F
ISSUE 7
R E E
SEAGATE SUITE LANDMARK OF VICTORY BEACH
Full story on pages 14 & 15
INSIDER ANALYSIS
CAMBODIA’S RENTAL MARKET TRENDS: THEN AND NOW Full story on pages 16, 17, 18 & 19
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AEON 2 BOOSTS PROPERTY VALUES Full story on pages 50 & 51
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CAMBODIA REAL ESTATE 2018
Eco Development refers to a built environment that is ecologically, socially and economically sustainable. It is a way of making progress through thoughtful planning and design, in order to meet the needs of the present without compromising on future potentials.
1
GREATER WELLNESS & PRODUCTIVITY
v
Buildings with natural light and better Indoor Air Quality (IAQ) improve productivity of its occupants. Parameters contributing to the IAQ include thermal comfort, particulate Happy office, matter (PM) levels and happy employees! bacterial count. The Green Mark standards established in Singapore is a benchmark scheme which incorporates internationally recognised best practices in building design. An eco-friendly building that is of Green Mark standard will see an increase in the well-being and health of its occupants.
IX ARCHITECTS PTE LTD
CORPORATE OFFICE INTERIOR, SINGAPORE Instead of the usual cubicle office, there are 12 elements of nature surrounding every workstation in this corporate office. This creates a positive and energetic environment that helps the staff relax - ultimately generating higher productivity. Researchers from Harvard found that a greencertified office can boost productivity by 15.2% and reduce sickness-related absences by 30%.
IX ARCHITECTS PTE LTD
COURTYARD HOUSE, SINGAPORE
2
Our projects in Singapore and Cambodia have obtained the BCA Green Mark Gold Award.
COST-EFFECTIVE CONSTRUCTION
IX ARCHITECTS PTE LTD
RELIGIOUS BUILDING, SINGAPORE
IX ARCHITECTS PTE LTD
A development that is mindfully designed with eco-friendly features can be more cost-effective aross all building scales. In the long run, an Eco Development can save construction and maintenance costs through both active and passive means such as site planning, sensitive use of finishes and sunshading devices, to name a few.
ECO-SHOPPING MALL, SINGAPORE
IX ARCHITECTS PTE LTD
GREEN CORPORATE OFFICE, SINGAPORE One key way to reduce construction cost is to utilise modular offsite fabrication. Instead of using conventional on-site construction methods, building components requiring higher accuracy and complexity can be produced off-site to ensure precision and less wastage due to in-situ mistakes. Labor cost will be effectively reduced while consistency is being assured. The construction timeframe can be shortened and there would be lower noise, air and water pollution on site too. A 2016 study by KPMG found a 7% net financial savings in construction cost when off-site manufacturing is applied.
AN ECO-INDUSTRIAL PARK, PHNOM PENH
INTERNATIONAL ARCHITECT SERVICE :
IX Architects Pte Ltd (IXA) is a corporatized
architectural practice based in Singapore. Since inception, the firm has chalked up an impressive portfolio in the region of China and Southeast Asia. With almost a decade of experience in Cambodia, the firm has the cutting-edge competency of realizing the goals of property owners here. Driven by a passionate team, the firm constantly strives
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CAMBODIA REAL ESTATE 2018
to design and deliver high standard works that are responsive to each client’s needs and budget. The team closely interprets the clients’ needs and transforms them into forms and spaces that are both original and functional. The built environment is economical and yet durable, with details, materials, and elegant aesthetics responding to the context and requirements.
We believe that our input will value-add your investment and allow you to enjoy a quality built environment through the following ways: • • •
MASTERPLANNING ARCHITECTURAL DESIGN INTERIOR DESIGN
3
BOOST CORPORATE IMAGE According to a US study, Green Certification could bring in higher rental premiums of up to 6% and higher sale price premiums of up to 35%.
IX ARCHITECTS PTE LTD
MIXED DEVELOPMENT, SABAH, MALAYSIA A survey by The Business Times found that Green Certified Buildings attract tenants that tend to be MNCs and listed organizations, as they can showcase their environmental responsibility to the stakeholders, clients, employees and the public. This can help build up a positive corporate image, paving way for more business opportunities with like-minded corporations.
IX ARCHITECTS PTE LTD IX ARCHITECTS PTE LTD
CORPORATE HQ, PHNOM PENH
MALIS RESIDENCES, PHNOM PENH
4
USE OF RENEWABLE RESOURCES
IX ARCHITECTS PTE LTD
LE URBAN SHOWROOM, PHNOM PENH Le Urban Eco Park is a design that is mindful of the efficient use of water, energy and materials. Besides the use of renewable resources such as bamboo for cladding, brick walls are exposed and un-plastered, detailed to be true to the materiality of the resources. These environmentally-friendly building components allow the building to age gracefully.
5
A SUSTAINABLE FUTURE Building an Eco Development ensures the responsible use of resources without depleting them at the expense of future generations. The impact of a holistic green design extends beyond the physical building, but also positively influences its environment and culture. Be a future-ready developer from today! IX ARCHITECTS PTE LTD
MASTERPLANNING, BATAM, INDONESIA
IX ARCHITECTS PTE LTD
WATER GARDEN IN ECO PARK, PHNOM PENH The spatial planning of the Eco park allows for passive cooling of its spaces, thereby reducing the air-conditioning load. Selection of energyefficient products such as unitary air conditioning system and mechanical ventilation system are set to achieve improvement in the motor power requirement with 25% cost savings. Energy-saving light fittings were also installed to achieve lighting energy of at least 30% efficiency. These design details help to reduce maintenance costs in the long run. The Eco Park project obtained a Green Mark Gold in 2016.
Let us elevate your dream development in a holistic and sustainable way. Reach out to us for further sharing! Email: chu@ixa.com.sg Ar. Chu Yang Keng Registered Architect in Cambodia | Singapore | ASEAN
COURTYARD NATURAL VENTILATION
TERRACES
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CAMBODIA:
Address | #53B, Street 444, Sangkat Tuol Tumpung 1 Phnom Penh, Cambodia LINE | ixaline
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PHONE | +65 62203188
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2018 CAMBODIA REAL ESTATE
7
8
CAMBODIA REAL ESTATE 2018
LETTER FROM THE EDITOR
CREDITS Editor-in-Chief:
Dear Readers,
the entire Cambodia real estate industry
Nara Cheng
this year. The event, which will celebrate We bring to you the latest edition of the
the milestones achieved by the industry, as
Cambodia Real Estate magazine, the
well as honor individuals who have gone
Kingdom’s most authoritative, informative,
the extra mile in pursuit of excellence, will
and widely-read real estate quarterly.
conclude with a Gala Dinner and Awarding Ceremony next month.
Despite some uncertainties and predictions
Managing Editors: Jose Rodriguez Senase Carrie Sun Contributing Writers: Kosal Ky
of a property market slow-down leading up
Another outstanding feature is an extract
Jose Rodriguez Senase
to the election, it appears that Cambodia’s
from the soon-to-be-published Cambodia
Cheng Huy Hong
building boom is being carried over to this
Investor Guide 2018/2019. This portion
year with no signs of slowing.
is about Phnom Penh and other key investment areas in Cambodia.
Art Directors: Parigna Heng Jozel Ann Esguerra
From Phnom Penh to Sihanoukville, new
Meanwhile, we profile Phnom Penh’s
developments and major infrastructure is
Dangkao District, which is drawing the
changing the face of the country, and filling
attention of many local and foreign investors
up the once-empty skylines.
due to its location and affordable land. This edition also discussed how Aeon Mall 2,
Investor confidence also remains high, with
Cambodia’s newest and largest shopping
Developers investing millions of dollars to
complex, is boosting property values in Sen
further develop Phnom Penh’s popular
Sok and nearby areas.
Riverside area, with multiple residential, commercial, and mixed-use developments
This edition also includes a treatise on the
on the drawing board or in the pipeline.
banking sector’s reluctance to loan money to condominium projects. Because of the
In this issue, several trailblazing women who
risks involved, a majority of the more than
have made their mark in Cambodia’s real
60 banks and major financial institutions in
estate sector discuss the experiences and
Cambodia has avoided direct lending to this
challenges they faced in a male dominated
type of property developments.
industry. Property leaders and experts, on another eye-catching piece, weighed in
Sincere thanks for reading issue 7 of the
on the possible impact of the upcoming
Cambodia Real Estate magazine. Our next
election in regards to the buying, selling and
issue will roll out in the coming months.
rental of real Property.
Sales & Marketing: Tyler Stuart Nin Kang Linda Sorn Su Mey Limeng San Sotha Vatey Mom Publisher: Image Printing Special Thanks: The Realestate.com.kh Team For more information please contact us at: info@realestate.com.kh +855 (0) 17 436 756 +855 (0) 69 436 756 +855 (0) 18 616 8888
Featured prominently is a piece on Cambodia Real Estate Awards (CREA) 2018, the most prestigious and awaited event in
NARA CHENG
Browse almost 50,000 properties from over 150 agents and the leading property developers 2018 CAMBODIA REAL ESTATE
9
TABLE OF CONTENTS 14
14
16
SEAGATE SUITE Luxury development underway in Sihanoukville
INSIDER ANALYSIS Property experts’ take on the real estate rental market this year and the year before
20
JOTUN Bringing the best color and shade to Cambodia
22
WOMEN IN REAL ESTATE Breaking Cambodia’s glass ceiling
20 26
CAMBODIA REAL ESTATE AWARDS Most prestigious and awaited event in Cambodia’s property sector this year
40
30
KEY INVESTMENT AREAS OF CAMBODIA Best places to invest in the Kingdom
36
DANGKAO DISTRICT Accessibility and affordable land is catching investors’ attention
40
HOME FITNESS CONSIDERATIONS The factors that home fitness buffs need to think about
44
CAMBODIA: ONLY A FEW BANKS OFFER LOANS TO CONDOMINIUM SECTOR Why banks stay away from condo lending
48
PROPERTY LEADERS, EXPERTS DISCUSS POSSIBLE ELECTION IMPACT What the election holds for Cambodia’s real estate industry
50
AEON MALL 2 BOOSTS PROPERTY VALUES Presence of Cambodia’s largest shopping complex increases
52
prices of land, other properties in Sen Sok, nearby areas 52
P RO P E RTY G U RU S D I S C U S S S I H A N O UK VILLE’ S TRA N S FO RM A TI O N Cambodia’s most important port city transformed by Chinese investment
62
CONSTRUCTION UPDATE Ongoing projects in Phnom Penh and Sihanoukville
80
WHAT OUR CUSTOMERS SAY ABOUT US Find out why market leaders work with Realestate.com.kh
2018 CAMBODIA REAL ESTATE
11
LETTER FROM THE CEO Dear Valued Readers, In this issue, we have included an extract from the Cambodia
Cambodiarealestateawards.com or contact us directly to
Investment Guide 2018/2019, which we will release in
snap up one of the last tickets to the event.
September, and present at the Cambodia Real Estate Show in October. In particular, we have looked at the three main
I hope you enjoy this installment of the Cambodia Real Estate
investment areas in Cambodia - Phnom Penh, Siem Reap,
magazine. Happy reading!
and Sihanoukville. On pages 26-28 of the magazine, we have included a summary of the up-and-coming Cambodia Real Estate Awards (CREA) 2018, which will be held on the 6th of July 2018. The inaugural Cambodia Real Estate Awards will be
TOM O’ SULLIVAN
held at Sofitel Hotel, Phnom Penh. The awards are 100
CEO, REALESTATE.COM.KH
percent focused on real estate agencies and agents. And I am extremely proud to bring this event to the market in conjunction with the CVEA with the support of the Ministry of Economy & Finance (MEF) The CREA is designed to assist in professionalising the Cambodia real estate industry, by only awarding those agents and agencies that are registered with the MEF, as well as being members of the CVEA. If you want to be part of the industry’s night-of-nights I highly encourage you to visit
WHO WE ARE 30
Established in 2009, Realestate.com.
property investors from all over the
team based in Phnom Penh who are
kh is Cambodia’s leading website for
world.
ready to serve our customers anytime!
Meanwhile, property sellers can
We seek to provide the best possible
list their properties on our website
online real estate buying and selling
Our website lets users search for
and receive direct sales and rental
experience for both home buyers and
properties based on location (by city,
inquiries. And if you don’t know how
property sellers. Contact us today at
sangkat and khan), property type and
to use the website to upload, we can
info@realestate.com.kh or 018 616
price range. A lot of these users live
even help you do this. We have a
8888
in Cambodia; however, we also attract
dedicated expatriate and Cambodian
property buyers and sellers. We are Cambodia’s home of real estate.
2018 CAMBODIA REAL ESTATE
13
FEA TURED P RO PERTY
SEAGATE SUITE: LANDMARK OF VICTORY BEACH
Sihanoukville is one of Cambodia’s
brought to the market SeaGate Suite,
Construction (S.E.A) Corp. and Thoroni
most important trade and urban
a mixed-use development which is set
Real Estate Company.
centers. From a backwater port
to become another iconic building in
carved out of the jungle in the
the city.
1950s, Sihanoukville transformed
SeaGate Suite, with 45 storeys and covering 100,000 square meters of
itself to become the “Rising Star of
SeaGate Suite ideally sits on Victory
land, is one of the tallest and largest
the Southwest”.
Beach, an area billed as the next CBD
residential development projects in
of Sihanoukville. This means that in
the Kingdom, offering a 360-degree
Sihanoukville’s rapid and continuous
a few years, a bevy of commercial
view of the city and ocean nearby.
economic development is mainly
and business activities will be located
due to the following: presence of
nearby. Formerly a paradise for
SeaGate Suite is composed of 1,118
Cambodia’s sole deepwater seaport
backpackers, Victory Beach remains
studio rooms and condo units of
(Sihanoukville Autonomous Port),
popular to this day.
varying sizes and features. The size
Sihanoukville Special Economic Zone
of studio rooms will be from 31.21
(SSEZ), robust tourism growth, and
Construction is ongoing, with the first
square meters to 70.12 square
massive foreign investments.
floor approaching completion this
meters; 1-bedroom units range from
month. SeaGate Suite is expected to
60.15 square meters to 88.62 square
Never to miss a golden opportunity,
be completed by 2020. Construction
meters; and 2-bedroom units will
KHCN Investment & Development Co.
is being undertaken by China
measure 113 square meters.
