The Chinese’s CRBC to build Phnom Penh-Bavet expressway

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By Kong Soriya

PHNOM PENH, China Road and Bridge Corporation CRBC recently announced a plan to invest the Phonm Penh-Bavet expressway’s construction as the company is underway to build the Phnom Penh-Sihaknouk Ville expressway very soon.

During a courtesy meeting with Samdach Techo Hun Sen, Cambodia Prime Minister who is now paying a visit in China, on the 21st January 2019 the CRBC representatives stated a plan to build an expressway connecting between Phnom Penh city to Cambodia-Vietnam’s border, Bavet and the national road 15-51 which are to connect Koh Kong, Pursat and Battambang province.

The CRBC’s representatives made the reports to Samdach Techo Hun Sen about their investment projects updated in Cambodia and as well their future operation plan. Representatives said that up to present CRBC has contributed a lot works in roads and bridges project in the country and plan to start the Phnom Penh-Sihaknouk Ville expressway which been scheduled the groundbreaking very near future.

Bavet city has been listed in the Industrial Development Master Plan by the government Industrial Development Policy 2015-2025, which is significant attracting many investments includes total 10 special economic zones and 2 urban cities such as Empire World and Heng Heng city. There is more foreign investment to the Bavet city, but mostly investor is Chinese.

An international real estate expert Mr. Sorm “Andy” Kev Malida, vice president of the Cambodia Real Estate Association (CREA) said Bavet city is now in the same place where Sihanouk Ville was 2 or 3 years ago. Bavet city is getting attractive to more investors and local investors gradually and as for the price land is now fairly affordable, in 2 or 3 years the land price will jump high as Sihanouk Ville and Poi Pet as now.

He adds the Empire World’s 1150 hectare urban city investment will attract national and international investors about 200 to 250 thousand by 2025.”Bavet city has great geography, in the middle road connecting between Phnom Penh city and Ho Chi Minh city, Vietnam, nearby the China mega project, One Belt One Road and city is also under the government development master plan.”

Mr. Sorm Kev Malida also said that with clear development plans, the government has prepared the development master plan and land plan, industrial zones, agricultural, residential, commercial centers, public parks, and special economic zones.

Chinese company to accelerate Phnom Penh-Sihaknouk Ville express way construction: Samdach Techo Hun Sen urges

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By Vutha

PHNOM PENH, Cambodia Prime Minister Samdach Techo Hun Sen has commanded the Chinese investment firm, China Road and Bridge Corporation CRBC to speed up the groundbreaking of the Phnom Penh-Sihaknouk Ville express way construction as the government has already settled the related impacts.

During his paying visit to Beijing on 21st January 2019 and a courtesy meeting with CRBC’s representatives, Samdach Techo Hun Sen urges the company to work soonest on this express way connectivity. Samdach Techo Hun Sen particularly also stresses that company needs to do further research and discussion with relevant institutions on Phnom Penh-Bavet express way’s project as many other companies have already done this.

CRBC’s representatives made the reports to Samdach Techo Hun Sen about their investment projects updated in Cambodia and the future operation plan. Representatives said that up to present CRBC has contributed a lot works in roads and bridges project in the country and plan to start the Phnom Penh-Sihaknouk Ville express way which has been scheduled the groundbreaking very near future.

Simultaneously, the company plans to build the express way between Phnom Penh to Cambodia-Vietnam’s border (Bavet city) and national road 15-51 which are to connect Koh Kong, Pursat and Battambang province.

The $ 240 million Gold Towner42 to complete by end of 2019

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By Siev Meng

PHNOM PENH, The $ 240 million Gold Tower42 commercial building has been now installing the luxurious gold coloring glass and scheduling to successfully complete at end of this year. It will become one of the landmarks in Phnom Penh.

The Gold Tower42, a mixed-commercial building with shopping centers, office spaces, condominiums, hospitals and many others services. These projects yet to open for sale while the construction accelerates to completely finish and fully operate by end of 2019.

It is 192 meters high at the completion and Gold Tower42 will be the first tallest structure in Phnom Penh for 2019 as the others remains under construction.

President of YUNWOO Cambodia, Mr. Kim Tae Yeon spoke at the construction re-opening event late last year that the 1st disbursement was $ 100 million and require another $ 140 million to complete the rest of project by end of 2019. The building occupied with shopping malls, office spaces and total 399 units of condominiums.

In 2010 The Gold Tower 42 been suspended after only completed the 31st floor. The Hongtao Decoration and China-based construction company Waiman Construction & Engineering then awarded a new contract from YUNWOO to work on the remaining project.

The condominium reaches almost 15000 units completion

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By Kong Soriya

PHNOM PENH, A new research reports that end of 2018, eight condominium projects completed and 2234 units were ready in the market.

Last week CBRE Cambodia’s survey report showed 12000 units entered the market so far up to end of 3rd quarter and the amount now reached to nearly 15000 units by end of 2018. Same reports also stated new 8 condominium projects total about 2234 units were 18.9% increased between the 3rd and 4th quarter.

