In appreciation for all of your support of Prince Central Real Estate, you are all invited to join the grand opening gala of Prince Central Plaza on the 15th of December; starting at 7:45 am and going on all day into the evening! The event will be held at the Prince Central Plaza showroom, located at no. 168 National Embassy Street. SEE MAP HERE! The Prince Central Plaza Grand opening Gala will include: a full-scale Doraemon theme Exhibition, Lion dancing, a free buffet feast and special first buyers' specials - including, purchase one unit with a deposit of just $2000 and opportunities to win I-Phone 6s and thousands dollars. Find more information about the Prince Central Plaza project on Realestate.com.kh today.

Realestate.com.kh would like to present another of our featured agencies – Furi Real Estate Co., Ltd.Furi Real Estate is the largest pure condo agency in Cambodia, in regards to agencies, agents and overall sales. In late 2012, Furi Real Estate founded a trade mark limited company under the new brand name: FURI Real Estate Co., Ltd. Furi Real Estate attributes 98 per cent of their condo sales over the last three years to Khmer buyers, according to CEO Ly Senleap. Furi Real Estate encourages locals to sell land, pool their savings and buy sets of condo units as live-in investments. By buying several units or a floor at one time, these buyers can save on market prices. Furi Real Estate currently has an exclusive listing over “The Bay,” an already-renowned condo complex being built on Chroy Changvar by the Singaporean-based TEHO-SBG Development Co., Ltd. Check out The Bay, from Furi, today on Realestate.com.kh today!"Our vision is clear," says Senleap: "To create a state of the art experience in buying and selling real estate, in Cambodia and Southeast Asia. We pride ourselves in understanding clients needs by building trust and developing lifetime relationships." Furi Real Estate seeks to provide excellence in investment services. Services always push to ensure outstanding and accountable services with integrity to customers, honesty in commitments, transparency with no hidden costs, building relationships and, ultimately, achieving great results. Invest with the best! See another superb development from Furi - The Diamond Twin Tower! Furi Real Estate is unique organization built around understanding their clients’ true need of investment. Whether it is location, size, or price - Furi will have the right fit for your needs through our property network across Cambodia, Singapore, Indonesia, and Hong Kong. Furi's real estate, product design, development, sales strategy management, and networking services are customized to meet each client’s unique needs. Check out two exciting listings from Furi Real Estate on Realestate.com.kh today:The Bay and Diamond Twin Tower.

Lots of people need information about how to invest in real estate but don't know where to look. If that sounds like you, look no further. Proceed into the following sections for some useful facts and thoughts.When selling your property: Try not to hesitant to spend money on marketing. Don't just concentrate on the numbers and focus too much on the amount your marketing is costing you. It is essential to think about the marketing as an investment. If you do it right, it will give you benefit in the end. When you invest in real estate you become a small business owner - and all businesses must market, right?When meeting the client: Always be on time when you set up a meeting with a potential customer. This will show that you are serious and will show no lack of regard to your potential client. Going to a meeting late demonstrates that you are unorganized and couldn't care less about your clients, which will make you lose them!Know your industry before you invest in real estate: You may need to stop some of your pastimes and focus on this for some time! If it was easy, everyone would do it! Drop some extracurricular activities to build your learning time so you really understand the market before you invest in real estate.Keep your distance, emotionally: When you invest in real estate, make a point not to get emotionally attached to your investment. You are attempting to turn the most profit possible, so try to put every bit of your effort into remodeling the home that you buy to maximize its value later on. Don't get stuck with a house you loved to much to let go...Know the area before you invest in real estate there: While a new property itself may look attractive, always examine the whole neighborhood it's located in before you purchase. Neighborhoods where individuals need to live tend to hold or even ascent in quality after some time, while a discouraged location may yield a lower return. Location is a top element with regards to property value, considerably more than the genuine property itself.Choose your partners wisely: Find a contractual worker to work with that you can coexist with and trust. You can spare yourself a considerable measure of disappointment if you simply find somebody that you know will work well with you, and has similar goals.Negotiation! You don't need to pay the list cost for a property! Most the time a proprietor will make the cost higher than it ought to be on account of they anticipate that individuals will attempt to negotiate with them. Try not to be terrified to give them a lower offer... as they might just give you that cash off!In case you're in the Phnom Penh and have any further concerns or inquiries then reach the Realestate.com.kh Team, Cambodia’s home of real estate, and the leading real estate news source in the Kingdom.

