A Sunny outlook for Cambodia

Thu, 30 May 2013
Content image - Phnom Penh Post

Sunny Soo, driving change in Cambodia’s real estate market. Photo Supplied

With a rash of changes of senior management at some of the Kingdom’s largest real estate firms in recent months, it can be hard to keep track of who is working where.However, Sunny Soo, former country head with international property firm Knight Frank, is always happy to talk to the press. He has just left Knight Frank to start his own firm, Messrs Sunny & Co. He talked to Property Post’s Rupert Winchester about changes in the Kingdom, and what drove him to strike out on his own:

So why make the jump now?
I believe now is a good time for our sort of professional firm, for valuers, and we’ll start to have more opportunities. We are starting to see international firms shown some interest in Cambodia, like DTZ, Jones Lang LaSalle and Savills, and I think that we’re starting to see several Singaporean real estate firms studying the market now.

So what will your new firm be doing?
I’m basically doing what I have been doing over the past 15 years, maybe with Knight Frank or DTZ– I’ve always wanted to have my own practice. I’ve been productive for Knight Frank in Cambodia, and I see it as a good thing. I’ve got their blessing to go solo, and to me its win-win. For me, it’s really about having greater freedom in planning my own career. I will be doing global research; we’ll do appraisal works and will expand further into agricultural valuation, we are targeting potential retail and commercial property management jobs, and we’ll continue to do pre-development investment consultation along with real estate agency.

How big an operation do you want to have?
If I could just keep the size and focus of business I really want in this coming year, I would think five or six key players able to handle key role positions assisting each other will be enough for my targeted market. We will make plans according to size of our business focus. We want to have a bigger focus on our Cambodian clients while continuing to serve our foreign clients. The business is really about having good people, and well-trained professionals giving sound advice, otherwise it will be meaningless.

What’s going to set you apart from other real estate firms?
We continue to work with each other and support the growing of this real estate industry. We also have good local contacts too, and I intend to expand the level of advisory works to them. The gap of competency in real estate advisory and valuation between firms, whether a foreign-based or locals is closing in, although some tend to be faster than another, the standard of advisory services will need to be more constant and reliable, and we understand that, we kept to it and could improve upon it based on our foreign exposure. A Chinese developer will know how to value my , five years advisory background in China that enables me to put to them the difference in carrying out a development here and in China, for instance.

For the past six or seven months we’ve seen more Chinese investors taking an interest in Cambodian real estate; we are comfortable working with them.

Do you think there is an approaching property bubble in Phnom Penh?
Approaching bubble? Yes, I think it warrants some concern: if you are indeed the one thinking your product doesn’t sell very well and your potentials shy away from your asking price, then it’s a form of bubble in some way. In Phnom Penh, most projects already encounter some form of competition, and will now need to be competitive and innovative, although location and price is always the top concern. So when the level of increasing risk in a high-price market is not in line with increasing profitability, plus the opaque market does not grant you a satisfying way to quantify real estate demand, how could an investors pay a premium price on your level of market optimism?

So what are we talking about – hot money?
No. Foreign investors who came in after 2008, mostly genuinely want to own a building or do a development to sell. But many locals still have speculation in mind, - that tells a lot about why some obscure projects that have been known in the market for a while are having tough time to kick start.

I say the real estate fundamentals in relation to the banking industry are still stable in Phnom Penh. Construction costs have gone up, and the volume of construction materials sold has gone up, but collection is getting tougher. Obviously construction projects are coming out faster than the developers see the speed of their pre-sale fulfilled. So the question now is how fast does this construction run and how fast the sales can catch up, because otherwise you may need to worry about a bubble, if there is already one.

But now is a very good time. The locals have to become competitive. Being competitive will lead to better products. If the current pro-investment government continues to protect the interests of investors, the real estate market of Phnom Penh will still have capacity when the price is right.Read Original text


Office rents flat with demand stabilizing

Thu, 30 May 2013
8 shopping mall in Hong Kong

Asia Pacific office rental rates remained stable in the first quarter of 2013, on the back of cautious occupier behaviour and the subdued economic outlook, according to the latest figures from international property agents CBRE.

Net absorption totalled 650,000 square metres, the same figure as the previous quarter. Japan “witnessed a noticeable improvement in occupier sentiment following the election of the Liberal Democratic Party,” while Hong Kong was the only market to record negative absorption due to the release of large amounts of secondary space in the market.