Number of construction projects approval dropped by 19% in 2018 with only 2867 investment project compare to 2017, 3052 projects.2018 investment valued $ 5200 million versus $ 6400 million invested in 2017.
CBRE country director, Ms. An Sothida believes the condominium market is still in the positive improvement although suppliers are increasing and because buyer trending has been changing much. They only prefer to invest in the condominium and construction projects which are completed or about to complete rather than the new born project.

Mr. Chrek Soknim, President of Cambodia Valuer and Estate Agent Association (CVEA) said condominium market grows slow and requires more time while condo living is unpopular yet to local people, but believe that in 5 to 7 years the market will be changed as more local people will turn to live in condo.

Another survey research by Urban Living Solution expect that in 2025, population in Phnom Penh city will be about 4.5 to 5 million, vehicle increased, traffic issue, high price real estate, better living quality technology and a better awareness of the people, condo will be the best option.

Anloung Chen Island’s land Price Jumps High

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By Kong Soriya

PHNOM PENH, The royal government recently announced to break ground the 3rd ring road together with another 2 bridges project crossing Bassac river and Island called Anloung Chen, Kandal province. Land price now on the island surprisingly jump high.

On 16th January, Mr. Chhrin Chreang, chairman of the Anloung Chen district council said that the land price was about $ 1000 per plot (1000 square meters), but has now sharply risen up to about $ 80 to $ 100 per square meter after the proclamation by Samdech Techo Hun Sen at the 3rd ring road groundbreaking ceremony.

Mr. Chreang added that land dealers are ready to cash out anytime if the villagers willing to sell their land, but he believes mostly they don’t want to sell their home and farmland and stay on checking others.

Mr. Yin Leangkong, Vice Chairman of the Cambodia Valuer and Estate Agent Association (CVEA) states that he is not surprised at all about the risen price as the infrastructure development simply costs the price high. He also adds government’s infrastructure investment not only help the real estate sectors but also the economic growth, cutting the poverty and shrinking the gap between urban and rural development.

Mr. Leangkong believes that there are a numbers of factors to help growing land price such as peace, economic growth, FDI (foreign direct investment) and a clear government’s development master plan.

Government renews One-Time registration tax policy this year

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By Vutha

PHNOM PENH, This year, the Royal government through the General Department of Taxation remains applying a “one-time registration tax policy” to all property ownership transferring or property possession and either unregistered (no title) or registered properties (title).

In the letter of agreement of Mr. Kong Vibol, Delegate of the Royal Government of Cambodia In-Charge as Director General of General Department of Taxation, Cambodia sent to Ministry of Economy and Finance on 18th January stated:”Many cases, we’ve seen the fact that last property buyers will cover the registration tax fee from all the previous ownership, thus Director Genenearl of General Department of Taxation made a request to Ministry of Economy and Finance, dated 4th Decmber 2018, letter no: 18602 .អពដ to extend the one-time registration tax policy which has been expired since 31st December 2018.

In the same letter, Ministry agreed and already sent a honor request to Samdech Techo Hun Sen by letter no: 136 សហវ.អពដ dated 10th January 2019 asking for a renew principle approval.

In 2018, Cambodia Prime Minister, Samdech Techo Hun Sen approved the principle which waived the successive registration tax fee and applied the one-time registration tax fee instead.

Samdech Techo Hun Sen expressed that this could simplify to all the last property buyers avoiding the successive registration tax payment in the property transferring process.

Samdech Techo Hun Sen also agreed to apply one-time registration tax principle approval to the commune and district level and the authorities must publish it widely.

Toul Kork Starts Rising in Condominium Market

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By: Vutha

PHNOM PENH: Toul Kork district is one of among 4 districts located in the Phnom Penh city. The real estate market in this area has been growing from year to year. There are a lot of potentials and investments in condominium projects in this area.

CEO of International Real Estate ERA, Mr. Khon Kongkea, said yesterday that Toul Kork area, currently there are not so many big number of condo projects, but It becomes one of area has so many opportunities to invest and making other kind of businesses as we can see now, there are big community development projects such as as Phnom Penh Center, Parkway, and One Park, etc.
“Condominium is no interest to Cambodia people now but a favor to foreigner”. He said “Living in condo offers many outlets such food stores, healthy club and swimming pool”.

He added “A lot of people will come to live in this area when there are many condominium projects and shopping centers gathering here. He believes soon Cambodian will turn to it.

Mr. Chrek Soknim, President of Cambodia Valuers and Estate Agent Association (CVEA) said that condominium market is getting attraction but incomparable the other popular area. He expects in the 5 to 7 years later, there will have many local people start to enjoy living in condos.

He also stated that currently, 20 condominium projects in the area are in progressing and it will be $1800 to $3000 per square meter prices.

Ms. An Sothida, director of CBRE Cambodia, said the potential Toul Kork area has so much development in last two years and another fact that it is not so far from Phnom Penh center with good infrastructures, low land prices, and now it becomes the most interesting area for investors to develop condominium projects.

