Local and foreign business interests form luxury property joint venture

Thu, 24 April 2014

2_Signatories-of-a-joint-venture-aimed-at-Cambodia’s-luxury-real-estate-market-plan-to-get-under-way-by-building-a-Grade-A-office-tower-on-Norodom-BoulevardA mid​ strong demand growth in the Grade A office sector, a joint-venture agreement signing event was held at the Sofitel Phokeethra last week, establishing an investment company, provisionally called Kingdom Luxury Development Co, which aims to build a Grade-A office tower Phnom Penh.

The joint-venture signatories are Cambodia Properties Limited Ltd (CPL), which has 17 years’ local experience in the commercial, retail, residential and industrial sectors of the Cambodian real-estate market; TriAsia Group, which has wide-ranging local business interests; independent property investor Sor Thida; and architect and interior designer Lorenzo M Martini.

Content image - Phnom Penh Post

Cheng Kheng, CPL director and president of the Cambodian Valuers and Estate Agents Association, was one of the four signatories. He said he was honoured to be part of a consortium with so much collective experience in the property sector, and in building Grade-A office space in particular.

According to Kheng, it is currently a good time to invest in the construction sector in Cambodia due to strong demand for Grade-A office space. He added that the numbers of both personal and business investors that are active in Cambodia continue to rise.

“I’m happy to sign an agreement with both local and international companies for preparing Grade-A office construction project in Phnom Penh,” he said.

The joint venture plans to first commence construction of a 25-storey office tower in early 2015 on Norodom Boulevard. Covering an area of 78,000 square metres, and built at an estimated cost of $50 million of dollars, the plan is for the tower to be completed within three years.

According to the joint venture, the tower will include five floors of parking.

“Our Grade-A office space project will commence construction in early 2015 and will take three years to complete,” said Kheng. “Upon completion, investors will have their own office space that they can either use themselves or rent out.”

Kheng declined to comment on the exact location of the project, but confirmed it would be on Norodom Blvd. He added that the tower would include amenities such as massage, stream, sauna, a swimming pool and retail outlets.

He said the joint venture’s mission was ultimately to raise the bar in terms of not just commercial property development but also residential.

Content image - Phnom Penh Post

Sor Thida, an independent property developer and fellow signatory of the joint-venture agreement, said the commercial tower slated for construction on Norodom would not be too late to take advantage of Asean Economic Integration in 2015, because the majority of current office space was either Grade B or Grade C.

“Asean Economic Integration will require at least one or two years, so by the time construction is completed many investors will be flowing into Cambodia,” she said.

Tomoyuki Yokoi, CEO of TriAsia, a well-known name in Japan and a company that already has significant investments in Cambodia, said he was happy to be part of the joint venture in Cambodia because he saw a strong, emerging economy here, and his company can bring high construction standards to the market.

“My company is excited to be able to invest in Grade-A office space construction here,” said Tomoyuki, whose TriAsia Group operates in the Kingdom under the slogan “Made in Cambodia, Quality from Japan”.Read Original text

ប្រកាស​លក់​វីឡា​នៅ​ខ​ណ្ឌ​ទួល​គោក សង្កាត់​ទឹកល្អក់ មាន​ទំហំ​ដី​១៩​មX២៦​ម មាន​ទំហំ​អគារ​១៨​មX​១៤​ម​ ក្នុង​តំលៃ​៨១​ម៉ឺន​ដុល្លារ

ដោយ៖ សហការី

ថ្ងៃព្រហស្បតិ៍ ទី២៣ ខែមេសា ឆ្នាំ២០១៥ ម៉ោង ០៩:៥៦

ក្រុម​ហុ៑​ន​អចលនទ្រព្យ ឆៃ​លី​ន ស៊ា រៀល​ធី ហៅ​កាត់ (​ស៊ី​អ៊ិ​ល​) ប្រកាស​លក់​វីឡា នៅ​ខ​ណ្ឌ​ទួល​គោក សង្កាត់​ទឹកល្អក់ ជាទី​តាំង​ដែល​ល្អ មាន​ទំហំ​ដី ១៩​ម X២៦​ម មាន​ទំហំ​អាគារ ១៨​ម  X ១៤​ម មាន​៦​បន្ទប់ មាន​ទីធ្លា​ធំ​ទូលាយ ល្អ​សំរាប់​ស្នាក់​នៅ មាន​ផ្លូវ​ធំ​ទូលាយ នៅ​ទីតាំង​នេះ នៅ​ជិត សាលា មន្ទី​ពេទ្យ ផ្សារ​ទំនើប សក​វិទ្យាល័យ ។ ទីតាំង​នេះ​នៅ​ជិត​ផ្សារ​សំណង​១២ នឹង មន្ទី​ពេទ្យ​លោកសង្ឃ​។

