Chairmans

Message
First of all, I would like to express my honor to state speeches. There
have been many successes and challenges in our journey, yet we
have always been competent enough to surpass them. Over the 17
years, our Company has defined its credentials, established its trust,
experience and professionalism, and demonstrated efforts. As an
organization, we pursure to keeping our commitment and deliver
on our promises. It gives me a great satisfaction in knowing
that when I shake hands with a client or partner, every member of my
organization is prepared to do what it takes to deliver on our promises.
Nowadays, Cambodia is one of the developing countries in ASEAN region with significant
investment opportunities for both local and international investors. On the performance of the
Cambodian real estate in 2015, we have played a very important role to generate revenue to the
country. Regarding to the World Bank estimation, Cambodian GDP was approximately 6.9 % in 2015;
with this result, we have seen that the property market price in Phnom Penh in 2015 shared as in
compare to the same period in 2014: the office rental supply is 30% increased; retail is about 3%
higher; apartments jumped to 35%; condominium came up approximately 78%; Borey is 20% increased. Moreover, if compared with neighboring countries, for investors, Cambodia is a good place
with suitable property price, high density and upper return on investment. Ideally, it is considered as
a sandwich country between other two countries, in contrast, with high density and property price.
For the future warding after ASEAN integration, I am optimistic that Real Estate sector in Cambodia still
strong and robust in term of good return on investment, investment incentive from the government
and so on. On the way moving into 2016, our aim is to further strengthen our business relationship and
build our customer base, and open more branches while still delivering our services to the highest
possible standards. We look forward to a great 2016 with our clients, partners and employees; one
who will see us increase our profitability.
To take this opportunity, I would like offer many thanks to our priceless clients and our dedicated fellows
for the trust and commitment they have given us over the past years and we look forward for
being your trusted business partner in building and prospering Cambodia economy. We determine
to building further on our areas of expertise to continue helping our customers bringing out alive
their dreams of owning a home or any property service.
At the end, I would like to wish all value clients, partners, investors, management team and all staff
of Bonna Realty Group a Happy New Year with four gems of Buddhist blessing for longevity, nobility,
healthy, and strength.
Mr. Sung Bonna

Content
Page

PART I: GERNERAL ECONOMICS

IN CAMBODIA

Page
02

Miss. MOENG SORPHORN, Research Supervisor

1.1. GEOGRAPHY AND CLIMATE

02

1.2. ADMINISTRATION AND DEMOGRAPHIC

04

1.3. ECONOMICS

04

1.4. FOREIGN DIRECT INVESTMENT

1.5. TRADE

05

1.6. CONSTRUCTION INVESTMENT

08

1.7. TOURISM SECTOR

09

1.8. TRANSPORTATION NETWORK

10

1.9. SECTOR DEVELOPMENT IN CAMBODIA

16

PART II: PROPERTY MARKET

OVERVIEW IN PHNOM PENH

18

2.1. OFFICE SPACE MARKET IN PHNOM PENH

18

2.2. RETAIL MARKET IN PHNOM PENH

22

2.3. APARTMENT MARKET IN PHNOM PENH

26

2.4. CONDOMINIUM MARKET IN PHNOM

PENHPENH

30

2.5. BOREY (COMPOUND FLATS AND VILLAS)

33

2.6. HOTEL IN PHNOM PENH

37

2.6. HOTEL IN SIEM REAP PROVINCE

38

2.7. HOTEL IN SIHANOUK VILLE

39

2.8. HOTEL IN BATTAMBANG PROVINCE

40

2.9. HOTEL IN MAIN PROVINCES

41

PART III: LAND MARKET PRICE

IN MAIN PROVINCE

44

3.1. LAND MARKET PRICE IN PHNOM PENH

44

3.2. LAND MARKET PRICE IN SIHANOUKVILLE

45

3.3. LAND MARKET PRICE IN SIEM REAP

46

3.4. LAND MARKET PRICE IN BATTAMBANG

47

3.5. LAND MARKET PRICE IN KAMPONG CHAM

50

COMPANY PROFILE

51

Issue 2016

Prepared by

07

Has 4 Year experience in social science research field especially

in conducting research questionnaire, data coding, analyzing
and report writing. She has involved with a lot of research
projects for both local and international companies.
Background in Quantitative and Qualitative Data Research
and Holding BAA of Hotel and Tourism Management also the
former assistant of Hotel and Tourism Department; she has
been facilitated with academic study and event coordinator.

