Buying a new home to live in is a necessary thing for everyone in Cambodia, especially in Phnom Penh as most of them are renting but considering buying one for their family. However, buying a new home does not mean that you spend only on the base price of the property - you also have to spend on additional costs associated with the property. Therefore, it is vital that you be aware of extra costs associated with property purchase in order not to have any unpleasant surprises.Below are a few basic tips, thanks to realestate.com.kh, to help you first-time home buyer manage your budget for a new property:Home Loan application fee and Legal fees:When you apply for home loan, lenders will charge you fees to cover the charges incurred for valuation and processing of the loan. Then you have to pay 1 percent of total loan to lenders. Also, you have to pay $250 dollars to lawyer for legal services: legal advice, property checks, and legal processing.Ownership Transfer tax fee:This is the tax fee to be paid to the city or province where your property is located for the transfer of ownership from seller to buyer. The home buyer needs to pay 4% of the property transfer ownership fee and also needs to pay $1,000 for the service of cadastral office. Usually, it takes around 12 weeks to complete the transfer of hard titles done at the cadastral office. A hard title, an ownership certificate issued by the Cadastral office, is the most secure form of ownership and recognized at the national ministerial level as well as at the sangkat and district level.Home insurance feeCambodia’s ministry of finance and economy requires home buyers to buy home insurance if they borrow money from a bank. The home insurance fee depends on the size and value of the home. if the home price is above $100,000, homeowner must pay $100 or higher per year. If the price is $100,000, homeowner must pay less than $100 per year.Real estate agent’s feeIt is the fee seller has to pay to real estate agency for home transaction. But sometimes it is buyer who has to pay the fee to real estate agency. In Cambodia, real estate agency charges commission fee of 3% from seller not buyer for the home transaction.  But in some cases, buyers also have to pay the commission fee of 3% when they want to buy property from someone. This occurs when seller is unwilling to sell the property, but buyer is willing to buy and asks for agency to persuade seller to sell their property.”However, these are only a few basic additional costs associated with property purchase - and there are more to keep in mind. Realestate.com.kh will explain other additional costs in part 2 next week in Wednesday’s property section! Or find the full guide online @ Realestate.com.kh/news

Located in Sangkat Koh Rong of the Mittakpheap district in Sihanoukville Province - and about 25 kilometers away from the mainland of the province - Koh Rong Island is the second largest island of Cambodia after Koh Kong, with a total land area of approximately 78 square kilometers. With four village communities comprising over 3,000 villagers, the island is one of the most attractive islands for both local and international tourists. And this looks set to continue due to the announcement of upcoming mega tourism projects to be developed by The Royal Group, a major Cambodian consortium. To boost development in Koh Rong, in 2008 the Royal Government of Cambodia granted a 99-year lease of land concession to The Royal Group to develop five-star hotel and luxury resorts on the island. Both the government and the Group aim to transform the island into Asia’s most attractive tourist destination.  Mr. Seng Hour Lean, Chief of Sangkat Koh Rong, said: “Koh Rong will become one of Southeast Asia’s most attractive islands owing to its natural beauty and upcoming development projects by The Royal Group and another 100 smaller firms. The Royal Group of Oknha Kith Meng has been developing there already, with basic and major infrastructures being expected soon.” Meanwhile, Mr. Den Sakal, CEO of Universal Real Estate, based in Sihanoukville Province, said: “Koh Rong is one of the most beautiful beach islands in Cambodia, attracting a lot of national and international tourists every year. Every time tourists visit Sihanoukville, they never forget to visit Koh Rong. The island has excellent amenities and services similar to those in Sihanoukville. These services include: beaches, hotels, guesthouses, bungalows, restaurants, night clubs, and pubs.” However, over the past few years there has been controversy regarding Koh Rong land titles for villagers residing on the island. Some who have lived on the island before 2008 had a legal land titles for their land, while those coming to live after 2008 have had no legal land title. Yet the strength of these titles amid disputes remained uncertain.Commenting on this issue, Mr. In Nan, partner of KohRongProperty.com, said: “people say they have land ownership rights on the island but do not have hard title for their land ownership. They can sell and buy the land as normal - but price is not high without the hard title. I am concerned about the slow process of the island’s development as the government is taking so long to address the conflict between villagers and companies and to ensure the legal land title for residents.”Yet, Mr. Seng confirmed that the government has already solved the land title issue for the residents of Kong Rong. And the issuing was publicly announced to villagers today, the 14th of July 2017. Therefore, local residents will now feel comfortable and can sell or buy the land if they want to without any concern.”Regarding upcoming development projects in Koh Rong, he added: “The Royal Group alone plans to develop over a total area of 2,500 hectares; another smaller 100 companies will also be developing on the island. Airport, Casino, transportation services, water treatment plants and electricity will soon be developed there. Moreover, the government also plans to make Koh Rong into a tourist city, which is good news for local villagers in particular and the province in general.”Development plans in Koh Rong will be a huge benefit to local people as land price is expected to skyrocket and residents will have a better chance of earning more money when more and more tourists flock to the island.Mr. In said: “Koh Rong is an island of great future potential, especially for tourism sector since it is one of the most beautiful islands in Cambodia, offering best place for relaxing and refreshing with green area in the sea. Local people can run every type of small businesses to respond to local market’s demand. They will feel delighted with more job opportunities which ultimately raise their standard of living.”Regarding land prices, Mr. Den and Mr. In shared the same comment that: “land price varies based on its particular area: coastal land, residential land, or farmland. Land price can range from $35 to $75 dollars per square meter After the government confirms legal land titles to residents of Koh Rong and ends conflict and uncertainty between land of residents and land of companies, it is highly likely that land prices will skyrocket and Koh Rong will change its new face among other islands of Cambodia.”Mr. Brad King, Managing Director at Cambodia Real Estate, based in Sihanoukville with an office on Koh Rong Island, said: “Koh Rong will be Sihanoukville’s next boom destination for real estate investors, in particular those focussed on high-end hospitality.”Mr. King continues, “Investors should turn their attention to Koh Rong island land investment, as at the moment the land price on the island is much cheaper than the Sihanoukville mainland, where speculation from investors, in particular the Chinese, is pushing prices higher than similar plots of land along Thailand and the Philippine Coastline. This is stunting ongoing investment on the mainland, and price speculation is becoming ridiculous. Average land prices on Koh Rong however now are around $50 per square meter - compared to over $1,000 along the Sihanoukville coastline. Furthermore, the beaches of Koh Rong are some of the finest in the region.”Mr. Prum Seng, CEO of Nan Seng Co, Ltd., a real estate firm based in Sihanouk, said that, “Issuing the hard titles for villagers will offer a positive benefit for both residents and investors. Villagers will meet a great opportunity of land price growth for their plots of land - and their business opportunities will grow quickly now. And people can sell their land without any concern anymore. Meanwhile, investors will receive a 100%  guarantee that they can now safely purchase the land on the island with fully respected hard title ownership.”  He added that, “We can expect the future of Koh Rong to be very bright. While the land is small, demand for that land will be huge once the land titles are fully approved. This is an exciting time to live and do business here.”Check out Land for sale and rent on Koh Rong Island now

