Cambodia Real Estate Magazine Issue 4

F

ISSUE 4

R E E THE GATEWAY 雲極

BY EXPERIENCED SINGAPOREAN DEVELOPER Full story on page 26

THE TECH EDITION:

INDUSTRY RAPIDLY ADOPTING REAL ESTATE TECH SOLUTIONS Full story on page 20

REVOLUTIONIZING REAL ESTATE TECHNOLOGY Full story on page 38

FEATURED AGENCIES

DOWNLOAD THE REALESTATE.COM.KH APP

TABLE OF CONTENTS 20

10

26

38

INSIDER ANALYSIS

38

ECONOMIC GROWTH PROSPECTS

42

SUPERCHARGE YOUR AGENCY

46

ADOPTING TECH SOLUTIONS

48

THE GATEWAY

50

Market leaders share their views on the “One Belt, One Road” policy.

14

CAM B ODIA R EA L E STAT E S HO W

54

ONE PARK CONDOMINIUM

56

Learn how GRED is integrating the “Concept of Community.”

64

vKIRIROM PROJECT

73

F O REI G N O WN ERS HI P

82

PENTHOUSE RESIDENCE

87

Construction progress boosts investor confidence.

INVESTMENT RISING

Cambodia becomes leading Chinese real estate investment destination.

FEATURED PROPERTIES

Check out the hottest properties from our featured agencies.

AG EN T DI RECTORY Get in touch with the Kingdom’s best agencies.

Laws and Regulation as of 2017.

The Kingdom’s most comprehensive property expo.

34

SEARA SPORTS SYSTEMS

CITY TOWER

A unique and uodern high-rise office building in Phnom Penh.

Sustainably and innovation is at the forefront of this development.

First-choice development project along Russian Boulevard.

28

62

A history of quality sports construction in South East Asia.

VR & AR technology is changing how developers market.

26

GREAT KHMER ARCHITECTURE

WHERE ART MEETS PHO T O G RAPHY Learn how to take pro property pics.

A photo-essay of Cambodia’s most famous cinemas.

Learn how crm solutions can grow your business.

20

60

We unveil our new website and app!

Cambodia as a gateway to ASEAN.

16

REVOLUTIONIZING REAL ESTATE TECH

W HAT O U R C U S T O MERS SAY

Learn why market leaders list on realestate.com.kh.

PROPERTY TAX IN CAMBODIA A complete guide for tax obligations for investors.

2017 CAMBODIA REAL ESTATE

5

LETTER FROM THE EDITOR Dear Readers,

With this in mind, we are proud to present the Cambodia Real Estate

We are witnessing an online revolution!

magazine TECH EDITION. In this issue,

It doesn’t take a genius to notice the

we take a look at how real estate tech

huge influx of online vendors entering

is changing the face of the market,

the market - from online retail stores,

and the experience of both real estate

mobile payment gateways, tuk tuk and

buyers and sellers.

taxi apps - even Uber has entered the market!

Check out our article on how Cambodia-based property developers

Cambodia now lives online and

are utilizing Virtual Reality (VR) &

consumers are increasingly

Augmented Reality (AR) to create virtual

demanding information at their

showrooms which allow buyers around

fingertips. According to the December

the world a totally submersive online

2016 realestate.com.kh Consumer

tour of the unit.

CREDITS Editor in Chief: James Whitehead Managing Editors: Cheng Nara Alexandra Iuchyk Contributing Writers: Ky Kosal Cheng Nara Vat Vin Matt Angeles Art Director: Jozel Ann Esguerra

Sentiment Survey, which surveyed over Sales & Marketing:

5000 active Cambodia property buyers

Meanwhile, we take a detailed look

and sellers, 73% of respondents said

at how Customer Relationship

that the internet is the prefered place

Management (CRM) systems can

to start their real estate search - as

help real estate agents and agencies

Mily Bonanza

compared to traditional means such as

transcend into a new era of business

Vanna Reth

real estate agent offices, print media

management and efficiencies, and

and physical searches.

ultimately allow them to compete in much more competitive real estate

Meanwhile, the Hootsuite Singapore

market - such as Cambodia has quickly

- We Are Social report showed that by

become.

January 2017, the number of active

Tyler Stuart Nin Kang

Publisher: Image Printing Special Thanks: The Realestate.com.kh Team

Internet users in the Kingdom has risen

Finally, we give a taste of the new

by 43% in the last 12 months - meaning

realestate.com.kh website technology

For more information

over 7 million people in Cambodia now

and our new app, which is available in

please contact us at:

actively use the internet in their daily

the app store as of now!

lives.

+855 (0) 17 436 756 Thanks for reading and we look

Hence, the internet is providing a

forward to the next issue of the

powerful vehicle for real estate agents

Cambodia Real Estate magazine in the

and developers to reach their target

coming months.

market - whether that market is based in Cambodia or overseas.

info@realestate.com.kh

JAMES WHITEHEAD EDITOR-IN-CHIEF

Browse almost 50,000 properties from over 150 agents and the leading property developers

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LETTER FROM THE CEO

find property in Cambodia and set out on a mission to build one of the most user friendly search websites and mobile apps, and one that fully integrated with world leading technology solutions for property buyers and sellers, including 360 degree tours and CRM systems for real estate agents in Cambodia.

Dear Readers, In July of 2017 this dream has become a reality, with the full It’s been a huge 3 months since the last issue of the

launch of realestate.com.kh world-class website and app. Its

Cambodia Real Estate magazine. This month we are

all free for your use and we love to hear your feedback.

extremely proud to present to the market our new website platform and app, which represents almost a year of tireless

Meanwhile, we are back with the 2nd Cambodia Real Estate

work from the realestate.com.kh team. In addition, we are

show in just a few months time. Once again, this October 6th

proud to announce our next Cambodia Real Estate show this

& 7th at NagaWorld Hotel, you can enjoy a selection of the

October, on the back of the huge success of the first in May

nation’s finest property offerings under one roof - including

this year.

over 30 developers, presenting borey, condo and land investment opportunities - and banks offering pre-approval

While realestate.com.kh started from humble beginnings

home loans. We also have an impressive new lineup of

in 2009 when our founder Mr. Moek Chenda launched the

local and international economists, lawyers and real estate

first version of realestate.com.kh, he effectively introduced

professionals in our seminar room, presenting in Khmer,

Cambodia’s first ever specialised real estate portal website - a

English and Chinese, and incorporating interactive panel

place where all sellers could list their property and gain the

discussions.

right exposure, and providing a one stop online marketplace for property buyers and renters. Moek focused on growing

Thanks to all our valuable viewers, loyal advertisers and

traffic to the website, and continually making it easier for

business partners for allowing us to achieve so much this

people to find their dream home without the stress and

year, and we look forward to leading the market forward in

effort of running around town.

future.

Now, in 2017, with the world and much of Cambodia moving

TOM O’SULLIVAN

their focus online, Moek, myself and the team at realestate.

CEO

com.kh decided to once again revolutionize the way people

WHO WE ARE 30

Established in 2009, realestate.com.

property investors from all over the

team based in Phnom Penh who are

kh is Cambodia’s leading website for

world.

ready to serve our customers anytime!

Meanwhile, property sellers can

We seek to provide the best possible

list their properties on our website

online real estate buying and selling

Our website lets users search for

and receive direct sales and rental

experience for both home buyers and

properties based on location (by city,

inquiries. And if you don’t know how

property sellers. Contact us today at

sangkat and khan), property type and

to use the website to upload, we can

info@realestate.com.kh or 017436756.

price range. A lot of these users live

even help you do this. We have a

in Cambodia; however, we also attract

dedicated expatriate and Cambodian

property buyers and sellers. We are Cambodia’s home of real estate.

ED I TORI AL

INSIDER ANALYSIS MARKET LEADERS SHARE THEIR VIEWS ON THE “ONE BELT, ONE ROAD” POLICY

Q:

How is the “One Belt, One Road” policy of China likely to affect the Cambodia real estate market prospects now and into the future, in your opinion?

“The Chinese initiative, “the One Belt, One Road” policy, is a great step forward in regards to economic integration and new trade arrangements across the Asian region. This initiative, coupled with the existing good relationships with other Asian countries, will surely result in remarkable growth in respect to Cambodian infrastructure and the real estate sector.

The country will become more attractive for both local and international investors, triggering significant local development within a span of a few years.”

Vathana Heng CEO, Century 21Golden Realty

“If funds are directed at infrastructural developments in Cambodia, particularly roads, ports and rail, it could make Cambodia a more competitive destination for manufacturing, and accelerate industrial development. This type of development would have clear economic benefits to the country, which would flow into the real estate market particularly in areas where the infrastructure developments will take place. As an example, one can look at the recent upgrading of National Road 6, and the outward trajectory of development along that road: the housing and land prices of that area are now increasing at a very fast pace.”

David Marshall Partner, Mekong Strategic Partners (MSP)

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CAMBODIA REAL ESTATE 2017

““The Belt and Road” policy is short for the “Silk Road Economic Belt” or the “21st Century Silk Road” initiative from China. Not only it will promote adherence to peaceful cooperation, openness, tolerance, mutual learning and interactive development, it will also focus on economic development, expanding employment, eradicating poverty, improving people’s livelihood and protecting the environment. Considering the above, Cambodia’s real estate market is likely to be at a high starting point within the development and construction sectors, gaining more global attention.”

Ken Xi Director, Union Development Group

“China’s “One Belt, One Road” policy, also known as “China’s massive project,” is the strategy of the Chinese government to strengthen its economic powerhouse in Asia and all over the world. In this sense, China goes into Cambodia and ASEAN countries through government funding with the provision of funds to the government to build infrastructure.

The impact of China’s One Belt, One Road policy on Cambodia’s real estate market therefore is likely to be positive. More Chinese investors will invest in the real estate and construction market.”

Lately, numerous construction companies from China have come to the Kingdom, some of which are state-owned.

Considering that developers will not have to pay downpayments to construction companies, this will leave them with more cash flow and encourage further investments in Cambodia. Lastly, the policy will further connect China and ASEAN countries giving a huge boost to the flow of goods.”

Nguon Chhayleang CEO, Ratanaka Realty 2017 CAMBODIA REAL ESTATE

11

ED I TORI AL

Q:

How will recent regulation changes restricting Chinese outward capital for international property transactions influence Chinese buyer flows into the Cambodia real estate market, in your opinion?

“China recently introduced a foreign

I personally think that due to these

exchange regulatory policy with

initiatives, the future of Cambodian

the main purpose of restricting

real estate is not only residential;

speculative foreign investments - but

but will also involve the tourism,

the “The Belt and Road” construction

industrial and logistic sectors. I

project investment is not likely to

also believe that the completion of

be limited by this. During “The Belt

Dara Sakor tourism and port city

and Road” Summit Forum on 14th

will attract a significant number of

-15th of May in Beijing, the Chinese

tourists from many countries - as

Government established that it will

well as investors, residents and

create major foreign initiatives within

workers.”

the areas of: infrastructure, trade and investment, financial support, Ken Xi Director, Union Development Group

cultural exchanges and others.

“Based on my research, there have been

way to get the money out of the country

over 1 trillion dollars of Chinese outbound

legally. As an example, investors can open

investments. That capital flew out of China

bank accounts in Hong Kong and then

not just to Cambodia or ASEAN countries,

perform a money exchange from Chinese

but all over the world - and most of this

RMB to US or Hong Kong dollars. It is

capital landed in the real estate sector.

through Hong Kong bank accounts that

Yet, China’s new regulations restricting

Chinese investors can send money to

outward capital for international property

invest in the real estate sector all over the

transactions are likely to have a negative

world. Considering this scenario, I think that

but small impact on Cambodia’s real estate

the Cambodia real estate sector will not be

market.

affected severely.”

The Government’s restriction, as far as I know, still has loopholes - meaning that despite the restrictions, people can find a

12

CAMBODIA REAL ESTATE 2017

Nguon Chhayleang CEO, Ratanaka Realty

“Although China has introduced capital outflow

“Personally, I believe that the new restrictions

restrictions for property, investments in

are not likely to have a negative influence on

Cambodian real estate, particularly those in

Cambodia’s real estate market. In the nature of

retail and condominiums, would certainly not

an investor, especially Chinese investors, they

be affected. This is due the fact that many of the

will always find ways to circulate their capital

building projects may be under the restricted

overseas, and Cambodia is currently a popular

amount line (small size investment projects) and

investment location choice. The restriction is only

could also be funded by local banks. Some of

with the purpose to organize the outflow funds,

the larger scale projects may be affected, but

but opportunity gaps will always be available for

surely not the smaller scale ones.”

the investors.”

