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Phnom Penh suburbs offer lowest condo sale prices
Phnom Penh suburbs offer lowest condo sale prices
June 6, 2022, 5:00 p.m.
Phnom Penhโ€™s outer districts are coming into form as suburban hubs in Cambodiaโ€™s largest city. Supplied.The development of Phnom Penhโ€™s suburbs has been an ongoing endeavour for the cityโ€™s urban planners, developers and other investors long before the pandemic. Prices in the city centre and adjacent districts have risen steadily over the past half-decade, only seeing a slowdown during the height of COVID-19.But as Cambodia now leads most of its neighbours in terms of its population vaccinated, international tourists have started flying in and daily life is returning to as close as it can to pre-pandemic activity, attention is once again returning to the suburbs of the Cambodian capital.Realestate.com.kh, Cambodiaโ€™s largest real estate classifieds portal, observed that median sale prices for condominiums in the suburban districts of Chroy Changvar, Por Sen Chey, and Meanchey are relatively lower than other outer districts coming out of the pandemic.Chroy Changvar, for example, has been a hotbed of new developments and is often shortlisted for suburban living. According to Realestate.com.khโ€™s Market Trends, the median price for condos in the district hovers around $100,000 as of early 2022. For that price point, buyers can get a 2-bedroom unit with over 90 sqm of space in some projects in Chroy Changvar with a few thousand dollars left.Western-style condominiums are becoming more common in Phnom Penhโ€™s property selection. Supplied.A few notable projects in the district include the massive WorldBridge Sport Village (WBSV), the first-ever sports village in Cambodia and the venue of the upcoming SEA Games 2023 and ASEAN Para Games 2023. The WorldBridge Sport Village is adjacent to the newly finished Morodok Techo National Stadium and its sports facilities, making it an ideal choice for homebuyers looking for an active lifestyle.On the southern end of Chroy Changvar, near the district's roundabout, is where the Peninsula Private Residences is located. The Peninsula Private Residences is a multi-awarded development having won the Best Interior Design and Best Architectural Design awards back in 2019 and consequently put Chroy Changvar back on the map.Other notable projects in the district include Morgan EnMaison, Wealth Mansion, La Vista One and Mekong View Tower 6.The airport district of Por Sen Chey has also been at the sights of many property developers and buyers. Located west of Phnom Penhโ€™s downtown, the Por Sen Chey area is where the Phnom Penh International Airport is located and serves as a home to over 200,000 residents or 10% of the capital cityโ€™s population.While Por Sen Chey is more known for its shophouses and other landed properties, there have been condominium/apartments available new or for resale in the district. According to Realestate.com.kh, as of early 2022, the median sale price for condominium units in the district is around $90,000 for a 2-bedroom unit, making it a choice for residents looking to live on the western side of Phnom Penh.Then there is the Meanchey district. This district has been featured on previous editions of Realestate.com.khโ€™s market insights for its vast lands, large population and overall potential for residential and commercial development. As of early 2022, median sale prices for condos in the district is around $115,000, having picked up over the years since the completion of the Hun Sen Boulevard, development of several high-profile boreys, construction of the new airport in Kandal and the groundbreaking of AEON Mall 3, touted to be the biggest mall in the Kingdom when it opens sometime in 2023.Phnom Penhโ€™s outward expansion will likely continue apace as local demand for suburban homes increases. Developers are now racing to meet this demand as the Ministry of Economy and Finance (MEF) announced earlier in 2022 that almost 4,000 projects, amounting to over $10.35 billion USD were approved in the first 11 months of 2021; 90% of which are classified as residential projects.Looking for property in Phnom Penh? Let us help!Article by:
National Road 11 development drives land prices up in Prey Veng
National Road 11 development drives land prices up in Prey Veng
June 6, 2022, 5:00 p.m.
National Road 11 passes through the countryside east of Phnom Penh. Supplied.Infrastructure projects are often generational endeavours, meaning that if a project starts today, its full benefits could only be realised a generation or two later. But Cambodia, despite the pandemic, continues to make strides in its national infrastructure and is pushing the calendar up in reaping the benefits.The most recent of these projects is the completion of National Road 11 (NR11). Realestate.com.kh, Cambodiaโ€™s largest online real estate classifieds portal, observed that land prices around the roadway have been picking up since it finished construction in late 2021.The construction of National Road 11 has an estimated cost of about $98.388 million US dollars, financed by the Commonwealth of the People's Republic of China. The roadโ€™s construction began December 2017 and took 44 months to complete. The road was inaugurated on December 6, 2021 by the Royal Government of Cambodia.National Road 11 was inaugurated in late 2021. Supplied.Much of the value of the land adjacent to the national road was between $40 to $50 per square metre. This price has nearly doubled to anywhere between $70 to $80 per square metre as of reporting. This jump in price is not uncommon in Cambodiaโ€™s fast-developing real estate sector.In 2019, the development of the 202 km-long National Road 3 started driving land prices in areas in crosses. For example, Chaom Chao to Kampong Toul Bridge - right at the city boundary of Phnom Penh - to well over $200 per square metre. Past Kampong Toul Bridge, land properties around $20 per square metre have risen to almost $80 as road infrastructure projects approach completion.National Road 11 connects economic corridors vital to Cambodiaโ€™s development plans. Supplied.The development of National Road 11 has attracted property developers and other land investors. There have been inquiries coming from warehouses, gas stations and other entrepreneurial projects over the months since being inaugurated.National Road 11 links two economic corridors in Cambodia, namely: National Road 6 leading to the Cambodian-Thai Border in Poipet and National Road 1 which leads to the Cambodian-Vietnamese Border in Bavet.NR11 stretches 96 kilometres from the National Road 1 intersection in Neak Leung in Prey Veng Province, just before the boundary with Kandal. NR11 then intersects with National 8 and ends with an intersection with National Road 7 further up north, allowing transportation vehicles to bypass the busy roads of Phnom Penh to get to National Road 6.National Road 3 and 11 are but a few of the many other national infrastructure projects the Royal Government is currently overseeing. Prices around these roads are expected to increase in price as more investments, particularly in manufacturing and logistics in Cambodia drive the need for a reliable national road network.Looking for property in Cambodia? Let us help!Article by:
Capital Gains Tax delayed for third time to January 2024
Capital Gains Tax delayed for third time to January 2024
June 6, 2022, 5:00 p.m.
