tag:blogger.com,1999:blog-20484322973709337642023-11-15T07:43:38.780-08:00SeeCambodiaCambodia most Comprehensive Properties Online Guideseemacauhttp://www.blogger.com/profile/15256793678288938165noreply@blogger.comBlogger75125tag:blogger.com,1999:blog-2048432297370933764.post-19196888188407994002010-03-18T09:39:00.000-07:002010-03-20T09:40:09.677-07:00$35m Canadia project<span style="font-weight:bold;">Thursday, 18 March 2010 15:00 <br />Soeun Say</span><br /><br />A US$35 million housing project next to Phnom Penh International Airport will be completed by early 2011 and is nearly full, despite the economic downturn, a Canadia Bank official said Wednesday. Construction of Airway Complex City, financed by the bank, began in early 2009 and sits on 6.5 hectares of land in Dangkor District’s Chom Chao Commune, said Sok Sambath, a project manager at Canadia Bank. The complex includes 192 flats, 65 three-story connected houses and 32 luxury villas directly across the road from the airport. “We have already sold about 90 percent, and most of my clients are Cambodian businesspersons,” said Sok Sambath, who is in charge of commercial housing and construction. Prices range from $90,000 for the least expensive flats to $300,000 for the most pricey villas, and the bank has established payment schedules between seven and 10 years.seemacauhttp://www.blogger.com/profile/15256793678288938165noreply@blogger.com0tag:blogger.com,1999:blog-2048432297370933764.post-8725381629409558622010-03-16T09:38:00.001-07:002010-03-20T09:39:22.229-07:00Japan To Grant Over US$31 million to Cambodia<span style="font-weight:bold;">Phnom Penh, March 16, 2010 AKP</span><br /><br />The Japanese Government will provide up to the amount of ¥2,859,000,000, approximately US$31,800,000, in grant for the implementation of four development projects in Cambodia.<br /><br />The Exchange of Notes on the extension of the grant aid will be signed here on Mar. 18 by Deputy Prime Minister H.E. Hor Namhong, Minister of Foreign Affairs and International Cooperation, and Japanese Ambassador to Cambodia H.E. Masafumi Kuroki, said a press release of the Cambodian Ministry of Foreign Affairs and International Cooperation on Monday.<br /><br />According to the press release, of the total amount, ¥239 million will be used for the Construction of Neak Loeung Bridge (detailed design), ¥720 million for the Introduction of Clean Energy by Solar Electricity Generation System, ¥1,000 million for the Improvement of Capabilities to Cope with Natural Disasters Caused by Climate Change, and the rest (¥900 million) for the Forest Preservation Programme.<br /><br />Samdech Akka Moha Sena Padei Techo Hun Sen, Prime Minister of the Kingdom of Cambodia will preside over the signing ceremony, it added.seemacauhttp://www.blogger.com/profile/15256793678288938165noreply@blogger.com0tag:blogger.com,1999:blog-2048432297370933764.post-82903717154175691202010-03-16T09:38:00.000-07:002010-03-20T09:38:37.361-07:00Owner says $40m mall will open before 2011<span style="font-weight: bold;">Tuesday, 16 March 2010 15:03<br />Soeun Say</span><br /><br />A NEW six-storey US$40 million shopping centre will open in Phnom Penh before 2011, the owner of the development said Monday.<br /><br />“We have completed 70 percent of the whole project and will open our doors to customers at the end of this year,” said Ear Kim Keng, managing director of Happiness City, where the 100,000-square-metre Young’s Commercial Shopping Centre is being built on reclaimed swamp land, about 100 metres on the eastern side of the Cambodian-Japanese Friendship Bridge.<br /><br />“We have attracted 52 percent of the clients we need to rent our space so far,” said Ear Kim Keng.<br /><br />He added that negotiations are ongoing with KFC, Pizza Company, Cambodian Public Bank, Canadia Bank and City Mart – which he said is interested in a 1,000-square-metre space.<br /><br />Rental prices at the centre are set at around $300 per month for a 3-metre-by-4-metre shop space. If a client rents a store for 10 years, he can stay for 100 years without charge, thanks to a new promotion.<br /><br />The capital already has a large number of one-stop shopping centres. The first major mall, Sorya Shopping Centre, opened for business in 2002. It was followed by Pencil Mall, Sydney Mall, Paragon Cambodia, Sovanna and City Mall.<br /><br />The managers of Young’s potential competitors are not concerned by the new threat.<br /><br />“We are not worried because we have a good location, good car parking, and we will run promotions such as music concerts and lucky draws every month,” said Chheang Meng, manager of Bayon Shopping Centre in Phnom Penh.<br /><br />Lam Sopheap, general manager of Sorya, said: “Our shopping mall is still number one because we always update our place to be fresh and fun for customers.”seemacauhttp://www.blogger.com/profile/15256793678288938165noreply@blogger.com0tag:blogger.com,1999:blog-2048432297370933764.post-16781084515698755242010-03-16T09:37:00.000-07:002010-03-20T09:37:54.674-07:00Taiwanese shoemaker builds new factory<span style="font-weight:bold;">Tuesday, 16 March 2010 15:03 <br />Chun Sophal</span> <br /><br />TAIWANESE footwear producer Bao Cheng International Group (BCIG) is set to open a factory in Cambodia this year, according to a report released by the Cambodia-Taiwan Trade Association.<br /><br />YH Chiang, chairman of the association, said Monday that BCIG is constructing a large footwear factory on 40,000 square metres of land beside National Road 4 in Phnom Penh.<br /><br />It is planning to produce Adidas footwear for international export, he added.<br /><br />“We hope that the company’s investment will help develop Cambodia’s economy,” he said.<br /><br />According to the association, construction of the factory started last month. It is set to employ around 10,000 Cambodian workers.<br /><br />BCIG currently has footwear factories in three countries, including China, Indonesia and Vietnam. It exports millions of pairs of shoes every year.<br /><br />On Monday, Chiang did not disclose the amount of capital the company would invest in the scheme, nor the number of shoes the company would produce in Cambodia. He said the figures were the company’s private business.<br /><br />Yun Heng, director of the Department of Evaluation and Incentives at the Council for the Development of Cambodia, said Monday that the investment project had been approved in early January 2010.<br /><br />He told a reporter that he did not remember the value of the investment and, as he was travelling from Ratanakiri province to Phnom Penh, could not find out.<br /><br />“We have already approved the investment project of this company because it responds to the government’s policy in striving to create more job opportunities for Cambodian people,” he said.