Thu, 27 February 2014 Moeun Nhean Borey River Town, a residential property development around three kilometres northeast of downtown Phnom Penh on National Road 6A has been selling well for the first two months of the year, according to Teng Rithy, the development’s general manager. Rithy said that the rate of sales of units at Borey River Town is evidence of an increasingly buoyant real estate market. “Last year we only achieved 50 per cent of our sales target, but between January and mid-February this year we have already achieved 20 per cent of the annual sales target,” said Rithy, who added that better times had arrived. “We’ve now sold 70 per cent of all the units,” he said. King villas start from $500,000. PHOTO SUPPLIED According to Rithy, sales of units at Borey River Town began to pick up in August last year after a slowdown in the aftermath of the contested results of elections in July 2013. The first phase of the River Town project covers an area of 1.6 hectares and has a total of just 91 units – a mix of shophouses, stand-alone villas, terraced villas and king villas designed in a mix of Khmer traditional and modern architectural styles. Rithy said plans for expansion of the property project are currently on the drawing board. “If families are looking for a home they can do business in, they might be interested in our three and a half storey shophouse options,” he said, adding that they were priced at between $120,000 and $400,000 per unit, with the price depending on the building and location in relationship...
Letting it ride: NagaCorp lifts lid on large-scale expansion

Letting it ride: NagaCorp lifts lid on large-scale expansion

Thu, 27 February 2014 Siv Meng NagaCorp recently announced it would invest $369 million in its latest project opposite the Buddhist Institute. The Hong Kong-listed casino operator’s latest Phnom Penh venture, Naga2,will include a casino, a hotel and a conference hall. The announcement of the investment by NagaCorp, Cambodia’s biggest casino operator, was made on the company’s website, where it reported that the company had already launched the $369 million project, which is slated to feature between 200 and 300 gambling tables, 500 gambling machines and 50 VIP rooms. The project will also include a 1,033-room hotel, a conference hall with the capacity to hold 4,000 people, 18,000 square metres of retail space, as well as a spacious park. According to the announcement, construction at the new project’s work site is proceeding on schedule, and the overall project will be finished by the end of 2015. The project will feature three components: the so-called TSCLK Integrated Complex, the NagaCity Walk and a tourist park. The company cites high occupancy rates at its current NagaWorld complex as the reason for its new phase of development, and announced on its website that Naga2 will be connected to NagaWorld, bringing the casino and hotel complex to a new level. NagaCorp reported profits of more than $140 million in 2013, according to Reuters. The company has yet to provide detailed information about the heights and full scale of the new buildings under construction, but artists’ impressions of the complex on the NagaCorp website show a total of five buildings. Dith Channa, VMC Real Estate general manager, hailed the new project as a boon...
Improved infrastructure leads to boom in apartments, condos

Improved infrastructure leads to boom in apartments, condos

Thu, 20 February 2014 Siv Meng Infrastructure development and new condominium and apartment construction growth are boosting land prices in Toul Tompong and Deoum Thkov communes, and in Chamkarmon district by as much as 30 per cent. Kuy Vat, president and CEO of Vtrust Group, said that increased land prices in Boeung Keng Kang commune have led to an exodus of buyers to Toul Tompong and Deoum Thkov communes, which are also closer to Phnom Penh than Toul Kork commune, and with the added attraction of more affordable prices. Improved infrastructure in the area is another factor leading to the construction of more apartment and condominium blocks in the communes, despite the fact that the areas are also home to numerous, noisy entertainment venues, such as karaoke clubs, beer gardens and night clubs. “Land prices in Toul Tompong and Deoum Thkov communes have risen by between 20 and 30 per cent in 2013 compared to 2012,.”Vat said. “The average price in the area now ranges from around $1,800 to $2,000 per square metre. “ He added that apartments and condominiums in both areas were largely grades B and C, but he said fewer foreigners were living in apartments in the areas than in the Beoung Keng Kang area. According to a VTrust Group report, in Cambodia between 2012 and 2013, 12 condominium blocks were ready for use and another five under the construction, while 220 apartment blocks were in use and 73 under construction. Dith Channa, the general manager of VMC Real Estate Company, agreed that land prices in both areas increased around 20 per cent at the end...
Increased residential, office and retail demand fueling rise in construction imports

Increased residential, office and retail demand fueling rise in construction imports

Thu, 20 February 2014 Sum Manet Cambodia spent more than $414 million on imported construction materials to meet increasing demand in the local construction and property sectors last year – a rise of 7 per cent compared to 2012. According to officials and industry insiders, the increased value of imports reflected steady growth of the construction and property sectors. They also suggested that the improving numbers were evidence that both local and foreign confidence continued to be high when it came to investing in the property sector, despite some domestic turmoil in the wake of national elections. The Kingdom’s disputed election results in July of last year have continued to incite protests and some violence, but appear to have had little effect on business confidence or economic growth, which has remained steady. Ken Ratha, spokesman for the Ministry of Commerce, said the increase in imported construction materials was a sign that the property sector was seeing renewed growth, while the overall construction sector was continuing to move in a positive direction, particularly in the areas of residential property developments in the boreys on the outskirts of Phnom Penh. Ratha added that construction companies were making large-scale domestic investments due to increased demand for better housing in the Kingdom. “Due to residential-sector growth, both local and overseas investors are injecting more capital into the construction sector,” Ratha said. He added that a corresponding development was the establishment of increasing numbers of small- and medium-sized enterprises (SMEs), as well as large-scale enterprises, all of which were boosting the property sector. “The important thing is that investment in the sector is now...
Kampot, a frontier on the cusp

Kampot, a frontier on the cusp

Thu, 13 February 2014 Post Staff t’s high season in Kampot, a riverine provincial seat world famous for its pepper. But talk to the expats who have made the town their home and it’s been high season for almost too long. In fact, according to Neil Bullock, who runs O’Neils, a riverside watering hole popular with tourists and expats alike, business has been consistent for the past seven months, and he worries it might be getting worse. “I don’t want nine people queued up at the bar ordering drinks,” he says. “I came to Kampot for the peace and quiet.” Bullock, 60, who has lived in Cambodia for eight years, says he was lured to Kampot by its vibrant but niche-like scene, the pace of life and the ease of doing business – sentiments echoed by other resident foreigners. According to Stefaan Lambrecht, the Belgian owner of Coastal, a local Kampot and Kep listings magazine, the changes he has seen over seven years have been “drastic”. Crumbling colonial-era homes and villas are being converted into bars and restaurants. Post staff Originally based in Kep, and drawn to Kampot by what he describes as its “more attractive social scene”, Lambrecht says: “When I first arrived in Kep, there were six or seven foreigners, but now there are hundreds. The same is true of Kampot, except on a bigger scale” That said, despite the influx of foreigners, in property terms, Kampot is at a nascent stage of development. Construction is small-scale, with local Cambodians throwing up new buildings and renting out studio apartments for less than $100 a month. Meanwhile, a...