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សូម បញ្ជាក់​ថា ក្រុមហ៊ុន​អចលនទ្រព្យ ឆៃ​លី​ន ស៊ា រៀល​ធី ជា​ក្រុមហ៊ុន​ដែល មាន​ជំនាញ វាយតម្លៃ​អចលនទ្រព្យ​ច្បាស់ ដែល​បាន​ចុះបញ្ជីរ​ពាណិជ្ជកម្ម​លេខ ០៥៣៥/២០១៣ ព​ណ​.​ចប​ព​, មាន​អ​ជ្ញា​ប័ណ្ណ វាយតម្លៃ​អចលនវត្ថុ​លេខ​១២២ សហ​វ​.​ឧ​ហ​, អ​ជ្ញា​ប័ណ្ណ​សេវាកម្ម​អចលនវត្ថុ​លេខ ១១៩ សហ​វ​.​ឧ​ហ​, ប័ណ្ណ​ប៉ាតង់​សំរាប់​សេវាកម្ម​អចលនវត្ថុ​លេខ​០១២៧៦ អ​ព​ដ​/​ស​ខ​/​ចម​, និង វិ​ញ្ញាប​ន​ប័ត្រ​វាយតម្លៃ អចលវត្ថុ​លេខ ០២៥៣៥ អ​ព​ដ​/​ស​ខ​/​ចម និង​ជា​សមាជិក សមាគម​អ្នក​វាយតំលៃ និង សេវាកម្ម​អចលន វត្ថុ​កម្ពុជា​លេខ ០០២៤ ស​.​វ​.​អ​.​ក​។ Read Original text

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Tourism numbers give boost to Sihanoukville property prices

Thu, 10 April 2014

4_Sihanoukville-property,-particularly-that-in-coastal-areas,-is-enjoying-year-on-year-increases-thanks-to-the-strong-tourism-sectorProperty has seen a boost in Sihanoukville city in the first quarter of this year, underpinned by increased tourist numbers year-on-year.

Cheng Kheng, director of CPL Real Estate Company and president of the Cambodian Valuers and Estate Agents Association, said the outlook on property in Sihanoukville was positive in the first three months of 2014 compared with the same period last year. He added that the improved outlook could be put down to integration with the ASEAN Economic Community (AEC), which is slated for next year, and the increased number of tourists and investors coming to Sihanoukville every year.

Land prices in Sihanoukville’s commercial hub ranged from $1,000 to $1,500 per square metre, while prices for land in less developed coastal areas such as Ream Beach ranged from $100 to $150.

Land prices at Otres Beach ranged from between $500 and $600, while prices at popular Ochheuteal Beach were in the vicinity of $1,000 per square metre, he said.

Kheng said it was still too early to put percentage increases on land prices compared to 2013, but he added that his team was currently assaying land prices in Sihanoukville with a view to compiling data for the convenience of possible investors.

According to Kheng, Sihanoukville needs a bigger airport, allowing businesspeople and tourists to arrive direct from overseas, especially ahead of the AEC’s complete integration.

“If Sihanoukville has an airport with direct access from overseas, it will double land prices,” he said.

Po Eavkong, managing director of Asia Real Estate Cambodia, agreed that property prices in Sihanoukville improved healthily in the first quarter of this year, ascribing increased city property values largely to tourism, with guesthouses and the hotel sector in general doing well. Demand in the tourism sector, he pointed out, tended to have a positive knock-on effect on property prices in general.

Meanwhile, according to Eavkong even though residential prices in Sihanoukville city have remained flat, property on the coast had increased markedly.

“Land prices in the city centre have seen an increase of around 5 per cent, but prices for property on the coast have risen by between 7 and 8 per cent compared to the same period last year,” he said.

General manager at KEY Real Estate, Sorn Seap, was slightly less upbeat, pointing out that property transactions in Sihanoukville had been low volume so far this year, with a small number of investors, .

