Bridge SoHo launch receives warm reception

Thu, 5 June 2014

3_The-SoHo-units-in-The-Bridge’s-condominium-development-launched-sales-last-weekSales of the SOHO (small office and home office) component of The Bridge condominium project, which will have 54 floors and will be built with an investment of $300 million, officially launched last week.

Sear Rithy, director of World Bridge Land, said he was proud and excited to be able to bring a new lifestyle to Cambodia. A SOHO is a block of small units that are designed for both living and working. At The Bridge, the size of the units will range from 32 to 54 square metres.

“I aim to bring standard home and office units to Cambodia with this launch,” he said, adding that 11 per cent of the units sold in the first two hours after the sale was announced.

World Bridge Land director Sear Rithy is excited about The Bridge’s SoHo offerings.

World Bridge Land director Sear Rithy is excited about The Bridge’s SoHo offerings. Hong Menea

The Bridge is a joint venture between Singapore Oxley Holdings and Cambodia World Bridge Land.

Each unit was priced from $3,000 per square metre on the first day of the launch.

Dith Channa, general manager of VMC Real Estate Cambodia, said The Bridge project was an exciting development that was perfectly in line with Cambodia’s development, which he expected to remain strong due to impending Asean economic integration, Cambodia’s growing foreign population, and demand for residential and office developments defined by quality, modernity, good amenities and central city locations.

“The Bridge project will be successful, despite the relatively high prices for the units, due to its excellent location and design,” he said.

The Bridge is being constructed in the Tonle Bassac area close to the Australian Embassy.

The groundbreaking ceremony is planned for June 12, with overall completion of construction expected to take around four years.

The development comes with full common facilities such as swimming pools, gymnasiums and retail outlets for the exclusive use of residents. Besides 762 one-to three-bedroom apartments, penthouses and residential units, the project will also include 963 SOHO units.Read Original text


New report sees strong tourism growth

Thu, 5 June 2014

2_Tourism-arrivals-are-up-steeply-year-on-year,-according-to-CBRE-Cambodia’s-latest-MarketView-reportCBRE Cambodia’s latest MarketView report sees strong growth in Cambodia’s international tourism sector, with particularly strong in international arrivals resulting in growth in hotel occupancy rates and durations of stay.

According to the May report, international arrivals in 2013 increased 17.5 per cent, to a total of 4,210,165, up from 3,584,037 in 2012.

“The average length of stay also increased to 6.75 days, up from 6.5,” the report says, adding that “average hotel occupancy rates in 2013 rose to 69.53 per cent, up from 68.49 per cent the previous year.”

Chris Hobden, surveyor for CBRE Cambodia, says: “We expect this trend to continue, in part driven by relative political stability,the variety and quality of accommodation on offer in addition to significant planned improvements to national infrastructure.”

Meanwhile, however, Phnom Penh continues to lag behind the jewel in Cambodia’s tourism crown, Siem Reap – home to Angkor Wat – in terms of international arrivals.

Content image - Phnom Penh Post

“Siem Reap remains the most populardestination for tourists entering Cambodia, with arrivals into SiemReap International Airport accounting for 28.1 per cent of all arrivals, compared to Phnom Penh’s 19.9 per cent.”

Hobden says that CBRE does not anticipate a change in that balance of arrivals, noting that the increasing popularity of Sihanoukville will not necessarily work to Phnom Penh’s advantage, due to direct flights between the Siem Reap and the beach destination.

“Tourism to Sihanoukville is expected to increase over the coming years, with frequent flights available from SiemReap and with the delivery of new luxury hotel accommodation off the Sihanoukville coast,” the report says.

Meanwhile, the report notes that, besides Phnom Penh’s burgeoning boutique hotel sector, some major luxury hotel openings are on the horizon. In Phnom Penh, the report cites the Sohka Hotel and Naga 2.

“Sohka is set to launch approximately 450 rooms onto the market and Naga2 is set to deliver in excess of 1,000, increasing Phnom Penh luxury hotel supply by 70 per cent,” the report says.

In Sihanoukville, the report makes note of Cambodia’s pre-eminent luxury resort development.

“Alila Villas Koh Russey is set to deliver Cambodia’s first internationally branded island resort … in close proximity to Sihanoukville. This will build on the success of Song Saa Private Island, launched in 2012.”

According to Hobden, CBRE is also bullish about tourism in Cambodia due to airport expansion plans in the coming years, which theoretically could double numbers.

“The planned expansion of both Phnom Penh and Sihanoukville international airports will support the growing number of international arrivals, with the capacity of at both airports set to approximately double over the coming years,” the report says.

A doubling of capacity would allow both airports to accommodate up to 5 million travellers respectively per annum.

“We see no reason not to expect further expansion of the sector in the years ahead and predict that tourism will make an increasingly significant contribution to Cambodia’s continued GDP growth,” says Hobden.Read Original text