<br /><br />According to the Cambodia-Taiwan Trade Association, 300 Taiwanese companies are investing in Cambodia at present, mostly in the garment sector and in footwear production.seemacauhttp://www.blogger.com/profile/15256793678288938165noreply@blogger.com0tag:blogger.com,1999:blog-2048432297370933764.post-9035726575407195752010-03-08T09:41:00.000-08:002010-03-20T09:42:05.071-07:00SKorean firm plans $300m project<span style="font-weight:bold;">Monday, 08 March 2010 15:02 <br />Soeun Say</span><br /><br />SOUTH Korean developer Hi-Sun Group is set to invest US$300 million on a commercial and residential development in the capital’s northern Russey Keo district, said a company representative.<br /><br />Joseph Lim, personal secretary to Chairman Kim Byung-hak, said the firm would start building offices buildings and residences, including luxury villas, on the 2.5-hectare site by the end of the year.<br /><br />“We are planning to start construction on our project this year, but we are not being specific on the schedule for completion, as we don’t yet know,” he said, adding that Hi-Sun was specifically targeting South Korean companies to invest in the development.<br /><br />South Korea’s Technology Innovation Construction Co Ltd (TIC) would be partnering on the project, Lim added, which will include buildings 25 storeys high.<br /><br />The start date for the project appeared to be some way off, however, as an official of the Construction Department of the Ministry of Land Management, Urban Planning and Construction said it had not yet received any request to build on the site.<br /><br />“This is a big investment for the construction sector, if it is really going to be built,” said Lao Tip Seiha, director of the department, adding that the firm would receive governmental backing were it to apply for the necessary paperwork.<br /><br />Hi-Sun has partnered with TIC on a number of Phnom Penh construction projects. In September, TIC Sales and Marketing Manager Charles Villar told the Post the two South Korean firms were working together on five projects in the Cambodian capital – two on the outskirts and three within the confines of the city.<br /><br />The group has already completed a luxury residential development, De Castle Diamond, in Toul Kork district, the largest condominium project in Phnom Penh at 178 units within an 18-storey building on 2,500 square metres of land.<br /><br />Another project, the $11 million L’Artisan Takhmao Villa Development, features 40 luxury villas on the outskirts of the capital in Kandal province. Construction work began following a groundbreaking ceremony at the site in Toul Krasang Village on June 26.seemacauhttp://www.blogger.com/profile/15256793678288938165noreply@blogger.com0tag:blogger.com,1999:blog-2048432297370933764.post-75903586160833231822010-01-29T00:03:00.000-08:002010-02-04T00:03:45.550-08:00Cambodia's Grand Lion Group Enters Hotel BusinessCambodia-based Grand Lion Group, has entered into a management agreement and related agreements with Marriott International to operate the 218-room Courtyard by Marriott Siem Reap. The agreement is the first of its kind for the Grand Lion Group whose primary business is real estate and agriculture.<br /><br />The Courtyard by Marriott Siem Reap will be located on a 1.2-hectar site, approximately 15 minutes away from the UNESCO World Heritage site of Angkor Archaeological Park, one of the most important archaeological sites in Southeast Asia. Stretching over some 400 sq km, including forested area, the Angkor Archaeological Park contains the magnificent remains of the different capitals of Khmer Empire, from the ninth to the 15th century. They include the famous Temple of Angkor Wat at Angkor Thom and the Bayon Temple with countless sculptural decorations. Angkor became listed as a World Heritage site in 1992 when UNESCO set up programs to safeguard the site and its surroundings. Towards the end of the 1990s, political stability in Cambodia was much more apparent and the popularity of Angkor started attracting more mainstream tourism to Siem Reap.<br /><br />Scheduled for completion in 2011, the Courtyard by Marriott Siem Reap will feature 218 stylishly-designed guestrooms with four-fixture bathrooms. In-room amenities will include Marriott's famous plush bed and bath linen and amenities, high-definition flat-screen television, high-speed internet access, mini-bar and safe. For dining and entertainment, there will be a casual, all-day dining restaurant, a Pool Bar & Grill, and a lobby lounge. Recreational facilities will include an outdoor swimming pool, a fitness centre and a full-service spa including a relaxation lounge and a foot reflexology area. The property will also feature approximately 600 sq m of function space.<br /><br />Plans are also underway to open a resort hotel in the premier coastal holiday town of Sihanoukville and a business hotel in the capital city of Phnom Penh. Expecting to breaking ground in the third quarter of 2010, the Grand Palm Resort will comprise three branded International Hotels, a marina, 18- hole championship golf course and luxury villas and condominiums situated on a 200 hectare beachfront in the premier coastal holiday town of Sihanoukville. The Grand Palms Beach Resort is nestled between a tropical rain forest and the Gulf of Thailand providing an idyllic retreat for those seeking seclusion. Sited four hours by road from Phnom Penh, the Resort is on target to be ready by 2013.<br /><br />The planned 200-room hotel in the capital city of Phnom Penh is expected to appeal to business and leisure travellers when it opens in 2013. A city of more than 2 million people, Phnom Penh is the capital of Cambodia and the country's commercial, economic and political hub.<br /><br />President and CEO of the Grand Lion Group, Mr Lundy Nath explains, "After careful research and a thorough review of well-known hotel brands for two years, we selected Marriott International to be our key hotel partner in our hospitality division. The brand is world famous and internationally recognised fitting in with our marketing strategy, while meeting expectations for customers who are used to the level of comfort and standards associated with Marriott hotels around the world. It will appeal to our guests exploring the Indo-China region where Marriott International has already established a presence. With a large global distribution network, we expect to attract more visitors from Asia, Europe and USA."<br /><br />The Grand Lion Group will invest a total of US$300 million in its ongoing hotel ventures around Cambodia. The Grand Lion Group hospitality division is expected to create over 500 job opportunities in the country, and the group expects future development plans in Laos, Mongolia and Vietnam.seemacauhttp://www.blogger.com/profile/15256793678288938165noreply@blogger.com0tag:blogger.com,1999:blog-2048432297370933764.post-11259421838473151412010-01-26T00:02:00.000-08:002010-02-04T00:03:16.918-08:00Cambodia Takes to the Roads in Building Spree<span style="font-weight:bold;">Thomas Fuller/The International Herald Tribune</span><br /><br />Newly Refurbished Highway Last month, the government inaugurated the newly refurbished Routes 5 and 6, both built during the French colonial era to connect the capital, Phnom Penh, with the Thai border.