A home is a sanctuary, but for some, owning a home simply remains a dream. Kongngy Hav however is looking to change this by helping turn people’s home ownership dreams into reality with the development of a housing project for low-income earners.

Kongngy Hav, the founder of My Dream Home which he established in May 2015, said his housing project was targeted towards families and couples in the lower to middle income bracket earning about $300 a month.

“Less than $20,000 is required to construct a house, which is a good opportunity for the middle and lower-class income people,” he said.

My Dream Home aspires to contribute to Cambodia’s housing needs by building a community which prides itself on cleanliness and is equipped with strong infrastructure and facilities such as a school and market.

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The location for the factory where Kongngy makes the specialised bricks for the housing project is along National Road 4 bordering Kandal province, with the housing estate in close proximity. Kongngy told Post Property that he increased the capacity of the housing project to 20 individual houses after he realised the initially planned ten houses was not enough to meet demand.

“Now we have built 20 houses, with each house being 24 square metres for the ground floor and 24 square metres for the first floor. All of the houses are constructed from interlocking bricks made by our My Dream Home team here in Cambodia,” he remarked.

Kongngy said he selected the specific location along National Road 4 for the factory and the housing project as it was close to the special economic zone.

“Those who come to buy these homes are mostly low-income people, such as motodup and taxi drivers and small-business operators,” he added. Houses in the My Dream Home complex are currently priced at $14,500.

In addition to the housing project, My Dream Home sells durable, inexpensive and environmentally friendly bricks directly to those looking to construct an individual home or business, such as a coffee shop or restaurant.

According to Kongngy, the high-quality bricks work similar to Lego toy bricks, simply interlocking when they are assembled, reducing the need for construction labour skills. Kongngy said the bricks do not need to be kiln fired, reducing time and costs.

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“We make the homes affordable by using inexpensive bricks and providing long-term, low-cost loans,” he added.

Kongngy described the housing project as a social enterprise initiative but had hope for the future that the government would join in to solve the growing need for affordable housing in the Kingdom.

“I want low-income earners to have a house they can call their own in a good and safe environment,” he said.

Kongngy sees potential to build more houses in the near future to cater to the healthy demand, explaining that he will look to expand the business by finding a partner and selecting a different location to build an extra 50 or so houses.

According to Kongngy, there is currently a trend of people migrating from the provinces to Phnom Penh for work, which is driving up the need for affordable housing solutions.

“If we build houses that are expensive and inappropriate, people moving to the city are left with limited options when it comes to housing,” he said.

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Oi Lean is a new resident of the My Dream Home project, having recently left her hometown in Battambang province to live in the new complex with her daughter who was able to purchase a house.

Talking to Post Property soon after she had moved in, Lean said the living conditions were impressive as there were large living spaces and a clean surrounding environment. Lean hopes to see more of these types of housing projects in Cambodia.

“I want to see more projects like this which build affordable houses for low-income people in the future,” she said.

After more than two years under construction, the Tboung Khmum provincial hall in Srolob commune is open for business.

Sitting on about one hectare of land, the administration building, which had been under construction since January 2015, has the capacity to hold 25 departments. The new provincial hall adds to other recent facilities that have been erected in Tboung Khmum, such as a university and hospital.

Kim Heang, president of Cambodian Valuers and Estate Agents Association, said that while there was much development and construction activity in Tboung Khmum, there was limited commercial activity which made it difficult to attract investors to the area.

Heang added, “My suggestion for the revived Tboung Khmum town would be to ask the state to give some land to government officials and the people to live there and initiate some activities. If not, the area will remain quiet.”

Despite condo supply in Phnom Penh increasing at a fast rate as projects complete construction, many in the real estate industry are maintaining an upbeat outlook on future market conditions. However experts have cautioned that moving forward, new projects will need to be more prudent and mindful in their plans to build condos, especially when it comes to location.

Tuy Bun, shareholder of Residence L Cambodia which is developing condominiums in Phnom Penh for the middle class said while the broader condo market looked to be struggling from a sales perspective, his project had been steadily selling off units with 70 percent of units having been sold.

“My project is still moving forward little by little. I focus on people within the middle income bracket, and I sell them at a reasonable price range of between $1,000 and $1,100 per square metre,” he said.

When asked what he thought the future held for the condo market in Phnom Penh, he said his feelings were mixed, noting that he was informed that a project within the same price range as Residence L Cambodia had been recently halted in the middle of its construction process.

Real estate firm CBRE Cambodia estimates that condominium supply in Phnom Penh alone currently stands at 4,253 units and will reach 38,920 units by the end of 2019, representing a 9 fold increase.

Thida Ann, deputy director of CBRE Cambodia, commented that the luxury condo market had tapered off slightly, however developers targeting people within the middle income bracket were performing better.

Despite Ann’s comments, investors in high-class condos in Phnom Penh are shaking off any concerns about supply and sales woes.

A case in point is Sear Rithy, chairman of WorldBridge Group, who has invested millions in partnership with a Singaporean firm to develop two luxury residential projects. He told Post Property he does not see any threats to the condo market.

However, he said that developers needed to be wise when choosing the location of their project as the right location could make a big difference in sales numbers.

“Condos that are facing an uncertain future are those constructed in unsuitable locations, as well as projects lacking investment capital,” he said,

He continued, “My condo is strongly focused on its location, quality, and a strong investment capital foundation; and I’m not just selling a house, I’m selling a lifestyle.”

Meanwhile, Touch Samnang, deputy director ofthe Overseas Cambodia Investment Corporation (OCIC), noted that those still interested in buying condos in Phnom Penh comprised of mainly foreigners from China, Japan and Taiwan. Samnang also believed that any residential projects, not just condos, were a hard sell if the location was unfavourable.

Noun Rithy, Khmer Foundation Appraisal’s CEO, maintains a bullish outlook when it comes to Cambodia’s condo market, believing the market was “teeming with potential”.

He continued, “I don’t think that there’s anything to worry about, seeing as the country has achieved political stability and prosperous economic development.”

