Content image – Phnom Penh Post Prince Real Estate Using Action To Repay Society, Responsibility Is Value

Content image – Phnom Penh Post Prince Real Estate Using Action To Repay Society, Responsibility Is Value

Read Original textThu, 27 August 2015 Great Love without Borders: Prince Real Estate Charitable Foundation Officially Sails Out Prince Real Estate will hold a charity event aimed at helping a plethora of vulnerable groups, revealing the beauty of charity and deducing responsibility. On August 29th, 2015, The Prince Real Estate Charitable Foundation Gala will officially raise the curtain to present the social welfare program which raises awareness and donations for dropouts, people with disabilities, elderly people with no families to look after them, municipal development, ecological protection and similar efforts. Depending on donations from people of all walks of life to provide support, Prince Real Estate is proud to present the opening of the Prince Real Estate Charitable Foundation Gala. As a big charity event held by the foreign company in the Kingdom of Cambodia, Prince Real Estate Charitable Gala has already become a brand name and received attention from many people, including the chairman of the chamber of commerce, business executives, Cambodian government officials, experts and scholars, celebrities of finance and economics, real estate and the mainstream media. According to the relevant sources, this event is a distinguished gathering for various elite celebrities. The day of the charity, there will be singing and dance performances, as well as a blessing lamp put in the Baise River. Various celebrities will join the auction and an on-site treasured collection will be used to collect donations, which will be used for the charity projects. As one of the key projects of public welfare, the Prince Real Estate Charitable Foundation Organization hopes the gala will pass on the spirit of caring for...
Mixed blessing from China’s stock market crash

Mixed blessing from China’s stock market crash

Read Original textThu, 27 August 2015 While the devaluation of the yuan may work in overseas property markets’ favour, including Cambodia, what has been referred to as ‘Black Monday’ could drag down the local real estate sector, said industry experts. China rattled global financial markets when the People’s Bank of China (PBoC) weakened the yuan by 1.9 per cent on August 11 from the previous day, its biggest one-day drop in two decades and dropped a further 1.6 percent the following day. Signaling the Chinese government’s growing worry about the country’s slow economic growth, the yuan devaluation is believed to boost China’s flagging export sector, however, at the same time, the buying power of Chinese investors outside their currency zone would be harmed. This has raised concerns over Chinese investment in Cambodia as their investment largely contributes to Cambodia’s fast-changing skyline. It was previously reported that during the first four months of last year, China’ public and private sector invested about $1.4 billion in Cambodian construction projects, while the total amount was $2.7 billion in 2013, according to Tep Thon, undersecretary of state for the Ministry of Land Management, Urban Planning and Construction. Grant Knuckey, CEO of ANZ Royal Bank, said the shift in the value of the yuan does not necessarily impact the investment climate for the Cambodian property. “In fact, precedent suggests that perception of a weakening yuan normally cause investment outflow from China and at the margin that may even increase demand for property investment here. It’s a bit counter-intuitive, but the flow can work that way,” said Knuckey. Although the Chinese authorities called the currency...
Living the Dream: The Lesser-known Industries Adding Value to New Developments

Living the Dream: The Lesser-known Industries Adding Value to New Developments

Read Original textThu, 27 August 2015 James Whitehead Obviously the construction industry is booming alongside the recent explosion of high rise apartment and condominium projects taking place across Cambodia. However, this recent surge in development is also benefiting some lesser known industries, those of which are working toward improving the end quality of these development projects for both buyers and sellers. Some products proving hugely popular to the latest new developments in Cambodia are onsite gyms and health and fitness amenities. A rise in these additional features in new developments nationwide reflects international consumer trends appearing in the Kingdom as they never have before. Speaking with Simon Rapoport, country manager of Seara, official importer of Life Fitness exercise equipment in Cambodia and full package gym design and installation professionals, we discover what is fueling this surge in demand for high end amenitie within new development projects. “When we install the gym, we add value to the project immediately, and we help maintain trust between the developer and prospective real estate buyers,” remarks Rapoport. As many new developments are being presold before their construction in Cambodia, the end buyer is instilling a lot of trust in the developer to provide all features promised when the apartment, condo or serviced unit finally becomes available for new tenants. Tales of missing features when the development is finally ready for occupancy are rife throughout the industry –for instance, gym space provided as according to the presale project specifications, but no equipment to be seen at the final launch, or much cheaper branded equipment than first promised; previously touted roof top pools that are...
Cambodian property hotter than ASEAN average ahead of AEC

Cambodian property hotter than ASEAN average ahead of AEC

Read Original textThu, 27 August 2015 Kali Kotoski With the ASEAN Economic Community (AEC) set to commence at the end of this year, promising deeper cross-market potential for property investment, the region as a whole is experiencing a cooling effect—with the exception of Cambodia, which shows strong growth numbers according to property consultancy Knight Frank’s latest Asia Development Index. The report states that during the first half of this year, the price for residential sites quantified across ASEAN slowed from 3 per cent growth to 1.1 per cent growth compared to the previous six months. Meanwhile, prime office space increased from 2.6 per cent to 3.6 per cent in the region. The high-end housing markets in Singapore and Malaysia have been softened to curb speculation by measures such as the implementation of Malaysia’s Goods and Service Tax. Indonesia, on the other hand, has been hampered in the residential sector by an economic slowdown which has damaged consumer confidence. In addition, Bangkok’s market has shifted towards the luxury condominium sector that saw continued capital appreciation and higher profit margins, which resulted in slower, yet more sustainable growth. Cambodia’s land prices, however, have surged by 14.1 per cent for residential, and 9.7 per cent for commercial land respectively, marking the biggest land price hike of all countries analysed. Knight Frank’s Cambodian country manager Ross Wheble explained that the regional cooling “has benefited [Cambodia with] an influx of both foreign developers and investors seeking to take advantage of the comparatively low property prices and the relative ease at which foreign buyers can acquire freehold property (above ground floor level).” Nevertheless, the report...
The Sihanoukville MAKEOVER?

The Sihanoukville MAKEOVER?

Read Original textThu, 20 August 2015 Siv Meng Aiming to attract investors to broaden the Kingdom’s manufacturing base and to boost the country’s industrial development, the government is alledgedly preparing a master plan to turn Sihanoukville province into a new special economic zone, said an official. The advisor to the Cambodian government, Dr Sok Siphana, gave a speech last week addressing the government’s plans to shape Sihanoukville province into a primary hub for trade, logistics and manufacturing. He said that while the master plan, under the responsibility of the Council for the Development of Cambodia, is set to be finalised by 2018, it needs to be carefully planned and executed. Along with setting up a seaside special economic zone, the master plan aims to enhance the infrastructure of the country’s largest port, National Road 4 and Sihanoukville International Airport. Siphana said that a master plan for Sihanoukville province would enhance the viability of Cambodia’s coastline. “Usually, when it comes to industrialisation, we are talking about exporting, which means a [proper] management of the industrialization on the coast is a good thing,” he said. These developments, he said, could help invigorate some of Cambodia’s flagging industries like agriculture. “[For example,] the rice industry’s setback isn’t due to poor rice quality, it is due to the high price of transportation, which is why the government seeks to decrease the costs,” he said. Last week, it was announced that an expressway between Phnom Penh and Sihanoukville will be developed to ease traffic on National Road 4. Under the Chinese firm Henan Provincial Communications Planning, Survey and Design Institute (HPCPSDI), the construction is...