Mr. NGORN NARO, Research Officer

Naro gains 2 year experience in social science, graduated
from Royal University of Agriculture and Western University,
Major of English for Business Communication. He joint
Bonna Realty Group in 2015. Also, he has compiled many
project and report writing. Until now he has obtained many
data regarding to market study. Moreover, he has worked
and dealt in various conditions with customers, sources, and
member of society especially in data collection, data entry,
property inspection, and report writing.

Mr. HIEN PHALLA, Graphic Designer

He has 2 year experience in graphic design. He is every creative
in forming new concept for picturing all kinds of artwork. He
is well educated and trained about CorelDRAW Adope
Photoshop, After Effect, Premiere Pro, Indesign, Flash, Illustrator,
Fareworks, Dreamweaver, and Lightroom. He is graduated
from SETEC Institute in Major of Management Information
System. He joint Bonna Realty Group as a Creative Design
in April, 2015.

PAGE | 01

PART I
GENERAL ECONOMICS IN
CAMBODIA
1.1. GEOGRAPHY AND CLIMATE
Cambodia is situated on the southwestern
part of the Indochina peninsular. It shares a
2,615km boarder with Vietnam (1,270km),
Thailand (805km), and Laos (540km). Its total is
181,035square kilometers, about half the area
of Japan.
Cambodia has its own capital city is Phnom
Penh (). Phnom Penh is located in the
south-central region of Cambodia, and is fully
surrounded by the Kandal Province. The municipality is situated on the banks of the Tonl Sap,
Mekong, and Bassac rivers. These rivers provide
freshwater and other natural resources to the
city. Phnom Penh and the surrounding areas
consist of a typical flood plain area for Cambodia.
Although Phnom Penh is situated at 11.89
meters (39 ft) above the river, monsoon season
flooding is a problem and the river sometimes
overflows its banks.

Cambodia (officially the Kingdom of Cambodia)

of 181,035km2. In 2015, the population is 15
It was recording 6.9% of GDP to Ministry of
reported to have approved of project proposals,
Tourism growth is 4.8 million visitors in 2015.
2,300 projects; it brought 33% up than 2014.

The city, located at 11.55N 104.91667E (1133

North, 10455 East), covers an area of 678.46
square kilometers (262 sq mi), with some 11,401
hectares (28,172 acres) in the municipality and
26,106 hectares (64,509 acres) of roads. The
agricultural land in the municipality amounts
PAGE | 02

Annual Report 2015

is located in the south of the Indochina Peninsula in Southeast Asia. Its territory covers an area
million covering the 25 cities and provinces.
Economic and Finance 2015 report. Although it came to see this slight downturn, the CDC was
in Q2 of 2015, from FDI accounted for $3,407.4 million of capital investment, behind 93 projects.
Also, the construction sector has increased to $3,300 in capital investment which contributed by

Official Name: Kingdom of Cambodia

Area:
181,035m
Population:
15,184,116

Male:
48:6%

Female: 51.4%
Annual Population Growth Rate: 1.54%
Density:
78
Languages:
Khmer
Religion:
Buddhist 97%
Capital :
Phnom Penh
Province :
25
Cities:
26
Khans:
8
Districts :
59
Communes:
1,417
Sangkats:
204

Issue 2016

to 34.685 square kilometers (13

sq mi) with some 1.476 square
kilometers (365 acres) under
irrigation.

March. The city experiences the

heaviest precipitation from September to October with the driest
period in January and February.