“Cambodia still has potential and as the number of investors to Cambodia continues to increase, they will want to live in condos when they arrive.”

Based on Rithy’s calculations, condo units that are currently on the market at the price of $300 to $400 per month usually attract Cambodian customers while units ranging from $550 to $1500 a month are mostly occupied by foreigners.

Property developer Borey Peng Huoth is diversifying its portfolio, revealing plans to venture into retail via a mall development which is scheduled to be finished at the end of 2019.

According to Pao Lyvorn, a marketing officer at Borey Peng Huoth, the shopping centre, set to be called Diamond Plaza, will be established in the Chak​ Angre Krom commune as part of a wider mixed-use project named The Star Diamond. The entire project will span 2.4 hectares.

Lyvorn said the investors behind Borey Peng Hout had teamed up with a well known Singaporean firm for the interior design phase of The Star Diamond and the Diamond Plaza mall, with Lyvorn adding that there would be a strong emphasis on a “natural outdoor setting”.

Construction is tipped to begin at the end of November with works scheduled to be completed by the end of 2019.

The two-storey shopping mall will be packed with a wide range of boutiques, galleries, cafes, restaurants. Of course, no new mall in Phnom Penh would be complete without a cinema.

Some view it as iconic, others a deprecit building that has seen better days. However you want to put it, there is no disputing that the White Building, established during King Norodom Sihanouk’s Sangkum Reastr Niyum regime, is unlike any other building in Phnom Penh. As Post Property found out, the impending demolition of the structure has left the community feeling both sad yet optimistic for the future. Built as an experiment in low-cost social housing for the capital, the White Building has been sitting in the heart of Phnom Penh since the 1960s.

Despite, or perhaps because of, its dilapidated appearance, it has developed a reputation as an iconic sight in the city, and was home to businesses, an art gallery as well as hundreds of families.

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Yon Davy, a classical and contemporary dance performer who lived in the fourth floor of the building said the White Building would always hold a special place in her heart.

“The White Building was my place of birth. I have many fond memories there and it is a place where I lived with happiness.”

After living in the White Building her whole life, Davy said moving to a new home in the Dangkor District had its difficulties.

“When I first moved in to my new place after the White Building I felt I had lost everything, like my neighbours who I had good friendships with and also the environment we shared together.”

Although the White Building’s aesthetic verges on the decrepit, Davy said its foundations remained solid, expressing sadness that it was being demolished.

“Even though I have left this building, I cannot open my eyes to see the demolition of this building because I will cry out loud,” she said.

In the context of the White Building, Davy expressed disappointment at historic buildings across Phnom Penh being torn down to make way for modern buildings, mostly high-rises.

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“If we keep getting rid of old buildings, it seems like the younger generation won’t have a good understanding about Cambodia’s history so we should preserve old buildings.”

Sambo Manara, a history professor at the Royal University of Phnom Penh and Pannasastra University, said the White Building will long be considered an iconic building for Cambodia going forward.

Discussing the history of the structure, Manara said many parts of the building were destroyed when the Khmer Rouge took control of the Kingdom. While maintenance was later undertaken in an effort to repair damaged areas, Manara didn’t believe the entire White Building remained safe for residents. Even the government had its doubts. Back in 2014, the former municipal governor Pa Socheatvong declared the building unsafe.

“Unfortunately, wars and other issues have made people uninterested in taking care of the building,” Manara said.

While sad at the White Buildings looming disappearance, the professor said he understood the government’s desire to have an aesthetically pleasing city to show off to tourists, and even though the White Building is iconic, he said the beauty of the structure had not been preserved.

“We need to value the development of the new generation and the modern era,” he added.

Sorn Seap, the CEO of Key Real Estate, told Post Property that once the White Building is torn down and replaced with a new 21-storey building to be built by Japanese firm Arakawa Co, the property and land value within the Tonle Bassac area will likely rise, which will have beneficial flow-on affects for development.

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Land within Tonle Bassac is already incredibly expensive, with Seap predicting prices per square metre currently range from $1,500 to $3,500

“The price of land usually only increases here, say between five to ten percent a year,” Seap added.

A representative from Arakawa Co, who didn’t want to reveal his name, told Post Property the demolition of the White Building will be ongoing for the next few months.

“The demolition of the building will take three to four months before construction of the new building starts,” he said.

The 493 families living in the crumbling White Building recently moved out after agreeing to accept $1,400 per square metre from the Land Management Ministry for their apartments. The White Building is now being bordered off for safety purposes ahead of its imminent demolition.

Despite being home to several cement factories, real estate industry experts say Cambodia’s cement manufacturing sector has yet to fulfill demands of the fast developing building boom.

Housing Development Association of Cambodia president Ly Hour recently informed Post Property that despite a handful of operational cement factories in the Kingdom, supply of cement was falling slightly short of demand. According to Hour, his own borey that he is developing and other boreys he knows of have to rely on imported cement from neighboring countries to fill the gap in cement supply.

“The cement supply chain in Cambodia isn’t major by any means, even if the supply enjoys an increase, the amount is still inadequate,” he said.

He added, “Despite there being new factories that can produce cement, I still think that it’s not enough, because the demand for cement is shooting up very quickly due to our country’s rapid development.”

With investment in Cambodia’s booming construction industry having increased 43.3 percent in the first four months of 2017 compared to the same period last year, Hour expects demand for cement will continue to rise as the flourishing real estate and construction building boom flourishes.

Charles Vann, head of the Cambodia Constructors Association, expressed a similar view to Hour, believing cement supply was inadequate compared to demand as local production “can only support a small part of marked needs”.

Prak Sereyvathna, CEO of Kampot (K) Cement, a joint venture between the Khaou Chuly Group and Thai cement manufacturer SCG, said cement sales have been on the rise this year which has underpinned the company’s plans to invest an additional $1 million to open a new production line. The new line would produce 2,600 tonnes a day on top of the existing 5,000 tonne a day production output.