David Marshall Partner, Mekong Strategic Partners

Vathana Heng CEO, Century 21 Golden Realty

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2017 CAMBODIA REAL ESTATE

13

ED I TORI AL

ECONOMIC GROWTH PROSPECTS IN CAMBODIA THE GATEWAY TO THE ASEAN REGION

In order to get the best insight into the future of the Cambodian market, one needs to examine its complexities by looking at past trials and victories, current events, and the outside factors that contribute to its growth.

This is exactly what Dr. Sok Siphana, founder and managing partner of SokSiphana&Associates, said during his presentation at the Cambodia Real Estate Show in May this year.

Where does Cambodia stand?

Siphana explains that Cambodia has progressed significantly in the last two decades, backing up his claim with data gathered by ASEAN and the AmCham of Singapore. It is thanks to Cambodia’s economic progress that not only has the country been listed as one of the

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CAMBODIA REAL ESTATE 2017

Dr. Sok Siphana Managing Partner of SokSiphana&Associates

EDI TO R I A L

“Olympians of Growth,” joining the ranks

How are world events going to

What policies are being developed

of China, Laos, India, and Vietnam - but

affect the Cambodian economy?

to strengthen Cambodia’s economy?

also listed by the Asian Development Bank (ADB) as one of the new “Tiger

Siphana paints a backdrop using world

Economies In Asia,” and declared a

events to portray changes that may

The vision of the Royal Government of

lower-middle income economy by the

occur in Cambodia in the near future.

Cambodia is to create a modernized

International Monetary Fund (IMF).

industrial make-up for the country - a He explains that Donald Trump’s victory

make-up that focuses on being a skills-

Siphana confirms that trade, which is

will cause divisions - as a result of his

driven industry rather than a labor-

growing in leaps and bounds, is one of

“Make America Great Again” movement;

intensive one.

the key drivers of the country’s economy.

and that America’s gain may be at the

In fact, Cambodia is an active trading

detriment of others. The relationship

With this aim, Cambodia needs

partner of ASEAN as well as of other

between the US and North Korea is also

to strengthen its linkages with the

major markets like the EU and the US

worrying. A threat of nuclear war has the

regional and global value chains

– focusing on exporting finished goods

world unsettled.

and deepen its integration into

directly to the market and importing

regional production networks by

raw materials for the industrial sector.

A glimmer of hope, however, lies

developing clusters of interconnected

In 2015, the export volume worldwide

in increased Chinese investments

manufacturing production. Furthermore,

amounted to $8.5 billion and the import

– especially with the Belt and Road

Cambodia needs to strengthen the

volume a whopping $10.6 billion. He

Initiative well underway. Siphana assures

competitiveness and productivity of its

explains that the increasing trade

that while Cambodia is not exactly

domestic industries by moving toward

volume was due to growth in agriculture,

in tranquil waters, because of some

modernizing technology and knowledge

manufacturing, and the construction

regional issues, this isn’t enough to cause

based industries

boom that Cambodia has been

an egress in the economy. Nonetheless,

experiencing.

he explains that on the issues of the

Trade, one of the biggest industries in

South China Sea, the willingness of

the country, has thus far shifted from

“For 20-something years we have

President Duterte to open a dialogue

focusing on wood products and textile

managed to come from a war-torn

with China has resulted in less tension

towards industry and technology, paving

country - with nothing - to being an

at the ASEAN summit, showing the

the way to a steady progression toward

Olympian of Growth. So, we must say

possibility of more stable waters to sail

diversification, according to Siphana.

that we are doing very well,” Siphana

in future.

confirms.

He concludes by saying that there is a Interest in ASEAN remains high with

tendency to look at Cambodia as just a

He also attributes the growth to the

some people still wanting to invest in

small market - but clarifies that owing to

accession of Cambodia to the WTO;

this potential association. In this context,

Cambodia’s openness to international

explaining that in 2004, Cambodia joined

Siphana praises Cambodia’s economic

investment, “even though we are a

the WTO and that is when the country

performance and potential, saying:

small market, we are nonetheless now

opened up the whole economy, and

“for Cambodia we’re not doing so bad.

a gateway to ASEAN - which is a huge

the effect of this economic liberalization

There’s still some serious investors

market.”

begun to take place. And that explains

very keen to invest in the country. We

why Cambodia is now doing so well.

still have a very strong attraction in terms of people who come to invest in

But the question remains. With

ASEAN. And people in ASEAN invest in

everything happening now, will

Cambodia.” Still, some of Cambodia’s

Cambodia remain a growing economy?

biggest investors so far come from China, Japan, Thailand, Korea, and the U.S.

Learn more about the Cambodian investment climate on realestate.com. kh today...

2017 CAMBODIA REAL ESTATE

15

AD VERTO R IAL

SUPERCHARGE YOUR REAL ESTATE AGENCY WITH THE REALESTATE.COM.KH CRM & WEBSITE SOLUTION

Developing a relationship with each and every customer is very important for real estate agents, as in understanding and recalling the history of every single property in your database.

And these things must continue for the life of that customer - and of the property. But this task can be fairly difficult if you’re trying to grow your business in a rapidly expanding property market like Cambodia using basic management mechanisms such as paper documents and simple digital sheets.

For this reason, realestate.com.kh

weeks, months and years. A quality

has brought the market a world-class

CRM allows you to grow your business

Customer Relationship Management

sustainably, based on performance and

(CRM) system - available now! The

realistic predictions - as opposed to

system can also be coupled with

guesswork.

professional website solutions, perfectly suited to real estate agencies. The CRM

With the realestate.com.kh CRM you

has been customized to Cambodia real

will know exactly the value each agent

estate conditions and thoroughly tested

brings your business; in terms of new

with a number of local agencies.

listings created, new clients introduced, and revenue for your business. You

Why Use a CRM?

will also be able to diligently track the history of your property portfolio, as to

Managing your property listings,

never miss the next opportunity.

agent team, customer database and marketing from a single, easy to use

Listing & Customer Management:

system can allow you to build a secure database for your business, and make

With a multitude of properties in your

life easier on a day to day basis.

portfolio, there’s a high possibility of losing track of important details –

As the Cambodian market develops and

Meanwhile, understanding the

whether of transactions, inquiries or

competition grows from international

performance of your team and

key documents. And looking for that

agencies entering the market seeking

business as a whole is invaluable.

specific information in spreadsheets

new opportunities, those agencies

This can be done real time with

and outdated websites can be time

managing their business without

the realestate.com.kh CRM, and

consuming and confusing for your

technology will quickly fall behind.

performance can also be indexed over

staff. Managing your listings like this is

16

CAMBODIA REAL ESTATE 2017

inefficient and also dangerous if you

be immediately matched to the buyer

The realestate.com.kh CRM

don’t have full trust in your team of

or renter and sent to them in a matter

Co-Broke Ecosystem:

agents.

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Now, think about that process and

A scheduling and alert mechanism,

customer’s needs on the realestate.

multiply it by the amount of customers

fully integrated with your calendar,

com.kh CRM, you can not only select

you have selling and looking for a

will also make sure you never miss an

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appointment related to that customer

database, but you can also view the

valuable time you could have used to

or property. The same applies to other

co-broking opportunities offered by

create more business opportunities

contacts crucial to your business, such

every other agency using the system.

and make more money.

as property owners, sellers and partner

This means that when you can’t

agencies.

find the right property for your new

When you match properties to your

The realestate.com.kh CRM system

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allows you to enter and save your

The realestate.com.kh CRM also

you can automatically see a list of other

property data in one place. It then

gives you the ability to customize

properties available in the market -

integrates those listings with your

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supplement listing descriptions, auto

commission sharing conditions,

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watermark your images. Other tools

more.

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This is revolutionary technology which

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also provide performance reports to

allows agencies in Cambodia to work as

landlords and sellers.

partners, not competitors - all the while

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protecting your businesses data and

customer enters the CRM system,

listings from being taken without your

properties suited to that customer can

permission.

2017 CAMBODIA REAL ESTATE

17

AD VERTO R IAL

Co-broking agents will only see the

ultimately deals-closed by the people

Agents will also be able to create

information you allow them to see, and

on your team, making it easier for you

stunning, modern websites that will

vice versa. But for your business, you

to evaluate several factors such as

utilize SEO optimization tools and

will never have to turn down a request

strategies, work distribution, and hires

integrate perfectly with the CRM

from a customer due to a lack of stock.

and fires.

system.

Team Management:

Marketing Management:

These are just a few benefits of the realestate.com.kh CRM, and we have

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The realestate.com.kh CRM system

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challenging in terms of communication,

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tracking and understanding their

and your business as a whole. It can

performance over weeks, months and

perfectly track marketing ROI, individual

Email: Info@realestate.com.kh

years. Everyone’s doing something and

property engagement statistics, and

Phone: +855 93 286 468

saying something - and it’s your job

engagement reports that can readily be

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to the marketing forum that created it.

the listing creation, activity and

18

CAMBODIA REAL ESTATE 2017

Learn the various ways we can supercharge your agency. Contact us today.

2017 CAMBODIA REAL ESTATE

19

ED I TORI AL

INDUSTRY RAPIDLY ADOPTING REAL ESTATE TECH SOLUTIONS CHANGING THE WAY USERS INTERACT WITH PROPERTY

Cambodia now lives online and consumers are increasingly demanding information at their fingertips. According to the December 2016 realestate. com.kh Consumer Sentiment Survey, which surveyed over 5000 active Cambodia

property buyers and sellers, 73% of respondents said that the internet is the prefered place to start their real estate search - as compared to traditional means such as real estate agent offices, print media and physical searches.

Meanwhile, Hootsuite Singapore - We are social report showed that by January 2017, the number of active Internet users in the Kingdom has risen by 43% in the last 12 months, meaning over 7 million people in Cambodia now actively use the internet in their daily lives. Hence, the internet is providing a powerful vehicle for real estate agents and developers to reach their target

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CAMBODIA REAL ESTATE 2017

EDI TO R I A L

market - whether that market is based in

development market is booming,

can build just one physical showroom

Cambodia or overseas.

developers need to compete and

and the rest of the showrooms can be

differentiate themselves mercilessly in

produced using VR. It is cost saving, and

order to translate those leads into sales.”

at the same time enables the developer

However, not only is the internet becoming the primary vehicle for real

to show the customer all different types

estate transactions, Cambodia-based

“Some developers have taken note of

of properties in one go. Furthermore,

developers are also beginning to

this and are using our VR showroom

adds Mr. Kobayashi, “users may

leverage interactive technologies to

to bring in more sales,” explained Mr.

customize and design their ideal home

better communicate the benefits of their

Kobayashi. “VR showrooms offer an

right at their fingertips, and simulate the

real estate products to potential buyers.

effective tool because it allows customers

look and feel of the unit in day or night

to experience and interact with the units

time.”

Virtual Reality (VR) tours are one such

for sale, anywhere, anytime.”

technology that is seeing a marked

Meanwhile, the VR Showroom can be

penetration in the Cambodia real estate

Mr. Johnny Chan, Sales & Marketing

saved as a digital record of the project

market. While consumers around the

Director of the Creed Group, the

if the actual showroom is demolished

world have long been harnessing virtual

developer of projects such as Bodaiju

during the development process. Even

reality in the gaming industry, many

Residences, Borey Maha Sen Sok &

without the physical showroom, potential

home buyers and renters around the

Arata Garden Residences, represents

buyers will still able to experience the

world, especially millennials, have come

a developer that has been quick to

show units with the VR Technology.

to expect VR experiences during their

implement this technology. Working

VR is portable, convenient and easy to

home buying process.

with Lastmile Works, Creed now

bring around for outstation/overseas

offers customers a full VR showroom

presentation. “This is a powerful tool to

Mr. Yu Kobayashi, ceo of Lastmile

experience for buyers interested in

attract crowds at expos and real estate

Works Co., Ltd. (Cambodia), a tech firm

condo units in Bodaiju Residences.

shows,” notes Kobayashi.

“We make the next generation of real

“The benefit of VR,” says Chan, “is that

A similar technology that is gaining

estate showroom through VR modeling

buyers can get a full sense of the

traction with Cambodia property sellers

technology.”

property space, feel and design from

is Augmented Reality (AR), which allows

anywhere in the world. This is the

floor plans and architectural models to

VR uniquely offers the prospective buyer

perfect tool for events and expos where

come to 3D life through technology.

the experience of walking through a

they don’t have access to the physical

home without actually being on site,

showroom.”

originating from Tokyo, Japan, says,

or in the developer’s showroom. Mr.

