

The 2024 hot season has been breaking records, not only in Cambodia, but Southeast Asia has seen prolonged periods of extreme heat and with the warnings of climate change, it's possible more similar seasons are upon us in years to come.Despite the incredibly hot weather this year, it's been predicted to be followed by a higher than usual rainfall in May for the start of the rainy season, which in itself raises other considerations of drainage and seasonal flooding in Cambodia.In Cambodia, the property’s orientation does matter to a degree but overall the climate is very different to Europe for example.If a property buyer is choosing a property for living or investment in the Kingdom, they will need to consider the direction a home faces, but more so the design elements, circulation and surrounding greenspaces.Cambodia Real Estate: Choosing the Right Home in a Tropical ClimateCambodia is tropical, and yes that means mostly year-round clear blue skies, but the hot season which is generally coming to an end around now (March-June) can be very uncomfortable unless fans and air-conditioning are widely used.Cambodia's climate cycle is due to its geographic location of 11 and 16 degrees north latitude, a location that is north of the Tropic of Cancer resulting in a tropical climate with abundant annual sunshine yearly.Temperatures generally range between 25°C and 35°C, but there are distinct seasons; the rainy season from May or June and the dry season usually starts in November or December and lasts until April or May of the following year.In 2024, since the start of April, daily temperatures have been sitting at sweltering highs of 37-40°C+, with relentless heat waves causing significant discomfort. It is usually hot but this has been extreme in Cambodia, as it has in Thailand, Laos and elsewhere.Chan Yutha, spokesman for the Ministry of Water Resources and Meteorology said that Cambodia is facing the hottest temperatures since records began in the 1850s! As such, the use of air conditioners, coolers, and fans operating non-stop has spiked electricity bills and reignited debates around environmental concerns, better city planning, and sustainable alternatives for cooler home temperatures in Cambodian cities in particular.Property Orientation In CambodiaOrientation isn't necessarily as important in Cambodia for a property unless specific sunrises and sunsets and natural light for working spaces are being considered, as the sun never sets too late in the Kingdom. However, means by which a property is kept cool and well-ventilated due to heat and humidity caused by the rainy and dry seasons are crucial.Generally speaking in Cambodia, homes oriented towards the west are exposed to direct sunlight during the peak heat hours of the day which can lead to an accumulation of indoor heat, elevated indoor temperatures and less overall comfort. West-facing properties may even have a lower price tag but buyers must balance their preferences and requirements.An east-facing house in Cambodia welcomes the early morning sunlight, while a west-facing home is exposed to strong sunlight in the afternoon to the early evening.A south-facing property will avoid direct sunlight for most of the year, and north-facing properties benefit from receiving less direct sunlight, resulting in a cooler indoor temperature.Key Considerations - Cooler Homers For Warmer ClimatesProximity to Water - The proximity of certain sangkats in Phnom Penh to the Mekong, Bassac, and Tonle Sap Rivers can mean higher priced properties as the locations tend to benefit from natural cooling as they are located to wider spaces of open water.Building Materials Used - When considering the building materials of a property, ideally heat-insulating materials will help keep a home cooler, although the layout can also play a part. Low-emissivity glass (or low-E glass) for example provides natural light while minimising heat gain in a living space.Ventilation & High Ceilings - Proper ventilation is a KEY and ensures a steady flow of air, natural cooling of indoor spaces and rising hot air to escape. For this reason, many properties will have a higher ceiling in Cambodia to support better airflow and temperature regulation. The design and layout need to allow for air circulation resulting in naturally lower indoor temperature and less moisture.Heat Management: Managing the abundant natural heat is essential and to buffer these design adjustments to mitigate warmth while enjoying sunset views, for example, needs to be considered in constructing or buying a property.Other factors such as the size of windows or glass doors that enhance a warming effect, the installation of shades, more greenery, and the placement of fans all play a part in cooling a home.Urban Green SpacesOne prominent trend has been the growing demand for green spaces in both residential and commercial properties especially in the cities and as buyers and citizens become more aware of the importance of the environment in their well-being.There has been an increase, for example, in the number of parks in Phnom Penh and more developments incorporating green spaces. This means there is greater demand for eco-friendly buildings, green infrastructure, and access to nature which can be seen as a positive shift in buyers' property demands.With the capital being the most expensive and most busy property market, Phnom Penh’s municipal government in 2024 announced plans to develop a leisure and entertainment area in Daun Penh which aims to cover approximately 57 hectares. Mr. Sam Piseth, Director of the Department of Public Works and Transport of Phnom Penh, emphasised that there will be green areas and outdoor lighting intended to improve the area's overall atmosphere.As part of this, a large recreation space is planned and a large pedestrian-only area and the entire project is due to start immediately and be completed before the end of 2025.

The Phnom Penh municipal government plans to develop a leisure and entertainment area in the district of Daun Penh. The new development will encompass shops, restaurants, hotels, and a bar street, all spread across approximately 57 hectares.The development is planned into three zones:Zone 1 (Food Street and Shopping Area): Located in front of the post office, this bustling zone is bordered by Street 94 to the north, Street 106 to the south, Street 13 to the west, and Sisowath Quay to the east.Zone 2 (Entertainment Area): Positioned between Street 106 and Street 184, with Street 13 and Sisowath Quay.Zone 3 (Recreation Space): By Street 184, Sihanouk Boulevard, Street 07, and Sisowath Quay. Scheduled to start in early May 2024, the project is aimed to be completed before the New Year 2025. Once completed, Pedestrian Street will be open from 6 PM to 11 PM, enhancing Daun Penh's appeal as a destination for evening entertainment and leisure activities.The development of the Daun Penh Pedestrian Street project in Phnom Penh is set to bring benefits both to locals and tourists to the district and the city's appeal.The pedestrian street will likely increase foot traffic, which can significantly benefit local businesses such as restaurants, cafes, shops, and markets in the area.Moreover, according to Mr. Sam Piseth, Director of the Department of Public Works and Transport of Phnom Penh, the area will be enhanced with green areas and outdoor lighting which also will improve the area's overall atmosphere.Daun Penh is one of the central districts in Phnom Penh, and it holds historical significance. Located on the the banks of Tonle Sap River, it was named after the legendary figure Lady Penh (Grandmother Penh), who is said to have founded the city during the 13th-14th century, the area occupies an important place in Cambodia's history. This district is not only a hub for many of Phnom Penh’s businesses but also serves as a cultural and historical centre. Major landmarks in Daun Penh include the Royal Palace, the Railway Station, the Central Market, Wat Phnom, and the National Museum of Cambodia, to name just a few. These important monuments make Daun Penh a highly visited area by tourists and locals. When it comes to living, Daun Penh offers unique properties such as colonial-style apartments, renovated shophouses, and buildings.  The Daun Penh area is vibrant, with Sisowath Quay being a particularly popular spot where many gather during the weekends. Overall, the development of the Daun Penh Pedestrian Street project stands to offer benefits by enhancing the livability of Phnom Penh, promoting tourism, and stimulating economic growth.