ពេលដែលលោកអ្នកលក់ អចលនទ្រព្យ អ្នកគួរតែយល់ឲ្យច្បាស់ពីភាសាដែលគេប្រើក្នុងវិស័យអចលនទ្រព្យ។ អ្នកត្រូវតែអាចបែងចែកឲ្យដាច់រវាងប្លង់ដីរឹង និងប្លង់ដីទន់ ការបង់រំលស់ និងការខ្ចីប្រាក់ ក៏ដូចជាការបង់ប្រាក់ចុះឈ្មោះទិញ និងប្រាក់កក់។មានអ្នកលក់អចលនទ្រព្យជាច្រើន និងអ្នកទិញមួយចំនួន ដែលយល់ថា ការបង់ប្រាក់ទាំងពីរនេះ មានលក្ខណៈដូចគ្នា ប៉ុន្តែតាមពិតទៅ គឺមិនមែននោះទេ។ នៅពេលដែលអ្នកចាប់ផ្តើមលក់អចលនទ្រព្យរបស់អ្នក អ្នកត្រូវតែយល់ឲ្យច្បាស់ពីការបង់ប្រាក់ទាំងពីររបៀប នេះ ព្រោះការយល់ច្រឡំធ្វើឲ្យអ្នកខាតបង់ប្រាក់ជាច្រើន។!ប្រាក់ចុះឈ្មោះទិញ ប្រាក់ចុះឈ្មោះទិញ គឺជាប្រាក់ដែលបង់ទៅឲ្យម្ចាស់អចលនទ្រព្យ នៅពេលដែលអ្នកទិញបង្ហាញពីចំណាប់អារម្មណ៍ក្នុងការទិញអចលនទ្រព្យមួយនោះ។ ចំនួនទឹកប្រាក់នេះអាចចាប់ពី ៥ ភាគរយនៃតម្លៃសរុប ឬត្រឹមតែ ៤០០ ទៅ ៥០០ ដុល្លារ ប៉ុណ្ណោះ។ ប្រាក់ចុះឈ្មោះទិញ គឺជាការដាក់ក្រោមឈ្មោះរបស់អ្នកទិញហើយជាផ្នែកមួយនៃប្រាក់កក់នៅពេលដែលការទិញបានដំណើរការរួចរាល់។ ការបង់ប្រាក់បែបនេះ ជាវិធីសាស្រ្ដមួយក្នុងការបញ្ឈប់អ្នកទិញផ្សេងទៀតក្នុងការទិញអចលនទ្រព្យនោះដើម្បីភាព ងាយស្រួលក្នុងខណៈពេលដែលអ្នកធ្វើ ការសម្រេចចិត្តជាចុងក្រោយ។ ទោះជាយ៉ាងណាក៏ដោយ វាមិនមែនជាការទិញដែលប្រាកដច្បាស់លាស់មួយទេ។ ការបង់ប្រាក់ចុះឈ្មោះទិញ អាចចាត់ទុកបានថា គ្រាន់តែជាការបង្ហាញពីបំណងក្នុងការទិញប៉ុណ្ណោះ។ រីឯអចលនទ្រព្យនោះនៅតែអាចដាក់ លក់នៅលើទីផ្សារដដែល។ ប្រាក់កក់ ផ្ទុយទៅវិញ ការបង់ប្រាក់កក់ ឬសមធម៌ អាចចាត់ទុកបានថា ជាការបង់ប្រាក់មុនដែលមានភាពប្រាកដជាក់លាក់ទៅលើអចលនទ្រព្យណាមួយ នោះ។ ប្រាក់កក់ត្រូវបានបង់នៅពេលដែលអ្នកទិញបានសម្រេចចិត្តទិញអចនទ្រព្យ នោះខុសពីការបង់ប្រាក់ចុះឈ្មោះទិញដែលគ្រាន់តែជាការពន្យារពេលរបស់អ្នកទិញក្នុងការទិញអចលនទ្រព្យនោះ។ នៅពេលដែលអ្នកលក់អចលនទ្រព្យរបស់អ្នក ប្រាក់កក់គឺជាវិធីសាស្ត្រល្អជាងគេ! អ្នកងាយស្រួលក្នុងការបែងចែកណាស់ នៅពេលដែលអ្នកលក់អចលនទ្រព្យរបស់អ្នក។ ត្រូវចងចាំថា ប្រាក់ចុះឈ្មោះទិញនឹងក្លាយទៅជាផ្នែកមួយនៃប្រាក់កក់នៅពេលដែលការទិញត្រូវបានសម្រេចរួចរាល់ ហើយអាចមានលក្ខណៈតូចជាង។ ការបង់ប្រាក់ទាំងពីរប្រភេទនេះ ដោយរាប់បញ្ចូលទាំងប្រាក់ដែលមិនទាន់បានបង់ គួរតែស្មើនឹងតម្លៃសរុបនៃផ្ទះរបស់អ្នកនោះ។ សង្ឃឹមថា អ្នកបានយល់ច្បាស់ពីភាពខុសគ្នារវាងការបង់ប្រាក់ទាំងពីរប្រភេទនេះ នៅពេលដែលអ្នកលក់អចលនទ្រព្យរបស់អ្នក។ប្រសិនបើអ្នកមានសំណួរ ចម្ងល់ និងការបារម្ភទាក់ទងនឹងអចលនទ្រព្យ អ្នកអាចធ្វើការទំនាក់ទំនងមកកាន់ក្រុមការងារ Realestate.com.kh តាមរយៈ info@realestate.com.kh ឬ +855 (0)17 436 756, វាគឺជាបណ្តុំនៃទីតាំងអចលនទ្រព្យរបស់ប្រទេសកម្ពុជា និងជាប្រភពព័ត៌មានអចលនទ្រព្យ នាំមុខគេនៅក្នុងប្រទេស៕

Grammy award winner Bruno Mars sells up! He has sold his Hollywood Regency-style contemporary home for $3,347,500 in an off-market deal.Fronting a 10-vehicle engine court, the 1964 home has an exterior with stone segments flanking 11-foot-tall iridescent glass entryways. The walled and gated house highlights a single-story open floor setting. Retractable walled glass bring in mountain and cityscape views.The house contains family and living rooms, three bedrooms, three bathrooms and a powder room in 4,074 square feet of living space. The main lavatory highlights brilliant warmth flooring, a sauna, a two-man steam shower, gym and massage area, as indicated by points of interest from 2012, when Mars purchased the property for $3.254 million.There's a three-car garage and swimming pool at the back of the house.Not long ago, Mars purchased an estate in Studio City for $6.5 million. The 9,033-square-foot Mediterranean-style house, built in 2000, sits on two sections of land with a secured lounge, an infinity swimming pool with a spa and a kids' play area.He sold his place in Hawaii also.Bruno Mars is a Grammy award winner for best pop vocal album, Billboard's musician of the year in 2014. And now He is working on his third album. Where will he live next??

