The Bay to begin construction in first quarter of 2016

Thu, 17 December 2015 Kali Kotoski After a tumultuous year in Cambodia for Singapore-based TEHO International, the developers of the $500 million The Bay condominium project on Chroy Changvar peninsula said construction will begin early next year with a new marketing strategy after another managerial shakeup. Announced on the Singapore Stock Exchange earlier this week, ECG (Cambodia) was bought out and formalized into the parent company ECG Property—a wholly owned subsidiary of TEHO International that handles all marketing and promotional activities. Previously operated by the joint venture’s partner, Sok Bun, ECG Cambodia was purchased to a tune of $71,776, or what amounted to 45 per cent of the initial paid-up share capital. Currently, the unaudited net assets for ECG Cambodia as of July 2015 amounted to $169,836, the statement read. While ECG Cambodia will still perform its duties as the acting real estate agency for The Bay, all marketing and promotional activities will be conducted at the head office back in Singapore. Phua Cheng Boon, Financial Controller for TEHO International, said, “it is good to have full integration of our projects.” “We will have somebody based in Singapore who will be able to run operations regionally as well,” he said. It was previously reported by The Post that 100 condominium units had been sold since the soft launch in September. However, Phua declined to provide current figures. “While we can’t disclose the level of sales, we are confident to say that construction will begin in the first quarter of 2016,” he said. With a new marketing strategy, he added, the development “will not be about big exposure.” TEHO International,...

Doubts surround Phnom Penh’s master plan

Thu, 17 December 2015 Julius Thiemann, Siv Meng and Moeun Nhean Last Friday, Phnom Penh’s master plan until 2035 was fully approved by the council of ministers, as announced by Pa Socheatvong, governor of Phnom Penh. While it is claimed that the plan is complete, those in the private and public sector and other relevant stakeholders fear that they have not been adequately consulted, raising concerns that implementation is unlikely and unjust. Without a publicly available draft that addresses socio-economic conditions as well as infrastructure, zoning, land title rights and all other concerns that come with the development of a city, they say it is unclear as to what the plan actually entails. Takashi Ito, Senior Representative of the Japan International Cooperation Agency (JICA) described the master plan as “a fruit of self-efforts by Phnom Penh municipality,” stating that JICA played no part in the current approved plan. Ito pointed out however, that JICA has submitted a master plan for transportation lines in March of this year, and is currently working on a master plan for a citywide sewage and drainage system. “We continue to be interested in healthy development of the capital city, which is why we have engaged in [these] two master plans,” Ito stated in an email. While Ito wouldn’t give Post Property an overview of the resources that are necessary to implement only a few crucial issues concerning city development, he admitted that without adequate resources, “it is not really practical to try to address all the problems,” he said. When it comes to meeting the demands of a burgeoning city and population, “it is,...

Bridging the gap between investment and accessibility in Chroy Changvar

Thu, 24 December 2015 Siv Meng Develop in the West, but do not forget the beautiful East that is Chroy Changvar with its beautifully boastful appearance. This is the claim that Prime Minister Hun Sen has used for the last decade to encourage investment and development on the dormant peninsula flanked by the Tonle Sap and Mekong rivers, opposite Sisowath Quay and in direct view of the Royal Palace. Despite his efforts to encourage development from the private sector, investors have remained apprehensive due to a lack of infrastructure that limits the flow of traffic and accessibility. However, 2015 saw the opening of the second bridge linking Phnom Penh to the peninsula as well as the opening of the five-star Sokha Hotel—a mixed-use development with a hotel, retail space and condo units. With new roads beginning to take shape, the long-forgotten area appears to be growing in popularity as land prices soar dramatically on the back of developments like The Mekong View Tower and The Bay. Meanwhile, property experts with inside information claim that new developments such as The Bali Resort, a Taiwanese-backed development called The Manhattan, and the creation of a Sokha-owned skyscraper will commence construction in 2016. The lack of accessibility remains a core issue stifling growth to Chroy Changvar’s massive potential. In turn, rumours of the private sector taking up Hun Sen’s encouragement of infrastructure have recently surfaced. A developer and a real estate specialist, who requested anonymity, said that Sokimex Group—one of the largest gasoline and diesel importers, and owners of Sokha Hotel and Resorts—is currently seeking government permission to construct a new bridge that...

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Forgotten risk, what condo buyers overlook

Forgotten risk, what condo buyers overlook

Thu, 10 December 2015 In their purchasing decision condo buyers often pay little or no attention to who will take charge of property management upon completion of the development and what quality property management actually costs. Without effective property management and the necessary according fees, the impact can be catastrophic on re-sale value and the ability to rent a condo, according to Simon Griffiths, associate director at CBRE Cambodia. Exclusively for Post Property, Griffiths explains why developers and condo buyers in Cambodia should consider more on property management, management service fees and what it really means to their purchasing decision. “While the real estate market in Cambodia is ‘hot’ and new condo developments are rising out of the ground all over Phnom Penh, a rarely discussed topic is how these new condos will be managed once they are built and online. With property management (PM) being a decisive factor in the enjoyment of a condo, not to mention potential re-sale values and rental returns, the topic neither receives attention nor interest from many buyers. Understandably and rightfully so. Price, location, developer reputation, facilities and amenities are key determining factors on which a condo buyer will make a ‘buy or not’ decision. However, property management and according fees are crucial components when it comes to owning a condo. In one sentence: Buyers beware of low management service fees (MSF)! Consider buying a Porsche sports car. Would you then use the cheapest gasoline off a street vendor or pay the extra 20 cents a litre for the premium gasoline that is meant to protect the engine? Would you clean your car...
Mortgage Matters Part 2: What’s in a Home Loan

Mortgage Matters Part 2: What’s in a Home Loan

Thu, 10 December 2015 Advertorial There are three basic components to any mortgage: the home loan amount, interest rate, and loan term. You must understand these clearly before you start the home loan application process.Realestate.com.kh is here to help with a very simple guide. The Loan Amount: The loan amount is the principal amount that you want to borrow. Banks in Cambodia generally give a loan of up to 70% of the property value.If you combine the principal loan amount and the interest amount, you will then know the overall loan size. Most home loans are usually repaid via monthly installments. The repayment comprises two parts. One part is for the repayment of the principal amount; the other part is for the repayment of the interest. The Interest Rate: The interest rate is very important to understand! It is the percentage of annual interest that you have to pay on the total loan amount. It can be a fixed rate, a flexible rate, or a combination of both. The Loan Term: The loan term is the duration of time that you can take to completely repay the loan. Loans generally range from 15 to 30 years in Cambodia. Why is my Bank property valuation different than my Agent Valuation? It is confusing how valuations can differ depending on who does it, right? Your real estate agent will give you one valuation figure – and then your banks’ valuationarrives looking much different… Why? The Bank Valuation: If your home is or soon to be mortgaged, your lender/bank will need to value it. This is necessary to give the lender/bank confidence...