14
CAMBODIA REAL ESTATE 2018
FE A T U RED P R O P ER TY
Buyers can choose from six different
lighting system, etc. of each unit will be
Sales commenced in December last
interior designs: Northern European,
operated via an app.
year, with units sold at the starting
Minimalist, Southeastern, Luxurious
price of USD $70,000. SeaGate Suite
Baroque, New Oriental, and
Ensuring the safety of occupants
guarantees rental returns of up to
Neoclassic.
is of paramount importance to
8 percent per year or 16 percent
the developers. Thus, there will be
over two years. The developer also
The Northern European concept,
24/7 security, and each unit will be
shoulders the 10 percent sales tax
which is similar to what you will see in
equipped with built-in security features
in the event the buyer resells the
Scandinavian countries like Sweden
like hose reels, smoke detectors,
property.
and Norway, is fully-furnished and
sprinklers, fire extinguishers, and
comes with a free design.
emergency sound alarm.
Consulting project detail: 017 436 756 WeChat ID: REAKH 2009
Furniture, built to the likings and tastes
SeaGate Suite also features a 700-
of the occupants, is also part of the
sqm infinity pool, private meeting
package.
hall, shopping center/market, fullyequipped gym, spa, sauna, restaurants,
Following the Smart Home concept,
business center, multi-function
the air-conditioning, TV, music,
conference room, banquet hall, luxury
security cameras, water heating/
casino, cinema, helipad, KTV/bar, and
View The SeaGate Suite listings on Realestate.com.kh.
an art gallery.
2018 CAMBODIA REAL ESTATE
15
ED I TORI AL
INSIDER ANALYSIS CAMBODIA’S RENTAL MARKET TRENDS: THEN AND NOW
How would you describe last year’s real estate rental market in Cambodia? What was the defining theme?
In the course of 2017, the growth of the rental market in the Kingdom was higher compared to 2016 in terms of
Sorn Seap
properties like warehouses, factories, shophouses, etc. This was particularly evident in Sen Sok District where development was going on in 2016 and reached its peak the following
Founder/Director, Key Real Estate
year. Sen Sok’s neighboring district, Toul Kork, also saw the growth of its
As for rental price, the rates in Sen
Phsar Boeung Baitong, and in areas
property market due to the presence
Sok and Tuol Kork both increased.
along Mong Rithy Road and Phnom
and availability of many mixed-use
The rental rates in Sen Sok are still
Penh Thmey District where businesses
developments, residential/commercial
higher due to the transformation of
are located, prices jumped to
properties, and its location in-between
many vacant residential lands into
between USD $600 and USD $1,300
highly-developed and newly-developed
commercial or business areas. In
per month.
areas.
places like Phsar Boeung Chhouk and
The demand for rental service
Crispian Knowles Manager, Seaps Cambodia
last year was mostly from expats/ foreigners (both short term and long term). Stocks and customers were plentiful, but it was mostly a renter’s market. There was an oversupply of condominium units which drove the prices of similar properties down.
16
CAMBODIA REAL ESTATE 2018
EDI TO R I A L
When analysing our Phnom Penh rental indices for 2017, there was a noticeable reversal in the performance of residential rents as
Ross Wheble
Country Head, Knight Frank (Cambodia) Pte Ltd
compared with rents for commercial properties. Within the residential sector, we started to see the market shifting from a landlords’ market to a tenants’ market, with rents declining moderately towards the second half of 2017. Conversely, with the completion of Exchange Square and a number of other office buildings, commercial rents continued to record year-onyear growth.
The 2017 rental market in Cambodia continued to be very strong across both residential and commercial real estate and I would say the defining feature in the market was an increase in competition across all sectors. In the residential sector, the year consistently saw new apartment complexes and condominiums come online. We have noticed that a lot of these buildings have been priced much “smarter”
Grant Fitzgerald
Country Manager, Independent Property Services (IPS)
than in the past, as owners are now much more aware of the plethora of choices potential tenants now have and have adjusted pricing and services accordingly. The result of this increase in competition has been a
Occupancy rates in the commercial
now seeing the advantages of reducing
general softening of prices and a lot
sector are still very strong with most
rates in order to fill their buildings
more flexibility in lease terms and
‘well run’ buildings sitting between
up fast. An empty building makes no
conditions. Renovated and stand-alone
80-90 percent full. Again, similar to the
money and those that haven’t adjusted
apartments have seen the biggest
residential sector, we have observed
to market conditions will struggle
price correction as their price bracket
much more flexibility in pricing and
moving forward.
of between $500- $900/month now
lease terms and conditions. The
gives tenants the option of a unit in a
increase in competition has pushed
brand new apartment building with a
owners to review their pricing and it
pool and gym.
has become apparent that they are
2018 CAMBODIA REAL ESTATE
17
ED I TORI AL
How will the strengths and weaknesses of Cambodia’s real estate market rental market play out in the course of 2018? to attract foreign investors. From
doors. This will inevitably slow down as
large developers to buyers of single
we get close to the election, however,
condominium units, foreign investors
the 2018 real estate has held up much
have played a large part in the fast
better than expected so far.
paced development of the industry,
Grant Fitzgerald
Country Manager, Independent Property Services (IPS)
especially in the last 5 years. A national
2018 will also see the much talked
election in any country makes market
about ‘supply factor’ hit the market.
conditions interesting, even more so
The over-supply of condominiums
in Cambodia. From previous elections,
and apartment buildings has been a
both local and foreign buyers and
much talked about weakness in the
sellers have taken “wait and see”
market over the past 2 years. We have
approach, a period which can last for 6
already seen a significant slowdown
months following the election.
in condominium sales in 2017 and this trend will continue throughout
Surprisingly, the market has been quite
2018. Hardest hit will be the higher
robust in 2018 to date. Everyone has
end developments with limited or no
been expecting a significant slowdown,
avenues to foreign markets as they
One of the Cambodian real estate
but the market has been continually
have to rely on local buyers who are
market’s biggest strengths in
active as we have had a steady stream
wary of the over-supply and have lost
recent years has been its ability
of foreign investors come through the
their appetite for the time being.
Meanwhile, it is hard to increase the
presence of many new development
rental price for serviced apartments
projects like boreys, factories, condos,
even if the demand increases because
malls, etc. in the area drives the prices
of oversupply of condos and similar
up. For example, a shophouse in the
properties in the market. The same
area can be rented out between USD
can be said of office space, whose
$1,000 and USD $2,000 per month,
rental prices appear to be stagnant.
which is way above the rate in other areas. Demand is also high because of
Sorn Seap
Founder/Director, Key Real Estate
But in the up-and-coming areas in the
the area’s big population.
suburbs of Phnom Penh, there is a big possibility of substantial increase
Chroy Changvar is also a good place
of rent for both commercial and
to have rental properties, but its
Just like in the previous years, rental
residential properties. However, just
full potential has yet to be realised
transactions this year are dependent
like in the past, it is still dependent on
with many big projects still under-
on how strong and stable is the
factors such as economic activities,
construction.
economic growth in a given area and
investors’ interest, and influx of people.
in the country as a whole.
Political stability is also important as
Southern Phnom Penh is also catching
it is crucial to economic growth and
up to the rest of the city with major
stability and flow of investment.
projects like a new airport, residential
Rental prices in well developed areas like BKK 1 increase slower compared
development, and infrastructure.
to those in up-and-coming areas. This
With regards to the best location for
For now, however, most property
is true for most rental properties,
rental properties in Phnom Penh,
transactions are limited to buying and
except some commercial properties.
Sen Sok is still on top because of the
selling of land.
18
CAMBODIA REAL ESTATE 2018
EDI TO R I A L
With a significant number of condominium units due for completion this year, we believe that the trends identified in 2017 will continue into 2018. Over the medium term, this will have beneficial ‘knock-on’ effects for the overall economy, helping to reduce the cost of living in Cambodia and making it more competitive
Crispian Knowles
compared with neighbouring countries
Manager, Seaps Cambodia
and cities. Office rents are expected to remain relatively flat during 2018 whilst everyone is eagerly awaiting the
The market has come under pressure
opening of Aeon Mall 2 later this year,
in 2018 when some of the significant
and it will be interesting to see the
condominium projects were completed;
level of pre-committed space and what
and these condo units add competition to the existing serviced apartment stock as buy-to-let investors seek to rent their units. This may put downward pressure
Ross Wheble
Country Head, Knight Frank (Cambodia) Pte Ltd
impact this may have on retail rents in Phnom Penh.
on rents.
2018 CAMBODIA REAL ESTATE
19
JOTUN B R I N G I N G T H E B E S T T O T H E W O R L D, AND CAMBODIA!
There are hundreds of paint
buildings such as Eiffel Tower in Paris,
and Powder Coatings. To date, it has
brands all over the world. There
France; Burj Khalifa skyscraper in
almost 40 production facilities around
are thousands of different paint
Dubai, United Arab Emirates (UAE);
the world, including new ones in
products for sale. One particular
Marina Bay Sands in Singapore;
Oman, Philippines, and Myanmar.
brand stands out over the rest:
Petronas Towers in Kuala Lumpur,
Jotun.
Malaysia; and several others in Saudi
Jotun’s reputation for keeping buildings
Arabia and China. Being the world’s
protected and beautiful for a long time
Consistent, uncompromising quality is
No.1 supplier for marine coatings,
followed it when the brand entered
what makes Jotun stand out. For nearly
Jotun also provided the paint used
the Cambodian market in 2003.
a century, Jotun has built a reputation
for MS Oasis of the Seas, one of the
as one of the best global paint
largest cruise ships in the world.
suppliers. Jotun has earned the trust
True to its core vision of “Jotun Protects Property”, Jotun did not
of property developers, homeowners,
Established in Norway in 1926, Jotun
disappoint when it was soon tapped
architects, and others for bringing
grew fast and soon became a force in
to supply paints for iconic homes
long-lasting quality and beauty to their
the global paint business. Currently,
and buildings around Phnom Penh
designs.
the company is present in more than
and other parts of Cambodia. Jotun
100 countries and on all continents.
supplied the paints used for Exchange
Jotun’s reputation for high standards
Square, International School of Phnom
and quality is such that it was chosen
Jotun’s focus is on Decorative paints,
Penh (ISPP), Phnom Penh International
for world-famous structures and
Protective Coatings, Marine Coatings
Airport, among many others. Jotun was
20
CAMBODIA REAL ESTATE 2018
also the paint of choice for many highend villas and apartments. “In Cambodia, Jotun has served the market for more than 15 years, and trusted by many businesses and homeowners to protect and beautify prestigious residences, luxury hotels and key infrastructure such as oil storage tanks, bridges and power plants,” said Svein Johan Stub, General Manager of Jotun Cambodia. “Looking around Phnom Penh’s skyline today, you will find that the most reputable and valuable properties made the wise decision of choosing Jotun paints. With a dedicated team in the principal company, and a wide retail distribution network – we have managed to gain the trust of building professionals and homeowners who want their properties to stay protected and beautiful. Jotun paints are definitely not cheap by the liter, but we are cheaper in the long run,” he added. Jotun’s successful entry into the Cambodian market, pushed the company to set up a full subsidiary, Jotun (Cambodia) Ltd., in 2011. “This enabled us to better support our customers in Cambodia through professional specification advice, technical service and inspections,” Mr Stub said.
One of these products is Jotashield
scaffolding and equipment. So over 12
Colour Extreme, a premium exterior
years, for example, even if the paint
paint designed to withstand the
material costs more, the total cost in
harshest tropical climates and
the property life cycle is still less than
considered one of the most durable
using a low price paint but having to
paints around. For painting building
repaint 2-3 times in the same period to
interiors, Majestic Perfect Beauty &
maintain the appearance,” he stressed.
Care, which emits almost no odor and incorporates anti-fungal and
“Secondly, the owners suffer a loss
anti-bacterial properties, is the gold
of reputation, lower rental yields, lost
standard.
income during shutdown, moving costs and the additional time and energy
While Jotun products are more
spent on sourcing and supervision.
expensive than comparable items in
These are hidden costs incurred when
the market, Mr Tan, Sales & Marketing
a low quality paint starts looking bad
Manager of Jotun Cambodia, stressed
and needs to be repainted. Perhaps
that their uncompromising stance on
most important of all, the peace of
quality makes them cheaper in the
mind and satisfaction of a proud
long run.
owner is priceless,” Mr Tan concluded.
“In the long run, high quality paints end up “cheaper”. Firstly, the major cost component in a painting job is
View more articles online at Realestate.com.kh.
not the paint – it is the manpower,
For Cambodia, Jotun products are mainly imported from Thailand and Malaysia, with specialty products coming from Indonesia, United Arab Emirates and Norway. “These are tailor made by the company’s Research and Development lab in Southeast Asia to best perform in the tropical climate,” he said.
2018 CAMBODIA REAL ESTATE
21
ED I TORI AL
WOMEN IN REAL ESTATE: B R E A K I N G C A M B O D I A’ S G L A S S C E I L I N G A number of Cambodian women actively contribute to the development of Cambodia’s Real
Tang Hour
President, Amatak Property Service
busy most of the time. Sometimes, I don’t have time for my family. Also, this job requires working “under the
Estate Industry. When in the past,
sun”, the reason why many Cambodian
women were expected to work from
women do not like it.
home, many women now work as
REAKH: Why is a career in real
CEOs, Managers and salespeople for
estate attractive to women?
real estate companies.
What is your advice to other women interested in having a
These women’s role in developing
career in real estate?
Cambodia’s real estate sector is significant and should not be underestimated.
REAKH: Please tell us about your background.
I think a career in real estate is not only for men, but also for women. It depends on whether they love their
Realestate.com.kh caught up with a
I am not a highly educated woman and
work or not. The present and future
few of these trailblazers. Khmer
my family only expected me to look
prospects for the real estate industry
Content Writer and Editor, Ky Kosal,
after the household. But that was not
are good. This generation of women
spoke to Tang Hour, President of
comfortable with me. Then I studied
has freedom to pursue their own
Amatak Property Service Co., Ltd,. and
English and started working at Hotel
careers. If you have a passion for real
Linna Nov, Assistant at NC Max World
Le Royal Phnom Penh, and then later
estate, go for it.
about their own experiences, role, and
for Sunway Hotel as a Spa Manager.
prospects for women in the industry.
Later, I decided to have my own business. I operated a beauty spa for
This article also includes an interview
seven years. In 2014, I began working
with Xiaohua Chen, legal counsel at
as a freelancer for a local real estate
ETC Law Group. While not Cambodian,
agency. I saw the great potential. So,
she nevertheless contributes a lot
in 2015, I started my own company,
to the advancement of the industry
Amatak Property Service.
through MsChen’s Real Property Lawfocused legal practice in Cambodia. The following are excerpts from their
greatest achievements? Greatest challenges? My interest in real estate started in
edited for content and clarity.