Cambodia is set to receive the most benefits among the Southeast Asian nations in terms of Chinese outbound real estate investment this year. Juwai.com report projects that in 2017, real estate investors from China will invest US$80 billion worldwide, ranking this year among the top three years on record along with 2015 and 2016. Southeast Asia gets a special highlight section in the report because it will be one of the most successful regions this year at winning an increased share of China's of real estate investment flow.Southeast Asia appeals to growing numbers of retail-level Chinese buyers. In each of Thailand, Malaysia, the Philippines, Vietnam, Indonesia, and Cambodia, Chinese real estate buying inquiries via Juwai.com in the first quarter of 2017 were up at least 26% compared to the same period in 2016. Cambodia was up over 300% more than any other country in SEA while the Philippines and Vietnam were up 130% and 60% respectively.Why does Cambodia become the most favourable country among Southeast Asian nations appealing to retail-level chinese buyers in Q1 2017?Alex Loo, Business Development Director of SC Capital Co., Ltd., said: “the reason is largely thanks to Cambodia’s friendly relation with China and the investment cooperation between the two nations is also strong. In 2016, Sino-Cambodian trade volume increased by 7.4% over the previous year.”Mr. Sunny Soo, Managing Director at Keystone Property Consultants Co., Ltd., agrees that Cambodia offers a stronger political economy and friendliness to Chinese investors, compared to neighbours Vietnam and Thailand. Meanwhile, says Mr. Soo, “the US dollar is a incentive for Chinese property investors, offering a reliable hedge against the uncertainty of the RMB.”This year Xu Ningning, Executive Director of China-ASEAN Business Council, visited Cambodia. He met with Minister of Land Management, Urban Planning and Construction to promote the development of China-Cambodian construction industry and its business cooperation, which will be to a certain extent, China's real estate developers to further investment into Cambodia.Mr. Loo added: “For overseas investment, economic growth is the main attraction of the country. Cambodia's economic development is very rapid; the basic annual GDP growth rate remained at 7% per annum.”“Over the past 10 years, Cambodia has opened up its economy and experienced new opportunities and challenges. To strengthen international competitiveness, the Cambodian government has promoted export liberalization and implemented tax reform to attract investors. Cambodia's economic growth rate for the world's top few is expected in the next few years,” says Mr Loo.Meanwhile, Laurence Hamilton, Vice President of NC Max World Co.,Ltd, said: “demand from Chinese Retail Buyers has been driven by stricter regulations in the Chinese monetary markets, causing many Chinese Investors to seek overseas property investments where possible. Cambodia has been particularly favorable due to its use of the US Dollar, a relatively stable currency. Of course Cambodia is also realizing one of the highest GDP growth rates in the region, which, in turn, is generating real property appreciation.”Even though Southeast Asia is not China’s largest outbound real estate investment, the region is the fastest developing market in the world, generating much higher returns than in developed markets.Mr. Hamilton added: “Although the tertiary markets of Europe and USA remain strong vehicles for Chinese investors, a large portion of that foreign direct investment has shifted to South East Asia’s developing economies over the recent years. This is because the developing markets have generated much higher returns on investment than in developed markets, with much less risk than previously stigmatized.”He explains that China is in the process of overtaking the United States as the world’s largest economy. This inevitably has a huge impact on the immediate region, especially given China’s extrovert, trade-driven foreign policy. Chinese real estate investment in Cambodia will be a win-win scenario, with the Chinese acquiring real estate at an attractive price point, generating US dollar residual income, and the Cambodian Economy being boosted by the increased demand for business goods and services, which generates jobs and tax revenue for the country.Commenting on this, Mr. Loo also said: “China's investment is giving smaller neighbors in Southeast Asia an unprecedented change to help Cambodia, Laos and Myanmar become larger Chinese export destinations. China will provide $10 billion in infrastructure loans to Southeast Asia. China's direct investment in Southeast Asia is mainly concentrated in Indonesia, Malaysia, Cambodia and Thailand, with a focus on infrastructure, energy, finance, real estate and transportation.”Chinese outbound real estate investment this year and next will continue to be a main contributor to Cambodia’s overall economy, especially the real estate sector.Search for real estate and property all over Cambodia on Realestate.com.kh NOW!