The CBRE Asia Pacific Office Rental Index —which tracks office rental growth for the region—recorded marginal growth of 0.05 per cent over the third quarter of  2012, reflecting the relatively flat rental cycle found for the past six quarters.

Rental performance across the region continued to diverge, with Bangkok and New Delhi recording strong rental gains, while others such as Bangalore and Mumbai witnessed declines.

However the company says demand from international occupiers looking to enter Cambodia remains strong. More established businesses are continuing to drive the market through expansion requirements, either taking extra space within their existing offices, or relocating in search of more floor space.

Transactions in the 50-100 square metre range will continue to dominate, much as they did in 2012, especially for logistic and manufacturing companies arriving from countries such as Korea, Japan and China.

However CBRE says the majority of office space in Phnom Penh is still low-grade, in terms of international standards.

The prime-rent index across Phnom Penh shows an annual growth of 3 per cent, with further prime rental growth expected toward the end of 2013.

Increasingly, international businesses are favouring Phnom Penh, mainly due to the stable economic growth and the integration with ASEAN in 2015.

Across the region, vacancy declined in 13 markets, increased in four and one was flat. Notably, Hong Kong witnessed a rise in rates to 3.3 per cent, largely due to space returning in the market, while vacancy notably fell in Kuala Lumpur, amid strong expansion activity in the oil & gas and financial sectors. In Tokyo, vacancy has continued to decline since last quarter due to increased activity by manufacturers.

“Rental growth is expected to remain flat due to continued caution by occupiers in the short-term. Leasing activity will largely be geared around cost saving, with a focus on consolidation and relocation,” Dr Nick Axford, executive director and head of CBRE Research, Asia Pacific commented. “Domestic and regional conglomerates will continue to account for the majority of leasing transactions.”

John Falkiner, managing director of transaction services also commented: “We expect to see steady leasing activity in most markets over the next quarter and demand should recover slightly in the second half of the year with the exception of key markets such as Singapore, Beijing, Melbourne and Sydney. Further, we expect to see upgrading activity in markets such as Tokyo where rents have bottomed out.”Read Original text


7_Angkor_temple

Thu, 30 May 2013
7 Angkor temple

Although the real estate sector in Phnom Penh is thriving, with current trends increasing values and plenty of buying and selling, this has not been seen much in the provinces.

Buying and selling properties in the provinces has increased little, while prices in Phnom Penh have increased between 5 to 10 per cent and could jump to 15 per cent for the area in the middle of the city, Dith Channa, general manager of VMC Real Estate Cambodia said.

The value of land in towns such as Sihanoukville, Siem Reap and Battambang, is around $800 to $1,300 per square metre, while on the outskirts it is from $100 to $150.

In Phnom Penh, values in the Central Business District are around $3,500 to $4,500.

“Property values in the provinces do not have strong growth, due to less demand from investors, because most people are interested only in the area near Phnom Penh because there are a lot of people, business activities and good road infrastructure. If we look at the provinces, investors often face many challenges, such as infrastructure, water and electricity, etc,” he said.

Provinces on the coast, such as Sihanouk and Kep have a lot of buying and selling activity because many foreigners invest in hotels, guesthouses and bungalows along the seafront, Channa said.

However property in Sihanouk and Siem Reap have not increased much compared to 2012, while the land value in the two provinces have increased less than 10 percent, Chrek Soknim, Deputy director of VTrust property Co said.

The demand for land in Siem Reap is mostly for hotels, guesthouses and warehouses, while in Sihanouk most of it is for hotels and guesthouses, he said.

“Most of the buying and selling activities are only in the city, while on the outskirts there is not much activity, limiting the development in those provinces. Those provinces attract tourists, but only for big events, and this flow is not able to attract large investors to invest in the area,” he said.

Land values in the above two provinces ranges from $100 to $500 per square metre, he said.

Cheng Kheng, director of the CPL real estate company and president of the Cambodian Valuers and Estate Agents Association said he did not agree, saying the buying and selling of land in the provinces with economic potential, especially in Sihanouk, has increased much compared to the previous year, because there are more and more foreign investors, and residential construction activity is also growing in Sihanouk, Siem Reap, Battambang and other provinces with economic potential.

