F
ISSUE 6
R E E
A SNEAK-PEAK AT THE CAMBODIA
INVESTMENT
GUIDE
Full extract on pages 18, 19, 20, 21 & 22
INSIDER
ANALYSIS THE YEAR THAT WAS, AND THE YEAR THAT WILL BE...
Full story on pages 14, 15, 16, 17
DESTINATIONS FOR
SAVVY INVESTORS
CHROY CHANGVAR, POR SEN CHEY & PREK PNOV Full stories on pages 32, 52 & 54
DOWNLOAD THE REALESTATE.COM.KH APP
FEATURED AGENCIES
CEO KT PACIFIC
CAMBODIA’S FIRST BUSINESS RESIDENCE Full story on pages 12 & 13
2
CAMBODIA REAL ESTATE 2018
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CAMBODIA REAL ESTATE 2018
2018 CAMBODIA REAL ESTATE
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6
CAMBODIA REAL ESTATE 2018
LETTER FROM THE EDITOR
CREDITS Editor in Chief: James Whitehead
Dear Readers,
Cambodia in 2018. An excess supply may be approaching in the condo
Managing Editors: Nara Cheng
From the editorial team at Realestate.
rental market, suggesting a drop in
com.kh, a warm welcome to the latest
occupancy and rental prices in 2018.
edition of the Cambodia Real Estate
Meanwhile, rentals in the office rental
magazine, the nation’s most targeted,
market are expected to increase and
Contributing Writers:
widely read and information-rich real
new construction is slated to double
Kosal Ky
estate quarterly.
the supply in the retail rental market.
Vin Vat
Carrie Sun
Emma Simpson Jose Rodriguez Senase
In Issue 6, we consider the year that
In this issue, we also take a closer
was; and look forward to 2018 and
look at two Phnom Penh suburbs with
the changes and challenges ahead.
great potential for residential property
Greater demand for cheaper housing,
development: Prek Pnov and Por Sen
the impacts of ever-increasing Chinese
Chey. Comparatively low land prices
arrivals and capital, and Government
in Por Sen Chey is making the area
proposals to tighten regulations to
attractive to developers looking for
ensure investors are not defrauded
cheaper alternatives for borey and
and projects are completed on time
condo projects. Likewise, cheaper land
Tyler Stuart
represent the major events of 2017.
and accessibility are helping Prek Pnov
Nin Kang
become the next Diamond Island of And despite the upcoming election,
the Capital, some insiders suggest.
2018 is predicted to be another
Cheng Huy Hong Art Director: Parigna Heng Jozel Ann Esguerra Sales & Marketing:
Linda Sorn Su Mey Limeng San
positive year for the Cambodia real
Thanks for reading and we look
estate sector. The signing of 19
forward to the next issue of the
Memorandums of Understanding
Cambodia Real Estate magazine in the
during the recent visit of Chinese
next few months.
Sotha Votey Mom Publisher: Image Printing
Premier Li Keqiang looks to ensure the continuing flow of foreign capital,
Special Thanks:
in both infrastructure and private
The Realestate.com.kh Team
residential projects. Yet insiders discuss the potential impact of the
JAMES WHITEHEAD
upcoming election in regards to
EDITOR-IN-CHIEF, REALESTATE.COM.KH
investor confidence, and concerns that excess supply will drive prices down in some areas of the market this year.
For more information please contact us at: info@realestate.com.kh +855 (0) 18 616 8888
We also take an in-depth look at the potential rental property market in
Browse almost 50,000 properties from over 150 agents and the leading property developers 2018 CAMBODIA REAL ESTATE
7
TABLE OF CONTENTS 12
36
18
12
20
CEO KT PACIFIC Cambodia’s first international business residence
42
launches
14
INSIDER ANALYSIS Market leaders’ opinion on the key trends of 2017,
infrastructure
46
and predictions for 2018 18
24
26
CAMBODIA INVESTMENT GUIDE 2018
S E A RA S P O RT’ S S Y S TE M S Designing and building Cambodia’s recreational
MAJOR REAL ESTATE TRENDS OF 2017 Considering the year that was as a road map for the year ahead
50
REALESTATECRM TRAINING LAUNCHES
Find out why investors are flocking to Cambodia,
Find out why Cambodia’s leading agencies are using the
the land of opportunity
RealestateCRM system to professionalise thier companies POR SEN CHEY LOCATION PROFILE Developers and residents flock to invest in the up
PROFESSIONAL AND AFFORDABLE OFFICE SPACE Check out a new office center that stands out from the rest
52
THE SEAGATE SUITE Sihanoukville’s premier mixed use development
54
PREK PNOV LOCATION PROFILE Phnom Penh’s next Diamond Island?
60
H O W D O E S C A M B O D I A C O M P A RE I N A S EAN? How the property market prospects of Cambodia
and coming district
launches its opening sale 28
RENTAL MARKET OUTLOOK Experts discuss rental price for condo, office and retail sector in 2018
32
CHROY CHANGVAR LOCATION PROFILE Key infrastructure improvements buoy growth in
are towering over neighbouring nations 64
R EALESTATE.COM.KH R E C E I V E S A U D $ 2 . 2 5 M I L L I O N INVESTMENT One of the largest tech investments in Cambodian history
68
CONSTRUCTION PROGRESS REPORT
Phnom Penh’s hottest district 36
ECO SAVING The leading green building and energy saving professionals
Current status photos of development projects underway
in Cambodia 38
AFFORDABLE HOUSING IN HIGH DEMAND And no sign of slowing in 2018, suggest insiders
in Phnom Penh and Sihanoukville 88
WHAT OUR CUSTOMERS SAY ABOUT US? Find out why market leaders work closely with Realestate.com.kh
2018 CAMBODIA REAL ESTATE
9
LETTER FROM THE CEO Dear Valued Readers,
hosting of two real estate shows in May and October, where a combined total of over $35 million real estate sales were
In this issue of the Cambodia Real Estate magazine we take a
achieved.
look at the year that was, and the year that will be. Year 2018 started on a perfect note for us. Our position as In 2017, we witnessed some 3,418 residential and
Cambodia’s leading property website for property buyers and
commercial projects with a combined value of $6.8 billion
sellers was strengthened by additional $1.8 million funding
approved nationwide. The figure represents a 22.31 percent
and a new strategic business partner in the Mekong-based
jump from the previous year’s total of 2,636 projects
private equity firm Belt Road Capital Management (BCRM).
approved by the Ministry of Land Management, Urban Planning, and Construction (MLMUPC).
In behalf of everyone at Realestate.com.kh, I wish to thank all our clients and partners for their unwavering and continuing
The year 2018, despite some uncertainties on the political
support. I hope you enjoy reading Issue 6 of the Cambodia
front, also seems set to delivery growth across the industry.
Real Estate magazine.
The pledge of Chinese funds for multi-billion dollar development projects such as a new airport in Kandal Province and an expressway linking Phnom Penh and Sihanoukville is a positive sign. The large number of approved projects last year also means that there will be more
TOM O’ SULLIVAN
residential and commercial supply this year, a prospect likely
CEO, REALESTATE.COM.KH
to have an impact on rental market prices and occupancies, across the condo, office and retail sectors. For us, the milestone for last year was the launching of the revolutionary RealestateCRM system and our successful
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
11
FEA TURED P RO PERTY
CEO KT PACIFIC C A M B O D I A’ S F I R S T I N T E R N AT I O N A L BUSINESS RESIDENCE
Cambodia’s economic and real
condominiums and other housing
Office and the National Assembly and
estate growth is undisputed,
types throughout the nation.
is in the heart of Cambodia’s business
demonstrated by Gross Domestic
center.
Product (GDP) maintaining a growth
In central Phnom Penh- almost every
rate of over 7% for five consecutive
kilometer will host a building under
Further to this, CEO KT Pacific is
years. Further to this, the Asian
construction.
surrounded by an abundance of
Development Bank (ADB) has also
accessible amenities including the City
ranked the Kingdom as one of the
As a result of becoming aware of
Mall and other projects in the pipeline
countries with the fastest economic
Cambodia’s real estate potential,
such as the future large-scale Olympic
growth in the whole of Asia.
Lixin Group has joined forces with
Complex, and the much anticipated
fellow local developers KT Pacific, to
Parkson Mall which is rapidly
Cambodia is known as the “New
invest and build the first international
approaching completion.
frontier of Asia” and additionally,
business residence in Phnom Penh,
the property market in Cambodia
namely CEO KT Pacific.
is also thriving. As Chinese tourist
CEO KT Pacific is designed for housing international those involved
arrivals continue to increase
CEO KT Pacific is located in 7 Makara
in international business and also
annually, Cambodia’s construction
District, in central Phnom Penh, with
provides a forum for conducting
sector continues to boom- building
close proximity to the Prime Minister’s
business onsite. The 33 storeys of this
12
CAMBODIA REAL ESTATE 2018
FE A T U RED P R O P ER TY
project are expected to be completed
international business center and
years, the group’s enterprises have
in 2020.
seven meeting rooms,” he continued.
developed hotels, catering services, property management services and
According to Mr. Wang, General
“Of these meeting rooms include
have also entered into endeavours
Manager of the project, the team that
the International Convention Centre
in gaming, science and technology
is responsible for the design of the
which can host up to 85 individuals
and cultural undertakings to better
units are renowned architects from
for major meetings. The 33rd level top
understand the local market.
Taiwan, incorporating experience
floor is a premier residential building
and ingenuity into the layout and
that includes: a sky bar, 30-meter
Regarding the development of LIXIN
furnishings. Further to this, there are
infinity pool, lounge bar, Western
Group, Mr. Hsu said: “In addition
two cloud sculptures made of iron
style nightlife facilities, a sauna, spa,
to the various industries we now
on the top floor- a feature that has
gymnasium and most importantly we
operate in, we will invest more in the
layered, staggered design curves and
also have the only 360-degree skywalk
tourism industry- particularly in the
will light up in the evening. Ultimately
running trail in Phnom Penh. I believe
West Harbor in the future. Currently,
the architectural design of this project
that running in this stylish environment
we are planning a 5-star coastal
will enhance the beautiful skyline in
will be a very popular sport for those
hotel and another premier themed
Phnom Penh.
involved in the corporate sphere,” he
hotel. At the same time, we also
concluded.
hope that in the future we can create
Mr. Wang also mentioned that: “CEO
more employment opportunities in
KT Pacific public facilities are one of
Mr. Kevin Hsu, CEO of LIXIN Group,
Cambodia; and hope that the LIXIN
our highlights, and I believe it is the
said that LIXIN Group has been in
Group can make more substantive
largest public utility facility out of all of
Cambodia for nearly five years. In the
contributions to this country, “ Mr Hsu
Phnom Penh’s current projects.”
past five years, the layout of LIXIN
concluded.
Group in Asia as a whole has been “We have commercial public buildings
based mainly in Cambodia. At present,
and premier residential public
LIXIN Group has laid down solid
Consulting project details:
buildings. Our facilities include;
roots in Cambodia and has become
018 616 8888 (Chinese / English /
a restaurant, bar, cigar room,
a well established and respected
Cambodian)
three banquet rooms, KTV room,
development group. Over these five
Wechat ID: REAKH2009
2018 CAMBODIA REAL ESTATE
13
ED I TORI AL
INSIDER ANALYSIS THE YEAR THAT WAS, AND THE YEAR THAT WILL BE...
Q:
As 2018 begins, what do you believe was the defining theme of the 2017 real estate market in Cambodia?
Oknha Cheng Kheng Chairman, Cambodia Properties Limited (CPL) In the course of 2017, buying and selling operations were relatively strong in terms of plot land, boreys and condominiums. Land price was also higher compared to that of previous years. The potential in 2017 was not only in Phnom Penh but also in Sihanoukville, with strong competition due to many Chinese investors. This comes as a result of Cambodia’s incentivizing investment law, proposed infrastructure initiativessuch as the highway between Phnom Penh and Sihanoukville, deep sea port and growing tourism potential. With regards to living trends, condominiums have become popular as many Cambodians start to embrace quality lifestyle and convenience.
Ann Sothida Director, CBRE Cambodia Land prices throughout Phnom Penh grew by 6.6%, with the most noticeable increases in the north of the city & second CBD (such as Toul Kork & Sen Sok), whilst there was only modest growth in the traditional CBD (such as Daun Penh & Chamkarmon). Occupancy ranked at the high level of 80% or higher across a number of sectors including office, retail & residential. Sihanoukville received an influx of investment in the construction and real estate market, dominated by Chinese developers building resorts, hotels, condominiums and casinos.
14
CAMBODIA REAL ESTATE 2018
EDI TO R I A L
Dr. Kim Heang President, Cambodian Valuers and Estate Agents Association (CVEA) 2017 was the year of affordable homes and plot lands. Developers launched a lot of projects in response to high demand for low-cost housing priced between $30,000 and $40,000 targeted at lowermiddle income families. This market represents a majority of the population. With regards to condos, the number of projects launched was lower compared to the previous years. In contrast, the demand of warehouse for rent, especially for import and export products, was high. Apart from the rising number of low-cost housing projects, there was also a high demand among investors for plot lands in the suburbs of Phnom Penh. There were lesser demand among investors for plot lands in central Phnom Penh, with many of them already bought by developers.
Oknha Sear Rithy Chairman, WorldBridge Group In 2017, the real estate market was strong, with many new development projects started, including “The Palm� project. Many condominium and borey projects were also built. While demand for new projects stagnated in some respects because of location problems, both condo and borey developers were able to adapt to the needs of the local market, moving from high-end projects to the more affordable projects in local residential areas. Plot land sales also showed strength in 2017, with an increase in demand and more plot land projects underway.