Are you looking to invest in a property in Cambodia? Consider buying a Borey! These exclusive gated communities are gaining popularity in the country, offering modern amenities. But before you jump in, it's essential to understand the process of purchasing a Borey property. In this guide, we'll take you through the steps involved in buying a Borey in Cambodia and provide useful tips to help you make a wise investment.  What to Expect from a Borey Borey is characterised by a group of low-rise residential properties located in a gated community. These include villas, flats, townhouses, shophouses, and even the occasional condominiums. Borey developments have a variety of properties that cater to both individuals and families. It typically has its own infrastructure and services which include roads, water, electricity, and waste management. But the biggest selling point of a Borey is its huge space and security. It also generally has a quieter scene because of its exclusivity.Buying a home within a Borey development is a good option because it means that your new home will be surrounded by all the right infrastructure, such as water, electricity and appropriate road systems. It should also mean that the community is secure and contains common areas for your family to enjoy. The downside is added costs compared to stand-alone properties, a possible waiting period before you can move into your new home, and also the potential dangers of buying into a Borey project that doesn’t fulfil all its promises.Where are most of the Borey for sale located?Major Borey developments are located on the outskirts of Phnom Penh city - and very few are located in the inner-city districts. This is because they require more land to set up and this is hard to find in the already-heavily-congested districts of the city. They are also increasingly appearing in other major provinces, such as Siem Reap, Sihanoukville and Battambang.(A Borey complex in Sen Sok district, one of the districts in Phnom Penh popular for this type of gated-community development / Realestate.com.kh)  Meanwhile, new Borey projects are being launched near main highways outside of the cities, particularly in areas with significant industrial activity and factory-worker populations.A Borey developer can take land that is totally undeveloped (farmland, rice paddy and lakes) and lay the base infrastructure for a new mini-city. For this reason, the boom in Borey developments is essentially creating new areas of the city suitable for residential properties. For the developer, by developing the necessary infrastructure, they can transform the land and increase the price per square meter dramatically after the project is completed.  Can Foreigners Buy Borey?Foreigners are not allowed to buy homes in Boreys because these are predominantly landed properties. Article 8 of the Land Law states that “a foreigner who falsifies national identity to become an owner of land in Cambodia shall be punished as determined under article 251 of this law. Any property bought under these circumstances will be seized as state property without compensation from the state.” Yet, some storeys do have condominium units available with strata titles fully applicable to foreign buyers. Also, foreign buyers could consider buying a Borey home that is landed via a Cambodia nominee.  I’m Cambodian, Can I buy a house for sale inside a Borey?If you are a Cambodian citizen looking to buy a landed property, Borey Developments can be a great option for you. The good news is that there are no legal hurdles or financial constraints to worry about as long as you fulfil your legal and financial obligations. With the growing popularity of Borey communities in Cambodia, more and more developers are making it easier for locals to purchase properties.  What documents should I look for when choosing a new house in a Borey development?Many developments will pass themselves off as Boreys. But fake projects don’t have the necessary approval and documentation. They simply call themselves “Borey” in their marketing drive. Buyers need to check for five vital documents to ensure the quality and credibility of the Borey development.(A sleek interior design of a house in one of the Borey developments in Phnom Penh / Realestate.com.kh) These 5 crucial documents are the hard title, company registration, approved master plan, construction license and Borey License.Hard Title: You have to look at two classifications of hard titles when dealing with Boreys.The first is the hard title for the whole Borey development. This is called a master title - and will cover the entire piece of land on which the project sits. The second one should be hard titles that are subdivided for each residential unit included in the Borey. These are called individual titles. A legitimate Borey development should be able to produce both of these hard titles for potential buyers. If they can’t show this, don’t put any money down until they do.Development Company Registration: Development companies will need to register themselves to gain approval from the necessary ministries to proceed with construction. However, construction is not always a sign that they’ve been approved. You can ask to see their company registration just to make sure both the project and the developers can proceed legally.Master Plan Approval: The Ministry of Land Management will need to approve the developer’s Master Plan first by the Ministry of Land Management before construction begins. A credible developer will be able to provide you with it or at least show you a copy.Construction License: The construction company then goes through a thorough background check with the Ministry of Land Management. Boreys must have a single registered construction company building the units and infrastructure to ensure consistency and quality throughout the development. Once this has been cleared, the construction company is then given a license.Borey License: The Ministry of Economics and Finance releases the license for Borey once everything is in order. This means that the developer has satisfied the requirements of the government in terms of quality, design, sales plans, and documentation.Should I buy with a hard title or a soft title?In reality, you can buy with a soft or hard title. Most importantly, you have to look to make sure that the developer has a main hard title.Ms Lay Solida, Lawyer at CBL Law Group, said that “Borey projects should be legal and recognised by related ministries. The most important thing is that the Borey project has the main hard title.”Boreys must have hard titles for the whole development area. Hard titles give an assurance that the developer fully and rightly owns the development of land. You can go the extra mile by checking if there are any pending legal issues with respect to the hard title. These specific sets of documentation serve as your protection for you and your investment.Mr Dara has just bought a house in a Borey in Phnom Penh. He said he’s already familiar with the above-mentioned documents. He explained, “I have just bought a house in Phnom Penh. I chose to pay an instalment with the project owner. And for now, there is no hard title issued or even a soft title. It’s just a buy-sell agreement letter. There is a guarantee to be issued after payment is completed. And if I want a hard title, I need to process the documents myself.”Kheang Puthy, CEO Sleuk Rith Realty, told a local news agency, “We need to check all the legal documents, like ownership title, construction license, and agreements from the related ministries. You’ll be safe when you buy a Borey that has all the documents.”But what if the Borey for sale has a hard title for the entire development but still only gives you a soft title?Mr. Cheng Soknov, Loan Staff at the ACLEDA Bank, is optimistic. He said that it “is not a problem if you just have a soft title when you buy in a Borey project, the most important thing is that the Borey project is legal. We can make a hard title later.”If the development title is hard, then hard titles can be made for individual properties bought by customers. It is still the most secure option to make sure you have an individual hard title for your home section. This can be achieved, but it will cost you 4% of the property price. Once you get this though, you can live without fear of any title issues moving into the future.(A modern kitchen in a show house in a Borey project in Phnom Penh/ Realestate.com.kh)  Why is a master plan for the Borey for sale so important?Every development project needs to have a master plan. Before the development projects get the other licenses, they also need to have a detailed plan to show to the ministry to monitor whether the development would be successful or not in the future.In some cases, the ministry must conduct research on sales strategy because sometimes the owner will not make a deep study of the market and surrounding area to see if the project is likely to be absorbed by the market.Ms. Chan Socheata, the Head of the Office of Business Management Housing Development at the Department of Industry and Finance also said that "if that project sold out lower than the market price, we (the ministry) can meet with the owner to consider selling prices compared to the costs and other expenses for the project sold out at a reasonable price."The importance of Boreys having a construction license, registration certificate, and a Borey licenseThe Ministry of Economy and Finance and the Ministry of Land Management, Urban Planning and Construction have made announcements together that some of the construction projects are not registered with the relevant ministries so as to contribute to the development of real estate.Ms. Chan Socheata said that “generally, before the issuance of the license for any project development, the ministry evaluates through its checklist to find out whether the development has a clear and strong source of income, capital, collateral, land title, and other assets that support their project”Socheata advised, “All project developers have to get a license from the Ministry of Economy and Finance. And this is something that any buyer should seriously consider before buying residential properties off-plan, whether condo or Borey. Keep in mind to ask whether that project has got a license in order to protect your own benefit and not waste money with unnecessary trouble.”Overall, if we buy any project that does not have a valid license, it's very risky. And when those projects have a valid license, it’s useful to create a solid basis for the financial system, prevent financial crises, make strong regulations for buyers and sellers in the real estate industry, and have a clear guarantee from responsible developers and buyers especially to protect and prevent risks when the company goes bankrupt. Check Licence with Developer There are still concerns about some developers only registering a legal construction licence through the local government and not on the national level. This can be very troublesome for buyers in relation to either the ownership of the land or the house mainly due to the fact that possibility that the authorities won’t honour your local registration.So, before deciding to buy a house from any project, make sure it’s legal and they possess the following other legal documents such as a master plan and hard title.The types of Borey Development Budget Plans?Generally, there are three types of Borey development budget plans.The first is when a project owner uses their own capital as an investment.The second is when the project owner partners up with a bank.The third is when the project owner collects money from customers first in order to start the construction (off-sale plan).  The first situation is the safest for the buyer - because it means that the developer has sufficient capital to complete the project even without pre-sales to buyers and/or the financial support of the bank. Having said that, a project in partnership with a bank is also common in the Cambodian market and should be no real cause for concern if the developer has a good reputation and track record, and partners with a reliable and well-respected bank.The third scenario should, however, raise some concerns for the buyer. If the project doesn’t sell as fast as the developer expects, it may be halted or slowed down. In this case, if you have bought a unit presale, you may not get your new home when you expect it. And in the worst-case scenario, you might never get it at all. Also, if a developer runs out of money as the project nears completion, shared facilities within the Borey may suffer and not be built to the original promises made to early buyers - such as roads, security and community areas.(A fully-furnished and decorated master bedroom in a completed Borey project in Phnom Penh / Realestate.com.kh)  Pay With an Instalment Scheme?The economics editor of BTV, Mr Yin Leangkong warns against the usage of instalment schemes. He continues, "In fact, some developers use payment methods that don’t require a deposit. It means that customers can redeem their properties once the project is completed.” But he also stressed that "instalments may take approximately 5 to 10 years to pay. And pay costs can exceed the sale price."It is a buyer's decision to choose which payment method suits them. The instalment plan entails a higher price than normal and requires you to wait and pay for the construction until after the project is completed.  The money gathered is either allocated for the construction or for marketing.Purchase Before Construction is Finished?Paying before the completion of the project can be an advantage. The farther away it is from the completion date, the smaller the property price is. But when a project developer has to wait for money from the client to complete construction, the buyer should consider the capital and budget plan of the project. It could be riskier when you buy that kind of project because it might not have enough money and go bankrupt if clients don’t come in soon enough.If the developer received loans from the bank for the project, this gives customers the confidence to buy the property because banks have strict requirements and protocols before they approve a loan.Are Home Loans Available?It would be helpful to check if there are loan agreements available to assist you financially if you’re not able to afford the full price immediately. This gives you the flexibility to pay at a pre-arranged and more comfortable pace. There are several home loans available but different banks offer them at different interest rates as well. But sometimes Borey Developments also partner with local banks for these home loans. So, it’s best to check with both your local bank and the developer to see what your options are. Consider your home loan options before you agree to buy - not afterwards!  Get a loan from the bank or from the developer?If you get a loan from the bank, you can normally get up to between 60-70% of the property price. However, you need to have a stable income and collateral. The interest rates start at 7% per annum, with a loan term of up to 15 years. Borrowers are sometimes required to make a 30% down payment on the house price.It’s easier to get a loan directly from the Borey developer. You don’t need collateral, an income statement, or a down payment. You just have to make sure that you have a stable income to pay. But they will also be very quick to take back your asset if you fail to pay.When you get a loan from banks, they will investigate your financial capacity. They will also need to investigate whether the Borey is a safe investment or not. This is harder to satisfy for the buyer - but it may pay off in the long run.Boreys may offer easier loan terms, but you have to face more risks than a loan with the bank.    Article by:

​​​ City Tower, a unique and modern office building standing a total of 14 floors, was opened for occupancy in March this year, with 25% of office space already leased. It is located along Mao Tse Tong Boulevard, Sangkat Phsar Depou I, Khan Toul Kork, Phnom Penh. It sits in the main commercial area, adjacent the Intercontinental Hotel and just next to international food and beverage branches, including Burger King and Coffee Today. Mr. Bun Kheam, General Manager at City Tower, explains, “We don’t see many high-rise office spaces in Phnom Penh and the City Tower project is among the few currently present in the capital. This makes it a very good option for businesses looking for a foothold in the capital.” The entire building’s concept design is developed and supervised by the Archetype Group, a leading architecture and construction consultancy firm that designed the Phnom Penh and Siem Reap International Airports, among many other projects. Meanwhile, responsible for the construction work is local firm, Heng Eng Kong Construction Co., Ltd. According to Mr. Bun, City Tower is designed to focus on convenience and a comfortable working environment through the inclusion of modern facilities and its interior design. It has a 2.75m floor-to-ceiling height that features suspended ceiling tiles with recessed LED lighting.  Furthermore, the office units also showcase floor-to-ceiling windows for optimal natural daylight, VRF centralized air conditioner for energy efficiency and comfortable cooling, flexible partition, CCTV, and access control security in the common areas.   100% guaranteed to incorporate quality with its lush and unique aesthetic, The City Tower offers multi-purpose accommodations to suit the different needs of lessees. Additionally, the building also offers high speed fibre optic cable telephone system backbone and fire protection mechanisms (heat and smoke detectors, fire alarms, horse reel and fire extinguishers, and 2 pressurized staircases). A Public Announcement System is also in place, together with a standby power generator for 100% power backup in case of electricity cut off. City Tower also features a two-floor basement parking space: one floor is dedicated to car parking space and the other one to motorbike parking. In regards to the leasing price, “the office space unit starts at a price of $15 to $18 per square meter. And $2.5 will be charged monthly for management services fee. Facilities and management system of the building are very similar to grade A office space, but the leasing value is more affordable,”said Mr. Bun.  Office spaces range anywhere from 60 to 610 square meters and retail spaces ranges anywhere from 100 to 350 square meters. The ground floor is available to serve as a showroom and a banking space, while the mezzanine is available for cafés and restaurants.”  Since the City Tower is open for lease for coffee shops and restaurants, it becomes a place for everyone -- whether you work inside the building or outside, you are allowed to walk in for coffee and food, according to Mr. Bun. He concluded that for those who intend to get a long-term lease for a large office space, negotiations for discount are welcomed. Get your business off to the right start in Cambodia with City Tower! Check out the available spaces here : retail space and office space