“We are currently doing market research before commissioning the new production chain,” Sereyvathna said, acknowledging local cement demand was on the up.

Chip Mong Insee Cement Corporation is another such firm capitalising on the increasing local demand for cement, with the company about to commission its new cement plant in Touk Meas, Kampot.

With a capital investment of $262 million, Chip Mong’s new manufacturing facility for its cement is expected to be Cambodia’s largest single line, and will help to alleviate the Kingdom’s dependency on imported cement products.

Meanwhile, Touch Samnang, deputy director of the Overseas Cambodia Investment Corporation (OCIC), said most of its projects use locally produced cement, except when it came to adhesive cement since this was not produced in Cambodia.

“OCIC’s demand for cement is measured at 20,000 to 30,000 tonnes each year and I believe that this demand will rise as Cambodia’s economy continues to improve and grow,” he said.

The container market is undoubtedly proving to be a popular venue in Phnom Penh, with the latest container market set to spring up in the Boeung Kak area.

According to Bun Seng, the 27-year-old owner of the Art’s Container Market project which is located within the up-and-coming Phnom Penh City Center complex, the inspiration for the market concept came from a desire to promote both international and local brands to customers in a cost effective setting.

Unlike other container markets in Cambodia that sell a range of apparel, shoes and accessories, Seng’s business will stick to selling food and drink. In addition, Seng said the market would offer original music and entertainment to customers.

Seng expects 80 stores to open at his container market which spans nearly 3,000 square metres.

“Customers will be very excited about the interior design of each shop in our market place as it is unique and different,” he added. “The location is also prime so customers can come and visit from anywhere in Phnom Penh.”

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Pen Vatanak has established a Hong Kong franchise within the Art’s Container Market. The Bear Bread vendor said his stand specialises in making burgers and expects it to be a hit with the young crowd.

“We will sell a new type of food that young people especially will enjoy as it has a different taste due to the ingredients being purchased from abroad,” he said.

“I hope that many customers will come to the Art’s Container Market.”

The emergence of another container market in Cambodia follows the recent success of Jet’s Group’s night container market on National Assembly Street. Jet’s night container market, which opened in March, features several long corridors of shops and restaurants, many with seating on top of the containers, and a plaza in front of one of several music stages.

The Art’s Container Market will officially open on August 5 and will operate from 4pm to 2am every day.

By James Hodge | Associate Director | Professional & Office Services

It is common for the terms apartment and condominium to be used interchangeably, but in the Cambodian context, these terms describe two different models of residential living.

The primary reason for the difference between apartments and condominiums tends to be in the ownership structure. A condominium will form part of a building sold on a unit by unit basis under strata-title whilst an apartment complex, or more fully a serviced apartment building, will be owned by a single owner, usually a property investment company.

Strata-title properties, being individually owned are either occupied by the purchaser or let out by investors. This can sometimes lead to competing agendas amongst the individual owners, and as a result, it is less likely that a consensus may be built amongst these individuals to organise themselves into a central body to allow a building to be let under a central leasing agent. Even when offered with guaranteed yields, these agreements may only last for a short period, usually between 3 and 6 years.

Whilst a guaranteed rental return structure may infer on the original developer or a managing body some level of control over the buildings leasing, an investor is unlikely to be inclined to spend significant sums on expensive fit-outs and intensive management during this period.

The ownership structure of condominiums means they will typically be let or owned on a unit-by-unit basis; this means that in the rental market neighbouring landlords may end up competing against each other to secure a tenant. In a building with ample supply of units, a more efficient market will arise. This should result in tenants being able to achieve a lower rent than may be possible otherwise.

Ownership of a building under a single guiding entity provides the certainty a serviced apartment operator would need to invest in the aspects of the building, which for a tenant, can set it apart from renting a condominium from an individual landlord, including facilities, interior design, additional security and more soft services.

The pricing of apartments and condominiums may also be different, with apartments more likely to be let on an inclusive rent with fewer add-ons, whilst a condominiums will sometimes allow tenants to pick and choose the services appropriate to their individual circumstance. The administrative burden and the impact of vacancy rates within a serviced apartment building will typically be greater than that of a condominium model, and as such, rents could be higher for a unit of comparable size and grade.

The provision of furnishings, as well as the décor, size and the quality of fittings will largely be reliant upon the grade of property selected, although serviced apartments often come more heavily provisioned, allowing the tenants to move in and out faster and with minimal fuss.

Serviced apartments, especially those under branded management or at the high end of the field, will be fully maintained by the building owner with the costs of this factored into the rent. Meanwhile, condominiums are more varied in their approach to maintenance depending upon the managing agent, the presence and policies of any owner or tenant’s committee and the service charge budget available for repairs to be undertaken. In addition, central maintenance in condominium developments will be targeted to communal and external areas, with individual’s owners picking up the bill for internal repairs. Conversely, whilst serviced apartments are maintained fully by the owner, the occupier will only very rarely be permitted to make any internal changes, no matter how minor they might be.

Another key difference between condominiums and serviced apartments is the access to services; in some circumstances condominium occupiers will be expected to pay extra to access facilities including swimming pools, gyms, saunas and car parking.

Meanwhile, a serviced apartment would come inclusive of the right to use at least some of the in-house facilities.

When considering renting an apartment it is important to fully understand the way the property is managed and operated to ensure there are as few surprises as possible further down the road. Apartments and condominiums offer distinct models of operation and it is down to the tenant to decide which model makes them feel most comfortable when committing to lease a new home.

The outskirts of Phnom Penh is littered with billboards of ‘land for sale’ ads, and while plotted land is cheaper than purchasing a traditional bricks and mortar dwelling, real estate experts say plotted land buyers are at increased risk of getting a bad deal if they don’t tread with caution.

Mann Chandy, the CEO of real estate services firm Premium Housing which has been investing in numerous plots of land around Phnom Penh, told Post Property he was targeting low and middle income customers for his emerging project in Kandal province.

“Some of my customers have purchased plotted land to build houses, while some others have purchased to make a profit in the future based on improving infrastructure in the area,” he said.