In the distance on Otres Beach a golden runny sun slips behind the horizon. “Another day in paradise coming to a close,” remarked one tourist.Sihanoukville is known for its tranquil beaches and idyllic islands and long been a destination for tourists and locals alike looking to escape the humdrum of Phnom Penh and Siem Reap. The province boasts numerous beaches such as Otres, located about five kilometres from the town, and along the unspoiled Saracen Bay on the island of Koh Rong Samloem. Visitors can pick from a variety of competitive tour packages that include a glass boat and fishing trips, while for those looking to travel in style, Sail Cambodia offers charter services on a 45-foot racing yacht Cygnet. Similarly, groups can also hire private boats and go fishing or travel to and from the islands without a tour guide, an option popular among Cambodian families, travel agents say. For those struggling to find their sea legs, an afternoon well spent with spectacular views can be had at Wat Leu temple, which sits on top of a hill about 1.5 kilometres northwest of the city center. Similarly panoramic views of Sihanoukville from a swimming pool, along with top-quality sushi, can be found at Victory Castle Villa and its restaurant Yamashiro. Check out the hottest investment opportunity is Sihanoukville, for Khmers and international investors! But for a truly luxurious experience, it doesn’t get much more exclusive than Sokha Beach Resort. The hotel has a casino, three restaurants and six bars and two large swimming pools. While part of Sokha Beach is private there is also a section available to the public. Only minutes away from luxurious Sokha Beach, the D’Seaview complex is beginning to take shape. Though in a prime location, this property by Singaporean developer Camhomes is not only affordable for the very rich but also for new families, young professionals and other prospective buyers. Units are available from as little as $675 per square metre. Until the end of the year, Cambodian buyers may even enjoy a 50 per cent subsidy on their purchase reducing the price per unit from $66,000 to $33,000. Financing options to fit lower incomes are also available. Interested buyers are advised to make up their minds quickly as this special offer is running out at the end of the month. Once finished, D’Seaview will boast state-of-the-art facilities including a swimming pool, a fitness centre and sauna, function rooms and a children’s playground, all catering to a modern family lifestyle and all with a view over the ocean in the heart of the port city. See full details here. When it comes to sampling the freshest seafood in the country that comes right from the port, Sihanoukville is the place to go. The city is famous for its fish. Fresh red snapper, shrimp and crab are served at most of the restaurants at very affordable prices. Early birds looking to bypass the popular fish market in the town can buy from fisherman who sell their latest catch by the shore in the morning. Damien Pradayrol, general manager of the newly opened Chivas Beach Club and Sports Bar in Occheuteal, said having good food on the menu is crucial to keeping his more discerning clients happy. The high-end bar, which has nine TV screens showing the latest sports programs, opened just one month ago but is already taking big bookings from Cambodian and Asian clients looking for refined food and entertainment. “There’s no other place like this in Occheuteal. Everyone is trying to open in Otres so we thought why not set up here,” said Pradayrol. Authentic European cuisine can also be found in Sihanoukville. The Italian restaurant, L’Osteria di Gino, offers homemade Italian meats and pasta dishes, while the French restaurant Susaday ages its own beef. As the province grows in popularity, more flight and bus connections are being established, linking it to the rest of the country and region. Sihanoukville International Airport now operates flights from South Korea, Singapore and China, as well as daily flights to Siem Reap. Pan Sophy, co-owner of Wonderful Travel and Tours, says about 13 bus companies connect Sihanoukville to Phnom Penh, Siem Reap, Vietnam and Thailand. The road to Kampot, another popular nearby destination, has been recently improved, cutting the time considerably to about one-and-a-half hours by taxi. “Before the road was bumpy but now very easy to get there so more companies are offering tours to Kampot where you can see the pepper farms and see the river.” The city also looks poised to benefit from greater investment as the government looks to capitalise on Sihanoukville’s infrastructure and accessibility to Phnom Penh. Since Sihanoukville properties market raising fast, Advisor to the Cambodian government, Dr Sok Siphana, said in August that the government plans to shape Sihanoukville province into a primary hub for trade, logistics and manufacturing, which also involves improving the connectivity to Phnom Penh. To achieve better connectivity, the government signed a memorandum of understanding with China’s Henan Provincial Communication Planning, Survey, and the Design Institute Co. Ltd for the construction of a 190-kilometre-long, 25-metre-wide expressway linking Phnom Penh and Sihanoukville on National Road 4. This project is said to begin next year and finish in 2020. Read another article about why Sihanoukville is prime for investment here! Moreover, last month Korean developer Green Eco Energy Co. Ltd’s signed up for development the 275-kilometer-long, 20-metre-wide Sihanoukville expressway along National Road 3 that could begin as soon as next year. Learn more about D'Seaview today!Phnom Penh Post, Post Property