1997. I started buying several cheap
22
CAMBODIA REAL ESTATE 2018
Assistant, NC Max World
REAKH: What has been your
interviews. They have been slightly
View this article online at Realestate.com.kh.
Linna Nov
REAKH: Please tell us about your background.
flats in Phnom Penh, renovated them,
I was still completing my university
and then sold them at a higher price.
studies in Finance when I began my
Founding and owning a real estate
career in real estate. I have been
company is my greatest achievement.
selling and listing properties in
Clients trust me and we have many
Cambodia for the last 4 years and had
new and return clients. However, I am
my fair share of transactions. In my
EDI TO R I A L
culture, women are kept in the house
I would like to encourage more young
Since these were once significant
before and after marriage and never
women to believe in themselves
symbols of industrial development
have any chance to gain financial
and come out of their shells so that
in Cambodia, resuming these two
independence like I have. Life is good
they can excel in their careers. You
projects not only pushed them
since I started to work at NC Max
just have to work hard, be honest,
forward, but also showed to investors
World. The company has taught me all
and maintain high ethical and moral
that Cambodia is developing way
that I need to know about the industry.
standards.
better than expected.
REAKH: What has been your greatest achievements? Greatest challenges?
Xiaohua Chen
Legal Counsel, ETC Law Group
The biggest challenge we are facing is the lack of transparency in Cambodia’s legal system. It is very hard to access
I started to work at NC Max World
updated legal documents and
while I was still in school. I decided
materials, especially their English
to work for the company because
translations, from public databases.
I wanted to come out of shell of women’s submissive culture in this
The number of multinational
country and to achieve financial
companies coming to Cambodia is
independence. The business has
increasing. They follow the classic
raised my self-confidence and taught
pattern of exploring new markets,
me professionalism in representing both seller and buyer.
REAKH: Please tell us about your background.
which requires accurate and updated laws and regulations for decisionmaking. This lack of legal transparency
I have listed and closed over USD $8
We first came here as investors. Seeing
could pose some problems in the
million in sales on my own listings and
the lack of property management
future. We are doing our best to make
buyers. This year, I have already closed
and professional advisory services
a clear legal analysis for our clients.
two large real estate transactions! I am
in Cambodia, me and my husband
now able to support my entire family
decided to leave Australia for
and provide them with a good, stable
Cambodia. We wanted to grow our
life.
own investment in a more sustainable
REAKH: Why is a career in real estate attractive to women? What is your advice to other women interested in having a career in real estate? The real estate business is very
and profitable way. We also found a dearth of legal services available to
These encouraged us to step in and
male-dominated industry. The call
focus on the Cambodia Real Estate
for gender equality will provide an
Industry.
opportunity for competent females
Many women do not have the freedom here and it is hard to have careers.
Greatest challenges?
opportunity and has believed in me and that is the main reason why I can do what I do.
career in real estate?
industry is still and will always be a
greatest achievements?
The company has given me an
women interested in having a
have the most investors in Cambodia.
working hard and can be ready 24/7.
But you just have to believe in yourself.
What is your advice to other
As far as I can see, the real estate
REAKH: What has been your
business is no easy task.
estate attractive to women?
the Chinese, despite the fact that they
attractive to women who do not mind
However, for agents, the real estate
REAKH: Why is a career in real
Our law firm was officially launched in March 2017. In 2017, we were honored to participate in two projects left over by history for more than ten
to get promoted, which means being female itself may be an advantage in this industry. Like us, female overseas legal-service providers are playing more than a simple role. A good application of our advantage in language and flexibility will no doubt help advance our careers.
years, respectively the Oil Refinery Project in Kampot Province and Gold Tower 42 in Phnom Penh city center.
2018 CAMBODIA REAL ESTATE
23
24
CAMBODIA REAL ESTATE 2018
2018 CAMBODIA REAL ESTATE
25
ED I TORI AL
CAMBODIA REAL ESTATE AWARDS: M O S T P R E S T I G I O U S A N D AWA I T E D E V E N T I N C A M B O D I A’ S P R O P E R T Y S E C T O R
Months after it was launched, the
A first in Cambodia’s history, the
and Estate Agents Association (CVEA)
inaugural Cambodia Real Estate
goal of the CREA is to recognize the
and Ministry of Economy and Finance
Awards (CREA) 2018 is entering its
achievements of the Cambodian real
(MEF).
final stages, with less than a month
estate industry objectively and on a
before the results are out and the
wholly inclusive basis. With its focus on
There are 30 agency and individual
winners recognised and rewarded.
objectivity and inclusiveness, the CREA
awards up for grabs in the CREA.
is geared to be the benchmark for
The Agency Based Awards are: Real
similar undertakings in the future.
Estate Agency of the Year; Best Up
CREA, which is the most prestigious and awaited event in the entire
and Coming Agency of the Year (Rising
Cambodia real estate sector this year,
Realestate.com.kh, Cambodia’s leading
Tiger Award); Regional Agency Award;
was officially launched with much
property portal and marketing agency,
Valuation Company of the Year;
fanfare and excitement last 26 March
is the lead organiser of the event, with
Property Management Agency of the
2018 at Lumiere Hotel.
support from Cambodian Valuers
Year; Commercial Agency of the Year;
26
CAMBODIA REAL ESTATE 2018
People’s Choice Award; and Employer
of Cambodia in charge as Director
compiling submissions to the CREA
of Choice Award.
General of the General Department
to ensure all information relating
of Financial Industry, Ministry of
to criteria has been submitted and
Individual Awards are: Service to the
Economy and Finance (MEF), said they
presented to the MEF in a uniform
Industry Award (Hall of Famer), Rookie
are happy to support the undertaking.
manner.
Agent Award (The Rising Tiger) and
“The CREA, led by Realestate.com.
the Agent of the Year Awards, which
kh and CVEA, is an event to reward
Numerous nominations were
is divided into 6 categories: Sales
those agents and agencies that are
submitted. Many of the nominees are
Agent of the Year; Rental Agent of
running legitimate operations in
among the most well-known names in
the Year; Commercial Agent of the
Cambodia – and pushing themselves
the Kingdom’s property sector. Entries
Year; Valuation Agent of the Year; and
to build stronger and better real estate
were submitted online or directly to
Property Manager of the Year.
businesses. It is with pride that the
the organizers.
MEF joins Realestate.com.kh and CVEA During its launching, Tom O’Sullivan,
in this endeavor,” he stressed.
CEO of Realestate.com.kh, said CREA
The nominees include C-Herald Property Service, 995 Home
is one way for Realestate.com.kh to
Kim Heang, President of CVEA, said the
International Property Management,
give back to the real estate industry.
CREA is part of the effort to showcase
Daily Realty Group, Khmer Foundation
“This also offers an opportunity for
Cambodia to the outside world. “From
Appraisals, Key Real Estate,
all businesses in the industry to
now on, we should hold this event
Independent Property Services (IPS),
celebrate the achievements that
more often, so we can give value to
Southeast Asia Property Services
have been made. We are delighted
the best agent, best valuer, to the best
(SEAPS), Freer Properties, Yi Fung
to launch the Cambodia Real Estate
people in the real estate industry. We
Real Estate Services, CBRE Cambodia,
Awards 2018, with support from the
need to promote our own industry,
NC Max World, Century 21 Dream
Ministry of Economy and Finance;
we need to promote Cambodia to the
Property, Cambodia Properties Limited
and we sincerely hope that this
outside world,” he said.
(CPL), and Huttons CPL.
or professionalism, competition and
After the nominations deadline
The distinguished panel of
excellence for the Cambodian real
passed on 6 June 2018, the Cambodia
judges is headed by Sok Siphana,
estate industry as a whole,” he said.
Investment Management (CIM) took
Managing Partner at the prestigious
all entries from the Awards website
SokSiphana&Associates. Also on
For his part, His Excellency Mey Vann,
and turned them over to the MEF. As
the panel are Steven Path, Founder
Delegate of the Royal Government
official supervisor, CIM is tasked with
and CEO of Pathmazing, a leading
awards series will lead to a new era
2018 CAMBODIA REAL ESTATE
27
ED I TORI AL
e-Commerce platform, who is also
those agents, agencies and sales
Phnom Penh Phokeethra for the
the co-founder of a tech start-up
teams that are truly most deserving.
Awarding Ceremony and Gala Dinner
in America’s famous Silicon Valley
I look forward to this year’s event,
on 6 July 2018. Several hundred
and President of Cambodia’s ICT
and the years that will follow for this
people, including high-government
Federation; Simon Vancliff, Investment
prestigious event. I thank Realestate.
officials, property developers, real
and Development Director of ING
com.kh for this great opportunity,” he
estate agents, and others are expected
Holdings, who is also the Vice-
stressed.
to grace the occasion.
Estate and Construction Committee;
Each of the judges will rate the entries
Award winners will receive many
Teng Rithy, Founder and Director at
on a scale of 1 to 5, with 5 as the
benefits in terms of exposure,
R’Investment; and Anthony Galliano,
highest score possible. An online
branding, and recognition. Finalists
Group Chairman at CIM.
public voting process was integrated
and Awards winners will get the
into CREA, allowing the general public
prestigious CREA seal, an iconic trophy
Mr Sok said he is proud to be the
to voice their opinions on who are
and a certification of personal or
leading judge in the Cambodia Real
the most deserving of the accolades .
company achievement.
Estate Awards. “I am proud to be the
Public voting, which closed on June 30,
inaugural CREA’s head judge. As the
carries a 5 percent weight.
Chairman of EuroCham Cambodia Real
values of this event suggest, we will manage the judging process with the
After the judging process is completed
utmost respect to the nominees and
and the results are announced, the
greater industry. The judging panel
winners and the broader real estate
will be impartial, thorough and reward
industry will be gathered at Sofitel
28
CAMBODIA REAL ESTATE 2018
View latest real estate news online at Realestate.com.kh
2018 CAMBODIA REAL ESTATE
29
ED I TORI AL
KEY INVESTMENT AREAS OF CAMBODIA A N E X C E R P T F R O M T H E R E A L E S TAT E .C O M . K H CAMBODIA INVESTMENT GUIDE 2018/2019
The following article is a short
defining factor influencing their
excerpt from the Realestate.
next property purchase. Phnom
com.kh Cambodia Investment
Penh was the overwhelming first
Guide 2018/2019. The Realestate.
choice for location with 65 percent
com.kh Cambodia Investment
of respondents choosing the capital
Guide contains the most up to
for their property purchase.1 Other
date information related to the
in demand areas were the rapidly
Cambodian real estate market
developing Sihanoukville (15 percent
and is the most comprehensive
of respondents), and the prime tourist
document for prospective real
destination, Siem Reap (10 percent).2
estate investors currently available in the market. The full report
Phnom Penh is the capital and
covers a wide overview of the
the most heavily populated city of
market; including Cambodia
Cambodia, home to almost 3 million
demographic and social profiles,
permanent residents. Situated where
key industry and trading
both the TonlĂŠ Sap and Mekong
partnerships, GDP & FDI growth
Rivers meet, Phnom Penh has been
trends, Sino-Cambodian relations,
the capital city of the Kingdom of
political situation, infrastructural
Cambodia since the mid-1860s. Since
developments, property ownership
these humble beginnings, Phnom
laws and regulations, tax and
Penh has grown to become the
financing considerations for
nation’s unquestionable demographic
malls, skyscrapers and five-star hotels,
investors, regional location profiles,
and economic center, as well as the
to a variety of eateries and eclectic
investment regulations and much
hub for foreign investment, security,
entertainment options, Phnom Penh is
more.
politics and diplomacy.3 Phnom Penh,
drawing guests from all over the world.
in 2015, was second only to Laos in Phnom Penh The Realestate.com.kh Consumer
Southeast Asia for the fastest rate of
The main economy of Phnom Penh
urban spatial extension, as indicated
is based on commercial interests
by the World Bank.4
such as garments, trading, and small and medium enterprises. While the
Sentiment Survey in December 2016 demonstrated that 51 percent
The city now offers all you would
CBD of the city is home to a host of
of the 5,000 survey respondents
expect from an Asian metropolis.
banks, retail outlets and other trading
believed that location was the
From expansive shopping centers,
ventures, the outskirts of Phnom Penh,
30
CAMBODIA REAL ESTATE 2018
EDI TO R I A L
spilling over into the surrounding
to watch in coming years, seeing a
defining factor for investors seeking
Kandal Province, is defined by huge
wealth of new development projects
strong rental returns and appreciation.
zones of manufacturing factories,
and growing demand from both local
warehouses and other industries.
and international developers, local
Another trend we will see more and
home seekers and investors. These
more of are mixed-development
Although Siem Reap is considered the
locations are very close to central
complexes, including condo, office
premier destination in Cambodia in
Phnom Penh yet lack the congestion of
space, hotels and retail. Realestate.
terms of tourism, Phnom Penh leads
downtown, and property prices remain
com.kh suggests that the reason for
the Nation in foreign visitor arrivals.
considerably cheaper.7
this is that developers are aware of
2016 saw 2.8 million international
a potential oversupply in the pure-
visitors to the capital, which accounted
The condo boom started in Phnom
condo market in 2018-19 and are
for 49.1 percent of Cambodia’s total
Penh, and remains the leading
thus hedging their bets with mixed
arrivals for the year. This soared by
destination for new project launches.
development offerings. Mixed-use
25 percent in 2017 to 4.2 million
Sihanoukville is the next destination
developments also grant a more
passengers, which means Phnom
seeing swift growth in this sector,
holistic offer to condo investors,
Penh’s annual visitor count has
but offers no comparison to Phnom
creating an ecosystem for their
officially doubled in the last five years.
Penh. With projections anticipating
property asset to appreciate faster.