Chandy said, unfortunately, he had seen many plotted land buyers and investors who have fallen victim to opportunists who scam people out of money.

“I have had to educate many people about the land buying procedures for plot land purchases so they can avoid the risk so that they won’t fall victim again,” he added.

Plotted-land sale transactions mostly occur in private, involving local authorities who do not have the rights to issue property owner certificates. Ministry of Land Management, Urban Planning and Construction (MLMUPC) deputy secretary Lao Tip Seyha previously told Post Property that only ministerial departments and the ministry itself have the right to issue property owner certificates. Therefore, buyers need to consider, and ask for property owner certificates from sellers to avoid wasting their money, and future complications.

Kim Heang, president of the Cambodian Valuers and Estate Agents Association, acknowledged there were companies involved in plotted land activity who were actively scamming innocent people.

“Their projects don’t have proper roads, sewage systems, clean water nor electricity, while some other opportunists ask 10 percent or higher of the land’s price to the new land owners just to convince them for plot divisions to put up on sale on a board,” he said.

“However, when they cannot sell them then they flee and make the land owners and buyers fall victim.”

To avoid this occurring, Heang urged potential buyers to make sure they only purchased from legitimate and reputable landlords.

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“If the title does not belong to the owner of the land, do not buy,” he added.

Heang said while there were some unscrupulous plot land developers and investors, there were also many credible ones and even he was contemplating buying a large area of land to divide into plots.

“Most plot land buyers are those with an average or low income who will buy the land then save money to build their house within the next five to 10 years,” he added.

A land buyer named Chanthoeun, who purchased a plot of land from a company in the Areyksat village for $11,000 said she didn’t purchase the land to make a profit, instead admitting it was an investment for her children’s future.

“I have chosen the non-interest three year plan, which I need to pay $200 per month to the company for whom I know as well,” said Chanthoeun, adding, “anyhow, there is still a risk as we don’t receive the land title yet until we pay off everything first.”

Chanthoeun said the location where she purchased the land is earmarked for future infrastructure development, acknowledging the seller had assured her that there would be strong infrastructure around her newly purchased land. Though, she admitted she was skeptical as to whether or not the infrastructure plans would come to fruition.

A real estate expert, who asked to remain anonymous, said plot lands could create unnecessary headaches for a few reasons, with landlords often refusing to transfer the hard titles to the new buyers.

Nget Piseth, assistant to the CEO of Borey Piphup Thmey, said plot land buying and purchasing activity had been increasing of late but added that, a lot of the time, plotted lands lack nearby infrastructure and development because “each land owner waits for the other land owner to make the first move.”

For instance, Piseth said the land plots sitting at the South of Borey Piphub Thmey Samrong along Hanoi Street were predominately inactive due to the lack of surrounding development.

MLMUPC spokesman Seng Lot said activity concerning plotted land must adhere to the urban planning sub-decree number 42.

“The important thing is the investors adhere to the law of the ministry. However, the ministry doens’t interfere with plotted land activity by private investors,” Lot added.

A mixed-use precinct comprised of a performing arts theatre, shopping mall and water park in Siem Reap is set to open its doors later this month.

Located five kilometres from Angkor Wat, Angkor Dynasty is a joint development being spearheaded by Cambodia Mega Asset management co., Ltd and Ca Heng International Cultural Tourism Investment Co.

Sarah Liang, director of sales at the Angkor Dynasty project said: “There development will hold theatre shows, a water park, commercial areas, restaurants and Cambodian folk culture on 1.5 hectares of land.”

Liang, who revealed the total cost of the development was $30 million, said the Angkor Dynasty grand theatre will span 6,000 square metres and have the capacity to hold 1,200 people.

“In this theatre, you will be surrounded by Cambodian culture,” she said, adding that shows would be held regularly in the complex to cater for the influx of tourists coming to Siem Reap.

“The developers feel this is a valuable way to contribute to the Cambodian culture and history,” Liang added.

The project, which started construction last July, is set to open its doors to the public towards the end of August.

Angkor Dynasty is positioned in proximity to many hotels, while the popular Pub Street is only 1 kilometre away.

Construction of Southeast Asia’s supposedly tallest building hasn’t even started, yet troubles have already dogged Thai Boon Roong’s Twin Trade Center as it was revealed that the timeframe for work to begin on the project had again been pushed back.

Construction on the altitudinous building was initially tipped to start last September, and then earlier this year the project’s start date was delayed to mid-2017.

Now it seems that target has been missed, with Tous Sapheoun, deputy secretary general of Board of Architects Cambodia (BAC) and one of the architects currently working on the twin towers’ design, stating that construction work had yet to begin as the technical team was still working on improving the quality of the building. According to Sapheoun, the buildings technical risk was under review, however he assured the task was close to completion. Sapheoun did not indicate a new deadline for construction to kick off.

The 500 metre-high commercial building, which is to be built on the former amusement park Dreamland’s 4.97-hectare complex near NagaWorld Casino, is understood to cost an eye-watering $5.1 billion to develop. Earlier this year, a consortium led by China’s Sino Great Wall International Engineering Co. Ltd. won the bid to build the twin towers.

Despite the delay in construction work starting, Sapheoun didn’t foresee any budget issues, stating “there is already enough capital for this project.”

“When this project is finished, it will change the face of Phnom Penh, and internationally famous companies will come to base themselves in this building,” he added.

Chhayleang Nguon, CEO of Ratanaka Realty, said it was normal for there to be delays when technical reviews were taking place on a large-scale building.

“For me, whether a building is tall or short isn’t really important. However, it’s important that the building brings value to the economy after its completion,” he added.

The 133-storey twin skyscrapers, if developed, will house a shopping mall, office space, an apartment, hotel and a range of eateries.

With backing from the Cambodian government, the project looks almost certain to proceed. However, real estate and business professionals have voiced doubt over the projects viability, while eyebrows have also been raised over the project’s ties to financial backer Ng Lap Seng.