2018 CAMBODIA REAL ESTATE
15
ED I TORI AL
Q:
Looking Forward: What is your prediction for the key strengths and weaknesses of the Cambodia real estate market over the course of 2018?
Oknha Cheng Kheng Chairman, Cambodia Properties Limited (CPL) The buying and selling of land will work normally as in 2017, and land prices will not decrease in 2018. I believe projects such as Golden 42, which was delayed for many years, will re-start in 2018 and this will be a good sign for the real estate market. When it comes to concerns regarding the 2018 election, I believe that proper guidance from experts will ensure that investors will not be affected - whether there is an election or not. If Phnom Penh continues to develop according to its Master Plan, then everything will be fine. Now is the right time to expand the Master Plan. The Government should introduce new infrastructure initiatives that will be good for the business and tourism sectors, though development could also mean higher prices for land and other real estate.
Dr. Kim Heang President, Cambodian Valuers and Estate Agents Association (CVEA) There will be lesser number of real estate transactions this year compared to the previous years. I advise that those who have a lot of cash should buy real estate this year as there would be lots of real property for sale in 2018. This will mean more supply and cheaper prices that buyers can take advantage of. The oposite happened in the past few years where high demand drove the price of real estate up. In 2020, however, I believe that the real estate market will grow again. I am convinced that politics will remain stable and will not impact the real estate industry. Those buying this year can sell for a handsome profit in the next few years. I suggest that buyers, as much as possible, should refrain from borrowing money from banks to finance real estate investments.
16
CAMBODIA REAL ESTATE 2018
Oknha Sear Rithy Chairman, WorldBridge group With regards to the real estate market, there may be some hesitation from buyers because Cambodians are often hesitant to invest in property when the national election comes. However, I believe the upcoming election will not affect the real estate market. But people will still wait to see what happens with the market. I believe that after the election they will be optimistic in purchasing property again. For the time being, let us continue to welcome foreign investors, particularly Chinese investors who have invested heavily in the Kingdom’s real property market. From what I have seen, the Chinese are not concerned about the election. I believe that Chinese investments will continue to flow and Chinese buyers will continue to purchase property here. In addition to the Chinese, I believe that other foreign and local investors will also put their money in residential and commercial properties such as office space and malls. To cap it all, I believe the Cambodia real estate sector will continue to move forward.
Ann Sothida Director, CBRE Cambodia Occupancy levels and demand will remain strong within the retail & office sector (centrally owned building). Land prices in the CBD will be stable with little growth expected, mainly due to the slowdown of speculative high rise residential developments. Land prices in the outskirts of the city will increase due to improved infrastructure (road & bridge) making peripheral locations more accessible and attractive for development. With the announcement of new airport to be built in the south of the city, we expect to see an increased demand from speculative investors for development land close to this project, thus driving up the price of land in the south of the city. A number of strata-title offices will be delivered to the market, we are skeptical about how these buildings will be managed. The ownership structure may cause concern of those tenants whom requirement large portions or entire buildings. There will be an additional 13,000 condominium units brought to the market in 2018, we expect this will have an effect on investment yields as there will be more supply and competition in the market. 2018 CAMBODIA REAL ESTATE
17
ED I TORI AL
CAMBODIA: THE INVESTMENT OPPORTUNITY IN SUM 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 The following article is a short
Ease of Transfer and Dollarization
excerpt from the Realestate.com.kh Cambodia Investment Guide 2018.
Between 1991 and 1992, the United
The Realestate.com.kh Cambodia
Nations Transitional Authority in
Investment Guide contains the most
Cambodia (UNTAC) was established
up to date information related to
as one of the United Nation’s largest
the Cambodian real estate market
and most expensive operations of all
and is the most comprehensive
time, at a total cost of 1.7 billion USD.
document for prospective real estate
The operation sought to implement
investors currently available in the
democratic governmental institutions
market. The full report covers a wide
and align the financial and political
overview of the market; including
systems of an unsettled Cambodian
Cambodia demographic and social
system with international norms.1
profiles, key industry and trading partnerships, GDP & FDI growth
While the success of this mission
trends, Sino-Cambodian relations,
remains highly disputed, USD flooded
political situation, infrastructural
the economy and created a shock
developments, property ownership
against the national currency which the
laws and regulations, tax and
National Bank of Cambodia was unable
financing considerations for investors,
to manage.2 This influx of USD, alongside
regional location profiles, investment
a lack of confidence in a local economy
regulations and much more.
Unlike many countries in the world,
that was facing hyperinflation, led to
Cambodia has no currency exchange
acceptance of USD as an acceptable The full 2018 report is available for
controls and limitations put in place
currency in Cambodia since this time.
download in English and Chinese
by the Government.5 There are no
KHR has nonetheless remained stable
Languages on realestate.com.kh.
restrictions of remittance or the transfer
since 1998, balancing at an average of
realestate.com.kh/
of profits in and out of Cambodia - so
around KHR 4,000-4,200 compared to
cambodiainvestmentguides
long as these transfers are administered
the US dollar.3
through registered financial institutions.6
This sets the country apart from other
Most transactions in Cambodia are
Asian counterparts such as Laos,
conducted and denominated in USD,
Malaysia and Indonesia who prefer to
with remittances being subject only
Download the full report on Realestate.com.kh.
trade solely in their local currency.4
18
CAMBODIA REAL ESTATE 2018
EDI TO R I A L
to the applicable withholding taxes.7
2.2 billion USD increase on the previous
The Kingdom surpassed this threshold in
This continues to offer convenience to
year.10 Furthermore, Cambodia’s
early 2015.18
international investors because of the
Economy and Finance Minister forecasts
relative stability and strength of the USD.
8
GDP and Economic Growth
2018’s GDP to reach 24.5 billion USD due
Irregardless of this reclassification
to favourable predictions surrounding
by the World Bank, which relies on a
GDP growth.
fundamentally different ranking system,
11
Cambodia is still classified as a ‘Least Gross Domestic Product (GDP) remains
At the end of 2016, GDP growth in
Developed Country’ as determined by
strong in Cambodia, fiercely driven by
Cambodia reached 6.9 percent and
the United Nations.19 Therefore, the
the growing real estate, construction,
that growth is expected to remain
nation is likely to continue to reap
garment manufacturing and tourism
consistent. According to a report
the benefits of this status, such as
sectors. The Asian Development Bank
released by the World Bank in October
preferential trade agreements globally,
has even labelled Cambodia as the
2017, GDP growth is projected to ease
new ‘’tiger economy” due to the nation’s
slightly to 6.8 percent for the 2017 year.
enjoyed for multiple decades.20
However, the report’s outlook for 2018
In terms of worldwide GDP ranking,
Although official statistics for 2017 have
is optimistic and anticipates growth of
Cambodia is still comparatively low;
not been released, GDP for the kingdom
6.9 percent in 2018, due to factors such
especially in terms of income per
is expected to reach 22 billion USD- a
as the consistent influx of foreign direct
capita. However, the rate of current
investment (FDI) diversification amongst
and prospective GDP growth makes
the export markets and increased
the Kingdom a prime choice for foreign
tourism. 2018 poses an election year,
investors seeking to enter into an
and any political turbulence is expected
affordable and fast moving economy
to have very short term, if any, impacts
with few signs of slowing in the coming
on Cambodia’s GDP growth.
decade.21
Cambodia’s GDP growth has also
FDI (Foreign Direct Investment) &
been recognised on a global scale. The
Investment Law
12
and donations - which Cambodia has 13
consistent economic growth.9
14
15
Economist Intelligence Unit, a UK-based company renowned for their analysis
FDI Trends
and economic forecasts of over 200 countries, recognised Cambodia as one
Cambodia continues to see an increase
of the fastest growing economies and
in foreign direct investments (FDI), year
slated the kingdom’s GDP growth will
on year, which is a key driving force of
remain strong over the next five years
the Kingdom’s economic development.22
and to reach well over the 6 percent
China, Japan, Thailand and South Korea
mark per annum. GDP per capita is
are the main sources of the influx of FDI
predicted to be 1,568 USD in 2018, an
in recent years, and the property sector
expected rise of 9 percent from 1,435
is one of the biggest benefactors of this
USD in 2017.
annual growth.23
According to the World Bank, as a result
Chinese foreign investment is of
of two decades of strong economic
particular importance. In 2017 and the
growth, Cambodia’s lifted from bearing
dawning of 2018, major Memorandums
a “low income” status, into the bracket
of Understanding were signed between
of “lower-middle income” - which aligns
the two nations relating to a variety of
16
17
with nations such as Vietnam and India.
2018 CAMBODIA REAL ESTATE
19
ED I TORI AL
initiatives, with an overriding focus on
Sectorial breakdowns for 2017’s total FDI
The consistency of the inflow of FDI has
infrastructure improvements and also
have not yet been released, however,
resulted in the stabilization of inflation,
health and agriculture.
Cambodia received over 2 billion USD
consistent growth of key economic
of FDI in 2016, according to the annual
indicators, such as GDP, and has aided
According to findings by the National
report released by the National Bank
in the reduction of the poverty rate and
Bank of Cambodia and National Institute
of Cambodia. Of this sum, 539 million
diversification and improvements in the
of Statistics, China’s investment accounts
USD entered the banking sector, 390
manufacturing sector.29
for approximately 44 percent of the total
million USD entered the manufacturing
FDI injected into the kingdom between
sector, 370 million USD entered the real
Cambodia’s economic performance and
1994 and 2014.25 In 2017, Cambodia
estate and construction sector and 232
potential has already been recognized
attracted the fixed asset investment
million was pumped into the agriculture
to the extent that many existing
of 1.43 billion USD from China - or 27
sector. The 2017 report is anticipated
investments have shifted from China,
percent of the total investment in the
to be released in April 2018.
Thailand, and Vietnam to Cambodia - to
24
27
28
take advantage of the country’s more
country for the year.
26
favorable investment environment.30
390 MILLION USD MANUFACTURING SECTOR
370 MILLION USD REAL ESTATE & CONSTRUCTION SECTOR
232 MILLION USD AGRICULTURE SECTOR
539 MILLION USD BANKING SECTOR
20
A network of Special Economic Zones (SEZs) specifically created to create ease in manufacturing investment
Active and significant improvements to infrastructure and logistical networks
Predominance of USD and unrestricted capital in-and-outflows
Freehold ownership of property for foreigners
Fully foreign-owned businesses are accepted
Low-priced labor to encourage business operations
A growing middle-class of Cambodian Nationals with spending power
Easy, free and open policies for foreign businesses
Political stability for over 2 decades
English & Chinese languages as the main business languages
Appealing tax incentives and import/export duty exemptions
CAMBODIA REAL ESTATE 2018
EDI TO R I A L
Despite all of these strengths, there
The government has recognised
are some remaining challenges for
the financial and time advantages
foreign investors. Firstly, although
in channelling critical infrastructure
the labour is low priced - the workers
and labour resources in one specific
are often unskilled, due to to lower
location, which is why 33 SEZs have
education levels. Although there
been approved around the country, with
are talented individuals to be found
a vast network already in operation.39
within the Cambodian labor market,
The strategic placement of these zones
finding qualified candidates for higher
allows for easy access to necessary
management and more technically
borders and manufacturing hubs.
specific roles can be challenging.
Phnom Penh’s SEZ is an example of this,
31
with its location on the perimeter of the The present lack of logistics connectivity
capital.40
may pose another challenge for investors. Presently, underdeveloped
The Sihanoukville SEZ (SSEZ) remains
infrastructure, poor roads, power
Cambodia’s largest, with an area of
generation issues and high
over 1,000 hectares at present, and is
transportation costs are remaining
still developing. The 320 million USD
issues.
development, once completed, will be
32
However, due to the pledges by the Government and foreign investors to upgrade these critical systems particularly in key economic regions such as Phnom Penh, Sihanoukville and Siem Reap, it is likely that these barriers to investment will be overcome in the coming years. Already, within the first month of 2018 a major Memorandum of Understanding between Cambodia and China was signed regarding investment into the expressway between Phnom Penh and Sihanoukville.33 Favourable Investment Legislation The Cambodian Law of Investment (LOI), adopted in 1994, proactively encourages investment from foreign investors by providing incentives and tax breaks.34 The LOI is continually being reviewed with the aim of further accommodating existing investment commitments and improving Cambodia as a future investment destination.
Examples of this include the drafting of a law on Special Economic Zones (SEZ) which will ultimately make the nationwide network of SEZs more attractive to foreign investors and therefore further encourage their development.35 These incentives - like those contained within the LOI - allow considerable Government incentives for investors and operators within a SEZ. The exemptions from income and customs taxes result in reducing the costs of obtaining raw materials, necessary resources and establishing infrastructure.37 These cost reductions will allow competitiveness within the export market and is beneficial in terms of international trade. Special Economic Zones A large network of SEZs throughout the kingdom has encouraged and incentivized foreign investment into the industrial sector for many years. This is through the zones providing additional tax breaks, infrastructural backbones
capable of hosting 300 factories, 80 to 100 thousand workers and will cover 11 square kilometers.41 Approximately half of this space is designated for textile, clothing and electronic manufacturing, as well as light industry products. China has pledged to continue to develop the SSEZ and thus far it has attracted more than 100 companies from the Kingdom, China and other nations and resulted in the establishment of almost 20,000 employment opportunities.42 The success of the network of SEZs around Cambodia is proven, with over 68,000 jobs being created as a result of the new investment being attracted to the regions. This comparative success is largely due to the government leaving the establishment and management of SEZs to private sector developers, which has enabled Cambodia’s public sector to avoid bearing the brunt of set up costs and led to a sustainable market being established.43
and integrated customs support for manufacturing investors.38 2018 CAMBODIA REAL ESTATE
21
ED I TORI AL
From a foreign investment perspective, SEZs are able to save company overheads on startup such as investing extra funds in land development, infrastructure, security and ongoing maintenance. Tax exemptions on production materials and equipment are
S P EC I A L ECON OMI C ZON ES
possible when a SEZ tenant has a Qualified Investment Project
33 in Cambodia (2017)
(QIP) license and period profit tax exemptions are available.44 SEZs make it possible for foreign investors to acquire up to 50 years of renewable leases, and in many circumstances are able to develop, subdivide or sublease the property.45
• 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
Endnotes
2017
Understanding the Challenges and
34 ‘’Cambodia Investment Law’’:
1 “Cambodia- UNTAC Summary”: http://
11 “Cambodia’s economy weathers storm of
Opportunities Ahead’’: https://www.
http://siteresources.worldbank.org/
www.un.org/en/peacekeeping/missions/past/
political uncertainty” http://news.xinhuanet.
aseanbriefing.com/news/2017/03/07/
INTCOMPLEGALDB/Resources/
untacbackgr1.html
com/english/2017-12/20/c_136839333.htm
cambodia-fdi-2017.htm
Cambodiainvestmentlaw.pdf
2 Ibid.
12 The World Bank, “GDP growth (annual %)”:
22 Ibid.
35 DFDL, “Cambodia Investment Guide 2017.”
3 Dumelo, Nela, “Dollarization in Cambodia:
https://data.worldbank.org/indicator/NY.GDP.
