Thursday, September 25, 2008

Risk prevention for real estate buyers

Ministry of Economy and Finance organized on 23rd September 2008, a workshop about the management-control and issuing license to real estate developers, with the aim to inform to all real estate buyers about the risk when buying properties from housing developer without license.

The government of Cambodia has formed since October last year a Inter-ministerial to take control on the real estate development business, assisted from Ministry of Economy and Finance and Ministry of Land Management.

This goverment group will make and execute the laws and will ensure that the real estate developers in Cambodia must have Housing Development License,Compulsory Insurance for Construction Site and before starting their construction projects, they must deposit 2% of the total invesment capital to the deposit account of Ministry of Economy and Finance at National Bank of Cambodia. They could get it back when their construction project finish.

As well, the real estate developers must have the bank account with any commercial banks in Cambodia and are required to advise to their housing buyers to deposit the money directly to that account.

Recently, the housing development in Cambodia has grown noticeably although many real estate developers have no license and the inspection's quality of construction project has not done well.

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Thursday, September 11, 2008

New Sokha Hotel in Sihanoukville

The ground breaking ceremony was done yesterday for a new Sokha Hotel Group on Sihanoukville's O'Chheuteal beach.
The hotel will be built on 15 hectare section of a 54 hectare plot on the beachfront.
This is new 5-Star Hotel of 500 rooms(1 phase) of Sokha Hotel Group which is owned by Cambodian tycoon, Neak Okhna Sok Kong, also president of Sokimex petroleum company.

According to the Cambodia Daily dated on 10, September 2008,Sokimex has also started construction on another 500-room hotel on Chroy Changva peninsula opposite the Royal Palace a $1 billion holiday resort on Bokor Mountain in Kampot province.

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Tuesday, September 9, 2008

Real Estate Bubble in Cambodia?

Due to a global economic downturn and the hot border dispute with Thailand, there is a warning sign for real estate speculators in Cambodia that the real estate bubble is near.
For now the price of property is too high, there are more sellers in property market while there are low demands.

Although, some real estate experts said the price in Cambodia is very competitve than in Thailand and Vietnam.

The question is that real estate bubble in Cambodia?
Every thing should depend on the future Cambodian government which should ensure long political stability and the double digit of economic growth through fully apply the rule of laws and the diversification of economy sector-hydropower,technology, oil and agro-industry etc...which could attract more foreign direct investors to the kingdom of Cambodia. As the result, there should be no real estate bubble in this country.

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Real Estate Development in Cambodia

Cambodia: New Investment Destination in Southeast Asia