Cambodia’s investment climate and property market is expected to grow rapidly and steadily in the upcoming years due to the increase of local and international investors. Together with the growing supply and demand for premium homes, the need for matching premium home appliances is also growing. Bosch, the premium German home appliances brand under BSH Home Appliances Pte Ltd, has recognized this need. After bringing their products to several iconic projects into countries such as – Korea, UAE, USA, Singapore, Vietnam, Thailand, Indonesia,  the Philippines and many more – BSH Home Appliances Pte Ltd has now partnered with Modern Kitchen Boutique (MKB) to distribute their products in Cambodia.  MKB was established in 2012. MKB is an extension of Gas Toansamay (Modern Gas) and together they have more than 30 years of experience in Home & Kitchen appliances. From the designing of the kitchen cabinet to its construction and to the installation of appliances, MKB provide complete solution to your Kitchen’s needs. Now with Bosch, it served to complete this already well-established entity.   Charlie Chea, MKB’s Product & Purchasing Director, said “The market in Cambodia is ready for one of the new premium level of lifestyle and we are glad to offer Bosch appliances going forward.”In addition, he added that “Since Bosch is filling a niche for premium European appliances, their product selection is very appealing toward the luxury retail market as well as the booming Project market.”  Some of the “premium European appliances” that will be distributed by MKB include Bosch’s winning Series 8 Ovens, which comes with a cook-assisted program and unique cooking functions, like perfect Bake and Perfect Roast. It also boasts of a 2.5” TFT Screen for improved usability and control. For anyone looking to complete the afternoon homemade pastry and coffee experience, MKB will also offer Bosch’s Automatic Espresso machine. It features a TFT display too that can easily guide users through options for coffee strength, coffee temperature, and type of coffee drink. Perhaps one of the products the company is most excited about is the washing machine with Eco Silence Drive. With its anti-vibration side panels and automatic loading sensors, the machine is not only pleasant to the ears. It’s also efficient both in terms of process and energy consumption.  Bosch’s product will be made available by MKB in its free standing showroom in Phnom Penh by end of June. So, if you’re planning on investing on development of a new construction, buying your first new home or upgrading your home, getting appliances from Bosch is an ideal choice to spruce up your home and future proof it along the way.  Find the best real estate news on Realestate.com.kh!

Annual Press Conference 2017 in Phnom Penh  Construction and automotive industries key growth sectors for Bosch Bosch Automotive Aftermarket achieved record-breaking triple-digit growth Increasing brand awareness through multi-channel corporate brand campaign of how Bosch helps make a difference in CambodiaUp-skilling of more than 100 trainers and trainers-to-be in 2016 through vocational training Phnom Penh, Cambodia – Bosch, a leading global supplier of technology and services, registered strong sales growth in Cambodia for fiscal 2016. The company has been growing at a double-digit rate since establishing its presence in the country in 2010. “Cambodia continues to be an important growth market for Bosch in Southeast Asia, thanks to the steady economic growth of the country at around seven percent, particularly in the automotive and construction sectors,” said Andre de Jong, Managing Director of Bosch for Cambodia, Laos and Myanmar.    Strong development across all business divisions Bosch’s Automotive Aftermarket division was the main contributor to the company’s overall growth in Cambodia in 2016. It achieved a record-breaking triple-digit growth, boosted by the country’s growing automotive market. According to the Ministry of Public Works and Transportation, the number of registered vehicles in Cambodia reached 3.7 million in 2016 - a 16 percent increase year-on-year. “Cambodia’s automotive landscape is diversifying in terms of the number of makes and models of vehicles in the country. Bosch is supporting this trend by expanding our product range offered in the country,” said de Jong. “In parallel with the enhanced efforts of the Ministry of Public Works and Transportation to improve the safety of trucks, we are also expanding our portfolio to bring in a wider range of equipment and machinery spare parts (off-highway product segment).”  The Power Tools division maintained its momentum of positive growth, largely buoyed by the kingdom’s growing construction industry. By end 2016, total investment from approved construction projects in Cambodia had increased by over 140 percent compared to 2015. This amounted to USD 8.5 billion from more than 2,600 projects. “Bosch aims to contribute to the technological advancement of Cambodia’s construction industry. To support this booming sector, builders must have access to the right tools. In 2016, we therefore launched the “Heavy Duty” power tools series, a range of precise and long-lasting tools specifically tailored for heavy duty construction work,” said de Jong.  The flourishing construction industry also presented opportunities for the Security Systems division to offer safety and security solutions for property developments such as condominiums, offices, and hotels. The division registered a strong double-digit sales growth in 2016 compared to the previous year, with security cameras and access control systems as the main drivers.  The Drive and Control division performed well in 2016, too. The division currently offers solutions for the manufacturing, agriculture, mining, energy, and construction industries. Bosch has also broadened its product offerings in this area, to include frequency converters to help increase a building’s energy efficiency.    Building a strong corporate brand in Cambodia  To support long-term growth in the country and to heighten awareness of the company’s business activities and local presence, Bosch launched its first Southeast Asia-wide corporate brand campaign last year with the slogan, “We help make a difference”. Brand-building activities carried out in Cambodia. mainly focus on digital media including a microsite with a connected Facebook app that is linked to other touch points in print, television, and outdoor brand placement on billboards, buses and bus shelters. In 2017, Bosch is set to roll out the second phase of the campaign with details to be informed at a later date.     Enhancing the quality of life for the local community  Bosch’s corporate philosophy of enhancing the quality of life extends beyond its business practices to social commitment in the countries where the company operates in. In Cambodia, Bosch has been actively providing vocational training to trainers and trainers-to-be from various vocational training entities since 2010. In 2016, Bosch provided training to more than 100 participants, and donated its products to vocational training centers. “Bosch has had a long heritage in supporting vocational training. It is our lifelong commitment and passion to help make a difference to the local community by imparting technical know-how and skill sets,” said de Jong.  Bosch Group: Global strategy and business outlook for 2017 For 2017, in light of a subdued economic outlook and geopolitical uncertainty, Bosch aims to achieve sales growth of between three and five percent. And despite still heavy upfront investments in safeguarding the company’s future, results are set to rise. “Business success today gives us the leeway to shape tomorrow’s world,” said Dr Volkmar Denner, Chairman of the Bosch Board of Management. “As an innovation leader, we are shaping and driving transformation,” Denner added. The focal points of this transformation are changes in the mobility sphere and IoT connectivity. By 2020, all Bosch’s new electronic products will feature connectivity. The key to this is artificial intelligence (AI). Over the next five years, Bosch will be investing 300 million euros in its own center for artificial intelligence. In Asia Pacific, Bosch recorded a hefty 8.3 percent increase in sales in 2016 to 20.8 billion euros (exchange rate adjusted +12 percent). Bosch now generates 28 percent of its total sales revenue in Asia Pacific compared to 27 percent in the previous year.  Find outthe best real estate news on Realestate.com.kh