The General Department of Taxation in Cambodia consistently exceeds yearly targets, giving the government the much-needed funds for social programs and infrastructure development. Photo from Khmer Times.Cambodiaโ€™s Capital Gains Tax (CGT) is delayed for the 3rd time to 2024. The postponement of the tax likely stems from the governmentโ€™s record of waiving taxes and other fees to further foster economic activity, especially in the Kingdom's real estate market.Contrary to popular belief, Capital Gains Tax is not a new tax; businesses in the Kingdom have always paid this tax. The CGT that was supposed to go into effect recently was an expansion of its tax base, specifically covering individuals buying and selling properties.Prior to the pandemic, the surge seen by the construction and real estate sector was driven by high interest from foreign investors looking at Cambodian properties. In 2019, capital investments into construction amounted to over $9 billion and growing to over $10 billion two years later in 2021.Despite the pandemic, the countryโ€™s real estate market has largely remained afloat with much of the sector shifting their focus to the local market. According to CBRE Cambodiaโ€™s Fearless Forecast 2022, the compound annual growth rate for the CBD and inner city is around 10% over a decade while those of the outer suburbs went up as high as 20% over the same period.Phnom Penhโ€™s urbanisation continues to expand on the back of the local marketโ€™s desire to have landed homes - a demand most apparent in the suburbs developing in the districts of Chroy Changvar, Sen Sok, Por Sen Chey and Meanchey.Interested in properties in these areas? Let us help!How does the Capital Gains Tax work?Cambodia's upcoming Capital Gains Tax is considered one of the most generous in the region. Photo from Khmer Times.Cambodiaโ€™s Capital Gains Tax is a flat 20% rate from selling a capital asset. The CGT covers capital gained from selling: Immovable Properties (real estate), Leases, Investment/Financial Assets, Goods (Licenses & Branding), Intellectual Property, and Foreign Currency.As mentioned earlier, the current CGT is an expansion of the tax from business to individuals. According to Realestate.com.khโ€™s overview of Capital Gains Tax, the CGT expands its tax base to Resident Taxpayers and Non-Resident Taxpayers. Persons falling into these categories are obligated to pay their CGT within 3 months of realising their gains.There are currently two methods taxpayers can employ when paying their dues. First is the Actual Expense Deduction Method and the second is the Determination Based Method.The Actual Expense Deduction Method takes the sales total proceeds and subtracts the expenses the seller made to get the Capital Gains Tax to be paid. These deductibles can be the purchase cost, consulting fees, registration tax, commissions, and even advertising. These expenses are taken from the final proceeds and 20% of the difference will be the Capital Gains Tax to be paid. This method is beneficial for property sellers who spent a lot on overhead/operational costs.The Determination Based Method takes 80% of the sales proceeds and subtracts them from the entire sales value. The difference will be the Capital Gains and 20% of it will be the Capital Gains Tax to be paid. This method is highly beneficial for property owners who bought low and are planning to sell high.Under the current version of the CGT, taxpayers are free to choose which method they feel will be a lighter tax obligation for them.Learn more about Capital Gains TaxImplementation of the CGT has been a long time coming and many developing nations have their own iterations. The CGTโ€™s base expansion is expected to further add to the General Department of Taxationโ€™s already impressive consistency of exceeding its yearly targets.Looking for property in Cambodia? Let us help!Article by:
Property Sector Ready to Rebound as Cambodia Leads COVID-19 Recovery
Property Sector Ready to Rebound as Cambodia Leads COVID-19 Recovery
June 6, 2022, 5:00 p.m.
Cambodiaโ€™s economy has reopened since November 2021, giving it a headstart in the regional race to attract foreign travel and business post-pandemic. Photo from Khmer Times.Cambodia now leads much of the world in its path to recovery from COVID-19. According to the Nikkei COVID-19 Recovery Index, Cambodia jumped from 22nd place in December to 2nd place in January, just behind Taiwan at the number 1 spot.Cambodiaโ€™s current success with its pandemic situation is largely attributed to its early management of cases: less than 500 reported cases and 0 deaths in 2020. The Kingdom only saw its first major outbreak in the Feb-20 incident and prompted the government to impose the first major lockdown in the summer of 2021.The Cambodian government has since been relentless in its vaccination efforts mainly backed by Chinese-made vaccines. In August 2021, Mekong Strategic Partners (MSP) released a report that projected Cambodia to reach 80% vaccination by Q3 2021, 8 months ahead of schedule.Aside from the weekly arrival of vaccines into the Kingdom, the MSP highlighted the systematic rollout of vaccination campaigns nationwide and the efforts made by the private sector, especially during the months following the Feb-20 incident.Cambodiaโ€™s high vaccination rate has been integral in reinstating confidence in the local economy. Supplied.However, the most essential factor in its pandemic control has been the noticeable low vaccination hesitancy from Cambodians. In addition to seeking out vaccines, a majority of the local population has taken it upon themselves to observe basic quarantine measures such as wearing masks, social distancing and sanitizing regularly.In October 2021, the Cambodian government hinted at reviewing its local quarantine measures as well as its foreign travel requirements. Many observers, including economists and the press, anticipated a step-down or two from the current 14-day requirement. To the surprise of the same onlookers, the government eventually removed quarantine requirements for fully-vaccinated travelers and did away with the pricey $2,000 quarantine deposit in November 2021.The new requirements for foreign travel to Cambodia were made far simpler only requiring proof of vaccination, a negative RT-PCR test 72 hours prior to departure and another negative test upon arrival at the port of entry in the Kingdom.Naturally, a declaration of full reopening was made in November 2021, given the streamlined requirements and gave Cambodia a headstart in the regional race to welcome foreign travelers and business once again.A Market Primed for ReboundCambodiaโ€™s banking and financial sector has served as a bulwark for the Kingdomโ€™s economy throughout the pandemic. Supplied.The WorldBank and the Asia Development Bank both forecast a ~5% GDP growth for Cambodia in 2022, mainly attributed to a strong financial sector and the economy reopening in late 2021.Construction and real estate - key drivers of the massive growth in the Kingdom - are similarly seeing signs of recovery in early 2022. In December 2021, the Ministry of Economy and Finance announced almost 4,000 projects, amounting to over $10.35 billion USD were approved in the first 11 months of 2021.Nationwide infrastructure projects have also been ongoing throughout 2020 and 2021. According to the latest update from the Ministry of Public Works and Transport (MPWT), the Phnom Penh-Sihanoukville Expressway is 80% complete as of January 2022 and is expected to open to traffic in March 2023.According to the National Bank of Cambodia (NBC), there is cause for optimism for the construction and real estate sectors in 2022. NBC cites a pick-up in domestic economic activity and investment since the economy reopened in late 2021. The NBC adds that rising domestic revenue and local interest will be the key drivers of the Kingdomโ€™s property sector growth.Looking for property in Cambodia? Let us help!Article by:
Cambodia Real Estate Awards 2022 set for April 7 at Sofitel Phnom Penh
Cambodia Real Estate Awards 2022 set for April 7 at Sofitel Phnom Penh
June 6, 2022, 5:00 p.m.
