Digital Magazine April - June, 2011
Tourism is Key to Cambodia’s Improving Economy
Cambodia’s Banking Sector Outlook for 2011-2012 ...and more
PUBLISHER’S NOTE Dear Readers, It’s hard to imagine anything that’s harder, more fun, and ultimately more satisfying, than completing the first 18 months of a new venture still standing. This issue of Cambodia Insight is our sixth quarterly publication. It’s been, as the Navy promises, not a job but an adventure. Heartfelt thanks to our many readers. You’ve proven again and again that you’ll visit an online publication. We appreciate your attention, as well as your comments and suggestions. Every one of them was read, and many adopted. We’re grateful. Heartfelt thanks, too, to our advertisers. We don’t charge our many readers, and your generous support has made this possible. We hope that your business has benefited from the attention your ads garnered both locally and internationally. We’re grateful.
As we look ahead to the next year, we’re encouraged that we’ve weathered the initial growing pains and can focus now even more on producing the leading publication about Cambodian life, business, culture, and especially responsible tourism. What will future issues bring? We’ll continue to spotlight the growing numbers of visitors and investors from Russia, the important role of investment from China and Korea, relations with our neighbors Vietnam, Thailand, and Laos. And most of all we’ll continue to bring to our readers the wonders of the Land of Wonders, our adopted home. As always, your readership, your advertising support, and you comments will help us make this the leading publication of its kind on the internet. We’re truly grateful. Sincerely,
Heartfelt thanks, as well, to our contributors. You’ve supplied us with interesting – indeed fascinating – insights into this Land of Wonder and its warm, welcoming people. The quality of your work shone brightly. We’re grateful. Heartfelt thanks, finally, to our staff. You’ve worked tirelessly and without complaint under the pressures of deadlines. You’ve brought creativity to Cambodia Insight, along with a full measure of talent, hard work and good spirits. We’re grateful. 4
Charles R. Evans, Publisher Tel: +855 (0) 63.969.200 Fax: 63.969.201 H/P: 017.906.721 Charles@CorporateMarketingIntl.com
JAN - MARCH, 2011
CONTENTS
Tourism is Key to Cambodia’s Improving Economy
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The Man Who Saved the Whales
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Cambodia’s Banking Sector Outlook for 2011-2012
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Chinese investment galvanizes Cambodia’s fiery premier
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Kampot and Battambang offer alternatives to Phnom Penh and Siem Reap
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CONTENTS Cambodia property prices drop
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Classic Cambodia Travel
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Fish Massage The Risks of Spreading Diseases...
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Cambodia Map
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A Quarterly Magazine on Business, Economy, Tourism, Culture and Society in English for Cambodia. Founded in Siem Reap City in January, 2010 by Evans Marketing Charles R. Evans Don Finck Don Finck Kanyapat Evans Savuth Sao Atchariya Priabnan Seriya Chan Bunleab Hong Eric Larbouillat Peter Richards
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Evans Marketing Business Adviser Co. Ltd., Wat Damnak Village, 0453 Sala Kam Reuk Commune, Group 4, Siem Reap - Angkor, 17000, Kingdom of Cambodia Tel: +855 (0) 63.969.200/201 Fax: +855 (0) 63.969.201. Advertising & Subscriptions E-Mail: Advertising@CambodiaInsight.com E-Mail: Subscription@CambodiaInsight.com @Copyright Evans Marketing Business Adviser Co., Ltd. All rights reserved. The name Cambodia Insight.com, in either English or Khmer languages, its associated logos or devices and the contents of this publication and website may not be reproduced in whole or in part, in print or electronically, broadcast, rewritten or redistributed without written permission of Evans Marketing Business Adviser Co., Ltd. Cambodia Insight.com is a wholly owned publication and website of Evans Marketing Business Adviser Co., Ltd. Licensed by the Ministry of Information. Although every care has been taken in the production of this magazine and website, no responsibility for errors or liability is assumed through the use of the information contained herein. Cambodia Insight.com is an independent publication dedicated to providing our readers with informative content presented in a positive light helping to boost business investment, tourism, cultural awareness and the image of the country.
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ourism is Key to Cambodia’s Improving Economy
Visitors from the US and UK are down slightly this year, but up substantially from other Asian countries.
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ccording to Cambodia Ministry of Tourism (MOT), the “Kingdom of Wonder” attracted 2,161,577 visitors in 2009 and is projecting a 12% increase this year to 2.4 million. In the first seven months, the country recorded 1,423,505 arrivals, a 13.8% year-on-year increase. The top 10 markets were Vietnam (+51.3%), South Korea (+34.4%), China (+40.6%), USA (-4.4%), Japan (+8.4%), the UK (-4.19%), France (+1%), Taiwan (+32%), Australia (+17%), and Thailand (-10.4%). The unprecedented surge in arrivals from Vietnam is attributed to the December 2008 14-day visa-free agreement signed between the two countries.
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Aggressive promotions, familiarization trips and road-shows for tour operators and travel agents won more air seats and arrivals from South Korea, China, Taiwan and Japan. Poor economic conditions in the US and the UK are blamed for these markets’ slight dips, while the ongoing tensions over access to a temple on the Thai-Cambodian border area depressed numbers from Thailand. The MOT is maintaining its successful Cambodia, Kingdom of Wonder branding campaign, which was launched in 2008. During a reception for a Japanese familiarization trip in late August, tourism minister Dr. Thong Khon reiterated government policy that identified tourism as one of the four main pillars of economic growth in the country. “Cambodia tourism is cultural and natural tourism,” stressed Dr. Thong Khon.