Welcome to the first weekly real estate news report for December, 2015 - brought to you by Realestate.com.kh, Cambodia’s home of real estate, and the leading real estate news source in the Kingdom. This week we talk with Grant Fitzgerald, general manager for IPS Cambodia, about finding the best expat rentals in Phnom Penh. To introduce this week's guest: Grant Fitzgerald is an Australian citizen, who has spent the past six years working in Cambodia and China, and has developed a solid understanding of the complexities of real estate in Phnom Penh. Before joining the IPS real estate company as General Manager, Grant worked for an investment and business consulting firm as a Project Manager specializing in project valuation, due diligence, business planning, financial modeling and fund raising. Grant has also worked in the microfinance industry, focusing on project development and implementation. Grant holds a Bachelor of Commerce majoring in Economics and Finance from Curtin University in Australia, as well as a Post Graduate Diploma in Applied Finance and Investment. Grant - what are the top 3 areas that expats should consider when moving to Phnom Penh? What are the benefits of these areas for expat rentals in Phnom Penh? BKK1 is the most popular area for expat rentals in Phnom Penh. Tonle Bassac and Russian Market offer more value for money and are upcoming areas with a lot of new bars and restaurants. What sort of amenities can expats expect when moving to a home in Cambodia? Are their serviced apartment options? House cleaning? etc. For a serviced apartment you can expect: cleaning, internet, cable TV, parking, security to all be included in the price. There are plenty of options in town now for those looking for a pool and gym too. For standalone apartments, these services are usually excluded and it’s up to the tenant to organise. What are the most common concerns for expats when moving to Cambodia and looking for expat rentals in Phnom Penh? Usually the first question that pops up from new expats when they move to Cambodia is security. Most people jump on information websites and forums and read up a bit about the city before they arrive and usually have heard some stories about security issues in various areas and bring up security as one of their requirements. Another common concern we get is being near construction, new expats often hear horror stories about certain apartments being surrounded by construction which is obviously not ideal. What are the lower, middle and upper end prices an expat should expect to pay when moving to Cambodia and looking for expat rentals in Phnom Penh? For serviced apartments:Lower = $600 - $800Middle = $800 - $1400High = $1500 ++For standalone apartments:Lower = $300 - $500Middle = $550 - $900High = $1,000 ++ What are the secrets to securing a great expat rentals in Phnom Penh at a good price? Look around – there are plenty of apartment options in PP. Know your requirements. Don’t rush – head out, take a look at some properties and then relax and sleep on it. Look for a long term lease – longer term lease gets you more bargaining power. Get help - agents don’t charge fees to the tenant and should be an expat in PP and negotiating with clients. Could you please explain some the top things an expat should be aware of when signing a lease agreement in Cambodia? Be clear about the services included. Maintenance is another area some people get caught on. A lot of landlords here will refuse to pay for repairs and some people get stuck with costs they didn’t expect. Conditions if you break the lease are important to know – and it is not unusual to lose your deposit. Price of electricity should be defined in the contract. And becareful your new home is not too close to ongoing construction. Here are a few more tips for preparing a good expat rental contract! What are the typical prices for utilities such as electricity, water, internet, cable etc monthly? Electricity: $0.25/kW – 1 bed between $40 and $80/month depending on a/c. 2 bedroom you are probably looking at around $80 – 120/month for moderate use. Water: $2 - $10/month. Wifi: $12 - $60/ month, depending on download limit and speed. Cable TV: $5 - $10/month. Cleaning: $30 for one time month, $60 for twice per month. What’s the best place to start an expat rental search? IPS Cambodia and REALESTATE.COM.KH websites are great tools to get you started. Here you can find the largest selection of quality expat rentals in Phnom Penh. What are some of the benefits of using IPS Cambodia to source an expat rentals?   Firstly, we are a completely free service to all tenants. We are expats helping expats - We know all the ins and outs with negotiation, contracts and we have long standing relationships with landlords. This means we can often get discounts or conditions not available to the general market. Thanks for tuning in to this week’s real estate news report - brought to you by Realestate.com.kh, Cambodia’s home of real estate, and the leading real estate news source in the Kingdom. Make sure you subscribe to our Youtube Channel to keep up to date with the latest real estate news and analysis. And Check out another interesting real estate news interview here!

Don't miss Realestate.com.kh on BTV Cambodia Real Estate and News Talk Show.Mr. Siv Meng, presenter at BTV Cambodia Real Estate and News Talk Show, talked with Realestate.com.kh director, Mr Tom O’Sullivan, about his inspirations for starting Realestate.com.kh, and his forecasts for the Cambodian real estate market. How long have you been in Cambodia?I have been in Cambodia now for 3 years. First I lived in Battambang and needed to find a place to stay. I remember finding it very difficult to find an apartment to rent online, and it was clear to me that there was an opportunity to create a real estate portal. Cambodia needed a website where you can find all property listings for sale and rent across Cambodia in one place, and you can contact any number of real estate agents from the same website. I was tired of looking on individual agency websites, where information was not clear or up to date. A real estate portal brings home buyers and renters convenience! When you look for properties online first, you don’t need to travel around town looking at properties that may or may not fit your criteria. Our company originally planned to launch the website alone, but then we met Bong Chenda Moek, the founder of Realestate.com.kh. He started the website in 2009 and was already doing great job with the website, and creating a lot of sales inquiries - but ultimately he was under resourced. We had technological skills to help him, and access to resources - and he had local knowledge that we desperately needed. We want Realestate.com.kh to suit Cambodians, and this is always been our goal. Understand what the market wants and needs, and bring that to our customers! How does the Cambodian market compare to other ASEAN markets?Regionally, Cambodia is on the front foot for foreign ownership laws and creating attractive conditions for FDI. Regional neighbours such as Vietnam and Thailand are much slower to accept foreign influence, and this means Cambodia remains ahead of the pack in terms of  FDI. This is helping Cambodia catch up to these larger markets. Is there an oversupply of condos, approaching 2017-2018?I understand this is becoming the hot question for the Cambodian real estate market, as is worrying some investors and developers.But condos still appear to be selling, and meanwhile the market of potential buyers, both foreign and international, is expanding quickly. There is nothing to say that demand won’t continue to grow, even if supply exceeds expectations in the short term. Of course, it is no secret that chinese investment in coming thick and fast to Cambodia, and this trend seems set to continue. Having spoken to many property developers recently, and learning from their observations - it is clear that the increase in Chinese property investment in condos continues to be a growing force. As the Chinese market sees fluctuations, Cambodia is increasingly becoming an investor’s haven, buoyed by the USD.Furthermore, with increasing congestion in the city of Phnom Penh, it seems likely that we will see an increase in condo buying from the younger generation of Khmers over the longer term. Lifestyles are changing and this will influence demand in the future. Want to see more great real estate news interviews? Check out the Realestate.com.kh youtube channel and subscribe today!