With predictions anticipating another
that the total supply of condominiums
20 percent growth, it is more than
could reach a figure of 37,570 by the
Commercial property is also
likely that 2018 will see over 5 million
end of 2020, it is important to look
transforming Phnom Penh. The
international arrivals visit Phnom
at the price, location and investment
demand for both high-grade and mid-
Penh.
trends that are driving such a rapid
level office space throughout Phnom
5
uphill trajectory for the capital’s
Penh is growing, with a variety of new
The Phnom Penh Master Plan 2035
condominium market, and whether
high-rise projects being available
seeks to dictate urban planning for the
the market outlook is sustainable.8
or due to be completed in the next
expansion of the city and construct
Quality and location will remain the
years. Grade B and C office complexes
new infrastructure to accommodate the growing population. Until now, the city has had no zoning regulations of note nor identifiable urban development planning.6 Chamkarmon District of Phnom Penh boasts the highest land prices
6
in Cambodia, with prices reaching
5
Ph Fri nom en ds Pen hip h Blv Han d. oi
up to USD $6,000 per square meter. Developers are pushing prices up in
Wat Phnom
downtown areas, seeking prime lots to build commercial, residential and retail
Phnom Penh International Airport
projects. Similar trends are being seen
Olympic Market
in Tonle Bassac, Daun Penh and Toul
Independence Monument
Kork Districts. Other upcoming Phnom Penh residential property areas include the
3
Choeung Ek Genocidal Center
west and south of the city generally. Chroy Changvar is another area 2
Hun Sen Blvd.
1 4
Rou t
eN
atio n
ale
1
ED I TORI AL
remain the most popular choices for
retail market. Meanwhile, local retailers
Phnom Penh. The province covers a
local businesses, as Grade A office
continue to grow and expand their
total of 2,537 square meters, where
space is generally too expensive for
operations in leaps and bounds.
two-thirds of the total area is hill and
most local businesses and start-ups.
plateau.14
Nevertheless, the city now caters to
An outstanding trend is the advent
all types of business operations and
of high quality shopping centers and
Sihanoukville has become a significant
budgets, with many more commercial
malls. Cambodia’s first international
part of the country’s economic growth
complexes in the pipeline.
shopping mall opened its doors in
due to the rapid flow of foreign
June 2014: Aeon Mall. Every weekend
direct investment into the province,
According to CBRE Cambodia’s
the mall is full of shoppers, many
particularly from Chinese investors.
Q1 2018 MarketView, the overall
of whom travel from the provinces
Surrounding areas of Ream National
supply of office space in Phnom
to experience the Nation’s first
Park, Koh Kong and the second largest
Penh increased 4 percent quarter-
international standard shopping
island off the shores of Sihanoukville,
on-quarter, whilst supply grew by
center. Aeon has since seen high
Koh Rong, have also been subject
approximately 11 percent during 2017.
demand for store space from both
to major infrastructure, tourism and
Despite increasing supply, occupancy
international and local retailers. A new
property developments.15
remained steady over the quarter at
breed of international franchisers,
82.7 percent, the highest rate since
who have for many years ignored
In 2017, Sihanoukville hosted over
early 2009. Approximately 160,000
the Cambodian market and refused
1 million local arrivals and 470,000
square meters of office space is under
to enter it, see the attractiveness of
foreign visitors. Of these international
construction and due to be delivered
occupying slots in complexes such as
visitors, Chinese accounted for
during the coming 21 months.10
Aeon Mall as it reflects international
120,000. One of the major reasons for
standards of retail space and retail
this tourism growth is the opening of
space management.
Sihanoukville International Airport to
9
The growth of the Phnom Penh commercial property market is only
include ongoing international flights
set to continue in the future, especially
In December 2017, Phnom Penh’s
from China, Vietnam, Philippines and
since Cambodia has joined the
retail supply increased to 174,404
Malaysia, among other destinations.
AEC, and whilst Chinese businesses
square meters of net lettable area,
Domestic flights also increased their
continue to enter the market. Many
showing a 11.5 percent year-on-year
frequency throughout 2017, leading
developers are aware of this emerging
growth rate, according to Knight Frank
to an overall passenger traffic increase
business class and are developing
Cambodia. If all projects currently
of 182.2 percent from the previous
projects to house a new generation
underway are completed, Phnom Penh
year. The construction of a new airport
of workers. Some of these are only
can expect to see 592,475 square
terminal promises to increase capacity
available for rent, while others are
meters of net lettable area by 2020.
to 500,000 passengers per year.
strata titled for investors to purchase
Major projects in the pipeline include
The expansion plan is on track to be
outright.11
Aeon Mall 2 in Sen Sok and Phnom
completed by the end of 2018.16
Penh Megamall (formerly Parkson The Phnom Penh retail property
Mall) located along Russian Boulevard,
It is anticipated by the Sihanoukville
market is undergoing vast changes,
among many other retail spaces within
Tourism Department that the influx of
and these changes are altering the
mixed-use developments and smaller
tourists, in particular Chinese tourists,
face of the city. International brands
community malls.
will continue to increase dramatically
13
are joining the burgeoning Cambodian market faster than ever. Some of these
over the coming years, due in part Sihanoukville
new brands are specifically chasing
to the expected growth of the casino industry. The seaside province hosts
the increasingly available aspirational
Sihanoukville is located in the
over 24 registered casinos.17
middle class dollar; others are focusing
southwest corner of Cambodia. It is
Further to this, the Grand Union
on the Khmer and expat high-end
230 kilometers from the capital city of
Group has received permission in
32
CAMBODIA REAL ESTATE 2018
Koh Rong
Prek Treng Beach
High Point Rope Park
Sihanoukville
Sihanoukville Autonomous Port
Mlop Chrey Beach
Golden Lions Roundabout 4
Independence Beach Sokha Beach
Ochheuteal Beach
Koh Rong Sanloem Otres Beach
2017 to build another airport in Koh Kong Province. Although this is not directly in the province, it still represents another key point of access which is within a few hours driving distance. Construction is anticipated to commence on this airport in early
S P EC I A L ECO N O M I C ZO N E S
2018, and is forecasted to have a total
33 in C a mbodia (2 0 1 7 )
investment of USD $500 million.
18
A four-lane expressway connecting Phnom Penh and Sihanoukville is due to commence in early 2018, following a major Memorandum of Understanding signed in January 2018, outlining a loan from the Chinese Government.19
• A 320 million USD development • Once completed, will be capable of employing up to 100,000 workers • Spans over 11 square kilometers
Sihanoukville Special Economic Zone (SSEZ) is the largest in the nation
Sihanoukville is also a trade hub, connecting Cambodia-based manufacturers to the world. The
garments, coal, steel, fertilizers, rice
The Sihanoukville real estate
Sihanoukville Autonomous Port (PAS)
and oil, and will improve the efficiency
market has witnessed a rapid rise
is set to build a USD $200 million
of cargo shipments and larger
of fortunes, with investments into
container terminal as part of an
passenger vessels entering and exiting
manufacturing and real estate coming
expansion project which is due for
Sihanoukville. This will lower costs of
as a result of these improvements to
completion by 2022. This multipurpose
logistics for Cambodia-based traders.
port will serve imports and exports of
20
infrastructure, and growing numbers of tourist arrivals. In recent years, total
2018 CAMBODIA REAL ESTATE
33
ED I TORI AL
investment value into the Kingdom’s
Neak Pean
coastal province has reached USD $310 million.21 The presence of the
Angkor Thom
Chinese-operated Sihanoukville
Srah Srang
Special Economic Zone (SSEZ), along
Siem Reap-Angkor International Airport
with the Sihanoukville Autonomous
Angkor Wat
67
6
Port, has established Sihanoukville as not only a destination for tourism, but an economic hub for international businesses to set up. Condominium development is
63
relatively new for Sihanoukville Phnom Krom
Province, but is a trend that is growing quickly. The first major projects were launched in 2015, equating to around
Siem Reap
1,400 condo units. During the first half of 2017, six more residential condominium projects comprising a combined total of 5,700 units were announced. New launches continue into 2018, with no sign of slowing.22 Many of these projects are also mixed-
residents.24
with over one million international
use, meaning a significant supply of retail space is also being created.
visitors per year. The Siem Reap The province is home to the Tonle Sap
International Airport is the second
Lake, the largest lake in Southeast Asia.
biggest airport in the Kingdom. The
Rental and sales prices in the region
This vast waterway was deemed the
first four months of 2017 saw 682,480
have seen dramatic increases over
first Biosphere Reserve by UNESCO in
arrivals (including both domestic and
the last two years on the back of
1997, due to its rich biodiversity and in
international), which is an increase
Chinese investments, and these prices
order to promote sustainability in the
of over 100,000 arrivals from the
continue to rise. As a result, many local
region. This area is also home to many
previous year. Direct international
and European investors are looking
Vietnamese and Cham communities
flights are primarily from other Asian
to nearby areas such as Kampot and
living in floating villages around the
nations, such as Vietnam, Singapore,
Kep which are less influenced by the
lake.
Philippines, China, Thailand and
Chinese spending power.23
Japan.26 Phnom Kulen National Park is also
Siem Reap
located in this province, approximately
In October 2016, the Cambodian
48 kilometers from Siem Reap
Government signed an agreement with
Siem Reap is located about 314
City, and attracts visitors to its two
China’s state-run Yunnan Investment
kilometers northwest of Phnom Penh,
waterfalls and the “river of 1,000
Holdings to build a new USD $880
connected by National Road 6. Siem
lingas”, a carved riverbed abounding
million airport to serve Siem Reap.27
Reap is around 10,299 kilometers
with unique insights into the 900 B.C.
Construction has commenced in 2018,
squared, divided into 11 districts with
culture in which it was created.
and approximately USD $500 million
25
one central town and 13 sangkats,
will be spent on the first and second
including 87 communes and 921
The province’s Angkor Wat temple
stages of the airport, while the final
villages. The population of the province
complex has turned Siem Reap into
phase will cost an additional USD $300
is approximately 200,000 permanent
a world-renowned travel destination,
million. Once finished, the airport will
34
CAMBODIA REAL ESTATE 2018
EDI TO R I A L
have a maximum handling capacity of
Phnom Penh. Villas, shophouses and
may mean higher risk exists for Siem
10 million passengers per annum. It is
low-lying apartment buildings remain
Reap retailers when investing funds
anticipated that construction will take
the norm. Large scale apartment
into rented buildings and/or land
up to five years to complete.28
or condo construction is limited in
for retail or tourism purposes. New
Siem Reap due to protective caveats
businesses sitting on 5-10 year leases
Therefore, one of the key drivers of the
around airspace anywhere near the
will naturally be reluctant to extend
real estate market in Siem Reap is the
temple complexes. However, this
or dramatically refurbish current
tourism industry.
trend is beginning to shift with more
premises on that rental property, due
launches entering the market in 2018.
to concerns over rental increases once
Some investors look for hotels or
Borey development on the outskirts
their contract lapses.30
tourism ventures, others are looking
of the city is also an emerging theme,
for residential ownership for personal
as more Cambodians move to live
Land prices have increased by around
use. Major agricultural investments are
and work in the province, and Siem
15 to 20 percent in 2018, according
also being made across the province,
Reap locals move from homes in the
to industry insiders. This swift growth
with fertile soils fed by the Tonle Sap
downtown area to make the most of
is attributed to the influx of Chinese
Lake.
higher land prices.
investors entering the market and the
Although data remains scattered, it is
Siem Reap retail property prices peak
land in Siem Reap City can fetch up to
estimated that there are almost 600
in locations around the Old Market/
USD $1,500 per square meter, land
hotels in Siem Reap.29 International
Pub Street area thanks to the constant
along main roads up to USD $1,000
brands such as Hyatt, Sofitel and
stream of tourists passing through
per square meter, and land on less
Raffles all have hotels situated in Siem
these areas. Some tenants coming to
trafficked, smaller roads averaging
Reap.
the end of long leases in these popular
around USD $500 per square meter.31
The Siem Reap residential market is
areas have faced over 300 percent
substantially less dense than that of
rent increases. Limited lease lengths
launch of new airport plans. Prime
Endnotes
10 Phnom Penh MarketView – Q4 2017
2017”; http://www.tourismcambodia.org/
www.realestate.com.kh/news/Chinese-
1 Ibid.
– CBRE Cambodia”: http://www.cbre.com.
images/mot/statistic_reports/Executive%20
Investors-Dominate-Real-Estate-Market-in-
2 “Realestate.com.kh Consumer Sentiment
kh/2018/01/phnom-penh-marketview-q4-
Summary%20Report%20in%20April%20
Sihanoukville/
Survey (December 2016)”: https://www.
2017-cbre-cambodia/
2017.pdf
24 “Siem Reap”: https://en.wikipedia.org/wiki/
realestate.com.kh/survey-reports/
11 “The rise of Strata Titled Office Space in
17 “Big trouble in little China? Exploring
Siem_Reap
3 “Phnom Penh Travel Guide”: https://www.
Phnom Penh”: https://www.realestate.com.kh/
Chinese investment in Sihanoukville”: https://
25 “Land in Siem Reap: Buyers Guide”: https://
insightguides.com/destinations/asia-pacific/
news/the-rise-of-strata-titled-office-space-in-
www.phnompenhpost.com/post-depth-
www.realestate.com.kh/news/land-in-siem-
cambodia/phnom-penh/overview
phnom-penh/
business/big-trouble-little-china-0
reap/
4 “Urban Expansion in Cambodia”:
12 “Cambodia Real Estate Highlights - H2
18 “Sihanoukville: Cambodia’s next real estate
26 “Tourism Statistics Report April 2017”:
http://www.worldbank.org/en/news/
2017 - Knight Frank Cambodia”: http://www.
boom town”: https://www.realestate.com.
http://www.catacambodia.com/Cambodia%20
feature/2015/01/26/urban-expansion-in-
knightfrank.com/publications/cambodia-real-
kh/news/sihanoukville-cambodias-next-real-
Tourism%20Statistic-2017-April.pdf
cambodia
estate-highlights-h2-2017-5331.aspx
estate-boom-town/
27 “Siem Reap airport’s future up in the air”:
5 “Rapid passenger and tourism growth
13 “Phnom Penh Megamall aims to cut
19 “Key agreements signed with China
http://www.phnompenhpost.com/business/
dictates new airport for capital”: https://
down need to shop overseas”: https://www.
on expressway, airport”: https://www.
siem-reap-airports-future-air
centreforaviation.com/insights/analysis/
phnompenhpost.com/post-property/phnom-
khmertimeskh.com/50101599/key-
28 “Time frame set for Siem Reap Airport
phnom-penh-airport-rapid-passenger-and-
penh-megamall-aims-cut-down-need-shop-
agreements-signed-china-expressway-airport/
Construction”; http://www.phnompenhpost.
tourism-growth-dictates-new-airport-for-
overseas ; “Mega Aeon 2 Enters in 2018”:
20 “Special Report on Sihanoukville
com/post-property/timeframe-set-siem-reap-
cambodias-capital-396108
https://www.khmertimeskh.com/news/25914/
Autonomous Port by Realestate.com.kh”:
airport-construction
6 “Capital’s Urban Master Plan Adopted”:
mega-aeon-2-enters-in-2018/
https://www.realestate.com.kh/news/Special-
29 “Siem Reap Hotels: Too Many Or Not
http://construction-property.com/read-
14 “CBRE Special Report on Sihanoukville”:
Report-on-Sihanoukville-Autonomous-Port-
Enough?”: https://www.khmertimeskh.com/
news-337
https://www.realestate.com.kh/news/CBRE-
by-Realestate-com-kh/
news/14681/siem-reap-hotels--too-many-or-
7 “Phnom Penh land prices predicted to drop
Cambodia-Special-Report-on-Sihanoukville/;
21 ‘Sihanoukville: Cambodia’s next real estate
not-enough-/
slightly in 2018”: http://construction-property.