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One major appeal is the capital Phnom Penh, stretched along the Mekong River, though the opportunity to make excursions to the World Heritage site at Siem Reap is also a major draw, given that it is home to the world-famous temple of Angkor Wat, as well as the royal sites of Angkor Thom (Temple of the Trees) and Ta Prohm. The Siem Reap International Airport actually receives more tourist arrivals each year than does its Phnom Penh counterpart. Cambodia expects to develop further as a tourist destination due to its proximity to the main air hubs of Singapore and Bangkok, along with regional connections via Ho Chi Minh City in Vietnam and Inchon/Seoul in Korea. In keeping with the nature of its tourism assets, the MOT is continually promoting four key
tourism segments – culture, ecotourism, city and beach – to diversify its tourist market. Visitors are being encouraged to combine a visit to the Angkor temples complex in Siem Reap with Cambodia’s capital Phnom Penh, and the southern coastal zone of Kep, Kampot, Sihanoukville and Koh Kong. The north-eastern provinces of Ratanakiri, Krajie and Stung Treng are been promoted as ecotourism regions. The ministry is also promoting to international markets the Preah Vihear Temple, which was declared a UNESCO World Heritage site in July 2008. Thailand has objected to the UNESCO finding that Preah Vihear is a Cambodian property, as it sits on land claimed by both countries. Thailand has expressed it objections to the world body, and has made it difficult for visitors to access site through adjacent Thai territory. Key locations throughout the country are seeing the influx of new accommodation establishments. Phnom Penh, which had 6,920 rooms last year, has seen the addition of a 36-room Blue Tongue Café Hotel, 27-room Lebiz Hotel & Library, six-room Le Rit’s (Nyemo), and 19-room The 252 last year. Just opened is the 210-room Sofitel Phnom Penh Phokeethra. Eight-key Samar Villas and Spa opens soon in Siem Reap, which had 8,675 rooms last year. The city’s development pipeline includes the
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a i d o b m
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218-room Courtyard by Marriott and 150-room Four Points by Sheraton. Sihanoukville grew its 2009 inventory of 1,619 rooms with the 16-room La Reserve and added 36 new rooms at the 88-key Independence Hotel. Under construction are Sokha Hotels and Resorts’ Boko and O’Chheuteal mega-resorts and a Japanese investor’s Emario mixed-use development.
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According to MOT data, the upgraded Sihanoukville International Seaport handled 26 cruise ships and 22,492 passengers last year, a 61.3% increase over 2008. In the first seven months of this year, 17 cruise ships carrying 13,240 tourists stopped at the seaport. Angkor TK Travel and Tours managing director Chaiyapruk Phumimuang said cruising first came to Cambodia in December 2008, with the arrival in Sihanoukville of MS Nautica. “Since then, the number of ships has risen dramatically.”Cambodia hosted the ASEAN Tourism Forum (ATF) in January, with the theme ASEAN – A World of Wonders and Diversity. “ATF 2011” was held at the new US$4 million Diamond Island Convention and Exhibition Center, in the heart of the Cambodian capital. near the Tonle Sap River. The conference drew some 1,600 delegates, including more than 400 buyers, to the event. Cambodia first hosted ATF in 2003.
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he Man Who Saved the Whales
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n the last half of the 19th century, whales were facing extinction. They were hunted in large part because their oil was the best, most affordable illuminant available to growing western nations. One man more than any other headed off their extinction, a man whose picture should be in on the wall of every Greenpeace office: John D. Rockefeller, founder of the Standard Oil Company. It is an understatement to say that entrepreneurs of the 19th century like Rockefeller have a bad reputation. As a group, they are called “robber barons,” a term that implies their wealth came purely from theft rather than from any value creation. While it is said that “history is written by the victors”, I would observe that despite the fact that socialism and communism have been given a pretty good drubbing over the last 30 years, the statists still seem to be writing history. How else to explain the fact that men who made fortunes through free, voluntary exchange of products can be called “robber barons,” while politicians who expropriate billions by government force from the most productive in society are called “progressive.” While capitalists of the 19th century sometimes played by rules very different from ours today, in most cases these were the rules of the day and most of what they did was entirely legal. There were, to be sure, any number of men who were fat ticks on society, making money through fraud and manipulation rather than real wealth. However, most of the great industrialists of the 19th century made money by providing customers with a better, cheaper product. One of my favorite examples is Cornelius Vanderbilt.
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Though Vanderbilt is most famous for creating the New York Central Railroad, before he was in the train business he made his first fortune as a steamship and ferry operator in the New York City area. Vanderbilt’s steamship company was the Southwest Airlines of its day. Communities begged for his company to connect to their town, because they knew lower transportation costs would follow. In 1859 Harpers Weekly observed (via An Empire of Wealth by historian John Steele Gordon):…the results in every case of the establishment of opposition lines by Vanderbilt has been the permanent reduction of fares. Wherever he ‘laid on’ an opposition line, the fares were instantly reduced, and however the contest terminated, whether he bought out his opponents, as he often did, or they bought him out, the fares were never again raise to the old standard. This great boon — cheap travel – this community owes mainly to Cornelius Vanderbilt. When Vanderbilt first entered the steamship business, most routes were given by states as exclusive charters to protected monopoly companies, most run by men with friends in the state government. Vanderbilt took on the constitutionality of these government- enforced monopolies and, with the help of Daniel Webster, won his case in the Supreme Court. Within a
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decade, the horrible experiment with government monopoly charters was mostly over, much to the benefit of everyone. While private monopolies have always proved themselves to be unstable and last only as long as the company provides top value to customers, publicly-enforced monopolies can survive for years, despite any amount of corruption and incompetence. Vanderbilt, by helping to kill these publicly-enforced monopolies, did more than perhaps any other man in US history to help defeat entrenched monopolies, yet today most call him a monopolist. Perhaps the most famous legacy of the Vanderbilt family came not from Cornelius but his son Henry, who is known largely for the phrase, “the public be damned!” This phrase has been slapped onto all 19th century industrialists as a sort of four-word epitaph symbolizing greed and anti-social behavior. In context, though, the phrase was actually part of a lecture by Vanderbilt to an economically - ignorant reporter who had suggested that Vanderbilt run money -losing trains for the public benefit. Vanderbilt explained that his actions were shaped by the need to make money for his shareholders, as well as by the pressures of key competitors. A generation after his father helped end government-enforced monopolies, Vanderbilt still had to explain to the press how competitive forces brought accountability to the free market. Vanderbilt’s only crime was perhaps showing a forth-rightness that I could only wish more CEO’s today were willing to evince. But what, you are asking, about the whales?