Pop star Selena Gomez has put her Calabasa house for sale. And if you are in the market for a party house for sale, the celebrity's compound is available for just US$4,495,000...She purportedly wants to catch a decent profit for her eighteen months investment. The "Wizards of Waverly Place" album has gotten to be something of a wiz at the land biz. She purchased the 7,700-square-foot house for sale at $3.7 million in 2014. Is this house for sale going to be "Great for You?" For anyone on a hunt for a superstar then the answer is yes... Do you think Tailor Swift would buy her house? The new proprietor will move into a custom home with five bedrooms, five chimneys, a gourmet expert's kitchen with breakfast alcove, a formal lounge area with floor-to-ceiling windows, a gym , a theater, an outdoor courtyard and a guesthouse. Fashionistas will mostly appreciate the enormous wardrobe. Invite all your friend lists or families for gatherings in the "great lawn" that features a pool, cabana, an outside kitchen and pizza broiler. While the estate charges itself as "private and extremely rare," it wasn't sufficiently private for Gomez. As per TMZ, various calls to 911 about gatecrashers most likely prompted her choice to put up the house for sale. Gomez has some an opportunity to scout out her next land find. The 23-year-old will be on tour beginning in 2016....

// Saudi Arabia is building the world’s tallest building – nearly twice the height of One World Trade Center. Posted by Business Insider Video on Wednesday, December 2, 2015   Maybe one day Diamond Island will compete??     Want to see one of the world's fastest buildings? Check it out on Realestate.com.kh today.

Abandoned for two years, Gold Tower 42 yet again promised that construction would resume on the long dormant project. This time, however, construction will begin in February 2016 and will be completed by 2018. Similar claims were made earlier this year, when the company promised it would resume construction in March of 2015, with a completion date of 2018.According to the Ministry of Urban Planning and Construction, Choi Jong Hae, CEO and Chairman of Yonwoo Cambodia Co, Ltd, who owns Gold Tower 42, requested permission to continue construction by sending a letter. Lao Tip Seitha, Deputy Director General of the General Department of Construction at the Ministry of Land Management, Urban Planning and Construction, confirmed that the ministry had received the letter. Seng Bunna, CEO of Bunna Realty Group, said that if the project actually begins, yet again, it would be a good sign that the Koreans have faith in the Cambodian market. However, he said that he was unsure if the owner of the property was truly committed to the project. But, from a construction materials point of view, now would be the logical time to resume construction because the materials, primarily all imported, have declined in value alongside the drop in regional currencies as the US dollar has remained strong, he said. “Now would be a good time to build, but to attempt to sell, now is not the time,” he said, hinting at the lack of faith investors have in the project. Siv Meng, Phnom Penh Post, Post Property.

Sihanoukville property market has taken a blow since Chinese nationals living and working in the city upped and left following last month’s police arrest and extradition of 168 Chinese, local real estate agents say.On October 31, Cambodian immigration police working with Chinese Interpol agents raided a villa and a guesthouse in Sihanoukville, busting a ring that was using an internet-based telephone system to extort money from victims back in China. Many of those arrested in the Cambodian raids were working in casinos in Sihanoukville, an industry that has seen strident growth on the back of Chinese investment in the past year, but which will be challenged after hotel and casino owners told The Post last month they have suffered immense losses and risk bankruptcy. Check out Sihanoukville property for sale here.Bonna Realty Group’s valuation manager in Sihanoukville, Phourn Sophy, said the sudden departure of Chinese investors, workers and tourists who have left the coastal city en masse and put investments and staffing in disarray, has also seen such tenants renege on their rental agreements and contracts. “Suddenly, the Chinese people just left, leaving Sihanoukville property developers worried,” he said. Those that are still here have cut down on how many months deposit they are securing in case the situation intensifies, choosing to put down two months’ rent in advance as opposed to six months’ like before, said Sophy. The upheaval has also left developers and landlords, who were swept with excitement six months back when they saw Chinese demand for property increase, saddled with bank loans they will struggle to pay back, Sophy added. “I don’t think this situation is temporary. Those people who have gone won’t come back so yes it’s a problem for the property business.” Norn Thin, director of Sihanoukville Property, said he knows of one building with about 20 rooms that has closed since the arrests. Want to rent Sihanoukville property? “Chinese people tend to all stay in one big building all together with about 20 to 30 rooms,” he said. Thin added that despite the trepidation in the market the rental prices for such large residential properties are still double what they were last year, while Sophy estimates such prices may have fallen by less than 5 per cent. George Styllis, Phnom Penh Post, Post Property.

Over 20 CVEA Executive Committee and Members holding valuation certificates came together on the 2nd December 2015 (Wednesday this week) to discuss average Phnom Penh Land Prices for the First Quarter of 2016. The group discussed average Phnom Penh land prices across all Sangkats of the 4 major Khans of Phnom Penh, namely Chamkarmon, Daun Penh, 7 Makara and Toul Kork. https://www.youtube.com/watch?v=nxURKtpxfxU&feature;=youtu.be The meeting considered the growth of Phnom Penh land prices as according to their proceeding 2015 report, with all members voting on reasonable increases on these statistics for the Q1 2016 report. The follow up from this meeting will include a consultation with Bank and Micro Finance Associations in order to ensure the land price survey includes all relevant stakeholders. The final Phnom Penh land price survey will be released later this month once final agreement is met. Stay tuned to Realestate.com.kh/news for the CVEA Phnom Penh Land Prices Survey's release later this month.