“Sihanoukville Mid-year Review”: http://www.
boom town?’;
30 “The Ultimate Guide To Siem Reap”:
com/read-news-1020
cbre.com.kh/2017/10/sihanoukville-mid-year-
https://www.realestate.com.kh/news/
https://www.realestate.com.kh/location-
8 Phnom Penh MarketView – Q4 2017 –
review/
sihanoukville-cambodias-next-real-estate-
profiles/ultimate-guide-siem-reap/
CBRE Cambodia”: https://www.cbre.com.kh/
15 “Koh Rong Land Hard Titles Released
boom-town/
31 “Chinese property hunters zero in on
wp-content/uploads/2018/04/Cambodia_
Today to Fasttrack Island Development Plan”:
22 “Sihanoukville condo project on track”:
Siem Reap”: https://www.phnompenhpost.
Phnom-Penh_Marketview_2018_Q1-2.pdf
https://www.realestate.com.kh/news/Koh-
https://www.khmertimeskh.com/5087736/
com/supplements-post-property/chinese-
9 “The Ultimate Guide To Phnom Penh”:
Rong-Land-Hard-Titles-Released-Today-to-
sihanoukville-condo-project-track/
property-hunters-zero-siem-reap
https://www.realestate.com.kh/location-
Fasttrack-Island-Development-Plan/
23 “Chinese Investors Dominate Real
profiles/the-ultimate-guide-to-phnom-penh/
16 “Tourism Cambodia, Statistics Report April
Estate Market in Sihanoukville”: https://
2018 CAMBODIA REAL ESTATE
35
LOC A TI ON PR O FILE
DANGKAO DISTRICT: PRIMED FOR DEVELOPMENT
As major real estate developments
square kilometers. Dangkao District is
homes and abundance of factories
flocking into central Phnom Penh
divided into 13 sangkats (communes),
that have encouraged more people to
drive up the value of real property,
namely: Dangkao, Pong Tuek, Prey
move into the area.”
many developers have shifted their
Veaeng, Prey Sar, Krang Pongro,
attention to new areas with cheaper
Prateah Lang, Sak Sampov, Cheung
The population of Dangkao increased
land. These areas include Dangkao
Aek, Kong Noy, Preaek Kampues,
from 92,461 in 1998 to more than
District, which has recently
Roluos, Spean Thma, and Tien.
200,000 today. He said that compared
generated interests from local and foreign property developers.
to other up-and-coming areas like Kim Heang, President of the
Chbar Ampov or Chroy Changvar,
Cambodian Valuers and Estate Agents
Dangkao has cheaper land, which
Located in the southern part of
Association (CVEA), said, “The potential
is attractive to people in the low-
Phnom Penh, Dangkao is the capital
of Dangkao is similar to Por Sen Chey
middle and middle-income brackets.
city’s largest suburb occupying 197.89
due to low land price, affordable
“Dangkao is very ideal for residential
36
CAMBODIA REAL ESTATE 2018
L OCA T I O N P R O F I LE
and industrial development like
as key areas for development in the
at local buyers. Seng Oudom, Sales
building houses or factories,” Mr Kim
district. “These areas have existing
Executive at Phnom Penh Home Land
stressed.
infrastructure and are the most
(PPHL), said Dangkao has a greater
promising in terms of property and
potential compared to other suburb
economic development,” he said.
locations because of its inclusion in the
Mam Sereypanha, CEO at Easy Property Investment, said
government’s latest development plan,
development in an urban area usually
Mr Hay noted the increase of real
moves towards the suburbs after
property value in the area over the
some time. “Dangkao is still behind
years. “Before, land along the main
“The area is close to the city center,
Sen Sok in terms of amenities and
road fetches below USD $100 per
well-elevated, and is served by an
infrastructure. But it is located very
square meter. But now, the same can
excellent road system that includes the
close to the city and has already
be bought at USD $150 to USD $250
Hun Sen Boulevard,” he pointed out.
become a target area for borey and
per square meter,” he said.
plot land projects,” he said. Dangkao
among other factors.
PPHL recently completed a plot land
is a mere 10 kilometers away from the
According to him, land in the village
project in another part of Dangkao,
city center.
areas and along less important roads
Sangkat Spean Thmor. The project
are priced between USD $40 to USD
comes in two parts, occupying 15 and
According to the 2017 Housing
$100 per square meter, dependent
8 hectares, respectively.
Market and Outlook Report by Vtrust
on its location and potential. “But for
Appraisal, Dangkao is number three
agricultural lands, the price is only USD
Mr Seng said buying a general land
housing supplier in 2017 after Por
$5 to USD $10 per square meter,” he
or plot land in Dangkao is a good
Sen Chey and Sen Sok. The area
stressed.
investment, with an investment return
has 26 major developments and 37
of 40 percent to 60 percent after one
smaller-scale projects underway. Once
Dangkao is home to many garment
completed, these projects will result in
factories and several borey
a combined 17,000 available units.
development projects, including: Borey
“For those who invest in general
Chip Mong, Borey Piphup Thmey,
land or any plot land projects, which
Hay Ravy, Marketing and Sales
Borey Chamkar Dong, Borey Lim
are well constructed according to a
Manager of Daily Realty Group,
Chheang Hor, Borey Phnom Meas, and
standard master plan, same as what
said the presence of cheap, readily-
Borey Lim Chheang Hak.
PPHL is doing- with adequate sewage
available land in Dangkao offers many
year.
system, quality roads, lights, and
opportunities. Mr Hay identified Prey
Dangkao is also host to many ongoing
water system- their land will increase
Sar, Cheung Aek and Sangkat Dangkao
plot land projects that are targeted
in value between 40 percent to 60
2018 CAMBODIA REAL ESTATE
37
percent after one year,” he stressed. Mr Seng said a subdivision plot land fetches between USD $15,000 to USD $100,000. Mr Seng said PPHL will invest in another location in Dangkao because they believe in the area’s potential. While everyone agrees on Dangkao’s potential, some people think there is more to it. “The future development of the Dangkao area is unpredictable. No one knows what will happen if such a huge project as Aeon Mall 2 will officially open in nearby Sen Sok,” Mr Mam said. AEON Mall 2, which is slated to become Cambodia’s largest shopping and recreation center, will open sometime this year. Search for properties in Dangkao now on Realestate.com.kh
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CAMBODIA REAL ESTATE 2018
2018 CAMBODIA REAL ESTATE
39
AD VERTO RIAL
HOME FITNESS CONSIDERATIONS BY GEORGE FOOSE EXECUTIVE DIRECTOR S P O R T S E N G I N E E R I N G A N D R E C R E AT I O N A S I A LT D
constantly exposed to promotions for this level of product. Higher priced but much more effective, safe, and higher quality home fitness equipment is generally found in specialty shops or health boutiques. When considering the purchase of home fitness equipment the three things to plan for are: 1) your budget, 2) your space, and 3) your intended use and benefits you are looking for. Budget As the introduction hinted at – always buy quality. If you can’t afford the cash outlay use an extended payment plan. Quality means buying from the leading brands found in the best health clubs. Quality means better biomechanics Home fitness has come a long way
and lower quality equipment is
and ergometric design. Quality means
since the days of the old tummy
generally sold to what the industry
good warranties, after sales service,
belt or conveyer belt walking
calls “entry level” consumers. This
and a good secondary market should
treadmill. Today, home fitness is a
segment is made up of first time
you want to sell or trade-up later.
sophisticated industry with many
home fitness buyers who can be
Quality also means better features,
layers of designs, manufacturers,
tempted to impulse buy through TV
and programs that are equal or even
and categories of equipment. In
marketing programs or department
better than those found in the best
general, the industry’s offerings are
store sales programs. The “entry
clubs. Quality means there is a better
divided into price and consumer
level” segment of the market is very
chance that the machine will not
sophistication sectors. Lower priced
large which explains why people are
become a permanent clothes rack.
40
CAMBODIA REAL ESTATE 2018
A DV ER TO R I A L
Space
Cardiovascular Training Equipment
offer advanced functional training on converging arc design technology.
Depending on what your ultimate goal
If you haven’t determined what is
The better quality personal gyms and
is space doesn’t have to be a limiting
your favorite piece of cardiovascular
multi gyms will provide 20-22 different
factor. Nearly any condominium
equipment take your workout shoes
exercises on all areas of the body with
or apartment can support a single
with you when you look at equipment
easy to use adjustments to change
piece of cardiovascular equipment.
and try them all out. Generally, in
from one exercise to another.
The question to ask yourself is how
order of popularity cardiovascular
do I balance my intended use with
home fitness equipment includes:
the space I have to allocate for
treadmills, elliptical cross-trainers,
home fitness? If you have an unused
upright or recumbent bikes, rowing
A twin tier dumbbell rack and five to
bedroom you can probably create a
machines, and stair-steppers. Many
ten pair of rubber coated dumbbells
complete home gym or share your
people who have developed leg
along with a flat to inclined adjustable
home gym with a home office. If you
problems have found a new lease on
bench is a nice addition or alternative
are like most people, however, you
life through the development of the
to a personal gym if budget or
burn some fat between trips to the
cross trainers, which have no impact
space is a problem. However, most
gym? Is the home going to be the
and also provide upper and lower
exercises done with this equipment
primary place you exercise? Are you
body exercise. Rowing machines are
is upper body specialization of the
looking to strengthen and tone? Do
also excellent all body conditioners.
arms and back. Free Weights using
Dumbbells, Benches and Free Weights
will need to have your treadmill, cross trainer or home gym near a form of distraction like a window with a view or within sight of a television to provide exercise entertainment and get you motivated to get off of the sofa. Intended Use Are you interested in exercising on your own time? Do you just want to
you want to have a full body workout? Who else in your family will use the
Olympic Bars and Weight Plates are Personal Gyms and Multi Gyms
equipment or the facility you make?
not recommended for the home environment unless one always
Whatever the answers to these
Personal gyms are single weight stack
has a workout partner and a strong
questions there are quality machines
strength trainers allowing one person
soundproof floor.
to match your space and intended use.
to exercise. Multi Gyms have two to
Remember, if you can’t afford to build
four weight stacks and thus allow more
Contact :
it all at once, buy quality and phase
than one person to use the machine
Mr. Anthony Gaglardi
your home gym. If you are serious
at the same time. Both types come in
Seara Country Manager
about investing in your health you will
different quality and price levels. Some
anthony@searasports.com
regret going the entry level route just
multi gyms are also warranted by the
Tel: 016 577 669
so you can get everything at once.
manufacture for sale into the common area fitness centers of apartments,
Equipment Selection
condominiums and resorts. This is generally a sign of a good, robust
When selecting home fitness
commercial design ensuring safe use
equipment you will be looking at three
and good biomechanics and user
considerations:
satisfaction. Some personal gyms 2018 CAMBODIA REAL ESTATE
41
42
CAMBODIA REAL ESTATE 2018
2018 CAMBODIA REAL ESTATE
43
ED I TORI AL
CAMBODIA: ONLY A FEW BANKS OFFER LOANS TO CONDOMINIUM SECTOR
The Banking sector of Cambodia
Nearly USD $4 billion was loaned out
Loans for construction projects
is highly competitive with around
to the construction and real estate
reached USD $1.52 billion, personal
60 banks and other major financial
sectors last year, but the money came
home loans USD $1.48 billion, and
institutions jockeying for position
from a just few banks. Latest figures
loans for real estate trade were valued
and competing for market share in
from the National Bank of Cambodia
at USD $917 million.
a country of 16 million people.
(NBC) show that in 2017 USD $3.91 billion was loaned out to the
It was noted, however, that most banks
There are currently 39 commercial
construction and real estate sectors,
stayed away from direct lending to real
banks, 15 specialized banks, and 6
representing 24.28 percent of the USD
estate. For the ones that do so the
foreign banks representative offices in
$16.10 billion total loan portfolio for
amount is much smaller compared
the country.
2017.
to other sectors or industries. Risks
44
CAMBODIA REAL ESTATE 2018
apparently dissuade these banks from
developers to create specific offers
reason for lesser bank involvement in
getting more involved with the sector.
for their buyers. As regards direct
real estate projects in Cambodia.
financing to developers, the Bank has The risks that banks often think about
a careful approach, but we welcome
“When a bank approves a loan to
when dealing with the real estate
them to come and meet our team so
developers, they think about “risk”.
sector include: Market (oversupply
we can discuss their projects,” he said.
Whereas developers may not think
results in inability to sell properties),
much about it. Developers usually
Financial (lack/run out of funds to
Since its launching last year, BRED
think about the profit of the property
complete the project), Developer
Bank, the only European bank in
investment, reputation of the
(unmet completion schedules, sub-
Cambodia, has disbursed a large
development company and project
standard projects) and Legal (title/
number of home loans thanks to its
and the image of the project and the
contract disputes, failure/difficulties in
special home loan promotion with very
builder,” he noted.
getting necessary permits on time).
low interest rates. Mr David added that a bank would
ACLEDA Bank, for one, offers home
Mr Guillaume said they are directly
give more consideration to a property
loans, but it’s not their priority.
exposed to a wide variety of risks
development designed to provide
(credit, financial, operational, market,
income streams or revenues from
According to So Phonnary, ACLEDA
legal, social and environmental,
sales or leasing of property.
Bank Executive Vice President, they
etc.), but are coping with it through
use only 7 percent of the bank’s total
the successful implementation of a
These property include warehouse/
loan for real estate, and another 1
comprehensive risk management
factory buildings to rent out, ports or
percent for home improvement loans.
framework.
other infrastructure, condominiums, shophouses, school developments,
ACLEDA’s home loans were worth
According to him, as part of an
special economic zones, offices and
about USD $208 million and home
international banking group, BRED
mixed-use developments, hotels and
improvement loans were about USD
Bank Cambodia has implemented a
resorts.