Land prices in commercial areas along Independence Road and near Psar Ler Market ranged from $1,000 to $1,500 per square metre, he said, adding that residential prices were starting from as low as $150 to $350 per square metre, and that property with hard titles at Ochheuteal Beach was priced at about $300 to $500.

“Land prices in the city will go up, though, due to Cambodia’s AEC integration, shipping at the port and increasing numbers of tourists who come for beach holidays,” Seap said.Read Original text

Latest property reports offer evidence of strong growth

Thu, 10 April 2014

2_Developments-like-De-Castle-Royal-have-restored-market-confidence,-according-to-CBREIn its latest Market View report, CBRE Cambodia Research concludes that Phnom Penh has well and truly put the fallout from the Global Financial Crisis – which saw many condominium developments in the city put on hold or even fail – behind it, and the city is now responding to demand for Grade-A serviced apartments.

According to the March 2014 report, 507 serviced apartment units came on line in Phnom Penh last year, and a further 170 will arrive this year, with 20 condominium projects either completed or under construction.

“Signs across all key Phnom Penh real estate sectors are positive, with new levels of quality set to be delivered to the office, retail and residential markets,” says Chris Hobden, surveyor at CBRE Cambodia.

“Serviced apartments continue to benefit from high levels of demand, as demonstrated by the low vacancy rates in established buildings,” the report says, noting that demand is particularly high for studio and one-bedroom apartments “in popular residential areas, such as BKK and Daun Penh”.

The CBRE report also points to increased demand from “both Japanese and Chinese investors, driven primarily by anticipated capital growth in residential assets, rather than rental income.”

The declining trend in condominium developments in the aftermath of the 2007-8 economic downturn has now reversed, the report says, adding that confidence appears to have been restored to the market due the successful implementation of off-plan developments such as De Castle Royal, which is slated to open later this year and is already 90 per cent sold out.

“Sales of condom-iniums in Phnom Penh have traditionally been marred by publicised failures of developments that have been sold off plan and have subsequently ceased construction.”

De Castle Royal, according to the report, is only the most successful of a slew of condominium developments that have turned that trend on its head and are seeing investors return to Phnom Penh, with completed projects seeing “a notable high in sales rates of 80 per cent”.

The report adds: “Significant interest from international purchasers has helped to drive sales, with the ratio of domestic to foreign buyers as high as 65:35 in some buildings.

“De Castle Royal has been successful in attracting significant foreign interest, due both to the calibre of the building and the strong rate of return that investors can expect to achieve, although capital growth remains a priority for many.”

Meanwhile, CBRE’s February Market View report on the retail sector was similarly upbeat, citing a forecast 23 per cent increase in supply this year.

Notable developments in Phnom Penh’s retail sector, the report notes, are the imminent arrival of Aeon Mall, which is set to open in the middle of this year, and Parkson City Centre, which will open early next year.

Aeon will occupy 58,000 square metres of net retail space, while Parkson will add an additional 70,000 square metres to Phnom Penh’s retail market, marking what the report refers to as “a continued transition from traditional markets to international-quality, purpose-built shopping centres and department stores.”

“The next 12 months will see a wave of new brands entering the Phnom Penh retail market. Both consumers and retailers alike will benefit from a diverse mix of tenants in new, high-quality shopping centres.”

Vattanac Capital Tower will add another 5,000 square metres of retail space (over three storeys) to the market in coming months, while late last year saw the arrival of TK Avenue in Phnom Penh’s Toul Kork area, with a total net retail space of 7,000 square metres.

“There has been an increasing demand for luxury products, or at least mid-tier brands, in Phnom Penh,” the report says, adding “change is being driven by a combination of positive GDP growth, an aspirational middle class and a young demographic, with an increasing disposable income.”

A January report by CBRE on office space, forecasts a 23 per cent increase in supply, driven largely by demand by multi-national corporations.

That equates to approximately 52,000 square metres of new supply by year-end, with 17 per cent of the total accounted for Vattanac Capital alone, according to the report.

“The highly anticipated 39-storey development [Vattanac], opens 23 storeys of prime location, Grade-A office accommodation in May 2014, setting a new precedent for future developments, bringing confidence to the expanding sector,” the report says.