Between 1870 and 1900, John D. Rockefeller’s Standard Oil Company came to dominate the oil refining business, at one point controlling 90% of US capacity. Long before the proliferation of the automobile created a market for gasoline, the main use for petroleum in the 19th century was to make kerosene, which lighted lamps. Due in large part to Standard Oil, over these decades the price of kerosene dropped from 30 cents to 6 cents a gallon, while production increased astronomically and the quality of the product steadily improved. While certainly Rockefeller played some hardball with other corporations (such as the railroads, who could presumably look after themselves), in most cases his rapid growth came from a lower cost position. The story is often told that when Rockefeller was seeking to buy a competitor, he would simply open his books. Competitors were shocked at how cheaply Rockefeller could produce kerosene, typically far below their cost of production. Through Rockefeller’s work, kerosene became both cheaper and safer to use than whale oil, and quickly began to replace it in the marketplace. By 1890 the American whaling fleet had already dropped from a peak of 735 ships to just 200, and was still falling, in large part due to low cost kerosene produced by Rockefeller’s Standard Oil. Eventually, Congress and the courts would break up the Standard Oil Trust out of fear that it would somehow hurt consumers with its monopoly power. But Standard Oil had never
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done anything except to reduce prices and improve the quality of its product. The irony was that at the time of the breakup, Standard Oil was already losing its market position. Successful companies often become lazy and stop modernizing, and such was the case at Standard. It missed a number of key market shifts, most especially the Texas oil boom. By the time it was broken up by the government, its market share had already fallen under competitive pressures from 90% to 60%. As would be the case many times in history, the government acted on the economic “threat� of Standard Oil at the very time the market was already doing the job. Fortunately, by the time the government stepped in to punish Standard Oil for being too successful, the whales had already been saved. About the Author: Warren Meyer writes a blog for Forbes Online.
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WHERE TO PUT YOUR MONEY? FOREIGN INVESTORS CONTINUE TO LOOK TO CAMBODIA AS A POTENTIAL BUSINESS PARTNER.
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ambodia’s economy continues to be a hot prospect for future business investment. However, before opening a new business venture in a place like Cambodia, it might be wise to gather intelligence data about the country and how to do business here. Moreover, one sector a wise foreign investor might want to know about before doing business in a place like Cambodia is the relative health of their banking sector industry.
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The reason for the warning caution given by EIU forecasters stemmed from the fact that the Cambodian banking industry poured large amounts of loans into real estate. It is expected that non-performing loans will rise, leading to a less than encouraging short-term risk assessment for Cambodia’s banking sector.
This article introduces the potential investor to Cambodia’s banking industry including its immediate short-term outlook, who governs the industry, and the top commercial banks in Cambodia.
Cambodia’s Banking Industry – Governed by the National Bank of Cambodia. Cambodia’s banking sector is governed by the National Bank of Cambodia (NBC) which acts as the country’s central bank institution. According to its official website, NBC was first established in 1954 after Cambodia received independence from French colonial rule.
Cambodia Banking Sector – Short-Term Risk Assessment In its country risk report of Cambodia filed for December 2010, the researchers of Economist Intelligence Unit suggested that the Cambodian banking sector was stable but could face serious risks in 2011-2012 due to a possible collapse of property prices since their peak in mid-2008.
NBC continued as the country’s central bank until it was closed by the rebel Khmer Rouge forces in April, 1975, but re-established itself in 1979 when the Khmer Rouge was deposed by Vietnamese forces. As of April 2009, the National Bank of Cambodia provided oversight for 27 commercial banks, 12 microfinance institutions, and five specialized banks.
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According to the 2009 annual report, three of Cambodia’s top commercial banks are: the Foreign Trade Bank, ANZ Royal Bank, and the Union Commercial Bank. The Foreign Trade Bank of Cambodia is a joint private/government owned bank that has serviced clients since 1979. Founded in 1994, Union Commercial Bank is a privately held bank which has a particular expertise in Cambodia’s well-established garment industry. ANZ Royal Bank has only been operating since 2005 and is a joint venture of Australia and New Zealand Banking Group (ANZ) and the Royal Group of Cambodia led by young Khmer entrepreneur Khit Meng. Other top banks included Vattanac Bank, Cambodia Commercial Bank, and Canadia Bank. Annual reports for the 27 commercial banks under supervision of the National Bank of Cambodia can be obtained from the NBC official website under the heading “supervision.”
Sources: Owen, N., & Richards, D. (2010). Cambodia. Economist Intelligence Unit – Country Risk Service.November 18, 2010. Staff Writer. (2010). National Bank of Cambodia Website. (2009). Union Commercial Bank 2009 Annual Report. (2009). Foreign Trade Bank 2009 Annual Report. (2009). ANZ Royal Bank 2009 Annual Report. (2009). Cambodia Commercial Bank 2009 Annual Report. (2009). Vattanac Bank 2009 Annual Report. By author Eric Coggins.
Read more at Suite101: Cambodia’s Banking Sector Outlook for 2011-2012 http://www.suite101.com
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Chinese investment galvanizes Cambodia’s fiery premier
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ambodian Prime Minister Hun Sen’s ruffling of Thailand with threats of “war” shows how a growing alliance with China is allowing him to stand up to his neighbor and, in the process, boost his credentials at home. This week’s deadly border clashes between the two countries’ armies have put Thailand’s government under domestic political strain
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and given Hun Sen a chance to score points at home without much risk to Cambodia’s fragile economy. Two-way trade with Thailand is on the decline and a continued flow of investment from China, South Korea and Vietnam has left the long - serving strongman Hun Sen with very little to lose as he seeks to embarrass Thailand by internationalizing the spat. “Hun Sen realizes he doesn’t need Thailand for very much. Strong ties with China and investors in East Asia, and good relations with Singapore, all leave him in very different position than in the past,” said Michael Montesano, a research fellow at Singapore’s Institute of Southeast Asian Studies.