The south of Cambodia’s capital Phnom Penh is seeing some of the most drastic investment and urban change, much of it aligned to the potential opening of the new multi-billion dollar airport opening in 2025. With new condo developments and the retail landscape radically transformed, as well as new infrastructure including bridges, overpasses and road networks designed to open up the city’s southern corridor.Cambodian Prime Minister Hun Manet said in 2024 that the southwest will become Cambodia’s logistics hub due to the construction of ring roads, the existing expressway linked to Sihanoukville, the proposed Techo Funal Canal as well as the new airport.New Phnom Penh Airport - Techo International AirportThe first phase of what is due to be one of the biggest airports in the world when completed, is due by the end of 2024 or early 2025. The ambitious development is due to be operational in 2025 allowing bigger aircraft to reach the Kingdom and hopes that more international and regional routes will boost tourism numbers to the Kingdom.Although the airport is located 30-40 km south of the capital and occupies an area of 2600 hectares outside of the city centre in Kandal province, it has resulted in many projects being announced to better connect the logistics hub to Phnom Penh, with an increase in land prices, property projects and of course roads and interconnectivity. The 4F-class airport has a development price tag of approximately USD $1.5 billion.The group behind the construction is the Cambodia Airport Investment Co. (CAIC) - a joint venture between the Royal Government of the Kingdom of Cambodia (RGC) represented by the State Secretariat of Civil Aviation (SSCA) and OCIC (Overseas Chinese Investment Company).According to at least one media report, OCIC has also reserved 1,200 hectares of land on both sides of the 60-meter avenue (Samdech Hun Sen Boulevard) leading directly to the airport from the south of the capital for urban development land, 600 hectares kept for lakeside land to be developed into a tourist and leisure resort, and 500 hectares of land as an industrial park development area. Other proposed developments are a high-end yacht club on a 2,000-hectare lake and an 80-meter-wide canal to connect to the upcoming Techo Funan Grand Canal!Lagardère Travel Retail and HSC Group were appointed to manage the duty-free services at the Techo International AirportVINCI Airports will manage the new airport after signing an MoU in 2024.New Property Developments - Phnom Penh SouthUrban Village Phase IIUrban Village Sky Prime Tower is stunningly 225 meters high and is located in south of Phnom Penh, along Samdech Hun Sen Boulevard.The development comes from Goldframe Group, a well-known developer in the capital and this will be the tallest building along the major road to the south of the city.The 790,000 sqm residential development is part of Urban Village Phase II and offers a podium viewing deck with a panoramic view of the Bassac River, and will provide a creative hub as well as amenities such as a swimming pool and gym, restaurants, cafe, mart, as well as a school, cinema and co-working spaces.Singaporean Sir Stamford Raffles Group (SSRG) -  Cambodian Property DevelopmentSSRG announced that they plan to build a townhouse resort project over 22.6 hectares (approximately 35 to 40 football fields say some reports) located near the new international airport of development called Marum Estate. The project broke ground in October 2023.The luxury mixed-use development will be built over eight phases and final completion is due in 2030, with the development home to over 600 landed residences and 250 shophouses as well as an assortment of retail, healthcare and educational facilities.SSRG co-founder Phebe Len told fDi Intelligence, ”Our studies showed that Kandal Province is the next commercial destination, very much affected by the new airport only a 30-minute drive from us. When there is such a super infrastructure like an airport everything else will follow, such as highway connectivity in and out of a city. So we are kind of smack in the middle of that area.”Malls and Retail Therapy - Phnom Penh SouthMean Chey Avenue Community Mall was designed as a lifestyle destination and is located along the popular and competitive Samdech Techo Hun Sen Boulevard (60m Avenue).It is one of several larger community malls in the area but megamalls such as AEON3 (Meanchey) and Chip Mong 271 combined supplied the market with 140,000 sqm NLA in 2022 which represented 57% of the total retail NLA supply that year!Development Of Phnom Penh’s Transport NetworkThe new road connecting Samdech Blvd on National Road 2 to the airport, which is 60 meters wide and 13.5 kilometres long, is already open, while Ring Road Number 3 and Ring Road Number 4, as well as other road systems, are being developed, some as part of the airport development costs.There is also the ongoing construction of new flyovers as Phnom Penh grapples with urban sprawl and is learning how to build flyovers in some cases the option to retrofit existing infrastructure. The main project is connecting the Hun Sen & Monivong boulevards and the Royal Cambodian Armed Forces (Street 271), called “Morodok Techo Interchange”.The existing Hun Sen Blvd (which is 60 meters wide and nearly 10 kilometres long connecting Street 271 in the north with National Road 2 in the south) and Mean Chey Avenue are also open and have led to several residential and retail developments being undertaken including Mean Chey Residences.The Morodok Techo Interchange is under development over three tiers with the final part due to be completed in April 2025.The Cambodian Prime Minister also met US logistics firms, inviting them to consider developing Cambodia's areas as a logistics hub which would include the area by the new airport as a logistics hub.Possible Rail NetworkAlthough it has been discussed for as long as a decade, a Chinese firm, China Metro Group, is conducting another feasibility study for a light rail development project which would potentially connect the Techo International Airport to the Phnom Penh centre.Bridges Connecting The CapitalChak Angre - Prek Pra Bridge (over the Bassac River)The Chak Angre Krom-Prek Pra bridge has a long way to go, and at the time of writing is less than 10 per cent complete but it was only announced in late 2023.It is one of several ongoing bridge projects in Cambodia and will span from Chak Angre (which is located in the Meanchey district) to the south of the city, and across the Bassac River to Prek Pra (which is located in Chbar Ampov district) and aims to relieve traffic while connecting the two developing areas of the capital.The bailey (or truss) style bridge, when completed, could be 845 meters long and divided into 4 traffic lanes at an estimated cost of approximately USD $60 million.Funan Techo CanalThis massive project in some ways underpins all of the logistics ambitions and the proposed Funan Techo Canal is estimated to cost about USD $1.7 billion and would take at least four years to complete and will see a number of additional roads, canals and localised bridges and riverports constructed.In total, this project would extend over 180 kilometres, linking the Mekong River’s Takeo Canal to the coastal province of Kep, passing through four provinces - Kandal, Takeo, Kampot, and Kep - unlocking economic development by allowing for access to resources, trade, and transportation.

Cambodian and international buyers should be considering buying and owning a holiday home in the Kingdom, as the nation is still seen as having untapped potential in the region, relatively affordable property prices, and more importantly, has some of the most relaxed visa and property ownership laws for foreigners in ASEAN.Buying a permanent holiday home which offers the dual benefits of a second home base for getaways when the season suits can also offer additional rental income when the property is not in use. Investors continue to tap into the Cambodian market, and according to fDi Intelligence magazine, Cambodia is the top emerging market for attracting Foreign Direct Investment (FDI) in 2024.Cambodia approved fixed-asset investment projects worth USD $1.39 billion in the first two months of 2024 (representing a 5-fold rise compared to the same period in 2023).FDI, in total, rose by 10.6 per cent to USD $4 billion in 2023.The Cambodian government-approved Public Investment Program (PIP) is worth USD $11.69 billion comprising more than 600 projects from 2025-2027.Why Visit And Stay In Cambodia - Top DestinationsExplore Worldwide, a UK adventure travel company, ranked Phnom Penh as fifth on the list of preferred destinations for solo travel worldwide, and the country was ranked the friendliest in the world in 2021 by another poll. Its finest hotels are regular winners of regional and global awards recognising their service levels and offerings.Cambodia remains one of the easiest countries to own a business or property (with some restrictions) for a foreign national in the region.Here are five cities that you may want to explore property opportunities in the Kingdom of Cambodia,but remember to always conduct thorough research, and if possible, visit these cities personally to assess factors - you should also consider nearby developments and optimal living conditions, asses the orientation of your property in the Kingdom.Phnom Penh - Capital HubOr if you are looking at buying a holiday or secondary home in the capital of Phnom Penh, the city offers a mix of modern amenities such as malls, social activities and an international airport hub with a growing list of direct flights globally. The financial centre also has many cultural attractions, a vibrant nightlife scene, a huge and evolving selection of restaurants with local regional and international cuisine and an increasingly varied mix of residents who call the city home.Within a matter of hours, you could be on the beaches of Sihanoukville thanks to the expressway, on a train heading north or south, or on a flight to the region (and with the new airport due to be operational in 2025).Quite often, Phnom Penh also needs to be visited to attend the embassies and consulates or for visa services as the hub for government activities - which all means it provides potential rental opportunities.Realestate.com.kh has its HQ in the capital.Siem Reap - Temple GatewaySiem Reap is still one of the most popular tourist destinations in Cambodia due to its location near the world-famous Angkor Wat temple complex. Even aside from the international tourists who still flock to see the ancient captivating temples, domestic and regional tourists also still visit in droves, especially around cultural holidays which see a peak in property and accommodation demands.In addition, the culinary scene, charming markets, and proximity to the Tonle Sap Lake and the mountains of Phnom Kulen, as well as its accessibility to the Thailand border all are attractive reasons to live here.The city’s properties offer choices from shophouses and villas, traditional Cambodian architecture and modern designs.Siem Reap has a well-developed tourism infrastructure and has seen investment into its roads and transport links, culminating in the Siem Reap-Angkor International Airport opening in 2023, while an expressway linking it to the capital is underway - all of which make Siem Reap an appealing choice for a holiday home.Sihanoukville - Life By The CoastLocated on the coast of the Gulf of Thailand, Sihanoukville boasts beautiful beaches and is also undergoing massive investment from far-ranging resort complexes, seaport upgrades, transport links and much more.Although it remains a popular beach destination in Cambodia, the rapid development in recent years (and for years to come based on the “Special Investment Promotion Program in Sihanoukville 2024”) as well as the regional strategy for investment and expansion of the Special Economic Zone means the area is changing its characteristics.With the large infrastructure projects, increased and more frequent transport links by land, sea and air, international events and tourism expos as well as the plans to address the unfinished buildings in the city - there is a long-term vision shaping the pathway for the province.From an activity point of view, Sihanoukville offers plentiful water activities, beachside restaurants and resorts, and the easiest access to the beautiful islands - which make the coastal area an appealing location for a holiday home. There are also new additions such as a go-kart track, possible cable car installations, and much more to come at the Canopy Sands development which has seen international hotel brands sign on.Realestate.com.kh has an office in the city of Sihanoukville.Kampot - Laid Back Riverside LifeSituated along the banks of the Kampot River, Kampot is a peaceful riverside town known for its scenic beauty, its culinary scene, and French colonial architecture. Surrounded by lush countryside, the area is famous for its pepper plantations, seasonal durian and nearby crab in Kep, as well as picturesque mountains. Bokor Mountain is popular but also undergoing development, while the town itself in Kampot has also seen changes, at its core, it is a small walkable town that offers a little bit for everyone.Kampot will soon see the addition of new logistics and tourism ports which could open it up further for domestic and regional travel and trade, while its proximity to the Vietnam border means it already sees a lot of traffic from tourists.For a more tranquil and slower-paced environment, Kampot is ideal and also offers a more temperate climate than some cities to the north.Battambang - Cultured CountrysideBattambang is one of the largest cities in Cambodia and offers a unique setting in the Kingdom - famed for its blend of French colonial charm and Khmer heritage as well as a laid-back lifestyle and a centre for arts and crafts.The well-preserved architecture and being surrounded by some beautiful countryside provide opportunities for exploring rural landscapes and experiencing local traditions.Battambang has also been attractive for retiring expats and those looking for a slower pace of life but the city is seeing continued investments to better equip the infrastructure and connectivity for the future.Understand Your Property Investments In CambodiaWe outlined some of the key aspects to be aware of to ensure the highest possible returns in the rental market in Cambodia.From a Cambodian property ownership perspective:Cambodian citizens and foreigners can enjoy freehold ownership, with hard-title ownership being the most secure option.Foreigners can purchase condominiums and apartments with strata titles in post-2010 built buildings, adhering to specific ownership ratios and geographical restrictions.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.While direct land ownership is restricted for foreigners, leasehold agreements, nominee structures, landholding companies, and Trust Laws provide viable investment mechanisms.You can also reach out to property specialists to help determine property prices, rental demand, accessibility, and whatever your personal preferences or goals may be before investing in a holiday or investment home.