Mr. Wenbing Guan, ceo of Audax, Singapore, a specialist in AR tech that

Kobayashi notes that, “As most of you

Each virtual reality (VR) show unit

is entering the Cambodian market in

aware, a large chunk of Cambodia condo

is painstakingly created by a team

affiliation with the SC Capital group

buyers are not Cambodians. Their habits

of developers in Lastmile’s office in

of companies, says that, “by using the

of buying are totally different. They rely

Phnom Penh in perfect detail and

combination of 3D AR models and

heavily on technology to help them.

accordance with the actual size and

animations, potential buyers are now

This is why real estate portals such as

interior furnishings of the respective

able to view the details of the building

realestate.com.kh have quickly become

units. Coupled with drone footage, VR

through an even more accurate and

major players and shape the way that

showrooms can also give the buyer

direct way.” With AR technology, plans

people are buying properties.”

a taste of the view they will get when

become an augmented reality for the

they move into their new condo unit -

customer, when viewing through a PC,

whether or not the building is completed.

tablet, or smartphone with AR software.

Kobayashi continues, “However, developers are also demanding more cutting-edge marketing materials to

This technology also offers developers a

wow their potential customers, inside

cheaper alternative to building a physical

and outside of Cambodia. As the new

showroom. VR means that the developer

2017 CAMBODIA REAL ESTATE

21

ED I TORI AL

“AR is also suitable for overseas and

Realestate.com.kh is similarly using

viewing. In fact, we are now starting to

outstation events, as those with AR

interactive mediums to support the user

preference properties on realestate.

capabilities are able to present and

experience of real estate seekers on their

com.kh that integrate with one of our

show 3D buildings/interior units anytime,

real estate portal. Mr. Tom O’Sullivan,

walkthrough tours, as it’s simply a better

anywhere to anyone,” notes Mr Guan.

ceo of Realestate.com.kh, notes that,

experience for our users.”

“This means minimum manpower is

“we offer products to developers and

required for outstation/overseas events,

agents such as 360 degree tours and

D’Seaview, for example, were one of the

and the ability to launch events without

walkthrough tour videos because data

first developers in Cambodia to adopt

having to worry about taking any physical

from our website suggests that this has

the virtual showroom, and rid themselves

model/show unit.”

a huge influence on converting the user

of the bricks and mortar showroom.

of the website from a property viewer to

They did this by using realestate.com.kh’s

inquiring directly with the seller.”

virtual floorplan solution, which is “a fully interactive experience,” notes O’Sullivan.

“Real estate listings on realestate.com.kh with a 360 degree tour attached receive,

With all the technological advances

on average, 300% more inquiries that

worldwide in real estate tech, it wasn’t

the same listing with static photographs.

going to take long for Cambodia to catch

Meanwhile, our video walkthroughs are

up. O’Sullivan thought, “that to create the

designed for agent’s with a lower budget

best experience for our users, we must

than developers, but still offer the benefit

ensure our real estate portal and mobile

of 200% more inquiries that the same

app can integrate with technology such

listings with static photographs.”

as VR, AR and anything else that comes on the market in the coming years.”

“Based on these statistics, we are confident to recommend these

Another way that realestate.com.kh is

innovative multimedia products to our

innovating the market is through big data

clientele; and furthermore, these tools

collection. The market saw a small taste

offer an improved user experience

of things to come in December 2016

to our website users - they can trust

when realestate.com.kh released its first

the accuracy of the listings, and get a

ever consumer sentiment survey.

genuine feel for the space and feel of each property, before they commit to

“The intention and scope of the

physically visiting that property for a

December 2016 survey was to dig deeper into the hearts and minds of Cambodia-focused real estate consumers in regards to their perceptions of the market and their current spending and borrowing habits.

By doing so, the survey allows us to predict future buying and selling trends in the market,” confirms O’Sullivan.

“The survey was distributed over email to the realestate.com.kh database of both local and international subscribers. It was also featured on the realestate.com.kh website for a two week period, and shared on the realestate.

EDI TO R I A L

that purchasing a property in Cambodia

Technology is changing fast, not just

represents a good investment. However,

internationally but in the Kingdom of

the survey has also produced data that

Cambodia - and it is supercharging real

suggests many consumers perceive

estate sellers’ ability to connect with a

a series of weaknesses in the market

targeted audience of buyers and renters.

- namely in regards to the current affordability of property (especially for

Get in touch with realestate.com.kh

local buyers), the need for financing for

today and understand the different

property purchases, and gaps in the

options available to implement

market regarding professionalism and

interactive technology with your real

com.kh facebook and Linkedin. In total,

transparency in the real estate sales and

estate development or agency.

5000 respondents completed the

valuation professions.

survey in the space of just two weeks of December 2016,” says O’Sullivan.

Ultimately, says O’Sullivan, “The survey reveals key information for

The responses revealed a generally

investors, developers, retailers, financial

positive attitude towards the real

institutions, insurers and personal

estate market of the Kingdom, which

home buyers and sellers to make more

is currently perceived as growing,

informed decisions.”

improving and, more importantly, a target for investment. As a matter of fact, almost 80% of those surveyed believe

Check out our VR & AR tours today online.

2017 CAMBODIA REAL ESTATE

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2017 CAMBODIA REAL ESTATE

25

Oknha Ly Kun Thai CEO of Gateway

THE GATEWAY FIRST-CHOICE DEVELOPMENT PROJECT ADJACENT TO THE OFFICE OF THE COUNCIL OF MINISTERS Launched in early 2016 and located within Phnom Penh Central Business District, The Gateway, developed by TACC (C.R.) Ltd., will be a freehold mixed-use development that includes residential, retail, and office options for local and international investors.

The developer has over 40 years of construction experience and 15 years of real estate experience in Singapore, and is currently listed on the Singapore Stock Exchange.

The Council of Ministers, Ministry of

to the Ministry of Public Works and

National Defence, the Thai-managed

Transport, the MRT will be inaugurated in

Royal Phnom Penh Hospital, a host of

April 2018, transporting passengers from

world-class international schools and

downtown to the international airport in

prestigious universities, and grand

just 20 minutes.

financial landmarks manifesting the heart of Phnom Penh. One future

Just 15-minutes drive from Phnom Penh

development next door to The

International Airport, The Gateway is set

Gateway is Parkson Mall, set to become

to reach completion by December 2019,

Cambodia’s premier retail mall complex.

and will be the tallest building between the airport and the Prime Minister’s

The Gateway is comfortably surrounded

office.

by momentous development plans, including the Phnom Penh City Center

Oknha Ly Kun Thai, CEO of The Gateway,

development site, a huge tract of land

said: “customers who buy units in The

under development on the former

Gateway will be able to fully enjoy three

Boeung Kak Lake - soon to become the

main aspects of life: “live, work, and

The project strategically located along

most glamorous area in the country.

entertain” concurrently, because it is a

Russian Boulevard is close to important

The Gateway will also sit along the very

mixed-use development project - which

establishments and amenities such as

first MRT station in Cambodia. According

will mean less time travelling in the

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CAMBODIA REAL ESTATE 2017

FE A T U R ED P R O P ER TY

city. The Gateway is set to significantly transform the urban landscape of Phnom Penh city once completed in late 2019.”

Commenting on the whole project, he added: “The Gateway has an ample 7-storey car park and 2-storey retail podium, a 39-storey residential tower, and a 36-storey office tower. It will also feature a sky terrace and a basement car park in its residential tower.”

The Gateway will also provide a

along Russian Boulevard. For residential

designed space for a modern working

number of common facilities such as a

and office space, a large percentage has

environment. Similar to residential unit

swimming pool, spa and sauna room,

been sold to customers already. Prices

purchasers, office units are offered an

library, gymnasiums, barbecue area and

of residential space start from $150K+++

even more extravagant GRR, which is

greenspace to embed elements of a

per unit and commercial space from

equivalent to 16 percent in two years.

modern lifestyle for all buyers.

$250K+++ per unit.”

Oknha Ly Kun Thai also gave a final

Regarding The Gateway’s customers,

The residential units will range from

remark expressing his pride on major

Oknha Ly Kun Thai said: “The Gateway

one to three bedrooms and will have

strengths of The Gateway Project:

targets both local and international

luxurious fittings and private balconies

including the excellent location - a

customers, most of whom are business

to match. Residents will be able to enjoy

rising economic zone with huge future

people. For local customers, we target

a comfortable lifestyle and at the same

potential; a magnificent project - with

the middle to high-income class and

time the great views of the Mekong River

comfort, facilities, and quality; and the

our international customers who

and the whole city. Besides this, The

project’s motto - live, work, and entertain.

have already bought the units include

Gateway offers acuminous investors up

With the necessary approvals from

Singaporean, Malaysian, Chinese, Hong

to 12 percent guaranteed rental return

relevant authorities and compliance with

Kong, Taiwanese, Indian, Indonesian,

for two years.

applicable regulations, the completion of

Swiss, and Canadian nationals. “This will

the project is an absolute certainty. It is

establish an epic environment and a

The office tower will have a helipad,

also an assurance to which The Gateway

unique experience that cannot be found

double-glazed glass for heat reduction,

is proud to provide to all purchasers.

elsewhere in Cambodia.”

8 elevators, and a separate fire exit for maximum safety. Uniquely, The Gateway

Oknha Ly Kun Thai added: “Our location

offers the only Grade A offices for sale in

is in the financial area in the heart of

the city - all of which will be elevated in

Phnom Penh, and close to main buildings

height and provide comfortable and well-

View the full listing online.

2017 CAMBODIA REAL ESTATE

27

AD VERTO R IAL

CAMBODIA REAL ESTATE SHOW THE KINGDOM’S MOST COMPREHENSIVE PROPERTY EXPO Classified as one of the Olympians of Growth by the World Bank, and as one of Asia’s New Tiger Economies by the Asian Development Bank, Cambodia has been recognized for its growing FDI baseline and its steady GDP growth of around 7% in the past years - effectively transforming it into one of the world’s fastest growing economies.

has had in recent years, especially within

renowned lawyers, economists and

the real estate sector. For this reason,

agents regarding key information for

realestate.com.kh organized the first-

investor’s considering buying property in

ever Cambodia Real Estate Show: an

Cambodia.

expo which brought together the top real estate offerings of the country.

This included the presentation of Jo Chua -- Head of International Developers

Over 3,000 local and international

Business for PropertyGuru Group --

investors flocked to the Grand Ballroom

where he talked about high stamp duties

of the NagaWorld Hotel for the event last

and low rates of return in Singapore,

May. 20 percent of these attendees were

causing citizens to look for investment

Chinese, 60% Khmer, and the remaining

opportunities outside the country.

20% represented mixed foreign nationals.

He states that instead of Singaporeans investing in the US, UK, or Australian

But even with these recognitions, many investors have remained unaware of

At the event, guests were treated

markets like they did before, global

the various accomplishments Cambodia

to an array of presentations by

events such as Trump’s victory, the

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CAMBODIA REAL ESTATE 2017

Brexit, and the enactment of the new

As CEO of realestate.com.kh, Thomas

Australian stamp duties are causing

O’Sullivan stated, “When investors

them to look at the great potential of

from throughout the region arrived in

emerging markets such as Cambodia,

Phnom Penh for our Real Estate Show,

which provide high rates of return.

they were able to feel, smell and touch Cambodia; they saw the drastic changes

In addition to that, one of the most

happening here in terms of construction

rewarding things about the event was

and real estate development. They also

that the Country’s leading developers

came to understand the infrastructural

were able to generate thousands of

improvements that are transforming the

sales leads and convert over 30 deals

country into the region’s economic hub.

onsite, all in the course of only two days.

This exposure to Cambodia gave many

This equates to more than $3 million

the confidence to invest in property at

in total property value. Moreover, the

the show.”

developers had hundreds of hot leads to follow up in the days following the show.

This view was also backed up by the participating developers from the exhibition.

AD VERTO R IAL

Mr. Laurence Hamilton, Vice President of NC Max World Real Estate Development/ Brokerage, states: “We were very satisfied to be a part of the inaugural realestate. com.kh Cambodia Real Estate show at NagaWorld. The event enabled our team to generate a significant number of direct sales and many good quality leads for prospective buyers. We are looking forward to the next event organized by the realestate.com.kh team.”

This is a sentiment echoed by Ms. Intan Kosem, the developer of Habitat Condos who said, “We were very delighted to present Habitat Condos at the show.

In fact, we sold one unit to an overseas buyer whom we met at the show - and we also generated many property visits from the event. We look forward to the next show!”

But Hamilton and Kosem, along with other developers and investors, will not have to wait for very long because a bigger, better, and more comprehensive Cambodia Real Estate Show is set to make waves again in the industry this coming October 2017 -- tackling a wider range of topics and targeting a wider set of demographics, sponsors, partners, and participants. And with the Country’s property market growing at a rapid pace, the Cambodia Real Estate Show on October 6 and 7 will definitely be no less impressive.