Earlier this year, Stephen Higgins, managing partner of Phnom Penh-based investment firm Mekong Strategic Partners, expressed skepticism over the large-scale nature of the towers.

“I suspect that the basic laws of economics will ensure that the Twin Trade Center building will never be built, at least in the current configuration,” he said.

Kingsland Ventures, a subsidiary of property development firm Kingsland Global, has signed an agreement to establish a foothold in Shukaku’s Phnom Penh City Centre (PPCC) via the development of a business centre that will cost about $71 million.

Earlier this week, Kingsland told its shareholders it had signed a joint venture with Shukaku subsidiary Urban Global to develop 10,000 square metres of real estate in what they dub will be the new central business district of Phnom Penh.

The agreement will see Kingsland develop a project that will comprise “office towers, restaurants, banking services, medical centres, a hotel, a convention centre, and an IT and media hub and will also serve as a connecting point for businesses to enjoy enhanced communication while harnessing opportunities and improving productivity.”

“Kingsland Global believes that the project represents the next step in Kingsland Global’s active pursuit of quality and value-added developments and will further enhance Cambodia’s business landscape while strengthening its local talents,” the Australian Securities Exchange-listed company said recently.

Under the agreement, Urban Global will procure the land title for the project and obtain all necessary permits while Kingsland Ventures will be responsible for the management of the project. Urban Global will hold the majority stake of the project with a 51 percent share.

Kingsland Ventures will stump up the funds for the development in tranches over six years by way of issue of redeemable preference shares in Kingsland and subsequently through pre-sales of the project.

The development is expected to take three to four years to complete in time to open its doors to the public in 2021.

PPCC director Alex Lau told Post Property that Kingsland had a sound understanding of how the local cultural, authorities and contractors worked, making them a logical partner for PPCC.

“For Kingsland, we do see their passion and commitment to achieve the same goals as us,” he said.

“With the same mindset, both parties would have a good synergy and PPCC’s vision of a bustling and international business hub is more likely to be accomplished.”

Kingsland Global, which specialises in commercial and hospitality property development across Asia, is becoming increasingly active in the Phnom Penh market having recently entered into a $3.6 million purchase agreement to acquire a 25 percent stake in the Lumiere Hotel located in the city from Vivaz Group Holdings Pte Ltd.

Other developments under the company’s property arm include One18 Residences, a luxurious 24-storey apartment in the heart of Phnom Penh city.

The massive PPCC, a sprawling mixed-use development that has sprung up in the former Boeung Kak lake area, is expected to house more than 56,000 residents come 2035.

A few years ago it seemed something of a reach to imagine local investors buying high rise condominium apartments in Cambodia. Suburban, gated communities, often known as Boreis, or a place in the country seemed more appropriate to the tastes of many Cambodians. With Urbanland's vision and a growing urbanised workforce has seen the developer's residential and office developments scooping up awards.

2017 has been a pivotal year for Urbanland, from winning the Cambodian Property Awards best condominium development category in 2016, Embassy Residences is now complete with over 90% units sold.

Last month, under the care of international management company CBRE, the first wave of homeowners began taking up occupancy in Tonle Bassac's most architecturally distinctive urban residence.

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Founder and Managing Director of Urbanland Hok Kang explains Embassy Residences popularity with an infectious enthusiasm. "Growing urbanisation is a reality no Asian capital was going to avoid. But we wanted to approach it differently. We saw the possibility of vibrant city living at a soothing pace. We visualised homes where busy urban lifestyles would be counterpointed by a tranquil living space.

" Vision has been the signature of the Urbanland team. Taking experienced and talented designers, architects and marketing professionals and placing them under one roof allowed for a rapid exchange of ideas. It would be these ideas that resulted in Urbanland's common vision of a template for developing spaces that harmonised with Cambodia's traditional community dwelling.

"Whether we are working on the design of a workplace or a living space, we didn't just want to emphasise luxury as have many of our competitors," explains Hok.

Urbanland has also worked to foster a sense of community in Embassy Residences through appealing communal areas that afford stunning river and city views that stretch from Koh Pich and Independence Monument as far as Toul Tom Poung. Interiors too are designed to distract from the buzz of the city's streets. Living spaces are appointed with the highest quality amenities and designers have taken an intuitively contemporary style and purposely crafted each apartment into a relaxing living space.

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Locations have played a key part in Urbanland's decision making. Phnom Penh, has exploded in popularity in recent years and this quiet section of Tonle Bassac, home to Phnom Penh's flourishing embassy district, is the perfect residential neighborhood. Like so much of the city, its constant evolution now sees it little more than a stone's throw from some of the city's best boutiques and restaurants.

"It really has proved to be the perfect location for our first residential development," says Hok.

This certainly rings true, when taking a look at Embassy Residences' popularity. Sales have exceeded even the most optimistic predictions of the marketing team, with only a handful of final release apartments left available to buyers. Urbanland, with a little vision and a lot of passion, has led the way in creating a new dynamic, that goes beyond investing to become a beacon for quality living in the nation's capital.

For more information about buying and leasing, please contact (+855) 12 444 371 or info@urbanlandasia.com

Open-air retail space remains somewhat limited in Phnom Penh. But a unique approach on commercial retail development is set to change this and is going a step beyond simply​​ building retail space by focusing on the customer experience.

With an assortment of activities on offer, the community mall offers something for everyone, with the concept aspiring to be not just a commercial area, but a lifestyle destination.

The latest community mall development in Phnom Penh is The Park Community Mall. Spanning nine hectares of land on National Road 1 in Phnom Penh’s Chbar Ampov district, the development, which is set to open in early 2018, is a commercial destination that caters for those who like to eat, drink, shop, chill out and play sport.

According to Sim Kun Kossal, leasing manager at The Park project, The Park Community Mall aims to be a nature integrated, lifestyle community shopping mall.

The mall, he said, would be a destination for various food and beverage shops and other outlets. The precinct, of which the capital cost and owner were not disclosed to Post Property due to confidentiality reasons, is also set to include a soccer field and running track.