Phnom Penh's skyline is set to welcome a new addition with the opening of the hospitality resort Wyndham Garden, located within the eagerly awaited UC88 Tower project by UC Group.An agreement-signing ceremony was held at the Sofitel Phnom Penh Phokeethra, marking the beginning of a joint venture between UC Group and Wyndham Hotel & Resort on Monday, 8th April 2024.The signing ceremony featured Mr Chhun Heng Leng (left), Mr Chhun Sambath (centre) from UC Group, and Mr Eudo Chan (right) from Wyndham Hotels & Resorts. (Credit: realestate.com.kh)The signing ceremony was held at the Sofitel Phnom Penh Phokeethra. (Credit UC88)The UC88 Tower offers premium residences, featuring a variety of units including studio, 1-bedroom, and 2-bedroom apartments with elegant interiors that residents can anticipate.Moreover, it offers a suite of high-end amenities, including an infinity pool, jacuzzi, gym, sauna and an outdoor recreational area. The 46th floor will host an expansive sky bar offering panoramic views of the Mekong River and a helipad on the rooftop adds to the exclusivity of this project.The mixed-use project development also encompasses dedicated Google-styled offices on several floors. UC88 Tower reached its topping-off milestone in November last year and is scheduled for completion in 2025.Fully furnished living room and bedroom display at UC88 Tower. (Credit realestate.com.kh)Following the completion of the condominium project ‘The View’ on Street 370, and ‘The Golden One’ on Street 360, this marks UC Group’s third project in the BKK1 area.The BKK1 area is known to be close to Phnom Penh's renowned landmarks, international embassies, businesses, restaurants and venues, catering to travellers and residents. The UC88 Tower is ideally located on Street 322 next to Monivong Boulevard, placing it at the heart of the capital.Map of Phnom Penh highlighting BKK1 Area, and the UC88 Tower project. (Credit realestate.com.kh)Construction progress of the UC88 project. (Credit realestate.com.kh)Furthermore, BKK1 stands as a prime location, attracting investors seeking property opportunities in Cambodia. With its extensive amenities and prime location, UC88 Tower is set to emerge as a notable addition to Phnom Penh's choices for a holiday stay, residence living and office space.To learn more about UC88 TowerSpeak with our agents Click Here

With the Cambodian New Year celebrations coming up, there is a nationwide break from work and an opportunity to gather with friends and family, and for many businesses, to take a pause and reflect on the first quarter of 2024. There is some economic momentum returning via increased tourism and investments, but more importantly, a mood upswing that Cambodia could be on the right track economically - and attracting investors is at the heart of that.So what are the top 5 reasons investors are looking at Cambodia?Investments Into Cambodia’s FutureThe Council for the Development of Cambodia (CDC) approved 106 fixed assets investment and expansion projects worth USD $2.2 billion in Q1 2024, it will be a massive jump compared to 2023 but most data should be - however it reflects the continuation of investment into the development of the Kingdom.The main beneficiaries thus far were the industrial sector (accounting for over 90 per cent) but agriculture and the agro-industry, infrastructure, and tourism all benefited.Cambodia has experienced significant economic growth - with many sources pointing to the average annual GDP growth rate of around 7% for a decade which means it's been one of the fastest-growing economies in Southeast Asia (although it has to be acknowledged there was a lower base compared to other countries.)Cambodian Prime Minister Hun Manet said at the start of April that Cambodia is expected to see a 6.6 per cent rise in its economy in 2024.On the back of another revived estimate for the country in 2024, the CB EIC (Economic Intelligence Center) unit of the Siam Commercial Bank Public Company Limited, predicts that there will be a 6 per cent growth in FDI this year.According to Seasia Stats for Southeast Asia’s 2024 GDP growth projection - Cambodia tops the list with an estimated 6.1 per cent.The same projections indicate Cambodia is third among the top 25 fastest-growing economies in 2024.This growth has been driven by sectors such as tourism, garments and textiles, construction, and agriculture and investors continue to look for opportunities in these sectors and those that align with government strategies such as those detailed for the Special Investment Promotion Program For Sihanoukville and in the Pentagonal roadmap of the Cambodian government under Prime Minister Hun Manet.Ease Of Doing Business In CambodiaThe Cambodian government has implemented various reforms to attract foreign investment. The special economic zones (SEZ), simplified procedures for business registration, and tax incentives for certain industries all offer opportunities for a range of businesses.The Kingdom is rapidly diversifying, and improving its infrastructure, including transportation networks and energy supply, with private, public and partnerships all incentivised to support investment activities. These are large-scale and some are billion-dollar projects which promise to improve accessibility to the region.More trade offices and agreements are also expanding the global opportunities to work with Cambodian authorities.On the DHL Global Connectedness 2024 Report - Cambodia ranked at 60th out of 181 countries included in the index.The Australia-Cambodia Business Forum​ was formed in 2024, as well as Cambodia and the United Arab Emirates Comprehensive Economic Partnership Agreement (CEPA) enforced in Q1 2024.Visas And Passports For CambodiaThe range of investment from different nations shows there is unilateral interest in Cambodia,For the year to date, aside from domestic investment, just over a third came from China, while the other foreign investors were from Singapore, Vietnam, South Korea, the US and Malaysia.You can find out more about the visa options here but the strategic location means Cambodia is central within ASEAN and has easy access to regional markets and trade routes.Diversification Of Cambodia’s Skills Market Perhaps seen as one of the more contentious “plus points' but Cambodia has without a doubt a young and relatively low-cost labour force, which is attractive to businesses, particularly those in labour-intensive industries such as garments and textiles, construction and others.But the biggest long-term reward will be the upskilling of the workforce which has already become better skilled and educated - this opens up more advanced and potentially lucrative opportunities for businesses that require higher-level expertise in technologies, manufacturing and even the growth of SMEs.The government estimates that small and medium enterprises (SMEs) provide 70 per cent of jobs and contribute 58 per cent to the nation's GDP.These are essential if Cambodia wants to achieve its targets for achieving middle and higher-income statuses over the coming decades.Tourism and Property Sectors Remain Fundamental Cambodia's location in the heart of Southeast Asia offers access to a growing regional market for tourism and also logistics which benefits the property and real estate sectors. In April the economic strategic plan for Sihanoukville was changed into the rather mouthful “Master Plan to Develop Preah Sihanouk Province into a Model Multi-Purpose SEZ and Develop Cambodia’s Coastal Provinces into a Multi-Purpose and Comprehensive Economic Corridor.”The most prominent investment project in Q1 2024 was the establishment of five-star hotels and business centres in Preah Sihanouk province with a capital investment of $574 million.Cambodia already benefits from regional trade agreements that facilitate market integration and business opportunities and is now actively opening up air, land and sea routes to welcome a more diverse and international market.The beautiful coastal areas with an emphasis on the islands and Sihanoukville are hoped to add to national growth - and appeal to both leisure and business travellers. This leads to investments in hotels, resorts, hospitality services, and related infrastructure that can benefit from the country's tourism potential as well as the construction and property markets.The Angkor Archaeological Park, run by the state-owned Angkor Enterprise continues to put up positive numbers for Cambodia’s most popular tourist destination - with the return of more Chinese visitors in Q1 also boosting numbers. It is hoped that pre-pandemic levels of tourism will be matched over the coming year.Realestate.com.kh is now also offering “Personalised Property Tours for Overseas Investors” which taps into the above-mentioned benefits of investing in Cambodia, while exploring the High-Return Potential from a diverse range of properties, including luxurious condos to income-generating rentals, with excellent potential returns.