Book your space today Email: mily.bonanza@realestate.com.kh Phone: +855 98 67 67 82

Take a look at our past events.

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CAMBODIA REAL ESTATE 2017

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CAMBODIA REAL ESTATE 2017

FEA TURED PR O PERTY

CONCEPT OF COMMUNITY Figuring out the trend can be tricky, especially if you’re a foreigner trying to make it big in Cambodia. You have to deal with both the traditional and modern mindsets.

However, this can be an advantage because you also see an unbiased perspective of the market. This is exactly what Anita Cui, Deputy General Manager of GRED, said during her presentation at the recently concluded Cambodia Real Estate Show, focusing on the concept of community progressing into the Kingdom.

Younger Population: Mrs. Cui says that Cambodia has huge demographic dividends, with an average age of around 27 years old.

She adds that more and more of these young Cambodians are now studying in international schools and therefore more open to overseas culture and knowledge. As an effect, Cui explains that compared to older generations, the younger population now cares more about convenience, social life, leisure, and security.

Shifting Mindset: Jasper Shin, Sales and Marketing Director for One Park, adds that while the older generations preferred landed housing, an increasing number of the younger generation has ushered interest in newer types of

34

CAMBODIA REAL ESTATE 2017

developments like condominiums and

more functions, that’s easy to sell, and

apartments. But he adds that since

easy to rent.

Cambodia is still not as developed as other countries such as China, it still

Shin says, if a community has more

hasn’t caught the concept and culture

functions, it means there’s a stable

of community to its full. History repeats

renting market. He explains, “If today,

in every city around the world, and the

you choose a real estate project and

young generation of Cambodia will

you find out it’s easy for rent and has

accept this advanced living concept

high rental return rate, it means you

gradually.

put money to the right place because there’s a demand for leisure now as

Culture of Community:

well as for the future.”

Cui and Shin explain that the concept

Cui affirms this and says that the

of a community includes both leisure

local market in Cambodia for leasing

and social life integrated into one

will grow stronger. She adds that the

development project. Cui adds that

market came from a place where

based on her experience around

the primary focus is living. In the

the world, community also means

future there will be a demand for a

developing a project that has more and

community, an actual lifestyle.

FE A T U R ED P R O P ER TY

Cui also says that a good community

that, it’s not just a facility where people

for the next generation. It also has a

must have some key points like

can live, it’s actually a project that

huge swimming pool for residents to

prosperity, a good lifestyle, and a

ushers in a lifestyle.

relax with their family. Besides this, One

high standard. The same people in

Park has a French style commercial

these communities will then lead the

One Park includes a beautiful landscape

pedestrian walk, which will become the

Cambodian market to a brand new era.

that’s decorated by the greenery from

most fashionable area to spend leisure

the gardens. Cui describes this as

time in the whole of Phnom Penh. This

One Park and How it Offers

having a north and south district. “Like

is what a community should be like.”

Community and Lifestyle:

a tropical forest, or a Greek Garden in Phnom Penh. Going home is like going

Cui and Shin mentioned that the

on vacation.”

concept of community can be seen embodied in the One Park

Cui adds that, “One Park will also

development. Cui explains that in total,

have the sports trail to run or relax

One Park will allocate over 30,000

with family. It will also have a private

square meters for living facilities,

club.” She confirms that, “living in One

and it has all the attributes that were

Park will make you feel like you live in

Anita Cui,

previously mentioned.

heaven.”

Deputy General Manager of GRED

One Park not only offers residential

Shin says that the project has

units, but it also has commercial units

incorporated everything that residents

and recreational facilities that make

will need and wish for. One park has

it easier to form bonds with your

a Singaporean International School to

neighbors and friends. But more than

provide high-end education resources

View the full listing online.

2017 CAMBODIA REAL ESTATE

37

ED I TORI AL

REVOLUTIONIZING REAL ESTATE TECHNOLOGY LAUNCH OF NEW WEBSITE & MOBILE APP

Not so long ago, those seeking a property in Cambodia had to spend their weekends driving around the streets looking for shaky old sign boards indicating if properties were open for sale or rent. Frustrated with this process, Cambodian national, Mr. Moek Chenda, decided there must be an easier way…

As time went on, property buyers could

The realestate.com.kh’s website:

spend more of their weekend relaxing with family, or enjoying a coffee at cafes

The new realestate.com.kh website

in the city - all whilst being able to find

platform creates a seamless search

their next property investment online.

across a database of almost 50,000 property listings. With updated search

Now, in 2017, with the world and much

criteria, users can pinpoint the exact

of Cambodia moving their focus online,

qualities they require in their property

Moek and the team at realestate.com.

selection, whether it be a swimming

kh decided to once again to revolutionize

pool, main road access or a non-

the way people find property in

flooding property. The property types,

Cambodia and set out on a mission

locations and specific criteria on the new

to build one of the most user friendly

realestate.com.kh platform are perfectly

By 2009, Moek had launched the first

search websites and mobile apps, and

aligned with the Cambodian real estate

version of realestate.com.kh, Cambodia’s

one that fully integrated with world

market and buyer’s preferences in mind.

first ever specialised real estate portal

leading technology solutions for property

website - a place where all sellers could

buyers sellers, including 360 degree

New Developments, boreys and

list their property and gain the right

tours and CRM systems for real estate

completed office and apartment

exposure, and providing a one stop

agents in Cambodia.

buildings can also benefit from the new platform’s “Project Listings” function. This

online marketplace for property buyers and renters. Moek focused on growing

In July of 2017 this dream has become a

function allows 2 grades of listing: the

traffic to the website, and continually

reality, with the full launch of realestate.

first is the “Project Listing Page” which

making it easier for people to find their

com.kh world-class website and app.

provide the full overview of the project,

dream home without the stress and

borey or building, information on the

effort of running around town.

location, amenities and type of units

38

CAMBODIA REAL ESTATE 2017

EDI TO R I A L

available. The second type of listing is

O’Sullivan, ceo of realestate.com.kh,

available and accurately presented on

called the “Individual Property Pages”.

notes.

the website. This allows the property

These sub listings sit within the project

seeker to have full trust when inquiring

listing and allow the seller to list every

The website is now available in three

on these properties, and with the agents

single individual unit available in the

languages: Khmer, English and Chinese

using this type of listing. Meanwhile,

building or borey, with full information

- as “some of our clients target expat

when a user searches, certified listings

of each unit, floor plans and 360 degree

renters, some target Cambodian’s

will be presented above those that

tours. This new feature allows users

looking for a property in a borey, and

are not certified in the search results

to be even more informed about a

so many of the condo developers are

- meaning additional exposure and

property before making an inquiry;

targeting international investors, many

inquiries for agents and other sellers that

and therefore, increases the quality of

of which are now Chinese speakers,”

make use of this new product.

inquiries for property for real estate

O’Sullivan notes.

agents and property developers through the website.

Similar to the certified listings and

The realestate.com.kh App, for

walkthrough videos, the new realestate.

Android and IOS:

com.kh website and app also integrate

IT Support Manager at realestate.com.

virtual reality technology with 360 degree

kh, Bona Chhut, notes that, “the users of

In combination with the new website,

walk through tours for property listings.

the website are the most important thing

realestate.com.kh has also pioneered

These 360 degree tours allow customers

in this business - so we knew we had

the first ever real estate search app, now

to experience your show-flat or property

to focus on creating the most powerful

available in both the IOS and Andriod

in a fully immersive experience from

search functionality possible.” Chhut

app store for free download. The app

anywhere! You can use it at AEON

goes on to say, “we had to look at global

allows a much simpler, faster-running

mall, in your real estate agent’s office

examples - but really localize them for

and user-friendly interface for property

in Singapore or in the lounge room of

the Cambodian market; and we think we

seekers to find their dream home.

your best customer. “Realestate.com.

have done that!”

Inquiring to the seller has also become

kh 360 Degree Virtual Tours” allows this

much easier, as the app is directly linked

freedom. Best of all we do all of the work

One of the most useful tools on the new

to the users SMS channel on mobile,

for you and we can build these tours

platform is the map search function.

meaning they can contact the agent or

within 72 hours (or even 24 hours if it’s

This allows users to simply trace the

seller direct to their mobile phone with

a rush).

area in which they would like to find a

an auto-generated text message.

new home for sale and rent, and then

For the user on our website and app,

are immediately presented with a list of

Realestate.com.kh Certified

these new multimedia tours allow you to

properties in that search zone. Users are

Listings:

truly experience the property before you

also able to not only search by location,

waste anytime visiting the property or

but also by landmark - such as Central

An issue with the old realestate.com.

Market, Riverside or Aeon Mall.

kh website was linked to the quality of

developers showroom.

listings. Many users gave feedback that

These are just a few advances that

This is because: “International investors

some agents were listing properties no

realestate.com.kh has brought to market

and renters planning to move to

longer in the market, and wasting the

since humble beginnings in 2009… Keep

Cambodia will often know the general

buyer’s time by fielding inquiries on these

your eyes open for more real estate tech

area or landmark they want to buy

outdated listings. To mitigate this issue,

innovation coming soon.

or rent a property near, such as

the new platform includes a “realestate.

Independence Monument for example.

com.kh certified listing” criteria. Certified

But not everyone knows that its in

listings are those listings that realestate.

Chamkarmon, for example. So we have

com.kh staff have physically visited,

taken that frustration away from the

videoed using the “realestate.com.kh

buyer by introducing this powerful level

walkthrough tour” application, and can

of search on the new platform,” Thomas

confidently present to the market as

Check out our new website!

2017 CAMBODIA REAL ESTATE

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2017 CAMBODIA REAL ESTATE

41

ED I TORI AL

GREAT KHMER ARCHITECTURE OF OLD CINEMAS OF CAMBODIA, A PHOTO ESSAY Cambodia’s former cinema buildings were indicative of the country’s famous architecture before the civil war. However, at the present time, most of the young generation is not aware of these buildings. This is the main reason Amazing Cambodia started to collect all existing old cinema photos - to allow Khmer people, both old and young, to be aware of the great architecture that existed in the past.

Amazing Cambodia is a Facebook page whose purpose is to collect Cambodian historical images, music, films and other things of cultural importance and share them to everyone domestically and internationally. In an interview with realestate.com.kh, Mr. Srin Sokmean, founder of Amazing Cambodia, describes the way and why he compiles all those old cinema building photos.

Why do you compile all these old cinema building photos?

The reasons why I have been collecting those vintage images of Cambodia’s former cinema buildings is because they are one of my most favourite research topics. I am passionate about Cambodia’s pre-1975 era of glorious

arts and culture, and those numerous cinemas - especially the over 30 cinemas based in Phnom Penh that truly reflect that remarkable period. On the other hand, I heard the names of some of those cinemas in my childhood during the early 2000s, such as Angkor cinema and Kirirom cinema - so this made me curious to find out where they were now and what these buildings looked like.

When do you start compiling all these old cinema building photos?

First, I bumped into some magazine articles with several photos of old cinemas in Phnom Penh while I was reading one local magazine, “The Popular,” around 2004-2005. I was a big fan of that magazine, and I learned a lot from the articles about the transformation of those buildings at that time. Then I started to collect the magazine for further personal research.

In 2010, I began using the internet, and since then it has become my greatest tool for research on the topic.

Which is your favourite old cinema building photos? Why? My most preferred images are the ones from 1960s and early 1970s that depict the great architectural structures of the buildings and big crowds of audiences waiting to buy the tickets because those images illustrate the connection between the buildings and the successful film screenings in Cambodia back then. One of them is a vintage image of the front of Proum Bayon Cinema with a French movie poster extracted from “Cambodge d’Aujourd’hui​” newspaper published in December, 1958.

Could you briefly describe all

Kim Phong, Kim Son, Trung Quoc and

these old cinemas?

others mainly based in Phsar Kandal and Phsar Chas colonial zone. (2) 1950s such

Based on my research data, there used

as Phnom Penh, Phnom Pich, Vimean

to be approximately 36 cinemas in

Soursdey and Proum Bayon (3) 1960s

Phnom Penh and some others in the

such as Hemakcheat, Kirirom, Mkot Pich,

provincial towns throughout the country.

Sar Proum Meas and 1970s such as Vimean Tip, Santepheap and Monoroth

These cinemas are divided into 4 Want to know more about Cambodia and what it has to offer?

Check out our blog.

timeline groups: (1) Pre-1950 such as Ciné Star, Lux, Eden, Casino, Majestic,

(unfinished).

How do you feel about the

museums, art galleries or performing

demolition of the old cinemas, to

arts theatres, in appropriate ways. For

be replaced with new ones?

instance, we could have just repainted and repaired the most dilapidated areas.