<br /><br />Western Cambodia was the last holdout of the Khmer Rouge, the brutal regime toppled three decades ago. Rebel units held onto remote areas into the 1990s, skirmishing periodically with government forces and leaving the roads in total disrepair, a moonscape of potholes and mud that gave travelers sore backs and made for a crater-dodging, head-bumping ride.<br /><br />Now enjoying the dividends of peace, Cambodia is halfway through a road-building spree with 10 projects totaling 1,173 kilometers, or 730 miles, of pavement still under way, said Prime Minister Hun Sen, who presided over the ceremony on Dec. 28. A further 11 major roads are under negotiation, he said.<br /><br />The new roads make the storied temples of Angkor Wat a comfortable drive from the Thai border — and a short day’s drive from Bangkok. The roads also put more remote historic sites — in a country filled with them — within easy reach for tourists.<br /><br />Roads are a big deal in Cambodia, and more than 5,000 villagers were summoned to attend the road’s official inauguration — farmers who arrived by bicycle, monks with freshly shaved heads, children in school uniforms. Organizers stenciled messages onto large banners strung across the canopy that gave shade from the searing sun: “Where there are bridges and roads there is hope.”<br /><br />Cambodia’s road-building program is now taking “elephant steps, not mouse steps,” Mr. Hun Sen told the crowd.<br /><br />Like the North-South Expressway in peninsular Malaysia, the American-built Friendship Road across Thailand’s northeast and the vast network of roads built by China over the past decade, roads are a key milestone of development in Asia.<br /><br />For Cambodia, in particular, good roads help bring together a country fractured by civil war.<br /><br />“This section was a very heavy battlefield,” said Pheng Sovicheano, the project manager of the road to the Thai border.<br /><br />Mr. Pheng Sovicheano, who is also Cambodia’s deputy director general for public works, knows firsthand how bad the road was. During construction his driver drove into what looked like a large muddy pothole but turned out to be a small pond, flooding the car up to his chest.<br /><br />Now, as a measure of Cambodia’s national reconciliation, some of the 360 workers Mr. Pheng Sovicheano hired to build the road were former Khmer Rouge soldiers.<br /><br />Roads are expensive — $350,000 per kilometer for the road to the Thai border. But with many countries jockeying for influence in Cambodia the government appears to have no trouble finding financing. China is building a number of roads here, including one that passes through the former Khmer Rouge stronghold of Pailin.<br /><br />Route 5 and Route 6 were financed with a low-interest, 32-year loan by the Asian Development Bank in Manila, an institution whose largest shareholders are Japan and the United States. South Korea is financing other road projects.<br /><br />Mr. Hun Sen seems to enjoy playing these donors off each other. In his speech he chided the Asian Development Bank for its sluggish and bureaucratic two-year bidding process and praised the speed of Chinese projects.<br /><br />“I compliment the way the Chinese companies work — very fast,” Mr. Hun Sen said, pointedly glancing over at the representative from the Asian Development Bank.<br /><br />Political ties between Thailand and Cambodia have been strained by a territorial dispute near a 900-year-old mountaintop temple, Preah Vihear, but officials made no mention of the troubles.<br /><br />Economic ties endure: By the end of this year western Cambodia will have three good roads leading to Thailand, connections that the government hopes will increase trade and investment. Western Cambodia gets most of its electricity from Thailand, and the company that built the road to the border, S.P.T. Civil Group, is based in Thailand. (The company has ties to Thaksin Shinawatra, the Thai prime minister deposed in the military coup of 2006 who last year was named Mr. Hun Sen’s economic adviser.)<br /><br />The new roads will make it easier for Thai companies to sell more cement, instant noodles and other products across the border. For Japanese companies, the roads will link the supply chains of factories in Bangkok and in Ho Chi Minh City.<br /><br />And for villagers in western Cambodia, it may help lift rock-bottom incomes.<br /><br />Yong Da, a 39-year-old deliveryman in the town of Kralanh, has more than doubled his income because of the new road. “The road was bumpy, and I could not take much stuff on my motorcycle,” he said. He now makes $2.50 a day, up from a dollar a day.<br /><br />The sheets of dust that enveloped the roadside are also gone, and villagers say their children no longer have trouble breathing.<br /><br />Good roads and the end of the civil war have allowed villagers to take back the night. Travel after dark was discouraged two decades ago because of poor security and the perils of bad pavement.<br /><br />But with modernity comes another type of danger. Mr. Pheng Sovicheano says he was driving to Phnom Penh one night recently when he came upon a road accident.<br /><br />A young man had been killed on his motorcycle when he rammed into the back of a poorly lighted truck. The boy’s distraught mother blamed the good road, Mr. Pheng Sovicheano remembers.<br /><br />“She said, ‘Before, when there were bad roads, he never drove this fast.”’seemacauhttp://www.blogger.com/profile/15256793678288938165noreply@blogger.com0tag:blogger.com,1999:blog-2048432297370933764.post-91725867139719405732009-12-17T22:55:00.000-08:002009-12-20T22:56:44.724-08:00Phnom Penh office space to double by 2013, says CBRE17 December 2009<br />Nathan Green <br /><br /><span style="font-weight:bold;">New buildings such as Canadia Tower and Gold Tower 42 will add significant additional space on the market, says property firm, but demand still unclear</span><br /><br />Property services firm CB Richard Ellis (CBRE) Cambodia has predicted that office supply in Phnom Penh could reach as high as 200,000 square metres by 2013, almost double the current available space, if most of the office stock slated for development over that period is completed.<br /><br />In its first report on the Phnom Penh real estate market made publicly available, the local office of the major US property consultancy says Phnom Penh’s office stock surpassed 100,000 square metres for the first time this year, with around 20,000 square metres of new office space hitting the market.<br /><br />Most of that is in the 29-storey Canadia Tower, the Kingdom’s first skyscraper, which opened its doors to its anchor tenant, building owner Canadia Bank, last month.