The concept of a co-working office space has been around for quite some time and is finally increasing  in popularity in Cambodia to satisfy the country’s short-term rental space demand. Most of co-working spaces offered are foreign companies that have progressed tremendously in just a span of a few years. Those shared spaces have become very popular among individual or groups of entrepreneurs, startups, and small businesses. Co-working space is a new trend entailing a shared working environment, often similar to an office. Unlike in a typical office environment, these co-working spaces are usually not occupied by the same organization or company. There has been an increase in working space of this type both in Phnom Penh City and Siem Reap province. Some of the co-working spaces in Phnom Penh are Impact Hub Phnom Penh, Small world, Colap and a lot more. Meanwhile, Siem Reap has The 1961 Co-working & Art Space, and Angkor Hub.  Although co-working is still quite a new concept in Cambodia which begun in 2015, Olivia Hough, Chief Operations Officer (COO) at Impact Hub, stresses it has proven very popular for two years, saying: “we have expanded three times. It is likely to continue to grow as a trend as the startup scene continues to grow in Cambodia. We wanted to support and enable Cambodians to start their own social businesses.” Ms. Olivia explains Co-working is like an open plan office, with the difference that anyone can join. Our community at Impact Hub is made up of techies, creatives, NGO workers, entrepreneurs, freelancers, or writers, etc. It's very diverse, meaning you can work in a quiet environment with fast internet and like-minded people for a membership fee. It's also a great place to network and meet new people. Meanwhile, Mr. Ham Kimhoun, training director of Wecreate Cambodia, said: “Although new a  trend, co-working space is the office for everyone who is working long-distance, individuals, or small groups of people. Co-working office space offers a special and flexible environment as usually they include training, networking, referrals, and a venue for open discussions.” In fact, Co-working spaces in Cambodia are offering a good opportunity for Cambodians to meet people from different fields, allowing them to learn and exchange different business ideas.  Siem Reap, a multi-national melting pot, offers great opportunities for co-working spaces with a lot of encouragement and motivation. Mr. Loven Lamon, managing director of The 1961 Co-working and Art Space based in Siem Reap, said: “There is great potential for co-working office space in the Cambodian market. And Siem Reap comes second after Phnom Penh since it has many tourists, foreigners and young people in the area. with The 1961, members are also able to access more services and facilities such as meeting rooms, private skype rooms, and other wide range of rooms that can be used as needed.”  Mr. Loven added that The 1961 was converted in 2014 from a hotel to a co-working space. This was because they saw this growing trend, noticing many of business ideas from young people and didn’t have sufficient resource to rent an office space. Regarding rental price, Olivia said price for full-time membership is $60 a month, and part time (access to the space three times a week) $35. Members can also choose to have their own fixed desk with a locker for $150. For Mr. Loven, the price depends on the need of members: if a member needs to use the place for a day is $5, three-days $10, one week $20 and one month $100. This is the price for low season but it can go up during the high season. However, this price is still cheaper than working in their own office, or coffee shop, which won’t offer high internet speed and flexible environment. Co-working space is not a 100% real estate commitment, but it is a place where people can first prepare their business before they’re ready to occupy the actual office building for establishing the company. So, co-working space prepares the real estate market to accept actual business, according to Mr. Loven. Co-working spaces is not just a shared office, is more of a new community of like minded entrepreneurs and young business people. It offers a great opportunity to learn and grow connections. As the startup environment is not likely to stop any time soon, we can only foresee a further increase of co-working spaces.  Looking for office for rent in Cambodia? Find it on Realestate.com.kh!

Despite the upcoming parliamentary election, land prices in Sihanoukville keep rising as infrastructural developments and major investment announcements buoy investor and local seller confidence. However, some market insiders believe these prices are moving faster than demand. In an interview with local media, Oknah Cheng Kheng, ceo of Cambodia Properties Limited (CPL) said, “land prices in Sihanoukville are climbing because of the nonstop flow of investors, especially Chinese investors.” The Sihanoukville Special Economic Zone (SSEZ) is an ideal example of Chinese capital reshaping the coastal region. According to CBRE Cambodia’s Special Report on Sihanoukville, “it is estimated that at its completion, the SSEZ will be home to over 300 factories employee 80-100,000 people.” The same report also indicates four new major condominium developments that will contribute to the market’s residential supply as soon as 2018 hits. Echoing Mr. Cheng's view, Cambodian Valuers and Estate Agents Association (CVEA) president, Kim Heang, in a local media report said that this year was a peculiar case, with trade in Sihanoukville property still active despite the upcoming election. This is contrary to the past when property trade came to a standstill in the months before elections. Yet, some market insiders suggest that high land prices in Sihanoukville, in particular around the beach areas, are being pushed up by unfounded speculation. According to Brad King, Managing Director at Cambodia Real Estate, a Kampong Som based brokerage, landholders in central Sihanoukville see major development happening around them and assume their land has also now doubled in price. “But usually it’s not the case,” says Mr. King, “with their land being inferior to post development land as it lacks base infrastructure such as water and electricity connectivity.” The especially high land prices apply to beach areas from Hawaii Beach all the way to Otres 3, says Mr. King, with prices anywhere from $1000 per square meter up to $2500 per square. According to Mr. King, even just two streets back from the beach, prices start at $300 to $750 per square meter. Sihanoukville foothills with small views start at $80 per square and go as high as $750 per square for unobstructed sea view land. “With the majority of beach plots being over 1 hectare, the entry level prices on the beach is $10,000,000 USD for 10,000 square meters,” says Mr King. “Other than this, you can find the odd plot under 1 hectare, but the prices are usually above the “average”. For example there is a one 5000 square meter plot left on Otres Beach for $1,250,” continues Mr. King. Mr. Den Sakal, ceo of Universal Real Estate, said that a Chinese investor has bought a considerable section of Otres Beach land shortly after Khmer New Year. In reply to this investment, land prices around the project plot rose very quickly.  According to Mr. Den, land prices on the Otres beach front have risen as high as $1,250 or $1,300 per square meter in some cases, buoyed by the confidence of a major Chinese development underway. However, Mr. Den notes that land transactions in the Otres area have not increased alongside the price increases. The rising prices are driven by local landowner speculation and it is unclear whether the sale prices will reach these heights.  Mr. Den suggests that this type of speculation will create a bubble in the market only suitable for Chinese buyers willing to pay exorbitant prices - and will freeze other investors interest in the area, both local and international.  There are 3 plots on the main road to Sokha Beach that are prime plots for development and still below the current market prices, notes Mr. King. These plots range from $550 to $750 a square meter with the size from 3,800 to 10,000 square meters, just minutes from Sokha Beach. Yet, the reason these plots are priced at “last year's prices” is due to the owners living abroad and not following this year’s price increases, says Mr. King. “Beach Land prices in Sihanoukville should not be as high as similar destinations in Thailand and the Philippines quite yet, as there is no supporting infrastructure in place to warrant those prices,” believes Mr. King. And while CBRE mentions in their report that, “The downtown area provides many services including international banking, medical, post office, business services and shopping,” Mr. King says that “the roads in Sihanoukville are in bad shape, there is no major shopping center, no quality entertainment, the hospitals are underfunded and not up to an international standard that gives investors confidence; and although the airport is becoming “international” it is far from happening yet.” Mr. King believes “the prices of land suitable for the small investor or retiree have slowed the growth rate of Sihanoukville - as it is out of reach to 90% of the western foreigners looking to retire or buy a holiday home there. This means the land on offer to the market is either too big for the average buyer and/or too expensive.” “The whole market is in a development cycle and hopefully some of the major landowners will see the long term benefits of developing mid range to high end villas and apartments which will give Sihanoukville long term sustainability in all seasons,” Mr. King said. For smaller investors Mr. King recommends buying established houses or established apartments built prior to these high land prices becoming the norm. If you want land, “look into the foothills or look at smaller blocks along back streets. Here there are plots of land for under $80,000 and below that are perfect for villas and/or apartments.”  All property for rent and sale in Sihanoukville!

Located at street 228 corner street 55, Sangkat Chaktomuk, Khan Duan Pen, Phnom Penh, the Lumiere Hotel is a lush and unique building among the crowd. The recently opened 4-star hotel, goes up to a total of 15 floors, offers a stunning sky bar at the roof top and a unique and modern design. Although this hotel was developed by a Singapore-based investor, it was designed and constructed by local Cambodian firms. SOMA Construction & Development Co., Ltd, is a local construction firm that performed as main contractor during the construction of the Lumiere Hotel from foundation, super-structure, MEP and finishing works. The construction work started in August of 2015 and was completed in January 2017.    For up to date news and information, visit our news section at Realestate.com.kh now!