Honestly speaking, I really feel sorry for such big losses. Though we

Meanwhile, the special architectural

cannot prevent the city from rapid

features should have been preserved -

modernization, we could have renovated

regardless of the new function that the

those heritage buildings and converted

building was to serve.

them into new facilities, such as

What is the benefit of compiling

decades. Third, it can be seen as a useful

buildings in Phnom Penh for a book

all these old cinema building

source for both local and international

publication, but we are just at the

photos?

architectural students and cultural

beginning.

researchers.

I have also established a photo exhibition

Personally, I think that this kind of historical photo archives are beneficial

Do you have any special plan

in which some of the photo collection

to Khmer nation. First of all, as most of

for all these old cinema building

have been displayed. At the end, I want

the cinemas have gone, this collection

photos? Do you have anything to

all Cambodian young generations to

functions as a mirror reflecting the

tell younger generations?

learn the historical values of those priceless buildings. Once they have

number of cinemas we used to have in the past and how powerful our

I am starting to cooperate with Roung

gone, nothing can get them back, so

local film industry was before Khmer

Kon Project, a group of architecture

the one thing we can do is to recall the

Rouge. Second, it also indicates the

students from RUFA, to work on a

past stories through our photographic

timeline of the building functions over

research project on 5 former cinema

evidence as well as our knowledge.

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CAMBODIA REAL ESTATE 2017

2017 CAMBODIA REAL ESTATE

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AD VERTO R IAL

A HISTORY OF QUALITY SPORTS CONSTRUCTION IN SOUTH EAST ASIA When the founders of Sports Engineering And Recreation Asia Ltd (Seara) first established their presence in Bangkok in 1991, a strategic decision was made to only build to International standards.

Radical market change happened as the

careful attention to detail and selecting

region began to pick its way out of the

the best product for the regions’

Asian financial crisis. Beginning in the

specific conditions on the ground.

middle of 2000, property developers

“There have been some painful local

who survived the shake out or were

learning experiences” say Patrick Dean.

just entering the market but were

“But we have never run away from a

determined to professionalise their

job, always made it right, and we never

business model started paying more

make the same mistake twice”. Today

attention to their amenities and how it

Seara is the market leader in providing

This was not only a business marketing

affected their own branding. Suddenly,

international standard facilities that

strategy but an important branding

Seara-built tennis courts started

meet the standards set by each sport’s

strategy that would take years to pay off.

appearing at condominiums, housing

governing body. Whether acting as

“We saw that in markets like Singapore

communities, and non-branded hotels

a technical consultant before doing

and Kuala Lumpur, certain segments

and resorts. The upshift then turned

the critical specialty surfacing work or

of sports construction were building to

to fitness flooring and outdoor futsal

doing the entire job turn- key, Seara

international standards. We decided to

arenas. Commercial football teams

excels in its experience of construction

just wait the market out until it flowed

began to upgrade their playing fields

techniques and applying surfacing

north.” says Canadian Patrick Dean, one

and their brand positioning. Schools and

materials that last in the extremes of

of the two founders. The exception to

government facilities started installing

weather and soil conditions in South

that rule was the high-end hospitality

more varied and higher quality facilities.

East Asia.

industry that was just taking off. Seara

Finally, urbanisation and growth of the

primarily built its reputation for high

middle class made some of the golf

quality sports facilities, constructing

courses built in the 1990s begin living up

tennis courts at branded hotels and

to their promise by providing genuine

resorts.

country club facilities for the whole family. Such success has come through

Email: info@searasports.com anthony@searasports.com Phone: +855 023 211 614 Website: www.searasports.com Address: #142 Camned Building 4/F, Norodom Blvd., Khan Chamkarmon, Phnom Penh, Kingdom of Cambodia

Thanyapura Sports & Leisure Club

Bangkok Glass Football

AC Sports

FEA TURED PR O PERTY

vKIRIROM PROJECT SUSTAINABILITY AND INNOVATION

Cambodia is developing very fast and so is the supply of real estate investment options. Although the majority of the offer is concentrated in the capital, Cambodian provinces are slowly starting to offer appealing opportunities.

Moreover, with the current world’s attention on sustainability, many developers are starting to base their strategy on new niches. One such development is the vKirirom Pine Resort.

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CAMBODIA REAL ESTATE 2017

What is vKirirom?

features a boarding-style university campus with international teachers

Located in Preah Soramarith-Kosamak

who specialize in IT and English.

National Park, the vKirirom project is an Eco-development where leisure and

Entrepreneur and founder of vKirirom,

social responsibility meet.

Takeshi Izuka, said that the Kirirom Institute of Technology makes use

As the construction moves forward,

of a customized curriculum that the

the developers have adopted several

country has not seen before. He refers

sustainable policies, to live up to its

to the project as an up and coming

eco-friendly promises, such as: no tree

Silicon Valley, that aims to cater to the

cut down (unless rotten), preservation

global needs of the technology sector.

of the natural surroundings as well as promotion of chemical free fruit

Mr. Izuka explains that the project was

plantations, and lastly natural resources

conceived out of a recognized need

recycling.

for Cambodia to develop a “strong competitive point” during the transition

However, the development is not just

into the ASEAN integration, where

a resort. In fact, the property also

cooperating countries are expected to

A DV ER TO R I A L

What is the investment opportunity?

Izuka explains that pieces of land can be obtained through a 50-year guaranteed leasehold. The project itself has a lease with the Cambodian government until the year 2082. After a lease contract has been signed, investors can decide whether to get pre-designed home plans or have their own home design constructed on the lot. They can then either have the home leased back to vKirirom for profit or have them rented out as an Airbnb unit.

The developers guarantee returns of contribute towards a better Southeast

out several apartment-type units.

8% for up to 10 years and the starting

Asia region. That’s why his focus for the

The resort has all it needs to create

price is only $40,000.

vKirirom development centers on both

a perfect getaway weekend for both

IT as well as eco-design.

leisure or business. The amenities

The vKirirom project is situated in

include: conference rooms, cycling

between two major cities – Phnom

Currently, the university has 77

trails, a volleyball court, a restaurant,

Penh and Sihanoukville and is only

international students who are being

a swimming pool, a spa and free

few hours drive from each. Despite

groomed to become role models and

wireless internet. A golf course and an

the novelty of this location, vKirirom

experts in the field. The school heavily

international retirement village is also

is slowly making a name for itself and

focuses on practical skills, and “on-

set to rise in the development.

gaining popularity. So, if you’re looking

field” learning from top experts of the industry.

for a unique investment opportunity, As far as the current count, Mr. Izuka

educational growth, a quick weekend

estimated at least 12,000 visitors in

getaway, or maybe all of these, vKirirom

However, let’s not forget that vKirirom

the last 12 months and due to its

is definitely worth a look.

also doubles as a resort. The location,

popularity, the developers decided to

only few hours outside the capital

provide opportunities for both local and

city of Phnom Penh, allows its visitors

international investors.

to pitch tents in the designed area, for an adventurous weekend, or rent

View the full listing online.

ED I TORI AL

LAWS AND REGULATIONS ON FOREIGN OWNERSHIP IN CAMBODIA

As foreign direct investment in the country grows stronger each year through various industries, the real estate sector is now also becoming an attractive market for foreigners.

But like other countries, ownership in the Kingdom is bound by numerous laws.

Realestate.com.kh caught up with Matthew Rendall – Senior Partner at SokSiphana&Associates and a member of Zicolaw – to get a clear picture.

History of Cambodian Law: Much like the country itself, Cambodian law has evolved through time. Rendall explained that “Cambodia used to be a French protectorate way back when it was a civil law country and it has come back to that over the years. Cambodia “retained the civil law even after independence”.

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CAMBODIA REAL ESTATE 2017

Matthew Rendall Senior Partner at SokSiphana&Associates; Member of Zicolaw

EDI TO R I A L

From 1975 to 1989 ownership in

is the ground floor apartment

He explains it’s much safer and

Cambodia was not allowed at all.

owner because they own the land.

efficient to acquire property with

However, it was reintroduced in 1989

The people above merely own the

a Cambodian Citizen through the

but only for residential properties;

airspace. So, there was value in having

company structure, gain control over

it was not possible to own land in

the ground floor apartment because

the company legally through proper

Cambodia legally until 2001.

their name was on the only real

documentation, and then lease the

title, the ground floor. The rest are

property to a second company that

Essential Laws on Foreign

simply recognized as possessors at

you’ve created and what is 100%

Ownership:

the municipality of their apartments

owned by the company. By doing so,

above it.”

the business aspect is separated from

Rendall suggests that foreign

the land aspect of your investment.

investors look at Cambodia’s

He continues, “So, if I wanted now to

important foreign ownership laws

own the apartment legally, I would

before coming to invest in the

have to convince all those apartment

Kingdom. Those laws include the

owners to hand in their title deeds;

Another way to own land in Cambodia

2001 Land Law, the 2007 Law on

we’ll go down to the Ministry of Land

is through citizenship. With this,

Commercial Enterprises, the 2010

and re-register this entire block as

Rendall explains that is common in

Law on providing foreigners with

co-owned; we’ll issue title deeds.

many countries, foreigners can apply

ownership right in private units of

However, we now all have exactly

for citizenship through investment; a

co-owned buildings, and Sub-decree

equal value because under the new

minimum investment of $250,000 will

82 on proportion and calculation

system, nobody owns the land. The

entitle a person to apply to become

of percentage of private units that

land is owned by everybody.”

a Cambodian citizen, thereby lifting

can be owned by foreigners in a

Cambodian Citizenship:

any restriction the foreigner may

Co-owned Building. The introduction

The problem here is that the ground

have had in terms of owning land.

of these laws allows foreigners to

floor apartment owner may not be

A lot of companies send delegates

acquire interests in properties using

too keen on losing 90% of the land

or representatives, invest the

various methods.

ownership.

amount required, and then have that representative apply for citizenship in

Strata Titles:

Company Structure:

order to acquire the land directly.

Strata titles allow foreign ownership of

According to the 2007 Law on

He adds $250,000 might not seem a

up to 70% of the co-owned buildings,

Commercial Enterprises, a foreign

lot of money, but during the time the

provided that foreigners do not own

entity may take an ownership interest

law was created, this was a different

any real property on the ground

in land through the formation of a

value (than it is today).

floor. However, Rendall stresses that

company, provided that 51% of the

strata titles are not applicable for

ownership is by a Cambodian citizen.

all buildings. Older buildings before

Although complicated at the first glance, the Cambodian legal system

this law was enacted would have to

Foreigners may opt to set contracts

offers many ways for foreigners

reapply as a co-owned buildings in

and documentation in place such as

to legally own property. However,

order to legally issue strata titles.

a powers of attorney, proxies, and

in order to avoid any unpleasant

shareholder agreements to safeguard

situations, we strongly recommend to

Yet reapplying will present a dilemma

their investment and to obtain control

seek the help of a professional and

due to the land matter. He explains,

over the company, says Rendall.

reputable law firm before committing

“The reason was that the person

However, foreigners can also further

to any investment.

on the ground floor, as far as they

protect their investment by forming

and the law was concerned, owns

two companies.

the land. So, if that building falls down, the only person with anything

Learn more about foreign ownership law on realestate.com.kh now.

2017 CAMBODIA REAL ESTATE

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FEA TURED PR O PERTY

THE PENTHOUSE RESIDENCE FOUNDATION WORKS COMPLETE After breaking ground in March this year, foundation works on the 5-star condominium, The Penthouse Residence, are complete with basement and structural works following.

Located in the heart of Phnom Penh’s fast-growing riverside commune along Sothearos Boulevard in front of Sofitel Phokeethra Hotel and Aeon Mall, The Penthouse is built to international standards and with the latest, innovative building technologies and materials.

These ensure quality, beauty and the guaranteed delivery of a comfortable lifestyle.

Unlike other developments that don’t usually reveal the details of construction and materials, this USD110-million project is purposely transparent to gain customers’ confidence.

According to the developer, The Penthouse Residence Co., Ltd, this 36-storey project’s architectural plan is designed by HOKO Design and Build Co., Ltd with the interior designed by Italy-based Sangiorgio. Following the building code, American Concrete Institute Standard (ACI), the building will utilise a reinforced concrete frame for its structure while the walls will be installed using reinforced concrete, masonry bricks and light weight blocks or glass to minimise the load on the building.