The demand for real estate and its price will also spread to rural areas because many large companies from abroad are looking for land to plant rubber trees and invest on other agricultural production, he said, adding that previously rubber plantations could be bought from $7,000 to $8,000 per hectare, but now the price has increased from $15,000 to $20,000 or higher, depending on the age of the small rubber trees or whether they are close to harvest, he said.Read Original text


Flying into action in Phnom Penh

Thu, 30 May 2013
6 Phillip Scott

Phillip Scott is a young property surveyor who has just arrived in Phnom Penh to work for CBRE. Here, he describes his initial impressions of Phnom Penh, and the property market.

“After travelling half way around the world to begin a new life in a continent you have never visited, the final approach to Phnom Penh International Airport is a daunting prospect.

The initial darkness of the capital city was a shock; coupled with the rush of Phnom Penh, it enthralled me with possibly optimistic views of the time I’ll spend here.

The change in culture was also a shock, but was equally deeply intriguing. It was something that I knew I would learn to love. After the jet lag passed, with the help of a few close friends and the kind offers of a few more, I gradually came to terms with the life-changing move I had made in pursuit of a respectable career in real estate.

Simply getting to grips with the way in which real estate, and more so its respective markets and economies work, has been thus far the hardest point to comprehend.

What has become my home from home has shown me the harsh reality of ‘what can be’ with dealings in real estate, but equally, it has provided me with a fantastic truth of what can be achieved, and inevitably will be achieved, in such a fascinating and emerging country.

Not a street is without the prospect of new development, whether that be 12 stories of a high rise serviced apartment and condominium block, or simply the breaking of ground. Construction is ripe, and the individual real estate markets are reacting well to envisaged demand.

I believe, however, in some instances that the growth of particularly the real estate economy has been under-thought, with developments being proposed that fail to pass initial ground breaking, and furthermore, lack investment.

Cambodia has been heavily supported by foreign investment throughout its emergence in Asia, and this continues to be the case. In particular, Japanese investment has given the property market continued strength, and the increasing number of expats residing in Phnom Penh suggests this is likely to continue.

Although Phnom Penh is now supported by a growing infrastructure and a number of high rise residential and commercial developments, the completion of Vattanac Capital later this year will provide a great and exciting prospect to be involved with.

Its opening will offer Cambodia’s first true Grade A development, and this will be a great achievement, not only for the country, but more so Asia as a whole. The innovative design resembles nothing I have seen before, and is significant statement to clients across the world.

My previous colleagues advised me before my departure that things would be different; deals and transactions, property law, property finance, and many more aspects of the business.

None of them, however could have provided me information on the general workings that I feel you must become accustomed to in to survive in the cut-throat business of real estate.

My experiences thus far have provided me with a number of thoughts and opinions on Asian markets, and I hope my continued stay in Cambodia will further build not only my knowledge, but also my experiences with internationally renowned properties and real estate markets. I’m looking forward to it.”Read Original text


2_River_Town

Thu, 30 May 2013
2 River Town

A new borey, River Town, is going up on Chroy Changva, located between the Mekong river and the Tonle Sap, which together with the construction of the second Chroy Changva bridge is adding to the continued expansion of the peninsula’s infrastructure.

River Town is along National Road No 6, 800 metres from Chroy Changva bridge, covering two hectares, and is expected to cost $30 million. The project will contain 70 luxury flats, about 40 single and twin villas, and will complete in 2015.

Teng Rithy, general manager of River Town, said construction started in early May, with a large number of workers, and currently customers are increasingly interested in this project.

Rithy said, “now the sales of the project is 30 per cent, and many customers are Khmer”.

A two-and-a-half floor flat is priced at between $140,000 to $490,000, and the twin villas are $220,000 while the single villa price has not yet been determined.

Concerning sales, Rithy said “the River Town project will be successful as planned because I’ve seen that only 20 days after the sales opened, the company has sold 30 per cent already.”

He added “the reason that River Town is successful quickly is because it has three special things: first, a favourable location located along National Road 6. Secondly, the building has good design which is popular. Thirdly, all construction workers are clearly skilled workers, together with high quality and luxurious equipment.”

Dith Channa, general manager of VMC Real Estate Cambodia, told Post Property that River Town is a project that can satisfy customers, due to its good location, nice environment and good roads, especially when the second Chroy Changvar bridge is completed.

With regard to the pricing, Channa said it is not very expensive, because River Town is close to central Phnom Penh, closer than other projects if it is compared with those at Chamkar Dong, Chom Choa, and Kean Svay.