Distinctive from other commercial destinations in Phnom Penh, The Park has a strong focus on creating a quality atmosphere for customers through integration of greenery, while the mall is also strategically located close to river front winds from the east.

Kossal added that the development would include a variety of signature Khmer trees.

“We want to exhibit iconic Khmer tree breeds for people of all ages, especially the younger generations to understand the importance of greenery and develop a sense of appreciation,” he said.

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As a fairly new and modern concept for Phnom Penh, The Park will focus on offering a range of services to customers.

“It [The Park] will be an innovative community mall development not limited to conventional commercial activities such as food and beverage. It will also offer a space for physical activity, have areas to sit back and soak up the greenery and will contain large parking bays,” Kossal said.

“Our development hopes to serve customers daily lifestyle needs and offers as a leisure destination for the urban population. There are further plans in the works to include a high-rise residence and other mixed-use buildings in the future to surround the mall,” he added.

James Hodge, associate director at CBRE Cambodia, said the community mall isn’t exactly a new concept as they are prevalent in neighboring counties, however added that it was an emerging retail concept for Cambodia.

According to Hodge, the new community mall development is just one way in which the country’s retail scene is developing and diversifying.

“A lot more choice is entering the Phnom Penh market. In 18 months’ time the retail landscape is going to be very different,” he said.

“As community malls form an important part of this evolution, the clue as to their positioning is in the name. They are targeted to serve their local community, the people who live, work and play in the close vicinity of the mall, often in a 0.5km – 1km radius,” Hodge added.

Hodge said the local focus of community malls was what differentiated it from larger scale shopping precincts such as AEON Mall which targets consumers across the whole city. Furthermore, while shopping centers are usually covered and enclosed buildings, community malls will typically be of an open format.

As community malls are smaller than large-scale shopping precincts, Hodge said they are unable to offer the breadth of services that larger formal malls can offer. As such, they tend to focus on consumer’s everyday needs, containing shops that stock grocery food, health and beauty products and entertainment services. Larger purchases of durable goods, specialist products and unique services and experiences are therefore left in the hands of the larger format shopping malls, Hodge explained.

Hodge added than modern community malls have a focus on creating a sense of ownership amongst their customers; which in turn promotes loyalty and helps the center retain customers who don’t want to travel too far to find services. A sense of ownership involved the creation of a comfortable space to shop, relax and enjoy time with family and friends and which tends to be more intimate than a shopping mall.

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The typical size of a community mall is around 5,000 square metres, but some larger community malls can span 10,000 square metres. Hodge said larger community malls may be in danger of losing the intimate feel that makes the concept unique, and as such, larger centres have to be designed carefully to ensure they don’t lose the characteristics of the format.

At present, the most successful example of a community mall in Phnom Penh is TK Avenue. The center opened in 2014 at around the same time as AEON Mall and, according to Hodge, has achieved almost full occupancy ever since.

“We see strong ongoing expansion in the community mall sector, with much inspiration being imported from innovative projects in other Southeast Asian cities, particularly Bangkok where the community mall concept is widespread and particularly successful,” Hodge explained.

Van Chanthorn, CEO of Town City Real Estate, told Post Property that the community mall business was a great fit for Phnom Penh residents who are looking for a relaxed but modern and unique shopping experience.

“I think today, shopping at malls seems to be the thing to do, so the entrance of a community mall is a sign of success for the retail industry and middle-class consumers,” he said.

With developers keen to learn from successful international projects and a plethora of innovative architects based in Cambodia, the retail sector looks ripe for more unique retail projects in the future.

“This is an ideal time for the development of community malls,” Hodge said.

“Cambodia’s strong economic growth and the development of the middle class means than structured retail solutions will be increasingly required, and community malls will go a great distance to serving portions of this demand.”

Cambodia’s retail scene is making big leaps and bounds as many new mall entrants ready to open their doors in 2018, despite a study by Bonna Realty Group showing more than 30 retail precincts are already operating across Phnom Penh.

A recently completed study by Bonna Realty Group which surveyed the capitals retail market for the first half of 2017 found that the city has 31 shopping precincts of varying scale and grade.

Segmented into A, B and C grades – with grade A encompassing larger malls like AEON and the upcoming Parkson Mall – the study found that grade A shopping malls share a total size of about 80,000 square metres while grade B malls in the city comprise about 24,000 square metres.

The same study also found that the average rental fee per square metre had increased slightly, with grade A space costing $35 to $40 per square metre. Grade B rentals averaged $25 to $30 per square metre while grade C cost $12 to $25.

Pen Sokea, Bonna Realty’s director of evaluation, told Post Property that a number of big malls would be emerging in 2018, including Aeon Mall 2 and Parkson Mall.

“The demand for more shopping malls is being triggered by the arrival of famous brands, however, the buying capacity in the shopping malls themselves hasn’t changed much,” he said, adding, “More shopping malls also poses concerns as supply seems to be large when compared to the buying capacity of the locals.”

Thida Ann, director of CBRE Cambodia, said that while there were many new shopping outlets emerging in Phnom Penh, there was concurrently a rise in food and beverage precincts.

“Entertainment, food and beverage outlets are still leading the trend in Phnom Penh,” she said.

Bonna Realty Group’s study also highlighted the large foreign interest that Cambodia’s retail sector is attracting, with Royal Group recently signing a memorandum of understanding with South Korea’s largest retailer, E-Mart Inc, to build a massive retail outlet that combines a supermarket with a department store in the Kingdom.

While new retail developments are emerging, old shopping centres are undergoing makeovers to keep up with the newer and more modern shops. Kap Rithy, general manager of Sorya Shopping Center, said the complex had just finished its $5 million renovation and was planning to re-launch the centre at the end of this year.

According to Rithy, the renovation has resulted in more international brands coming in, which he hoped would translate to higher foot traffic at Sorya.