Although previously seen as “a bit out of the way”, even for a relatively small city like Phnom Penh, the investment into connected infrastructure means that Koh Norea and the Chbar Ampov area are much more accessible and new malls, attractions and other amenities are making the area attractive for residents and developers.Where Is Koh Norea & How Connected Is It?Located to the east of the capital (we think it's southeast, but if you scan the property developers' news and media about the area, it feels like every point of the compass has been used to describe its geographical location). What can't be denied is that the area is situated along the southern banks of the Mekong River but has views of the Bassac River to its west and northwest, and is located to the north of Chbar Ampov. Actually, Koh Norea is a small tip of (mainly repurposed land) where the Mekong River flows into the Bassac River - with ‘Koh’ in Cambodian translating as island/peninsular.The Chbar Ampov district (or Khan) itself was formed in December 2013, and although separated from the Phnom Penh city centre by the Bassac River, accessibility to the capital’s northern and southern regions is possible via two bridges.A short drive across these will enable residents to easily reach Koh Pich as well as other landmarks such as the Independence Monument, Royal Palace, National Museum, Aeon Mall and Hun Sen Boulevard to the south which itself has become a prime location for all types of real estate developments seeing a plethora of shopping malls, condos and access to international schools. The scale of infrastructure developments throughout the city, but especially to the south and southeast of Phnom Penh, means new corridors of connectivity offer homeowners and developers new opportunities, therefore, there has been significantly increased interest in these areas.The new Techo Takhmao International Airport development to the south of the city is currently on track with its first operational phase due in 2025. This is a major focal point of development as it is still not made clear how one of the largest airports in the world, when completed, will connect passengers to the city with dedicated bus lanes, potential light rail routes and other access all still being explored.Cambodian Population & Economic Growth Spurs Infrastructure InvestmentWe have previously discussed the increasing urban population growth in the Kingdom, and the accompanying challenges this has and will create for the capital's infrastructure.The Cambodian Ministry of Land Management, Urban Planning and Construction adopting the Capital Phnom Penh Land Use Master Plan 2035 is the guide on land use and is intended to ensure the promotion of sustainable urban development.An example of this is Phnom Penh’s largest interchange project - a flyover connecting Hun Sen and Monivong boulevards (Phnom Penh’s 6th flyover as well as the longest ever built). The first section is due to be complete before April 2024 and the final underpass and ramps should enter service in April 2025 and is hoped will alleviate congestion at this transport bottleneck.But this is a constantly evolving landscape and the growing economic wealth of the population, sees it being on course for leaving the LDC (Least developed countries) in the next few years and potentially reaching the government's goals of middle and higher income classification in the future.Norea CityThe Overseas Cambodian Investment Corporation (OCIC) has been developing the expansive development of Norea City, which is part of a massive USD $2.5 billion project, over 125 hectares of land.The conglomerate said of the megaproject “Our goal for the investment and development is to create a centre for international and national commercial hubs including luxury residential areas. The most iconic landmark of the city is the 555-meter skyscraper facing the Mekong River and Bassac River.”These developments and the projects listed below have led to private land sale prices in Chbar Ampov reaching an estimated USD $2000 per metre, while rental prices have also been driven upwards.Norea CoveOCIC is also involved in a joint venture with Singaporean developer Akram to build Norea Cove which offers luxury villas. As part of this project, in November 2023, OCIC announced that a new building would be built which would rank as the tallest building in Cambodia at over 500 meters high. OCIC Deputy General Director, Touch Samnang, confirmed the project but little is known.OCIC is confident that partnering with multinational companies to attract investment in the city, will help make Phnom Penh and Cambodia more attractive in the region.Catering To Koh Norea’s ResidentsAs part of the burgeoning life in the area to the southeast of the capital, more developments, new wealth and different types of residents mean the area needs to captivate its residents and new malls and activities have already opened up in Koh Norea.Koh Nora BridgeThis cable-stayed concrete bridge was completed in October 2023 following three years of construction, and connects Koh Pich to the Koh Norea peninsular across the Bassac River - It has further opened up prospects of developments and properties.CBRE previously said after the bridge opened that the average land prices in the area were anticipated to substantially increase from $800 to $1,300 per square metre with the riverfront seen as the prime real estate.The bridge is seen as a significant development in Phnom Penh as it has helped ease traffic congestion and is a crucial link between the eastern and western parts of the capital as well as connecting growing districts.The Koh Nora bridge spans 824 meters with a width of 20.5 meters, and was estimated to have cost USD $35-38 million; it has become a popular landmark in the city already and is one of several bridges recently constructed or under development in the city.Prek Pra BridgeThe Prek Pra Bridge was announced in August 2023 with an estimated budget of USD $60 million and got underway in Q1 2024 - it is not expected to be completed before the end of 2027.The Phnom Penh bridge will span from Chak Angre (Meanchey district to the south of the city) and across the Bassac River to Prek Pra (which is located in Chbar Ampov district), and when completed, will be 845 meters long and divided into 4 traffic lanes.Koh Norea ParkwayKoh Norea Parkway is another development from OCIC which opened in late 2023 and the developed public space offers 20 retail units along the river banks in Chbar Ampov as well as a riverside boardwalk that benefits the community and visitors.The Koh Norea Parkway is inspired by nature and is intended to blend into the backdrop of the river - the launch of the retail outlets was planned to coincide with the official opening of the nearby USD $40 million bridge in 2023.Other notable attractions in Koh Norea and the surrounding area, are:The Park Community Mall - Offers dining options, cafes, shopping and other services.PH Euro Park -  Developed by Peng Huoth, it has become a sought-after destination for both locals and visitors.Ground Market - The Ground Market opened in Koh Norea in 2023 and the retail development is located in front of CIA International School. The development team was praised for providing visitors with an exciting experience, environment and entertainment mixed with a suitable tenant selection.KHMER Streat - This food & night weekend market was launched at the start of 2024 and offers Cambodian and international cuisine with entertainment also planned such as live music, cultural performances, and games. In conclusion, in addition to the planning and vast sums being spent on the infrastructure in the area, the diverse range of activities as well as the potential for a high-value real estate market, means Koh Norea and the surrounding area of Chbar Ampov district should be one new homeowners, investors and developer should keep an eye on.