Moreover, the current road situation in the area is improving as well. In particular, the area also has other big construction projects such as OCIC’s Satellite City Development project and other big development projects by Ly Yong Phat, including stadiums, condominiums, apartments, schools, hospitals and commercial centers.

The director of VMC said that “the sale of River Town will be successful because the price is suitable and it has a good location.”

Chailin Sear, CEO of CL Realty Co said it is good that some development projects go smoothly, which shows the progress and growth of the real estate sector in Cambodia.

He added this project will be successful if the project owner gets the pricing right. He confirmed that “pricing is the most important reason for sales, because no matter how good the location, it is also depends on the prices. If it is expensive, it cannot be successful.”

According to a new survey, Cambodia needs between 100,000 to 200,000 new housing units each year.Read Original text


World’s second tallest building for Phnom Penh?

Thu, 23 May 2013
3 Diamond Tower

A 555-metre tower planned for Diamond Island is to go ahead, and expert engineers from China and Vietnam are studying the river bank and calculating the strength of the foundations needed to support the building.

The building plan will not be changed and now the company is studying the site before setting a clear deadline to start constructing, according to Keo Sothy, assistant to deputy CEO of builders OCIC.  “When the Diamond Tower will be built, it will become a part of the promotional beauty of Phnom Penh and will become one of the highest buildings in the world as well,” he said.

“We have the building plan and its interior design already, including restaurants, office buildings, hotels and 5-star-luxury accommodation. The building will have more than 100 floors when completed,” he said.

“Placing stone into the river to make the river bank to support the building has started in 2012 and professional engineers from China and Vietnam are studying this project,” he said.

Keo Sothy did not specify how many cubic metres of stone will be placed into the river to support this kind of building, but says it will be a “huge amount.”

The Diamond Tower building project will be 555 metres high, and was the subject of a surprise announcement by Prime Minister Hun Sen.

Touch Samnang, project manager of OCIC’s Diamond Satellite City of OCIC, previously told the Post the building will be completed in 2017, after the company’s Riviera project is completed.

The Diamond Tower will be built on the same line running between the Independence Monument and the Chuon Nat statue.

“The project has received a lot of attention from investors but the success of this project depends on the management,” Kuy Vat, President &CEO of VTrust Group said.

“If we look in general, we congratulate the project, but the challenges are when our country is in the developing stage and if we have such a high building, whether we are able to maintain it, repair it,” Cheng Kheng, director of the CPL real estate company and president of Cambodian Valuers and Estate Agents Association said.

In the developed countries when there are fires in high buildings, they are difficult to control and it is an immediate problem in our country, he said.

“In the near future, Cambodia will be economically integrated into the ASEAN region. If we compare Cambodia with other countries, Cambodia has very few skyscrapers while Singapore has a population of more than 5 million people, Singapore has thousands of skyscrapers so the construction of this building will not be a problem for the real estate markets,” he said.

“When we have economic integration, the investors and the rich alike always want a change in their workplace, investment areas and places to live. They always show their superiority if they have a home or office building which is most prominent,” he said.

“So far we have not received any requests related to the construction of this building yet,” Long Dimanche, a Phnom Penh municipal spokesperson said, adding that, if the building project is successful, it will show that investors have faith in economic growth in Cambodia.

“The building construction is good for the promotion of Phnom Penh’s beauty, to reflect the new style, although our city is a little bit old. However, all the buildings must comply with technical standards,” he said.Read Original text


House prices soar 20 per cent in first quarter

Thu, 16 May 2013
4 New houses

The growth of the Kingdom’s population, a sustainable economy and optimism about real estate has caused the price of housing to grow by between 10 to 20 per cent in the start of 2013, said real estate experts.

General manager of VMC Real Estate Cambodia, Dith Channa said the price of flats and villas has increased between 10 to 15 per cent during the first quarter of this year, compared to the same period last year.

The housing on the outskirts of Phnom Penh has risen about 10 per cent, while in more urbanised areas housing has advanced 15 per cent. The price of apartment and condo has not really developed.

“The growth is due to the increasing demand from both locals and foreigners, while the growing population of adults who have got married also need housing,” said Channa. “The economic growth boosts the prices.”

The price of a flat in the outskirts is average $28,000 to $30,000, but is up to $100,000 in the centre of town.

Villa are between $200,000 to $300,000, but this price does not include the villas around Phnom Penh’s Central Market and along the Preah Sisovath-riverside-boulevard area. Dealers are now gradually making these areas more active, but they are very cautious because they think first before purchasing and carefully consider the potential that they can invest, according to Channa.