The Cambodia Real Estate Awards 2022 will be held at the Sofitel Phnom Penh Phokeethra. Supplied.The Cambodia Real Estate Awards 2022 (CREA), organized by Realestate.com.kh in partnership with the Cambodian Valuers and Estate Agents Association (CVEA) and the Real Estate Business Regulator (Under the Ministry of Economy and Finance) is set for this coming April 7, 2022 in the Sofitel Phnom Penh Phokeethra.Since 2018 the annual event has celebrated the very best of the real estate industryโ€™s agents and agencies and awarded their efforts in providing quality products & professional services to Cambodiaโ€™s fast-expanding market.ย This year will be the first year that property developers and developments have been included in the CREA through categories such as Condominium Developer of the Year, Borey (Landed Property) Developer of the Year, Commercial Developer of the Year, and of course, Developer of the Year.โ€œOf course, property developers play a major role in the real estate industry, so it was only natural to add developer categories to the Cambodia Real Estate Awards' ' said Tom Oโ€™Sullivan, CEO of Realestate.com.kh. '' Despite the challenging times we faced during the pandemic, the market saw several projects launch over the last two years whilst others reached the handover stage - instilling continued confidence in the marketโ€โ€œWe have been overwhelmed by the number of entries this year, with over 30 companies already entered, with more to come. So in terms of the number of entries, this is certainly the most successful real estate awards in Cambodia to date. In addition, we already have over 300 seats booked for the 7th of April and selling fast, so I do encourage anyone looking to sponsor or attend to get in contact as soon as possible as the event will sell outโ€ย โ€œAs the organizer of the CREA, Realestate.com.kh is looking forward to seeing agents, agencies, property developers and more during the ceremony as a celebration of all the achievements made during some of the hardest times in the industry globally, on April 7 at the Sofitel Phnom Penh Phokeethraโ€ Tom said.The awards are sponsored by Panasonic, Hanuman Beverages, foodpanda, KH Land, LM Car, Lukfook Jewellery, Midea & Toshiba, Sathapana Bank, People & Partners Insurance, Yugo Private Aviation, Bodia Spa and many others.ย The annual Cambodia Real Estate Awards is considered the premier property awards in Cambodia. And with the excitement building up for the event, interested brands looking to expand their reach are encouraged to secure the last few remaining sponsorship slots for the CREA 2022.Sponsor the Cambodia Real Estate Awards 2021-2022Key ContactsCambodia Real Estate Awards - Sponsorship ContactsName: Jeff Steevesย Position: Business Development ManagerEmail: jeff.steeves@realestate.com.khย Phone: +855 (0) 85 250 962ย Developers & Development Awards Entry ContactsEnglish & KhmerName: Khiem Darina Stefania (Steff)ย Position: CREA Developers & DevelopmentEntry Facilitator & REAKH Relationship Managerย Email: stefania.khiem@realestate.com.khย Phone: +855 (0) 10 699 333ย ChineseName: Taing Muyngy (Muyngy)ย Position: CREA Developers & Development Entry Facilitator & REAKH Relationship Managerย Email: muyngy.taing@realestate.com.khPhone: +855 (0) 10723379Agency Awards Entry Contactsย English & KhmerName: Tin Mashington (Ton)ย Position: CREA Agent Entry Facilitator & REAKH Relationship Managerย Email: tin.mashington@realestate.com.khPhone: +855 (0) 81 305 205
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Orkide partners with Realestate.com.kh for The Royal Condominium handover
Orkide partners with Realestate.com.kh for The Royal Condominium handover
June 6, 2022, 5:00 p.m.
Realestate.com.kh and Orkide Development Co., Ltd, โ€œOrkideโ€ partnered up to showcase the Royal Condominium in Sen Sok to both the local and international markets. Supplied.Orkide Development Co., Ltd, โ€œOrkideโ€, one of the biggest property developers in Cambodia, signed on Realestate.com.kh, the largest real estate classifieds portal in the Kingdom, as sales and marketing partner for its latest luxury project: Orkide The Royal Condominium.Orkide The Royal Condominium is a sprawling development in Sen Sok district. This large, upscale residential project consists of six 18-story towers offering nearly 2,000 residential units. The projectโ€™s crowning glory: The Royal Garden covers an area of โ€‹โ€‹3.2 hectares and has 12 different areas, including artificial sandy beaches, green gardens, playgrounds etc., with more than 100 facilities, including swimming pools, luxury gyms, steam rooms, saunas, walking paths, and bicycle paths.Orkideโ€™s sprawling condominium complex holds no punch in delivering a bevy of top-class amenities in a market eager for a premium city life. Supplied.Orkide The Royal Condominium sits at a convenient location in Sen Sok district along Street 2004. Located in the mid-point between the Phnom Penh International Airport and the capital cityโ€™s central business district, residents of Orkide the Royal Condominium enjoy modern urban staples such as international schools, wet & dry markets, supermarkets, and a wide selection of shops, restaurants and cafes on top of the class-A amenities easily accessible within the complex.The Royal Condominium will have a total of 6 residential towers connected by the 3.2 hectare Royal Garden. Supplied.โ€œOrkide Development Co., Ltd is a hallmark of Cambodian property development.โ€ said Tom Oโ€™Sullivan, CEO of Realestate.com.kh. โ€œWeโ€™ve had a working relationship with them for years and their projects that have entered our events notably attracts strong interest from local and international property buyersโ€The Royal Condominium boasts several swimming pools and other open areas all comfortably located within the complex. Supplied.Orkide The Royal Condominium is the latest addition to Orkideโ€™s portfolio of luxury properties. As a leader in developing modern residences in the Kingdom, the Orkide Development Co., Ltd has successfully developed high-end residences such as Orkide The Botanic City, Orkide The Royal, and Orkide The Grand. Other upcoming projects include Orkide The Pochentong and Orkide The Canal.Orkide The Royal Condominiumโ€™s handover comes at the right time as Cambodiaโ€™s successful pandemic management is gradually reintroducing confidence on multiple fronts of the market. โ€œThe beginning of 2022 is off to a good start,โ€ noted Tom Oโ€™Sullivan. โ€œThe Cambodian real estate market has increasingly been catering to the needs of the Khmer market and consequently strengthening interest in the property sector.โ€Interested? Orkide is running a 10% down payment offer with the option to move in right away. Supplied.And with the economy poised for recovery, the Orkide Development Co., Ltd is leading property developers in opening its new premium residential project alongside the larger economy. As a way to celebrate, Orkide The Royal Condominium is currently offering buyers a 10% down payment option with the option to move in right away.Learn more Orkide The Royal Condominium
Upcoming road projects to realize southern corridorโ€™s economic prospects
Upcoming road projects to realize southern corridorโ€™s economic prospects
June 6, 2022, 5:00 p.m.
Completion of the Phnom Penh-Sihanoukville Expressway will reduce travel time and transportation costs between the two cities. Photo from Khmer Times.Cambodiaโ€™s national infrastructure development for its southern economic corridor is well underway with a key project approaching completion and another renovation project starting this 2022.According to the latest updates from the Ministry of Public Works and Transport, the Phnom Penh-Sihanoukville Expressway is 80% complete as of January 2022. The expressway is expected to be opened for public use by March 2023.The Phnom Penh Sihanoukville Expressway is a major infrastructure project spanning 190 km and is being constructed to the tune of over $2 billion. The massive project is funded by a public-private partnership between the China Road and Bridge Corporation (CRBC) and the Chinese government. Work on the expressway broke ground in 2019.Sihanoukville is one of the major population centres in Cambodia and is home to the countryโ€™s only major deep-sea port. The seaport is managed by the Sihanoukville Autonomous Port (PAS) and is one of the main gateways for Cambodian exports and imports. In 2021, the PAS oversaw the movement of $2.2 billion worth of imports, up by 42.75% compared to 2020โ€™s figures.The Sihanoukville seaport itself is earmarked for further development this year. According to the Sihanoukville Autonomous Port, the first phase (out of five) is set to begin in mid-2022 and will increase the portโ€™s capacity to handle larger vessels up to 60,000 tons. The first phaseโ€™s target completion date is between 2023-2024.The countryโ€™s southern economic corridor runs through 5 provinces. Supplied.Additionally, the new expressway will alleviate the traffic congestion commonly experienced on National Road 4. Also known as NR4, the national highway is presently the main artery connecting Sihanoukville and Phnom Penh.In January 2022, H.E. Sun Chanthol stated that the remaining bidding procedures for NR4โ€™s renovation are scheduled to be completed by March. The Minister added that officials are accelerating the process so renovations and expansions can begin as early as this year.National Road 4 spans 232 km and runs parallel to the upcoming Phnom Penh-Sihanoukville Expressway. Goods and services currently traveling between the two cities take around 5 hours on National Road 4. Completion of the expressway will significantly cut travel time to just 2 hours and also reduce the cost of transportation between the countryโ€™s deep-sea port in Sihanoukville and the countryโ€™s main economic hub: Phnom Penh.Looking for property investments in Cambodia? Let us help!