“Sorya focuses more on attracting the locals, though the huge shopping malls coming next year will be equipped with international standards which is a drawcard for locals. But in my opinion, I think the huge malls coming to Cambodia is a good thing as it will help drive economic growth,” he said.

Open green spaces remain crucial for the healthy development of any city, especially one that is urbanising at a rapid speed. According to City Hall, the municipality is catering to the growing need for public parks, but not everyone is content with the recent action, with citizens maintaining that more green space is needed in Phnom Penh.

Phnom Penh municipal spokesman Meth Measpheakdey said over the past few years, City Hall had undertaken renovations to upgrade existing parks and had invested heavily in new public parks and gardens, including the park along Chaktomuk River, Democratic Park and another garden bed along the Tonle Sap River.

Measpheakdey claims Phnom Penh now has about 70 parks or open, green spaces, adding that City Hall was striving to establish more public parks in new districts in the near future.

Ho Vandy, secretary-general of Cambodia’s National Tourism Alliance, said that while Phnom Penh had a lot of natural beauty, like new parks and the Tonle Sap River, he doesn’t believe they are being used to their potential.

“Looking at the parks, some people still litter in the public which doesn’t look nice at all,” he said.

“Along with building more public parks, the authorities should also ensure that these parks and public spaces are safe and clean, because if not, the locals as well as tourists will not venture to these public spots.”

Chea Sokngy, a vendor in Phnom Penh, said: “A few friends of mine and I don’t do exercise at the parks that often because there are more and more people at places like the Royal Palace Park and the River Side Park. Therefore, we have decided to instead ride bicycles around the local streets.”

“We request the City Hall to build more parks to make greener spaces more available for the people,” Sokngy said.

Chrek Soknim, CEO of Century 21, said construction laws in Cambodia have not specified how much land should be designated for public, open spaces, such as parks.

“From what we have seen, huge construction projects being built in Phnom Penh have not kept any idle space for public parks,” he noted, adding “As more skylines rise in Phnom Penh, it’s even more important for Phnom Penh to develop parks in the future.”

Uk Sovannrith, a former professor who specialised in architecture and urban planning at the Royal University of Phnom Penh, said he was concerned about the rapid growth of construction in the capital city.

“Taller buildings lead to higher density of living which can result in more vehicles on the road and extra congestion,” he said.

“The City Hall or the government should carefully implement proper standards for urban planning, environmental protection and proper fresh air flow. They must also create more green spaces in more locations to help offset pollution,” Sovannrith added.

Seven percent rental returns, seven percent growth, the stability of a dollarized economy and continued interest from foreign investors. It comes as no surprise that Cambodia will continue to sustain this strong economic growth in the coming years.

Urbanland Asia is one of the few specialized Cambodian developers working to break the mold and attract new investors through making aesthetics and location as much a part of their strategy as return on investment. It is a combination that works. A new breed of buyer is emerging, encouraged by higher quality, purpose designed apartments who are seeking quality of life in an urban setting.

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Two years and three awards later, Embassy Central is Urbanland’s latest frontrunner in the Phnom Penh property market. After picking up the Best Residential Architectural Design in the 2016 Cambodian Property Awards, Embassy Central’s construction is moving at pace and sales, driven by client viewings at their street 288 showroom, are strong too.

Urbanland’s award winning approach has been in their combination of creating nature infused communal spaces and apartments crafted as relaxing private sanctuaries. On completion, Embassy Central will welcome residents with an 18-storey vertical green wall that represents a refreshing, contemporary approach to enhancing visual appeal and improve ventilation. Adding life to residents’ living spaces, the green wall is a natural air filter that will lead to better health and wellbeing to the Embassy Central community.

Modern design, natural wood finishes and Spanish slate stone tiles add a coolness to apartment interiors. Contemporary European furnishings and appliances complete Embassy Central’s signature blend of character, refined functionality and urban style.

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Buying into its strategic location is one of the deciding factors for purchasers. Embassy Central lies at the heart of Boeung Keng Kang 1, a district that has been invigorated by the arrival of international shops, boutiques and the innumerable restaurants that reflect the neighborhood’s diverse community.

“BKK1 has proven the perfect location,” says Hok Kang, Founder and Managing Director of Urbanland Asia. “We always knew that younger professionals would be keen to locate to an urban apartment for its proximity to their work and for the vibrant lifestyle. Now we’re seeing families and young couples, both Cambodian and returnees, attracted by the shopping and dining available in the neighborhood and its proximity to top schools.”

Just as Hok’s co-venture, the Brown Coffee chain, created a market as much as it tapped into changing trends in the nation’s capital, Urbanland’s residential and commercial developments are doing the same. In his own words, “This is our passion. Crafting spaces, whether for work, living or leisure, that reflect a changing Cambodia and our team’s desire to bring true, international quality and design to the Kingdom.”

For more information, please contact (+855) 12 444 371 or visit embassycentral-bkk.com

Large-scale, international malls have targeted Cambodia in recent years in a bid to capitalise on Cambodia’s increasing middle class population, and Lion Group’s Parkson Mall proves no exception. The Malaysian retailer is aiming to open the doors to its first mall in Phnom Penh along Russian Boulevard by the beginning of 2018. Parkson Mall general manager Rofy Othsman met up with Post Property to discuss the commencement and features of the mall.

When did Parkson Mall begin works on its Phnom Penh-based centre?
This mall began construction at the end of 2012. Back then, our ambitions weren’t just solely providing entertainment and a shopping haven for people in the country, but also as a tourist attraction site. Our ambitions were especially geared towards providing job opportunities to nearly 4,000 people per day, since this building is measured at 165,000 square metres.

What are the special features of this mall?
The mall will open from 9am-10pm, while the entertainment portion opens until 2am to cater for the nine theatres, 30-lane bowling alley and other entertainment services that will stay open. This mall has the capacity to hold 1,500 cars, and 3,000 motorbikes in its parking lot. The ground floor of this mall is a supermarket; aromatics are sold on the first floor, women’s beauty products on the second, clothes on the third, men’s clothes and other appliances on the fourth, food and drinks on the fifth, electronic devices on the sixth, modern IT devices and gadgets on the seventh, household furniture on the eighth, and lastly, cinemas and bowling lanes on the ninth floor.