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CAMBODIA REAL ESTATE 2017

Residents of its 458 units will enjoy the

powder-coated aluminium frame glass

comfort of living with generous ceiling

sliding and/or swing.

heights from 2.6m to 2.8m and the ceilings will feature plasterboard with

Flooring is among the major elements

skim coat and emulsion paint. While

in the residence the developer has

windows are equipped with powder-

prioritised. Separated flooring tiles

coated aluminium frames, a variety of

are fitted in various locations around

high quality materials are used for the

the residence. For the entrance foyer,

doors. For the main entrance, solid

living, dining, internal corridor and utility

timber and medium density fibreboard

areas, homogeneous tiles with skirting

doors will be installed. Hollow core

will be applied. The kitchen is designed

timber doors are designed for the

with homogeneous tiles while the

bedrooms and bathrooms. The balcony

homogeneous tiles and/or ceramic tiles

door and other doors will be applied with

with a waterproofing system are for the

FE A T U R ED P R O P ER TY

bathrooms and the balconies. Ceramic

Residence has partnered with many

that over 85 percent will be sold by

tiles (wooden style) will be specifically

well-recognised construction suppliers.

the end of this year, said Ms. Sunna

designed for the bedroom.

The bathroom equipment will be

Lee, Marketing & Sales Director of The

supplied by world class brands such

Penthouse Residence.

For the wall finishes, plaster and/or

as Grohe and Hafele from Germany,

skim coat emulsion paint will be applied

Cotto from Thailand, ToTo from Japan

“The Penthouse has been one of the

in the foyer, living and dining rooms,

as well as American Standards, which

best-selling condominium projects in

all bedrooms, internal corridors, and

will all provide nothing but the very best

Phnom Penh so far due to its prime

utility and storage areas in the unit. As

functional and long-lasting products.

location, best quality, and reasonable

homogeneous tiles will be designed

These high standard fittings help ensure

price,” she told realestate.com.kh, adding

for all the (full height) bathrooms,

the project’s safety and builds trust

that, “The Penthouse Residence will

homogeneous or ceramic tiles will also

among customers, now and in the future.

offer both great quality and value in the

be applied to the kitchen walls between

In August 2016, the developer also

real estate market. At the moment, we

the counter tops and upper cabinets.

partnered with CPAC by SCG Thailand to

are also offering a 3 percent discount

supply CPAC’s high quality materials to

for those who decide to book our

the project.

condominium unit today. With facilities

Wall-mounted air-conditioning units are installed in each unit. For the sanitary

such as the first revolving restaurant on

fitting, there will be 1 shower mixer with

With the swift construction work, it

rooftop, 10 level of parking space and

hand shower, 1 vanity counter with

is expected that this project will be

Guaranteed Returns of Renting (GRR)

mirror, 1 water closet, 1 towel rail and/or

finished before the end of 2018 within its

will also be offered at 6 percent per year

robe hooks and 1 bathtub for the master

deadline. The properties offer four unit

or 18 percent for first 3 years, you can’t

bathroom (depends on unit type). The

types, i.e. 242 Comfort (Studio) units with

really go wrong with The Penthouse

common bathroom will be equipped

price ranking from $92,000; 92 Suite (2-3

Residence.”

with 1 shower mixer with hand shower, 1

bedrooms) units with price starting from

vanity counter with mirror, 1 water closet,

$134,000; 94 Embassy (2-3 bedrooms)

Call today:

1 towel rail and or robe hooks.

units with price from $172,000; and

+855 (0) 85 570 570

Besides, there are also additional

14 President (3 bedrooms) units with

+855 (0) 23 210 666

features. The kitchen cabinet is

price from $272,000. Containing 16

integrated with hob and hood along with

units, Richmond (Penthouse) (2, 3, 4

electrical induction hob.

bedrooms) unit is the most expensive residence, with prices from $290,000.

To ensure the highest construction standards, lavish decoration and comfort

About 65 percent of the units have

for long-lasting value, The Penthouse

already been sold with the expectation

View the full listing online.

2017 CAMBODIA REAL ESTATE

55

ED I TORI AL

PROPERTY TAX IN CAMBODIA WITH ANTHONY GALLIANO Property tax can be an overwhelming topic to discuss, especially in an emerging market such as Cambodia. With policies yet to be polished, there are some tax considerations you should be aware of before entering into any transaction.

If the Lessor is not a registered

This may seem counterintuitive, but

taxpayer, make sure the lease

Mr. Galliano explains, “One main

includes a clause to deduct the 10%

reason I always suggest this is that

withholding on rental. Most landlords

you could get the full benefit of the

will not accept paying the withholding

rent and the withholding tax paid.”

tax and if the rental price is agreed

This is beneficial when calculating

as USD 1,000 a month the landlord

your annual profit, a tax of 20% being

would expect USD 1,000 a month,

applied, as you effectively reduce

not USD 900, after withholding tax is

your profit by both the rent and

deducted. Therefore, it is important

withholding tax, by grossing up.

to get the Lease Agreement right This is exactly what the CEO of

and include a clause for deducting

This benefits the landlord if they are a

Cambodia Investment Management

withholding tax.

registered taxpayer too because they can claim the withholding tax credit

Group, Anthony Galliano, tackled during his presentation at the

Meanwhile, the process should be

against their profit tax, he says.

Cambodia Real Estate Show in May

straightforward when both parties

this year.

are registered taxpayers. Galliano

Additionally, according to Instruction

explains that when dealing with a

18410 released last November, if a

Property Tax in Cambodia when

non-registered taxpayer landlord, the

sub-lessee leases from a sub-lessor,

Renting a Property:

registered taxpayer lessee acts as a

then sub-lessee doesn’t have to pay

collection agent for the withholding

withholding tax as long as the sub-

If you’re a company renting an

tax, if both the lessor and lessee are

lessor pays the withholding tax to the

office, Mr. Galliano says you can

registered taxpayers, withholding tax

lessor.

rent from either a landlord who

and VAT apply.

Property Tax in Cambodia and

is a registered taxpayer or private

Accommodation:

individual that owns the property. If

Since landlords generally expect

you’re a registered taxpayer, you’re

to be paid the monthly rental price

responsible as a collection agent

agreed and tend to refuse to accept

When it comes to the hospitality

for withholding tax on rent for the

the withholding tax deduction from

industry, hotels must charge

government. Ideally the withholding

the rental price, it is best then to

customers an accommodation tax.

tax should be deducted from the

gross up the rent in these cases.

The government’s definition of a

gross rent and a net rent paid, less

Withholding tax is a non-deductible

hotel includes hotel apartments, suite

the withholding tax, to the landlord.

expense if paid by the lessee, over

hotels, motel, lodges, bungalows,

The withholding tax is paid to the

and above the rent. Quite simply,

guest houses, and tourist camps

government through the monthly

the lessee can gross up the rental

excluding flats or houses.

tax return filing, by the registered tax

price, by dividing the monthly

payer, who is the tenant/lessee.

rent by .9, and then deducting the withholding tax from this amount.

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CAMBODIA REAL ESTATE 2017

EDI TO R I A L

“If you provide hotel and

Anthony Galliano CEO of Cambodian Investment Management (CIM) Group

accommodation services, then you should charge 2% on the room cost, inclusive of all other services. So, if somebody gets a massage or any other services, you should charge the tax on this service as well. You must charge on taxes as well except for the accommodation tax itself and the VAT. The tax is payable at the time of supply, according to Mr. Galliano.

Property Tax in Cambodia Related to Ownership: Regarding property tax, Mr. Galliano mentions property tax was effective from January 1st, 2011. The tax payment is an annual obligation due

by September 30th. Mr. Galliano further clarifies that “it’s effectively an annual tax on immovable property such as a condominium, a flat, or a villa. The property tax is applicable to individuals and companies.”

Property tax applies to land with or without a building, except for agricultural land and/or state land.

Unused land is also taxed, however, this is a separate tax called unused land tax, according to Mr. Galliano.

To register to become a taxpayer for property tax, he explains that the first thing you must do under this law is to register at your tax branch. You only need to register the property if it’s worth $25,000 or more. You should go to your tax branch where the property is located and complete two forms: PT01 and PT02.

PT01 outlines the information about the property and PT02 is the property tax application itself. With regard to relevant documents for property ownership, he says: “You need to

bring your ID card, birth certificate,

Property tax in the US is very high. It’s

or a passport; your residency or

mostly high in other countries as well.

your family book or residency letter;

So, it’s pretty reasonable here now,

certificate of immovable property,

which will probably change because

ownership or ownership issued by the

the law’s only in effect since 2011.

cadastral in administration. You need

I’m sure as years go by, we’ll see an

your land sale purchase agreement

escalation of the tax itself.”

when you bought the property, and you need to bring a water or

Specific tax law of Cambodia can be

electricity bill if you’re connected to

found on the General Department of

show proof of address.”

Taxation website.

Highlighting high property tax in the US and other countries and possible high property tax he concludes, “In the US, I think you’d probably pay a couple of thousand dollars on an average residential property.

Learn more about property taxes in Cambodia.

2017 CAMBODIA REAL ESTATE

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2017 CAMBODIA REAL ESTATE

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AD VERTO R IAL

WHERE ART MEETS PHOTOGRAPHY HOW TO TAKE GREAT PROPERTY PHOTOS, WITH ROBERT KLEINER photos by Robert Kleiner

Snapping shots of your property and uploading them to your social media pages is real easy. But it gets a bit more complicated if you’re thinking of taking them because you’re planning to sell your property or rent it out.

You have to present it in the best possible way. But how exactly do you do that? Do you need some fancy equipment, better furniture or a better perspective? Robert Kleiner, a professional and talented photographer living in Cambodia, has shared a few tips on how to convert your photos into a successful sale!

Use a Real Camera: Preferably, one with a wide angle lens.

This both captures more of the space and makes the space look even bigger at the same time. But if you don’t have a high-end camera, that’s okay, too. Just make sure that the camera you use is good enough to offer you the flexibility over the settings and clear enough to show the important details of the room.

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CAMBODIA REAL ESTATE 2017

Use a Tripod:

good angle. Avoid tilting the camera downwards. Doing so creates the

Tripods are used to avoid the blur you

possibility of a distortion. Instead, bring

would otherwise get from shaky hands.

the camera down the level you want and

If you don’t have one readily available,

keep the angle straight.

you can just place your camera on other household objects such as a stack of

Prepare the Property:

books over a small table to keep it steady at your desired vantage point. Putting

Remove the clutter or personal items

it on top of shelves also helps. Just be

from the shot that may distract the

careful not to drop your camera.

viewer. They don’t need to see the wires of your gaming console or the scarves

Shoot Straight:

you wore last night. Take them all out of the photo. Instead, bring in some

Keep everything on point. The best way

decorative items like cushions or flowers

buyers can imagine themselves inside

to make your space look even more

the room is if they see the room at a

presentable.

Light It Up:

for the golden hours at sunrise or sunset to add that golden glow. People

Good lighting makes a huge difference.

associate things a lot and they might

Too much light and it looks cheap, too

associate gloomy when they see your

little and there’s nothing to see. So, it’s

property on photo during the rain.

important that you either use timing for when the sunlight hits the room best or

Exposing it Right:

use artificial lighting such as lamps to show a more realistic representation of

If you’ve gone to various real estate

the space. If you have a good enough

magazines, you’ll probably see rooms

camera, learn how to use the exposure

upon rooms of perfectly exposed

compensation feature to help you

interiors with a perfectly exposed

balance the lights. If you’re more of

exterior view. Did you ever wonder how

an advanced user, set your exposure

professionals do that? One word. Flash.

Contact at:

to showcase the room and not what’s

If you can afford it, a camera flash helps

outside.

you get the right exposures that will

www.robertkleinerphotos.com robert@robertkleinerphotos.com

make your photo look stunning.

Edit the Photos: Shoot From a Corner: A simple understanding of colors,

regain what you paid through your rental returns or from your sales profit.

contrast and sharpness can go a long

Taking a photo from the corner allows

way when editing your images. It doesn’t

you to show more dimensions to a

These are just some of the things you

even have to be through Photoshop.

room. It can sometimes also look bigger

can do to level up your photography

There are also a lot of online photo

than it is. It gives the photo both a sense

skills to your advantage. Always

editing software that you can use. Some

of space and a sense of shape and

remember the equipment is always

of them even use distortion correction.

boundary.

secondary in photography. A good eye

It’s all a matter of familiarizing yourself

and a good sense of perspective always

with the basics.

Hire a Professional:

Let it Shine:

If all else fails, get a pro to do it. It may cost you a bit more, but there’s less of a

Avoid taking photos with gloomy weather outside. Wait for good weather or wait

hassle to go through and you can always

trumps high-priced camera gear.

Learn more about improving listing quality on our blog!

FEA TURED PR O PERTY

CITY TOWER A UNIQUE AND MODERN HIGH-RISE OFFICE BUILDING IN CENTRAL PHNOM PENH City Tower, a unique and modern office building standing a total of 14 floors, was opened for occupancy in March this year, with 25% of office space already leased.