23 Ibid.
36 Ibid.
Causes and Policy Implications”
MKTP.KD.ZG?locations=KH
24 “Cambodia, China sign 19 agreements
37 Ibid.
4 “Malaysia, Indonesia and Thailand
13 Ibid.
and MoU”: http://www.khmertimeskh.
38 ‘’Special Economic Zones in Cambodia’’:
Promote Local Currency Use for Trade”:
14 Ibid.
com/50101395/cambodia-china-sign-19-
https://www.mekongresearch.org/
http://www.themalaymailonline.com/
15 “Okhna Sear Rithy:investment won’t be
agreements-mou/
blog/2017/8/18/special-economic-zones-in-
money/article/malaysia-indonesia-thailand-
affected in 2018”,
25 National Bank of Cambodia, “Annual
cambodia
promote-local-currency-use-for-trade-
http://www.phnompenhpost.com/post-
Report 2016’’: https://www.nbc.org.kh
39 Ibid.
business#q6ICq9HirgWO8j0q.97
property/oknha-sear-rithy-investment-wont-
26 Ibid, at 1.
40. Ibid.
5 The Foreign Exchange Law 2007: http://
be-affected-2018
27 Ibid, at 25.
41 “Cambodia, Sihanoukville Special Economic
www.cambodiainvestment.gov.kh/ja/law-on-
16 The Economist Intelligence Unit,
28 ASEAN Briefing,”Cambodia’s FDI Outlook
Zone”: http://www.ssez.com/en/company.
foreign-exchange_970822.html
“Cambodia- Forecast”,
for 2017: Understanding the Challenges
asp?Ione=3
6 Ibid.
http://country.eiu.com/cambodia
and Opportunities Ahead”: https://www.
42 Ibid.
7 For further information on withholding
17 Ibid.
aseanbriefing.com/news/2017/03/07/
43 Ibid, at 35.
taxes, please visit;
18 The World Bank, “Cambodia Economic
cambodia-fdi-2017.html
44 Ibid, at 35.
http://www.tax.gov.kh/en/bwt.php
Update- October 2017” www.worldbank.org/
29 Ibid.
45 To learn more about QIP, please see
8 Ibid.
en/country/cambodia/overview
30 EuroCham Cambodia, “Business
General Department of Customs and Excise
9 ‘’Here Comes Cambodia: Asia’s New Tiger
19 The United Nations, “Least Developed
Opportunities in Cambodia, 2016”:
of Cambodia website, here: http://www.
Economy”
Countries”(LDC’s), https://www.un.org/
http://www.eurocham-cambodia.org/
customs.gov.kh/businesstraders-3/qualified-
https://www.adb.org/news/features/here-
development/desa/dpad/least-developed-
uploads/6a968-ech-book-v2c.pdf
investment-project-qip/
comes-cambodia-asia-s-new-tiger-economy
country-category.html
31 Ibid.
10 CBRE Research Cambodia, Asia Pacific
20 Ibid.
32 Ibid, at 28.
Investment- Phnom Penh Marketview Q4
21 “Cambodia’s FDI Outlook for 2017:
33 Ibid, at 24.
22
CAMBODIA REAL ESTATE 2018
2018 CAMBODIA REAL ESTATE
23
FEA TURED P RO PERTY
RENTING THE BEST OFFICE SPACE AT T H E M O S T R E A S O N A B L E P R I C E I N P H N O M P E N H
Phnom Penh is developing
To date, there is a glut of office space
However, a study of the market
at a rapid pace, and with this
in Phnom Penh. Massive investments
confirms that several firms offering
development comes an influx of
in the infrastructure and property
office space for rent actually offer
investors, mostly foreign, seeking to
sectors have pushed the number of
much more reasonable rates
build and expand their businesses
office spaces in the capital city. The
compared to their peers and
here.
most conservative forecast put the
competitors in the office rental
increase at 77% by 2020.
business.
mostly out of the question, especially
While Phnom Penh is not as expensive
Take the case of TSE. Focused on small
for foreigners, because of the high
as other metropolitan areas in the
and medium enterprises, TSE provides
expenses involved and limitations
world like Tokyo and Singapore when it
full office services to all of their tenants
set by local laws and regulations,
comes to office rentals, the high rental
with emphasis on client satisfaction.
the foremost concern now for these
rates offered by many establishments
people is to find the best space they
would make it hard to attract many
Because of base cost sharing, renting
can rent at the most reasonable price.
would-be investors, especially the
office space from TSE is much cheaper
not-so-moneyed small and medium
over the long run. With base cost
If you go around the city, you can see
enterprises like a minor consultancy
sharing, security, cleaning, meeting
a lot of signs advertising buildings and
firm, media company, mini-mart, drug
room, pantry, and other services and
other properties for rent. While some
store, and the like.
amenities are shared among the
As building an office from scratch is
of them can be rented at a low price,
offices in the same building.
especially if the building is located
Such a scenario is not ideal for the
far from where the main commercial
local economy, nor the economy of
For a typical office space (for an
activities are being held, most of them
the entire country, which by and large
average of 10 persons), over a one
are expensive, especially if rented for
is dependent on the outflow of capital
year period, renters need to pay
commercial purposes.
and investments from the outside.
$10,800. For a flat, tenants pay $9,400 in one year. For TSE office space, you
24
CAMBODIA REAL ESTATE 2018
FE A T U RED P R O P ER TY
only need to pay $8,400 over the same
For Okoone CEO Julien Meunier,
growth: The Office has proved to meet
period.
the experience with TSE has been
all these criteria. I would definitely
remarkable.
recommend The Office to any
While one may have doubts
company looking for high-quality and
whether TSE offers the best services
“The Office #106 has proved to be a
well-managed office facilities in Phnom
considering that it offers the cheapest
valuable asset to our company over
Penh,” Mr. Meunier added.
rates in the long run, we have some
the last year, providing a convenient
testimonials here that can attest to
and comfortable working environment
Other companies that have rented
the company’s topnotch service to its
for our employees and reinforcing
office space from TSE include the
clients and customers through the
our corporate image of an innovative
job search website PHNOMLIST,
years.
digital agency,” he said.
One Degree, Prasat Study Abroad Consultancy (PSAC), and The Furniture
“It’s a pleasure to work here. I am
“With continuously expanding
Express (TFE).
satisfied with the office environment.
operations, we are often in search of
It is a modern, comfortable, and clean
clean, modern and well-designed office
Obviously, as the findings above show,
office that makes hard work for me
spaces with staff amenities and proper
TSE offers the best rates for office
and other staff easier,” said TOS TOV
building management, and enough
rental around town. No doubt about it.
marketing staff Hong Sokunraksmey.
flexibility to accommodate anticipated
View the full property details online at Realestate.com.kh.
Figure 1. Comparison of TSE rental rates with that of its competitors. 2018 CAMBODIA REAL ESTATE
25
FEA TURED P RO PERTY
THE SEAGATE SUITE O P E N I N G S A L E U N D E R WAY
The Seagate Suite project is the
and welcomed to Cambodia the Hefei
China relationship through strategic
foremost mixed-use development
Friendship Association. The Hefei
investment policies, is showing notable
on the coast of Sihanoukville,
Friendship Association initiated the
growth. The residential development
Cambodia - and will soon be the
cooperation between public and
of The Seagate Suite reflects this
tallest building in the province. The
private partners in order to launch The
positive trend of development through
development is located in Phum
Seagate Suite project. His Excellency
cooperation.�
Bei Village, Sankat Bei; adjacent to
added that this new project will offer
Victory Beach and what shall likely
another option for Cambodian and
Developed by KHCN Investment &
become the future CBD area of
non-Cambodian Nationals who want to
Development Co,. Ltd, The Seagate
Sihanoukville city. The project offers
live in the Kingdom.
Suite will be an iconic building in
residents a 360-degree view of both the ocean and fast growing city.
Sihanoukville for years to come. H.E. Sar has also encouraged the local
The Seagate Suite condominium is
authorities to focus closely on their
designed to bring an international
On the 17th of December 2017, The
roles to ensure convenience for all
standard of living to life for all
Seagate Suite officially commenced
investors, local and international, who
residents; through both its inside and
sales at its official opening ceremony.
want to process documents related to
outside facilities and amenities. The
The launch informed the market and
purchasing and securing condo units
project will be 45 storeys tall and cover
general public as to how The Seagate
in Sihanoukville province.
a total area of 1,118 square meters.
Suite is operating in Cambodia
Studio rooms will range from 31.21
and how the developer will play an
Lok Oknha Ouk Socheth, Chairman
square meters to 70.12 square meters.
influential role in the real estate sector
of the Cambodia Hefei Friendship
1-bedroom units span anywhere from
both now and into the future.
Association and representative owner
60.15 square meters to 88.62 square
of The Seagate Suite development,
meters. Meanwhile, 2-bedroom units
H.E. Sar Kheng, the Minister of
said that: “The vision of the Cambodian
measure 113 square meters.
Ministry of Interior, congratulated
economy, along with the Cambodia-
26
CAMBODIA REAL ESTATE 2018
FE A T U RED P R O P ER TY
Buyers will have multiple options when
hall, shopping center, market, fully-
added bonus, buyers won’t need
it comes to unit designs, as they are
equipped gym, steam room, spa and
to spend any additional money on
able to choose between 6 different
sauna, restaurants, business center,
furniture when they move - as a full
and distinct unit styles. These include
multi-functional conference room,
set of furniture is included, custom
Northern European, Minimalist,
rooftop tarmac, banquet hall, luxury
designed to suit the space, style and
Southeastern, Luxurious Baroque,
casino, cinema, ktv, bar, art gallery and
design of the building. Another useful
New Oriental, and Neoclassic. The
even a helipad on the roof.
perk is that if the buyer wishes to
Northern European, however, has a free design and comes fully-furnished.
resell the unit, the developer also The Seagate Suite is now officially
guarantees to absorb the 10 percent
open for sales, at a starting price
sales tax.
In addition, each unit comes with a
of just $70,000 per unit. This new
Smart Home System that operates via
development guarantees rental
application. Each unit is a smart home,
returns up to 16 percent over two
with app controlled air-conditioning,
years (or 8 percent per year). As an
View the full property details online at Realestate.com.kh.
sockets, TV, music, security cameras, keys, water heating system and lighting system. In term of safety and security, the building also has built-in security features such as smoke detectors, sprinklers, fire extinguishers, hose reels, and an emergency sound alarm. Management will even include 24/7 security. Lok Okhna Ouk said that the project aims to bring a unique value for residents, including a 700 squaremeter infinity pool, private meeting 2018 CAMBODIA REAL ESTATE
27
ED I TORI AL
RENTAL MARKET OUTLOOK: E X P E R T S D I S C U S S R E N TA L P R I C E S A C R O S S T H E C O N D O, O F F I C E A N D R E TA I L S E C T O R I N 2 0 1 8
Cambodia’s real estate sector saw
The approved projects in 2017 will
the end of Q4 was categorized as
remarkable growth last year, with
offer more residential and commercial
mid-range, with more than 5,000 units
the Ministry of Land Management,
supply this year, which is likely to
having been completed.
Urban Planning and Construction
have an impact on rental market,
(MLMUPC) approving a total of
particularly in the condo, office and
Condos for rent in prime locations
3,418 projects nationwide.
retail sectors.
were broadly stable over the course of 2017. Rents of high-end
The combined value of approved
Condo Rental Market: Lower
condominiums in prime locations
investments in the construction sector
Occupancy, Rentals Predicted
ranged between $14 and $18 per
increased by 22% year-on-year (y-o-y)
sqm per month, while those in the
to $6.8 billion. In 2017, residential
According to the 2017 CBRE Q4 report,
mid-range segment were between
projects accounted for 82% of all
by the end of Q4 2017 the Phnom
$11 and $15 per sqm. Affordable
approved projects, while commercial
Penh condominium supply reached
condominiums in prime locations
projects represented just 8% of the
8,600 units, representing an increase
achieved rents in the region of
total.
of 108% compared to the end of 2016.
$10 per sqm.
Approximately 63% of total stock at
28
CAMBODIA REAL ESTATE 2018
EDI TO R I A L
Ann Sothida, Director of CBRE
local and foreign occupiers, with large
modern offices across all grades rose
Cambodia, said that, “The condo
space being occupied by multinational
by 1% in the year to December 2017.
market in 2017 was healthy with
companies. This results in vacancy in
Quoting rents of Grade-A buildings
occupancy rates of approximately
the Grade B sector falling to circa 10%
remained at between $28/sqm and
85%; however, the market may needs
over the year.