It’s official! Ascott Limited has recently announced a new venture through management for Somerset Diamond Bay Garden, enhancing the project. It will be housed within the building, occupying 10 of the higher floors in a 37-floor high-rise development. Diamond Bay Garden, a mixed-use development located in the Koh Pich district (Diamond Island), Phnom Penh, is a much-anticipated project to be completed within the coming years.Render Image of the Diamond Bay Garden (Supplied Diamond Bay)The project is a luxury waterfront project with views over the three rivers—Mekong, Tonle Sap, and Bassac—as well as views of the Phnom Penh city skyline. It is set to feature extensive amenities to complement its residences. Tenants and guests alike will be welcomed by a boutique lobby featuring concierge and security services. For those seeking relaxation, a resort-style swimming pool and a fitness and yoga centre will be available.Construction progress of Diamond Bay Garden as of October 2023. (Supplied)The Sky Garden & Bar will offer views of both the city skyline and the rivers. Families will appreciate the dedicated kids' playground, while convenient housecleaning services and accessible basement parking across the complex enhance the ease and comfort of living at Diamond Bay Garden. Map highlighting Koh Pich district and the proximity of Diamond Bay Garden to the Koh Norea Bridge.Diamond Bay Garden is expected to have an average guaranteed rental return (GRR) of 8% over 10 years.Developed by the OCIC group, Koh Pich district is a hub featuring a variety of entertainment venues and attractions, including The Elysée, Treelion Park, Coconut Park, Riverwalk Night Market, and others. The area also provides easy access to key landmarks such as the Independence Monument and the Royal Palace, as well as various shopping destinations such as AEON Mall, all within a few minutes drive. It also offers a connection to the Chbar Ampov district via the newly opened Koh Norea Bridge.To learn more about Diamond Bay Garden Speak with our agents Click Here

For many property seekers, finding the perfect property for living or commercial use is only half the journey. The real challenge often starts after buying or renting a property, when you face the task of turning a space into what you've envisioned.  The need for a wide range of services, from mechanical, electrical, and plumbing works to renovation can take time and effort.As some of our readers might know, Realestate.com.kh is transitioning to a new office space on Monivong Boulevard. We have acquired the services of Southeast Asia KDC Engineering Co., Ltd. (also known as KDC) to ensure the fitting-out of the brand-new Realestate.com.kh’s headquarters.KDC offers a one-stop solution that offers mechanical, electrical, plumbing, renovation, maintenance, and safety system design for all real estate needs.Its team includes senior and junior technical engineers from Japan and Cambodia ensuring comprehensive skills. Its commitment to the 6S methodology encompasses Sorting, Setting in order, Shining, Standardising, Sustaining Discipline, and Safety.  Additionally, the company offers after-service care for most of its offerings.  With this approach, KDC's dedication to quality and schedule control, effective time management, and client support position it as a trustworthy partner. For property owners and seekers in Cambodia, choosing a reliable company like Southeast Asia KDC Engineering Co., Ltd. for your fit-out means entrusting your vision to a team dedicated to making it a reality.About Southeast Asia KDC Engineering Co., Ltd.Southeast Asia KDC Engineering Co., Ltd. is an officially registered company with a head office in Phnom Penh, Cambodia.  Established in 2023, its parent company is Kyowadenchi Co., LTD. It is known for its electrical company in the Kanto area of Japan. It provides mechanical, electrical, plumbing, renovation maintenance and safety system design services. It assures the property owners of good service, quality, trust, time management, and response to its client needs. Southeast Asia KDC Engineering Co., Ltd. brings international expertise and standards to Cambodia. Contact InformationTelegram: https://t.me/kdc_mep_servicesTel: (+855) 96 6399 868, (+855) 89 378 910Address: Royal PSL Apartment #24, Corner of 57 St&360 St, 8 villages, BKK1, BKK, Phnom Penh, Cambodia.

The Cambodian Real Estate Awards (CREA) is the most prestigious real estate event on the annual calendar and is confirmed to be taking place on Wednesday, May 8th 2024 at the luxurious Sofitel Phnom Penh Phokeethra.CREA is organised annually by Realestate.com.kh and is endorsed by the Cambodian Valuers and Estate Agents Association (CVEA) and the Real Estate Business and Pawnshop Regulator (under the Ministry of Economy and Finance). The Cambodia Real Estate Awards 2024 (CREA 2024) is celebrating its 5th edition and adding to its legacy as the most respected property and real estate awards celebration in the Kingdom by honouring Cambodia’s best real estate developers, agencies, professionals, brands, and partners at a prestigious gala event in the capital.The evening is a prime networking occasion to connect with highly-regarded professionals in the Kingdom, not only from the real estate industry. It is also an excellent and opportune chance to gain insights about the latest industry developments.The judges have been confirmed, entries have flooded in, and there are still some unique opportunities for select sponsors to get on board this year!Visit www.cambodiarealestateawards.comEsteemed Judges Confirmed For CREA 2024Seven respected individuals and industry leaders within the Cambodian business community have been selected to lead the adjudicating for Cambodia's Real Estate Awards 2024, led by Eric Wong as the Head Judge. Mr Wong is a Cambodian-Australian, with extensive experience in the fields of property consulting and development businesses, primarily within the emerging markets of Southeast Asia, and has led market research and analysis reports for the office, residential, hotel and retail sectors.He will lead the collective captains of industry who will use their extensive experience and leadership to ensure an impartial and insightful evaluation of this year's CREA 2024 nominees. Eric Wong (Head Judge) - Director Fast Growth Logistics Co., Ltd.Seraj Sutton - International Real Estate Consultant & AdvisorMom Sothavatey - General Manager of Realestate.com.khDaniel Jury - Project Director at TDB-ProjectsChansan Hun - Principle at Re: Edge ArchitectureDavy Kong - Head Real Estate Practice, DFDLAnthony Galliano - Chief Executive Officer of Cambodian Investment ManagementThe winners of every category at the Cambodia Real Estate Awards will cement their place in the Cambodian real estate market, and further appeal to domestic and international markets by being recognised as a leader in the Cambodian real estate industry.In addition, each winner will receive an iconic Cambodia Real Estate Awards trophy and certificate as well as a plaque to display in their respective office, showroom or events.Be Part of the Biggest Night in Cambodia's Real Estate - Final Sponsorship OpportunitiesAs the organisers prepare to ensure a seamless Awards Gala event for the biggest night in the Cambodian property scene, the final remaining sponsorship spots have become available.By sponsoring the Cambodia Real Estate Awards (CREA), you will achieve unparalleled brand recognition and be linked with this prestigious Cambodian event. This is a unique opportunity to align your company in celebration of the real estate industry's achievers which continue to add to the nation's prestige and development.REGISTER TO BECOME A SPONSORCREA 2024 Award CategoriesThe CREA 2024 awards feature categories across varying real estate disciplines, and entries are accepted from all licensed firms and individuals, regardless of the size or wealth of their operation. Real Estate Developer AwardsReal Estate Development AwardsReal Estate Hall Of Fame AwardsThe CREA 2024 winners and nominees also benefit from the following:Brand and development exposure to local and international buyers, homeowners and investors.Endorsed by the Ministry of Land Management, Urban Planning and Construction.Endorsed by the Real Estate Business and Pawnshop Regulator.Endorsed by the Cambodian Valuers and Estate Agents Association (CVEA).All winners receive the official CREA seal to use on all marketing material.