$70.3 million in 2017.
strong risk management system fully
Banks offer different loan terms
compliant with local and international
Mr David said a bank’s duty to its
regulations.
stakeholders makes it more cautious
and conditions. For its Home Loan
when it comes to real estate projects.
Program, BRED Bank offers a special
This means defining its risk appetite,
6.6 percent interest rate with approval
strong policies, procedures and
“Banks have a duty to their
fee waived. Loans can be made in
organization, an internal control and
stakeholders in managing risk to
foreign or local currency, payable up
AML & AMP; Compliance Department
ensure that they prevent financial
to 20 years, available to individual and
dedicated to controlling the operations
losses, keep depositors’ money safe,
joint borrowers, and provides for 30
on a daily basis and a secured
ensure stability of the financial system
percent minimum downpayment.
information system.
and make profits so they can reinvest for growth and pay shareholders’
Guillaume Perdon, BRED Bank CEO,
“Regarding credit risk, in addition to
dividends and increase shareholder
said their bank works closely with a few
our sales team, every loan request
value,” he said.
developers and with end-customers to
is reviewed by a dedicated team of
make their projects come true, but do
analysts who evaluate the level of risk
so with caution.
of each project,” he stressed.
“So far, we have been mainly providing
David Sok Dara Marshall, Chief Risk
financing solutions to home buyers but
Officer, Sathapana Bank, said divergent
we also started to partner directly with
perspectives on risks could be another
View latest real estate news online at Realestate.com.kh
2018 CAMBODIA REAL ESTATE
45
46
CAMBODIA REAL ESTATE 2018
2018 CAMBODIA REAL ESTATE
47
ED I TORI AL
PROPERTY LEADERS, E X P E R T S D I S C U S S P O S S I B L E E L E C T I O N I M PA C T
Cambodia is in the middle of a
While political developments have little
Oknha Sear Rithy, Chairman of
building boom, thanks to massive
impact on the growth of the industry
WorldBridge Group, said there is a
investments from China and the
in the past, there are concerns that
tendency for many Cambodians to
continuous growth of the country’s
it will not be the case this time. The
hesitate buying property come election
economy, which has grown by an
dissolution of the main opposition
time, partly because of their bad
average of 7 percent over the last
party and calls for boycott ahead of
2008 experience. Soon after the 2008
several years - Read more about
the July 2018 national election have
national election, the local real estate
Condo market saturation and a
many worried about future political
and construction sectors crashed,
national election: The Perfect Storm
stability. For some industry experts
partly as a result of a global financial
2018 on Realestate.com.kh
and leaders the coming election is a
crisis.
cause for concern. Others disagree.
48
CAMBODIA REAL ESTATE 2018
“However, I believe the upcoming
whether there is an election or not,” he
continue to grow. “No matter how
election will not affect the real estate
stressed.
the government’s internal structure
market. But people will still wait to
changes, development will always be
see what happens with the market. I
Kim Heang, President of Cambodian
the priority of the government,” she
believe that after the election they will
Valuers and Estate Agents Association
stressed.
be optimistic in purchasing property
(CVEA), disagrees. “I think there will
again,” he added.
be lesser number of real estate
Xiaohua Chen, Legal Counsel at ETC
transactions this year compared to the
Law Group, said she sees continuous
previous years,” he said.
growth at the same time new
Nov Linna, Assistant at NC Max World, echoed the same sentiments.
regulations governing the industry.
According to her, people should worry
Mr Kim said growth will likely return
“The real estate sector will continue to
more about things like the world
after the election. “By 2020 I believe
grow despite concerns about political
economy, citing the risk of another
the real estate market will grow again,”
stability,” she stressed.
economic depression just like what
he stressed.
happened in 2009.
“I believe concerned government Foreign players in the local industry
agencies will examine and approve
Ms Nov said many of her clients
are also convinced that the election
projects in a more systematic way,”
think elections are a normal thing.
will have a minimal impact.
added Ms Xiaohua, referring to the
“My clients do not mind and are not
Ministry of Economy and Finance (MEF)
influenced by what will happen during
Lili Ding, Marketing Director of Parkway
and Ministry of Land Management,
an election year,” she said.
Investment, said she sees no long
Urban Planning and Construction
term impact. “Any election will bring
(MLMUPC).
Oknha Cheng Kheng, Chairman of
uncertainty. Many investors and
Cambodia Properties Limited (CPL),
developers often develop a “wait and
said investors will not likely be affected
see” attitude,” she pointed out.
by the election. I believe that proper guidance from experts will ensure
Ms Lili said in the long run the
that investors will not be affected -
industry and the overall economy will
View latest real estate news online at Realestate.com.kh
2018 CAMBODIA REAL ESTATE
49
ED I TORI AL
AEON MALL 2 B O O S T S P R O P E R T Y VA L U E S
Rates expected to increase further
developed tremendously with many
Aeon Mall 1, which opened in 2014,
after mall opening
businesses and major infrastructure
not only stimulated the local economy,
and residential development projects
but also contributed to the growth of
flooding the area.
property prices in Tonle Bassac and
The presence of Aeon Mall 2, Phnom Penh’s largest and newest shopping
neighboring areas. The vicinity of Prek
complex which opened its doors to
Just like any other major development
Tamak Bridge and proposed new
customers today, has increased the
projects in the Kingdom, Aeon Mall
Phnom Penh International Airport also
value of property in the northwestern
2 made an immediate impact on
saw property price increase after the
part of Phnom Penh, particularly Sen
selling and rental prices of land,
projects were announced.
Sok District, one of the up-and-coming
villas, apartments, condos, and other
areas in the suburbs of Cambodia’s
properties in most of Sen Sok.
capital city. Aeon Mall 2 is located in Pong Peay, Sen Sok.
Lam Vibol, CEO at L. Vibol Realty (Cambodia), said that since
Unit prices in Borey New World and
construction of Aeon Mall 2 started in
Borey Angkor Phnom Penh, two
2016, many developers and projects
With a population of more than
residential developments close to
moved into the area. “Since then, there
160,000, Sen Sok is one of the most
Aeon Mall 2, doubled a few months
were more property transactions and
populated areas of Phnom Penh.
after the announcement.
prices of land increased every month,”
In the last few years, Sen Sok has
50
CAMBODIA REAL ESTATE 2018
he said.
Before construction started, according
is quiet strong. “It is hard to look for
to Mr Vibol, the price of land less than
vacant lots along the main roads.
1 km away west of the project site
However, there are still available land
Mr Vibol believes that with Aeon Mall
was only USD $300 to USD $400 per
to the west and north of the mall,” he
2 already open and more businesses
square meter. “But now the same lots
pointed out.
and investors relocating to the area,
now sell for USD $500 to USD $700 per sqm.,”he pointed out.
three years ago,” he noted.
the selling price and rent of properties The selling price of houses in Sen Sok
will further increase. “There are still
has also increased. According to Mr
many vacant lands to welcome more
He said lots along the main road in the
Vibol, the price of shophouses along
projects. We are expecting that the
area have seen their prices increase
the main roads of Sen Sok have more
area will become one of Phnom Penh’s
to USD $700 to USD $1,000 per sqm.
than doubled lately. “Shophouses that
new commercial districts,” he said.
For lots along Oknha Mong Rithy Road,
sell for USD $100,000 before are now
Aeon Mall 2’s impact on property
between 1003 and Hanoi Roads, the
3-5 times more expensive,” he pointed
prices is expected to extend to
price increased between USD $1,500
out.
neighboring areas such as Toul Kork
and USD $2,500 per sqm. from USD
and Russey Keo Districts.
$1,000 to USD $1,500 per sqm,
For shophouse along the sub-main
according to him.
roads, the increase is almost double.
Covering 10 hectares and with a floor
“The ones selling for USD $150,000 are
area of 151,000 square meters, the
Echoing Mr Vibol, Sorn Seap, the
now priced USD $250, 000,” Mr Vibol
Japanese-owned Aeon Mall 2 had its
Founder & CEO at Key Real Estate, said
noted.
soft opening on 29 May 2018. Inside the complex are huge department
Aeon Mall 2 has a big influence on the values and prices of properties in its
Rental rates in the area were also
stores, cinemas, bowling alleys,
vicinity.
affected by the monumental project.
restaurants, pubs and food courts. Outside, is a parking lot that can
According to him, the average price
According to Mr Seap, a warehouse
accommodate 2,500 cars and 2,000
of land along Chea Sophara Road has
can now be rented at USD $1.5- USD
motorcycles.
grown to USD $1,500 per sqm. “The
$2.5 per sqm, shophouse from USD
price becomes even higher when the
$500 to USD $1,500 per month,
property is located closer to the main
residential house from USD $300 to
road,” he stressed.
USD $600 per month, and villa from USD $1,000 to USD $2,000 per month.
Mr Seap noted that despite the price
“Renting properties in Sen Sok is more
increase, demand for land in the area
expensive now, compared to two or
View latest real estate news online at Realestate.com.kh
2018 CAMBODIA REAL ESTATE
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ED I TORI AL
PROPERTY GURUS DISCUSS S I H A N O U K V I L L E ’ S T R A N S F O R M AT I O N
We provide consultancy services to many sectors of the industry, specializing in retail, commercial, hotel and residential development and management. Kerry is Managing Director of Purely Projects. She has over 20 years’ experience in the retail environment both in Australia and Southeast Asia. Kerry specializes in Retail Development, Concept, Tenancy Mix and Design, Lease Management and Marketing. Mark Morton is the firm’s Executive Sihanoukville has undergone a
talked to the Australian couple, Mark
massive transformation in the last
and Kerry Morton. The Mortons
few years. Carved out from a jungle
are managing Purely Projects, a
in the 1950s, the city has emerged
real estate consultancy firm based
as one of the most important urban
in Sihanoukville. The following is
and trade centers in the Kingdom of
excerpts from their interviews, which
Cambodia.
have been lightly edited for length and clarity.
Development in Sihanoukville is evident in massive residential
REAKH: Please, could you tell me
development projects and the many
briefly about your company(ies), your
high-rise buildings that dot the once
background in general and how long
empty city skyline. But development
you have lived in Sihanoukville for?
also comes at a price. Environmental damage and pollution are its most
Purely Projects: Purely Projects is a
obvious downsides, and Sihanoukville
boutique real estate consultancy firm.
is no exemption.
We have been consulting in South East Asia for the last five years, for the last
To learn more about the
12 months, we have been based in
transformation of Sihanoukville
Sihanoukville, Cambodia.
and its impact, Realestate.com.kh
52
CAMBODIA REAL ESTATE 2018
Director. He has specialized in Asset Management for leading developments in Australia, Cambodia, Laos and Vietnam. REAKH: Could you elaborate on any changes you have seen in terms of the real estate market in the time you have lived in Sihanoukville? Purely Projects: The changes in Sihanoukville and its outlying areas over the last 12 months have been incredible. This is not restricted just to Chinese investment in casinos. For example, in Otres Village, sixteen new hotels and bungalow resorts have either been completed or are under construction within a 1-kilometre radius of the Village center.
EDI TO R I A L
have hoped to achieve would they have marketed their property to local investors. Within Sihanoukville city limits, there has been anecdotal evidence of tenants, both expat and Khmers not having their leases renewed, or the lease amount is beyond their individual budgets due to the upward pressure on prices created by the Chinese interest. The majority of these are Cambodian
have a great opportunity to establish a
REAKH: Do you still believe
owned. Interestingly, a high
positive relationship.
that Sihanoukville offers viable
percentage of these developments are
opportunities in real estate and
“For Sale or Rent” on speculation. All
REAKH: What are your thoughts
business for both expatriates/local
have signages in Chinese or Khmer,
regarding Chinese investment in
Khmers?
few are in English. Let’s not forget the
Sihanoukville in general? Do you
major mixed-use developments such
believe this is positive/negative and
Purely Projects: There are
as D’Seaview, Blue Bay and SeaGate
why?
opportunities available in both real
to name a few are well underway in Sihanoukville.
estate and business if the expat Purely Projects: Any form of
investor applies and follows a well
investment, whether foreign or local,
thought out business plan.
REAKH: It is undisputed that Chinese
creates an impact on the community.
investment is major in Sihanoukville,
Whether large or small, investment
At present, there is one “major”
what effect has this had on you as
will influence both lifestyle and the
supermarket (with limited offerings)
both an individual person (quality of
economy.
and a handful of mini marts. The
life) and a business owner?
first major retail player to enter China and Japan have contributed
in Sihanoukville will be enjoying a
Purely Projects: We live adjacent
billions of dollars to Cambodian
booming environment with minimal
to the Chinatown development. This
infrastructure, as has Australia,
competition.
is a massive project covering nearly
the UK and the USA. The positives
100 hectares. In truth, there has been
of the Chinese investment are the
A number of long standing Khmer
quite an impact on the lifestyle of the
accompanying improvement to
businesses in the hospitality sector
local community. The high number of
infrastructure, whether roads, water
in Otres Village have expanded their
truck movements daily through Otres
reticulation or electricity.
operations.
condition and the impact of dust and
REAKH: What do you think the impact
REAKH: Do you believe there is a
noise on the residents and businesses
has been on the local Khmers that live
shortage of available housing in
in the area.
in Sihanoukville?
Sihanoukville?
As a consultant, it is difficult to create
Purely Projects: There is no doubt
Purely Projects: The majority of
a dialogue with the developers, due
there has been an impact on local
rentals are studios marketed as one
to the lack of signage on the projects
Khmer lives, again some positive
bedroom. The nearest alternatives are
or contact details to establish the
and some negative. Those Khmer
three to four-bedroom villas. There is
identity of the development company.
landholders that possessed a hard title
a shortage of mid-size housing, namely
Those firms with Chinese speakers
are selling for prices they would never
two separate bedrooms, kitchen, etc.
Village is creating issues with the road
2018 CAMBODIA REAL ESTATE
53
LOC A TI ON P RO FILE
favored by expats.
When one particular nation, whether
REAKH: What is your personal outlook
If purchasing, there are a number of
US, Russia, UK or China or another
on the real estate market, and the
quality developments in Sihanoukville.
nationality is the dominant investor
future of Sihanoukville in the coming
These range from High End to Mid-
in a region, the community can feel
years?
range.
their former lifestyle, “ownership� and nationality is threatened.