Turnkey Design gives young entrepreneurs, startups, business owners, and investors the most comprehensive range of design services within the market of Cambodia.   Turnkey Design was founded by young Cambodian entrepreneurs, aimed to apply the skills and knowledge they have acquired in their home country: Cambodia. Having been working in consultant sectors, they have noticed the increasing competition within the industry and a greater need for standards improvement. In order to find out more about the company, Realestate.com.kh met up with Ms. Oum Chanvatey -- its co-founder, Account Director, in client services sector. When asked why they created the firm, Vatey stated that “As a double degrees graduate from Cambodia myself, I have always wanted to build my own brand in Cambodian market.” 2 years ago I met my business partner who graduated from abroad and happened to have the same passion as mine so we founded “Turnkey Design” and has a very high commitment to working closely with clients to provide the best standards of design, as well as to meet the client’s needs.” Vatey added, “We see a lot of design firms in Cambodia, but most of them belong to foreigners, and we think that Cambodians also have the capacity to do so, and this is  why Turnkey Design was created. The purpose of our company is to bring nothing less than international standard design services to Cambodia’s market.” Vatey also explained, “Even if this business has just been running for couple of years, we are supported by both local and foreign customers; in fact most of our clients are foreigners. This is because our team works hard to understand what the clients want and what are their needs. More importantly, we don’t only focus on design: we also provide consultations to customer and create new creative concepts.” “We believe in professionalism and we provide high quality work to our valued customers, and unique designs are one of our strongest points” confirmed Vatey. Called “Your Absolute Design Platform,” Turnkey Design is mainly focusing on three prominent design services that include: Graphic design, website design, and architectural & structural design. Turnkey Design has the right team to design beautiful and user friendly websites -- with application experience and clear versions through appropriate technology. In terms of graphic design, the company provides services such as designing logo, designing branding design such as name cards, shop signs, packaging, and all related marketing materials design. As for architectural designs, the company offers structural and interior design, not only interior design but also building’s exteriors, front yard spaces, car spacing, etc. Whether it’s a technical consultation or a platform design for any business, Turnkey Design has the capacity and the expertise to accommodate their client’s needs. “Discipline, timing, responsibility to produce quality product with an affordable price are what Turnkey Design guarantees to its clients to establish mutual trust and confidence” added Vatey. “Besides working towards the company’s growth, Turnkey Design also intends to  employ more young people in Cambodia.” Vatey suggested that “I see a lot of potentials in our young people creativity. All they need is a chance to showcase their talent and as Khmer people, I feel the need to give them the shot to shine.” Vatey added “Their design’s quality is not bad, in fact if we look closely, the creativity of their design has the same international standards quality at those applied at foreign companies; they just need the channel as well as the market to showcase their design”. “We are ambitious. We will never stay in one place and always try to grow our company. In the future, we aim to expand our services outside of Cambodia — to South East Asia and also other parts of the world,” said Vatey. Find the best real estate news on Realestate.com.kh!

Cambodia is rapidly growing in terms of real estate -- attracting both local and international property developers and investors from across the ASEAN. With a constant GDP growth and investment growth prospects, Cambodia has great potential for small to large scale developments. The country has also changed in terms of real estate and construction. New developments are now offering a very convenient way of living. Expats are also now allowed freehold ownership. Developments are now also moving from Phnom Penh out to both Siem Reap and Sihanoukville. So, purchasing property in Cambodia may be ideal at the moment for both local and international investors who have a better understanding of potential investment opportunities.  Cambodian Valuers and Real Estate Agents Association (CVEA) is working towards showcasing all those properties in the country and presenting them to the world. As such, CVEA is organizing its first and biggest yearly real estate exhibition and convention. It will be held in two weeks at Sofitel Phnom Penh Phokeethra. It will last 3 days -- from the 23rd to the 25th of June 2017. Dr. Kim Heang, the President of CVEA, said that “the Cambodia Real Estate Expo and Convention is aiming to promote Cambodian real estate to the international market and also to train relevant members of the industry to better understand the land and residential market of the Kingdom. Dr. Kim added, “This exhibition is a national event, but it will be attended by international visitors and speakers who have a wide range of experience from their many years in the international real estate market.” Dr. Kim Heang explains, “This event is going to promote Cambodia’s real estate as a whole. That means that it’s not just going to advertise the projects of partners, but also other developments in Cambodia. There are around 6 project developments exhibiting over the three-day-event. These  include: the Orkide Villa, Borey Chip Mong Land, Borey Peng Huoth, Penthouse Residence, Surin Phumi Project, and CPL Properties Limited. There will also be some training sessions at the event that will cover a variety of topics. They will be presented by major speakers hailing from Cambodia and eight other Asean countries. The speakers are: H.E, Ngoun Sokha; Secretary General of State at the Ministry of Economy and Finance; Sok Siphana, Managing Partner at Sok Siphana & Associates - a member of ZicoLaw; Chenyi Chiu, General Manager of TK Royal One and Advisor to CVEA President; Dato’ Seri Kee Yong Wee, a Former Malaysian Chinese Association Youth Leader from Malaysia; Oknha Ly Hour, President of Housing Development Association of Cambodia; Mr. Harry Yeo, President of the Institute of Estate Agents Singapore (IEA); Mr. Erick Kho, Past President of Malaysian Institute of Estate Agents (MIEA); Dr. Sopon Pornchokchai, President of the Thai Appraisal Foundation; Mr. Hartono Sarwono, President of Assiasi Real Estate Broker Indonesia; Mr. Nguyen Tran Nam, President of Vietnam National Real Estate Association (VNREA); Mr. William Floresta, Senior Vice President of the Philippine Association of Real Estate Boards, Inc. (PAREB); Mr. Khin Maung Than, President of the Myanmar Real Estate Service Association (MRESA); Oknha Cheng Kheng, Chairman of the Cambodian Valuers and Estate Agents Association (CVEA); Oknha Sear Rithy, Chairman of Worldbridge Land; Lok Chumteav Okhna Lim Chhiv Ho, owner of At WOOD and PPSEZ.   The event is sponsored by Realestate.com.kh and La Reine. All Cambodia TV channels will also be invited to the event.  Topics that will be discussed during the event include the following: 20 Years of Real Estate Industry in Singapore 2007-2017 & 2017-202720 Years of Real Estate Industry in Malaysia, 2007-2017 & 2017-202720 Years of Real Estate Industry in Thailand, 2007-2017 & 2017-202720 Years of Real Estate Industry in Indonesia, 2007-2017 & 2017-202720 Years of Real Estate Industry in Philippine, 2007-2017 & 2017-201720 Years of Real Estate Industry in Vietnam, 2007-2017 & 2017-202720 Years of Real Estate Industry in Philippine, 2007-2017 & 2017-202720 Years of Real Estate Industry in Myanmar, 2007-2017 & 2017-202720 Years of Real Estate Industry in Cambodia, 2007-2017 & 2017-202750 Years Experience in Real Estate in ASEANSuccess of Borey Vimean Phnom PenhSuccess of the PPEZThe Importance of Construction Safety for High Rise BuildingsRole of Cambodia in the Asean region Registration is required for the event. Admission is at $100 per one attendee. The price will include two lunch meals and four cups of coffee for breaks at Sofitel Phnom Penh! Find the best real estate news on Realestate.com.kh

Sihanoukville is becoming an investment target for both major infrastructural and residential projects by both local and international funders, and in particular the Chinese. Chinese investors are being attracted to the province by industrial incentives, ease of gambling related permits and a fast rising tourism market.  In recent weeks, various rumours have been circulating in the real estate community of Sihanoukville regarding major coastside land sales around Otres Beach to large Chinese companies looking to develop. These rumours already appear to be having a speculative effect of the land prices in surrounding areas.    Brad King, Managing Director at Cambodia Real Estate, an agency primarily focussed on land and landed properties in Sihanoukville, said, “I met with other local real estate agents in the area last week and several of those agents mentioned that a subsidiary company of Jack Ma’s Alibaba currently has an offer under consideration for the majority of land facing onto Otres Beach.”  Although this offer or any final transaction has not yet been officially announced or verified, Mr. King noted that in the last 2 weeks land prices on the second road back from Otres beach have climbed around $150 per square meter in response to the news.  According to Mr. King, prior to the news regarding the Alibaba offer on the Otres plot, land in this area was averaging $350 per square meter. Now, says Mr. King, that same land has risen to $500 per square meter listed price as local landowners speculate the increase in value with the news of a major Chinese development coming nearby.  A representative of Alibaba Inc. via email refrained from commenting on the topic, calling them “market rumours.”   A private real estate owner and broker in Sihanoukville who wishes to remain anonymous, mentioned that he could not verify whether Alibaba was in the process of buying land in Otres. However, he commented that there had been a recent land investment in the Otres area totalling around 300 hectares in its entirety by a Chinese company called “JetStar” that will be developed into a residential project. Mr. Den Sakal, ceo of Universal Real Estate, a Sihanoukville based brokerage, said that he has also heard that a major Chinese company has recently entered the market, investing in a large plot of land along Otres beach and some more inside the city. However, Mr. Den could not confirm any link to Alibaba, nor was he aware of the Chinese investor’s development plans.   Mr. Den added that this Chinese investor entered the area during May this year after Khmer New Year; and since this entry, land prices around the project plot are rising very quickly. In fact, prime land prices on the Otres beach front have risen as high as $1,300 per square meter in some cases, says Mr. Den, buoyed by the confidence of a major Chinese development underway.  However, Mr. Den notes that land transactions in the Otres area have not increased alongside the price increases. The rising prices are driven only by the local landowner speculation and it is unclear whether the sale prices will reach these heights, says Mr. Den. He suggests that this type of speculation will create a bubble in the market only suitable for Chinese buyers willing to pay exorbitant prices - and will freeze other investors interest in the area, both local and international. All property for rent and sale in Sihanoukville!