“The housing price will climb and there will be more demand in 2014 because of Cambodia integrating into ASEAN in 2015,” VMC’s general manager said.

Noun Rithy, the general manager at the Bonna Reality Group says that since the first quarter of 2013 compared to the same period 2012, the housing price has increased by 10 to 15 per cent, due to the growth of urban population, investment and the progress of the country’s economy. However, he added that provincial housing prices have not actively strengthened.

“These trends boost the constructions during the first three months of this year compared to last year,” said Rithy. “Various boreys are being expanded, projects while new boreys began to develop.”

Kim Heang, president of Khmer Real Estate, said that the housing in Phnom Penh had significantly increased and was growing every month by around 20 per cent compared to the same period last year. Housing prices of between $100,000 to $200,000 had increased by about 20 per cent, but housing in the outskirts that is worth under $50,000 hadn’t shown much of an increase.

However, Po Eavkong, managing director of Asia Real Estate Cambodia differs on the subject, saying the housing price has increased about 5 per cent if the demand for housing and the country’s economic growth are really analysed.

“Because of the increasing demands of industry, tourism, and agriculture the concept of real estate is on the increase,” he said.Read Original text


Oasis on Street 430

Thu, 9 May 2013
7 Oasis

On a quiet back street south of the Russian Market, in Psar Doeum Thkov, sits a silent, gray, unassuming building, with battered gates and high, forbidding walls. An old warehouse, perhaps, or some sort of closed-down industrial premises. But, once you pass through the gates, past the peeling paint and knee-high weeds, you come across one of the most unusual houses currently available in Phnom Penh.

The project was begun a decade ago by Australian photographer Darren Campbell, who originally arrived in Phnom Penh in 1994 and started working as a commercial photographer. As he tells it, “due to the city’s then characteristic dearth of infrastructure, I was building things on a near day-to-day basis: lighting stands, boom arms, film drying cabinets, whatever was needed and unavailable.”

Content image - Phnom Penh Post

All of the furniture was custom built. Photo Supplied
Content image - Phnom Penh Post

A view of the interior and exterior. Photo Supplied
Content image - Phnom Penh Post

The huge studio, which could be turned into bedrooms. Photo Supplied

But Campbell had bigger building projects in mind, and in 2003 he bought a 16 by 40 metre plot of land, unfashionably far south of the city proper. “Ten years ago people asked me how I could consider living so far away. It was empty plots and wooden shacks and a dirt track choked with weeds. I could stand in what was to become my living room and watch the sun rise and set over my fence lines,” he said.

First, he built a studio, which he describes as ‘”the engine-room behind the entire project.” At 11 metres by 9 metres and nearly 5 metres high, it has “served mainly as a very comfortable photography and video studio where many of Phnom Penh’s high-end commercial images have been created. According to need, it has also functioned as a carpentry workshop, metalwork site, painting studio, storage warehouse, spare room for multiple guests and a lock-up car park.”

Gradually, working with local contractors, the house itself started to take shape. Campbell lived on-site through the duration of the build, sleeping in corners away from the construction itself.

Campbell says he has always described the house as “selfish” as it caters “exclusively to an independent lifestyle in which creative projects and relaxation take priority. It is also selfish in that the comfort and luxury are entirely internal.”

The open-plan, split-level design places the single elevated bedroom and a modern kitchen on either side of a vast central living area, all of which wraps around a generous plunge pool and landscaped garden.

It is an unapologetic house, designed precisely to Campbell’s specifications. It’s cool and shady, with trees and birds surrounding the pool; the peace and quiet is interrupted only by birdsong. All the furniture was made to Campbell’s precise instructions, from Indonesian teak.

So why is it now on the market? “It’s a fair question,” Campbell tells me. “I made this house for myself, to suit myself, and to spoil myself. And it is true that every day some aspect of this house still catches me and gives me pause for warm appreciation.” He looks out across the living space, and runs his hand across the smooth top of a bookcase.

About two years ago, “I stopped and looked around and said, ‘Yes. This is how it looked from the beginning. This is it.’ And the project was done. I feel extremely lucky to live here but it turns out that I am now an older man still with the energy of a slightly younger man.” Which means? “I am ready to build one more.”