$38/sqm per month.”
think the occupancy rate is likely to be
The CBRE report says by the end of
“Average quoting rents across all
lower in 2018.”
Q4 2017, the supply of modern office
grades were broadly stable over the
space in Phnom Penh had increased
Q4 when compared to Q3. However,
In 2018, according to Ms.Ann, there
by 11% y-o-y and 2% q-o-q. As of Q4
rents of Grade-B buildings in non-
is an additional supply of 13,000
2017, occupancy across the sector
CBD locations appreciated by 4.4% in
condominium units, and another 1,200
stood at 82.7% - the highest rate
Q4, compared to Q3 2017,” Ms. Ann
units of serviced apartment. “The
since early 2009. Approximately
added.
supply by 2018 will increase by 87%
160,000 sqm of office space is under
from 16,300 units to 30,500 units,”
construction and due to be delivered
As the demand of commercial office
she stressed. Given the significant
during the coming 24 months.
space remains strong this year, in
residential supply in the pipeline, she
Centrally owned offices accounted
addition to current office supply
said that residential rents are likely to
for 36% of future office supply, while
pipelines, Ms. Ann expects that office
drop by roughly 10% in 2018.
strata-title buildings represent the
rents will also slightly increase this
majority of under-construction office
year.
time to absorb new supply - so we
Office Rental Market: Rents
projects - with a total leasable area of
Expected to Increase
circa 105,000 sqm.
Mr. June Zeng of Tings & Associates Co., LTD said that, “the outlook for
2017 witnessed growing demand for
Regarding office rents, Ms. Ann said
the office sector is quite optimistic.
good quality office space from both
that, “average quoting rents for
Those who have done projects with 2018 CAMBODIA REAL ESTATE
29
E DI TORI AL
professionalism such as Exchange
according to the CBRE report.
However, since the retail
Square will surely be rewarded. And
Prime retail rents were broadly stable
developments that add to the market
for those who aren’t so professional, it
over the course of Q4 2017 compared
in 2018 are quite spread out to
really won’t do as it always would in the
to the previous quarter, with no
secondary CBDs & other locations,
residential sector. I reckon, the office
significant changes found at prime
demand will remain strong over the
sector in 2018 is more of a question of
shopping malls or community malls.
course of 2018 and retail rents will
professionalism than that of demand
The highest quoting rents were due
remain stable compared to those of
and supply. And in the meantime,
to prime retail podiums, which topped
2017, Ms. Ann concludes.
office space for rent in Phnom Penh is
the market at $65 per sqm per month.
still available.” Ms. Ann said that, “an addition of Retail Rental Market: New
circa 200,000 sqm is going to be
Construction Will Double Current
delivered across seven projects in
Retail Supply
2018, which will double the figure of the current supply. This new
By the end of Q4 2017, approximately
supply is predominantly driven by
300,000 square meters of modern
a combination of new shopping
retail space is under construction
complexes developed by international
or planned - and when finished will
groups and significant retail
double the current retail supply over
components within residential led
the course of the coming 24 months,
mixed-use schemes.”
30
CAMBODIA REAL ESTATE 2018
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2018 CAMBODIA REAL ESTATE
31
CHROY CHANGVAR INFRASTRUCTURE TO BUOY RESIDENTIAL DEVELOPMENT As Phnom Penh’s real estate
A host of borey projects have
connectivity, with main highway access
development continues to boom,
emerged over the preceding years as
and direct routes to key provinces
interest in land and residential
developers have sought tracts of land
such as Kampong Cham, Kampong
property within the city’s suburbs
to host their developments, to keep up
Thom and Siem Reap. The two rivers
has risen accordingly. Chroy
with the area’s rise in popularity. Major
running on both sides of the Khan also
Changvar, nestled in Northeast
projects include; Borey The Flora;
provide an eco-friendly and natural
Phnom Penh and running
Borey The Mekong Royal; and Orkide
environment.
alongside National Highway No.
Villa’s Botanic City project, which marks
6A, has proven to be a hot spot
the developer’s third project in this
Mr. Cheng Sothea, a customer who
in this regard- in particular for
area.
purchased a villa house in Borey The
families looking for a lifestyle of
Mekong Royal, said: “Chroy Changvar
convenience, with ease of access to
One of the main appeals of Chroy
is a great place for living because it has
solid infrastructure.
Changvar is its strategic location and
expansive roads without traffic jams,
32
CAMBODIA REAL ESTATE 2018
L OCA T I O N P R O F I LE
which is different from central Phnom Penh.” Moreover, Mr. Cheng believes that with several large projects in the pipeline - including a new stadium funded by Chinese investment, and the relocation of Cambodia’s biggest zoo, a large amount of growth is imminent in this area- and he is anticipating a positive return on his residential investment. Mr. Teng Rithy, CEO of Property Investment Realty Partner, commented on the area’s development: “Chroy Changvar is a rapidly developing
view on the target market of Chroy
Mr. Yim explained that land price in
area and has already attracted many
Changvar and believes that while most
Chroy Changvar has risen substantially,
famous borey projects and large
residential developments in other
estimating a 300 percent increase
firms to invest in both residential and
suburbs are designed to target lower
compared to four years ago. Land
commercial projects.” Mr. Teng further
to middle income families, residential
price within a two kilometer radius
believes that the developments in the
projects in Chroy Changvar are
of the Chroy Changvar Bridge is
area are luring the upper-middle and
specifically developed to target those
estimated to be between $1,200 and
high income class to buy property,
in higher income brackets.
$2,000 per square meter in residential
and that the area is developing into a
areas, and between $2,000 and $4,500
hub for residential living, commercial
“The area is developing faster, and in a
offices and tourism.
much more civilized fashion than any
in prime commercial areas.
other suburbs in Phnom Penh, with
However, outside of the two kilometer
Mr. Yim Socheath, Director of CDN
comparatively large and well-known
radius, the average land prices
Property, agrees with Mr. Teng’s
investment projects” Mr. Yim said.
demonstrate a dramatic drop to
2018 CAMBODIA REAL ESTATE
33
LOC A TI ON P RO FILE
approximately $400 to $600 per
played a fundamental role in attracting
Ultimately, with sound infrastructure
square meter, and the prices continue
residential borey projects. These
and a host of future developments
to decrease with further distance from
projects have been driving forces
underway with both commercial and
Chroy Changvar’s in demand areas.
behind the land price increases,” Mr.
residential capacities, it is likely that
Mr. Yim believes the reason for the
Yim said.
developers and investors will continue
growth in land prices is largely due
to flock to Chroy Changvar over the
to the famous borey development
In addition, OCIC also plans to build
coming years allowing for the area’s
companies that have flocked to
a new $35 million concrete bridge
true potential to be realized.
the area already, and have bought
across the Tonle Sap River from the
large plots of land. “In fact, two large
Sokimex gasoline station in Russey
development projects in particular;
Keo, to Prek Tasek Commune in
Chroy Changvar Satellite City by
Chroy Changvar. It is believed that the
Overseas Cambodia Investment
planned new bridge by OCIC will not
Corporation (OCIC), and the
only reduce traffic congestion when
collaboration of LYP Group and
crossing the Chroy Changvar Bridge,
China Minsheng Investment Group to
but will also help drive land prices in
establish a second Satellite City, have
the area to rise further.
34
CAMBODIA REAL ESTATE 2018
Search for properties in Chroy Changvar now on Realestate.com.kh
2018 CAMBODIA REAL ESTATE
35
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CAMBODIA REAL ESTATE 2018
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37
ED I TORI AL
DEMAND FOR AFFORDABLE HOUSING SET TO RISE IN 2018
The development of high-end
Meanwhile, these experts are
priced developments decreased in
residential projects has been
optimistic that this shift in demand
both launches and sales.
a priority of both local and
that has risen drastically in 2017
international developers alike over
will continue to flourish in 2018 and
Discussing his report further with
the preceding years, with a host
following years. Therefore, developers
Realestate.com.kh, Mr. Hoem said
of condominium and big-budget
who have already recognized and
that, “Due to slow demand for luxury
Borey projects concentrated within
responded by constructing more
housing, developers have shown
prominent central areas of Phnom
affordable projects are more likely to
interest in the local market and
Penh.
achieve success in their developments.
responded by supplying housing priced between $30,000 and $60,000.
However, according to local real estate
Hoem Seiha, Director of Research at
For example, Borey New World is
experts, 2017 as a whole has seen a
VTrust Appraisal, has recently released
priced in the $40,000 to $60,000
major shift in demand- from luxury
The Housing Market & Outlook Report
price bracket. This price range is the
residential developments, towards
2017. The report states that the
most popular among middle-income
housing that is more affordable for
Kingdom’s property market in 2017
families- especially those who have
those in lower-middle income brackets
performed well- especially low-price
recently married.”
and in particular the local market.
housing projects- while the higher-
38
CAMBODIA REAL ESTATE 2018
He continues that, “Every year there
a success for their projects,” Oknha
prices of housing across the market
are many new couples who need
Kheng added.
are moderate to very affordable.
Penh. These [recently] married couples
In the “Consumer Sentiment Survey”
The inference made from these survey
cannot afford housing priced more
conducted by Realestate.com.
results and further analysis is that
than $60,000 dollars.” Therefore, Mr.
kh at the start of 2017, the largest
property in Cambodia is generally
Hoem believes that housing options
real estate survey to be conducted
affordable for international residents
that are under this price threshold
in the Kingdom, responses from
and investors whereas it is still largely
are the only options for these newly
over 5,000 international and local
unaffordable for Khmer nationals.
established families.
respondents regarding buying power
housing to work and live in Phnom
and affordability, reinforced the views
In light of this shift in demand,
Echoing Mr. Hoem’s view, Oknha
of Mr. Hoem and Oknha Kheng. One
many developers have already
Cheng Kheng, Chairman of Cambodia
particular example is that in terms of
begun constructing more affordable
Properties Limited (CPL), said that,
buying power, more than half of the
developments to adapt to the needs
“Over the past few years, developers
survey respondents (67%) had less
of the local market. One example of
have focused on luxury housing priced
than $70,000 dollars to spend on a
this is Borey Maha Sen Sok, one of
over $80,000, but now demand for this
property.
Creed Group’s biggest residential
type of housing has slowed.” Oknha
development projects in Cambodia.
Kheng believes that the majority of
Further to this, when individuals were
While thier first project was Bodaiju, a
Cambodian people sit in the middle-
asked “How affordable is housing
higher end condo development; the
income bracket and believes that now
in Cambodia?”, 34% of respondents
Japanese developer soon looked to the
is the right time for developers across
referred to the local property available
local borey market for future projects.
the board to focus on affordable
as “moderately unaffordable”, and 28%
housing developments. “By doing
stated “affordable” - with the remaining
Ms. Cheng Sokha, Deputy Sales and
so, they will stand a high chance of
respondents agreeing that the general
Marketing Director of Creed Group,
2018 CAMBODIA REAL ESTATE
39
E DI TORI AL
said that, “Borey Maha Sen Sok started
His Execellency Chea Sophara, Minister
Ultimately, it is undisputed that the
in early 2016 and is expected to be
of Land Management, expressed
demand for affordable residential
completed by the end of 2018. Our
support for the creation of more
housing in Phnom Penh is a trend
project starts at $49,500 and has
affordable housing to address the
that will continue to grow throughout
proven very successful with 95 percent
capital’s rising population figures.
2018, and the following years. With
of the project already being sold
the expectation of a large population
out”. Ms. Sokha believes the Creed
During the National Housing Forum
increase, support from the relevant
Group has witnessed the demand
held in June 2017, H.E. Chea said that,
Ministry departments, and developers
for affordable housing amongst
“The Ministry of Land Management,
already tailoring their developments
middle-income families, which was the
Urban Planning and Construction
with affordability in mind, it is likely that
purpose of the developer’s launch of
(MLMUPC) is paying more attention to
more families will have the opportunity
the project.
ways in which the Ministry can support
to enter the residential property
lower-middle people across the nation
market in the years to come.
Cambodia’s total population is
to obtain housing with comfort, dignity,
expected to increase from 15 to 19
and safety.”
million between now and 2030 and in Phnom Penh and its urban areas from
The MLMUPC is working with the
4 to 7 million- with 800,000 urban
Ministry of Economy and Finance to
homes estimated to add to current
establish affordable housing incentives
housing stock. This prospective
in order to encourage the private
population increase solidifies the true
sector to shoulder the task, stated H.E.
extent of the demand for affordable
Chea.
housing.
40
CAMBODIA REAL ESTATE 2018
Check out 1000s of affordable homes on Realestate.com.kh today!