Phnom Penh has a tropical wet

and dry climate. The climate is
hot year-round with only minor
variations. Temperatures typically range from 22 to 35 C (72
to 95 F) and weather is subject
to the tropical monsoons. The
southwest monsoon blows
inland bringing moisture-laden
winds from the Gulf of Thailand
and Indian Ocean from May to
October. The northeast monsoon ushers in the dry season,
which lasts from November to

The city has two distinct seasons. The rainy season, which
runs from May to October, sees
high temperatures accompanied by high humidity. The dry
season lasts from November to
April when temperatures can
drop to 22 C (72 F). But temperatures can approach 40 C
(104 F) in April. The best months
to visit the city are November to
February when temperatures,
humidity and rainfall are lower.
PAGE | 03

1.2. ADMINISTRATION AND DEMOGRAPHIC

Phnom Penh is a municipality
of area 678.46 square kilometers (261.95 sq mi) with
a government status equal
that of Cambodian provinces.
The municipality is subdivided
into twelve administrative divisions called Khans (districts)
and of these twelve Khan
7Makara, Khan Daun Penh,
Khan Chamkarmon, Khan
Toul Kork are consist of city
center, and Khans, Dangkor,
Meanchey, Sen Sok, Russei Keo,
Porsen Chey, Chroy Chong
Var, Chbar Ampov, and Prek
Pnov are considered the outskirts of the city.
All Khans are under the governance of the
Phnom Penh Municipality. The Khans are further subdivided into 96 Sangkats (communes),
and 909 Village. The municipality is governed
by the Governor who acts as the top executive
of the city as well as overseeing the Municipal
Military Police, Municipal Police and Bureau of
Urban Affairs. Below the Governor is the First
Vice Governor and 5 Vice Governors. The Chief
of Cabinet, who holds the same status as the
Vice Governors, heads the Cabinet consisting
of 8 Deputy Chiefs of Cabinet who in turn are in
charge of the 27 Administrative Departments.
Every khan (district) also has a head Chief.
As currently, Phnom Penh had a population
approximately 1.6 million people living in
permanent and 800,000 people staying and
working with a total population density of
2,287 people per square kilometer in city area.
The population growth rate of the city is 3.15%.
The city area has grown fourfold since 1979,
and the metro area will continue to expand in
order to support the citys growing population
and economy. Phnom Penh is mostly inhabited by Cambodians (or Khmers) they represent 90% of the population of the city. There
are large minorities of Chinese, Vietnamese,
PAGE | 04

and other small ethnic groups who are Thai,

Budong, Mnong Preh, Kuy, Chong, and Chams.
The state religion is Theravada Buddhism;
more than 90% of the people in Phnom Penh
are Buddhists. Chams have been practicing
Islam over the years since 1993. There has also
been an increase in the practice of Christianity which was practically wiped out after 1975
when the Khmer Rouge took over. The official
language is Khmer, but English and French are
widely used in the city.

1.3. ECONOMICS
The Cambodian economy maintained a high
growth of more than 10% for four consecutive
between years 2004-2007, with the record high
of 13.3% in 2005. Although the GDP growth rate
dropped to 0.1% in 2009 as the result of world
economic recession, it recovers to 6.0% in 2010
and 7.3% in 2012 mainly through its renewed
exports and tourism sector. According to the
MEFs forecast, the growth rates are estimated
to be approximately 7.6% in the year of 2013.
Per capita GDP has also steadily increased since
1998 when the Riel greatly depreciated again
the dollar. Per capita GDP in 2011 reached USD
911, an increase of approximately 87.1% from
Annual Report 2015

USD 487 in 2005. It was reached USD 990 in 2012

and USD 1,036 in 2013 respectively to the MEFs
forecast. In 2015, the GDP was slightly decreased
from 7.00% to 6.90%.
Figure1: Trend of GDP Annual Growth Rate

Source: Ministry of Economic and Finance

1.4. FOREIGN DIRECT INVESTMENT

Investment projects, which are approved by
the Council for the Development of Cambodia
(CDC) to be granted investment incentive and
guarantee, consist of projects by Cambodian
capital and those by foreign capital. Those
projects are called Qualified Investment Projects
(QIPs) under the Law on Amendment to the
Investment of 2003.
In 1995, one year after enactment of the Law
on Investment 1994, the fixed asset investment
amount approved by the CIB (CDC) totaled 2.3
billion dollars. From 1994 to 2006, the annual
average of twelve year was 932 million dollars,
and during the following five years (2007-2011)
the average amount became approximately 6.2