“With continued year on-year GDP growth, considerable levels of foreign investment and a domestic population whose disposable income is to set increase significantly over the coming years, the overall outlook for the Phnom Penh real estate market looks encouraging” Hobden says.Read Original text

ប្រកាស​លក់​ភូមិ​គ្រឹះ​ដ៏​ធំ​ស្គឹ​ម​ស្គៃ​នៅ​ភ្នំពេញ​ថ្មី​មាន​ទំហំ​ដី៣០​មx៤០​ម នឹង​មាន​ទំហំ​អគារ២០​ម​X២៤​ម​ ក្នុង​តំលៃ​៖ ១​លាន២​សែនដុល្លារ

ដោយ៖ សហការី

ថ្ងៃព្រហស្បតិ៍ ទី៩ ខែមេសា ឆ្នាំ២០១៥ ម៉ោង ០៩:១៧

ក្រុម​ហុ៑​ន​អចលនទ្រព្យ ឆៃ​លី​ន ស៊ា រៀល​ធី ហៅ​កាត់ (​ស៊ី​អ៊ិ​ល​) ប្រកាស​លក់​ភូមិ​គ្រឹះ ដ៏​ធំ​ស្គឹ​ម​ស្គៃ នៅ​ភ្នំពេញ​ថ្មី ភូមិ​គ្រឹះ​នេះ​មាន​បន្ទប់​គេង ៧​បន្ទប់​, មាន​បន្ទប់ទឹក ៩​បន្ទប់ មាន​ឃ្លាំង ៤​ឃ្លាំង តូច​២ ធំ​២ មានកំ​ពស់ ២​ជាន់ នៅ​ក្នុង​ដី​ឡូ​រ៍​ភូមិ​គ្រឹះ នេះ​មាន​ក្រាល​ឥដ្ឋ​ពេញ​ដី​ទាំងអស់ ហើយ​មាន​ដើមឈើ​៥ ទៅ​៦​ដើម ផ្ទះ​បែរមុខ​ទៅ​ទិស​ខាងកើត ។ មាន​ទំហំ​ដី ៣០​ម x ៤០​ម នឹង​មាន​ទំហំ​អាគារ ២០​ម​X ២៤​ម ។ មាន​ផ្លូវ​ខាង​មុខ​ផ្ទះ ៨​ម នៅ​ជិត​ផ្សារ​ដី​ហុយ ចំងាយ​ប្រហែល ៣០០​ម នៅ​តំបន់​នេះ​ដែល មាន​ប្រព័ន្ធ​ទឹក ភ្លើង លូរ ស្រាប់ ងាយស្រួល​ក្នុង​ការ​រស់នៅ ។

ដាក់​លក់​ក្នុង​តំលៃ​៖ ១​លាន ២​សែន ដុល្លារ (​អាច​ចរចារ​បាន មាន​បឹង​រឹង​ស្រាប់​)
សូម​ទំនាក់ទំនង​លេខ​ទូរស័ព្ទ​៖ 078 400 400

សូម បញ្ជាក់​ថា ក្រុមហ៊ុន​អចលនទ្រព្យ ឆៃ​លី​ន ស៊ា រៀល​ធី ជា​ក្រុមហ៊ុន​ដែល មាន​ជំនាញ វាយតម្លៃ​អចលនទ្រព្យ​ច្បាស់ ដែល​បាន​ចុះបញ្ជីរ​ពាណិជ្ជកម្ម​លេខ ០៥៣៥/២០១៣ ព​ណ​.​ចប​ព​, មាន​អ​ជ្ញា​ប័ណ្ណ វាយតម្លៃ​អចលនវត្ថុ​លេខ​១២២ សហ​វ​.​ឧ​ហ​, អ​ជ្ញា​ប័ណ្ណ​សេវាកម្ម​អចលនវត្ថុ​លេខ ១១៩ សហ​វ​.​ឧ​ហ​, ប័ណ្ណ​ប៉ាតង់​សំរាប់​សេវាកម្ម​អចលនវត្ថុ​លេខ​០១២៧៦ អ​ព​ដ​/​ស​ខ​/​ចម​, និង វិ​ញ្ញាប​ន​ប័ត្រ​វាយតម្លៃ អចលវត្ថុ​លេខ ០២៥៣៥ អ​ព​ដ​/​ស​ខ​/​ចម និង​ជា​សមាជិក សមាគម​អ្នក​វាយតំលៃ និង សេវាកម្ម​អចលន វត្ថុ​កម្ពុជា​លេខ ០០២៤ ស​.​វ​.​អ​.​ក​។  Read Original text

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