As already announced, Thai Boon Roong Twin Tower will be built in Phnom Penh - and once completed, it will be the tallest building in ASEAN. The construction is set to officially start the 1st of August, 2017. The upcoming skyscraper is a joint investment between the Thai Boon Roong Group and real estate development in Macao, Sun Kian Ip Group. It will be build by Construct by Hsin Chong Construction Group Ltd and the cost of the overall project is estimated at approximately $ 3,000 million. On April 3rd, 2017 the Prime Minister Hun Sen announced the permission to build the skyscraper Thai Boon Roong Twin Tower, which will be 550 meters tall and will feature 113 floors. Due to his height, the building can be regarded as the tallest building in ASEAN. When the Twin Tower project will be completed it will have to compete with a number of buildings in the ASEAN countries. Other skyscraper projects in the region include: MahaNakhon  in in Thailand, with a height of 313 meters, Petrovietnam in Hanoi 528-meter, Petronas Tower in Kuala Lumpur, which has a height of 452 meters, and GAMA​ in Jakarta, 289-meter tall. When the Twin Tower project will be completed it will have to compete with a number of buildings in the ASEAN countries. Other skyscraper projects in the region include: MahaNakhon  in in Thailand, with a height of 313 meters, Petrovietnam in Hanoi 528-meter, Petronas Tower in Kuala Lumpur, which has a height of 452 meters, and GAMA​ in Jakarta, 289-meter tall.  Once completed, this large commercial building is likely attract the interest of international companies, which have not established their presence in the Kingdom.  Please find out more about the project on Realestate.com.kh

A groundbreaking took place on Mong Rithy Street, Corner Road 1003 at Khan Sen Sok, surrounded by a group of workers and engineers, still actively working. This new construction site will soon be home to the first  wholesale supermarket in the country, known as Makro.According to Cambonomis, Makro supermarket will be built on an area of approximately 5 hectares with a height of 2 floors. It will be located in Sen Sok district, near Aeon Mall 2 (AEON), Japan supermarket.The upcoming supermarket is a joint venture between the company, LYP Group, which owns 30 percent., And CP Group owns 70 percent. This project will employ over 200 employees, working for the rising shopping mall.The local media have reported that yesterday's (29th of May) groundbreaking ceremony, the Mayor of Phnom Penh Mr Pa Socheatvong said "The establishment of supermarkets are within the government’s project. It's good to know when we have an upcoming wholesale supermarket so that the selling price of goods will not changing too fast, avoiding inflation"Makro is set to be the largest warehouse shop in the Kingdom which will bring Thai products to local consumers.In the past years Cambodia has seen many international projects of shopping centers coming into the market; and after the Japanese investments of AEON Mall and AEON Mall 2, it is now the turn of the Thai CP Group. Let’s wait and see who will step in next!Please find out development news in Cambodia on Realestate.com.kh

Areyksat, located in Kandal province east of Phnom Penh City and just a short ferry ride across the Chaktomuk River, is increasingly catching investors’ attention – with a number of residential, industrial and amenity projects now in the pipeline. This attention begun last year after Phnom Penh Governor Pa Socheatvong revealed upcoming infrastructure development projects connecting the area to the central city; namely, three bridges connecting Phnom Penh to Koh Dach, Svay Jrom and Areyksat. Although some are hesitant to invest in Areyksat pending the launch of these connectivity projects, many real estate experts and locals are keeping their eyes on the area thanks to the other notable developments already underway. Mr. In Sitha, CEO of the real estate website cambodia21.com, said: “Areyksat is recently seeing notable developments in terms of housing projects such as Borey Chaktomuk, the Evergreen project, Chaktomuk View, and several plot land projects. These developments contributed to a rise in land prices compared to the past three or four years.” SkyLand, a joint venture between Jet’s Group, a Cambodian company, and India-based STAR5 Development Pvt. Ltd., has also launched a $90 million affordable residential project in Vihear Sour commune. Ms. Chea Vita, assistant general manager of Sky Land, said: “The company occupies a total land area of 7,770 hectares divided into different development projects such as sky condominium project, sky villa project, and flat house project.” “The first 1,000 hectares is used for plot land and residential houses. While the first plot land project is already completed, next month the company plans to officially announce a flat house project,” she added.  Just 14 kilometers away from Phnom Penh, the Sky Land project is located in an industrial area where there are around 20 factories with nearly 40,000 workers. This offers significant appreciation potential for those buying in this area, according to Ms. Chea. Besides this, Ms. Chea revealed the company has reached agreements with other development companies to bring more amenities and services to the area; including a water park, solar power generation for the area, a fitness center and golf club, and the first floating market along the Mekong River in the area of Vihear Sour. Due to the various projects underway, Mr. In added Areyksat is an area of great future potential, especially for housing developments as it is located right next to the city, it offers many green areas, fresh air and a great river view. Sharing Mr. In’s view, Mr. Seng Sopheak, Chief Operating Officer at Cambodia Properties Limited (CPL), suggests Areyksat enjoys a “strategic location, just a stones away from the city. It will certainly attract a lot of interests from more developers in the near future.” In regard to land prices, Mr. Seng said: “Areyksat’s land prices can be divided into residential, riverbank, lowland (lake). Prices saw a high peak in 2014 and 2015, but currently they seem to have stabilized.” “For residential land in the Areyksat Commune along road 380, starting prices are between $400 and $500 per square meter; riverbank land starts from $150 to $250 and the lowland $30 to $50 per square meter -- with guarantee of legal ownership. It is also possible to find lower land at a lower price, but there’s no assurance that there’s no hidden conflict,” he added. “For the land located close to borey and condominium projects, prices can range from $80 to $150 per square meter. In this area, there are also some subdivisions of plot land projects, and prices can go from $100 to $150 per square meter,” according to Mr. Sopheak. Mr. Sopheak notes that infrastructure developments in Areyksat are vital to local people looking to move there. And while basic infrastructure such as water and electricity is coming quickly, connectivity to the city remains a major impediment for the time being. Nevertheless, for investors with time to spare before expecting a return on their investment, buying before roads and bridges are completed mean that land prices remain competitive. Mr. Moeun, a shop vendor in Areyksat village, welcomes the government’s infrastructure development plan in his area, saying: “I wish to see this area to have more roads and bridges across the river. When these infrastructures are developed, then I think companies and new development projects will also start to move in. And one more thing, having a bridge is good and convenient for villagers to travel to the city.” Despite being uncertain of the infrastructure development projects in his area, Mr. Hen Hoeun, a villager in Areyksat commune, said: “I want a housing development to launch in Areyskat commune, then I will buy one for my family; I want to live here, and not have to move to another area.” Check out property for rent or sale on Realestate.com.kh!

