As the home of Cambodia’s international port since 1960, Sihanoukville has always had a commercial setting, but more recent developments look set to position it as a key player in Cambodia’s economic future. Commercial real estate service company CBRE Cambodia has recently increased its involvement in Sihanoukville and the surrounding coastal area, working alongside key developers and landowners. CBRE says it sees the south of the kingdom as both a strong tourism destination and as a lynch pin for the import and export of goods. The company now has physical presence in the area, and says it expects to see this team expanding in time.

The port itself has seen both physical and economic expansion in recent years. The latest figures show an increase in revenue of 22 percent in the first quarter of 2012, compared with the same period last year. In order to support and take advantage of this kind of growth, seven new Special Economic Zones (SEZ) have been given the go ahead in the area, offering a number of economic advantages to their occupants. The key concepts behind the SEZs are that they will encourage new industries in Cambodia, thus diversifying the types of commodities that are produced and exported and also accumulating new technologies through Foreign Direct Investment (FDI) in the Sihanoukville area.

Fiscal incentives such as tax holidays, full import duty exemption for raw materials, machinery and equipment, no export tax and 0 percent VAT are enticing to investors. Reports have claimed that investment into these SEZs rose by 683 percent in 2011, with the Council for the Development of Cambodia (CDC) approving 39 new projects worth a total of $715.25 million and with Sihanoukville housing the largest of these, the signs are promising.

Sihanoukville, as well as Cambodia as a whole, also has the potential to benefit from recent issues that have affected investors in Vietnam, through aggravating operating issues. These have included the significant increase in the number of strikes in Vietnamese factories by workers demanding higher wages and also the increase in inflation in the country. While Cambodia’s level of FDI grew by 14 percent in 2011, Vietnam has seen a fall in recent years from $19.9 billion in 2010 to $14.7 billion in 2011.

With Sihanoukville’s close proximity to Vietnam, a cheap labor force and economic incentives from the likes of the SEZs, investors do not have to look far for a new location.

A further future economic enhancement of the region will be the construction of Cambodia’s first oil refinery. With construction due to start this month and a completion date set for 2014, the site will see a proposed investment of $1.6 billion through a joint venture between Cambodian Petrochemical Company (CPC), China National Automation Control System Corporation and Sino March Company of China. The Cambodia government hopes that the development will grant Cambodia fuel self-sufficiency and that it will play a strategic role in the industrialization of Cambodia, while supplying up to 2,000 new jobs in the area. It has also recently been announced that Ford will be opening a car manufacturing plant in Sihanoukville to produce their Everest SUV for the growing Cambodian market. Another longer-standing investor and major employer in the region is Carlsberg, who have invested heavily in the expansion of the Cam brew brewery in Sihanoukville. The presence of these multinational in the area is a clear indication of the confidence that they hold the future of Sihanoukville as a commercial centre in Cambodia and in South East Asia.

The development, named the Koh Pich Riviera, is part of Overseas Cambodia Investment Company’s US$300 million project and is slated for completion is 2017, according to deputy manager Chin Hok.

Upon completion, two of the buildings will comprise 28floors, while the remaining three will be 37 storey’s high, surpassed only by Gold Tower 42 has, however, been postponed for more than a year, leaving it 11 storey’s short of its target, with no restart date in sight.

“There are many shopping malls, hotels and residential units surrounding the project, and as of today, 104 units have been sold,” Chin Hok said, adding that this is a positive sign for future sales.  He was, however, unable to provide an estimate for the total value of the project.

The development of OCIC’s latest project is a positive sign that the property sector is reconverting, Cambodia Real Estate general manager Sen Chanrietrey said.  “We congratulate the project because it will boost investor confidence. If units are reasonably priced, it will surely succeed,” he said, adding that he could not guarantee the strength of the market in the coming years.

Sung Bonna, president and CEO of Bonna Realty Group and president of National Valuers’ Association of Cambodia, said the project had been undertaken at the right time, as the market is once again a favorable investment destination.  He added that the key factors for a project to succeed included location, brand power and the climate of the market.

You could of course make your own way over the Japanese Friendship Bridge to CBRE’s most recent enterprise, the 17-storey Mekong Gardens, located at the Preakleap area, Chrouy Changvar. After all, this twin tower apartment block can be found just 15 minutes’ away from the city.