<br /><br />CBRE Country Manager Daniel Parkes said the firm’s estimate accounted only for the portion of the tower to be set aside for office rentals, meaning that the six floors taken by Canadia Bank and others set aside for retail, hospitality and residential offerings were excluded.<br /><br />How much of the tower will be set aside for office space has not been definitively determined, and negotiations with prospective tenants were ongoing, sources within the bank say.<br /><br />Parkes said the newly opened headquarters of Cambodia Public Bank, or CampuBank, were also excluded, as it was built exclusively for the bank.<br /><br />CBRE anticipated that up to 35,000 square metres will go on the market next year, 45,000 square metres in 2011 and a little under 20,000 square metres in 2012, based on projects in the pipeline.<br /><br />“There are a number of office projects tabled for Phnom Penh, but if we assume a more realistic outlook that only those projects now started and under way come forward then the supply will be 76,021 square metres over the next 5 years,” Parkes said.<br /><br />Among those are towers being built by Vattanac Bank and The Royal Group, both neighbouring Canadia Tower, Amco’s Phnom Penh Tower and a limited amount of office space in Gold Tower 42 and Posco E&C’s Star River residential development.<br /><br />The report did not predict the extent of demand for new and existing facilities but said the ability of Canadia Tower to attract tenants would serve as a benchmark.<br /><br />“The appetite for new office space depends greatly on the quality and pricing as to whether occupiers decide to relocate from existing office space, many of which are renovated villas or built to suit premises,” it says.<br /><br />“Developers, occupiers and investors are looking to the project as a bellwether for office development in Phnom Penh, experts will view its success as a barometer for future trends.”<br /><br />Parkes said the company was optimistic that demand for office space would grow in Phnom Penh over the next five years and beyond.<br /><br />“Demand will continue to grow in the coming years from existing occupiers within the Phnom Penh market looking to upgrade their premises and business image and also from new entrants from abroad,” he said.seemacauhttp://www.blogger.com/profile/15256793678288938165noreply@blogger.com0tag:blogger.com,1999:blog-2048432297370933764.post-85893191652250703622009-12-16T22:59:00.000-08:002009-12-20T23:00:01.328-08:00October construction approvals up 16pc16 December 2009 <br />Soeun Say <br /><br /><span style="font-weight:bold;">Government signed off on building projects worth $212m in October and notes that activity in the sector is picking up</span><br /><br />The Ministry of Land Management, Urban Planning and Construction approved 176 construction projects worth a combined US$212 million in October, according to figures released Tuesday.<br /><br />The latest round of approvals brings the number of new projects given the go-ahead to 1,981 over the first 10 months of the year, up 16 percent on the same period in 2008. However, the book value of the approved projects was just $1.89 billion, 19.6 percent lower than the $2.35 billion indicative value of the projects approved to the end of October 2008, the figures showed.<br /><br /><br />Official November approvals were not available Tuesday, but Lao Tip Seiha, director of the ministry’s Department of Construction, said applications for at least 130 construction projects worth a combined $57 million had been provisionally approved and were still awaiting ministerial approval.<br /><br />“We hope that the construction sector will continue to rise ... in the coming years, as more housing is still necessary for the Cambodian people,” he said. “It is the right time to launch construction activity at the moment, as it is the dry season and the economic situation seems to be getting better.”<br /><br />Lao Tip Seiha said the effects of the global financial crisis were still being felt in the construction sector, with fewer applications for larger, ambitious developments, but that activity is picking up through smaller-scale projects. A number of developments on hold or scaled back as a result of the global financial crisis, among them Posco E&C’s $300 million residential development in Phnom Penh, had also resumed, he said.<br /><br />“We are still receiving many construction applications from both local and foreign companies, and construction activity at construction sites is still going smoothly,” he said. “Some projects which were delayed last year have been resumed.”<br /><br />Sam Rainsy Party lawmaker Son Chhay said the ministry needs to speed up its approval of construction projects, as delays have been causing problems in a sector already badly hurt by the global downturn.<br /><br />Lao Tip Seiha said October approvals included some private hospitals, gas stations in Kratie and Kampong Cham provinces, supermarkets, a proposed 1,422-apartment building called Sony City, a $17 million concrete products manufacturing facility in Kandal province, and other factories in special economic zones in Phnom Penh and Preah Sihanouk province.<br /><br />According to ministry figures, 2,156 construction projects worth $3.19 billion were approved in 2008.<br /><br />CPL Cambodia Property President Cheng Kheng said the impending passage of a law allowing foreigners to own units in apartment and office buildings will give a boost to the construction sector.seemacauhttp://www.blogger.com/profile/15256793678288938165noreply@blogger.com0tag:blogger.com,1999:blog-2048432297370933764.post-85354794688702419922009-12-07T14:21:00.000-08:002009-12-07T14:24:39.512-08:00Mekong Renaissance<a href="http://s424.photobucket.com/albums/pp328/seecambodia/?action=view&current=PhnomPenhMekongRenaissance1.jpg" target="_blank"><img style="width: 540px; height: 133px;" src="http://i424.photobucket.com/albums/pp328/seecambodia/PhnomPenhMekongRenaissance1.jpg" alt="Photobucket" border="0" /></a><br /><br /><a href="http://s424.photobucket.com/albums/pp328/seecambodia/?action=view&current=PhnomPenhMekongRenaissance2.jpg" target="_blank"><img style="width: 540px; height: 233px;" src="http://i424.photobucket.com/albums/pp328/seecambodia/PhnomPenhMekongRenaissance2.jpg" alt="Photobucket" border="0" /></a>seemacauhttp://www.blogger.com/profile/15256793678288938165noreply@blogger.com0tag:blogger.com,1999:blog-2048432297370933764.post-68325376528789192312009-12-04T22:53:00.000-08:002009-12-20T22:54:13.709-08:00Cambodia allows foreigners to own propertyThe Cambodian government on Friday approved a draft law allowing foreign ownership of buildings such as apartments and office buildings to boost economic growth, the country's cabinet said.<br /><br />The draft law approved in a meeting chaired by premier Hun Sen was aimed at "attracting investors, facilitating the growth of real estate market, and pushing the development", a cabinet statement said.