2018 CAMBODIA REAL ESTATE
41
AD VERTO RIAL
• Cascade Club, Bangkok
SPORTS ENGINEERING AND RECREATION ASIA D E S I G N I N G A N D B U I L D I N G C A M B O D I A’ S R E C R E AT I O N A L I N F R A S T R U C T U R E Sports Engineering And Recreation Asia (Seara) has been playing an important support role to the fitness & sports industry in Cambodia for over a decade. Seara specializes in the planning, supply, and installation of international standard sports, recreation, and fitness amenities to resorts, luxury condominiums, international schools, and membership fitness centers through-out Cambodia. Beginning in 1991 from its Bangkok base, Seara now has nine offices in seven countries in Indo-China and South Asia. In mid-2013 Seara • Aldo’s Restaurant with Brunswick Treviso Billiards Table
42
CAMBODIA REAL ESTATE 2018
opened its Phnom Penh office in Cambodia to offer closer customer
A DV ER TO R I A L
support for all of its services and in
also must haves to create guest
particular fitness equipment
and employee satisfaction. Branded
emergency parts, repairs, and
properties especially require
preventative maintenance through
international standard products that
annual Service Contracts. Technical
meet specific athletic association
support and repairs are also available
certifications. Seara uses world class
for the many tennis, indoor and
athletic surfacing brands such as
outdoor multi-purpose courts,
Plexipave, ACT Global, Prestige,
putting greens, squash courts, and
Tinsue, coupled with proven localized
fitness flooring projects Seara has
construction and installation
completed.
techniques. One particular area
• Neoflex Flooring Layout
in which the technology for hospitality In the hospitality business and beyond,
installations has been changing rapidly
recreation and fitness amenities are
is in rubber based fitness flooring. The
important capital assets, and are
utilization of laminated manufacturing
• Pure Na Jomtien
• Life Fitness Commercial Fitness Equipment
• Sheraton Hua Hin
techniques from Rephouse coupled
producing Brunswick Pool tables
with a mix of new and used colored
since 1845. Brunswick tables are
EPDM rubber has proven to be
synonymous with the precision and
a vastly superior looking and wearing
craftsmanship a lifetime guarantee
solution over older SBR rubber
piece of furniture requires. Seara is
floor tiles. The new designs are near
the distributor for Brunswick Pool
seamless, easy to install, allow for
tables, cue racks, shuffleboards,
endless design possibilities, and clean
football, air hockey, table tennis,
easily.
and quality accessories and furniture. These products are
Seara is the exclusive distributor of Life
available to all of Seara’s customers
Fitness, Hammer Strength,
in Cambodia and ship direct from
Escape Fitness, Octane Fitness,
Seara’s Regional Distribution Center
Balanced Body, Sci-Fit, and other
in Bangkok. Seara is a trusted
leading brands of fitness equipment.
amenity planner, supplier, and
Seara stocks spare parts for
installer that stands by its work to
everything it sells. Its technicians are
provide the best in customer
fully trained to repair and maintain
satisfaction.
the brands it sells. Life Fitness is the
• BIS Phuket
largest fitness brand in the world.
Contact :
The company is owned by the
Mr. Anthony Gaglardi
Brunswick Corporation which among
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its premium brands includes
anthony@searasports.com
Brunswick Billiards and has been
Tel: 016 577 669 2018 CAMBODIA REAL ESTATE
43
44
CAMBODIA REAL ESTATE 2018
2018 CAMBODIA REAL ESTATE
45
ED I TORI AL
2017’S MAJOR REAL ESTATE AND ECONOMIC TRENDS PAV I N G A R O A D M A P F O R T H E Y E A R A H E A D
2018 is already off to a roaring
slowing of the condominium market in
There was a market shift as to the type
start in terms of the Kingdom’s
favor of boreys and more affordable
of property projects constructed, with
foreign investment. Chinese
homes, proposed tightening of legal
a major growth in affordable housing
Premier Li Keqiang’s visit in
regulations and the influx and impact
and borey projects as a result of
January resulted in the signing
of Chinese tourism and investment.
consumer demand.
Understanding, with the majority
All of these factors, as suggested by
The Housing Market and Outlook
of these agreements relating to key
various industry experts and reports,
Report 2017 released by VTrust
infrastructure initiatives that will
can give insight into what to expect
Appraisal in December showed the
have vast economic benefits for
in terms of the real estate market in
nationwide supply of landed housing
many of Cambodia’s key industries
2018.
units (boreys) increased by 11 percent
of 19 fresh Memorandums of
and sectors.
in 2017, with 13,900 borey units According to the annual 2017 report
launched - as opposed to 12,500 units
However, before delving into what
released by the Ministry of Land
in 2016.
the bulk of 2018 may have in store
Management, Urban Planning and
for Cambodia’s economy and real
Construction (MLMUPC), the combined
Mr. Hoem Seiha, Director of Research
estate sector, it is paramount to take
value of approved construction
at VTrust Appraisal and author of the
into account many of the definitive
projects reached $6.42 billion in 2017,
report, said that, “2017 was the biggest
events and market shifts that 2017
an increase of 22.31 percent from
year for the completion of cluster
bore witness to. These are namely, the
2016.
landed housing units (units within boreys) of this decade.”
46
CAMBODIA REAL ESTATE 2018
Two of the report’s overall conclusions
This decrease of condominium
the number of licenses that are issued
were namely that; the increase
launches demonstrates that the
for construction investment projects
of borey launches aligns with the
speculation regarding oversupply has
and real estate properties in the
market demand for this property
come to developers attention and led
Kingdom.
type- which was different to initial
to the diversification of projects to
2017 predictions; and successful
align with shifting demand.
borey launches in 2017 performed
The draft law aims to protect financiers of projects from being defrauded by
well- especially if they constituted as
Commenting on this further, Mr. Hoem
investors and ensure that projects that
low-price housing projects.
added: “In 2018 developers will need
are granted licenses are completed
to continue to expand their home
on time. Recently, the Ministry of
Mr. Kim Heang President of the
offers to compete in the market and
Economy and Finance has said to crack
Cambodian Valuers and Estate Agents
offer even more flexible payment
down on construction licenses.
Association (CVEA), defined this ‘low-
options for buyers to boost sales.”
price bracket’ as being within the $30,000-$40,000 price range.
Mr. Kim said when the law was However, Mr. Kim was optimistic about
announced that: “The new law is
the real estate market going forward:
very good for Cambodian society, as
Preliminary signs in 2018 show the
“In 2018, one should buy property
it ensures that only those with real
introduction of new borey projects
because there will be a lot of sellers
capital can invest in real property
will continue, with over 8,000 borey
of property in Phnom Penh and thus
projects.”
units already announced and slated to
buyers can buy property for a good
commence construction in early 2018.
price.”
“Moreover,” Dr. Kim, “the law will help reduce the amount of non-physical
However, launches of condominium
Another major change in 2017, which
projects being sold because there
units fell from 18,500 units in 2016 to
is anticipated to develop further in
used to be companies using their
10,000 units in 2017, representing a
2018 is in relation to new regulations
land as collateral at the bank and then
45 percent annual decrease in 2017,
proposed by the Ministry of Economy
announcing their projects for sale, and
according to the VTrust report.
and Finance in late October to restrict
projects like these are very risky.” 2018 CAMBODIA REAL ESTATE
47
ED I TORI AL
Key agencies and associations such as
Cambodia’s plan to attract two million
real estate market and economy
Cambodia Valuers and Estate Agents
Chinese tourists to the kingdom by
alike, when looking at what should
Association (CVEA) and the Cambodia
2020.
be expected for the remainder of
Constructors Association (CCA) voiced
the year, key market shifts, legislative
their support on this policy proposal
Progress can already be seen as
changes and economic growth trends
and with initial Government estimates
Cambodia welcomed over one million
that took place in 2017 should not yet
that this law would be enforced in late
Chinese tourists to the Kingdom in
be left in the dust, but rather be used
2017, it is likely that critical updates
2017 - the largest influx recorded,
to provide guidance as to what should
about this initiative’s implementation
according to H.E. Thong, and bringing
be expected throughout this coming
will follow in the coming months.
with them over 700 million USD into
year.
Cambodia’s economy. Finally, Chinese tourism played a major role in the kingdom’s economic
With the policy focusing on introducing
development and this is anticipated to
more Chinese friendly tourism
continue to develop over 2018 and the
facilities, such as Chinese speaking
years to come. The second National
tour guides, hotels, and facilities, it
Forum on “China Ready for Cambodia
is likely that this growth will remain
Tourism” was held in October 2017
strong throughout 2018.
to discuss the white paper policy. At this forum, Cambodia’s Tourism
Ultimately, although the transition
Minister, H.E. Thong Khon, addressed
into 2018 has been smooth for the
48
CAMBODIA REAL ESTATE 2018
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2018 CAMBODIA REAL ESTATE
49
AD VERTO RIAL
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CAMBODIA REAL ESTATE 2018
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2018 CAMBODIA REAL ESTATE
51
LOC A TI ON P RO FILE
POR SEN CHEY ON THE RISE DEVELOPERS AND RESIDENTS FLOCK TO INVEST IN THE DISTRICT
Amid rising property prices
of Phnom Penh and home to an
and 111 smaller scale projects
in central Phnom Penh, many
estimated 184,000 residents.
currently being constructed, with 58 of
developers have sought new
these already completed.
options for hosting their residential
Por Sen Chey is administratively
development projects. Por Sen Chey
subdivided into 11 communes
These projects, once completed,
- the largest emerging district - has
(Sangkats) namely; Chaom Chao,
will amount to a combined total of
therefore become an attractive
Kakab, Kantork, Snao, Trapeang
approximately 30,000 available units.
choice for developers to build low
Krasang, Kambol, Phleung Chheh
However, so far there are 16,000 units
to mid-end residential projects, due
Roteh, Samraong Kraom, Boeung
already completed, with more than
to the area’s comparatively low land
Thum, Krang Thnong and Ovlork.
3,500 units are expected to reach
prices.
completion within the first half of 2018. According to the latest Housing Market
Covering the majority of the western
and Outlook Report 2017 by Vtrust
Mr. Hoem Seiha, the author of the
part of Phnom Penh and located
Appraisal, Por Sen Chey has seen a
report, said that, “Por Sen Chey has
approximately 10 kilometers
remarkable increase in borey and
experienced rapid growth over the
southwest of the city, Por Sen Chey
other residential projects since 2001.
preceding years in terms of both
district is the largest of all 12 districts
The area has 94 major developments
residential and industrial projects. With
52
CAMBODIA REAL ESTATE 2018
L OCATI O N P R O F I LE
such a high population density, the
commune’s closer proximity to central
2017 and is expected to complete
area has more factories and residential
business hubs in the capital makes
construction by mid-2020. Mr. Xu,
projects than any other district in
Kakab stand out comparatively in
General Manager of Borey Suncity,
Phnom Penh.”
terms of land prices and commercial
said that, “The reason we chose Por
demand.
Sen Chey to host our development is
Mr. Hoem continued, “Many low to
that the area is in close proximity to
mid-end residential projects have
Land prices in Kakab Commune
Phnom Penh International Airport -
moved to the area thanks to the
continue to grow at approximately 10
therefore, more easily connected to
multitude of available large land
percent annually, with prices ranging
the world and residents will have ease
sections that can be used for new
from an average of $380 dollars per
of accessibility with the metro line
development.”
square meter in 2013 to $490 per
opening next April.”
square meter in 2016. However, in “However, with the influx of residential
undeveloped areas, low prices such as
Mr. Xu added, “Our project will be a
projects, land prices in the area have
$70 per square meter can be found-
great success, thanks to its location
increased sharply. In general, land
but can peak up to $2,080 per square
in an area with perfect infrastructure-
for sale in Por Sen Chey grew 31
meter along prime streets and in
suitable for long-term living. Cable
percent year on year between 2013
bustling commercial hubs, according
burial has been completed and roads
and 2015. Meanwhile, the two bustling
to Mr. Hoem’s report.
are in good condition. Nearby are
communes of Chaom Chao and Kakab
surrounding facilities including Korean
grew approximately 10 percent each
Commenting on Por Sen Chey’s
international schools, healthcare
year,” Mr. Hoem added. He further
residential project growth, Dr. Kim
centers, and the Parkson shopping
believes that the lower annual increase
Heang, President of the Cambodian
mall. Mr. Xu added that he is looking
of price in these two key communes
Valuers and Estate Agents Association
to target mainly local investors for his
was due to the fact that prices were
(CVEA), said that, “Por Sen Chey is
project.
already high compared to the rest of
an area sandwiched between both
Por Sen Chey.
Phnom Penh’s center city and suburbs
Por Sen Chey district invariably is
and many developers have selected
rapidly developing which can be partly
In addition, Mr. Hoem explained that
to build residential projects priced
attributed to the influx of newcomers
in terms of land values and major
between $30,000 and $70,000 dollars.
in search of job opportunities within
business prospects, Kakab and Chaom
This price range is most suitable for
Phnom Penh.
Chao stand out due to their strategic
lower-middle income families, among
locations- such as their coverage of
whom are [for example] company
With developer interest in the
prime streets which are ideal locations
staff and civil servants with a suitable
area rapidly rising, and relatively
for businesses to establish.
salary.”
inexpensive plot-land still available in
Kakab commune is immediately
Dr. Kim added that, “Por Sen Chey’s
this district will continue to flourish at a
adjacent to Teuk Thla, part of the
target market and residents differs
rapid rate in 2018.
immensely popular Sen Sok district.
from that of Sen Sok, which is
Chaom Chao is in the direct path of
predominately for middle-income
Phnom Penh International Airport
families, while areas such as Toul Kork,
and covers some parts of the capital’s
Prampi Makara, and Chamkarmon
arterial roads, namely Russian
are for families that sit within a higher
Boulevard, National Highway 3, and
income bracket.”
many of the communes, it is likely that
Search for properties in Por Sen Chey now on Realestate.com.kh.
National Highway 4. One development underway in the Although Kakab shares a similar
Kakab commune is Borey Suncity,
market value as Chaom Chao, the
a project launched in November
2018 CAMBODIA REAL ESTATE
53
LOC A TI ON P RO FILE
PREK PNOV PHNOM PENH’S FUTURE DIAMOND ISLAND?