In the first part of this piece, we looked at the growth in international tourism numbers visiting Cambodia as well as the hopes of growth being pinned on more air routes to new regions.As an update over the last week with regards to India, IndiGo Airlines and Cambodia Angkor Air have now both received official approval to operate direct flights but no date has been set and both still need to fulfil certain requirements.ASEAN - Cambodia Flights (Continued)Within the region, competition is heating up for premium and low-cost airlines in 2024.AirAsia’s Cambodia unit, which was initially planned to launch in 2023, is now expected to only commence operations in the middle of 2024 in the Kingdom but they could be a launching pad to several new destinations in the ASEAN region, initially. AirAsia Cambodia confirmed it would be operating a Phnom Penh-Macau route. (Cambodia Angkor Air also confirmed it would operate routes between Phnom Penh and Hong Kong increasing to three flights from April 2024).British Airways has announced that it will again offer direct flights to Malaysia and Thailand from London. Cambodia has never had a direct flight to the UK and there have been recent efforts to increase economic and trade between the two regions. Targeting British and European airlines well in advance of the potential 2025 opening of the Phnom Penh Airport should be high on the agenda. British Airways has said the return of these routes to Southeast Asia is its “commitment to expanding its network to Asia post-pandemic”.In total, 65,000 British nationals visited the Angkor Temple complex near Siem Reap in 2023 despite there not being any direct flights between the UK and Cambodia.Scoot, the low-cost subsidiary of Singapore Airlines,  has taken on new aircraft to expand its network of flights in SEA while Jetstar Asia has also announced the resumption of old routes and added new ones to the Philippines (Clark) and Thailand (Krabi) from its main hub in Singapore. They currently have routes to Phnom Penh from Singapore.Australia - Cambodia FlightsPrime Minister Hun Manet, on a site inspection of the under-construction Techo International Airport, confirmed that flights to Australia from the Kingdom were on the horizon. He had recently visited Melbourne as part of the 2024 ASEAN-Australia Special Summit, and the trip also saw him meet several business leaders, with the Cambodia-Australia Business Council being formed.The PM said an agreement on the opening of air relations between the two countries has been signed and that direct flights will take place as the number of passengers increases, as all travel from Australia To Cambodia currently passes through other countries (as is the case with most long haul international flights),In addition, the Cambodia Chamber of Commerce (CCC) & the Victorian Chamber of Commerce and Industry (VCCI) signed an MoU to develop the exchange of trade and investment information as well as implement referral mechanisms.Cambodian Commercial Aviation ExpansionThe Commercial Aircraft Corporation of China, Ltd. (COMAC) conducted flight displays of its ARJ21 and C919 commercial aircraft in Cambodia in March 2024 - trying to appeal to the local airlines which currently have small fleets but will be hopeful of expanding in the future and will need larger aircraft to fly further. The two aircraft were also showcased at the Singapore Airshow in February 2024 and Boeing and Airbus have acknowledged the manufacturer as a potential threat in the commercial airline space - this was the first time these aircraft were showcased outside of China. Marketing Cambodia Is Open For Business And TourismThere needs to be improved and better-coordinated marketing for the country as a tourist and business destination. The very foreigner-friendly visas and the relaxed business and foreign property ownership regulations in the Kingdom offer a competitive advantage.At ITB Berlin 2024, which the government had previously asked Cambodian vendors to attend, Travel Asia a la Carte told TTG Asia that there is increased interest from European travelers who want to stay longer and not just add-on the excursion to other visits in the region. One of the areas that could be better targeted are the local cultural festivals but tour operators claim that the schedules for these need to be made known well in advance.The “Visit Siem Reap 2024’ campaign for example, under the guidance of the restructured MoT, aims to promote the region, look to add connecting flights between major tourist destinations, and create an attractive and stimulating tourism environment in 2024.In the short term, Siem Reap hosted the 8th River Festival 2024 in mid-March 2024 and it held the Giant Puppet Project in February 2024.The 2024 launched ‘BUILD Plus 3Ds” which aims to boost tourism has seen some support from US firms such as Mastercard, VISA and META Facebook, said the Ministry of Tourism.The Tourism and Trade Fair 2024 is planned to be held from 25th-30th March 2024 in Sihanoukville under the theme “Tourism – Opportunity for All”.Aquatic Tourism - Ferries & International TourismIn the mid to long term, there will also be more options for the MoT to strategise aquatic tourism, which involves tourism activities associated with water such as cruise ships and river cruises. Sihanoukville has seen as many as ten cruise ships dock at the coastal port between January and February 2024 with more than 8,000 passengers and tourists, reported the Preah Sihanoukville Tourism Department.The expansion of Cambodia’s port network, the upcoming Funal Techo Canal and the increased return of cruise ships to Sihanoukville in 2024 all hint at untapped potential - and an age group which potentially could have additional income and could be looking at holiday homes and other property assets. Cambodia’s Eco-Tourism AppealFinally, eco-tourism is forming a bigger and better part of the attraction for visitors to Cambodia, although many of the current offerings still need improvements and offer a wider price range - with several publicised retreats on the pricier side - however from an investment perspective, attracting more visitors with expendable and higher income, certainly won't be frowned upon.The Sydney Morning Herald article mentioned last week references amazing luxury retreats such as Shinta Mani Wild, and described how the Kingdom is now trying to compete with higher-end luxury offerings. The country wants to be “perceived as a viable alternative to neighbouring Thailand or Vietnam, a new, enticing frontier for high-end travellers.”At the 2023 Destination Mekong Summit 2023, panellists said that in terms of future trends and sustainable travel, innovation and creativity in destination marketing, with an emphasis on authentic experiences were crucial.With further horizons in mind, if wealthier visitors such as ultra-high-net-worth individuals (UHNWI) are looking towards Cambodia as a holiday destination, luxury accommodations and homes might need to cater for this niche market. Private jets, first-class cabins, and even in the future eVTOL (electric vertical take-off and landing) taxi services could all be a reality with a local firm confident that a vertiport (a small airport terminal accommodating these aircraft) is a real possibility for one of the phased developments at the Techo International Airport. The latest reports indicate the international Phnom Penh airport will be operational by mid-2025 and it will be one of the largest in the world.

An area that might not have previously captured much attention is now experiencing a surge of interest from real estate developers and Cambodians. Koh Norea located on the southeastern edge of Phnom Penh, Cambodia is now the focus of development. This article aims to provide you with a comprehensive overview of Koh Norea and its surrounding area.Introduction Adjacent to the bustling areas of Phnom Penh, Koh Norea is located on the north side of Chbar Ampov district. It overlooks the Mekong on the east side and the Bassac River on the northwest. Chbar Ampov district offers accessibility to the city’s northern and southern regions through its two bridges. The recent opening of the Koh Norea Bridge, which connects the area directly to Koh Pich enhances its connectivity. Residents can easily travel to the city's northern parts, facilitating smoother and more convenient commutes.Map of Phnom Penh City district (Credit: Wikipedia)Map of Phnom Penh City focusing on Koh Norea areaFurthermore, its proximity to the southern sections of Phnom Penh by National Road 1, which crosses the Bassac River via the Kbal Thnal Bridge, (also known as the Chbar Ampov Bridge) facilitates convenient access to the southern part of Phnom Penh.The southern part of Phnom Penh has been a focal point for development. The recent completion of a new Monivong-Hun Sen Boulevard flyover along with numerous infrastructure and residential, and mixed-use projects along Hun Sen Boulevard, highlights this trend. Koh Norea Bridge (Courtesy Norea City)Another significant development in this area is the construction of the new Phnom Penh Airport. The Techno Takhmao International Airport is expected to be fully operational by 2025. It will take over the existing Phnom Penh International Airport in Por Senchey District as the city's primary aviation hub. Koh Norea boasts a strategic position located between the northern and southern parts of Phnom Penh.Render Image of the Techno Takmao Airport. (Courtesy Foster + Partners)Koh Norea In the Next Few YearsThe vision for Koh Norea is to transform the area into a mixed-use hub, including residential, commercial, and recreational facilities. In line with the opening of the new bridge, Koh Norea plans to develop into a dedicated economic zone, reminiscent of the development seen on Koh Pich (Diamond Island). These projects aim to draw more visitors and residents and progress over time and will help integrate Koh Norea smoothly into the wider city area.Real Estate Landscape in Koh Norea & Chbar AmpovPhnom Penh is experiencing rapid urbanisation as every year more people move to the city for better opportunities professional or educational. To solve the growing need for space, real estate developers are creating projects such as satellite cities to provide living spaces to a wider range of people. Koh Norea is becoming popular for its real estate developments where high-end apartments, boreys and luxury homes are slowly being introduced to attract buyers from both Cambodia and abroad.In 2019, the Overseas Cambodia Investment Corporation (OCIC) started building a new satellite city in Koh Norea named Norea City. This project has highlighted Koh Norea as a centre for international and local commercial hubs including residential areas and parks. The Norea Parkway in Norea City is where the Khmer Streat Food Festival & Night Market is organised regularly. (Courtesy Norea City )Another notable real estate development of OCIC in a joint venture with Singaporean developer Akram is Norea Cove. The project encompasses luxury villas of several types and upscale living options. Moreover, a new landmark, a 555-metre skyscraper facing the Mekong River and Bassac River is expected according to the OCIC’s website.Developer Peng Huoth has demonstrated the popularity of their borey projects, particularly among Cambodians. Borey Peng Huoth is well known for delivering residential units focusing on modern living with a local lifestyle. Peng Huoth borey properties in Chbar Ampov are not too far from Koh Norea. What to do in Koh Norea & Chbar AmpovThe Koh Norea and Chbar Ampov area holds its own in terms of entertainment and convenience. Close to popular spots like 'The Ground Market' and The Park Community Mall, the area benefits from dining options, cafes, shopping and other services in the area. Additionally, the picturesque PH Euro Park, developed by Peng Huoth, has become a sought-after destination for both locals and visitors.A location with a proper infrastructure, coupled with safety and a diverse range of services and amenities, indicates potential for a high-value real estate market, making it appealing to both buyers and investors.With its ongoing development, Koh Norea is set to boost the Chbar Ampov district by providing new business opportunities and meeting the increasing demand for residential spaces from the growing population.ConclusionKoh Norea, once an overlooked area on the southeastern edge of Phnom Penh, is emerging as a focal point of real estate development and urban expansion. With improved connectivity through major infrastructure projects such as the Koh Norea Bridge, and its proximity to essential city parts, positioning it as a prime location for both residents and developers.  Ongoing projects aimed at transforming it into a mixed-use hub and the anticipated boost to the Chbar Ampov district. Koh Norea's development not only promises to attract more visitors and residents but also integrates it more seamlessly into of Phnom Penh.If you're seeking real estate in Cambodia, visit our website and social media channels to browse properties. For personalised assistance, our customer service team is available via 📞+855 92 92 1000 📧 info@realestate.com.kh 🌐 www.realestate.com.khEasy Fast & Free Realestate.com.kh helps you find your dream property or real estate investment in Cambodia.