It is located along Mao Tse Tong Boulevard, Sangkat Phsar Depou I, Khan Toul Kork, Phnom Penh. It sits in the main commercial area, adjacent the Intercontinental Hotel and just next to international food and beverage branches, including Burger King and Coffee Today.

Mr. Bun Kheam, General Manager at City Tower, explains, “We don’t see many high-rise office spaces in Phnom Penh and the City Tower project is among the few currently present in the capital.

This makes it a very good option for businesses looking for a foothold in the capital.”

The entire building’s concept design is developed and supervised by the Archetype Group, a leading architecture and construction consultancy firm that designed the Phnom Penh and Siem Reap International Airports, among many other projects. Meanwhile, responsible for the construction work is local firm, Heng Eng Kong Construction Co., Ltd. According to Mr. Bun, City Tower is designed to focus on convenience and a comfortable working environment

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CAMBODIA REAL ESTATE 2017

optimal natural daylight, VRF centralized

to $18 per square meter. And $2.5 will

air conditioner for energy efficiency and

be charged monthly for management

comfortable cooling, flexible partition,

services fee. Facilities and management

CCTV, and access control security in the

system of the building are very similar

common areas.

to grade A office space, but the leasing value is more affordable,” said Mr. Bun.

100% guaranteed to incorporate quality with its lush and unique aesthetic,

Office spaces range anywhere from

The City Tower offers multi-purpose

60 to 610 square meters and retail

accommodations to suit the different

spaces ranges anywhere from 100 to

needs of lessees.

350 square meters. The ground floor is available to serve as a showroom and a

Additionally, the building also offers

banking space, while the mezzanine is

high speed fibre optic cable telephone

available for cafés and restaurants.”

system backbone and fire protection mechanisms (heat and smoke

Since the City Tower is open for lease

detectors, fire alarms, hose reel and

for coffee shops and restaurants, it

fire extinguishers, and 2 pressurized

becomes a place for everyone -- whether

staircases). A Public Announcement

you work inside the building or outside,

System is also in place, together with

you are allowed to walk in for coffee and

a standby power generator for 100%

food, according to Mr. Bun.

power backup in case of electricity cut off. through the inclusion of modern facilities

He concluded that for those who intend to get a long-term lease for a large office

and its interior design. It has a 2.75m

City Tower also features a two-floor

space, negotiations for discount are

floor-to-ceiling height that features

basement parking space: one floor is

welcomed. Get your business off to the

suspended ceiling tiles with recessed

dedicated to car parking space and the

right start in Cambodia with City Tower!

LED lighting.

other one to motorbike parking.

Furthermore, the office units also

In regards to the leasing price, “the

showcase floor-to-ceiling windows for

office space unit starts at a price of $15

View the full listing online.

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ED I TORI AL

INVESTMENT RISING CAMBODIA BECOMES LEADING CHINESE REAL ESTATE INVESTMENT DESTINATION

Cambodia is set to receive the most benefits among the Southeast Asian nations in terms of Chinese outbound real estate investment this year. Juwai.com report projects that in 2017, real 64

CAMBODIA REAL ESTATE 2017

estate investors from China will invest US$80 billion worldwide, ranking this year among the top three years on record along with 2015 and 2016.

Southeast Asia gets a special highlight section in the report because it will be one of the most successful regions this year at winning an increased share of China’s of real estate investment flow.

EDI TO R I A L

Southeast Asia appeals to growing

Mr. Loo added: “For overseas investment,

developing markets have generated

numbers of retail-level Chinese buyers.

economic growth is the main attraction

much higher returns on investment than

In each of Thailand, Malaysia, the

of the country. Cambodia’s economic

in developed markets, with much less

Philippines, Vietnam, Indonesia, and

development is very rapid; the basic

risk than previously stigmatized.”

Cambodia, Chinese real estate buying

annual GDP growth rate remained at 7%

inquiries via Juwai.com in the first quarter

per annum.”

of 2017 were up at least 26% compared to the same period in 2016.

He explains that China is in the process of overtaking the United States as the

“Over the past 10 years, Cambodia

world’s largest economy. This inevitably

has opened up its economy and

has a huge impact on the immediate

Cambodia was up over 300% more

experienced new opportunities and

region, especially given China’s extrovert,

than any other country in SEA while

challenges. To strengthen international

trade-driven foreign policy. Chinese real

the Philippines and Vietnam were up

competitiveness, the Cambodian

estate investment in Cambodia will be

130% and 60% respectively. Why does

government has promoted export

a win-win scenario, with the Chinese

Cambodia become the most favourable

liberalization and implemented tax

acquiring real estate at an attractive

country among Southeast Asian nations

reform to attract investors. Cambodia’s

price point, generating US dollar residual

appealing to retail-level Chinese buyers

economic growth rate for the world’s top

income, and the Cambodian Economy

in Q1 2017?

few is expected in the next few years,”

being boosted by the increased demand

says Mr. Loo.

for business goods and services, which

Alex Loo, Business Development Director

generates jobs and tax revenue for the

of SC Capital Co., Ltd., said: “the reason

Meanwhile, Laurence Hamilton, Vice

is largely thanks to Cambodia’s friendly

President of NC Max World Co., Ltd, said:

relation with China and the investment

“demand from Chinese Retail Buyers

Commenting on this, Mr. Loo also

cooperation between the two nations

has been driven by stricter regulations

said: “China’s investment is giving

is also strong. In 2016, Sino-Cambodian

in the Chinese monetary markets,

smaller neighbors in Southeast Asia

trade volume increased by 7.4% over the

causing many Chinese Investors to seek

an unprecedented change to help

previous year.”

overseas property investments where

Cambodia, Laos and Myanmar become

possible. Cambodia has been particularly

larger Chinese export destinations. China

Mr. Sunny Soo, Managing Director at

favorable due to its use of the US Dollar,

will provide $10 billion in infrastructure

Keystone Property Consultants Co., Ltd.,

a relatively stable currency. Of course

loans to Southeast Asia. China’s direct

agrees that Cambodia offers a stronger

Cambodia is also realizing one of the

investment in Southeast Asia is mainly

political economy and friendliness

highest GDP growth rates in the region,

concentrated in Indonesia, Malaysia,

to Chinese investors, compared to

which, in turn, is generating real property

Cambodia and Thailand, with a focus

neighbours Vietnam and Thailand.

appreciation.”

on infrastructure, energy, finance, real

Meanwhile, says Mr. Soo, “the US dollar

country.

estate and transportation.”

is an incentive for Chinese property

Even though Southeast Asia is not

investors, offering a reliable hedge

China’s largest outbound real estate

Chinese outbound real estate investment

against the uncertainty of the RMB.”

investment, the region is the fastest

this year and next will continue to be a

developing market in the world,

main contributor to Cambodia’s overall

This year Xu Ningning, Executive

generating much higher returns than in

economy, especially the real estate

Director of China-ASEAN Business

developed markets.

sector.

Council, visited Cambodia. He met with Minister of Land Management, Urban

Mr. Hamilton added: “Although the

Planning and Construction to promote

tertiary markets of Europe and USA

the development of China-Cambodian

remain strong vehicles for Chinese

construction industry and its business

investors, a large portion of that foreign

cooperation, which will be to a certain

direct investment has shifted to South

extent, China’s real estate developers to

East Asia’s developing economies over

further investment into Cambodia.

the recent years. This is because the

Stay updated, read our news section...

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FE A TU R ED A GENT

Knight Frank Pte Ltd Knight Frank (Cambodia) Pte Ltd is proud to be part of the Knight Frank global network and this indicates a clear vote.

+855 (0)23 966 878 www.knightfrank.com.kh enquiry@kh.knightfrank.com

BOEUNG KAK 1

TONLE BASSAC

Ideal modern home near the city centre with facilities including a gym, swimming pool, children’s play area, and library.

The 2-bedroom urban sanctuary in Chamkarmon includes access to a rooftop saltwater swimming pool, a gym, and a BBQ area.

FOR SALE $50,000

FOR RENT $2,500/M 2

1

1

2

2

CHROY CHANGVAR

CHAKTO MUKH

This 1-bedroom apartment in Chroy Changvar has a breath-taking view of the Mekong, Tonle Sap, and Bassac Rivers.

This modern 2-bedroom apartment is located in the city’s cultural and business hub, near the riverfront in Daun Penh.

FOR SALE $73,200

FOR RENT $2,800/M 2

1

1

2

2

TONLE BASSAC

CHROY CHANGVAR

The East View Residence Condominium is located in Tonle Bassac, and is in close proximity to various establishments.

This 3-bedroom riverfront apartment is located in an spacious residential complex, offering a list of useful facilities.

FOR SALE $60,000

FOR RENT $3,750/M 2

1

1

3

3

CHROY CHANGVAR

CHAMKARMON

This 1-bedroom serviced apartment and condominium comes with a stunning view of the Mekong and Tonle Sap Rivers.

This unit is located on a luxurious high-rise serviced apartment development that’s positioned within the BKK1 area.

FOR SALE $65,000

FOR RENT $3,000/M 2

1

1

3

3

TUEK THLA

DAUN PENH

This 1-bedroom condominium unit is located within a prestigious residential complex with a wide range of facilities.

This unit is located on a stunning 2-bedroom serviced apartment in an exclusive central business district complex.

FOR SALE $86,200

FOR RENT $2,400/M 2

1

1

2

2

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FE A TURED AGENT

ips-cambodia.com

+855 77 959 861

Browse over 5,000 of Cambodia’s finest properties for sale or rent

inquiry@ips-cambodia.com

KHAN SEN SOK

WAT PHNOM

This Villa in Khan Sen Sok has 5 bedrooms with en-suites, a kitchen, and spacious living areas on the 1st and 2nd floor.

This 2-bedroom apartment in Wat Phnom is on a two -story building. It has lots of character and comes fully furnished.

FOR SALE $500,000

FOR RENT $800PM

5

2

2

CHAMKARMON

This apartment is an oasis at BKK1. It has 3 bedrooms and was renovated to feel like a villa in the countryside.

This 2-bedroom apartment in Chamkarmon exudes a sophisticated and stylish interior for entertaining family and friends.

FOR SALE $298,000

FOR RENT $1,650PM

3

2

2

DAUN PENH

CHAMKARMON

This Riverside home is situated at the heart of Phnom Penh. It offers the buyer a unique investment opportunity.

This 1-bedroom apartment in Chamkarmon is equipped with a large bed, cabinets, and a range of modern appliances.

FOR SALE $118,000

FOR RENT $900PM

2

2

1

1

KHAN 7 MAKARA

DAUN PENH

This corner apartment in 7 Makara has 2 large bedrooms with en-suites and a scenic view of the city over its balcony.

This 1-bedroom Riverside apartment features a kitchen, a living area, one bedroom with en-suite, and a private balcony.

FOR SALE $170,000

FOR RENT $550PM

2

3

1

1

TOUL KORK

KHAN SEN SOK

This apartment in Toul Kork comes furnished and includes a soft title.

This property also has two spacious bedrooms.

This 5-bedroom villa in Sen Sok was designed for a luxurious lifestyle and comfortable lifestyle in the countryside.

FOR SALE $68,500

FOR RENT $2,000PM

2 CAMBODIA REAL ESTATE 2017

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CHAMKARMON

3

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www.ips-cambodia.com

2

5

7

FE A TU R ED A GENT

ips-cambodia.com

+855 17 843 423

Browse over 5,000 of Cambodia’s finest properties for sale or rent

inquiry@ips-cambodia.com

www.ips-cambodia.com

SIEM REAP

SIEM REAP

This European villa is in a quiet area with beautiful surrounding farmlands.

The rooms also come fully furnished.

This 11-bedroom boutique hotel is fully-furnished.

It also has a mixture of Khmer and western-inspired designs.

FOR SALE $350,000

FOR RENT $2,500PM

3

2

11

12

SIEM REAP

SIEM REAP

This villa in Siem Reap currently operates as boutique hotel with 6 guest rooms, cinema, gym, wine cellar, garden, pool.

This boutique villa in Siem Reap is fully-furnished and equipped with a kitchen.

It comes with a mix of unique designs.

FOR SALE $1.49M

FOR RENT $5,000PM

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9

21

SVAY DONG KOM

SIEM REAP

This land is close to a fast developing area in Svay Dong Kom and comes with a hard title. It has an area of 11m×32m.

This villa is located in Sala Lodge Road. It comes with two fully-furnished bedrooms with a western-style kitchen.

FOR SALE $85,000

FOR RENT $1,200PM

2

3

SIEM REAP

SIEM REAP

This boutique hotel in Siem Reap is perfect for those looking to invest in real estate properties located in Cambodia.