<br /><br />But Information Minister and government spokesman Khieu Kanharith said foreigners will be permitted to own only buildings and apartments, not the land beneath them.<br /><br />"We will allow foreigners to have ownership of buildings from the first floor up," he told AFP.<br /><br />The draft law is expected to be approved by Cambodia's parliament and senate, and then will be promulgated by King Norodom Sihamoni.<br /><br />The move comes after the private sector in recent years urged the government to allow foreign ownership of properties such as apartments or factories, saying a liberalised real estate market would spur the economy.<br /><br />Under the current rules, foreign property investments can only be made through the name of a Cambodian national, and many are unwilling to risk losing their assets to potentially unscrupulous local partners.<br /><br />The cash-strapped country's investment law was amended in 2005 to allow foreign ownership of buildings, but the legislation had yet to be implemented and the initiative floundered.<br /><br />Despite current restrictions, billion-dollar skyscraper projects and sprawling satellite cities promising to radically alter Phnom Penh have bloomed over the past few years.<br /><br />But many projects have been halted or slowed down as Cambodia has been buffeted by the world financial crisis after several years of double-digit growth fuelled mainly by tourism and garment exports.<br /><br />The International Monetary Fund in September predicted Cambodia's economy will contract 2.75 percent this year amid the slowdown.seemacauhttp://www.blogger.com/profile/15256793678288938165noreply@blogger.com0tag:blogger.com,1999:blog-2048432297370933764.post-37133381961605192872009-11-13T06:23:00.001-08:002009-11-27T23:55:47.372-08:00New $30m development<object width="425" height="344"><param name="movie" value="http://www.youtube.com/v/8ktovabRz-A&color1=0xb1b1b1&color2=0xcfcfcf&hl=en_US&feature=player_embedded&fs=1"></param><param name="allowFullScreen" value="true"></param><param name="allowScriptAccess" value="always"></param><embed src="http://www.youtube.com/v/8ktovabRz-A&color1=0xb1b1b1&color2=0xcfcfcf&hl=en_US&feature=player_embedded&fs=1" type="application/x-shockwave-flash" allowfullscreen="true" allowScriptAccess="always" width="425" height="344"></embed></object><br /><br /><span style="font-weight:bold;">Soeun Say <br />13 November 2009</span><br /><br />JAPANESE developer Arakawa Co broke ground Thursday on a US$30 million apartment building in Phnom Penh’s Russei Keo district overlooking the Tonle Sap river. The 16-storey Bellevue Apartment will have 143 residential apartments, a high-tech security system, fitness centre, tennis court, swimming pool and rooftop garden Arakawa Chief Executive Officer Alex Yasumoto said at the event. The apartments will be rented rather than sold, and rental prices will be based on the market at the time, he added. The market is expected to recover once a recovery from the economic crisis kicks in.seemacauhttp://www.blogger.com/profile/15256793678288938165noreply@blogger.com0tag:blogger.com,1999:blog-2048432297370933764.post-393955463633199532009-11-10T06:21:00.000-08:002009-11-13T06:23:03.899-08:00Posco aiming to finish $300m project by 2013<span style="font-weight:bold;">Nathan Green<br />10 November 2009</span><br /><br />SOUTH Korean builder Posco E&C said Monday it will begin selling units in its three-tower Star River apartment complex development following Khmer New Year in advance of a planned completion date of October 2013.<br /><br />The US$300 million, 237,500-square-metre riverfront complex, located in Chamkarmon district’s Tonle Bassac commune, will consist of 1,000 apartments in three apartment blocks – one 45 storeys tall and the other two 42 storeys each, Project Manager Hee-Seob Shin said Monday.<br /><br />Posco Marketing Manager Jang Jung Hee said the development would target the wealthiest 1 percent of Cambodians but added that Koreans had already shown a lot of interest in the project.<br /><br />“Our research shows that more than 90 percent of apartments and condos sold in Cambodia are bought by Cambodian people, but in this project many Korean people have also shown an interest,” he said. “Many Koreans like Posco projects. Whenever we have a project, many Koreans follow.”<br /><br />Hee said some prospective Korean buyers were already living in Cambodia, and that many more were looking to buy units as rental properties. He estimated the likely return at more than 10 percent a year.<br /><br />As well as the apartments, which will have between one and seven bedrooms, the towers will include two floors for retail and commercial activities, another floor for public facilities, including a fitness centre and swimming pool, and seven floors of car parking capable of holding 1,300 cars.<br /><br />Posco’s Economic Institute was still pricing the Cambodian market, but Hee said it was likely to be priced below other similar condominium developments in the city, such as Gold Tower 42 and De Castle.<br /><br />“Gold Tower will also have very high-quality condos, but we think it will be more suitable for prospective buyers if we can be 10 to 20 percent cheaper,” Hee said.<br /><br />The company was due to hold a safety ceremony today featuring Cambodian monks and Korean prayers. Shin said the event was in place of a groundbreaking ceremony and would ensure the project was aligned with the local culture.<br /><br />Construction began in early October following a feasibility study and extensive soil testing that began in May last year.<br /><br />A spokesperson for South Korea’s Daesan Cambodia, which is working with Posco on the development, told the Post last September that an end-2008 start date for the project was shelved in the fallout of a botched attempt by the government to introduce rules regulating the financing of housing and condominium developments.<br /><br />The controversial prakas, or edict, which was due to take effect at the end of September 2008, was delayed amid an outcry by South Korean developers, who said the proposal was unworkable and would make investment in the country impossible.<br /><br />Shin referred questions regarding the issue to Daesan Monday, which was unavailable, but denied any delays to the project.<br /><br />He said the time was spent localising designs and preparing the site, which he said would require extensive piling to ensure sturdy foundations, given the loose soil substrate on the riverfront.seemacauhttp://www.blogger.com/profile/15256793678288938165noreply@blogger.com0tag:blogger.com,1999:blog-2048432297370933764.post-10604266536756474212009-11-06T04:32:00.000-08:002009-11-06T04:34:55.933-08:00[Under Construction] Mekong View Apartment, Phnom Penh<a href="http://s424.photobucket.com/albums/pp328/seecambodia/?action=view¤t=PPMekongViewApartment.png" target="_blank"><img src="http://i424.photobucket.com/albums/pp328/seecambodia/PPMekongViewApartment.png" border="0" alt="Photobucket"></a>seemacauhttp://www.blogger.com/profile/15256793678288938165noreply@blogger.com0tag:blogger.com,1999:blog-2048432297370933764.post-24073604038102379772009-10-28T04:31:00.000-07:002009-11-06T04:37:13.491-08:00Phnom Penh Plans to Build ‘Skytrain’<span style="font-weight:bold;">Written by DAP NEWS<br />Wednesday, 28 October 2009</span><br /><br />Phnom Penh will boast a state-of-the-art solar powered ‘skytrain’ similar to the elevated trams of Bangkok if plans discussed in a meeting on Monday are put into action.