Cambodia Constructor's Association (CCA) will hold the 4th Annual Cambodia Construction Summit & Expo 2015 starting from tomorrow: 3-5 December 2015 at Diamond Island Expo Center. Check out exhibitions from the countries' leading construction developers, constructors and designers, construction material companies and real estate agencies. Get special deals on all types of products and meet new contacts business opportunities. See you there!

A number of nations in Southeast Asia are relaxing property ownership laws in bid to increase FDI. As rules are eased, companies such as property developers, banks and providers of property-related services, like construction, maintenance, insurance and security, naturally flow into the economy and boost it from within. However, industry experts suggest that foreign investors in the region may need more than just attractive ownership provisions to lure them into new markets.Amid the Cambodia, Myanmar and Vietnam bloc, foreigners are subject to a variety of ownership limits. However, in all these markets, lately things have begun to change. Myanmar's constitution establishes the state as the ultimate owner of all land. Yet, under the new Myanmar Foreign Investment Law, an investor may lease land for up to 50 years, with two 10 year extensions. A Condominium Law that is currently in development in Myanmar but not yet in force, likely inspired by the Singaporean example, a local long-time-investor in Myanmar, would allow a foreigner to purchase a condominium on the sixth floor or above of a co-owned building (as in Singapore), up to a quota of 40 percent foreign ownership of the total units in the property.In Vietnam, freehold ownership by foreigners over land is prohibited by the constitution. Yet state authorized leases between 50 and 70 years are widely available, especially for development projects, and renewable at the discretion of officials. Further, pursuant to the Vietnamese Law of Housing 2014, a foreigner may now own a unit in an apartment or condominium building - if it is a no-more-than 30 percent foreign owned building. Cambodia, unlike its three neighboring counterparts, has a freehold land ownership system for its citizens. Foreigners based in Cambodia are also allowed rights of ownership over certain properties, subject to 2010 Law on the Provision of Ownership Rights. These rights, however, are restricted to buildings that have obtained a "strata title", which is available only to newly completed apartment buildings. Foreigners cannot acquire a ground-floor unit legally, and any foreign ownership allocation is limited to a maximum of 70 percent of the units in any one co-owned building. Nevertheless, a foreigner lease term over landed properties can still be up to a 50 year maximum, with a 50 year renewal option included.In Indonesia, Southeast Asia’s largest economy, foreign nationals are not allowed to buy property under current laws. However, recent statements from the government slate loosening restrictions, with changes finalized by the end of the year. These new laws are expected to allow foreigners to buy apartments priced above 5 billion rupiah (US$375,000), although they will still not be able to buy landed property.However, industry experts believe FDI growth is not reliant solely on foreign property ownership allowances. Ross Wheble, country manager for Knight Frank Cambodia, notes that, “when referring to FDI, it’s more related to multinational companies investing in manufacturing, agriculture, infrastructure, the financial sector and commerce in general. Many of these companies do not want to own freehold property;  if a company can secure a long term lease of 20 to 30 years and above, they are generally able to source financing from banking institutions and also payback on their initial investment.” For this reason, Wheble suggests that “small alterations to foreign ownership laws on real estate in neighbouring countries won’t have significant impact on FDI flows into Cambodia. There are more pertinent factors that affect FDI such as political stability, skilled labour force, infrastructure, ease of doing business, anti-corruption policies etc. “Matthew Rendall, senior partner at Zicolaw, agrees, “the laws themselves will not be such a decisive factor for foreigners in deciding where to invest, but rather the market conditions and the implementation of those laws on the ground.  Whereas ownership is usually a secure form of tenure, a test often comes in the legal security offered by leasehold.”For these reasons, Rendall is pleased to see leasehold regulation developing in Cambodia: “It is very important that each country ensures that its lease agreements receive the full protection of the law and that possession acquired through leases receives the same protection as ownership offers.”Rami Sharaf, CEO of World Bridge International (WBI) agrees that Cambodia offers investors a package of benefits, which makes freehold ownership just one incentive among many: “In Cambodia, there is very little discrimination between foreigners and locals in regards to company registration, taxes and customs duties. Meanwhile, the country is geographically central, with a young and motivated labour pool, and, of course, buoyed by the US dollar. Furthermore, Cambodian based manufacturers still enjoy tax-free export to Europe because Cambodia is still classed as a less developed country (LDC).”

