CBRE Cambodia is delighted to present our Weekly Property News Round-up for March 13th, 2020.
AI to Grow Real-estate Sector in Cambodia
Construction Property | March 11th, 2020
A Memorandum of Understanding was signed between Z1 Data Co., LTD (Cambodia) and the DevMasters. By joining hands, the two companies will improve Artificial intelligence to promote the real estate sector in the Kingdom. The two companies are aiming to improve and develop an extensive database for commercial real estate. AI will manage the time of manual labour by enhancing the efficiency of market transaction data. The AI can also be used for many other applications across the real-estate sector to find the current price, forecasting upcoming market prices, automation of documents, and other functions.
How Will COVID-19 Affect Cambodia’s Economy?
Cambodianess | March 9th, 2020
According to the latest statement by The Asian Development Banks’s (ADB), COVID-19 outbreak could affect the global economy between USD77 billion and USD347 billion, equivalent to 0.1 and 0.4 per cent decline in the gross domestic product (GDP). The statement continued that tourism in Cambodia will likely to see a significant decline in revenues. ADB categorized the scenarios into three cases wherein the best case, the Kingdom is estimated to lose approx. 1.409 per cent in GDP, roughly USD345.7 million. In a moderate-case scenario, Cambodia could result in a 1.929 per cent loss of GDP, circa USD473.4 million. Looking at the worst-case scenario, The ADB estimated that the Kingdom will likely lose up to 3.49 per cent of the total GDP, equivalent to USD856.6 million loss.
Exclusive Housing Project on Bokor Mountain Commences
Khmer Times | March 8th, 2020
Sokha Group’s Bokor mountain development had its groundbreaking ceremony on March 7th, 2020. The newly launched “Komnob Thansur/Paradise Treasure” project will deliver landed property units to Bokor Mountain. Sokha Hotel is one of the most well-known hospitality developers in Cambodia.
Prince Real Estate Group to Continue Investing in Cambodia Despite The Outbreak
Property Area | March 11th, 2020
Prince Real Estate Group announced to deploy USD2 billion of investment capital for the next 10 years. To date, Prince Real estate Group has invested circa USD4 billion in Cambodia. The investment company is planning to develop across Sihanoukville, Phnom Penh, and Siem Reap as the main investment locations despite the outbreak of COVID-19.
Bourse Eases Requirements and Offers Tax Incentive to Join Board
Phnom Penh Post | March 11th, 2020
To make it more transparent and accessible, Cambodia Securities Exchange (CSX) has reduced requirements to enter the growth board. Launched in 2015, CSX has one purpose, is to help small- and medium-sized enterprises (SMEs) raise funds. However, CSX has not been very successful in attaching the listings. According to the latest revision, any companies with at least one year of audited financial statements attaining positive net profit or cash flow with the gross profit margin at a minimum of 10 per cent are qualified to join the board.
12 Chinese Ships Carrying Raw Materials to Arrive in Cambodia This Week
Khmer Times | March 12th, 2020
Cambodia is expecting 12 more Chinese ships transporting raw materials for the garment industry to arrive in Cambodia this week, said the Garment Manufacturers Association in Cambodia (GMAC). GMAC continued that the first ship carried raw material for the garment sector docked at the Sihanoukville Autonomous Port on the Monday 9th March 2020. GMAC is expecting 12 more ships to dock at in the Sihanoukville port this Sunday. The government also assisted through the facilitation clearance process by adopting “Green Lane” measures, which helped to formalize the procedure at the port. The raw material has already been transported to factories across the country.
Two Major Real Estate Agency Companies Singed Memorandum of Understanding to Strengthen the Services
Property Area | March 12th, 2020
Under the discipline of real-estate market competition, two real-estate agency companies shook hands under the same mission, to provide guaranteed services to the clients. CBRE Cambodia and LSCG Real Estate Co., Ltd will work closely to provide a more efficient real-estate transition across leasing, selling, purchasing. With the extension of market knowledge from both companies, we will push the real estate market to its limit where more investments should be anticipated, said Ms Ann Sothida, Managing director of CBRE Cambodia.