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“He has consistently since 2008 had the political initiative and outplayed Thailand at pretty much every turn. He looks very much in control and these confrontations at the border can only help him politically while indicating trouble in Bangkok.” The standoff - which has killed at least 11 people and wounded 85 -- in disputed jungle surrounding the 11th century Preah Vihear temple, a symbol of Cambodian national pride, has complicated a political crisis in deeply divided Thailand. OPPOSITION TO THAI PM That might please Hun Sen, who has made opposition to Thai Prime Minister Abhisit Vejjajiva’s Democrat-led government clear over the past two years. Ironically, Thailand’s nationalist “yellow shirt” protesters reviled by Hun Sen because of their staunch anti-Cambodia stance and claims of Thai ownership of Preah Vihear, have now turned against their former ally, Abhisit. Their protests in Bangkok, while small, come at a difficult time for the British-born, Oxford University-educated Abhisit, whose government has encountered two years of crippling, at times violent, resistance from another color-coded protest group, the “red shirts,” and will likely faces a crucial election this year. The yellow shirts say Abhisit’s diplomatic stance toward Cambodia in recent months has resulted in a loss of Thai sovereignty. They’re demanding he steps down. In contrast, Hun Sen’s tough stand against Thailand works in his favor domestically, where his blend of populism and nationalism has won his party a sizable parliamentary majority.
A severing of Thai-Cambodia trade ties would not make a huge dent on either country’s economies. Thailand’s central bank says its $265 billion economy, Southeast Asia’s second-biggest, would not suffer because exports to Cambodia were worth less than 1 percent of GDP. Blossoming business with other rising economic powers in Asia will ensure Hun Sen’s stance does little harm to Cambodia’s economy, either. Its economy is worth a far smaller $10 billion, according to the World Bank, and is benefiting as China loses its cheap labor edge to frontier markets such as Cambodia. “We trade a lot with Thailand. The question is, how easy is it to substitute that trade,” said Chan Sophal, president of the private Cambodian Economic Association. “The things we import from Thailand can also be imported from Vietnam, China, Malaysia or South Korea.” Thailand’s economic involvement in Cambodia has slipped relative to China, Vietnam and South Korea since a bout of anti-Thai disturbances in 2003, when protesters torched the Thai embassy in Phnom Penh and attacked several Thai businesses. RISING CHINESE INFLUENCE In contrast to Thailand, China’s influence and diplomatic clout over Cambodia has swelled significantly -- as has Hun Sen’s confidence in his dealings with Bangkok. Cambodia and China pledged in December to double bilateral trade to $2.5 billion in five years, driven largely by agriculture, mining and hydro power. China promised a $300 million loan for construction of two national roads and an irrigation project in Cambodia, in addition to 12 other deals worth around $293 million, mostly infrastructure related. Chinese investors are increasingly active in impoverished Cambodia, pledging to spend $8 billion in 360 projects there in the first seven months of this year, mostly in power and agriculture. Beijing is also Cambodia’s largest source of foreign aid, providing about $600 million in 2007 and $260 million in 2008, helping to build
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roads, dams and other infrastructure. China also gives military aid and has provided much of the arms currently being used at the Thai Cambodia frontier. In return, China’s geopolitical footprint has grown larger and it now has staunch diplomatic support from Cambodia. It defied international pressure by sending back to China 20 ethnic minority Uighur asylum-seekers in 2009 and has remained silent amid concern that Chinese dams are adversely affecting the flow of the Mekong river in Laos, Cambodia, Thailand and Vietnam and could create serious food security problems.
Peter Brimble, an economist with the Asian Development Bank (ADB), said the ThaiCambodia row would hurt those dependent on border trade, while tourism - Cambodia’s second-biggest currency earner - would suffer as many visitors come via Thailand. “For people along the border it would be disastrous,” he said. “For both sides it’s just bad PR (public relations).” By Robert Birsel Reuters updated 2/10/2011
South Korea is also a major player in Cambodia’s economy, which saw double-digit growth for four straight years until the global economic crisis took its toll. South Korea had Cambodian projects worth $1 billion approved last year, a sharp increase from the $120 million in 2009, and its stock exchange operator, Korea Exchange, is helping Cambodia set up a bourse, due to open this year. Vietnam invested $114 million last year and that is expected to rise in 2011. In comparison, Thai investment shriveled 98 percent to just over $2 million in 2010, according to Cambodian figures.
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ambodia has many towns worth visiting and away from the Siem Reap and Phnom Penh urban areas there are beautiful beaches, deserted islands, mountains and waterfalls. The towns in Cambodia vary greatly and all have something to offer the visitor. Below are just two of the most popular with both Cambodians and tourists, together with a list of things to do in each town. Kampot – in the Province of the Same Name, Cambodia The province of Kampot offers beaches, mountains, caves, waterfalls and an architectural gem of a town of the same name located on the banks of the river. Its close proximity to the sea makes it popular with Cambodians who love its Cham atmosphere and it’s sleepy, relaxed ambience. Tourists love it for the French colonial and Chinese architecture that still survives as well as the charming riverfront with bars and restaurants from which to watch the sunset.
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Kampot was once famous for its wonderful pepper but now it is better known for its salt and its durians, the smelly fruit beloved by most East Asians. The people are making great efforts to build a future after the province was destroyed in the armed conflict and there is a community tourism project (Prek Thnot) in the foothills of the Elephant Mountains which teaches skills like using forest products in a sustainable way, weaving, and traditional music and dance. It is well worth a visit to see how disabled and orphaned children are gaining from this. What to Do in Kampot, Cambodia * The Tuk Chou river offers relaxing cruises along its length passing traditional fishing villages * Explore the caves in the limestone karst outcrops
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* Battambang Museum by the riverside has some Angkor-era artifacts and there is of ten an exhibition in the small hall next door. * Battambang is home to some pagodas which are well worth visiting as they are unique to this area. The three main pago das are Wat Sangker, Wat Kandal and Wat Damret Sor. * The area is steeped in folklore and there is often a “folklore experience” put on by the locals for the locals. Check out the statue of the black Ta Darnbong in the middle of a roundabout and learn the legend. * The surrounding countryside is stunning with waterfalls, mountain viewpoints and caves to explore, plus small villages of stilted houses, pagodas, bridges rice paddies and fruit and vegetable orchards. * Discover the history of salt and pepper * Swim beneath waterfalls, paddle through mangroves * Try the fresh seafood
By Mari Nicholson
Battambang, Cambodia, on the Banks of the Sangker River Read on * Top Attractions in Cambodia, East Asia * Places to Visit Away From Angkor Wat, Cambodia * Romantic Honeymoon Ideas in Cambodia Just south of the Tonle Sap Lake, Battambang is in the heart of the rice bowl of Cambodia, farming and trading town, still fairly untouristy. Most of the architecture is French colonial and traditional Cambodian with horses and carts sharing the streets of the town with motorbikes and bicycles What to do in Battambang, Cambodia * Don’t miss The Circus run by a local NGO, Phare Ponleu Selpak, to give deprived youths an opportunity to learn juggling, tumbling, acrobatics and suchlike skills in conjunction with raising awareness of HIV/AIDS, landmines and children’s rights.