Demand for affordable residential
Penh. This area (Khan) is divided into
averages $15,000 dollars, an amicable
housing within Phnom Penh and
five key districts (Sangkats) namely,
plot land investment in Prek Pnov
its surrounding urban areas has
Ponhea Pon, Prek Pnov, Samraong,
averages at approximately $7,000
already proven to be a swiftly
Kouk Roka and Ponsang.
dollars,” he continued.
market in 2017, anticipated by
Market experts have voiced their views
Ultimately with similar land to that
market experts to continue to
on the seemingly untapped potential
of Koh Pich, Mr. Oung believes that,
prosper throughout 2018.
of this area, saying that Prek Pnov is
“Prek Pnov will be likely to become the
an area that developers and investors
second Diamond Island after it reaches
Already, many developers have
alike should seriously take into
its full development potential.”
responded to this shift in demand
consideration when looking at where
by proposing and constructing more
to construct their upcoming projects.
developing trend in the real estate
modestly priced housing projects throughout the capital’s suburbs.
Dr. Kim Heang, President of the Cambodian Valuers and Estate
Mr. Oung Mean, a local independent
Agents Association (CVEA), agreed
plot land agent, said that, “Prek Pnov is
with the positive outlook of the area:
One of the areas demonstrating
an economic and tourism area. Among
“Compared to all suburbs around the
significant potential for the
all land surrounding the city, Prek Pnov
city, Prek Pnov is the most attractive
development of low-cost residential
is relatively cheaper.”
location for low-cost housing projects,
housing projects is Prek Pnov- situated
thanks to its relatively low land price.”
Northwest, and approximately 15
“Compared to areas such as Chamkar
“At present, low-cost or affordable
kilometers away from central Phnom
Doung, where one piece of plot land
housing projects are in high demand
54
CAMBODIA REAL ESTATE 2018
among lower-middle and middle
developers alike to find inexpensive
Looking further at the investment
income family and Prek Pnov,
land to either solely invest in- or host
potential of plot land in general, Oknha
being within a distance from the
their development projects.
Cheng Kheng, Chairman of Cambodia
Phnom Penh that still allows ease of
Properties Limited (CPL), said that,
accessibility, is the best location for
Commenting on the plot land potential
“Plot land is a prime investment
developers to build projects of this
of Prek Pnov, Dr. Kim said, “If you are
opportunity- as long as sellers have a
kind of target market,” he continued.
looking to buy plot land for investment
clear plan for their projects.
or development, you should purchase Dr. Kim added, “Over the past few
in Prek Pnov - given that the city’s
“Sellers of plot land should ensure they
years, developers have built Borey
development trend has proven to be
provide basic facilities such as sewage
projects within the $80,000 to
focused on the Northern areas of the
and electricity systems, as well as ease
$100,000 price bracket, and those who
capital.”
of road access and other necessary
could afford this price have already bought them.”
infrastructure if they want to ensure However, Dr. Kim also expressed the
the successful sale of their project to
paramount importance of having
customers.”
He believes that projects that are
secure ownership rights, warning that,
within the $30,000, to $40,000 bracket
”If the land in Prek Pnov has no hard
However, Okhna Kheng explained that
are reflective of what the majority
title- do not purchase it.”
in reality, many developers will promise
share of the local market can afford,
buyers that these infrastructure
based on income, and therefore Prek
This advice is a general consensus
frameworks will be built, but in many
Pnov offers potential in this respect.
amongst market experts, as in absence
cases, this does not take place.
of hard title ownership, the purchaser Although demand for affordable
does not have any legally enforceable
He continued, “For example, they
residential housing is indisputably
rights to their land and therefore no
[developers] will promise to build
rising, so too is the demand for plot
security in their investment should any
200-meter roads when announcing to
land that enables investors and
dispute arise.
sell their projects to buyers, but after
2018 CAMBODIA REAL ESTATE
55
LOC A TI ON P RO FILE
they sell their projects, they end up
Mr. Mann stated that his plot land
of time- aligning with the projections of
only building only 50-meter roads.”
project - with a starting price of $2,700
other market experts.
dollars for the size of 5 square meters Okhna Kheng urges developers to
by 20 square meters of plot land - is
Although there are presently very
perform their due-diligence and keep
the most popular among low and
few projects in the area, Mr. Mann
their promise with regard to their
middle-income purchasers.
amongst other industry insiders
projects, adding that plot land can
is optimistic that Prek Pnov, as an
significantly help lower-income families
According to the latest Housing Market
emerging suburb, will experience
to obtain a permanent residence when
& Outlook Report 2017 by Vtrust
expeditious development over the
they cannot afford more expensive
Appraisal, since 2001, Prek Pnov has
coming years, due to the affordability
residential Borey projects in central
only seen the commencement of 9
of land, accessibility to central Phnom
Phnom Penh. Ostensibly, demand
major landed house projects and 12
Penh, and - as Dr. Kim also alluded to-
for plot land in Prek Pnov is rising
sub-projects, amounting to just over
the undeniable trend of the capital’s
remarkably at the moment.
6,000 units.
rapid expansion towards the North.
Mr. Mann Chandy, CEO of Premium
There were only two completed
Housing Co., Ltd, invested in four plot
projects when the report was released
land projects in Prek Pnov. Speaking
at the end of 2017, totaling 304 units.
of his investment, Mr. Mann said that,
However, another 3,720 units are
“With the rising demand for plot land
expected to finish by the end of the
in this area, 70 percent of my project
first half of 2018, which exemplifies a
has already sold.”
significant increase over a short period
56
CAMBODIA REAL ESTATE 2018
Search for properties in Prek Pnov now on Realestate.com.kh.
2018 CAMBODIA REAL ESTATE
57
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CAMBODIA REAL ESTATE 2018
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inquir y@ips-cambodia.com Phnom Penh | +855 77 959 861 Siem Reap | +855 17 843 423
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2018 CAMBODIA REAL ESTATE
59
ED I TORI AL
THE KINGDOM’S INVESTMENT POTENTIAL T O W E R I N G TA L L O V E R N E I G H B O R I N G N AT I O N S
It is undisputed that Cambodia
Vietnam before making the investment
like Cambodia for high returns on
has experienced a period of rapid
plunge into Cambodia’s real estate
investment, even though it may seem
economic and real estate growth
market.
less secure due to the market still
in recent years. With foreign direct
developing.”
investment (FDI) pouring into
Dr. Sopon Pornchokchai, President of
the country promoting the swift
Agency for Real Estate Affairs (AREA)
“In more developed markets such
development of core industries
in Bangkok, and who has worked in
as Thailand and Vietnam, return on
such as tourism, real estate and
international real estate research and
investment is lower than that which
construction, Cambodia has been
valuation since 1982, voiced his views
is seen in Cambodia,” Dr. Sopon
seen by many as the development
regarding the investment preference:
continues.
frontier of Southeast Asia.
“Cambodia is still a relatively new market and therefore has the potential
However, although Cambodia’s market
This potential has been realized - in
for an attractive return on investment
is still developing, steady economic
particular by international developers
compared to the likes of Thailand and
growth can offer security to potential
and investors alike who have
Vietnam.”
investors.
the Association of Southeast Asian
“For investors, it is a good idea to
Elaborating on this point, Mr. Rami
Nations (ASEAN) such as Thailand and
invest in less developed market
Sharaf, Member of the International
considered neighboring members of
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CAMBODIA REAL ESTATE 2018
EDI TO R I A L
Advisory Council of APCO Worldwide,
Looking at the views of current
“However, Phnom Penh is still in
said that, “The major attraction for
international developers in the
the earlier stages of development,
foreign investors when considering
Kingdom, Mr. Kevin Hsu, CEO of LiXin
therefore investors can reap the
whether they should invest in
Group, who have launched their
benefits of return on their investment,”
Cambodia is the ASEAN-member
first major mixed-use development
Mr. Hsu said.
nation’s phenomenally steady
- CEO KT Pacific, in conjunction with
economic growth.”
fellow developers KT Pacific - said
He further believes that taking into
that, “Cambodia is a financially
account critical considerations such as
Although official statistics on
liberal country and therefore the
construction, building materials costs
Cambodia’s total economic growth
restrictions on foreign exchange are
and housing prices, pricing in Phnom
in 2017 have not been released yet,
also less limited than the neighboring
Penh is about one-third of Bangkok
according to Asian Development
countries.”
and half of Hanoi.
publication, Asian Development
“With the close relationship between
Delving further into Phnom Penh’s
Outlook (ADO) 2017 released in late
China and Cambodia, Cambodia
investment potential in comparison
September, predictions denoted
proves to have much more stable
to other major cities within the
slightly higher economic growth
economic development than Vietnam
Kingdom, Mr. Hsu highlighted that
of 7.1% for both 2017 and 2018
and Thailand,” Mr. Hsu added.
when comparing real estate in Siem
Bank’s updated annual economic
Reap and Sihanoukville, Phnom Penh
respectively. Looking at the three nation’s
trumps these cities as it is Cambodia’s
This is in comparison to a 6.9% total
respective capital cities, Hanoi and
administrative and commercial center,
economic growth in 2016- which
Bangkok have all reached a more
where all major state agencies are
exemplifies the point made by Mr.
mature stage with very limited return
located. This, he believes, is a critical
Sharaf.
on investment.
factor when deciding where to invest.
2018 CAMBODIA REAL ESTATE
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ED I TORI AL
“There are also 31 embassies here in
year 2000. Especially since 2010,
investment laws, stable predicted
Phnom Penh and the capital is rich
the overall economic structure in
economic growth and the potential
in resources. Throughout history,
Cambodia is undergoing a full range
for higher return on investment in a
the most successful real estate
of adjustments, especially in the real
still-developing market are all factors
developments are all centered in the
estate market,” Mr. Li said.
which will continue to navigate the
capital, therefore the risk of investing
“At the same time, Cambodia’s basic
Kingdom’s real estate growth through
in the capital city is smaller,” Mr. Hsu
construction and cultural environment
the upcoming years.
concluded.
have been continuously improving. The real estate situation in Cambodia
Mr. Li Min, CEO of Prince Real Estate
is currently the best amongst all
Group (Cambodia), believes the
ASEAN countries,” he added.
introduction of 2010 Law on Providing Foreigner’s Ownership Rights in
In terms of the future development of
Co-owned Buildings has attracted a
Cambodia as a whole, Mr. Li believes
vast amount of foreign investors and
this will be primarily driven by the
played a significant role in the real
real estate industry- which will have
estate market’s growth.
a major flow-on effect to enhance the quality of infrastructure and
“The overall economic development
construction sectors nationwide.
in Cambodia has shown a swift and dramatic upward trend from the
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CAMBODIA REAL ESTATE 2018
Favourable and welcoming foreign
Download the Cambodia Investment Guide 2018 today!
2018 CAMBODIA REAL ESTATE
63
AD VERTO RIAL
REALESTATE.COM.KH RECEIVES AUD $2.25 MILLION INVESTMENT ONE OF THE LARGEST TECH INVESTMENTS IN C A M B O D I A’ S H I S T O R Y Mekong-based private equity firm Belt Road Capital Management (BRCM) has made its first ever investment of AUD $2.25 million (USD $1.8 million) into Digital Classifieds Group (DCG), the online classifieds group behind Cambodia’s leading real estate website Realestate.com.kh. The recent investment from BRCM marks one of the largest tech investments in Cambodia history, with much of the funds earmarked for rapid growth in Cambodia and related Southeast Asian markets.
Cambodia, where we have seen
market and internationally, and I’m
“The company has made major
a tremendous surge in internet
excited that BRCM will now be a part
investments in its technology and
penetration and rapid urbanisation.
of this journey,” said Alex Odom, Chief
core human resources, which have
We believe that our experience,
Investment Officer of BRCM.
increased the interest of investors
platforms and committed expatriate
in recent funding rounds. When we
and local teams are capable of tackling
“We’ve previously worked with Alex
first commenced the business we
almost any new opportunities - and
Odom, the Chief Investment Officer at
undervalued the importance of our
this additional capital gives DCG
BRCM, and have always respected his
platform and bootstrapped every
and Realestate.com.kh the ability to
expertise. Whilst we weren’t actively
part of the business,” said Mathew
take on a much larger share of the
seeking funding at the time, we believe
Care, CEO of DCG. “With the benefit
Cambodian and Southeast Asian
Alex and his team will bring a level of
of hindsight, we have spent over 18
online marketplace.”
experience market knowledge to DCG that is invaluable,” said Tom O’Sullivan,
months developing a world class platform, based on proven Australian
“Having seen the swift growth of
real estate portal technology, which is
Realestate.com.kh, and a high level
now delivering outstanding results.”
of professionalism across DCG’s local
O’Sullivan added the additional funding
and international operations, I was
will fuel growth in DCG’s existing
Care added: “We are presently
more than confident to introduce the
market, including swift expansion into
reviewing a range of expansion
opportunity to the equity partners of
additional business verticals within
opportunities, particularly in
BRCM. I believe this company has a
Cambodia. The funding is also highly
strong future in both the Cambodian
strategic given BRCM’s unique focus on
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CAMBODIA REAL ESTATE 2018
CEO of Realestate.com.kh.
A DV ER TO R I A L
countries exposed to China’s ‘One Belt,
over USD $30m in direct sales in 2017
New Guinea (www.marketmeri.com),
One Road’ policy, particularly Mekong-
alone.
and Fiji (www.market.com.fj).
For more information please visit DCG
DCG has taken leading positions in all
official site: http://realestate.com.kh
of these markets through innovations
based countries such as Cambodia, Laos, Vietnam, Myanmar and Thailand. “DCG is prioritising Cambodia and
such as sophisticated search
greater Southeast Asia for investment
About Belt Road Capital
technology, a localised approach to
and expansion,” noted O’Sullivan.
Management (BRCM):
each market (languages spanning
“Given BRCM’s deep experience in
English, Khmer, French and Chinese),
Cambodia and related ‘Belt Road’
Belt Road Capital Management is a
CRM and website solutions for real
markets such as Myanmar and Laos,
private equity investment manager
estate agents, and high-value real
we are excited about the benefits that
based in Phnom Penh, Cambodia
estate sales events.
their knowledge and connections will
which focuses on the Greater Mekong
bring.”