REAKH: From what I have seen on
Purely Projects: It is difficult to forecast the outlook for both the
social media, there is a major anti-
REAKH: In absence of the influx of
market and Sihanoukville in the
Chinese sentiment, do you think that
Chinese investment in Sihanoukville,
future, however, I would venture that
this sentiment would be the same if
what do you think the province would
eventually land prices and rents will
there was overwhelming investment
look like today?
stabilize, as they did in Australia after
from say: UK or USA or a Western
the Japanese investment boom of the
nation? Or do you believe there is a
Purely Projects: Sihanoukville
1980s. In addition, one can expect to
racial element involved?
beaches and beauty, combined with
see better roads, infrastructure and
the SSEZ and the port, would continue
a healthier, cleaner environment for
Purely Projects: When large scale
to attract foreign investment, mainly
Cambodians and tourists alike, no
development occurs, there is an
targeting hotel and resort beachside
matter where they come from.
impact on the lifestyle and the
lots, albeit perhaps at a slower pace,
environment. This is a major source of
without Chinese investors.
discussion on social media, not only in Cambodia, but across the globe.
54
CAMBODIA REAL ESTATE 2018
Search for properties in Sihanoukville now on Realestate.com.kh.
2018 CAMBODIA REAL ESTATE
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CAMBODIA REAL ESTATE 2018
REAL ESTATE VALUATION IS THE HEART OF PROFESSIONAL SERVICES AT IPS-CAMBODIA AT IPS-CAMBODIA, WE BELIEVE THAT VALUATION CAN BE A STRATEGIC ASSET FOR INVESTORS AND OWNERS ALIKE.
O u r Va l u at i o n & A d v i s o ry S e r v i c e s I n c l u d e : Valuation Review / Management Single Asset Valuation Portfolio Valuation Investment Analysis Insurance Valuation Lease and Cost Analysis Arbitration and Consulting Feasibility Studies
C O N TA C T U S :
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FIND US ON:
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CAMBODIA REAL ESTATE 2018
2018 CAMBODIA REAL ESTATE
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CAMBODIA REAL ESTATE 2018
2018 CAMBODIA REAL ESTATE
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CONS TRUCTIO N UPDATE
BUILDING BOOM CONTINUES: IN PHNOM PENH AND SIHANOUKVILLE The building boom around Cambodia, particularly in the urban areas of Phnom Penh and Sihanoukville, is continuing and shows no sign of slowing down. The collection of pictures here show the progress of work being done on some of the major projects underway in the two cities. Check out Realestate.com.kh for further information on these projects and many more.
PHNOM PENH Prince Central Plaza
The Parkway
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CAMBODIA REAL ESTATE 2018
Sky 31
CON S T R U CTI O N U P DA TE
CEO KT Pacific
SIHANOUKVILLE The SeaGate Suite
Blue Bay
D’Seaview
2018 CAMBODIA REAL ESTATE
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CAMBODIA REAL ESTATE 2018
FE A T U R ED A GENT
Knight Frank
023 966 878
There’s a human element in the world of property that is too easily overlooked. At Knight Frank we build long-term relationships, which allow us to provide personalised, clear and excellent service on all areas of property in all key markets.
enquiry@kh.knightfrank.com
www.knightfrank.com.kh
Ta Khmau
BKK 1
This modern villa for sale is located in a quiet neighborhood in Ta Khmau City. Has a garden and rooftop terrace. International schools, banks, restaurants, cafes, and other amenities are not so far away.
This serviced apartment in BKK1 has uniquely modern design and features, including fitness center and a rooftop swimming pool. Is conveniently close to restaurants, banks/ATMs, top international schools, and other amenities.
Villa For Sale - $270,000
Service Apartment For Rent - $1,200/month
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6
1
1
Chak Angrae Leu
7 Makara
Located in Meanchey, this condo unit offers accessibility, luxury, affordability, and comfortable living. Also provides access to amenities like gym, swimming pool, cafe, mini-mart, child-care facilities, and football pitch.
Located in the heart of Kampuchea Krom Blvd., this fullyfurnished apartment is highlyaccessible and located close to amenities such as transportation, cafes, offices, and shopping centers/supermarkets.
Condo For Sale - $58,500
Apartment For Rent - $880/month
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Kep
7 Makara
This prime lot for sale in Kep has an area of 8,053 sqm. The land, which is in a picturesque location, has been cleared, making it a perfect site for a house or business establishment.
This duplex apartment in Kampuchea Krom Blvd. is Western-inspired, with modern furnishings to boot. Is easily accessible and close to many amenities and landmarks of Phnom Penh.
Land For Sale - Price on application
Apartment For Rent - $750/month
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7 Makara
BKK 1
Overlooking Kampuchea Krom Blvd., this apartment for sale was designed for modern, comfortable living. Is conveniently located close to Central Market, Orrusey Market, and other amenities and landmarks of Phnom Penh.
This serviced apartment is provided with modern furniture; gives access to gym, and a swimming pool; and is conveniently close to recreation/ sports facilities, entertainment areas, etc.
Apartment For Sale - $125,000
Service Apartment For Rent - $1,000/month
2
1
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Tonle Bassac
Daun Penh
This condominium unit lies in one of the most popular areas of Phnom Penh - Tonle Bassac. This luxurious residence provides comfort and convenience at your doorstep, with Aeon Mall, Sofitel Hotel, and other landmarks close by.
This spacious, mezzanine apartment is situated along the Riverside, where many businesses such as restaurants, cafes, bars, and hotels are located. Brick walls and wooden flooring add aura to the property.
Condo For Sale - $100,000
Apartment For Rent - $750/month
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2018 CAMBODIA REAL ESTATE
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FEA TURED AGENT 023 727 077 www.ncmaxworld.com enquiries@ncmaxworld.com
Tonle Bassac
Srah Chak
Located in the heart of Phnom Penh, this uniquely- designed SOHO unit offers great value to the tenant; has a living space of 32 sqm; allows for foreign ownership; and comes with a 18% guaranteed rental return over 3 years.
This Riverside property comprises of 10 apartments and hotel rooms. Ideally located to attract tourists and people on business trips. A solid property investment with rental income. Gross floor area: 693m2.
Condo For Sale - $120,000
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Chroy Changvar
Toul Kork
This condo has stunning views of city and Mekong River. Very secure, comfortable and spacious property with 200 sqm of private living area. Features high-end amenities such as fitness center and rooftop pool.
This apartment building is located on the main road near Mao Tse Tung Boulevard. The building consists of 31 rooms and the rooftop can easily be converted into a fitness center or sky-bar with great views of Phnom Penh.
Condo For Sale - $240,000
Por Sen Chey
Modern and fully-furnished condos available in the center of Phnom Penh. The building is close to many shopping, lifestyle and entertainment facilities. Selling at bargain price! Shopping mall space also available for rent.
This house is located in Sangkat Chaom Chao, Khan Por Sen Chey and situated on 709m2 of land. The property is surrounded by borey projects, soccer field, marts, markets and business shops.
House For Sale - $350,000
Sen Sok
Sihanoukville
This land is situated in one of the city’s up-and-coming districts, Sen Sok. This area already has many residential properties and new roads in place. Comes with a freehold hard title. Plot dimension is 20m x 23.2m.
This 53,330m2 parcel of land is 10 mins. away from the Sihanoukville airport, SSEZ, and NR 4. In a fast-developing area, it is reasonably priced at USD $8 per sqm. Could be used to construct a factory or resort.
Land For Sale - $520,000 Total size - 464m2
Land For Sale - $426,712 Land size - 5.3 hectares
Kep
BKK3
This 1-hectare land is located in Kep Province. Has many potential uses such as: building an ecoresort, farming, building residential dwellings and developing a variety of industrial enterprises.
An 18-storey apartment building with 52 units offering a projected monthly rental income of USD $45,000. All the units are fully equipped with modern furniture and electronic fittings. With ample parking space.
Land For Sale - $8/m2
CAMBODIA REAL ESTATE 2018
Residential Building For Sale - $2,800,000
Olympic
Condo For Sale - $1,595/m2
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Residential Building For Sale - $1,500,000
Residential Building For Sale - $6,700,000
FE A TU R ED A GENT 023 727 077 www.ncmaxworld.com enquiries@ncmaxworld.com
Toul Kork
Koh Kong
This hotel for rent is well-kept and strategically-located in Toul Kork, a commercial area in Phnom Penh. Swimming pool, air-conditioning, security, housekeeping services, etc. provide for secure and comfortable stay.
Located on over 2 km stretch of white sand beach, this property is suitable for resort/mixed-use development. Was under Koh Kong jurisdiction three years ago, but has been part of Kampong Som (Sihanoukville) since then.
Hotel For Rent - $15,000/month
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Land For Sale - $20/m2 Size - 222 hectares
BKK 3
Sen Sok
These are well-furnished and elegantly-designed apartments for rent with one, two, or three bedrooms. Are located in the center of Phnom Penh, where markets, malls, restaurants, commercial buildings, and hospitals are located a short distance away.
A beautiful villa for rent with a land size of 672m2 and a floor area of 144m2. This villa is fully-furnished and has 3 floors, which include a rooftop garden area and parking for 3 cars.
Apartment For Rent - from $700/month
Villa For Rent - $2,500/month
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Boeung Trabek
Tonle Bassac
This apartment for rent in Beoung Trabek has an area of 96 sqm. Amenities available include parking space, cleaning service, gym and 24-hour security, and located near entertainment, and leisure centers.
This property is in the Rose Condo building. Has 1 living room, 1 kitchen, 3 bedrooms, 3 bathrooms, and 3 balconies. Is located on the 10th floor, sized 194m2, and a great location for a long-term resident.
Apartment For Rent - $800/month
2
Condo For Rent - $1,500/month
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3
Kampong Speu
Kampuchea Krom Blvd.
Factory units available. Total size is 14,585m2. Each factory unit is a mixture of office, accommodation and operational spaces. Provides great business and investment opportunities.
This tower block is located in Kampuchea Krom Boulevard. Floors 5 and 6 are available with a total floor area of 2,756m2. Ideal for use as offices, conference rooms or for tutoring activities. Great price at only USD $12 per sqm.
Factory For Rent - $1.5/m2
Office Space For Rent - $12/m2
Aeon Mall 2
Tonle Bassac
This property is two corner shophouses combined together. The property has a total size of 132.8m2. Has 8 bedrooms, 10 bathrooms, and 1 large living room. Ground floor area can be used for commercial purposes.
This villa is ideally located in the heart of Phnom Penh. With 3,000 sqm of living space surrounded by a garden, it would make an ideal residence for ambassadors or senior Government officials. Located in a high security area.
Shop House For Rent - $2,000/month
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Villa For Rent - $25,000/month 2018 CAMBODIA REAL ESTATE
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023 555 5566
CPL provides a full range of real estate and valuation services to developers, owners, occupiers, investors, financial sectors and other relevant stakeholders.
info@cplagent.com
BBK 3
Srah Chak
Located near two major investments hotspots - Monivong and Mao Tse Tung Boulevards. Reasonably priced, soft-titled, and provides excellent investment potential. Can be rented out to generate monthly income.
This is a 78 sqm prime lot for sale in Daun Penh, an investment hotspot close to the popular Riverside area of Phnom Penh. Reasonably priced and comes with a hard title.
Flat For Sale - $570,000
Land For Sale - $470,000
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Chroy Changvar
Russey Keo
A 2-storey, soft-titled villa just a few minutes away from Phnom Penh landmarks. This property features an open-plan dining/living and laundry areas downstairs. An enclosed courtyard provides security and privacy.
A soft-titled flat for sale in Russey Keo stands out among other properties in the Crystal Town project. This flat is reasonably priced for a property with an area of 65 sqm and located in one of the fastest-developing areas in the suburbs of Phnom Penh.
Villa For Sale - $130,000
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3
Russey Keo
This hard-titled apartment is located opposite the Sonthormok Primary School. Comprised of 18 floors and available for rent and sale. Comes with parking areas, office spaces, living units, swimming pool, gym, and skybar.
A small tract of land for sale in Russey Keo. Ideally located close to Borey Toul Sangke, parks, and schools. Is 500 sqm in size and provides excellent investment potential.
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Land For Sale - $389,000
Chamkarmon
Chbar Ampov
This condominium complex features a shopping center and other commercial facilities, shophouses, apartments, business center and a 500-room hotel. Makes for convenient living in the center of Phnom Penh.
A large, secure, low-maintenance, hard-titled villa for rent in Chbar Ampov. Has 3 bedrooms and provides excellent views of the Prek Eng suburban area. A fullyfenced backyard ensures security and privacy. Perfect for retirees.
Condo For Rent - $850/month
Villa For Rent - $700/month
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Chroy Changvar
Russey Keo
Land for sale is located in Chroy Changvar, one of the up-andcoming areas in the suburbs of Phnom Penh. Has an area of 134 sqm and comes with a soft title. Reasonably priced.
House for rent in Russey Keo, another developing area in the suburbs of Phnom Penh. Has 4 bedrooms, 5 bathrooms, and a large parking area. Provides for comfortable living and reasonably priced.
Land For Sale - $127,300
CAMBODIA REAL ESTATE 2018
Flat For Sale - $165,000
Toul Kork
Apartment For Sale - $88,800
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http://www.cplagent.com
Link House For Rent - $600/month
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FE A TU R ED A GENT
995 Home International Property Management Co.,Ltd.
011 582 688
Specializes in Property Rental Management
Info@995home.com
www.995home.com
BKK 3
BKK 3
Room for sale (Room No. 502, Level 5) located in BKK 3, Phnom Penh. Can be used as an office or a residence. Provides access to swimming pool, gym, and laundry service.
Beautiful apartment for lease in BKK 3. Fully furnished. Bedroom is well-made and features excellent furniture. Near supermarkets, cafĂŠs, restaurants, and other amenities. Gives access to swimming pool and gym.
Apartment For Sale - $144,457
Apartment For Rent - $750/month
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BKK 3
BKK 3
This is a 61 sqm., 1-bedroom apartment (Room 603/L6) for rent in BKK 3. Is good as a residence or an office. Will have access to laundry service, swimming pool, and gym.
One bedroom available for rent in BKK 3 surrounded by restaurants, coffee shops, etc. The bedroom is beautifully-designed and provided with good furniture. Fully furnished with access to gym and swimming pool.