Issue 2016

time larder as 5.8 billion dollars. In 2012, the fix

asset investment amount approved by the CIB
(CDC) reached 1.5 billion dollars. From the 1994
to 2012, the cumulative investment approved by
CIB (CDC) is about 46 billion dollars. The FDI ratio
among the total investment amount approved
by the CIB (CDC) between 1994 and 2006 was
approximately 64%. Such FDI ratio dropped to
approximately 36% in 2009 and increased to
85%. Consequently, overall FDI ration was
approximately 63% of the total approved investment amount from 1994 to 2012.
As for the composition by industrial sector,
tourism sector accounts for 47% of the cumulative investment amount as of September of
2012, while the amount of investment in the
tourism sector has been changing drastically
every year owing to the presence or absence
of large scale investment project and high
amount approved in 2008-2009. Investment
in industries has been increasing gradually
from 2006 to 2012. Investment amount in the
agriculture sector has remained stable except
for 2008. Investment in the service sector was
dropped in 2009 due to the decrease of investment in the construction sector damaged by
the economic crisis, but recovered in 2010.
By 3rd quarter 2015, we noticed that there are
93 Projects that CDC has been approved that
equal the 3,407.4million USD Dollars on the
Agriculture, Industrial, Service and Tourism.
Among the 4 Sectors, Industrial was the major
sector that investor invested in Cambodia.

PAGE | 05

Table 1: Trend of GDP Annual Growth Rate

Figure 2: Number of Project Approval and Capital Investment in Q3 2015

Source: National Bank of Cambodia

PAGE | 06

Annual Report 2015

1.5. TRADE
The trade performance of Cambodia had
shown the increasing trend over until 2008.
While the trade volume dropped in 2009 due
to the global financial crisis, it has been recovering since 2010. Cambodia continuously records a trade deficit. After the gap suddenly
widened in 2005, it has been relatively stable
at around USD1.4-1.5 billion per year between
2006 and 2011. The amount of export in 2012
exceeded to 5.5 billion USD increased by 17%
from 2011, while the import amount is estimated to increase by 23% in 2012 reaching 8.14
billion dollar.
Cambodias exports have continuously shown
a steady growth up to the present, except
2009. According to the MEFs statistics, exports
reached approximately 5.5 billion US dollars
in 2012. The GSP export component, the main
product, the garments, for two major exporting
markets US and EU, occupies the large share
among three components and accounts for
approximately two/third of total exports.
Although GSP export decreased in 2009, it has
been back to the growth trend in 2010 to 2012.
Export of the other products also shows the
similar tendency. On the other hand, re-export
products continuously increased from 2006
until 2013. Currently, Cambodia saw trade
balance of 15.9 billion U.S. dollars in 2013,
according to a Commerce Ministrys report
approximate increase 18% compared to 2012
which has trade balance approximately 13.4
billion USD. Regarding to the report for the last

11 months in 2013, the countrys total imports

were valued at 9 billion U.S. dollars during the
period, 14% from the 7.9 billion U.S. dollars for
the same period last year, showed statistics by
the ministrys Import-Export Inspection and
Fraud Repression Department. Export rose
by 26 percent to 6.9 billion U.S. dollars worth.
Among the countrys main trade partners are
the United States, European countries, China,
South Korea, Japan, Thailand, Vietnam, Singapore and Malaysia. According to this report
in the last 11 months of 2013 Cambodia has
exported approximate 2.57 billion USD to
USA with very little import from this country
approximate 214 million USD. Cambodia has
also decreased imported from Japan around
10.4% but we have increased export up to 545
million USD approximate 45%. Cambodia has
exported on some field such as Garment, Rice,
Rubber, Pepper, and we have imported such as
Oil, Construction material, Vehicle, and some
other raw material.
In 3rd Quarter 2015, International Business
Product showed a deficit of KHR 921.7 billion
(25.4%) in September 2015, from the deficit of
KHR 824 billion (21.2%) in August 2015. The
decreasing is from the major point of the
increasing total product import.
The major components of total exports were
Garment, Footwear, Rubber, and Textile. And
the major components of total imports were
Petroleum, Vehicles, Steel, Gold, Motor Bikes,
Construction Materials, Cigarettes, Cement,
Clothing, Beer, and Cloths.