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Kampot Cambodia
Cambodia property prices drop
increase again for the next two years, but it is not likely to be a boom like in 2007 and mid-2008,” Sung Bonna, NVAC president was quoted as saying by the Phnom Penh Post. Land values in the capital Phnom Penh are 40 percent to 50 percent lower than their peak in mid-2008. Source: Property Report Real Estate Business in Cambodia
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ambodia’s land values fell up to 15 percent year-to-year in 2010, according to the National Valuers Association of Cambodia (NVAC).
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You are here: Home / Lifestyle / Real Estate Business in Cambodia Real Estate Business in Cambodia 02/28/2011 By Vann Lyda 16 Comments
The drop from an average $2,500 to $4,500 in 2009 to US$2,000 to $4,000 per square metre for 2010, was experienced across the commercial and residential sectors.
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Analysts say the real estate market will stablise this year, noting also that the rate of property transactions was increasing compared to 2009.
Now I see that the property market in Cambodia especially in Phnom Penh has been improving a lot more than before. In this, I notice that many buildings, tall buildings, office buildings, houses, and apartments are being built all over in this small city.
“The market has already hit the bottom - it will stablise this year. I hope that it will start to
Compare to the past time like around the year 2000, there were not many building projects
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increased like mushrooms like this. At the present, when you drive along the ways or some of the main boulevards, you will see one or two high buildings containing at least seven to eight stories being constructed. For me, I feel very surprised and kind of so proud that in Cambodia, in particularly in Phnom Penh has many skyscrapers now. And the people are also interesting in buying a house, flat, and villa because most banks provide a house loan to their customers like Vattanac Bank, and ANZ Royal Bank, that you can see a recently advertisement on TV about a providing a loan to buy your dream house. Meanwhile, I have observed that people or Cambodian people right now have the tendency to live in a modern lifestyle just like in Singapore, or United States, in which they have nice bed rooms, bath rooms, cute living room, garage, lovely kitchen, and with up-to-date household appliances such as refrigerator, dining table, lamps, wardrobes, flat-screen TVs, sofa, and so on. If looking at the new projects, I see there are Borey Kompong Speiu located in Kompong Speiu province, which is 50 meters from Kompong Speiu market, in Pol Krang Tep Village, Sangkat Ka Tom, Chbar Mom City, Borey Peng Huoth-The Star Pltinum project on road number one, which is 200 meters from Chbar Aompoy Market, Borey ChamkarLmut (Chey Mongkul 2) near Chbar Aompoy market, and many other more including the apartment and oďŹƒce building projects like Rose City Condominiums, and The Phnom Penh Tower from HYUNDAI AMCO, a member of HYUNDAI MOTOR GROUP. Borey Chamkar Lmut, the area contains two hundred and four houses. All are already equipped with water and sewage systems. The front sides of the houses are wide open. The building size is 4 m x 15 m, and the house style is twin bungalow. The company has alternative options for the low-income family to get o the house debt if they want to buy. For Borey Peng Huoth: The Star Platinum, it is a second project after the first one located in
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Sangkat Steoung Meanchey, which the house styles are flats, twin villas, and single villas. However, this new project has brought many more and dierent kinds of the houses, and all of them looks very fancy; they are link houses, a flat, but with nicer design than theone in Steoung Meanchey branch, and then Villa King A and B, Villa Queen, and Twin Houses.
stated in The Khmer Property Magazine issued in December 2010.
Whereas Borey Kompong Speiu, the company has started the construction since the beginning of 2011, this base on the Khmer property Magazine issued in January 2011, and which it would have been stretched out on fourteen hectar of land. The area will be surrounded with hospital, municipality of the Chbar Mom city, and other significant institutions in the province.
By Vann Lyda
For my future expectation for the real estate business in Cambodia is, it will continue to go forward on. And Cambodia will be like that of developing countries in the world, which full of property market business.
Most of those new projects have been sold out very fast! As my mother and my sister had been invited to visit Borey Peng Huoth’s second project, the Star Platinum, at the construction site, they were very shocked to know that some of them have already been booked while nothing had been available at there yet only the sample. And from the documents and the project plan that I asked from them to see, I can make my guess that 10 % of them have the owners. Regarding to Borey Chamkar Lmut, the sale has also been successful! It has been put on the market since October 2010. The sale is divided into four steps in which one steps, there are fifty one flats. In their first sale, 60% have already sold out, this according to Miss. Keo Sot Ma Da, the owner of the Borey Chamkar Lmut project,
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Classic Cambodia Travel
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travel destination. Getting there has never been easier via newly paved roads from Thailand and Vietnam and lots of daily flights into Siem Reap and Phnom Penh.
Most visitors allow only a couple days to explore these magnificent stone monuments. In no time, they’re thoroughly ‘temple-out’ and do not gain a meaningful understanding of the civilization behind their construction. And more importantly, they haven’t had fun!
Over the course of many trips, I’ve compiled a roadmap for experiencing Cambodia over the course of a week. By following this itinerary, and embracing a mindset of “doing less and seeing more,” you’ll find you have adequate time to dip-in and get a taste of this colorful kingdom on the move.
low and pacing - the heart and soul of any winning trip - are often overlooked in international travel. This holds especially true when experiencing the Angkor temples in Cambodia.
Smart travelers should devote a week to Cambodia, a nation reemerging as a must-see
Day 1 Fly or drive to Siem Reap, the jumping-off point for the temples of Angkor. Founded in 802 as the seat of the Khmer empire, a plethora of elaborate stone temples were constructed by successive kings until the kingdom fell in 1431. Settle-in and read a quick history over a plate of fish Amok, a tasty curry and Cambodia’s national dish. Spend the afternoon in a Khmer-style tuk-tuk (a chariot pulled by motorcycle) with a fun guide (this is key) hitting a few lesser-visited temples, such as Preah Khan and Ta Som, stunning rock monoliths that require you to venture deep inside their dark, cavernous corridors. Few tourists travel the extra 10km to get here and you’re likely be have them almost to yourself. Finish-off by climbing Pre Rup’s steep stairs, sip some bubbly (available at many Siem Reap grocers) and watch the sun set on lush, thick jungle, stretching as far as the eye can see.