Chamkarmon tops 2021โ€™s most searched district in Phnom Penh
Chamkarmon tops 2021โ€™s most searched district in Phnom Penh
June 6, 2022, 5:00 p.m.
The year 2021 has been a tumultuous year for Cambodia's property market but that has not deterred investors from looking up deals on Realestate.com.kh. Supplied.Much of the real estate market would agree that it has seen better days than 2021. The year marked the only major spike in cases and forced much of the country, especially Phnom Penh, into a lockdown. Despite the difficulties, the Cambodian real estate market managed to continue its activity by focusing its marketing efforts towards the local market.Realestate.com.kh, Cambodiaโ€™s largest real estate classifieds portal, hosts over 30,000 property listings from bare land, shophouses, villas, borey properties, condominium units, office spaces, and mixed-use developments from all over the country. And given Phnom Penh is at the epicenter of the Kingdomโ€™s continued market activity, we are taking a look at which districts in the capital city have received the most attention from online property seekers in 2021.Browse new developments in CambodiaChamkarmonThe south-central district of Chamkarmon is one of the biggest and more developed districts in the capital. The district was the most searched area over 2021 for its proximity to both the Central Business Districts (Daun Penh and BKK1) and upcoming areas like Meanchey and Chbar Ampov.Chamkarmon is also known to have a variety of new and resale properties ranging from shophouses to condominiums. This makes it a hub for property buyers and renters to hunt for great deals while not being too far away from the city centre.Most search properties (sale and rent) in Chamkarmon:Apartments/CondosLanded housesCommercial propertiesLand propertiesIts numerous shops, restaurants, cafes, schools, markets, malls and even offices make it an ideal area for both locals, expatriates and tourists to stay in/visit. Chamkarmon strikes a good balance between location and price, solidifying its hold on the top spot for 2021โ€™s most searched district for properties in Phnom Penh.Beoung Keng KangBoeung Keng Kang (BKK) comes a close second to Chamkarmon. This other south-central district was once part of Chamkarmon but has since been made its own district in 2019. Much like its former parent district, it hosts a variety of properties available for sale and rent. Also worth noting that much of the attention in BKK is directed towards the BKK1 subdistrict.Its subdistrict of BKK1 is considered to be the other CBD in Phnom Penh for its many offices, embassies, shops, restaurants, cafes, and premium high-rise residential properties.Most search properties (sale and rent) in Boeung Keng Kang:Apartments/CondosLanded housesCommercial propertiesLand propertiesMany often forget that BKK is much larger than BKK1. Other districts such as BKK2 and BKK3 offer their own selection of properties close to downtown and adjacent to developing districts like Meanchey, Por Sen Chey and Sen Sok. Throughout 2021, the BKK district traded places with Chamkarmon as the most searched district for properties in Phnom Penh.Daun PenhDaun Penh, the de-facto CBD of the city, is the most developed district in Phnom Penh. It is where most banks and multinational companies are headquartered. Major tourist attractions are also located in Daun Penh such as the Royal Palace and the Riverside area, frequented by many tourists and expatriates.Despite its seemingly business faรงade, there are still residential properties in Daun Penhย in the form of shophouses and villas scattered throughout the district supported by several markets. It is worth noting that these properties are now considered one of the most expensive in Phnom Penh.Most search properties (sale and rent) in Daun Penh:Apartments/CondosLanded housesCommercial propertiesLand propertiesDaun Penh prices are among the highest in Phnom Penh due to its central location and complete set of urban amenities. It has largely remained in the Top 5 for most of 2021, only losing its spot during the height of the pandemic.Chroy ChangvarChroy Changvar, one of Phnom Penhโ€™s peninsular districts, is touted as the upcoming district in the next 5 years. Itโ€™s a hotspot of residential and commercial developments driven by Phnom Penhโ€™s outward expansion.But the attention Chroy Changvar enjoys today wasnโ€™t always there. Just half a decade ago, the peninsular district was just another rural area with very little going on. But as prices in central Phnom Penh rose and the suburban lifestyle started to take hold, the district received significant attention from buyers and property developers resulting in considerable price increases in Chroy Changvar.Most search properties (sale and rent) in Chroy Changvar:Landed housesApartments/CondosLand propertiesCommercial propertiesChroy Changvarโ€™s promise of development is all well and good from a property investment perspective. But it is also worth noting that Chroy Changvar enjoys a natural breeze as it's a peninsular district flanked by the Tonle Sap and Mekong Rivers. And this riverside view is something that will keep Chroy Changvar on the map of Phnom Penhโ€™s suburban residents for years to come.Sen SokSen Sok is one of the largest districts in Phnom Penh in terms of land size and is notable for a district seeing the most development in terms of residential and commercial projects in recent years. Data from Realestate.com.kh shows that it is the district with the highest number of searches for landed property in Phnom Penh.Most search properties (sale and rent) in Sen Sok:Landed housesApartments/CondosLand propertiesCommercial propertiesSen Sokโ€™s vast flatlands have made it one of the hottest development spots in the past few years as made evident by boreys, condos, commercial centres, and shopping malls popping up in the area. The chief example is the AEON Mall 2, the largest purpose-built shopping mall in Cambodia to date.Property prices in Sen Sok, while relatively lower than more centrally located districts, have started picking up due to the continued development in the district.Looking for property in Cambodia? Let us help!
โ€œSteady as it goesโ€ for Cambodiaโ€™s real estate & construction in 2022
โ€œSteady as it goesโ€ for Cambodiaโ€™s real estate & construction in 2022
June 7, 2022, 4:30 a.m.
Phnom Penh is the epicenter of the Kingdom's construction and real estate growth for much of the decade. Supplied.Cambodiaโ€™s construction and real estate sectors may have a better cause for optimism in 2022. Earlier in January, the National Bank of Cambodia (NBC) released a report on the bank sectorโ€™s macroeconomic progress and outlook for 2022.According to NBCโ€™s report, the global economy is expected to grow at different rates, depending on how effective COVID-19 prevention measures are in different countries. At present, the omicron variant, though less severe in terms of symptoms, is noticeably more transmissible; stoking fears of lockdowns that may stifle economies once again.Despite omicronโ€™s presence, NBCโ€™s report highlights promise from Cambodiaโ€™s exports, namely in garments and textiles, as well as new launches in producing electronic parts and bicycles to add to the Kingdomโ€™s export portfolio.Additionally, Japanese mall developer AEON is mulling to build a 30,000 sq meter logistics center in Sihanoukville in 2023. The gigantic center will offer import storage, customs clearance and support for cross-border online retail.Ford is investing $21 million dollars to manufacture its SUV lineup in Cambodia. Supplied.According to a report by the Khmer Times, US automaker Ford has invested $21 million in an assembly line in Cambodia for the production of the Ford Ranger and Ford Everest. The assembly line is currently under construction and will begin production in April.The report further highlights the importance of the Regional Comprehensive Economic Partnership Agreement (RCEP), an agreement between the 10 ASEAN Member States and the Free Trade Partners (Australia, New Zealand, China, South Korea and Japan) entered into force earlier this year. This will provide opportunities for trade in services and goods, investment and e-commerce.Cambodiaโ€™s construction and real estate sector is also expected to see a recovery albeit a conservative one. NBC cites a pick-up in domestic activity and investment since the economy largely reopened in the latter half of 2021. Rising domestic revenue and consequent investment will be the key drivers of the Kingdomโ€™s property sector growth.It is worth noting that the local interest for properties has kept real estate activity going in Cambodia. Landed properties have noticeably become more popular, especially those offered in the affordable and mid-range of the marketโ€™s spectrum.In an earlier report by Realestate.com.kh, Cambodiaโ€™s largest real estate classifiedโ€™s portal, a sizable section of the websiteโ€™s traffic has been searching landed properties in Sen Sok and new developments Chroy Changvar - two districts that are seeing continued growth despite the pandemic.ย That is not to say condominiums have been completely overtaken by landed homes. According to Realestate.com.kh, the search for residential properties (condos and landed homes) in core areas of the city such as Chamkarmon and Boeung Keng Kang still topped the popular siteโ€™s searches in 2021. How regular discounts are offered and the overall decrease in average quoting prices are still driving interest from local middle-class and international buyers.Given difficulties faced in the first half of 2021, Cambodiaโ€™s growth for the previous year is only expected to be around 2%, according to the NBC as well as the WorldBank and Asia Development Bank. However, all three banking institutions project ~5% growth for Cambodia in 2022.Looking for property in Cambodia? Let us help!Article by:
"Bay Area Economic Circle" starting to form in Phnom Penh
"Bay Area Economic Circle" starting to form in Phnom Penh
June 7, 2022, 6:29 a.m.