Campbell is reluctant to give too much away about his thinking for the next building project, but if this one is anything to go by, it’ll be stunning. As he puts it: “in our home countries the weight of orthodoxy keeps us from embarking on such grand dreams; over here, where everything is absurd, everything is less absurd.”

The house is on the market for $570,000. Contact uribukkenpp@gmail.com, or call 098 616108  (English/Khmer).Read Original text


Serviced apartments see strong demand

Thu, 9 May 2013

The serviced apartment market has continued to grow during the first quarter of 2013, “with demand increasing concurrent with Cambodia and especially Phnom Penh’s strong commercial and economic growth,” according to a new report from international property firm CBRE.

The report says that the serviced apartment market is still “heavily driven by the number of foreign nationals residing in Phnom Penh, an ever-increasing and diverse range of people. The market has further matured and developed with the addition of new high-quality serviced apartment complexes which have entered the market and achieved high occupancy rates within a short timeframe.”

The company says “overall the demand for serviced apartments in Phnom Penh remains high, and with strong economic growth in Cambodia predicted for the rest of 2013, further foreign investment is likely to continue to drive the growth of the market.”

CBRE’s report notes that Phnom Penh currently has more than 15 fully serviced Grade A apartment buildings, offering a wide range of high quality accommodation, with good facilities and amenities.

One and two bedroom apartments continue to dominate the lion’s share of the total supply over that of larger suites, with one and two bedrooms providing 76 per cent of the total supply. In real terms, CBRE says the total supply of Grade A & B serviced apartments is now in excess of 85,000 square metres.

CBRE identifies a total of 18 apartment developments currently under construction within key residential areas of Phnom Penh that will continue to provide additional supply for a market where demand outstrips supply. Although a number of residential high-rise projects are currently under construction in Makara 7, Daun Penh, Bassac and Chamkamorn respectively, “it is unlikely that all of these projects will be serviced to international standards, thus expanding the provision of the market as a whole.”

Foreign nationals will continue to boost demand for serviced apartments in Phnom Penh, and with levels continuing to increase, CBRE says “demand will remain strong and absorb the new supply allowing rents to remain stable.”

The company points out that demand for three-bedroom accommodation is noteworthy “with supply being scarce.” A total of 30 three-bed units have been introduced so far in 2013, of which 25 per cent occupancy has already been achieved. The company says that “considering the higher rents and longer rents terms on these units, this demonstrate healthy demand.”

Rents in the serviced apartment market “will be liable to small fluctuations in 2013 as competitors react to the introduction of new supply and increased competition between the accommodation, services and facility on offer, including more commonly that of swimming pools.”


Riviera project on schedule

Thu, 9 May 2013
3 Riviera

The groundwork is continuing on schedule on the the $700 million Riviera high-rise building on Diamond Island, according to an officer of builders OCIC.

Chin Hok, the manager of the Riviera project, said that for two buildings of 28 stories and three of 37 storeys, the groundwork is 10 per cent complete, but for the groundwork of the 37 storey building with a swimming pool on top has been suspended because Friendship International Development is looking for a partner from China in the project to continue the construction of the three buildings.

He added that in addition to these high-rise buildings, OCIC plans to complete the flats and the five-storey department store in mid-2014.

He said, “This project is moving smoothly even as the company cooperates with OCIC to find a new company to construct the buildings. I think Friendship International Development has found a  construction company, and they want to resume in June or July.”

Keo Sothy, the assistant to the general director of OCIC said that this project is progressing while Friendship International Development is looking for partner to continue the buildings in the project, and the project will be completed in 2017  as planned.

He said, “I believe that this project will be 100 per cent successful because this project is in a good location, and Cambnodia has good political stability and strong economic growth, with a particularly good real estate market.”

DI Riveira occupies some 330,000 square metres, including flats, a department store, five big condos and a car park that can hold 2,000 cars.

Pong Khieng Se, the chairman of the board of directors of Canadia Bank and the general director of OCIC, said that DI Riveria operated smoothly.

He said that initially this one project was drafted by Koh Pich Development Co, but later two companies, Investment Combo and Friendship International Development from Guongdong province, China, joined the partnership, which is valued at $700 million.

Pong Khieng Se said “DI Riviera is a big project that will be successful and customers  who want to buy will have the opportunity to receive a lot of profit because the price will keep going up.” However, he did not specify the price of units in the project.

Banh Souly, the sale executives for DI Riviera did not answer the phone when Post Property tried to contact her.Read Original text