Recent tourism, culture and travel accolades for Cambodia should bode well for the hopes of the tourism (and real estate) sectors revival in 2024, with more international flights slowly being introduced at the three operational airports in the Kingdom, a rebranded Ministry of Tourism (MoT) Board and optimism that pre-COVID levels of tourists can be achieved before 2025.The recent Sub-Decree in 2024 on the restructuring of the Cambodia Tourism Board announced by Prime Minister Hun Manet aims to revitalise the board and mechanisms to enhance cooperation through closer partnerships between the public and private sectors. This should more strategically promote and market Cambodia’s tourism, while more direct flights will be a boon for corporate business in Cambodia.In 2022, the Cambodian tourism sector generated gross revenue of USD $1.14 billion and sustained 12.4 per cent of total employment. Cambodia attracted just over 5.4 million international tourists in 2023, and The MoT anticipates 6.6 million foreign tourists in 2024.Cambodian Tourism Data 2024Although we are only just past two months in 2024, these are also peak tourism months as the numbers usually decline heading towards April and May due to the hot weather in Cambodia and non-wintry conditions in other parts of the world from where visitors come from (outside of Asia).The latest MoT information reported in the media suggests Cambodia received more than 540,000 international visitors in January 2024 (although a conflicting report suggests this number based on the General Department of Immigration points to as many as 690,000). The top three foreign groups were from Thailand, Vietnam, and China. I can rightfully assume a large percentage visited via land crossings rather than by air travel, and indeed slightly over 206,000 tourists were international air travellers.Most of the local media have been a little carefree and over the top in reporting on the tourism numbers since the pandemic, as the numbers should be growing substantially as the country tries to reach, and surpass pre-pandemic levels. They will obviously be showing year-on-year increases as they are in most parts of the globe.The numbers for Siem Reap for January and February 2024 accounted for just over 300,000 national tourists, and slightly more than 235,000 international tourists. The markets are also insightful, the top 10 origins to visit Siem Reap in 2024 so far, are:South Korea 29,254US 24,878France 21,775Britain 19,452China 16,074Germany 14,214Japan 12,094India 8,683Russia 8,658Australia 8,544In January 2024 alone, Angkor Archaeological Park received over 115,000 foreign visitors, generating USD $5.5 million in revenue.Very few of those markets currently have direct flights to the Kingdom, but instead need to use other hubs in the region to reach Cambodia by air. International Media Coverage And Awards For Cambodia’s Tourism In 2024The Sydney Morning Herald ran an article at the start of March 2024, calling Cambodia “South-East Asia’s enticing new travel frontier”, while (perhaps more hyperbole) an article in another UK magazine ‘The Spectator’ concluded that ‘Cambodia is the best country in the world’.You shouldn't take this coverage at face value, but positive news should be welcomed and cherished, and even taken advantage of.Cambodia was elected as Asia’s Leading Cultural Destination by the World Travel Awards and Asia’s Leading Youth Travel Destination at the start of 2024.Phnom Penh was listed in the Top Ten ‘Trending Destinations’ 2024 By Tripadvisor.Several Cambodian hotels are regular recipients of international and regional awards for their standards - especially luxury hotels and resorts.More Direct Air Routes Should Mean Increased Tourism Numbers - The Gulf, India, And MoreThe launch of the new Angkor International Airport in Siem Reap has probably been a disappointment to some, but let's hope at least these are lessons learned for the current airports which are under construction - notably in Phnom Penh - the Techo Takhmao International Airport which could be operational by 2025.By the time of publishing, the three international airports in the Kingdom had only seen a marginal increase in flights in 2024. Sin Chansereyvutha, Under-Secretary of State and spokesman of the State Secretariat of Civil Aviation, confirmed as much.By the end of February 2024, there were 168 international flights per day to Cambodian airports but more air routes have been confirmed in 2024.Tourism Ministry’s spokesman Top Sopheak agrees that increasing direct flights from abroad to Cambodia with new air routes will make it easier for passengers to travel to Cambodia, the same is, of course, true for investors and property buyers. Direct flights to Cambodia from Europe, North America, Australasia, and Africa are currently unavailable.It's also no surprise that establishing government-approved business, trade and diplomatic offices in new regions leads to more air routes.IndiaThe Indian Business Chamber in Cambodia (IBCC) was officially inaugurated at the start of 2024, and its mission is to promote and facilitate trade and investment between India and Cambodia.As many as three airlines, including Cambodia Angkor Air, are linked to (for the first time) providing direct flights between Cambodia and India in 2024. This is massive news as India is hotly tipped to rival China economically. The global manufacturing and tech shift towards India, and having Cambodia tap the growing economic potential is important.Cambodia only saw 68,836 Indian visitors in 2023, but direct flights should result in a big upswing, especially if the visa process is streamlined and digitised.The Indian embassy in Phnom Penh said of the potential 2024 launch of these flights that it would “likely to open up opportunities in tourism and business partnerships". The Cambodian Ambassador to India added that the Cambodian Embassy is currently working with their Indian counterparts to reach a final decision on connecting direct flights between the two nations.The GulfCambodia opened its first private commercial centre in the UAE in February 2024 which was on the back of the Cambodia and the United Arab Emirates (UAE) Comprehensive Economic Partnership Agreement (CEPA) coming into effect in Q1 2024. Representatives from the Cambodia Chamber of Commerce, the Cambodian Oknha Association, the Federation of Associations for Small and Medium Enterprises of Cambodia (FASMEC), the Business Council of the Ministry of Commerce, the Tourism Association, agro-industry, real estate, banking, and manufacturing were in the UAE to promote new economic partnerships.Shortly after, Emirates announced the resumption of flights from Dubai to Phnom Penh to recommence for the first time since before the pandemic, albeit this time via Singapore, with the flights resuming in May 2024. It was only in Q4 2023, that Qatar Airways started offering direct flights to the Cambodian capital again and were the only direct flights to the Gulf region from the Kingdom.ASEANThere are now more routes to popular destinations such as Bangkok, Kuala Lumpur etc.Lao Airlines will offer direct flights from Vientiane to Phnom Penh starting on 19 March 2024 and will compete with Vietnam Airlines, which flies daily between the two capitals. This route has never been seen as an affordable flight compared to routes such as Phnom Penh to Bangkok or Kuala Lumpur but the Laotian airline will be offering the route three times weekly on Tuesday, Thursday and Saturday.Lao Airlines director-general Khamla Phommavanh said, “To support and facilitate tourists and business travellers who need to travel to and from Phnom Penh to the Vientiane capital, our team has studied the feasibility of connecting the capital, Vientiane and Phnom Penh carefully and recognised there is enough demand from tourists and business people for direct flights post Covid pandemic.” Read Part 2 Next Week….