<br /><br />The developer claimed the new skytrain could carry over 600,000 people per day, with a possible capacity of over 1 million people by 2043.<br /><br />The Ministry of Economy and Finance (MEF) held a meeting presided over by MEF Minister Keat Chhon with the GREENCAMECO Company, according to MEF reports.<br /><br />About 39 km of rail would be built around Phnom Penh, Richard Rory of GREENCAMECO said. An addition 34 km would be covered by buses and solar power would be integral to the project, he added.<br /><br />The four year project would take until at least 2014, with the first stage from 2011 to 2013. The total budget will be over US$3.6 billion, GREENCAMECO said.<br /><br />Deputy Prime Minister and Minister for the MFE Keat Chhon recommended that “Before starting project, the company should survey extensively first, to protect any impact to the related railways of Cambodia.”<br /><br />All designs and planning should be clear and support ease of access for all disabled Cambodian people, as well as children,” Keat Chhon added.<br /><br />Rory said the project would support Cambodian development, including public transport, road safety and less traffic jams.<br /><br />The company should cooperate with the Ministry of Land Management, Urban Planning and Construction together to better serve the public, Keat Chhon added.seemacauhttp://www.blogger.com/profile/15256793678288938165noreply@blogger.com0tag:blogger.com,1999:blog-2048432297370933764.post-6337766561020972902009-10-23T04:38:00.000-07:002009-11-06T04:39:01.803-08:00$1 Billion project in Takhmao, Kandal Province<span style="font-weight:bold;">Friday, 23 October 2009 <br />Nguon Sovan</span><br /><br />FRENCH and South Korean companies announced a deal late Wednesday on what would be Kandal province’s largest development project, a proposed US$1 billion satellite city.<br /><br />At a signing ceremony in Phnom Penh, South Korea’s Global Digital Media Group (GMG) and France-based Green Gold Holdings Ltd (GGH) approved a memorandum of understanding to develop the 2,890-hectare site in Takhmao district, a project that will take until 2023 to finish, according to company documents.<br /><br />“The land for the investment plan is already owned by GMG,” said Yoo Ri-na, CEO of GMG, at the launch.<br /><br />The project includes residential areas, a business district and education and research centres, according to documents.<br /><br />Michael Cheong, CEO of France-based Green Gold Holdings Ltd, told reporters after the signing ceremony that his company will invest the necessary $1 billion in an arrangement that will see its counterpart manage the development.<br /><br />“We decided to invest … because there is political stability in Cambodia,” he said after the signing event, adding the two firms would soon submit a proposal to the Council for the Development of Cambodia.<br /><br />Despite the scale of the project, the numerous government officials present at the signing ceremony declined to comment on the proposed investment, saying it had not yet been approved by CDC.<br /><br />“This is the biggest project in the province. At this stage, I cannot give any comment to avoid a rise in land prices in the area. It is the companies’ confidential business,” said Kandal province Governor Chhun Sirun.seemacauhttp://www.blogger.com/profile/15256793678288938165noreply@blogger.com0tag:blogger.com,1999:blog-2048432297370933764.post-5436914234635006912009-10-14T04:41:00.000-07:002009-11-06T04:41:36.276-08:00S Korea's Hyundai Group to build vehicle assembling factory in Cambodia<span style="font-weight:bold;">Xinhua</span><br /><br />Hyundai Company of South Korea will build a vehicle assembling factory in Cambodia, South Korean ambassador to Cambodia said on Wednesday.<br /><br />"The vehicle assembling factory will be opened in coastal Koh Kong Province," Lee Kyung Soo, South Korean ambassador here told reporters in a news conference on the state visit of South Korea president Lee Myung Bak to Cambodian on Oct. 22-23.<br /><br />The press conference is organized by the club of Cambodian Journalists.<br /><br />But Lee Kyung Soo did not give the details about the amount invested by Hyundai in Cambodia. Deputy Director General of Hyundai Group already paid a visit to Cambodia a few days ago, LeeKyung Soo said.<br /><br />The press release from South Korean Embassy in Phnom Penh said that Camko Motor Company is building a Hyundai car assembly factory in Koh Koh province, about 370 km southwest of capital Phnom Penh. It covered land area of 165,000 square meters with two facilities for maintenance and dormitory. It can assemble 3,000 cars per year and the type of car including SUV, Van and other cars.<br /><br />According to Lee Kyung Soo, South Korea's investment in Cambodia last year was worth about 1,238 million U.S. dollars, but for the first six months of this year, the investment decreased about 58 percent compared with the same period of last year because of the global financial crisis. South Korea's investment in Cambodia focuses on the rubber plantation, mines, energy, oil and gas, real estate, tourism, construction, agri-industry, Lee Kyung Soo said.<br /><br />For the bilateral trade between the two countries in 2008, Cambodia imported about 309 million U.S. dollars worth of products from South Korea and Cambodia's export to South Korea about 294 million U.S. dollars. So far this year the two-way trade volume is worth about 120 million U.S. dollars. Both sides will try to foster more trade volume, Lee Kyung Soo said.seemacauhttp://www.blogger.com/profile/15256793678288938165noreply@blogger.com0tag:blogger.com,1999:blog-2048432297370933764.post-7709635229138371242009-09-04T07:37:00.000-07:002009-11-06T04:38:18.061-08:00Camko OK with ownersNew residents in Phnom Penh satellite city Camko City told the Post on Tuesday that they were satisfied with their new homes.<br /><br />Meng Kry, 50, who moved into the first phase of the US$2 billion development with around 60 other families last month, said the quality of her new $230,000 home was up to scratch, and that she felt comfortable in the community.<br /><br />"And it's easy to go back and forth from Phnom Penh city,"she said.<br /><br />Phnom Penh Municipality Deputy Chief of Cabinet Koeut Chhe also gave a thumbs-up to the development. "I also bought a townhouse at Camko City," he said. "I'm doing the interior design now, and I will move there next month."