Sub-Region consisting of Cambodia,
DCG believes having the right people
Myanmar, Lao PDR, Thailand and
is the single most critical factor for
Vietnam. The company partners
success in emerging markets. The
with promising small and medium
business has created an environment
Established in 2009 by Cambodian
sized enterprises (SMEs) to support
in which any member of the team
National Moek Chenda, Realestate.
the achievement of strategic goals,
has a clear pathway toward equity
com.kh has grown to be the leading
facilitate sustainable growth and
participation via an employee share
real estate website and marketing
expand access to new markets.
option plan. At board and shareholder
About Realestate.com.kh:
company in Cambodia, working
level DCG has a huge depth of online
with the nation’s leading real estate
BRCM has launched its initial round of
classifieds experience, including
agencies, developers and lenders. In
fundraising with value up to USD $50
director Tim White who spearheaded
2015, Australian-based DCG partnered
million and has began deployment
the successful expansion of Allhomes.
with Moek to develop the business
and plans to launch subsequent
com.au from humble beginnings to its
rapidly.
investment funds in the near future.
AUD $50 million acquisition by Fairfax Media.
Fore more information please visit BCRM official site: http://www.
For more information please
beltroadcap.com
visit DCG official site: http:// digitalclassifiedsgroup.com
About Digital Classified Group (DCG):
Media contact:
The platform, in Khmer, English and Chinese languages, has over
1. Mathew Care, CEO of Digital Classifieds
40,000 properties for sale and rent,
Group, mathew.care@hausples.com.pg |
with tens of thousands of property
+61 409 598 227
hunters visiting the website and 2. Sokunthea Hang, Investment Analyst
app each month. Realestate.com. kh also produce a quarterly real
DCG has grown rapidly since its 2014
of Belt Road Capital Management,
estate magazine entitled “Cambodia
launch to create the dominant real
sokunthea@beltroadcap.com | +855 12
Real Estate” in English and Chinese
estate portals in Cambodia (www.
223 458
languages, and co-produce a weekly
realestate.com.kh), Papua New Guinea
property section with The Khmer
(www.hausples.com.pg), and Fiji (www.
Times newspaper. Realestate.com.kh
property.com.fj). The group also
also hosts the “Cambodia Real Estate
owns the leading general classifieds
Show” series, which has facilitated
websites in Laos (www.yula.la), Papua
2018 CAMBODIA REAL ESTATE
65
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CAMBODIA REAL ESTATE 2018
bi-weekly korean magazine.
1+3?
CAMBODIA&VIETNAM 4 BIG CITIES COVERING NEWS MAGAZINE. YOU CAN ENJOY THE LIFE PLAZA IN THE CITIES OF TWO COUNTRIES AS FOLLOW.
(PHNOM PENH, SIEM REAP, HOCHIMINH, HANOI)
ONE STONE, FOUR KILL ONE ADVERTISEMENT GOES TO 4 BIG CITIES OF CAMBODIA&VIETNAM. http://vietnamlife.co.kr / cafe.naver.com/Lifevn for more information, pls call the number below.
017 72 79 75 / 015 72 75 79
2018 CAMBODIA REAL ESTATE
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CONS TRUCTIO N UPDATE
DEVELOPMENT UNDERWAY: IN PHNOM PENH AND SIHANOUKVILLE Phnom Penh and Sihanoukville are in the midst of a building boom- fueled by massive capital investments from local and international property development firms. Here are a collection of current photographs that show the progress of work being done on each individual project, with some nearing completion and others still in their infancy. For more information on these projects and many more, check out Realestate.com.kh today.
PHNOM PENH
Moon Town
Central Plaza
Cloud9
Axis Residences 68
CAMBODIA REAL ESTATE 2018
CON S T R U CTI O N U P DA TE
The Parkway
SIHANOUKVILLE
The Seagate
D’Seaview
Blue Bay 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
BKK 1
Phsar Thmei III
This luxurious condominium is located in prime BKK1 lot. It is fully furnished with 1 bedroom and 1 bathroom which is designed for the most comfortable living experience.
This spacious duplex serviced apartment is located close to Phsar Thmey market which is surrounded by restaurants, coffee shops, clubs, bars, and is just a few minutes away from the popular Riverside area.
Condo For Sale - $199,400
Apartment For Rent - $850/month
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1
1
1
Chroy Changvar
Chakto Mukh
Located in the most up and coming area of Chroy Changvar, this condominium features a wide range of high-end amenities and facilities including an infinity pool, a fully-equipped gym, and ample parking space.
Located off Street 240, this renovated apartment is fully furnished with a Western style kitchen, large and open living area, and receives plenty of natural light. It is also close to many modern amenities.
Condo For Sale - $45,264
Apartment For Rent - $1,200/month
1
1
2
2
Tonle Bassac
Tonle Bassac
This condominium unit is located in prime location of Tonle Bassac. The mixed use development comprises three towers, dedicated to condo units, malls and the 5-star luxury Shangri La hotel, as well as office space.
Located in Diamond Island, this luxurious apartment is designed for modern lifestyle which gives access to facilities within the apartment complex such as gym, swimming pool, yoga studio and Clubhouse Lounge.
Condo For Sale - $157,000
Condo For Rent - $2,200/month
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1
2
2
Tonle Bassac
BKK 1
With a total of 45-storeys, this condominium is located within a highly secure area of Chamkarmon district. This condo has exclusive access to amenities and state-of-the-art facilities.
This modern apartment is located in the most popular residential area which is surrounded by amenities. With careful design, this apartment provides natural light and ventilation for the most comfortable living experience.
Condo For Sale - $223,605
Condo For Rent - $1,260/month
2
2
2
2
Chroy Changvar
BKK 1
Located in Chroy Changvar area, this luxurious condo unit provides access to facilities, ranging from the bar and lounge, swimming pool and health club, to a business centre and a restaurant with banqueting and catering facilities.
This serviced apartment is situated at the heart of Phnom Penh’s most desirable residential hub. The apartment offers the best facilities and amenities which allow for a comfortable living experience.
Condo For Sale - $73,200
Serviced Apartment For Rent - $1,700/month
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FEA TURED AGENT 023 727 077 www.ncmaxworld.com enquiries@ncmaxworld.com
Siem Reap
Kakap
Located 500m from National Road No. 6 and 5 km from the Apsara Zone, this property is ideal for construction of a condo project that has a height limit of 3 to 4 floors, including the ground floor, as stated by the Apasara authority.
Located in Kakap Commune, Por Sen Chey district, this property is for those looking to make a small investment on property with rental return profit of $1,000/month.
Resort for sale Total price - $12,483,900 Total area - 83,226 m2
House For Sale - $430,000
Tuol Sangke
Tuek L’ak 1
Located on Oknha Mon Rithy road, this property is ready as a turnkey business with a car wash, coffee shop, and residence for the owner.
A new building perfect for conversion into an apartment, office, or a guesthouse will soon rise in the heart of one of Phnom Penh’s premier commercial centers, Toul Kork.
Commercial Property For Sale - $1,750,000
Offices For Sale - $3,000,000 Total area - 2,280 m2
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Sihanoukville
Ta Khmao
Situated in Sangkat Bei, Sihanoukville, this luxury 5 bedroom villa has well appointed and spacious rooms throughout with ultra modern design inside and out. It is one of Sihanoukville’s finest high-end properties.
Located on main road which connects National Road 1, 2 and 3, this land is surrounded by schools, restaurants, and markets.
Villa For Sale - $575,000
Land For Sale - $350,000
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5
Chbar Ampov I
Khsach Kandal
100 meters off the National Road 1 and approximately 8 Kilometers away from the center of Phnom Penh, this property can be converted into office space, massage parlor or a guest house.
Located in Prekloung on the main road in the development area just 10 km away from Phnom Penh, this property is close to public/ private schools, markets, banks, and hospitals.
House For Sale - $870,000
Land For Sale - $150,000
14 Chakto Mukh
Phsar Thmey III
Located in Sangkat Chakto Mukh, Daun Penh district, this house can both serve as a residential housing or small office/home office.
Within walking distance to Central Market and the Riverside, this property is close to many local and international schools, shops, businesses, and the CBD.
House For Sale - $320,000
House For Sale - $140,000
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FE A TU R ED A GENT 023 727 077 www.ncmaxworld.com enquiries@ncmaxworld.com
Khsach Kandal
BKK 3
Located in the heart of Phnom Penh, this property is close to many embassies, Western restaurants, international schools, ministries, and upscale villas. Can be converted into a hotel and restaurant.
Located in BKK 3, Phnom Penh, this building for rent is surrounded by many local shops, restaurants, high-rises, and both public and private schools.
Villa Contact us for Rental Rate
Offices For Rent - $7,000/month
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Tonle Bassac
Russey Keo
Near AEON Mall, international schools, conference centers, etc. these luxury, serviced condos offer business executives and their families unparalleled convenience.
Located in Russey Keo district, Phnom Penh, this property has a salon and cafĂŠ ,and is surrounded by banks, markets and other businesses. Can be converted for other uses.
Condo For Rent - $1,150/month
Villa For Rent - $3,500/month
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1
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11
Tuek L’ak 1
Boeung Trabek
This building for rent will be finished soon. Located in Toul Kork, it is near schools, hospitals, etc. Can be converted into an apartment, office, or a guesthouse.
Located in Sangkat Boeung Trabek, Phnom Penh, this one-bedroom apartment is available for rent. With free Cable TV, Internet, one parking spot and 24-hour security.
Offices For Rent - $12,000/month Total area - 2,280 m2
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Apartment For Rent - $700/month
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1
Chbar Ampov
Phnom Penh Thmey
Surrounded by lush greenery, this villa is perfect for those looking to escape the bustling city life. Located inside a beautifully-gated community in Chbar Ampov district.
This property is located in Sen Sok district, Phnom Penh and close to Aeon 2 and Makro market. Features cable TV, water boiling machine and public parking space.
Villa For Rent - $1,000/month
House For Rent - $500/month
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5
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2
Tonle Bassac
Toul Tum Poung 1
This condo is close to shopping malls, hospitals, hotels, schools, etc. Fully-furnished with 3 bedrooms, 3 bathrooms, and 3 balconies.
This 1-bedroom condominium unit is located in both commercial and residential areas near Monivong Boulevard. It is on the 7th floor with a nice view of Phnom Penh. Close to restaurants, markets, banks, etc.
Condo For Rent - $1,500/month
Condo For Rent - $320/month
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F E A TURED AGENT
995 Home International Property Management Co.,Ltd
011 582 688
Specialized in Property Rental Management
Info@995home.com
BKK 3
BKK 3
This brand new and modern apartment for rent is situated in Phnom Penh’s popular BKK3 area. It has one good-sized bedroom and one bathroom. Fully furnished. Price is negotiable.
A brand new apartment in BKK3, Phnom Penh. Near restaurants, markets, and other amenities. Has fully-furnished rooms and facilities. Tenants can access swimming pool, gym, etc. Rent is negotiable.
Apartment For Rent - $700/month
Apartment For Rent - $900/month
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BKK 3
This apartment for rent is located in BKK3, Phnom Penh. Comes with fully-furnished rooms. Close to Lucky Market. Tenants can access swimming pool, gym, and other amenities. Price is negotiable.
This apartment contains one bedroom, one bathroom, and a balcony. At at 61sq./m the apartment, which is located in BKK3, Phnom Penh, features a swimming pool, fitness center, elevator, and video security.
Apartment For Rent - $750/month
Apartment For Sale - $142,296
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Toul Kork
BBK 3
This luxurious apartment for rent is situated in Touek Laok 2. Located near a market, restaurant, coffee shop, etc.. This apartment contains two bedrooms and two bathrooms and is perfect for a family.
This apartment for sale contains two bedrooms and one bathroom. Located in BKK3, Phnom Penh, the room is good for living and office use. Amenities include swimming pool, gym and laundry service.
Apartment For Rent - $750/month
Apartment For Sale - $151,360
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1
BKK 3
BBK 3
Located in the BKK3 area of Phnom Penh, this apartment for rent has fully-furnished rooms and facilities. Features a swimming pool, gym, alarm system and other amenities. Price is negotiable.
This serviced apartment has one bedroom and one bathroom and is located in BKK3, Phnom Penh. It’s best for living and office use. Fully furnished with gym, lift, swimming pool and security system.
Apartment For Rent - $850/month
Apartment For Sale - $152,460
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1
1
1
BKK 3
BKK 3
Close to supermarkets, restaurants, and cafes, this 2-bedroom apartment for rent is fully-furnished and features excellent furniture. Is located in the popular BKK3 area of Phnom Penh.
Located in BKK3, Phnom Penh, this 2-bedroom and 1-bathroom apartment is perfect for living. The apartment is clean, fully furnished, and secure.
Apartment For Rent - $900/month
Apartment For Sale - $181,632
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BKK 3
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www.995home.com
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FE A TU R ED A GENT
Easy Property Investment
015 777 586
“Make your need easier” is the motto of Easy Property Investment. We understand clients’ unique needs and ensure that their property search is smooth, fast and with a relationship based on transparency and trust.
info.epiagency@gmail.com
http://www.easypropertyrealty.com
Boeung Kak 1
Wat Phnom
This land for sale is 20m x 25m, located in Boeung Kak 1, Toul Kork very close to markets, schools, hospitals, restaurant, etc. Good for building a house, apartment, shop, office, or running other businesses.
This flat house for rent is located in Sangkat Wat Phnom, Phnom Penh. This is a 4m x 25m house with 3 bedrooms and 5 bathrooms. Suitable for living, and for businessventures such as marts.