A rendered image of the Svay Chrum Bridge connecting Areyksach in Kandal to Metro Phnom Penh. Supplied.On January 3, 2022, South Korean Ambassador to Cambodia, Park Heung-Kyeong, joined Prime Minister Hun Sen in the groundbreaking ceremony of National Road No. 48 - a coastal road connecting Preah Sihanouk and Koh Kong.The National Road 48 was funded by the Republic of South Korea to the tune of US $78 million and is being constructed by Ilsung & Hanil Joint Venture.During the ceremony, the South Korean Ambassador revealed that the South Korean government is exploring the possibility of a bridge connecting Phnom Penh to the Areyksach area in Kandal province.The Areyksach area is located on the bank of the Mekong River in Kandal Province, east of Phnom Penh City. It is opposite Koh Pich (Diamond Island) and is a riverfront area with great development potential for its wide and flatlands. According to the urban master plan issued by the Phnom Penh Municipal Government, the Areyksach district will be under the jurisdiction of Phnom Penh in the future and is earmarked to be a satellite city with large shopping malls, modern residences, office buildings and leisure and entertainment.The South Korean government intends to build a bridge to both improve Phnom Penhโ€™s economic outlook and strengthen the friendship between the two countries. According to a report by the Khmer Times, the technical teams carried out research on site selection and construction plans, and are considering building the friendship bridge from either Chroy Changvar or Daun Penhโ€™s Riverside.โ€œWe are finalising the details of the bridge project. After that, we will open bids for the construction of the bridge. I think the bridge could be built in 2023,โ€ said Sun Chanthol, Minister of Public Works and Transport.Many residents of Kandal province presently use ferries to get across the Mekong River into Phnom Penh. Building a bridge and physically connecting the population centres is expected to alleviate traffic congestion and make travel much more convenient."Bay Area Economic Circle" starting to form in Phnom PenhCross the Mekong as part of the city's expansion plans would be a landmark achievement for Phnom Penh's developers and urban planners; joining other developed cities in incorporating rivers into its metropolis. Supplied.Phnom Penhโ€™s outward expansion has been an ongoing trend in the city's property sector. In the past few years, the capital city has seen Sen Sok develop into an urban centre with plenty of residential choices and supporting commercial areas. The district of Meanchey is similarly seeing interest since the completion of the Hun Sen Boulevard in 2018 and the construction of AEON Mall 3, soon to be the largest purpose-built shopping mall in Cambodia. The southern district is now the site of several sprawling boreys from the Kingdomโ€™s most well-known developers.The Cambodia-South Korea Friendships Bridge, to be known as the โ€œSvay Chrum Bridgeโ€, opens up the potential for an eastward expansion of Phnom Penh. Chroy Changvar, one of the shortlisted sites for the upcoming bridge, has been a hotspot of borey and condominium projects in the past few years. Key developments such as Morodok Techo National Stadium and the adjacent WorldBridge Sport Village are expanding the possibilities of where Phnom Penh residents can settle down.Koh Norea Satellite City is one of the largest developments Phnom Penh is seeing to date. Supplied.On the southern end, the Chbar Ampov district is a major population centre home to almost 170,000 residents. It hosts several residential and commercial developments, as well as a new bridge connecting Koh Pich and Chbar Ampov known as the Koh Norea Bridge. The landmark development in this district, however, is the Koh Norea Satellite City, being developed by the OCIC to the tune of US $2 billion. The satellite city has reached its 30% completion milestone and stands directly opposite the Areyksach district in Kandal, only separated by the Mekong.Current development plans are pointing to an eastward expansion of the capital city. Future plans of incorporating Areyksach into Phnom Penh serve as an endpoint for what appears to be a continued pincer movement coming from the Chroy Changvar in the north and Chbar Ampov in the south. At present, the infrastructure plans mentioned above are still in different stages of development. However, based on what we have seen from Cambodiaโ€™s developers and planners, such undertakings are only a matter of time.Looking for property investments in Phnom Penh? Let us help!
BHCC Development to build 200-room business hotel in Phnom Penh
BHCC Development to build 200-room business hotel in Phnom Penh
June 6, 2022, 5:00 p.m.
BHCC DEVELOPMENT, BHCC Tower Construction in Phnom Penh City. A high-rise complex that includes a business hotel, commercial facilities, and parking. Buildings that will become landmarks in Phnom Penh, pay with BHCC at all facilitiesBHCC, a digital asset with a mainnet, will build a 200-room business hotel in Phnom Penh, the capital of Cambodia, and a BHCC tower that includes various convenience facilities such as a coffee shop and a mart.According to BHCC recently established a real estate development company (BHCC DEVELOPMENT CO., LTD) and secured the right to use a parking lot near the Russian Market in the center of Phnom Penh.BHCC Tower, built by BHCC DEVELOPMENT CO., LTD, is a 12-story building with 11 stories above the ground and 1 basement. Convenience facilities such as a large hotel, sky room, and various commercial facilities are scheduled to be built, and BHCC Tower is expected to become a landmark in Phnom Penh when the construction work is completed.BHCC Tower, which is expected to become a landmark of Phnom Penh, will be built near Sangkat Toul Tompong 1, Khan Chamkarmon, Phnom Penh. The project is currently in discussion with nearby merchants about relocation.A person related to digital asset BHCC said, "BHCC is used as a payment method in all facilities in the BHCC Tower, including hotels and shopping malls."BHCC DEVELOPMENT CO., LTD secured 100ha in Siem Reap, Cambodia's second city, separately from the BHCC Tower construction in Phnom Penh and is preparing to build a large-scale leisure facility with various recreational facilities such as hotels and resorts, we plan to use BHCC as a payment method here as well.The plan that BHCC is currently designing and drafting a specific development plan is near the dock for floating houses in Siem Reap. The large-scale complex leisure facilities will be built in Siem Reap Province, Cambodia.Meanwhile, digital asset BHCC is listed and traded on the global exchange Todaycox and Hotbit Exchange. In particular, Todaycox Exchange allows you to purchase points with credit cards such as Visa and UnionPay.Looking for new developments in Phnom Penh? Let us help!
$10.35 billion in construction projects approved in first 11 months of 2021
$10.35 billion in construction projects approved in first 11 months of 2021
August 1, 2022, 4:35 a.m.