Figure 3: Export and Import Product

Source: National Bank of Cambodia

Issue 2016

PAGE | 07

1.6. CONSTRUCTION INVESTMENT

According to the report
from Ministry of Land
Urban Planning and Construction has stated that;
The Construction Investment in 2014 has about
2,500 Million US. Dollars
with the total number of
project about 1960 Projects that cover on the
total land size 5,600.000
sq.m and the capital
investment 2,500 million dollars if compare
to 2013 there has 1,641 projects construction
with the capital investment 2,773 million dollars.
Whereas, the data from Ministry of Commerce
of Cambodia has stated that, the quantity import of construction equipment from abroad
st
to Cambodia in the 1 semester 2014 has 1,2
million ton compare to the same period in
2013 only 43 million ton. In the 1stsemester
2014 the construction equipment has worth
229 Million US. Dollars while in 2013 has 223
Million US. Dollars, 2,3% increased. Moreover,
capital investment on residential development in Cambodia in the 1stsemester 2014 has
1,000 Million US. According to data of Ministry
of Land Management Urban Planning and
Construction has stated that, the residential
project development in Cambodia has been

increased 252,8%
in the 1stsemester 2014 with the
total number of
unit house 6,346
equal 952 Million
US. Dollars compare to the same
period in 2013
had 3,867 units
house equal 296
Million US. Dollars.
By 2015, the capital construction increased
to 3,338,000,000 million dollar equal 2,305
projects approved by ministry of land
management urban planning and construction.
Compared to the same period in 2014 was
33.14% increased.
Top 10 leading countries of Construction
Investment in Cambodia are; South Korea,
China, England, Thai, Russia, Japan, Malaysia,
Taiwan, India, and Vietnam.

Figure 4: Capital Investment from 2003- 2015

Source: Ministry of Land Management Urban Planning and Construction

PAGE | 08

Annual Report 2015

1.7. TOURISM SECTOR

A total of twenty international border check points
involving two international airports, fifteen land
international border check point, and three international ports have collected monthly on international
tourist arrival to Cambodia for 2013. International tourist arrivals to Cambodia witnessed 4.21 million with an
increase of17.5%, up from 3.58million in 2012, which
showed a sharp increased again after Seven years
of moderate percent. Asia and the Pacific saw the
highest growth of all regions with 19.2%, while
by sub-region; the arrivals from ASEAN member
countries reached +21%, Europe +14.2, America
+7.7%, Middle East +3%, and Africa 4.9%. Consequently, Cambodia tourism receipts improved
significantly at USD 2,547 million USD for 2013.
The average expenditure of tourist was high
at USD 117.64 per day. According to Ministry of Tourism, Cambodia has forecast that
by the end of 2015, Cambodia would attract around 4,8 million tourists to visit in
Cambodia.

Figure 5: Number of Tourists Arrival to Cambodia in 2015

900000

Top 10 Tourism Arrival for 11 months of 2015

800000

5,000,000.00

700000

4,500,000.00

600000

4,000,000.00

500000
400000
300000
200000
100000
0

Tourist Arrivial

3,500,000.00

2015

3,000,000.00

2014

2,500,000.00
2,000,000.00
1,500,000.00
1,000,000.00
500,000.00
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015

Source: Ministry of Tourism, Cambodia

Issue 2016

PAGE | 09

1.8. TRANSPORTATION NETWORK:

1.8.2. ASIAN HIGHWAY: CAMBODIA

Cambodian Transportation Network comprises

land, river, seam and air. Whereon, land (roads)
is the main network, which is covered not only
the activities, but also the length.

A Cambodian road network is part2of the Asian

Highway (AH) No.1, No.11 and No.123. AH No.1
is the longest route of the Asian Highway Network, running 12,845 miles (20,557 km) from
Tokyo, Japan via Korea, China, Southeast Asia,
India, Pakistan and Iran to the border between
Turkey and Bulgaria west of Istanbul.