Prince Central Plaza represents a new age of living for one of Cambodia’s most exciting and desirable districts: Tonle Bassac. “Local people are starting to have a concern about good location and land - demand for premium land is very high right now,” says a spokesperson of Prince Central Plaza - and this is why Tonle Bassac was the obvious choice. Located on the exclusive Norodom Boulevard, the landmark development is just minutes to Independence Monument, Aeon Shopping Mall and various embassies. The building will have 37 floors in total, with the bottom three dedicated to the retail plaza and restaurants. Inspired by classical art deco lines and style, Prince Central Plaza will fast become an architectural icon of the neighborhood. The unique design is the product of American DF International Building Design Co., Ltd., a company that has already completed around 300 engineering design projects, spanning more than 20 million square meters. The Mansion House – the premium residence within the Prince Central Plaza project – offers a range of 1 to 3 bedroom condominiums, studio and SOHO units, all beautifully furnished with elegance and class, stunning balcony views of the city skyline, and finished with the latest amenities for modern living. The units will all have services provide by the 24 hour concierge staff, including International platinum housekeeper services. The Interior design of all Prince Central Plaza units have been formulated with taste and art deco elegance, by Shenzhen Guangtian Design Group Co., Ltd., a listed Chinese company with a renown portfolio of real estate projects. Inquire today to visit the showroom! Landscape design is also a key element of Prince Central Plaza, with delicately crafted surrounds in both the communal and private gardens of the residential complex. These have been designed by TTR Design Co. Ltd., a company with a wealth of experience designing and implementing gardens for resorts, hotels and recreational facilities across China. The beautifully designed infinity pool gives residents a place to relax and unwind; an impressive, fully equipped gymnasium and a fitness room will help you and your family keep healthy; shopping at your doorstep is assured – with the plaza’s malls; and an international standard business center will guarantee a convenient lifestyle for modern business people. The construction of Prince Central Plaza has already begun, under the management of China Construction Co., Ltd., China’s largest and most renowned real estate and construction enterprise. This will be another benchmark project for a company with many already in its portfolio. Prince Central Plaza is set to be completed by 2018.new Maintaining a 10% – 15% growth rate over 5 years, Prince Central Plaza promises a healthy return on your investment. And priced from just $55,000 per unit, the project is priced to sell – fast. Inquire today to visit the showroom!

Knight Frank Becomes the Latest Real Estate Company to be Approved as a Panel Valuer for the Securities and Exchange Commission of Cambodia: As part of the listing process, a company is required to have its real estate assets valued to determine its Net Asset Value (NAV). Established in 1896 and opening their Cambodian office in 2008, Knight Frank, which is the world’s largest privately owned real estate consultancy, has become the latest real estate company to be approved as a panel valuer for the Securities and Exchange Commission of Cambodia. With over 440 offices in 58 countries, all valuations undertaken by Knight Frank are carried out by professionally qualified valuers, and all valuation reports comply with the highest of standards set out by the International Valuation Standards Council (IVSC), giving investors total confidence in the value of a company’s real estate assets. Check out Knight Frank's listings on Realestate.com.kh here. The recent announcement that Hong Kong-based developer, Eastland Development (HK) Ltd, has expressed interest in listing on Cambodia’s stock exchange follows a number of similar announcements by companies that are also looking to list on the exchange, including the Phnom Penh Special Economic Zone (PPSEZ), TY Fashion and Sihanoukville Autonomous Port. Check out Eastland's property for sale here. If the companies indicated above list on the Cambodia Securities Exchange (CSX) as intended, real estate companies will represent one half of the listed companies (based on number of companies and not market capitalisation) on the CSX. Although activity on the CSX was initially slow, with the Phnom Penh Water Supply Authority listing in 2012 and Taiwanese-owned Grand Twins International (Cambodia) Plc listing mid-2014, the recent activity indicates growing confidence in the Cambodian economy and finance industry as a whole, which is a positive sign for Cambodia’s real estate and construction industry. The announcement by Eastland Development (HK) Ltd signifies their commitment to Cambodia over the long term and also their confidence in the Cambodian real estate sector. Furthermore, it also enables investors who may not be able to afford to buy a property a chance to participate in the growing real estate sector by indirectly investing through the purchase of shares within real estate companies.

Hong Kong-based developer Eastland Development (HK) Ltd has announced plans to list on Cambodia’s stock exchange within a year.Sam Yang, the company’s CEO, said during a recent company promotional event that Eastland is working with a local underwriter to prepare to float shares on the Cambodian Stock Exchange (CSX). “The application will be ready early next year and the company will have an initial public offering in September next year,” he said, adding that Eastland intends to be the first foreign-registered company to list on the CSX. Yang said that the purpose of listing was not just about raising funds for its projects, but also to raise the confidence of its investors and allow them to be part of a high-standard property firm. Read a related article: Knight Frank authorized to conduct IPO valuations.  Eastland Development (HK) Ltd is a branch of China’s Guangzhou Yuetai Group, a real estate developer with over $1.2 billion in assets. Eastland is focused on real estate development in Cambodia, and claims to have invested $60 million in three projects here: East One Apartments, East View Residence and East Commercial Center (ECC). Phnom Penh Securities, the underwriter for the IPO according to Yang, could not be reached for comment yesterday. Sou Socheat, director-general of the Securities and Exchange Commission of Cambodia (SECC), said he had not received any letter or official documents from the Eastland yet, though he welcomed its intention to join the stock market in Cambodia. He said some foreign-registered companies have submitted letters of interest to list on the CSX, though nothing is official yet. In addition, the SECC is also reviewing the applications of three local companies that intend to list within the next year, namely Phnom Penh Special Economic Zone (PPSEZ), TY Fashion and Sihanoukville Autonomous Port. Sor Chandara, Phnom Penh Post Want to invest with Eastland? Check out their properties for sale on Realestate.com.kh: East One Apartments, East View Residence and East Commercial Center (ECC).