While 2021 may not have been the best year for many businesses in the Kingdom, the countryโ€™s real estate sector has something to look forward to as the Ministry of Economy and Finance (MEF) recently announced that almost 4,000 projects, amounting to over $10.35 billion USD were approved in the first 11 months of 2021.Of the almost-4,000 project figure, 90% are classified as residential projects. Phnom Penh is Cambodiaโ€™s fastest-growing city and was the primary destination of the foreign property investors in the years leading up to 2019.Approved projects total around 12 million square meters comprising residential, commercial, mixed-used, and industrial projects, according to the MEF.It is worth noting that Asia-Pacific residential markets have already started heating up as buyers look to secure property at significantly more attractive prices while they still can. This trend can be seen in how Cambodiaโ€™s landed property sector is picking up steam on the back of increasing local demand for affordable and mid-range landed properties.While the MEF did not disclose total projects approved in 2020, the value was estimated at $7.75 billion USD, a 32% decrease from 2019โ€™s figures. Given 2021โ€™s total construction value, this signals the first step in Cambodiaโ€™s recovery - making the question of a pre-pandemic flurry another matter of when.Last November 2021, the Cambodian government relaxed travel requirements for foreigners entering the country.ย  This is off the back of the Kingdomโ€™s high vaccination rates and relatively low number of cases compared to its neighbours. The relaxation of requirements similarly extended to businesses within the country, including bars, discos and KTVs.The ADB and the World Bank projects Cambodiaโ€™s economic reopening and simplified travel requirements will contribute to a ~5% GDP growth in 2022.Looking for new developments in Phnom Penh? Let us help!
Stamp Duty exemption extended December 2023 for properties under $70,000
Stamp Duty exemption extended December 2023 for properties under $70,000
June 6, 2022, 5:00 p.m.
The extension on Stamp Duty exemption will likely play a role in the increasing competition between landed property developers in Cambodia. Supplied.The exemption on Stamp Duty for properties under $70,000 will be extended, according to his Excellency Phan Phalla, Secretary-of-State of the Ministry of Economy and Finance. The announcement came after a press conference on the economic recovery strategy held last December 14.The Stamp Duty is a 4% tax applied on the transfer of ownership or possession of real estate in the form of a sale, gift, or share transfer.The exemption was initially implemented a year ago in December 2020 as part of the governmentโ€™s strategy to encourage real estate activity at a time when Cambodiaโ€™s return to a semblance of normalcy was still unclear. The 1-year exemption period was made to last until December 2021 but has been extended to December 2023 under Prakas 22267 of the General Department of TaxationCambodiaโ€™s construction and real estate sectors have been major contributors to the Kingdomโ€™s fast economic growth. According to a World Bank Report, construction made up one-third of the Kingdomโ€™s GDP leading up to 2019. The Ministry of Land Management, Urban Planning and Construction reported that there were around ~4,300 projects approved, totaling $9.3 billion in 2019.The flurry of activity appears to be returning as over 4,000 projects have been approved in the first 11 months of 2021.The waiving of the Stamp Duty is a part of the governmentโ€™s continued strategy to foster economic activity by reducing associated costs. In early December 2021, Prime Minister Hun Sun spoke during the inauguration of National Road 11 in the Prey Veng provincial capital and noted that the continued tax exemptions are part of revitalizing the economy after its reopening.โ€œWe do not stop at simply reopening,โ€ said the Prime Minister. โ€œWe must continue looking out for our people and be ready to address the uncertainty that lies aheadโ€.Find new developments in Cambodia today
Prince Huan Yu Center Celebrates Christmas and Second Building Completion Ceremony
Prince Huan Yu Center Celebrates Christmas and Second Building Completion Ceremony
June 6, 2022, 5:00 p.m.
Phnom Penh: On December 25, 2021, Prince Huan Yu Center celebrated Christmas and the completion of the second building project. On the morning of Christmas day, the last part of the project to build the second building of Prince Huan Yu Center was completed. Prince Huan Yu Center held a grand celebration to thank its partners, investors and buyers.Completing a construction project is not an end point, but a new beginning. Prince Huan Yu Real Estate Co., Ltd. promises to focus more on quality assurance products with precision for future customers.Adjacent to Naga III projectThe Prince Huan Yu Center project is located in the Commercial Area (CBD) in Phnom Penh's Chamkarmon district.Not only that, the project is located near the central business area in Boeung Keng Kang 1, around the embassies of 31 countries, such as the Russian Embassy, โ€‹โ€‹the Australian Embassy, โ€‹โ€‹the South Korean Embassy and the Embassy of Japan. The project is located near major institutions such as the Ministry of Agriculture, the Senate, the Ministry of Interior, the National Assembly and the Ministry of Foreign AffairsIn addition to government institutions, there are many shopping malls and entertainment places such as, Aeon Mall 1, Koh Pich, Riverside, Independence Monument and many other tourist hotspots.High rental rate from 8% to 10%The Prince Huan Yu Center is meticulously constructed with the concept of "luxury living", a world-class 140,000-square-meter multi-storey city ranging from 40-82 square meters of the 5.4 metres storey LOFT - an offering unique across Phnom Penh.โ€œBuy one floor, get two floorsโ€ Prince Huan Yu Center offers 31-105 square meters of platinum condos to be built as you desire and even designed to accommodate first-class brands. They come fully equipped, accessible, and more than adequate to meet the different needs of outstanding business people.Prince Huan Yuโ€™s ideal location, supported by a unique and exquisite offering of daily life grants it the potential to have a rental yield of 8% to 10% annually. Given all that makes it popular, Prince Huan Yuโ€™s residential property owners are expected to gain a 15% appreciation on their home investment, on top of an expected high rental yield. There is little-to-no competition in Prince Huan Yuโ€™s status as a much sought-after property in Southeast Asia.Prince Huan Yu Center will complement its residential offerings with 30,000 square meters of commercial space. This will become the first modern art mall in Phnom Penh: the Prince Mall (Phnom Penh). With its flexible architecture and integrated business mix, it will create an international business environment to meet the needs of urban dwellers, high-level executives, business people and the growing middle-class of Phnom Penh - creating a space where many can find something to call home.Building to make a beautiful CambodiaPrince Huan Yu Real Estate Group is a subsidiary of Prince Holding Group. Prince Holding Group is a diversified international investment firm based in Cambodia with a portfolio of businesses around the world. The business scope covers real estate development, commercial real estate operations, high-end hotels, banking and many other capital-intensive sectors and a broad development perspective.As a real estate subsidiary of Prince Holding Group, Prince Real Estate Group adheres to the development concept of "Building a Beautiful Cambodia", laying the foundation for Cambodia, using Phnom Penh and Sihanoukville as strategic bases. With the project of Prince Mall, Samrong Village, Prince Golden Peacock and many other city-leading projects, it has become a leading enterprise in the field of real estate development in Cambodia. In the future, the affiliate will continue to strive to create more and better high-end housing products for home customers and contribute to Cambodia's urban development.Learn more about Prince Huan Yu Center
More parks for Phnom Penh will help property developers, not hinder them
More parks for Phnom Penh will help property developers, not hinder them
June 6, 2022, 5:00 p.m.