You could instead, however, take advantage of a silver air-conditioned Hyundai emblazoned with the skyblue Mekong Gardens logo, which transports residents from the heat of Phnom Penh central to its dusty outskirts. This service is typical of CBRE’s attention to detail and strong client focus. Indeed Frederic Chan, Property Manager with CBRE, had creative input in the concept of the flower-covered gazebos fronting the river.

This weekday shuttle service runs to and from the apartments to Canadia Bank and Diamond Island and is just one of the gratis services laid on for its residents. It is also an indicator as to the market sector CBRE aims to attract. The schedule, coinciding with the typical expat working week, means that the block caters primarily for foreigners with serious jobs but with an equally earnest need to switch off.

Rising up from the hub of a Khmer neighbourhood, the pristine towers, surrounded by carefully tended plants demonstrate proudly just how quickly the city and Peakleap are developing.

Once through manned electric gates, the Hyundai parks up in a resident bay and luggage is placed on a carrier by welcoming concierge. We have come to expect this level of service from an international hotel and also from CBRE’s other local sites, such as the Colonial Mansions. The location maybe different but CBRE’s vision is of a quality living space, that is not prohibitively expensive.

The reception area mixes hotel and corporate, comfort and business. The overwhelming impression however is one of openness and light. In contrast to more centrally located blocks, Mekong Gardens offers optimal window space. This in turn means that the plants that are a feature of the aptly named block thrive and bring a certain lushness.

But this design is not only about artifice. Each apartment has a dedicated post box, there are numerous shared bathrooms in the common areas, together with lifts and soft seating for visitors.

The concept of a studio flat is very much convenience over comfort. Yet at Mekong Gardens, it is not simply a functional box. Behind a solid wooden door, you are greeted by a sense of space, mirroring the feel of the reception area. The rear wall is an elongated patio door that leads onto a private balcony, which is large enough to host a table and chairs.

A resident’s (be they owner or tenant) every morning could mean waking to the tranquility of a sunrise over the Mekong, followed by a private outdoor breakfast. That breakfast could be warmed in the oven, defrosted from your ample fridge-freezer in the microwave or instead shared at the soon-to-be opened restaurant.

Hiring a house-keeper and a regular laundry service to remove the mundane from a packed schedule is an option. If not, the kitchen comes equipped with a dishwasher; similarly, a washing machine can be found on the second, more utilitarian balcony at the rear of the kitchen.

Behind the kitchen sits a dining area with a light wooden table and four chairs. Processed TV dinners do not have to be the life of the studio dweller. However, if a resident did want to spend his/her evening in front of the television, they would not be disappointed. Each apartment comes with an LCD screen and cable TV, a sumptuous sofa and a myriad of mood lighting options. There is even a choice of ISP packages for wifi use (pre-or postpaid), should he or she wish to access email or is missing today’s gadgetry.

The bedroom lies behind the sofa and is encased by the double wardrobe and a beautiful river view.

A space-creating mock stained glass door opens into the bathroom, which lives upto its name as it comes equipped with a bath tub, a rare commodity in Phnom Penh.

If taking a dip appeals, then residents are entitled to free use of a large swimming pool adjacent to Khmer style covered picnic areas. Gym, sauna and steam rooms add to the peaceful spa resort ambiance. This is made all the more enjoyable when you know these facilities are included in the rent.

A studio flat is let at $580 and the two and three bedroom apartments are priced at $850 and $1,050 respectively. Prices include furniture but not bills. However, with customary flexibility, Chan is open to negotiation, for those wishing to self-furnish.

This approach seems to be working: of the 146 units, 30 units were sold or let within the first six months of opening. A second bridge into the City, a speed boat dock and a retail outlet stocking essentials are also in the pipeline and can only serve to make this out of town haven all the more attractive.

Frederic prides himself on being able to anticipate an expatriate’s accommodation needs after a hard week’s work. He is hopeful that the Mekong Gardens will provide him or her with a feeling of rejuvenation at home, the only clear omission being the constant drone of construction noise.

Frederic’s thoughts are echoed by Kerya Ros, the onsite Operations Manager, who confirms that: ‘‘they (expatriates and their families) can spend their time enjoying the fresh air, without having to drive all the way to the beach’’.