<br /><br />The city is being built by World City on 119 hectares in Russey Keo district reclaimed from Pong Peay lake.seemacauhttp://www.blogger.com/profile/15256793678288938165noreply@blogger.com0tag:blogger.com,1999:blog-2048432297370933764.post-47614039368039106272009-09-04T07:36:00.000-07:002009-11-06T04:38:09.422-08:00Koh Pich Island Gets the Go Ahead<span style="font-weight: bold;">Written by DAP NEWS<br />Friday, 04 September 2009</span><br /><br />Koh Pich´s skyscrapers are soon to be completed<br /><br />Phnom Penh’s development is continuing apace with investments in local and international companies, in high rises and other developments. Koh Pich (diamond island) is the latest.<br /><br />The island originally appeared in the river near NagaWorld in 1984 and has become bigger and bigger since.<br /><br />Formerly covered only with grass and anarchic ramshackle dwellings, the island will see a major investment after the Cambodian Government’s sub degree approval to OCIC of Pung Kheav Se to develop it into a new suburb.<br /><br />Kep Chutema, Phnom Penh governor, told reporters that the island, formerly a den of iniquity and crime, now will be developed by the OCIC company.<br /><br />“This island investment is authorized properly by the Cambodian Government and this is to become a new city in Phnom Penh of which we are so proud as it is helping promote Cambodian livelihood in the near future,” said Kep Chutema.<br /><br />Some questions have been raised over residents of the areas who have been evicted, environment concerns, especially the water flow which has changed.<br /><br />The Environment Impact Assessment (EIA) was apparently deemed to be very important.<br /><br />Ministry of Water Resource and Meteorology officials accompanied Phnom Penh authorities along with Investment company directors on Thursday had a tour for checking and following the process of developing the island.<br /><br />Following investigations, Lim Kean Hor, Lake, River Limitation Committee head and Cambodian Mekong River Committee head, confirmed that “This company has not developed and invested in abuses of the Cambodian Government’s authority.” However, the minister asked the company president to build bank protections to avoid erosion that could affect other local residents.<br /><br />“Two years ago, my investment faced some problems with the citizens who lived along the river bank as we had to need their some part of land size to build bank protection so that all of them were unhappy,” Pung Kheav Se told reporters. “We have to keep wide face of water flow and if some part of land is occurring, we have to cut it off in order to avoid flood which leads to river bank collapse.”<br /><br />“This bank protection is to be built for 3 km soon,” Lim Kean Hor said. “The water flow from Mekong through Bassac River is very narrow so that some part of land has to be taken off.”<br /><br />The investment company head also confirmed that his companies has so far spent around US$55 million on the island, though progress has slowed due to the impact of the global economic crisis.<br /><br />“Some expert officials working in Environment Impact Assessment from China and Vietnam showed their similar result of EIA with Cambodian expert officials.”<br /><br />Cambodian expert officials must now be careful to follow the assessment of this island investment as it could have major implications for the Mekong River.seemacauhttp://www.blogger.com/profile/15256793678288938165noreply@blogger.com0tag:blogger.com,1999:blog-2048432297370933764.post-91807281331134952642009-08-14T07:43:00.000-07:002009-11-06T04:37:58.453-08:00Grand Phnom International City to CelebrateThe Grand Phnom Penh City, a development on the outskirts of Phnom Penh, will hold a ceremony to mark the achievements made so far on August 22, Gunady Wirawan Project Manager of Grand Phnom Penh City said on Thursday.<br /><br />Minister of Finance and Economy Keat Chhon, also a deputy prime minister, will attend the celebration to be held at the development north of Russey Keo district, he said.<br />“We cooperated with Cambodia to invest in our operation by developing the Grand City,” Wirawan said. “The international city in Cambodia has a golf club with a large area of green grass and modern facilities to international standard.” “This will be the premier golf club in Cambodia so we hope all visitors to Cambodia will come to play at here,” he added.<br /><br />Peter Sawyer, technical manager of Grand Phnom Penh City, told DAP News Cambodia that the project took 14 months. “Before this place was just a dirty lake but it is becoming a paradise dream.”<br /><br />The project will be finished “at least 22 months later,” he said, at which “modern villas and good flats” will also have been completed.<br /><br />“Everything has been smooth because we import all our tools from the US.” <br /><br />The 260 ha Grand Phnom Penh City will apparently boast a business center, a school, a hospital, a supermarket, a sports centre and “resort areas,” Sawyer said. “On August 09, 2009, our company had approved our master plan to create the Grand Phnom Penh Golf. Besides this, there are 4,000 flats as well.”<br /><br />“We are only 20 minutes from Wat Phnom and 15 from Phnom Penh International Airport and next to Russian Blvd, so it is the most convenient place to live.”<br /><br />Despite the downturn “we will finish our project to be successful for the short term,” Wirawan claimed.seemacauhttp://www.blogger.com/profile/15256793678288938165noreply@blogger.com0tag:blogger.com,1999:blog-2048432297370933764.post-17865094158127802262009-08-05T07:38:00.000-07:002009-11-06T04:37:46.836-08:00Canadia Tower scheduled for end-of-year grand opening<span style="font-weight:bold;">Wednesday, 05 August 2009<br />By Steve finch </span><br /><br />Executive Vice President Charles Vann says bank employees expect to begin occupying lower floors next month as tenants are sought for upper levels<br /><br />CANADIA Tower is not expected to fully open until the end of the year, the bank's executive vice president said Monday.<br />Charles Vann told the Post that banking staff would likely move into the lower two floors in September, the original scheduled deadline for the 27-floor development.<br /><br />"We will try to have it fully completed by the end of this year," he said, at which time there would be a grand opening.<br /><br />Vann said that the economic crisis had not delayed the project, as it has numerous other construction developments in Cambodia when the downturn began late last year.<br /><br />Overall, however, the project has been time-consuming, he said. In May 2005, Canadia started working on the foundations, the first stage, which required extensive work given Phnom Penh's infamously soft, riverside ground.<br /><br />With the completion date just a few months away, Canadia Bank says it is now finding tenants for the tower.