Kong Rong Samloem’s Investors To Set up Dirty Water Reservoir: Governor urges

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By Vutha
SIHAKNOUK VILLE, The Governor of Sihaknoukville province urged for corporation from all the business and tourism operators in Koh Rong Samloem, to set up a properly dirty water reservoir to avoid draining the wastewater into the sea which affect to the environment and the beach.

On January 14, 2019, Governor of Sihaknoukville Mr. Yun Min led a numbers of his junior officers to visit the development of Kong Rong Island, to inspect the actual and the progressing of the entire projects under licensed companies.

“Sihaknouk Ville has had rapidly developments in the past 3 years and wastewater has become a major concern.” He said.

He also suggested all the business owners, guesthouses, hotel, bungalows, resorts and restaurants to ensure their wastewater has been filtered before pouring them into the sea.
With the national level supporting, four dumping stations are now under construction in Sihaknouk Ville mainland and a big 16-hectare toxic filter station will work together to prevent pouring wastewater into the sea.

He believed that the wastewater management will be sort out quite soon, but the presentsolution, the mainland’s business operator in some areas are now setting up the Dirty Water Purification reservoir while province administration is pushing the same in other areas.

Recently, the Royal Government approved millions of dollar on water treatment project in Sihaknouk Ville, soon after an inter-ministerial meeting led by Deputy Prime Minister Chea Sophara and Minister of Land Management, Urban Planning and Construction.

Mr. Thong Khon, Minister of Tourism said the wastewater now become a challenge issue for Preah Sihanouk province as the population growth, infrastructure systems especially water filtration system. However government is now paying so much attention with this.
“We have to work together, to think together, to work together and to be responsible together for this matter,” he said.

Gov’t Encourages Local Investors to Invest More

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By Kong Soriya
PHNOM PENH, Ministry of Economy and Finance’s senior official said that government is encouraging local investors to invest more in many sectors to help economic growth as the current figure investments in country are mostly foreigners.

Speaking at a public forum on Macroeconomics and 2019 Budgetary Management was held on the 15th January, Mr. Vongsy Visot, Secretary of State of the Ministry of Economy and Finance said that the government plans to expand the economic sector management through transparently and effectively. He adds that human resources and work forces only are not enough. So, we need to encourage more local investors as currently investment mostly are outsiders.

“In this mandate, the government is going to help and encourage more Cambodian investors and preparing a big budget to support the private sectors with a very clear plan and right policy” He said “In the last 10 years Cambodia, the government has been working on its 15 years economic development strategic plan with the right policies, Cambodian economy will growth rapidly”.

“In Macroeconomic and 2019 Budgetary Management, the government continues focusing on 4 priority sectors such as; people, road, electricity and water and other works which are reflecting to the country’s demand” He said “Based on the macroeconomic policy and the principle of expanding the financial management, those tasks are responding to the government’s Rectangular Strategy-Phase IV.

The Cambodia’s Prime Minister Hun Sen, launched a campaign to enhance the country’s freedom through many key areas reforming. He also promised to promote friendship with other foreign countries crossing the world.

He also announced that he has already signed to withdraw all of the border officials and remains only customs and immigration official intent to reduce the export cost and help local businessmen to get a better profit from their businesses.

“A lot of border officials are not solution; it will spend higher cost on import and export.” He said “Cambodia’s economy cannot rely on one sector; we have a lot of sectors to support our economic growth.

Gov’t developing infrastructure for boost economic growth

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By: Siv Meng

PHNOM PENH: Cambodian Prime Minister, Samdech Techo Hun Sen announced that there are 3 mega infrastructure projects will be built very soon while others plan to start after to boost economic growth.

Speaking at the groundbreaking 3rd Ring Road’s ceremony January 14, Prime Pinister told that a bridge connecting between Stung Trang district, Kampong Cham province to Kroch Chhmar district, Tbong Khmum province is now under construction.

He said government is now also studying and planning another bridge which is to connect from Kratie province to Kompong Thom by linking national road 7 and 6 and the government is looking for fund to build news road and bridge connecting from Koh Kong to Pursat provinces and head to Samlot district, Battambang province”.

“This project will be convenience for people in the northwestern for transporting and trading their products. When it is ready, people can save a lot time to reach Koh Kong because now people want to go to Koh kong, they need to drive down to Phnom Penh first”. He said.

Mr. Sun Chanthol, minister of Public Works and Transport Last week said a high-way connecting from Phnom Penh to Sihaknouk Ville is going to begin to construct at the first quarter this year.

“At the end of January, the Chinese company is shipping their machineries here while 200 Chinese experts have already arrived in Cambodia”. He said. “This high-way is to be built by China Road and Bridge Corporation”.

Va Sim Soriya, Ministry of Public Works and Transport’s spokesman said that it is a right time for Cambodia to invest larger amounts of money for the infrastructure sector to guarantee the national economic growth.

Mey Kalyan, a senior adviser to the government’s Supreme National Economic Council, said that the government‘s investment on infrastructure are absolutely right and necessary to promote the national economy.

“To have economic developments, the government has to build new more infrastructures to speed up our economic growth”. He added.