A recent study has found that the hotel service quality in Cambodia is improving due to rising competition and the industry’s readiness to compete regionally. A recent report by the Bunna Realty Group shows that as of the third quarter of 2015, there are 317 hotels with 15,000 rooms in Phnom Penh, and 417 hotels with 17,000 rooms in Siem Reap; 133 hotels with 4,000 rooms in Sihanoukville, and 45 hotels with 1,600 rooms in Battambang. The same study also identified that within Siem Reap, Phnom Penh and Sihanoukville, only 892 hotels could be deemed to have at least a two-star ranking. In addition to the breakdown of the sector, the study also looked at hotel occupancy rates. Of the hotels surveyed in Phnom Penh from January to November of this year, occupancy reached 68 per cent; while it was 66 per cent in Siem Reap, 74 per cent in Sihanoukville, and 75 per cent in Battambang. The study also looked at the hotel’s ranking compared to price. Two-star hotels offered rooms ranging from $21 to $60, whereas 3-star hotels cost from $60 to $200 for a room. 5-star hotels saw the greatest range of prices at $150 to $2000 per night, based on the room type, size and amenities included. Hen Socheat, Bunna Realty Group director announced that private online bookings cost more than bookings made through travel agencies. “The rate of hotel occupancy via online booking is about 71 per cent on average,” he said. He added that the improvement in services seen in the growth of the hospitality sector came from better coordination between the Ministry of Tourism and private sector training programmes. However, the study concluded that during the peak months from December to February every year, hotels reach near full occupancy especially in Siem Reap when bookings rise to 100 per cent. Socheat said that this signifies the need for hotel expansion. However, Ho Vandy, an adviser to the Cambodian Chamber of Commerce, said these statistics are not credible due to the fact that the study was undertaken via an online survey, and did not consult with private hospitality companies that work directly with clients and their partners. Socheat admitted that the statistics in this study could have been skewed. Based on the Ministry of Tourism’s statistics from 2013 to 2014, Vandy explained that in Phnom Penh there were a total of 7,807 rooms across 170 hotels, and 477 guesthouses adding an additional 6,614 rooms. “Meanwhile, in Siem Reap, there were only 175 hotels but they had a total of 11,620 rooms, with an additional 3,927 rooms from 254 guesthouses,” he said. Government data also showed that there were only 54 hotels in Sihanoukville, totalling 2,697 rooms with an additional 2,734 rooms from 187 registered guesthouses. For Battambang, the government study yielded 32 hotels with 1,620 rooms. From this comparison, the number of hotels in Phnom Penh, Siem Reap and Sihanouk province have more than doubled, while those in Battambang province has also seen a notable increase, all within one year. Nevertheless, both statistics show that the hotel industry is growing. Siv Meng, Phnom Penh Post, Post Property.

After defining high-end taste in Russia, China and Thailand, an Italian luxury home-décor company aims to conquer the villas market of Cambodia’s rich.Greeted by gold-gilded tables, intricately carved gold-leaf headboards, and polished tiles of marble and ceramics, one would feel as though they had just stepped into a magical place reminiscent of the Winter Palace in St. Petersburg or an oligarch’s lavish home. In actual fact, this place strikes much closer to home. With its palatial and baroque items on display at the launch of their showroom on November 22, Azza Décor is the first of its kind in Phnom Penh; a luxury home-décor company specializing in Italian interior design, mainly in the market for furniture and lighting, tiles and bathroom furnishing and kitchen fittings. Every distinctive product has a “Made in Italy” tag, while its exclusive brands boast of names like Versace (Ceramics), Valentino, Bastianelli Home, and Socci, amongst many others. Marco Cipriani, area manager for CIAC Group which supplies furniture to Azza Décor, explained that, “our first market all over the world [for this style of furniture] is the Russian market, as the Russian people love to buy these types of gold leaf furniture.” However, at $165 per pop for one Versace Ceramic tile-piece or $10,000 for a Versace sink, the question is whether such ornate and lush furniture is prohibitive here in Phnom Penh. “Since our expansion in other Asian countries like China and Thailand, we feel it is time that this kind of furniture comes into the interior market in Cambodia,” Cipriani said. Minea Prach, Azza Décor’s sales and marketing manager, explained that the Phnom Penh launch was due to the exponential growth in the construction sector and an increasing appetite for luxury goods among a few. “Our main target audience is the high-end niche market of those who own private residences or villas,” Prach said. The influx of foreigners and foreign businesses in Phnom Penh does seem to complement the opening of such a company. Azza Décor seemingly fits in with the high-end residences, exclusive condominiums and villas that have been springing up over the past few years. Lorenzo Martini, founder of architecture and interior design company Lorenzo Martini Design Studio, offered his insight on the home décor style that appeals most to Cambodians, as well as how luxury interior décor companies will fare in the Cambodian market. In reference to what style of interior design piques the locals’ interest, “Cambodians with a budget manage to implement what I would say a Neo-Baroque, or Transitional Classic [style],” Martini said. “People would call it ‘classical’, but is a classical style with exaggerated curves, patterns and textures, heavy to the sight, which draws on baroque but while sharing its power, it doesn’t share its elegance. It’s a style that is popular in most developing countries,” he continued. On how high the demand for such a niche market is here, Martini said that it is tempting to affirm a high demand given the number of showrooms showcasing luxury furnishing in Phnom Penh. However, this pertains only to a pocket of very wealthy people who may not have an idea of what defines a real luxury product. Therefore, many end up purchasing overpriced products without much discernment. “I’m happy to see [Azza Décor] stepping up the game, and will give a run for their money to many other shops currently selling average products at high prices under the pretense it is luxury,” Martini said. There is no such pretense at Azza Décor, with each product guaranteeing its authenticity of quality and branding. Partly echoing Prach’s words, Martini said, “I don’t see the market as being ready for luxury commercial projects just yet, I think luxury products are almost exclusively employed in high-end private residences.” Azza Décor currently works closely with luxury housing developer The Bay, managed by the TEHO Group, in supplying materials to them. Having sold a considerable number of products before and during the launch to owners of private villa residences in BKK 1, Borey Orkide, and Borey New World, Azza Décor looks set to make waves in this small, but powerful, pocket of Phnom Penh’s elite. Hanamariya Halim, Phnom Penh Post, Post Property