Elections in Cambodia are drawing near - and if some investors are waiting to see how the situation will affect the country, others seemingly aren’t hesitant to invest. A possible investment opportunity will be the Kowloon Bay Twin Towers; a 59 Story, two tower development project to be located along Sothearos Boulevard in front of condominium buildings. The project is a joint venture between Star City Cambodia and WorldBridge Land. It will be built on a total area of 1.50 hectares. It was recently confirmed that it will be a mixed-use development project, comprising condos and shopping centers. However, since the development is still in the research and development phase, there is a chance of a variety of other property types being added into the plan. Although the project has not yet been officially confirmed, the developer remains optimistic regarding its approval for construction. According to thePost Khmer, Worldbridge Group chairman Sear Rithy said, "I still see that the project as well as the demand are positive." He added that "It doesn’t matter what other projects are currently present in the market. My only focus is the location." WorldBridge Land has already built several major development projects in the country such as The Bridge Project in the center of Phnom Penh, a high-potential area in front of the Australian Embassy in Tonle Bassac. This mixed-development consist of offices, a shopping mall, and residences. The developers are also working on their second project: The Peak. It is a diverse hotel development project located about 100 meters from The Bridge. The Peak will be completed in 2020 and will offer a taste of modern living and working in the city. Find out aboutupcoming developments on Realestate.com.kh

Following Prime Minister Hun Sen’s official visit to the Belt and Road (B&R) Forum for International Cooperation in Beijing last week, good news for Cambodia’s growth as part of a regional economic supply chain has echoed across local and international media.As reported by GlobalTimes.cn, Kao Kim Hourn, Minister Delegate Attached to the Prime Minister Hun Sen, "The Prime Minister's visit has greatly contributed to strengthening and expanding the diplomatic relations between the two countries." And as a result, according to Kao, both countries had reached a series of agreements that “underlined that the Belt and Road Initiative is a long-term strategy that enhances infrastructure, trade, finance and people-to-people connectivity." Mr. Kao also confirmed an MOU between China and Cambodia to revive the nation’s rail transit system. While more-immediate effects of the B&R initiative relate to logistics network development and increased capital and labour flows, experts involved in the Cambodia real estate sector suggest the policy will indirectly boost confidence in the Cambodia real estate market - for both local and international speculators and investors.H.E. Dr. Sok Siphana, lawyer and long-time Advisor to the Government, says that the policy, “directly accounts for the massive influx of Chinese investment in Cambodia. This includes major infrastructural projects such as energy infrastructure.” While on first glance this investment may not seem relevant to real estate investment, Dr. Sok notes that investors view a nation’s longer term growth prospects holistically; hence, “without achieving development in energy efficiencies, international business flows into Cambodia will remain limited.”Sam Yang, CEO of Eastland Development, suggests that the integration policy will increase demand for properties in general and ease worries of a bubble in the property market. Mr. Yang explains, “the Chinese plan to have a regional railway completed, effectively linking the Asian markets directly. Although supply is increasing quickly in the Cambodian property market, we should also see relative demand chasing as the region develops faster than ever.”Jasper Shin, a Taiwanese real estate agent and advisor based in Phnom Penh, shares the same sentiment. Mr. Shin says that, “Within this policy, when Chinese people come to Cambodia, the money also comes. And they invest their money into real estate. So, this is really good for the Cambodian property market. And in the next five to 10 years, Phnom Penh and Sihanoukville will develop faster because of this.”Some also suggest that the policy may have positive effects on the potential for sustainable rental returns in the condo investment market, as a relatively affluent Chinese managerial class enters the Phnom Penh rental market. Victor Chao, Project Manager at New Consolidated Max World (Cambodia) Co., Ltd, adds that, “there are already many Chinese companies in Cambodia now, and those who are in middle management can already afford to rent a condo unit, apartment, or a serviced apartment. If this trend continues and occupancy rates can rise across the apartment and condo market, investors can be more confident regarding the returns on their property investments now.” The property market of Sihanoukville may also see an increase in its number of investments. As a result of discussions regarding the Belt and Road project, a 190km expressway was confirmed last week linking Sihanoukville to Phnom Penh - due to start construction by the end of the year. The expressway will be developed by China Communications Construction Company in a contract worth nearly $2 billion. Infrastructural developments such as this will likely pave the way for faster investment growth on the coast.Find the best real estate news on Realestate.com.kh

What is a Pre-Selling Property?  A pre-selling property is a property released for sale in the market at any stage before the development is completed. This is otherwise known as an off-plan property. Pre-selling properties exist for a few reasons. Developers offer it to finance the construction of the project, while others for an assurance that all units are sold before construction is completed. Some developers do it for both reasons too. But buying pre-selling properties has its fair share of advantages and risks. Advantages of Buying Pre-Selling It’s more affordable – off-plan properties are mostly, if not always, cheaper than buying units that are ready for occupancy (RFO). This is because you won’t be able to use the home just yet! As a reward for trusting the developer, buyers are given extra privileges in the form of a low-cost purchase amount and more flexible payment terms. So, you can pay for the property in instalments as well with little to no interest. Other developers also do special discounts for early buyers, making the property all the more attractive.Great investments – Pre-selling properties mostly increase in value as it is near completion. This can be used to the buyer’s advantage. For example, if you buy a property now in its pre-selling stage and its selling price is $120,000, in about two to three years, once it’s completed, the value can go up to around $150,000. That’s a $30,000 profit for doing nothing except waiting for the development to be completed. But of course, you have to do your study on the property first.More options – Since the property is in its pre-selling stage, not many have inspected the property and bought it. So, as a buyer of off-plan properties, you have more freedom in choosing your unit type, where it’s facing, what floor, and other similar factors. With RFO units, this is hardly the case. You’re stuck with manageable units, at best. Cons of Buying Pre-SellingChanging Terms - Pre-sale contracts can be ambiguous and vague sometimes. It can be subject to further changes, either legally or through a technicality or loopholes. The risk is that you might actually get a unit that’s very different from what you were promised. This includes changes in material, location, layout, size, and finishing. Time Management – A delay in completion and turnover is another risk an investor must look into. Sometimes, pre-sale contracts contain delay clauses that free the developer from responsibility for turning it up on time.  That’s why it’s important to always check the contract.Financial loss – If a developer goes bankrupt or the project doesn’t push through, you’re usually left with nothing. Sure, you can sue them, but that will take quite some time and funding.  Bonus Tips* Even with these apparent risks, the good can definitely outweigh the bad if you are well-advised of the developer and their past projects. So, here are a few things to keep in mind when scouting for properties and you just happen to run across a pre-selling one. Look for developers with a good reputation. Look for reputable agents Get a good lawyer to run through the contract with you to check for any inconsistencies or unfair clauses.Hire the services of licensed brokers to assist you with the process.Verify the legitimacy of the developer with related government agencies and ministries such as the Ministry of Land Management Urban Planning and Construction. Pre-selling properties are great ways to get the most out of your money. With proper precautions and a bit of research combined with these tips, you can make that money grow even further until the next property comes along.  To find more reliable off-plan propertiesClick Here

When it comes to inspections for a new rental property, the bulk of your search and consideration usually revolves around technical aspects of the new home, such as proximity to your office or your kid’s school, your budget, the number of bedrooms and the like – it is easy to overlook some of the smaller but equally important details during the heat of the viewing. What property should you rent in Cambodia? Here’s a checklist, thanks to Realestate.com.kh, to ensure you’re not forgetting anything!Safety First:Regardless of what your agent tells you, be personally responsible for you and your family’s safety when considering any new rental property. Walk around the neighborhood of any property you are considering renting, speak with neighbors (and other tenants if it is a shared building) and come back to the area at nighttime and make sure no hidden threats appear when the sun goes down. Also, always consider the potential for flooding. A 24 hour review is necessary to note any noise hazards too – there may be construction in the afternoon that you never noticed at the morning viewing, or a night club could open at night next door. For a little extra attention before agreeing to the rental contract, you can truly understand the pros and cons of the property.Little Things:Check faucets, door hinges, locks, door knobs, power points, appliances, water heaters and gas cookers before agreeing to rent. Most of the time these things look perfect until further investigation – but if you catch minor problems now, you can ask the landlord to fix them before the agreement is settled.  Photo Evidence:Before agreeing to the bond payment, take photos of every room in the house while it is empty. In these pictures, make sure you evidence any preexisting damage to the property. This way, when your contract eventually ends, the landlord has no grounds to deduct wear and tear damages from your deposit that in fact you weren’t responsible for.Missed Part 1? Find it on Realestate.com.kh! Interested in renting? Check out these properties now!