Land For Sale - $1800/m2
Flat For Rent - $900
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5
Kampot
Toul Tum Poung 1
Located in Kampot Province, this land for sale has a total area of 120 hectares, 5 hectares of which is the land proper, with a few more hectares of mango farm.
This stunning villa for sale and rent is located in Khan Chamkarmorn, Phnom Penh. It has 7 bedrooms and 9 bathrooms. Can be used for living and office. Close to market, hospital, restaurants, and schools.
Land For Sale - $1/m2
Villa For Rent - $2,500
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Kampot
Tonle Bassac
This land is located Kep Province. It has a nice view of river and mountain. This is a huge land for sale and is good for businesses such as hotel, guest house, and others.
This luxury apartment for rent is in Tonle Bassac, Phnom Penh. It has two bedrooms and two bathrooms. Amenities include security, swimming pool, gym, cable TV, washing machine, cleaning, etc.
Land For Sale - $360,000
Apartment For Rent - $1800-$2500/month
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Kep
BKK 3
This land for sale is located in Kampong Toeuk Commune, Kep Province. This land is 10,000Sqm and is easily accessible. The land is good for commercial ventures. Also close to market, bank, and schools.
This condominium is in BKK3, Phnom Penh. Is available for rent and sale.This condo has two bedrooms and two bathrooms, and features a wide range of facilities and amenities.
Land For Sale - $50/m2
Condo For Rent - $850
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2
Kep
BKK 3
4,648 square meter coastal land in Kep Province with a picturesque view. Has good investment potential and can be transformed into a holiday home complete with bungalows, etc.
This condo is a fully furnished unit with an area of 42 square meters, with one bedroom and one bathroom. Located in the best section of the city, this place offers buyers or renters the most convenient way of life.
Commercial For Sale - $557,760
Condo For Rent - $450
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F E A TURED AGENT
Cambodia Properties Limited
023 555 5566
CPL provides a full range of real estate and valuation services to developers, owners, occupiers, investors, financial sectors and other relevant stake holders.
info@cplagent.com
http://www.cplagent.com
Ta Khmao
Chamkarmon
This land is located along National Road 21, just 10 minutes away from Ta Khmau town. This land is ideal for building a warehouse, farm, factory, and other development projects.
Situated in a quiet street of Chamkarmon, Phnom Penh and just a short drive away from key amenities, this flat for sale offers a clean and safe living environment.
Land For Sale - $280/m2
Flat For Sale - $680,000
6 Chbar Ampov
Stueng Mean Chey
Located in Khan Chbar Ampov, Phnom Penh. This beautiful property has 4 bedrooms and 5 bathrooms with a large parking space. Built two years ago, this property is still in excellent condition.
286 sqm land in Sangkat Stueng Meanchey, Phnom Penh is now available for sale. This land is inside a residential area and is close to excellent amenities.
Flat For Sale - $255,000
Land For Sale - $166,000
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Chroy Changvar
Sen Sok
This villa for sale is located in Chroy Changvar, a fast developing area in northern Phnom Penh. This house is two stories-high and has 3 bedrooms and 4 bathrooms with 2 parking spaces and a modern kitchen.
This luxurious villa is in Khan Sen Sok, Phnom Penh, the location of which offers absolute safety and privacy. This villa has total area of 260 sqm, and features 7 bedrooms, 3 bathrooms, and wide parking space.
Villa For Sale - $130,000
Villa For Rent - $1,700
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7
Chbar Ampov
Located opposite the Phnom Penh International Airport, this flat for sale is in a residential area close to several amenities. This flat is 4m x 13m and is a hard-titled property.
This 17m x 20m villa is a safe and secure home, located in Chbar Ampov, Phnom Penh. Is well designed with 3 bedrooms and is excellent for retirees.
Flat For Sale - $280,000
Villa For Rent - $700
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Kandal
Chbar Ampov
This land is very good for business and commercial use. Located in S’ang district, Kandal Province, the 7,094 sqm land has good infrastructure within and is hard-titled, giving the buyer 100% ownership right.
This villa offers perfect privacy and the ultimate modern living style. Three-stories high, it is located within a secure residential area in Khan Chbar Ampov, Phnom Penh.
Land For Sale - $22/m2
Building For Rent - $1,500
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FE A TU R ED A GENT
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
Daun Penh
Kampot
This is a whole building for sale in Daun Penh. The six-storey building has 32 bedrooms and 33 bathrooms. Can be converted into a hotel. A hard to miss opportunity.
Located close to a renowned pepper farm in Kampot Province, this 17,469 sqm land has good investment potential and is close to schools, transportation, shops, and entertainment areas.
Business For Sale - $2,200,000
Land For Sale - $50/m2
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Sihanoukville
Sihanoukville
This resort for sale is located in Otres beach, Sihanoukville. Khmer-influenced design makes for a comfortable environment. Has 13 bedrooms and 13 bathroom which are fully booked seven months a year.
Located on the beach of Koh Rong, this guesthouse for sale is a new building with 8 bedrooms. Features new equipment and has a large restaurant.
Business For Sale - $2,000,000
Business For Sale - $75,000
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Toul Tumpung 2
Daun Penh
This soon-to-be completed building is available for sale. Has 13 units with one bedroom each. Is located in Toul Tum Poung 2 and has good investment potential.
This is a Soho cafe & pub for rent and sale, located in downtown Phnom Penh. Is a premier mixed style eating and drinking establishment with three levels and excellent fit-out.
Business For Sale - $1,500,000
Business For Sale - $120,000
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Daun Penh
Daun Penh
Located in Daun Penh district, this hotel for sale has 17 bedrooms and 17 bathrooms and offers great investment opportunites. Fully-furnished and easily accessible. Close to many amenities.
This 14-storey hotel comprises 54 rooms, a 5-bedroom penthouse, and a 2-level skybar & restaurant. Is located in Daun Penh district, close to Wat Phnom, Night Market, and other amenities.
Business For Sale - $2,000,000
Hotel For Rent - $26,000/month
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Sihanoukville
Daun Penh
This apartment block for sale is located in downtown Sihanoukville, where it is surrounded by shops, restaurants, markets, etc. Has 33 bedrooms and 33 bathrooms. Features a secured parking space.
This 85 sqm apartment for rent is located in Daun Penh, where a host of facilities and amenities are also found. Has 2 bedrooms, 2 bathrooms, and is fully-furnished.
Business For Sale - $4,500,000
Apartment For Rent - $750/month
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FE A TURE D AGENT
Lucky Property Services Lucky Property Service (LPS) is a specialized company in renting, selling, buying and managing real estate and property.
012 623 398 www.luckypropertyservices.com info@luckypropertyservices.com
7 Makara (ID: 2912)
Dangkor (ID: 2996)
Located in Veal Vong district, this beautiful condo is close to banks, markets and hospitals. Also offers a great view of the city at night and nice atmosphere from the balcony.
Located in Prey Veng, this land can used to build condos, small resorts, coffee shops or factories. Close to shops, banks, schools, markets and hospitals.
Condo For Sale - $90,000
Land For Sale - $210,000
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Kompungsom (ID: 2921)
Kampot (ID: 3013)
This land is located in Oubak Roteh commune, Kompong Seila district. Perfect for setting up a warehouse or factory. Is located near a hospital and includes a 6ha mango farm.
Located in Srok Terk Chu, this 200ha land can be used for farming or turned into a factory. Provides a great view of the countryside.
Land For Sale - $120,000
Land For Sale - $1,000,000
Russey Keo (ID: 2543)
Kep (ID: 3020)
This commercial land for sale is located in Russey Keo, Phnom Penh. The 600 sqm, hard-titled property sells for $260,000. Close to amenities like schools and transport.
Located in Kep Province, this 3,000 sqm land is very good for building warehouses, apartments, gas stations or restaurants. Close to markets, banks, shops, schools and hospitals.
Land For Sale - $260,000
Land For Sale - $330,000
Russey Keo (ID: 2633)
Angk Snuol (ID: 3021)
Located in Russey Keo, Phnom Penh, this 600 sqm land for sale can be used for commercial and residential purposes. Close to markets, banks, shops, schools, and other amenities.
This guesthouse is located in Baek Chan, Angk Snuol. Features 17 rooms with a great view of the city. This 1120 sqm property can be used for commercial purposes.
Land For Sale - $350,000
House For Sale - $300,000
17 Chamkarmorn (ID: 2981)
Dangkor (ID: 3025)
This apartment has 2 bedrooms, 2 bathrooms, 1 kitchen and 1 living room. Located in BKK1, the area is safe and close to markets, banks, shops, schools and hospitals.
Located in Dangkor district, this 2839 sqm land can be used to build either a warehouse, factory or supermarket.
Apartment For Sale - $280,000
Land For Sale - $690,000
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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
Ta Khmau
Duong Ngeab II
This 3ha land for sale along National Road 2 is good for borey, office showroom, dry port, and other businesses close to the city.
This land is located in a good area close to many international schools, Borey Orkide Villa, condos, and office buildings.
Land For Sale - $135/m2
Land For Sale - $650/m2 (Negotiable )
Chbar Ampov
Chbar Ampov
This villa along Tiger St. can either be utilized as a residence or office. Close to supermarket, schools, and other amenities.
This villa sits on 3,500 m2 land. Located in Chbar Ampov, Phnom Penh, it has 4 bedrooms, 4 bathrooms, and parking. Close to transport, food, etc. Price is negotiable.
Villa For Sale - $1,600,000 (Negotiable)
Villa For Sale - $550,000 (Negotiation )
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ravydaily@gmail.com
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HOME CONNECT
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HUNTER ESTATE
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www.hunter-estate.com
info@cplagent.com
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SOUTH EAST ASIA PROPERTY SERVICES
+855 23 964 099 www.cbre.com.kh cambodia@cbre.com
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info@cdnproperty.com
KEY REAL ESTATE
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YI FUNG
995 HOME INTERNATIONAL HOME PROPERTY MANAGEMENT CO, LTD +855 (0)11 582 688
www.995home.com info@995home.com
CENTURY 21 CAMBODIA
+855 (0)92 318 343
+855 (0) 23 966 711
www.a1realestatecambodia.com
www.century21.com.kh
info@a1realestatecambodia.com
info@century21.com.kh
CAMBODIA REAL ESTATE 2018
CENTURY 21 GOLDEN REALTY +855 (0) 71 55555 88 www.c21golden.com.kh h.vathana@c21golden.com.kh
EASY PROPERTY INVESTMENT CAMBODIA +855 (0) 96 492 8888 www.easypropertyrealty.com info@easypropertyrealty.com
LUCKY PROPERTY SERVICES +855 (0)12 623 398 www.luckypropertyservices.com info@luckypropertyservices.com
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DAILY REALTY GROUP +855 (0)77 747 000 http://www.daily-realty.com/ ravydaily@gmail.com
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PHNOM PENH DAILY PROPERTIES +855 (0)77 884 090
KON KHMER PROPERTY SERIVCE
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+855 89 700 077
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MOANA REALTY +855 (0) 85 456 788 sengsaramany@gmail.com
KEYSTONE PROPERTY CONSULTANTS + 855 (0) 23 989 320 http://www.keystone-savills.asia info@keystone.com.kh
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Partnership opportunities still available for 2018 Find out how to be part of the region’s biggest real estate awards series. Essential for any business or brand looking to reach high-net-worth serial real estate investors across established and emerging markets in Asia and beyond. Contact Udomluk Suwan (May), Head of solution team, May@propertyGuru.com | (+66) 2-204-9599 ext.641 AsiaPropertyAwards.com
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What Our Customers Say About Us Ross Wheble
MA MRICS, Country Director at Knight Frank “Since partnering with the team at Realestate.com.kh over two years ago, not only have we received a significant increase in good quality lead generation, but their back-end support staff have been fantastic, regularly visiting our office to provide training and assistance when needed.”
Laurence J. Hamilton Vice President at New Consolidated Max World Co., Ltd. “We have worked with Realestate.com.kh since shortly after its germination, watching it grow into Cambodia’s leading property portal. Realestate.com.kh has proved an invaluable tool for Max World to advertise its services and portfolio to a diverse range of clientele from all over the world. The Realestate.com.kh magazine has also grown into one of Cambodia’s most informative publications, servicing both businesses and consumers alike. We are very satisfied with the attentive, personable and high quality service that has been provided by the Realestate.com.kh team.”
Sam Navy Sales and Marketing Manager at Sokha Hotel “We have found that Realestate.com.kh is one of the best marketing channels, dedicated to our needs and objectives of our business in terms of providing strategies and excellent quality of service. Since we started our marketing with Realestate.com.kh, we started to receive quality leads straight away, and we converted leads into clients very quickly. The best thing is that, they have a strong team who always follow up on us and our leads. We would recommend Realestate.com.kh to other companies, who are looking for the best results.”
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Marketing Director at Parkway Investment Co, Ltd “We are very happy to advertise on Realestate.com.kh website, Cambodia’s most popular and professional real estate portal as we can generate satisfactory sales. Not only is Realestate.com. kh the main source of real estate information, the website plays a vital role in guiding developers through customer service to do precise marketing. They get better marketing results by educating buyers and the market. We will continue to cooperate with Realestate.com.kh thanks to the practical results we get from it.”
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Sales Director at The Seagate “Realestate.com.kh is the largest property search engine in the Cambodian market. they provide certified listings which offers users the best property shopping experience possible. Since we cooperate with Realestate.com.kh, we have had 5 successful sales as a result from the leads provided by them so far, which is a happy result for both, as we are very early into our partnership. The team of Realestate.com.kh are very professional in what they are doing, they have a very positive attitude and a strong work ethic. We are looking forward to see our partnership continuing long into the future.“
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