1.8.1. ROAD NETWORK:

The statistics of 1970 indicated the Road Network of Cambodia as follows:
- Road N 1: The origin road stretches from
Phnom Penh to Bavit via Neak Leung and Svay
Rieng Province in the distance of 167 Kilometers.
- Road N 2: The origin road stretches from
Phnom Penh to Phnom Den via Ta Khmao and
Takeo Province in the distance of 137 Kilometers.
- Road N 3: The origin road Stretches from
Phnom Penh to Sihanouk Ville via Kampot Province
in the distance of 260 Kilometers.
- Road N 4: The origin road stretches from
Phnom Penh to Sihanouk Ville via Kampong
Speu Province in the distance of 232 Kilometers.
- Road N 5: The origin road stretches from
Phnom Penh to Oh Chraut via Provinces of
Kampong Chhnang, Pursat, Battambang
and Bonteay Meanchey in the distance of
408 Kilometers.
- Road N 6: The origin road stretches from
Phnom Penh to Bonteay Meanchey via Preak
Kdam and Provinces of Kampong Thom and
Siem Reap in the distance of 386 Kilometers.
- Road N 7: The origin road stretches from
Phnom Penh to Mondulkiri Province in 543
kilometer distance via Snoul and stretches from
Skun to Mondulkiri provice in 403-kilometer distance
by Sam Linh Road.

Picture 2: Asian Highway

Picture 3: ASEAN Highway in Cambodia

1.8.3.

BRIDGES:

There are totally 4,027-varied bridges stretching

on the National Roads. From 1994 to the present,
Roads consist of:
- 4,235-kilometers National Roads
- 3,675-kilometers Provincial Roads
Tsubasa Bridge

PAGE | 10

Annual Report 2015

In compound with poor rail infrastructure and

the improvement of road, bridge and the
improvement of security (civil war ended in
1998), there was a decline of rail usage by the
public particularly passenger service. It was
declined over the year and regular service ended
in 2009. Derailment of train in operation was not
in frequent. Without adequate fund to maintain
track, even though the new diesel-electric
locomotive imported from China could not run
due to dilapidated condition of the tracks. To
improve rail service in Cambodia, the government
had awarded a contract to Toll Holdings to
manage the rail service once the reconstruction of the tracks is completed. Both North and
Southern line (links to Poi Pet and Sihanouk Ville
respectively) will be re-opened in 2013.

Table 2: Key Bridge Development in Cambodia

Source: MPWT

1.8.4.

RAILWAY:

French Colonial Government in Cambodia

built the first railway of 1 meter gauge linking
Phnom Penh to PoiPet (through Kampong
Chhnang, Pursat, Battambang and Sisophon)
on the Thai border in 1930s. This line is running
across Cambodias greatest rice producing
province Battambang. The Phnom Penh Railway Station inaugurated in 1932 whereas the
connection with Thailand Railway was made
in 1942, whose service later interrupted in late
1940s due to political and security reasons1.In
1960s in order to reduce the reliance on ports
in then Australia2, South Vietnam (Saigon) and
Thailand(Khlong Toei), Cambodia, with support
from France, West Germany and Peoples Republic of China, began to construct second 1 meter
gauge railway line linking capital Phnom Penh
to Sihanouk Ville port. Rail service ceased during
the civil war in 1970s and it started to provide
limited service from 1980s despite limited funding,
scare resource, poor structure and security threat
from the Khmer Rouge and other armed group.
Issue 2016

1.8.5.

FUTURE DEVELOPMENT PLAN

The Royal Government of Cambodia is also

considering a supplementary financing arrangement with the ADB and a Grant from Aus
AID, which will provide funding for new station
construction in Samrong (9km from Phnom
Penh) and additional upgrading of the railway
including branch line to Green Trade Warehouse
(6kmfrom Phnom Penh) and Northern line. According to the plan, the rehabilitation work will be
completed in2013:

Updating and implementation of the
resettlement plan for Samrong (to be completed
in mid 2010)
Design and construction of new freight

facility in Samrong (to be completed in March
2013)
PAGE | 11


Design and construction of the new
spur lines to freight terminals in Phnom Penh
(to be completed in March 2013).

