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Friday, October 25, 2013

Map of Immovable Property's Price "Land" in Phnom Penh

If you want to know the property's price for land in Phnom Penh, especially for your annual property tax payment, property transfer tax's payment, and for property buying and selling, you can now have them all from Cambodian General Department of Taxation.

 Boeung Keng Kang 1 area
 Central Market Area
Toul Kork Area

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Tuesday, October 22, 2013

Should Cambodian housing development be strictly regulated?

As we all know that currently in Cambodia particularly in Phnom Penh, many new houses being built inside “Borey” or outside and kept growing like mushroom. There is a question to ask whether those housing developments are currently regulated strictly by the government or not? 

The important thing about the strict regulation and law enforcement by the government on the property developers or house builders is to protect the home buyers especially for the Cambodian next generations as well as the local community from the following critical issues:

  • Property title deed of development areas is being pledged as collateral to the banks
  • The property development without proper master plan, ie. wider access road, sewage system, electricity and water connection
  • Being trapped paying very high mortgage rates to the property developers, that some of them are providing housing shark loans to the home buyers…and as by laws, they have no right to do this kind of mortgage or housing loans, which is normally extended from the commercial banks or related financial institutions under the regulation of the National Bank of Cambodia
  • There is no hard title deed for each subdivided unit house built, that should be prepared beforehand or during the development stage by the property developers, the hard title deed must be issued to home buyers, who can later use it as collateral if they want to have mortgage or housing loans from the banks with the acceptable interest rates.

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Sunday, October 20, 2013

Bassac Theatre vs Legend Village

"Bassac Theatre bofore and after"
This iconic building was designed/built during the 60s 
by our famous Cambodian architect - Mr. Vann Molyvann.

 "Legend Village"
The future building of this modern architectural designed by A7Corp 
will be housing the entertainment center and cinemas.

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Thursday, October 10, 2013

Borey vs Simple Villa or Flat House

For the last 5 years and since Cambodia real estate sector started booming in 2007, we have seen numbers of houses constructed have been growing significantly. 

The word “Borey” has also been appeared its name across Cambodia but mainly in Phnom Penh, where locate luxury flat houses, twin villa houses and single villa houses, public areas like garden developed by local and foreign company for a community who is looking for a new style of living, privacy and security.

According to Mr. CHAY Rithy Sen, Director of Department of Land Management of Phnom Penh, “Borey “originated from villages or communities organizing with economic development.

Since Borey is built for the middle and upper class of the society, the prices of the houses inside Borey are normally expensive than other houses built outside (as in this case, we just call them as simple villa and flat house built by individual developer or owner).

Borey Peng Hout

Sunday, October 6, 2013

Oxley to invest in Cambodia by acquiring an asset for US$11.2m

In a release, Oxley Holdings Limited announced that the Group’s 49%-owned associated company, Oxley-Worldbridge (Cambodia) Co., Ltd., had entered into an amendment agreement dated 1 July 2013 in respect of a share sale and purchase agreement dated 22 May 2013 to acquire all the shares in the capital of CityStar Phnom Penh Cottages Ltd, from three unrelated third parties, for an aggregate purchase consideration of US$11,262,500.

The Land has a freehold tenure and total area of approximately 6,625 square metres. It is zoned for commercial and residential development. 

Oxley Worldbridge intends to redevelop the Land together with the adjoining land, the acquisition of which was announced on 14 June 2013, subject to obtaining all the necessary approvals from the relevant authorities.

The purchase consideration of US$11,262,500 was arrived at on a willing buyer-willing seller basis after taking into account the value of the Land and the Group’s assessment of the Land’s development potential. Based on a valuation of the Land commissioned by Oxley-Worldbridge, the Land had a market value of US$12,256,250 as at 12 June 2013.

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Real Estate Development in Cambodia

Cambodia: New Investment Destination in Southeast Asia