<br /><br />Canadia is assessing potential clients to occupy shopping units on the first three above-ground floors, Vann said. It plans to select high-end retailers in a bid to maintain the tower's status as a luxury development - the structure will also features a helipad and a banking managers' clubhouse at its very top.<br /><br />Questions still remain as to whether Canadia Tower will play any part in Cambodia's forthcoming stock exchange.<br /><br />Architectural plans for the development allocate the second level to a trading floor, and Vann said that Canadia Bank would still be open to the idea of housing the fledgling bourse should the Ministry of Economy and Finance decide to locate it in the city centre.<br /><br />South Korea's World City Co Ltd is finalising designs for a four-storey stock exchange building at Camko City on the outskirts of the capital, but that development won't be completed until the end of next year at the earliest, at least 12 months after Canadia Tower.<br /><br />Should the government decide to house the exchange elsewhere, Vann said the space allocated at Canadia Tower can easily be converted to offices, which will make up the bulk of the tower - 11 floors in total.<br /><br />The depressed property market should not unduly affect demand or prices for the tower's office and retail units, Vann said, which will be sold for US$18 to $25 per square metre.seemacauhttp://www.blogger.com/profile/15256793678288938165noreply@blogger.com0tag:blogger.com,1999:blog-2048432297370933764.post-63062872530702592532009-05-28T10:35:00.000-07:002009-05-28T10:36:39.392-07:00Phnom Penh's first skyway unveiled<span style="font-weight:bold;">Written by May Kunmakara <br />Thursday, 28 May 2009</span> <br /><br />City governor calls new elevated highway a ‘Phnom Penh landmark' that will aid development.<br /><br />PRIME Minister Hun Sen unveiled plans Wednesday for Phnom Penh's first skyway, saying the elevated road was only the first of several new throughways and bridges that will be constructed in order to ease traffic congestion in the capital.<br /><br />"This is only our starting point. We will continuously build more bridges," he said at the inauguration of the new Monivong Bridge.<br /><br />The 380-metre-long-by-14-metre-wide skyway will be built along Norodom Boulevard above the Kbal Thnol traffic circle, which will be removed when construction is complete - at an estimated cost of US$6 million.<br /><br />"Why is it necessary to build this skyway? Because we need to ease traffic on Norodom Boulevard and National Road 2," Hun Sen said.<br /><br />He added that the government has approved a plan to find funding for several more bridges, including a second span running parallel to the Japanese Friendship Bridge and a bridge across the Mekong River in Neak Leung.<br /><br />Phnom Penh Governor Kep Chuktema called the skyway project a "Phnom Penh landmark".<br /><br />"Building a core transportation system will foster the city's development and help to eliminate poverty," Kep Chuktema said.<br /><br />As the capital grows, traffic on its roads has become increasingly chaotic, with an estimated four people being killed each day in accidents, according to municipal figures.<br /><br />Traffic accident fatalities rose 1.8 percent in 2008 to 1,572 nationwide, compared with the previous year.<br /><br />"I recommend that ... you all respect the traffic laws, because this means that you respect your life," Hun Sen said.seemacauhttp://www.blogger.com/profile/15256793678288938165noreply@blogger.com0tag:blogger.com,1999:blog-2048432297370933764.post-86273002164021652182009-05-28T10:01:00.000-07:002009-05-28T10:03:46.424-07:00[Under Construction] DELANO'S Business Center, Phnom PenhWith a total floor size of 4000 square meters <br /><br />Number of Floors: 8<br /><br />Address: Corner of streets 134 and 169 (next to Sokha Helicopters)seemacauhttp://www.blogger.com/profile/15256793678288938165noreply@blogger.com0tag:blogger.com,1999:blog-2048432297370933764.post-31043976200137854202009-05-28T09:55:00.000-07:002009-05-28T10:19:09.268-07:00[Under Construction] Phnom Penh Tower, Phnom Penh<object width="425" height="344"><param name="movie" value="http://www.youtube.com/v/URIgc8x1KzI&hl=en&fs=1"></param><param name="allowFullScreen" value="true"></param><param name="allowscriptaccess" value="always"></param><embed src="http://www.youtube.com/v/URIgc8x1KzI&hl=en&fs=1" type="application/x-shockwave-flash" allowscriptaccess="always" allowfullscreen="true" width="425" height="344"></embed></object><br /><br />A 22-storey office building<br /><br />Location: No 445 Corner of Street 93 and 232, Boeung Pralit Quarter, 7 Makara District (Monivong Boulevard north of Sihanouk)<br /><br />Number of Carparks: 123<br /><br />Building Area: 1232.87 sq m<br /><br />The project will consist of a three-storey shopping mall, 18 storeys of office space and a penthouse restaurant. Construction started in December 2008 and is scheduled to be completed in 2011.seemacauhttp://www.blogger.com/profile/15256793678288938165noreply@blogger.com0tag:blogger.com,1999:blog-2048432297370933764.post-42765506395845010362009-05-15T10:23:00.000-07:002009-11-06T04:36:45.729-08:00Korean developer to provide on-site training for local students<span style="font-weight: bold;">Written by Nathan Green <br />Thursday, 14 May 2009</span><br /><br /><a href="http://s424.photobucket.com/albums/pp328/seecambodia/?action=view&current=PPPhnomPenhTower.jpg" target="_blank"><img style="width: 459px; height: 303px;" src="http://i424.photobucket.com/albums/pp328/seecambodia/PPPhnomPenhTower.jpg" alt="Photobucket" border="0" /></a><br /><br />Construction and engineering students from the National Technical Training Institute will be exposed to new building techniques through an agreement signed with the construction company behind a new skyscraper development in Phnom Penh.<br /><br />AMCO Constructions Co, a member of South Korea's Hyundai Motors Group, signed an agreement with the institute April 29 that granted its students access to the Phnom Penh Tower building site.<br /><br />The 22-storey office building on Monivong Boulevard is owned by Korean company C&D Global. Construction began in December 2008 and is scheduled to be completed in 2011.<br /><br />Sherk Hee-wang, AMCO's on-site director, promised in a statement to do his best to teach the students the latest construction and engineering techniques.<br /><br />Yok Sothy, director at the institute, thanked AMCO for opening up the site to the institute's students.<br /><br />The National Technical Training Institute is a state-owned educational institute under the direction of Ministry of Labor and Vocational Training. It was officially opened in December 1999, before which it was known as Preach Kossomak Technical and Vocational Training Center.seemacauhttp://www.blogger.com/profile/15256793678288938165noreply@blogger.com2