This apartment in Siem Reap comes with two bedrooms, a living room, a modern kitchen, and a private sunset terrace.

FOR SALE $2.5M

FOR RENT $600PM

2

2

SVANG DONG KOM

SIEM REAP

This modern condominium is one of the newest additions to the real estate market of Svay Dong Kom in Siem Reap.

This house is located in the Wat Damnak area and can be reached from Pub Street in 5 minutes via public transport.

FOR SALE $133,450

FOR RENT $2,000PM

3

3

5

3

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FE A TURED AGENT

DUAN PENH, PHSAR KANDAL 1

DUAN PENH, PHSAR KANDAL 1

This hotel for sale is big, with a total of 32 bedrooms across six levels. And it comes with a Riverside freehold title.

This hotel for rent comprises of 54 rooms across 14 floors and 2-level Sky bar with the highest views in the district.

FOR SALE $2,200,000

FOR RENT $26,000PM

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54

54

DUAN PENH, PHSAR KANDAL 1

DUAN PENH, BOEUNG REANG

This hotel for sale has a colonial iconic hotel freehold and is currently running as a successful hospitality business.

This condo unit for sale has full kitchen equipment, 1 bedroom, 1 bathroom, a dining room, and a large living room.

FOR SALE $2,000,000

FOR RENT $700PM

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FE A TU R ED A GENT

Century 21 Golden Realty To put forward customers’ needs as our top priority and help them in finding the right properties that meet their requirements.

071 5555 588 www.c21golden.com.kh info@c21golden.com.kh

OLYMPIC STADIUM

TONLE BASSAC

This fully-furnished apartment comes with full use of the internet, sauna, gym, cleaning services, and the pool.

This one-bedroom apartment has a modern design and finish that complements its accompanying view of Tonle Bassac.

STARTING: $700

STARTING: $650

1

1

1

1

RUSSIAN MARKET

BOEUNG TRABEK

This two-bedroom apartment has 24/7 security. It also includes the use of internet, sauna, gym, and cleaning services.

This furnished 2-bedroom apartment has a fresh minimalistic design, accompanied by access to facilities for wellness.

STARTING: $950

STARTING: $550

2

2

TOUL KORK

2

2

TOUL TOM POUNG

A 1-bedroom apartment in Toul Kork comes with a beautiful view of the city and access to the gym, pool, and many more.

This classic 2-bedroom apartment in Toul Kork comes fully furnished with elegant furniture and modern appliances.

STARTING: $1,000

STARTING: $600

1

1

2

2

DAUN PENH

BKK3

This fully-furnished condo has 1 bedroom and 1 bathroom. It comes with a view of the Riverside and the cityscape.

Located close to the Tuol Sleng Museum, this 2-bedroom apartment is conveniently located in prime territory at BKK3.

STARTING: $1,020

STARTING: $650

1

1

2

2

DAUN PENH

RUSSIAN MARKET

This fully-furnished apartment has 1 bedroom and 1 bathroom. It includes access to facilities like the pool and sauna.

This simplistic 2-bedroom apartment is not only clean, safe, comfortable, and peaceful. It also comes fully furnished.

STARTING: $1,780

STARTING: $650

1

1

2

2

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FE A TURED AGENT +855 (0) 23 727 007 www.ncmaxworld.com enquiries@ncmaxworld.com

KHAN MEAN CHEY

7 MAKARA

This shop house is in a commercial area which is comfortable and of high security. It has 4 bedrooms and 3 bathrooms.

The apartment building is strategically located at Sisowath Quay Riverside in Phnom Penh. There are 7 units for rent.

FOR SALE $65,000

FOR RENT $650/UNIT

4

3

1

CHAMKARMORN

TONLE BASSAC

These 4 properties are suitable for residential area.

Buyer can opt to renovate to a new apartment and rent it out for $450/month.

A fully-furnished unit at the Embassy Residences already includes cable TV, a cleaning service, and a laundry service.

FOR SALE $130,000

FOR RENT US$900US$1,200PM

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2

CHROUY CHANGVAR

KHAN SEN SOK

This house is near the Japan Sunrise Hospital, schools, retail shops, and condominiums. It also comes with a hard title.

This land is conveniently located on a commercial area near schools, restaurants, and the market. It’s also near AEON 2.

FOR SALE US$1.9M NEGOTIABLE

10

11

LAND FOR RENT $1,200PM

KHAN DOANGKAO

KHAN SEN SOK

This factory is located at Phnom Prey Speu at Sangkat Chomchao in Khan Doangkao. It can also be used as a warehouse.

The shop house in has 5 bedrooms and includes a contract duration of less than a year.

FOR SALE $248,000

FOR RENT $700PM

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CAMBODIA REAL ESTATE 2017

6

PHNOM PENH THMEY

TOUL SONGKAE

This shop house is located in in Phnom Penh Thmey.

It is situated in a quiet neighborhood near schools and markets.

The building has 10 floors, 2 elevators, and an emergency staircase. It can easily be converted into an office building.

FOR SALE $185,000

FOR RENT $25,000PM

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6

+855(0)23-727-007

• • • •

Collateral Based Loans Competitive Rates Large Lending Capacity Fast Approval

BOEUNG TRABEK

TOUL TOM POUNG 1

This apartment building’s near the Russian Market.

It has excellent renovation opportunity and comes with a hard title.

This house has a total of 3 floors, 7 bedrooms, 5 bathrooms, a living room, and a kitchen. It is located near the Russian Market.

FOR SALE $1.5M

FOR RENT $1,100

20

7

20

5

BKK1

SEN SOK

A unit at De Castle Royal includes cable TV and private WIFI. You can also avail of cleaning and laundry services.

The shop house in has 5 bedrooms and includes a contract duration of less than a year.

FOR SALE $195,000

FOR RENT $900

1

5

1

6

BKK3

KHAN MEAN CHEY

This studio unit at the Golden One Condo comes with amenities like the Sky Lounge, Sky BBQ, Sky Garden, and a Sky Pool.

The villa is safe and comfortable with 5 bedrooms, 6 bathrooms, a living room, 2 kitchens, 2 balconies, and 1 rooftop.

FOR SALE $72,412

FOR RENT $1,200PM

5

Studio

6

KANDAL

BKK1

Great land for sale at ArayKsat, residential land, development area.

Size: 33x37m

The 2nd floor of the house is up for rent. And it is conveniently located near the Boeung Keng Kang 1 Market.

Embassy <For Rent> FOR SALE Residences $58,000 FOR RENT $500PM updated on June 21, 2017

LAYOUT

2

BKK1

BKK1

17 floors luxury residential complex, located in a highly residential area, with a total Total GFA: 8,436 m2.

Modern condo for rent, fully furnished, with tv and wifi. Price includes utility bills and cleaning service.

FOR RENT $1,100 TO $1,250

FOR SALE $7M

UNIT NO.

2

NET SIZE

TYPE

1

Normal

AVAILABILITY

1

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FE A TURED AGENT

Easy Property Realty Make your need easier

contact@easypropertyrealty.com

BOEUNG KAK 1

You can buy this house for living, setting up an office or running other business due to its good location at the downtown area.

This Villa is in downtown and has a big parking lot. Is close to the market, hospital, schools, and others places to make your life easy.

FOR SALE $200,000

FOR RENT $1,500PM

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7

7

KHAN MEANCHEY

CHAMKARMON

Located near schools, restaurants, and shopping venues at Sangkat Boueng Tumpun. It includes 6 bedrooms and 6 bathrooms.­

The apartment’s located at BKK3. It has 2 bedrooms, 3 bathrooms and a kitchen.

It’s peaceful and comes fully furnished.

FOR SALE $95,000

FOR RENT $900PM

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6

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3

TUOL SANGKE

KHAN 7 MAKARA

5 bedrooms flat in a great location close to markets, schools, banks, hospitals and other facilities.

The apartment’s located at Boueng Prolit and comes with access to facilities like a gym, pool, and parking space.

FOR SALE $170,000

FOR RENT $1,100PM

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6

2

2

KHAN SEN SOK

TONLE BASSAC

This land has a wide area that makes it easy for trucks to import and export products. You can buy this land for warehouses and a garage.

This apartment is very clean and fully furnished, securie, in a calm place, comfortable for living.

FOR SALE $210/M 2

FOR RENT $1,500PM

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3

KHAN RUSSEY KEO

KHAN SEN SOK

Flat with 2 bedrooms. It’s located near local shops and amenities. It also has well-proportioned spaces all throughout.

This warehouse is along the main road and is easily accessible for logistics. It also has security guards on standby.

FOR SALE $55,000

WAREHOUSE FOR RENT $2.5/M 2

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www.easypropertyrealty.com

KHAN DONGKOR

4

80

+855 15 777 586

2

FE A TU R ED A GENT

Solina Realty Consulting Co., Ltd

+855 77 253 554 +855 977 431 948

Personal & Professional Real Estate Services

www.solinarealty.com info@solinarealty.com

SIEM REAP

SIEM REAP

A luxurious 16-room villa that was acquired November of 2016.It also features a stunning garden and a swimming pool.

This 11-bedroom boutique hotel is fully-furnished.

It also has a mixture of Khmer and western-inspired designs.

FOR SALE $75,000

FOR RENT FROM $750PM

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2

SIEM REAP

SIEM REAP

This 3-bedroom villa comes with a carport, a laundry area, a kitchen, and bathrooms that have 2 sitting rooms.

This 14-room villa business is conveniently situated near the Krom Market and is just 5 minutes away from the city center.

FOR SALE $105,000

FOR RENT $2,000PM

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3

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14

SIEM REAP

SIEM REAP

This 9-room villa’s situated at the Banteay Chas Village. It has large grounds suitable for a swimming pool and parking.

Brand New Luxury 1 & 2 Bedroom apartment situated on Route 60 near Kunthakbopha children Hospital.

FOR SALE $20,000

FOR RENT $700PM

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9

1

2

SIEM REAP

SIEM REAP

This new apartment business contains 12 luxurious apartments, including penthouse. The deposit is also negotiable.

This 12-unit apartment business is located near the Kunthak Bo Pha Children’s Hospital. The deposit is still negotiable.

FOR SALE

FOR RENT $3,000PM

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12

12

12

SIEM REAP

SIEM REAP

17 Rooms Villa Business For Sale in a great location, just 2 minutes walk to pub street.

Situated in Kok Chork commune, is perfect for business like Boutique or guesthouse.

FOR SALE $70,000

FOR RENT $1,500PM

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17

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AGENTS DIRECTORY

+855 017 436 756 info@realestate.com.kh

KNIGHT FRANK

YI FUNG

+855 (0) 23 966 878

855 (0) 23 986 300

www.knightfrank.com.kh

www.yifung.co

enquiry@kh.knightfrank.com

admin@yifung.com

CPL

HOME CONNECT

+855 (0) 95 318 333

+855 (0) 23 212 045

www.cplagent.com

www.homeconnectcambodia.com

info@cplagent.com

bobby.peoples@homeconnect.asia

NC MAXWORLD

HUNTER ESTATE

+855 (0) 23 727 007

+855 (0)16 988 983

www.ncmaxworld.com

www.hunter-estate.com

enquiries@ncmaxworld.com

ask@hunter-estate.com

IPS +855 (0) 77 959 861

SOUTH EAST ASIA PROPERTY SERVICES

www.ips-cambodia.com

+855 (0) 23 214 322

inquiry@ips-cambodia.com

www.cambodiaproperty-seaps.com contact@seaps.asia

YONG YAP +855 (0) 23 223 712

CDN

www.yongyap.com

+855 (0) 17 292 228

desmond@yongyap.com

www.cdnproperty.com/en info@cdnproperty.com

KEY REAL ESTATE +855 23 880 995 www.keyrealestate.com.kh info@keyrealestate.com.kh

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CAMBODIA REAL ESTATE 2017

SOLINA REALTY CONSULTING +855 (0) 77 253 554 www.solinarealty.com info@solinarealty.com

CENTURY 21 CAMBODIA +855 (0) 23 966 711

KEYSTONE PROPERTY CONSULTANTS

www.century21.com.kh

+ 855 (0) 23 989 320

info@century21.com.kh

www.keystone.com.kh info@keystone.com.kh

CENTURY 21 GOLDEN REALTY

SC REALTY

+855 (0) 71 55555 88

+855 23 988 178

www.c21golden.com.kh

www.sc-realtyco.com

h.vathana@c21golden.com.kh

info@sc-realtyco.com

EASY PROPERTY INVESTMENT CAMBODIA

CBRE CAMBODIA +855 23 964 099

+855 (0) 96 492 8888

www.cbre.com.kh

www.easypropertyrealty.com

cambodia@cbre.com

info@easypropertyrealty.com

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