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International malls have been jumping to gain a foothold in Phnom Penh. Why is there now a big market for shopping centres in the city centre?
Parkson Mall is mainly aimed at the locals, saving them the time and money of shopping overseas because famous brands have arrived in Cambodia. Up until recently, only those who can afford to shop overseas would do so but now consumer spending power is rising which is an indicator of Cambodia’s robust economic growth and rising GDP per capita. This is then being reflected in the fact that people are clamoring for trendy things and they will be on offer at Parkson.

What propelled you to introduce such an enormous mall to Cambodia and how was this achieved from an investment standpoint?
We were able to introduce the international standards of a mall to the country via cooperation with our investment partners who hail from foreign countries. The Parkson Mall franchise is established by Lion Group which is a Malaysian investor that currently plans to further expand the mall’s flagship stores despite already boasting a total of 150 malls in Asia. As for Cambodia, it’s better to just focus on this one before investing elsewhere.

Glamping—aka glamorous camping—has taken the tourism industry by storm in recent years and now the growing accommodation trend is set to make its mark in the remote wilderness area of Tmor Rung which borders Kirirom National Park.

The upscale Shinta Mani Hotels, which is already operating in Siem Reap, has partnered with acclaimed designer, architect and resort owner Bill Bensley to launch ‘The Bensley Collection’ which is described as an exclusive portfolio of super luxe hotels and resorts.

Under the partnership, Bensley and Shinta Mani will bring the popular glamping concept to Tmor Rung with a self-sustaining private nature sanctuary called Shinta Mani Wild – Bensley Collection.

Offering guests a unique luxury tented experience, the project is located along 1.5 kilometres of river and waterfalls with the property set to include 16, 100 square metre custom designed tents that are aimed at evoking a luxury safari experience in the mountainous Cambodian terrain.

Shinta Mani’s bid to provide a super luxurious camping experience will target both local and international guests. But it won’t be for those on a shoestring budget with the luxury tents in the resort set to cost $1,500 per night.

The project, which Bensley said had been in the works for more than ten years and believes it will be his most ambitious project yet, said he wanted to create a luxury camping experience that utilised Kirirom’s lush forest and mountainous backdrop but did so with minimal intervention and destruction.

Bensley, who is also the designer and creator behind Chaing Rai’s upscale Four Seasons Tented Camp Golden Triangle, in which luxury tented rooms go for $3000 a night, said the concept he is bringing to Cambodia is “way beyond glamping.”

“This property will be in a class not seen before,” he told Post Property. “It will raise the benchmark in luxury tourism.”

Equipped with a bar, restaurant and spa, Bensley estimates the project will cost about $1 million to complete.

“Shinta Mani Wild is environmentally sustainable and will have a highly positive effect on the local communities as well as the [Kirirom] national park itself,” he said, adding that the luxury property will also include a research and conservation centre that will aim to conserve and protect threatened wildlife.

Construction works for the Shinta Mani Wild kicked off earlier this year, with the luxury glamping resort scheduled to open towards the end of 2018.

Van Chanthorn, CEO of Town City Real Estate, told Post Property he welcomed more development to the Kirirom area, believing it would help put the national park on the tourist map.

“The accommodation developments in Kirirom that enhance the natural beauty of the environment like bungalows and tents will prove popular in the area as tourists enjoy being in touch with nature,” he said.

Din Somethearith, president of the Cambodia Hotel Association (CHA), said as Cambodia’s tourism sector continued to gain momentum, eco-tourism was emerging as a new alternate accommodation offering for tourists.

As for glamping, Somethearith welcomed the lodging style to Tmor Rung.

“I think glamping will be nice for young people and the tourists who are wanting a city retreat. It [Shinta Mani Wild] will also offer an opportunity to be closer with nature,” he said.

Kirirom, located in Kampong Speu province, is proving a popular up-and-coming resort destination that is a fairly close 2-hour drive from Phnom Penh. In 2014, A2A Town Cambodia launched the VKirirom Pine Resort which provides holiday houses for those looking to escape the hustle and bustle of the city. At the end of last year, the same company said they intended to invest about $2 million to develop a membership resort on top of Kirirom mountain.

Construction of Siem Reap’s new international airport, which is being developed by China’s state-run Yunnan Investment Holdings Ltd (YIHL), could start in early 2018.

Sinn Chanserey Vutha, spokesman of the State Secretariat of Civil Aviation, informed Post Property that while there had been no exact date set for construction to commence on the new airport he believed work would begin sometime in 2018.

He continued, “The construction might start early next year because the negotiations between the government and Yunnan, the Chinese company that is investing in the airport, have already come to terms.”

According to Vutha, the construction of the airport, which is set to span 750 hectares in Siem Reap’s Sout Nikom district, will be undertaken in three phases. About $500 million will be spent on the first and second stages which will allow medium-sized airplanes to land, while the second phase will cost $300 million.

Chhay Sivlin, president of the Cambodia Association of Travel Agents (CATA), welcomed the investment of a new airport in Siem Reap.

“This airport will surely attract more tourists than before, and will be able to welcome giant-sized planes,” she said.

“Other than this, I believe that the airport will provide job opportunities for people within the service and transportation industry due to its substantial distance from Siem Reap [city].”

Last October, the Cambodian government reached an agreement with YIHL to build the new $880 million airport to serve Siem Reap. The agreement gave YIHL and its construction and airport management subsidiaries an exclusive 55-year build, operate, transfer (BOT) concession on the new airport, replacing the exclusive agreement with Cambodia Airports, a company majority-owned by France’s Vinci Group.

Cambodia Airports has a monopoly on airports in Cambodia, operating international airports in Phnom Penh, Siem Reap and Sihanoukville under a 45-year concession dating back to 1995. The company also recently sunk $100 million into upgrading its terminals in Phnom Penh and Siem Reap.