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Day 2 Time to hit the big ones - set off early by bicycle and catch sunrise at The Bayon, where a plethora of smiling faces of the Buddha carved into stone gaze upon you. Peruse the former Khmer capital of Angkor Thom then ride through the towering south gate as you pedal to your hotel to enjoy lunch. Swim, nap then stop by the impressive Angkor Hospital for Children and learn about the lack of medical care available in the country and the free care this facility gives to all children in need. In the afternoon get back on your bike and hit Angkor Wat proper. This is THE big one; don’t rush. Grab a cool drink, sit down atop the highest tower and soak it all in as the sky changes color and casts shadows on Angkor’s mighty moat. As the world’s largest religious building, you’re sure to be spellbound.
Day 3 Overgrown by massive trees and their roots, Ta Prohm is dazzling, largely been left as it was found in the mid-1800s by French explorer Henri Mouhot. Taken over by jungle, stone blocks lie next to intact towers and there’s a creeping feeling you too could be overtaken by these creeping vines. Back to your hotel to freshen-up, then make your way 45 minutes southeast to Kom pong Phluk, a floating village on Thonle Sap Lake, SE Asia’s largest. Houses teeter on stilts, some more than 10m above the ground, keeping inhabitants well above the water, which swells to five-times it, normal level during wet season. Finally, hit the 9th century Rolous Group of temples on your way back to Siem Reap. While not a large in scale as Angkor Wat, they’re Angkor’s oldest temples and charming country roads leading there give you a genuine feeling for traditional Khmer life.
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Day 4 Don’t ignore Cambodia’s capital, Phnom Penh. Easily reachable in 40 minutes by plane or four-and-a-half hours by private car, this once pristine colonial city designed by the French has seen better days but is definitely a happening place with debilitated houses sitting next to lovingly restored ones, and sweeping boulevards creating a peaceful calm, while motorbikes dart to and fro. Walking this relatively small city affords an opportunity to see Khmers going about their daily routine. Sidewalks teem with life from vendors selling freshly cut, colorful fruit, barbers clipping an inch here and there to artisans delicately chipping away stone to create intricate statues of the Buddha. This is truly traveling at street-level. Wat Phnom, the city’s main stupa atop a small hill, is a good starting point. Stroll the boulevards to Phsar Thmey (Central Market), Independence Monument, along Sisowatch Quay past the National Museum and Royal Palace to the Foreign Correspondent’s Club (FCC) for sundown drinks and snacks while overlooking the Sap River.
Day 6 Hire a boat and venture 20 minutes south to Rabbit Island, enjoy soft sand and swim in the warm ocean. Back on the mainland, finish the day hiking the hilltop National Park trail (8km), which winds through nice forest with sweeping views of the ocean below, and take-down some famous Kep crab cooked in succulent Kampot pepper for dinner.
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Day 5 Cambodia’s shocking past under the brutal reign of the Khmer Rouge shouldn’t be ignored. Take a private car 30 minutes outside the city to the Killing Fields, then onto S21, the notorious prison where victims were tortured and imprisoned before meeting their gruesome fate. Thousands of eerie black and white mug shots of prisoners fill several rooms and several cells have been left as they were found with the KR fled, creating a chilling but very moving experience. For a relaxing change of pace continue three hours south to Kep, a former seaside escape for well-to-do Khmers and foreigners. Check into the very slick Knai Bang Chatt, a collection of three art-deco villas inspired by premier architect Vann Molyvann. Gaze at the sea as the last rays of sun glisten off the clear waters.
Day 7 Time your three-hour journey back to Phnom Penh to mesh with your flight out of the capital. You’ve just slowed down, experienced the world’s largest temple complex, breathed-in the capital (and acquired a tropical tan) while getting well away from it all. About Author Scott Coates is a travel writer and co-founder of Smiling Albino, a Southeast Asia travel company, specializing in custom-built adventure travel guide in Thailand, Cambodia, Laos, Vietnam and Nepal. Scott has written for publications around the world, published photography, consulted for international businesses and received international recognition for his community work in the region. For more information, please visit: http://www.smilingalbino.com/ Directory http://www.sooperarticles.com
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F
ish Massage...
The Risks of Spreading Diseases
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ish massage or fish bite therapy is quite popular because it is believed to be able to relieve fatigue and stress and can make the skin smooth. But enthusiasts of this therapy should be wary of some things.
Health experts warn that fish spa contains some risk of spreading diseases. Especially if the fish used is not Garra rufa or known as doctor fish. Many fish spas today uses Chinchin fish because it is much cheaper than the Garra rufa fish.
Garra rufa fish have been used for years as a natural spa in Asia and Turkey, and over time this fish spa grows and had reached several countries. Garra rufa fish likes to eat the dead skin cells of humans. These fish are used for feet beauty treatments (pedicure) and treat the symptoms of psoriasis. But it turns out that these fish are diďŹƒcult to clean, so some countries have issued regulations that say there is no way to ensure the cleanliness of this fish. It should be noted that the Garra rufa fish should not be used repeatedly. Consumers should be sure first that the bowl or place used had been cleaned with disinfectant, basins and fish are used only for oneself and uses Garra rufa fish.
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Researcher Martin Grassberger, MD from the Medical University of Vienna says that many fish spa in America uses Chinchin fish. Presumably this fish is also widely used in other countries. “In addition there are fears of other health risks, some spas are known to use various types of fish known as chinchin, which is more aggressive than Garra rufa,” he said, according to MSNHealth. Chinchin Fish actually has teeth which, as they get older, will potentially become more dangerous because it can damage the skin which makes it easier for the spread of infections. Chinchin fish is known to draw blood and spread infectious diseases through blood such as hepatitis B which transmitted by the fish and water on open wounds, particularly in public pools. This makes health experts worry that the fish could spread infections to customers through an open wound from customers who could become infected. This concern arises because most of the fish spa uses fish ponds that are used together or on turn between customers. Now there are 14 states in the United States which prohibits the use of fish for spa treatments, including Texas and Florida.
