Friday, February 29, 2008

Sihanouk Ville: Two more islands have been leased recently

The government awarded developpers 99 year leases for two islands off the coast of Sihanouk Ville on Thursday, bringing the total number of leased islands to 11 officials said.

In two seperate deals, Koh Russey Resort Co., Ltd will develop 78 of 137 hectares on Koh Russey island, while Royal Group will develop a resort on the 7,826 hectare Koh Rong island, company officials said.

Monday, February 18, 2008

Bokor mountain: new hotel complex at the summit

The Bokor project, announced late last month, will see the refurbishment of mountain's casino, hotel and other infrastructure, as well as the development of a new hotel complex at the summit. The development project is tipped to cost Sokimex Group, parent company of Sokha Hotel Co., $1 billion over 15 years.
" Our mission is to develop Bokor into a first class hotel," said Sok Kong, Sokimex founder and chairman of Sokha Hotel Group.[source: Phnom Penh Post]

Queenco Leisure buys land in Cambodia for 10 mln usd to build beachfront resort

Queenco Leisure International Ltd said it has purchased 9 hectares of land in Sihanouk Ville, a coastal area in the south-west of Cambodia, for 10 mln usd, which it plans to develop as a destination beachfront resort and casino, including hotels and conference centres.

The casino developer and operator said as part of the acquisition, it has also acquired exclusive rights from the Cambodian government for the stretch of beach immediately in front of the site.

'Along with the expansion of Sihanouk Ville's airport, the area is being transformed as a tourist destination, with a growing local economy, as both foreign and domestic investors recognise the future potential of the area,' chief executive Dror Mizeretz said.

Today's announcement follows the company's acquisition of 48 hectares of land in Sihanouk Ville in February 2007, Queenco added. [source: LONDON (Thomson Financial) ]

International Real Estate Consultant Sees Room for Upward Growth

According to the Cambodia Daily dated on 7 Feb 2008 that Edward Hopkins fell in love with Southeast Asia while backpacking in the region in the early 1990s. He returned to Britain and earned a degree in Southeast Asian Studies and Languages. Hopkins has returned to Phnom Penh to head up the Cambodia office of real estate consulting firm CB Richard Ellis. The Los Angeles-based company, with about 24,000 employees worldwide, is hoping to tap into Cambodia's booming real estate market by facilitating investments and consulting with developers. He spoke with Stephen Kurczy recently about the potential of Cambodia's property market.
Q. Plans have been announced for three skyscrapers in Phnom Penh-a 30-story, a 42- story and 52-story. But there are doubts that they'll even go up.
A. There are always doubts. I have my concerns. First of all: Is there a need to build things that high here, especially with the difficulty of construction on this type of land? You can't go 50 stories up without hitting bedrock...and the construction costs of that will be very, very expensive. My feeling is that you probably don't need to go any higher than 20 stories here.
Q. So do you wonder if these skyscrapers will ever be built?
A. I think something will go up. I know the companies you're talking about-they're serious people. We ve done a lot of work with these guys already. They do their homework. They do build things. Something certainly will go up. There's a desperate need for office. The other thing is that people like to be in buildings with the companies they do business with. It's very easy when you're on the 10th floor to press the elevator button to the eighth floor to go and see your insurance broker, or go down to the ground floor to see your banker, or see your lawyer, because you end up with lots of different services in the same building. For example a huge multinational moves in, now I'm not going to quote any names, but let's say a huge American company, an oil company, decides to move in, they're going to 2,000 square meters, everybody who is going to provide service to that company will move into the same building...If I were a developer, I would be looking to get a 20-story office building up within 18 months.

Real Estate Development in Cambodia

Cambodia: New Investment Destination in Southeast Asia