Monthly Archives: December 2011
Cambodia’s first oil refining plant is to start construction in April 2012 at a cost of US$2 billion according to information obtained by the Phnom Penh Post. The joint venture between Cambodian Petrochemical Company (CPC), China National Automation Control System Corporation and Sino March Company of China is expected to be completed in 2014. The oil refinery will be built on 365 hectares of land within both the Kampot and Sihanoukville provinces.
Cambodia’s current oil supply is met through imports from Thailand, Vietnam and Singapore and it is hoped that the Kingdom’s dependency on petroleum imports will be reduced. The plant is expected to have a production capacity of 5 million tonnes of refined oil a year, and it is predicted that up to 85% of the finished products will be sold within Cambodia for the first 2 years.
New contract details indicate that CPC will control the plant, providing that the company shared revenues with China National Automation and Sino March for 10 years, according to Hann Khieng of CPC. Additional information obtained by the newspaper also indicates that the plant would be capable of refining imported European Crude Oil.
New data obtained by the Phnom Penh Post shows that the number of shipments through the Phnom Penh Autonomous Port (PPAP) has increased by more than 28% in the first 11 months of 2011. This figure surpasses the figure set by the government for the whole of 2011, with the target set at 73,000 shipping containers for 2011 and the number of containers passing through between January and November already at 73,760.
Cambodia’s GDP is set to grow by 6% according to the World Bank, and this economic growth is pushing shipment services. The paper also states that garments, agricultural and construction materials accounted for the majority of the shipments through the PPAP. In particular, rice exports to Russia and the European Union and construction materials being imported from China.
CBRE Cambodia currently are aware of numerous investors looking to buy and lease industrial land and are approached by investors/businesses seeking land on which to establish factories on a weekly basis. These investors are looking for a range of industrial land around Cambodia and Phnom Penh and their requirements range from small land areas to very large plots.
We have the clients, if you have or know of the land, contact Sothida Ann, CBRE Cambodia (contact details below) and register your land for free and CBRE can actively market your land to their clients looking for Industrial Land and market it on our website.
CBRE Cambodia was pleased to host the first international valuation conference last week (23rd November to the 26th).
Representatives from Vietnam, Hong Kong, Cambodia and Thailand came together at CBRE Cambodia’s office within Phnom Penh Tower. A proud moment for CBRE Cambodia, as it is now recognized there is a growing market for international standard valuations in Cambodia and the CBRE Cambodia team is at the forefront in providing these Valuation services. With one fully qualified member of RICS (MRICS) already heading up the valuation team, recent additions to the CBE Cambodia Team brings two more surveyors from England into the Valuation Team who are currently undertaking their RICS qualification in Cambodia. With the guiding experience of Country Manager, Mr Dan Parkes, CBRE Cambodia is now positioned to take a leading role in International standard Real Estate Valuations within Cambodia.
The three day event was hosted by Chairman Mr. David Simister and the Senior Managing Director of Valuation & Advisory Services for Hong Kong and Greater China, Mr Kam Hung. The joint experiences of Kam Hung and David Simister, who are both widely recognized as leading experts in the fields of Valuation and Real Estate, provided great insight and knowledge on Valuation in Asia and Valuation in emerging economies to the attending delegates.
The Conference was considered by all to be a huge success with delegates from across south-east Asia greatly benefiting from the experience.
CBRE Cambodia has seen an increase in activity across all real estate markets particularly transactional services. International standard Valuations are a key aspect in the negotiation of transaction prices and transactions themselves. Furthermore, the CBRE Cambodia valuation service provides valuation reports which assist businesses secure finance from institutions, where it is a pre-requisite for lending institutions to possess reliable, trustworthy and professional valuations which accord to international standards. CBRE as the largest global real estate company in the world fulfills these standards and seeks to provide the highest quality Real Estate and Valuation service in Cambodia.
Additionally, with the Cambodian Stock Exchange set for launch next year, businesses looking to list on the exchange will require valuations for all major property assets. CBRE Cambodia feel these are exciting times for Cambodia’s property market and that international standards are beginning to be adopted and appreciated within the real estate market and wider markets in Cambodia.
The international conference held at the CBRE office helped promote the use of international standards within the Valuation profession. The Royal Institution of Chartered Surveyors (RICS), is the world’s leading professional body for qualifications and standards in land, property and construction and states: ‘As people, government and commercial organizations continue to demand more assurance of certified standards and ethics, attaining RICS status is the recognized mark of property professionalism.’ With RICS being such a globally recognized institutions and CBRE being such a globally recognized company, CBRE Cambodia brings international status to the valuations performed within Cambodia.
CBRE international valuation conference 2011’s winning valuation team with CBRE Indochina chairman David Simister and Hong Kong associate director Cam Hung.
(From left to right David Simister, Hien Ngugen (CBRE Ho Chi Minh), Oanh Ho (CBRE Ho Chi Minh), Cam Hung and Owen Williams (CBRE Cambodia).