Here are some things to consider when you want to do a fish spa: 1. The fish are kept in a water tank with ultraviolet filters 2. Providing separate basins for each customer 3. Not using the fish repeatedly. 4. Customers’ feet should also be cleaned, and spas should not accept people who have yeast infection.
Fish”, or reddish log suckerfish) eat all of your dead skin - leaving the healthy skin to grow - and you come away feeling refreshed. Whenever I have seen video of fish massage, it just looks like people are being tickled by the fish. Here is a poster introduction to fish massage complete with Engrish!
Fish Massage in Siem Reap Spa fish can treat much unknown skin-illness which can not be treated well by contemporary medical science, so the function of fish is not only to amuse people and Hotspring( it is also called doctor fish, spa fish,garra rufa fish) fish has great treatment and healthy function to body, they also have strong ability of tolerating high temperature, they can still live when the temperature of hot spring reaches 43.
Fish Massage - Better Then Man! posted on 9 Aug 2010 in Fun Pics, Fun Products
When people go to hot spring pool, the doctor fish will go round you and begin to kiss your skin. They can completely get rid of skin smear and aging cortex and they also can make your pore unobstructed to promote blood circulation. The obvious treatment function of spa fish is to protect and beautify skin. After enjoying doctor fish treatment, your skin and face will look healthier, fresher and more brilliant.
Fish massage is the latest craze in primarily in East Asia wherein you stick your feet into a small pond and small fish nibble at your toes. The claim is that the Garra rufa fish (aka “Dr.
The other treatment of doctor fish is to release fatigue .When you put your body into hot spring where there are doctor fish, you will enjoy a comfortable and different and wonderful
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fish m ass age
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feeling which you can not describe in words, the fish can kiss and massage body of people in hot water, the fish can clean skin-trash on body. let people enjoy fish massage, but also treat skin-illness, skin-scar. The result of treat of fish is very obvious.
Fish massage and peeling Looking to rejuvenate body? The Doctor Fish massage and peel comes to the rescue. This is the ultimate all over regeneration treatment. It’s so good it’s practically science fiction – and the results look so amazing the A listers have been trying to keep the technique a secret for years. What you’ll get is a firm, glowing face, tingling skin and a completely blemish free frame – and all thanks to the ministrations of our very smallest helpers – the incredible Doctor Fish. So. What exactly is a Doctor Fish massage? It’s a technique that originated in Asia, where people are a lot cleverer about health and massage than they are over here. The Doctor Fish (or “garra rufa” fish, Obtusa cyprinidae, for the scientifically minded) is native to Asian hot springs, where it seems to have developed a rather unique relationship with the people who flock there to let the warm, mineral rich water suck all the tiredness out of their bodies. The fish feed on the dead skin, bacteria and impurities clinging to the human frame, literally eating all the bad stuff off of you. You’re left with a whole new skin – smooth, baby-soft, supple and young: and utterly free of skin smears, bad oils, unseen bacterial nastiness or everyday pollutants. There is nothing on earth like this – and we’ve got London’s first official treatment! Don’t worry – the Doctor Fish a) has no teeth and b) is significantly smaller than your little finger. In other words, it couldn’t do you any harm if it wanted to. All this little masseur wants to do is nibble you – arguably the most pleasant, certainly the most unique, sensation in the health and beauty world. The fish has a surprisingly powerful suck on it, for such a little feller: not powerful enough to leave any marks, or hurt in any way, but definitely strong enough to stimulate good circulation, efficient nerve firing and proper oil production.
The Asians who “pioneered” (if jumping in a pool of hot water and being involuntarily nibbled by little fish can be pioneering) Doctor Fish massage recognised the similarities between the nip of the fish and the expert prodding and poking performed by an acupuncturist or reflexologist: the rest, as they say, is history. Welcome to the most unusual health and beauty technique in the history of alternative medicine. You’ll love it. International press suggests that the Doctor Fish massage technique has proven health benefits, as well as the most pleasing sensation a person can legally buy for their body. First up, the nibbling of the fish provokes nerve centres to fire in a way that relaxes tense bodies and allows the proper flow of physical energy; and it can also break up irritating crystals in the feet, which lead to blockages in circulation. Second, the fish hoover up all the daily rubbish that accumulates on the body, performing the same effect as a peel. And third, the actual experience of interacting with Nature in such an intimate way tends to encourage customers to lose their inhibitions, regressing in a positive way to a more childlike state of mind. That, as we all know, can be an extremely liberating and healthful experience. Healthy body, healthy mind – and happy mind, happy body. Last trip to the Land of Smiles found me all over the place and seeing all kinds of new things. One night while in Pattaya I happened across the sign posted above while walking up Pattaya Third Road, and thought to myself… why the hell not? Well, it might have been the half bottle of Sangsom that I drank at the Thai Karaoke or the three beautiful Thai women I had with me egging me on. Either way I was up for a little fishy foot fetish. For those of you that don’t already know there has been a craze going on all over South East Asia for the past few years, and that craze involves getting you feet massaged by fish. Yes, I said fish, but these aren’t your ordinary run of the mill carp or whitefish, these are special feet eating fish.
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These are Turkish Garra rufa fish and they like to eat dead skin. Obviously this makes them a great choice for a peculiar pedicure, or as Tickle by Fish like to call it ” Relax with Reflexology”. You are basically soaking your feet in a nice warm pool which just happens to have about 300 fish sucking away at your toes.
Turkish Garra rufa fish eating away dead skin cells It’s quite an odd experience, not bad… but not the norm either. It feels like the fish are tickling you and now and again you feel like you are being shocked lightly. One thing is for sure, they really do love the dead skin cells and after 15 minutes your feet come out feeling very smooth.