Beaming with wide smiles, a family watches their children play across the greenery studded plaza. A group of seniors exercise with their fitness instructor, while walkers leisurely stroll along the promenade; enjoying the fresh breeze after a long day of work. These scenes play out each evening in Phnom Penhโ€™s few parks, but as the city continues to grow they are becoming even more scarce.One recent assessment of Phnom Penh published by UNDP found that the public space ratio in Phnom Penh has dropped from 1.1 square metres per person in 2014, to only 0.67 square metres per person in 2020. This statistic puts Phnom Penh well below other cities in the region like Singapore averaging a ratio of 7.04 square metres per person, Seoul with a ratio of 14.66 square metres per person, and Ho Chi Minh City overall, which in 2019 averaged 13.7 square metres per person.Any hopes of reversing this trend must take into account the desires and motivations of property developers. With private developers holding the majority of Phnom Penh's land, it is crucial that these stakeholders be convinced of the benefits of public space not only for the public but for their own financial interest as well.ย A jewel of Southeast AsiaHistorically, Phnom Penh was known to be a picturesque garden city. So how did it end up in its current state?ย After the nationโ€™s Independence, Phnom Penh was renowned for its beautiful cityscape which incorporated public parks, riverside promenades, and tree-lined boulevards. This was thanks to carefully crafted public spaces planned and executed, first by French architects, and later by Cambodians who maintained and expanded upon those principles, ensuring that the city remained livable and serviced its inhabitants well.As Phnom Penh expanded, however, rapid growth and disjointed urban planning have meant that public spaces are an increasingly rare feature of urban development projects. As a result, the outer districts sorely lack the public amenities of the older, central districts.In the rush for development, public spaces were neglected causing Phnom Penh to sacrifice significant benefits which public spaces contribute to a city, its inhabitants, businesses, and property developers.Public spaces are a necessity, not a luxuryFor city dwellers, public spaces play a crucial role in childhood health development. According to the Design Council of the UK parks and greenery are crucial because they provide a safe environment for children to play by learning, facilitating more creative and stimulating activities. I myself am a parent raising two children, we live in an outer district of Phnom Penh, and finding public space for my son and daughter to play is practically impossible.ย The fact that parks ease environmental strain is also well established; reducing the heat island effect, flood mitigation, and reducing air and noise pollution. The knock-on side effects include; reduction of energy cost, dampening financial cost of natural disasters, and decreasing healthcare cost - all of which have been measured to indirectly save a substantial sum.Public spaces also add intangible value to a city's worth and character. They contribute to a city's sense of place ( what designers refer to as โ€œplace-making'' ) which determines a cityโ€™s uniqueness. In this manner, parks indirectly contribute to a cityโ€™s productivity and human development growth by attracting talented individuals to live, study, and work there.There is no doubt that public spaces are indispensable. However, more public spaces will not be possible without the efforts and commitment from property developers. Fortunately, there are irresistible economic advantages for private developers as well.The case for property developersPrevailing beliefs regarding public spaces have left many in the real estate and construction sector reluctant to include these features in their projects. The Cambodian Construction Association, for example, publicly lamented attempts by the government to mandate that green spaces constitute at least 30 percent of the total plot size as wasting valuable development opportunities. This grievance is reflected in action, with many buildings in Phnom Penh ignoring the rule set by the Ministry of Land Management and Urban Planning.However, property developers must recalibrate their strategy, since it is well-established that parks provide direct economic benefits to the private sector by increasing property prices, attracting tourists and local visitors, creating more opportunities for retail, and luring additional financial investment.ย For instance, Chicagoโ€™s Millennium Park which was converted from a derelict rail yard is now an island of greenery. The urban park also boasts outdoor art exhibitions, a music festival venue, a myriad of recreational facilities, and event halls for rent. The cityโ€™s investment of 500 million USD has generated 2.6 billion in visitor spending while contributing 1.4 billion USD to nearby properties, by 2014.Other case studies show that cities can reap big benefits, even from smaller, less costly projects. The Gabriel's Wharf project in London, for example, proved that even a modest initial investment of 125,000 USD can generate outsize economic windfall. The former 1,800 square meter warehouse is now home to a mix of shops, a vegetable market, and performance areas. The space is now a magnet of activity; generating revenue for the renter, shop owners, and adding 60 permanent jobs to the neighborhood, while undoubtedly adding to the financial prospects of nearby properties too.It is obvious that public spaces provide a number of direct and indirect benefits to urbanites, the city, businesses and real estate owners. However, Phnom Penhโ€™s scarcity of public spaces means that it is foregoing many of these advantages. So what could be done to alleviate the issue?Weaving parks into space-strapped Phnom PenhAdmittingly, spawning generously sized parks may not be possible for the cityโ€™s already cramped districts, but public green spaces can still be woven into its urban fabric through a number of manners.ย Both local and foreign examples of smaller, temporary parks lead the way in illustrating an unorthodox approach. In contrast to traditional parks, they enjoy advantages in flexibility, good place-making value, and low cost, while retaining the same positive impacts.Phnom Penh already has a commendable example of such a concept put into action; Odom Garden is an oasis of greenery at the heart of the city. Although not as expansive as the parks adjacent to the Independent Monument, Odom Gardenโ€™s cozier, well-shaded atmosphere and provision of small shops and an event area, arguably makes for a more exciting place to visit.ย The gardenโ€™s success is the result of temporarily exploiting a yet-to-be initiated construction site, located in the middle of the city. The developers cleverly choose to make a small investment and take advantage of a temporary site, which would otherwise be left vacant and unproductive until constitution begins. Thus other property developers should take note, and implement similar projects on their own vacant properties.In the meantime, Odom Garden provides an unparalleled opportunity for visitors, and is a proof of concept that smaller and temporary parks have a place in Phnom Penh.For larger public space interventions, Phnom Penhโ€™s efforts to transplant its industrial facilities elsewhere inevitably opens up opportunities to conduct brownfield developmentโ€”redeveloping former industrial zones.ย The Shanghai Houtan Park provides an inspiring blueprint for a unique and impactful redevelopment. The park restored a portion of the Huangpu riverside, reclaiming that space from a steel mill, a garbage dump and a shipyard. It incorporates pleasant walkways, scenic viewpoints along the River, and nurtures a natural wetland ecosystem. Thus, fulfilling all the programs of a public space, generating unique place-making value while also doubling as a natural water treatment infrastructureโ€”filtering 1,900 cubic metres of polluted water every day.Government policies to incentivize private developersA key part of the governmentโ€™s response to getting Phnom Penhโ€™s public spaces back on course took shape in Sub-decree No.42 ratified since 2015โ€”which laid out provisions for public spaces in urban areas of Cambodia. Crucially, in order for the real estate sector to act, the municipal authority must attain their cooperation through a combination of stricter enforcement and incentives.The first step is to strictly enforce already codified building laws. With regards to open space, two important ratios codified in building regulations come to mind; OSR or Open Space Ratio and Floor Area Ratio or FAR.ย FAR determines the total floor area of a project in relation to its plot size. Thus, FAR acts as a restraining component, to prevent a building from becoming too large and too tall, with respect to its land plot. Meanwhile, the OSR requirement ensures that a specified percentage of ground-level space remains open.To ensure that such critical ratios are followed, the Ministry of Land Management and Urban Planning should do more than passively informing design companies, construction contractors and real estate developers. Instead, it should actively engage and advise them of the shared benefits of following such laws and hold technical training seminars to familiarize all relevant parties to the nuances and technicality of the newly adopted law.Promoting awareness followed by stricter enforcement is just half of the strategy, incentives are also needed to keep developers keen and even induce them to compete in producing better public spaces.ย A proven method that has been implemented in other cities, is to relax restrictive requirements in exchange for adopting additional green space. For example, if a project exceeds the minimum OSR requirement, then they would be eligible to build higher, have more FAR, or be allowed to have less parking spaceโ€”thus providing builders with more development space.Furthermore, to allay fears that these open spaces will not be accessible to the general public, the OSR rules could be expanded upon, defining that the open space must be accessible to the public.Hence, convincing developers to include public spaces can be realized through a combination of active engagement, strict enforcement, and easing restrictions in exchange for exceeding set criteria.Whatโ€™s at stake?The value and utility of public spaces to Phnom Penh are indispensable. Therefore it is paramount that city planners and developers alike adopt a new perspective on parks; recognizing their benefits, investigating practical application of unorthodox park ideas - while also formulating, accepting and undertaking policies which are public space-orientated.What is at stake isnโ€™t just opulence and grandeur, but a city that is livable, vibrant and competitiveโ€”which is well within our grasp. After all, parks should not be a luxury but a necessity.*This article was written by Aronsakda Ses, a Young Research Fellow from Future Forum.About Future Forum:Future Forum is an independent think tank generating new thinking for a new Cambodia, byย nurturing a community of young thinkers, developing positive policy solutions and engendering critical debate.