Apartment For Sale - $147,722
Apartment For Rent - $750/month
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BKK 3
BBK 3
Fully-furnished apartment (Room 301/L3) for sale in BKK 3. Location in CBD makes it ideal for living or use as an office. Apartment also gives access to gym, laundry service, and swimming pool.
Two-bedroom apartment for rent in BKK 3, a commercial hotspot near Monivong Blvd. Comes with a fully furnished bedroom and other facilities. Gym area and elegant swimming pool provide a place to exercise and relax.
Apartment For Sale - $152,810
Apartment For Rent - $850/month
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BKK 3
BKK 3
This is a room for sale (Room 904/L9) in BKK 3, one of Phnom Penh’s most popular areas. Can be used as a residence or office and provides access to swimming pool, gym, and laundry service.
This is a 2-bedroom apartment for rent in BKK 3. Also near Monivong Blvd., and comes with fully-furnished rooms and other facilities. Has a gym and swimming pool where tenants can exercise, relax, and enjoy.
Apartment For Sale- $174,688
Apartment For Rent - $850/month
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BKK 3
BKK 3
New apartment (RM 903/L9) for sale in BKK 3. Ideal as a residence or office. Fully and beautifully furnished. Occupants will have access to swimming pool, gym, and laundry service.
Beautiful and fully-furnished 2-bedroom apartment for rent in BKK 3, a popular commercial/ residential area of Phnom Penh. Occupants can also use gym and swimming pool within the apartment complex.
Apartment For Sale - $157,516
Apartment For Rent - $800/month
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South East Asia Property Services We can find the right property for you!
Eng: 016 811 711 Khmer: 023 214 322 www.seaps.asia contact@seaps.asia
Sihanoukville
BKK1
This is a 45,000 square meters of land situated 500 meters from Otres Beach, and surrounded by schools, supermarkets and other amenities. Is ideal for commercial/ industrial use.
Located in one of the most popular residential areas of Phnom Penh. Has an area of 190 sqm, and features a range of amenities. Also provides cleaning service and access to gym and a swimming pool.
Land For Sale - $600/m2
Apartment For Rent - $1,900/month
2 Sihanoukville
Phsar Kandal I
A part of the CVIK 4 Apartments, this brand-new flat in Sihanoukville has an area of 40 sqm. Provides access to a rooftop swimming pool and perfect views of the sea. Cheaper than comparable properties in the same area.
This apartment is close to many landmarks and amenities, including Wat Phnom and Central Market. Fully furnished with two elegant bedrooms, well-designed living room, and modern, wellequipped kitchen.
Condo For Sale - $34,000
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2
Chroy Changvar
This apartment is part of Mekong View Tower, a luxurious serviced apartment/condo development. Occupants will have access to bar, swimming pool, and a restaurant. Close to markets, hospitals, schools, and other amenities.
This 180 sqm, 3-bedroom villa is located in Chroy Changvar, one of the fast-developing areas in the suburbs of Phnom Penh. Surrounded by amenities, lush greenery, while providing pictureperfect views of Mekong River.
Apartment For Sale - $63,000
Villa For Rent - $1,400/month
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Srah Chak
Tonle Bassac
This five-storey, 90 sqm building has 13 well-furnished and elegantlydesigned bedrooms and bathrooms. Surrounded by amenities such as transportation, restaurants, cafes, sports/entertainment areas, etc. Comes with a hard title.
This 80 sqm, rental property in the Tonle Bassac area, has 2 welldesigned bedrooms, 2 bathrooms, living room, and a modern kitchen. Other amenities of this apartment include 24-hour security and a balcony.
Apartment For Sale - $1,500,000
Apartment For Rent - $800/month
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Phsar Kandal I
Sihanoukville
Perfectly located in a businessfriendly area, this newly-renovated restaurant/lounge bar for sale has an area of 440 sqm. Comes with 2 private function rooms, a parking area and 5 x 2-bedroom apartments, which can be rented out for extra income.
This 2-bedroom house in Sihanoukville’s Otres Village sits on a lake surrounded by foliage and trees. Features kitchen, dining room, living room, a balcony and a parking space for two vehicles. Offers luxurious and comfortable living.
Business for sale - $225,000
CAMBODIA REAL ESTATE 2018
Apartment For Rent - $900/month
Chroy Changvar
2
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House For Rent - $500/month
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FE A TU R ED A GENT
YI FUNG Real Estate Services
023 986 300
We offer an easy to navigate home search experience. Whether you are at home or on-the-go, we make it easy for you to access our property database
info@yifung.co
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Sen Sok
Por Sen Chey
Located in a fast-developing area near AEON MALL 2 and major residential development projects of Chip Mong Land and Borey Peng Houth, this land has the potential for commercial and residential development.
Brand new “A” grade warehouse for rent within a secure compound. Conveniently located near downtown Phnom Penh. Perfect for business purposes and reasonably priced. Amenities like water and electricity are provided.
Vacant Land For Sale - $950 per sqm Land Size: 1.7 hectare
Warehouse For Rent - $6,000/month
Toul Kork
Chamkarmon
This prime commercial property for rent and sale is located opposite RUPP, along Russian Blvd. Is 3-storey with 7 bedrooms, comes with a hard title, and is a good investment. Can be rented at $2,500/month, which is below the prevailing market rate.
This office space for rent near Sofitel Hotel is perfect for business, fitness center, or a coffee shop. Not to mention that rush-hour traffic is rare in this area and office space is moderatelypriced for all the benefits it brings.
Flat house Rent & Sell For Sale - $600,000
Office Space For Rent - $5,500/month
Toul Kork
Chamkarmon
This café for sale is perfectly located in the heart of Phnom Penh and in front of IFL, where customers reside. It comes with high-class decors, cosy environment, and excellent furniture.
This newly-developed, serviced condominium is located along Norodom Blvd. Apart from numerous amenities it offers, this condo has a rooftop pool and provides a perfect view of Phnom Penh’s skyline.
Cafe Business For Sale - $95,000 (negotiable)
Service Condo For Rent - $1,600/month
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Chamkarmon
Por Sen Chey
A part of Rose Garden, this condo unit has a cosy and quiet environment, making it suitable for families. Offers a full view of a nearby river. Occupants will have access to swimming pool, gym, parking, cafes, etc.
This land sized 2-3 ha, is located near PP International Airport, It is rented at $0.70/m2. Landlord can build customized warehouses on the property tailored to the needs of the customer, with rent increasing to USD $2-2.5/m2.
Condo For Sale - $260,000
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Land For Rent - $0.70 per sqm
Chroy Changvar
Toul Kork
This land provides a golden investment opportunity, while offering a perfect view of Tonle Sap River. Ideally located for midterm invesment or residential/ commercial development. Is only a few minutes way from Sokha Hotel.
This warehouse is located along Hanoi Road, near the National Bank of Cambodia. Easily accessible from downtown Phnom Penh and Phnom Penh International Airport. Is a perfect spot for setting up a business.
Land For Sale - $2,200 per sqm Land size: 935 m2
Warehouse For Rent - $1,500/month
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FE A TURE D AGENT
Lucky Property Services
012 623 398
Lucky Property Services (LPS) is a real estate company that specializes in renting, selling, buying and managing real estate and other properties.
info@luckypropertyservices.com
Koh Kong (ID: 3268)
Kandal (ID: 3021)
Resort for sale in Koh Kong Province. Only 300m from estuary and easily accessible by boat. Has very good reviews on TripAdvisor. Swimming pool and rooms with nice ventilation make it a perfect place for relaxation.
This is a guesthouse for sale in Baek Chan, Angk Snuol. Featuring 17 rooms with great city views. Conveniently located within the city, but still maintains privacy. This 1,120 sqm property has good business potential.
Land For Sale - $350,000
17 Sen Sok (ID: 2936)
Located on 3rd floor of Phsar Thmei 3, this apartment consists of 2 bedrooms, modern bathroom, modern kitchen, and a living room. Inside, it is provided with air conditioning, refrigerator, TV, and sofa.
This is a good property along Hanoi Blvd., where various facilities like warehouses, restaurants, offices, and mini-villas could be built. This land is close to markets, banks, shops, and schools.
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Land For Sale - $2,467,500
Toul Kork (ID: 3251)
Por Sen Chey (ID: 3139)
Located in Boeung Kak, this property could be converted into a nice villa, condo building or any suitable business, as it is adjacent to hospitals, schools and just a kilometer away from TK Avenue Market.
House for sale in front of Borei New Town Market. Has 132 rooms rented out for USD $30/month, with a monthly income of USD $3,960. Area is clean and safe. House can be used for residential and commercial purposes.
Land For Sale - $1,387,500
House For Sale - $750,000
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Boeung Tumpun (ID: 2939)
Por Sen Chey (ID: 3140)
Located in Boeung Tumpun, this big flat has 9 bedrooms, 9 bathrooms and a living room. Being close to markets, banks, shops, and schools, this building is good as a residential or commercial rental property.
This house for sale in Chaom Chao has 160 rooms rented out for USD $30/month. This property earns USD $4,800/month. Provides opportunity for profitable investments. Area is a healthy, liveable place.
House For Sale - $150,000
House For Sale - $800,000
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Kampot (ID: 3202)
Por Sen Chey (ID: 3141)
Located next to River Park tourism site, this land could be converted into a mini-resort or farm, as it is surrounded by ample water sources. Another resort and bungalow are located nearby.
This house for sale is located along Veng Sreng Blvd. Area is safe and has clean surroundings, making it a perfect place for healthy living. The house can be used either for commercial or residential purposes.
Land For Sale - $725,000 (negotiable)
CAMBODIA REAL ESTATE 2018
Commercial Property For Sale - $300,000
Phsar Thmei 3 (ID: 3260)
Apartment For Sale - $65,000
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www.luckypropertyservices.com
Land and House For Sale - $600,000
FE A TU R ED A GENT
Daily Realty
077 747 000
We are the best, fastest, and most honest option to help you invest in the real estate sector.
www.daily-realty.com ravydaily@gmail.com
Chbar Ampov
Phnom Penh Thmey
This villa sits on 3,500m2 land. Located in Chbar Ampov, Phnom Penh, it has 4 bedrooms, 4 bathrooms, and parking. Close to transport, food, etc. Price is negotiable.
This land is located along the main street. Is good for all kinds of businesses, office building showroom, condo, apartment, and other properties.
Villa For Sale - $550,000 (negotiable)
Land For Sale - $1,150/m2
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Chbar Ampov
Phnom Penh Thmey
This stunning villa for sale is located in Chbar Ampov, Phnom Penh. it has 8 bedrooms and 10 bathrooms. It also comes with a hard title.
This 650m2 land is ideally located close to schools, supermarkets, and other businesses. Excellent site to build condo, apartment, and other real properties.
Villa For Sale - $1,600,000
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Land For Sale - $650/m2
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NC MAXWORLD
HOME CONNECT
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KEY REAL ESTATE
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995 HOME INTERNATIONAL HOME PROPERTY MANAGEMENT CO, LTD. +855 (0)11 582 688
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CENTURY 21 CAMBODIA
+855 (0)92 318 343
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www.century21.com.kh
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CAMBODIA REAL ESTATE 2018
CENTURY 21 GOLDEN REALTY
DAILY REALTY GROUP +855 (0)77 747 000
+855 (0) 71 55555 88
http://www.daily-realty.com/
www.c21golden.com.kh
ravydaily@gmail.com
h.vathana@c21golden.com.kh
EASY PROPERTY INVESTMENT CAMBODIA
BASAC REALTY +855 12 641 864
+855 (0) 96 492 8888 www.easypropertyrealty.com info@easypropertyrealty.com
LUCKY PROPERTY SERVICES
KON KHMER PROPERTY SERIVCE
+855 (0)12 623 398
+855 89 700 077
www.luckypropertyservices.com
pechhaiang@gmail.com
info@luckypropertyservices.com
CENTURY 21 FUJI REALTY
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info@c21fujihousing.com.kh
http://orome.asia/
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IPS +855 (0)77 959 861 www.ips-cambodia.com inquiry@ips-cambodia.com
KEYSTONE PROPERTY CONSULTANTS + 855 (0) 23 989 320 http://www.keystone-savills.asia info@keystone.com.kh
SIEM REAP LAND HOUSE +855 (0)17 267 979 http://www.siemreaplandhouse.com info@siemreaplandhouse.com
NEED AN AGENT
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WHAT OUR CUSTOMERS SAY ABOUT US Sorn Seap
Founder/Director, Key Real Estate “As Cambodia’s leading property portal/marketing agency, Realestate.com.kh helps connect property sellers/agents with local and international buyers, while allowing agents to share, communicate, partner, and look for opportunities together. Realestate.com.kh also assists agencies as they seek to professionalise their business operations. Key Real Estate would like to continue its partnership with Realestate.com.kh for the benefit of Cambodia’s real estate sector. ”
Tang Hour President, Amatak Property Service “I think Realestate.com.kh is a good real estate marketing website, which is helping grow the buying and selling of real properties across Cambodia. In fact, since we started using Realestate.com.kh’s services, we have received quality leads from its marketing campaign. Realestate.com.kh markets and promotes well the properties listed on its website. For me, I like all of my properties for rent and sale to be featured in Realestate.com.kh. ”
Emma Granier Marketing & Communication Manager, BRED Bank “At BRED Bank Cambodia, we started working with Realestate.com.kh since the beginning of our operations in the Kingdom in early 2017. Today, BRED Bank Cambodia is expanding its network and will open several branches in Phnom Penh and in the Provinces. More than a mere communication tool, Realestate.com.kh has become a real partner as we reach out to the Property and Construction Industry of Cambodia.”
Catherine Chan
Executive Director, Urban Village “As Cambodia’s leading property portal and marketing agency, Realestate.com.kh is a reliable source of real estate information- from hottest properties in the market to current trends in the local real estate front. I like the professional way that Realestate.com.kh works. The responsiveness and strong translation skills of Realestate.com.kh are very helpful to us as we build a good platform in the Cambodia real estate market. Our partnership with Realestate.com.kh has produced dividends, and we are looking at continuing such fruitful collaboration.”
Sour Sok Theng
CEO, Parkway Investment Co., Ltd. “Realestate.com.kh is among the best property portals and marketing agencies in Cambodia. It follows international standards, has a good marketing team, and delivers high-quality service. We have worked with Realestate.com.kh for nearly 2 years now, and we are satisfied with their services and professionalism. The company provides accurate information about the real estate market, and has a professional team to help clients improve their business standing and performance. What I am seeing is a strong, continuing and long-term relationship between us and Realestate.com.kh.“
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