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Cambodia Property News Round-up | May 15th, 2020

Property News Round Up 15th May 2020

CBRE Cambodia is delighted to present our Weekly Property News Round-up for May 15th, 2020.


Sihanoukville Property Market Stays Optimistic, Despite Tumble

The Phnom Penh Post – May 13th, 2020

The online gaming ban and the recent COVID-19 pandemic have caused a notable downturn in Sihanoukville’s property market. The influx of Chinese tourists to the city increased the property price in the area during the 2018-2019 period. According to a real-estate expert, property prices in Sihanoukville have fallen in response to the pandemic. Prime land is currently priced at USD3,500 per square meter, down from USD5,000 last year. Sale prices in the city have fallen by 20 to 30 per cent compared to the same period last year, while rental rates have declined by up to 50 per cent over the same period.

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Call for New 7-Eleven to Stock Half Local Produce

Khmer Times – May 13th, 2020

After a meeting between the Cambodian Ambassador to Thailand, Ouk Sorphorn and Chairoj Tiwatmuncharoen, Senior Vice-President of Operations at CP All Public Co., Ltd., it is expected that 50 per cent of the products stocked in 7-Elevens will be Cambodian made, following the firm’s market entry. CP All Public Co., Ltd., is planning to employ Cambodian staff and offer more Cambodian products, which helps keep down the costs of logistics. The first 7-Elevent branch is planned to open later this year at an unspecified location. It is reported that 7-Elevent is planning to establish up to 1,000 outlets in Cambodia.

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Co-Working Space Discount Fees by up to Half

Khmer Times – May 12th, 2020

In response to the pandemic, local co-working space, The Desk, has lessened the leasing fee by 50 per cent to attract more clients. Kim Norith, the Managing Partner at the Desk, said that the number of clients has notably dwindled. To extend the operation, The Deck co-working space has offered a discount between 20 to 50 per cent. Norith expects the client figure to pick back up by this month, as the pandemic starts to ease. He continued that The Deck co-working space currently has more than 50 companies registered.

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Naga3 ‘Creating More Tourism’

Khmer Times– May 11th, 2020

The design of Naga3 has been approved and includes three uniquely shaped structures. Naga3 includes a high-quality resort complex that is said to will boosting the country’s tourism sector. The development is estimated to cost approx. USD3.5 billion. The resort complex will have a total gross area of 544,801 square meters and include a gaming zone able to handle up to 800 or more gaming tables and 2,500 electronic gaming machines. Naga3 has been designed by an award-winning Chicago-based architecture firm Skidmore, Owings & Merrill LPP (SOM).

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The New Siem Reap-Angkor International Airport (AIAI) will Finish as Planned

Construction Property – May 14th, 2020

Despite recent troubles for the aviation sector, the new Siem Reap-Angkor International Airport (AIAI) is still on track for completion. The pandemic situation has has a considerable impact on the aviation sector. The airport construction started in March 2020 and is set to be completed by March 2023, equating to 35 months of development time. The construction cost is expected to total USD900 million and covers an areas of 700-hectares. The airport be sited next to a 1,000 hectare Special Economic Zone.

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COVID-19 Committee Tackles Reopening of Sectors for Economic Relief

Khmer Times – May 13th, 2020

The National Committee for Combatting COVID-19 discussed the possibility of easing the COVID-19 constraints and allow priority sector businesses to reopen to boost the national economy. Daily routines have largely been resumed by the civilian population, in response to the stable COVID-19 situation in Cambodia. To date, only 1 out of 122 COVID-19 patients diagnosed in Cambodia remains under treatment. Or Vandine, spokeswoman for the Ministry of Health, said that “I can’t say anything now, we still need to wait for a decision from the top”.

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Digitalisation Said to be Good for Real Estate Transactions Amid Pandemic

Khmer Times – May 13th, 2020

Real estate agents speaking at a recent webinar expect the market to embrace technology as an enabler for future transactions, a trend spurred on by the Covid-19 pandemic. The agents commented that whilst transaction have slowed, deals are still being carried out by investors from Malaysia and Singapore, and that the landed property segment remained active. The speaker commented that a rebound in the Chinese economy may help Cambodia’s real estate sector

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Property Sector Will Rebound Stronger After the Pandemic

Khmer Times – April 14th, 2020

The outbreak of COVID-19 has had a significant effect on the Kingdom’s economy and property sector. However, real estate players believe the property sector will witness a rebound towards the end of the year. It is estimated that it will take at least until the fourth quarter of 2020, for the market to start to recover. According to the latest data published by the Ministry of Land Management, Urban Planning and Construction, nearly 800 public and private projects were approved during the first two months of the year, worth almost USD2 billion.

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See also our previous weekly news round-up:

April 17th | April 10th | April 3rd | March 27th | March 20th

 

© 2020 Advantage Property Services Co., Ltd.,  (CBRE Cambodia, part of the CBRE affiliate network). Information contained herein, including projections, has been obtained from sources believed to be reliable. While we do no doubt it’s accuracy, we have not verified it and make no guarantee, warranty or representation about it. It is your responsibility to confirm independently its accuracy and completeness. This information is presented exclusively for use by CBRE clients and professionals and all rights to material are reserved and cannot be reproduced without prior written permission of CBRE Cambodia. CBRE Cambodia makes no claim to the content of articles provided here, or the images associated with them.
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