Group Life Insurance โ€“ Financial Security and Happiness for Your Employees
Group Life Insurance โ€“ Financial Security and Happiness for Your Employees
June 6, 2022, 5:00 p.m.
Group Life Insurance is a type of insurance policy generally offered by employers and organizations to provide life insurance coverage to its employees or members. These days, Group Life Insurance plans have become the standard and preferred form of life insurance protection for many employers and organizations alike. It provides simple financial security and independence to the loved ones of the employee in the event of his/her death or total disability. Depending on the insurer and the plan chosen, other benefits such as critical illness and medical benefits could be attached to the basic plan to provide comprehensive protection. If you are an employer or organization and currently do not offer Group Life Insurance coverage, it should be a part of your complete benefit package to attract and retain talent and to ensure financial protection for your employees.Benefits of Group Life InsuranceEmployers/OrganizationsAffordable PremiumsGenerally, Group Life Insurance is more affordable than individual life policies for a similar amount of coverage as the risk is spread across a greater number of people.ย Attractive IncentiveAs part of a complete benefit package, it is something that will attract and retain talent as it gives employees a sense of security and a peace of mind which will lead to increased productivity and loyalty.ย Simple Payment ProcessPremium payments are generally due annually except when there are movements of employees, then additional/refund of premium will be due at that time.ย Tax-Free BenefitIn Cambodia, if the same coverage is provided to all employees regardless of employment or job classification, the insurance premiums shall not be subject to fringe benefit tax of 20%.Employees/MembersFree or Low-Cost BenefitGroup Life Insurance is usually an incentive provided by employers and organizations as part of a complete benefit package that is typically free of charge to the employee.ย Customizable PlanEmployees may choose to opt-in for additional or higher coverage in addition to the standard plan provided by the employer or organization. Depending on insurer and plan chosen, spouse and children can also be added to the policy.Free Cover Limitย Most Group Life Insurance policies typically include a Free Cover Limit where underwriting is not required if the coverage is below the Free Cover Limit. This leads to a more simplified process and is a reason why it is generally easier to become protected under a group plan.Tax-Free BenefitThe insurance benefit received by the insured or beneficiary as the case may be is tax-free and also leads to a simplified claim process.ย EligibilityThe acceptance of coverage and the insurance premium amount will depend on a variety of factors including the age, gender, coverage amount, occupation class and health condition of the employee. In addition, as a requirement from the insurer, there will be a minimum number of members required in order to qualify for group coverage. Employers and organizations may also have requirements before allowing employees to participate in the Group Life Insurance plan such as passing a probationary period before being granted coverage. Either way, when searching for a group policy, thoroughly research and compare all of your options to ensure you are getting the best life insurance policy possible.If you are interested in Group Life Insurance and would like to learn more about it, please contact us today!Inquire about Group Insurance today!
Cambodia Real Estate Award 2021-2022: Be recognized as one of Cambodiaโ€™s top developers
Cambodia Real Estate Award 2021-2022: Be recognized as one of Cambodiaโ€™s top developers
June 6, 2022, 5:00 p.m.
Realestate.com.kh, The Ministry of Economy and Finance, and Cambodian Valuers & Estate Agents Association proudly present the Cambodia Real Estate Awards 2021-โ€™22. The event, to be held in March of 2022, will honor the year's most exceptional real estate developments and successful initiatives. The awards will be available for all types of real estate agencies, including residential, commercial, or developments, and land developers who show their properties nationwide.For the first time in history, the Cambodia Real Estate Awards have added various categories for property developers. These categories include Developer of the Year, Condominium Developer of the Year, Borey (Landed Property) Developer of the Year, Commercial Developer of the Year, and CSR & Social Impact Developer of the Year.The Cambodia Real Estate Awards is regarded as the premier national award for excellence within the real estate industry. The goal of the night is to recognize and honor this yearโ€™s outstanding projects and developments that have elevated the fabric of Cambodian real estate. It aims to recognize the achievements of the industry objectively and without bias, which grants all firms and individuals an opportunity to participate regardless of the size or wealth of their operation.Industry experts and leaders are responsible for identifying the top three winners across all categories. These judges will select an overall winner based on exponential business growth, along with overall significant development and success.Grand prize winners receive:a gorgeously designed trophy that boasts magnificent designs inspired by Cambodian cultural architecture.ย the prestigious Cambodia Real Estate Awards seal which can be used for their future ventures in marketing after the eventย a framed certificate confirming their achievement will be bestowed upon them. Mentioning that you have won this award on your realestate.com.kh profile will assist in gaining the trust of future potential clients.The judging process will be monitored with diligence by established auditing firms to ensure the integrity of the award. Judges will be required to submit their credentials for an evaluation of independence from related corporations. The judges will adhere to a code of professional conduct outlined by the organizations.Entries for the Cambodia Real Estate Awards are now officially open! If you are interested in entering the awards or becoming a sponsor of the Awards, please click on the link to the official website below, or find contact information below.Enter the Cambodia Real Estate Awards 2021-2022Key ContactsDevelopers & Development Awards Entry ContactsEnglish & Khmer:ย Name: Khiem Darina Stefania (Steff)ย Position: CREA Developers & DevelopmentEntry Facilitator & REAKH Relationship Managerย Email: stefania.khiem@realestate.com.khย Phone: +855 (0) 10 699 333ย Chinese:ย Name: Taing Muyngy (Muyngy)ย Position: CREA Developers & Development Entry Facilitator & REAKH Relationship Managerย Email: muyngy.taing@realestate.com.khPhone: +855 (0) 10723379ย Agency Awards Entry Contactsย English & Khmer:ย Name: Tin Mashington (Ton)ย Position: CREA Agent Entry Facilitator &ย REAKH Relationship Managerย Email: ton.mashington@realestate.com.khPhone: +855 (0) 81 305 205ย Chinese:ย Name: Taing Muyngy (Muyngy)ย Position: CREA Agent Entry Facilitator &ย REAKH Relationship Managerย Email: muyngy.taing@realestate.com.khPhone: +855 (0) 10723379ย Cambodia Real Estate Awards - Sponsorship Contactsย Name: Jeff Steevesย Position: Business Development ManagerEmail: jeff.steeves@realestate.com.khย Phone: +855 (0) 85 250 962Enter the Cambodia Real Estate Awards 2021-2022