They also have a detoxifying treatment where they place some sort of ionizer into the warm water and you wear a low voltage emitter on your wrist. This treatment apparently removes toxins from your body. While I am usually the adventurous type I like to keep my warm water and electricity separate….especially when we are talking about electricity in Thailand. All in all it was a nice experience that I would definitely try again. They also had standard foot massage available as well as a foot steaming sauna, aroma therapy and full body scrub/massage. Tickle by Fish was a very nice place with very nice people and seemingly nice fish, well, they were eating me. If you have a foot fetish this is definitely the place for you. By Medicmagic
Once you get past the mass of fish eating your feet it’s also quite relaxing and you can’t help but laugh and have a good time. Once the fish have their way with you then one of the massage therapists takes over to scrub and moisturize your feet.
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Camb dia Insight
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Siem Reap Map
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Jayavarman VII Hospital Borei Speak Neak Inn (Performances by Beatocello) H
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Lucky Mall (Lucky Supermarket lucky Department, Store, Monument Toys...) SBC
Prince d’Angkor
Kazna Hotel
Street 05
Cambodian Red Cross/ Angkor Panaorama
Helistar
Street 21
La Résidence of Angkor
Wat Bo Area Wat Bo Road
ACLEDA
Achar Sva Street
Curry Walla 1
14 Street
Nest Mekong Bank
Mekong Angkor Palace
European New Apsara Guesthouse Market Peace of MotherHome Guest House Angkor Tours Home Sweet Home GH Two Dragons
Home Cocktail Angkor World Travel Claremont Angkor and Street 20 East India Curry
Siem Reap River
hello point
Oum Chhay Street
Tany Khmer Family Kitchen
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Wat Bo
Angkor Hospital Angkor Rivieara Hotel/Gingkgo Spa ANZ Royal Bank Charming Cambodia for Children Adidas Tours Common Grounds UCB Selantra Pich Reamker Asian Trails Central Boutique Frangipani Spa Street 22 Good Nah Hotel de la Paix Angkor ng Street Vo Tep Terre Cambodge Le Café The Villa Siem Reap Ivy Senhoa Nail Spa Samdach City River Hotel Phsar Guesthouse The Emerald Lotus Kandal Street 23 Boutique Hotel (Center Viroth’s Hotel MPA Naga Guesthouse Market) Bopha Angkor Soria Moria it Stands King AngkorVilla SBC Phnom Penh Fresh Fru Street 24 Sorya Transport Hong Kong Restaurant Canadia PROVINCIAL Shadow of Angkor II Happy 2 thHerb Pizza HOSPITAL Tany Family Lodge Wat Preah nou Street 25 Intra Co. Stre Prom Rath et Happy Special Pizza Relax Massage Khmer Butterflies Gardent Vattanac Bank Home Cocktail Happy Angkor Pizza Street 26 Blue 7 Massage Dead Fish Tower Bodia Spa Tell Restaurant U-Care Maharajah Singing Tree 7 Girls Khmer Massage Be VIP Khmer Massage Tourex Asia Café Brickhouse Bar Little Traditional Happy Angkor Pizza Pumpkin Banana Leaf India Kokoon/Blue Movie Mall Angkor Candles Angkor Trade Center Temple Club/Balcony Traditonal Curry CAB Bank Angkor Street 27 Island Massage Viva Khmer (Pizza Co., Swensens) Rajana Cambodian Walla 2 Night ViVa Khmer Family Champey Senteurs Shadow of Angkor BBG Market d’Angkor Le Grand Red Piano Rehab Craft Chamkar Amok Mekong Guilts Les Orientalistes Body Tune Massage McDermott Gallery Neak Garden Village Sao Mao Aha Krorhorm Kampuccino Guesthouse Molly Malone’s Cherry Blossom Boutique Baca Villa Sala Bai
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Apsara Theater Angkor Village
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Angkor Market Master Suki Soup
Green Garden Home
Angie’s Villa
Yaklom Lodge & Sawasdee Food Garden
MC Dermott Gallery Red Gallery Visaya Spa FCC Angkor
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La Noria Hotel and Restaurant
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Old French Quarter
Obriot Gallery
Golden Mango Inn (150 meters) Dara Reang Sey Hotel (350 meters) Bus Station (800 meters) Roluos Group (12km) Phum Stoeng Trocheat (13km) Phnom Penh (314km) Reaksmey Star Travel/CTV Phsar Samaki Freedom Hotel
Angkor Wat in Miniature (Artist Dy Proeung) Borann I’Auberge des Temples
Royal Residence
Ya-Tep Shrine
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Khmer Inn Angkor
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Caltex Ta Som Guesthouse
Mysteres d’Angkor
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Wats Up Golden Banana Boutique Resort
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Wat Bakong Loley Prasat Preah KoPrasat Prei Mont
Prasat Banteay Samrae
Prasat Banteay Srey
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Angkor Oasis Vietnam Airlines
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The Kool Hotel
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Royal Angkor Resort Empress Angkor
Angkor Palace Resort & Spa
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Angkor Miracle Resort & Spa
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Mandalay Inn Divine Lotus Inn Angkor Friendship Inn Angkor Spirit Palace
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Alliance Café
Passaggio Boutique Hotel
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Prasat Prel Wat Chedei
V I C T O R I A
Explore the World Heritage Angkor Temples and immerse yourself in the Khmer empire. The Victoria Angkor Resort & Spa, inspired by 20th century colonial architecture and design, provides a sense of serenity with the nostalgic comfort and elegant reĮnement of the French Art de Vivre. In total harmony ha ny with w its natural surroundings, roun ndings, the the resort is situated in the heartt of Siem hear m Reap, opposite o posite the th Royal Park. Locate Located to Park d within cclose ose proximity prox old the Angkor Angko Temples, Temples the quaint qua market town tow wn of SSiem iem Reap and 7 km. (4 from the InternaƟonal Airport. m miles) In ernaƟonal A Transport with Transp port yourself yoursel into the past p three limousines, our thre ee vintage Citroen lim ousines, for personalized personalized airport transfers, tran nsfers, a trip tr around the the town or a visit to the Temples. ples. VICTORIA ORIA ANGKOR RESORT & SPA al Park, P.O. B Central Boxx 9314 93145, m Reap Town, Siem Kingdom of Cambodia Tel: +85563 760 428 Fa +855 63 760 350 Fax: re resa.a gkor@victoriahotels.asia resa.angkor@victoriahotels.asia otels.asia www.victoriahotels.asia