The Boeung Keng Kang (BKK) area in Phnom Penh is one of the popular neighbourhoods in the capital for good reasons. It's conveniently located within walking distance of major landmarks like the Royal Palace, Independence Monument, and Tuol Sleng Museum. Beyond this, BKK is where a large number of restaurants, bars, cafes, banks, supermarkets, schools, gyms, and healthcare facilities can be found on almost every corner and street, making it a lively and convenient place to live or visit.For this reason, it has become one of the most requested locations to live in for expats in Phnom Penh and the backdrop for a variety of property development projects.  In this article, we will provide an overview and update of recent projects in the BKK area and its surroundings exploring the ones soon-to-be-completed, just launched, or those that have already been handed over.Soon-To-Be Completed Projects When it comes to soon-to-be-completed projects, homeowners are eagerly anticipating the moment they can finally enter their new units after months, and in some cases, years of waiting for completion. These projects include:Le Condé BKK1Photo Credit: Le Condé BKK1Le Condé BKK1, situated on Street 352 in the BKK1 area, is a mixed-use luxury development rising to 43 stories, by Wangfu Guoji Property Development. The project consists of 4 different types of fully furnished units including studio, one-bedroom, two-bedroom and three-bedroom with integrated smart home features.It is eagerly anticipated in 2024, as it boasts 10,000 square metres of amenities which include: BKK Avenue Retail Store, reading space, 240 m sky jogging track, indoor swimming pool, fitness centre, children's play area (800 sqm), sky garden (1000 sqm), co-working Space,  a sky bar, and infinity pool. Renowned Japanese company Hopetree will oversee Le Condé property management services. As of October 2023, Le Condé BKK1 achieved its topping-out milestone, indicating 80% completion. The project is expected to be completed this year in August.Photo Credit: Le Condé BKK1Click here to view the listingUC 88 TowerPhoto Credit: realestate.com.kh UC 88, located on Street 322 in the BKK1 district adjacent to Monivong Boulevard, marks the third construction by UC Group, following 'The View' in BKK1 and 'Golden One' in BKK3. This mixed-use development spans 49 stories, featuring high-end residential units, and a hotel. The facilities accessible at an affordable rate are situated on the 45th floor, offering city views and amenities such as an infinity pool, gym, sky bar, and sauna. Additionally, the project has a dedicated sky bar floor on the 46th level and a helipad on the rooftop. The construction of UC 88 reached its topping-off milestone in November 2023. Its full completion is anticipated by the first quarter of 2025. Click here to view the listingJust Launched & Under Construction Projects When a new project is announced, investors and future homeowners have a chance to take advantage of early offers. This means getting the best units, lower prices, and special discounts. Here are some of the newest and ongoing construction projects in Phnom Penh:Picasso 2Photo Credit: Picasso Picasso 2, was recently unveiled by its developer through its social media and a promotional banner at its future site on Street 282. This mixed-use development will rise to 56 floors, featuring high-end residential units alongside high-end amenities. Developed by Global Titan Stone Real Estate Development, Picasso 2 comes on the heels of the successful completion of Picasso City Gardens, also situated in the BKK1 area. Located near Sihanouk Boulevard, Picasso 2 is just a short walk from the Independence Monument. Its proximity to the Baitong Hotel & Resort Phnom Penh, along with nearby restaurants and services, promises convenience for its homeowners and tenants. The construction phase has yet to begin.Click here to view the listingTime Square 302Photo Credit: Time Square  Time Square 302, also known as Time Square 6, marks the sixth property venture by Mega Kim World Corp. This residential project, located in  BKK1 offers units including one-bedroom and two-bedroom options, as well as 3 and 4-bedroom duplex units. It totalled 370 units with a 48th floor with a rooftop for fitness and lifestyle amenities such as a yoga studio, fitness centre, swimming pool, and a canopy garden. In addition, on the 37th floor, residents will find a variety of facilities including a ping pong room, golf simulation area, café, lounge, games room, a children's play area, a meeting room, a cinema, and karaoke.Time Square 302 has experienced a rapid sold-out rate with buyers taking advantage of early bird prices. Its construction commenced ahead of schedule in December 2023, with completion targeted for 2027.Click here to view the listingTime Square 306Photo Credit: Time Square  Time Square 306, also a project by Megakim, represents the fifth property development situated in BKK1, on Street 306. This project is set to house a total of 350 units across 45 floors, with a design that limits the number of units to a maximum of ten per floor.The project will include the most popular facilities, such as a lobby café, gym, children's play area, games rooms, an infinity pool, and a decking area complete with a garden for hosting guests. The available units are comprised of 1-bedroom, 2-bedroom and 3-bedroom options. Construction of the project began in 2023, with an anticipated completion year of 2026.Click here to view the listingJ Tower 3 Photo Credit: J TowerOnce completed, J Tower 3 will stand as the tallest structure in Cambodia and the eighth tallest in the ASEAN region. This 77-story building, soaring to a height of 320 meters and spanning 98,480 square meters, is poised to become a defining landmark in the capital. Developed by Tanichu Group, J Tower 3 is the latest property development by the group in Cambodia, following the success of J Tower 2, both located in the BKK area. The tower will house 360 exclusive units, each offering expansive three-bedroom configurations with two size options: 166 sqm and 178 sqm.Highlighting its amenities, the sky bar and infinity pool on the 77th floor are set to enter the Guinness World Record as the world's highest swimming pool. For the residents' exclusive use, the 50th floor will feature a lounge, cafeteria, shopping, and business rooms, while the 49th floor will boast a luxurious indoor pool, spa, and sauna. Additionally, recreational facilities on the 11th floor will include a bowling alley, billiards, and a karaoke room. Construction of J Tower 3 commenced in December 2023, with an anticipated completion date in 2028.Click here to view the listingOdom Photo Credit: Urban Living SolutionsLocated on Norodom Boulevard, this mixed-use, high-rise development boasts two towers: Odom Tower and Odom Living, integrating commercial, office spaces and residential. Odom Living is a 30-story complex and features 138 units with sizes ranging from 78 to 262 square meters. Each unit is outfitted with premium fixtures and fittings, and private balconies offering views of Phnom Penh's skyline. Residents have exclusive access to a range of amenities, including a gym, swimming pool, rooftop terrace, green spaces, and a sky bridge that links to Odom Tower.Odom Tower, standing at 45 stories, will provide 40,000 sqm of Grade A strata-title office space, positioning itself as a new business hub for both local SMEs and international enterprises.The Odom project is distinguished by its LEED pre-certified gold status and environmentally smart designs, setting it apart from other developments in Cambodia. Its prime location in Phnom Penh is certainly a highlight. Furthermore, the project is developed by Urban Living Solutions (ULS), a trusted and esteemed developer in Cambodia with a history of successful projects. Construction commenced in June 2023, with completion anticipated in 2026.Click here to view the listingCompleted ProjectsFor those looking for ready-to-move-in options, completed projects provide the benefit of immediate occupancy, removing the waiting period typically associated with the construction. Potential buyers can enjoy the advantage of viewing the finished building and exploring the amenities firsthand. Notable projects in the BKK area and its surroundings include:Picasso City GardenPhoto Credit: realestate.com.kh  Picasso City Garden, a 30-story condominium, is situated in BKK1 on Street 322. The Picasso-themed residential series, developed by Global Titan Stone as mentioned earlier, features a variety of unit types, ranging from 1-bedroom to 5-bedroom apartments.The building offers various amenities, including a hanging garden, a banquet hall, a landscape fountain, an infinity pool, a paddling pool, a gymnasium, a meeting room, an international business office, a wine lounge, a restaurant, a café, and an art auction centre. Completed in 2021, the building offers 1-bedroom apartments with an average rental starting at $1,400.Click here to view the listingL’Attrait Boeung Keng KangPhoto Credit: CMED L'Attrait Boeung Keng Kang (BKK) is a premium residential condominium located in the BKK1 area, offering a range of fully furnished unit options. The building includes studios, 1-bedroom and 2-bedroom units, as well as penthouses, complemented by amenities such as a pool, gym, and private meeting areas. Developed by L’Attrait Property Development Inc., the units feature high-quality appliances and furniture, enhancing the quality of living for homeowners and tenants alike. Completed in 2021, the building's rental rates, according to realestate.com.kh, average around $650 for a studio and approximately $1000 for a 1-bedroom apartment with a view.Click here to view the listingJ Tower 2 Photo Credit: J Tower 2J Tower 2, on Street 398  is the second residential condominium in BKK1 by the Japanese developer Tanichu Group mentioned earlier. The building is 43 storeys high, with 228 fully-furnished residential units ranging in size from 65 square metres to 153 square metres.The developer strongly emphasises that the project was designed and constructed under the Japanese standard to offer their residents comfort, safety, and convenience. In addition, residents have free access to the gym, spacious parking area, boxing ring, cafe, swimming pool, jacuzzi, and a sky bar which provides great views of Phnom Penh and its surrounding localities. The building was completed in 2022, and the price of a 1 bedroom apartment is currently listed approximately at $1,200. Click here to view the listingConclusionThe BKK area and its surroundings have undergone significant transformations in property development. This area is being introduced to a range of new options that bring the standard of living to international levels within the kingdom. As the landscape continues to change, the BKK area will remain the developer’s prime location and at the forefront when it comes to residential options for both locals and expatriates alike. If you're seeking real estate in Cambodia, visit our website and social media channels to browse properties. For personalised assistance, our customer service team is available via 📞+855 92 92 1000 📧 info@realestate.com.kh 🌐 www.realestate.com.khEasy Fast & Free Realestate.com.kh helps you find your dream property or real estate investment in Cambodia.