Another railways line had also been
envisioned:

Tbaeng Meanchey (PreahVihear) to Sihanouk
Ville (through Kampong Thom, Skun, Bat deung
and Phnom Penh). The primary purpose of
this road is to export mine particularly iron ore
from mineral rich province of Preah Vihear to
the world through Sihanouk Ville port.

Sisophon to Siem Reap. The total length
f this line is 105km

Siem Reap to Skun through Kampong
Thom. The total length of this line is 239km

Snuol to Lao P.D.R border through Kratie
and Thalaborivat (Stung Treng) provinces. The
total lengthof this line is 273km

1.8.6.

operated the domestic airports. On 27 July

2009, Cambodia Angkor Air was inaugurated by
Samdach Hun Sen Prime-minister of Cambodia
and this is a second national airline was conduct
in Cambodia.
Table 3: Domestic Airlines

AIR
Table 4: International Airlines

Cambodia has two international airports: The

1st is Pochentong International Airport (the old
name) now is called Phnom Penh International
airport which can withstand all types of planes
and 2nd is Siem Reap International Airport. The
both play an active role in carrying National
and International tourists to the province of
Siem Reap, the home of Angkor complex
that is the world heritage. The airports have
been renovated and reconstructed by French
Investment Company. Besides, the International
Airports there are other 6 domestic airports,
which are located in the provinces of Koh Kong,
Battambang, Stung Treng, Ratanakiri, Mundulkiri
and Sihanouk Ville. The Angkor Airway, Siem
Reap Airway, PMT Air and Royal Khmer Air have
PAGE | 12

Source: Annual Tourism Statistics Report 2014

Annual Report 2015

1.8.6.1. FUTURE AIRPORT DEVELOPMENT

Cambodia, there may be a new international
airport in 2035, which the project estimated to
spend about US $ 300 million, after the government
planned a depth study on this new airport, instead
of the Phnom Penh International Airport. This
can be launched according to the land usage
master plan document, Phnom Penh 2035; it
was approved by the Council of Ministers in a
plenary session on December 11, 2015.

Phnom Penh International Airport Plenipotentiary till 2020: Phnom Penh International
Airport today can meet demand until 2020 and
the expected growth of tourists will rise to 7.5
million by the same year.
It should be reminded that in late October
2012, Samdech Prime Minister Hun Sen has
announced plan of building a new airport in
Kampong Chhnang province during 2025
or 2030, which will replace the Phnom Penh
International Airport.
it also underlined that the Phnom Penh
International Airport has been travelled
through for an estimated 3 million people in
2015 and is expected to grow about 4,002,000
individual in 2020.

1.8.7.

The above document emphasized reasons

Cambodia plans to build a new international
airport for:
Small Size Airport: Nowadays, the current airport
is serving approximately 1 million passengers
per year, which is relatively smaller compared
with other international airports in the region.
Passenger growth: In 50years number of passenger
could jump up to 5 million per year (an increase of
5 to 7 percent) . For instance, in 2015, Cambodia
received 4.8 million visitors, up from 2014
(accounting for 4.5 million people)
Near the city and industrial zone: the new
international airport is located within a
distance of approximately 90 kilometers and
can be an easy travelling facilitated by - speedy
trains and the Auto Road,
Safety Flight Ensuring: the new International
Airport will add new arrangement allocated to
the port cargo, warehouse and terminal equipment, to ensure the safety of flights flown.
Issue 2016

WATER:

Geographically, Cambodia has a shape as the

bottom of a pan and is rich in water system,
which has been classified into 3 categories:
Mekong River system, Tonle Sap system and
waterways at the gulf.
A- MEKONG RIVER SYSTEM:
The Mekong River system of Cambodia
comprises of the rivers of upper Mekong and
lower Mekong (Lobakhoan to Kaorm Samnor),
Basac River (110Km) and all branches of the
Mekong River.
The Mekong River is the magnitude of 800,000
square kilometers surface where flows from
the Upper Tibet source of 5,000 kilometers and
flows through the countries of Laos, Thailand,
Cambodia and Vietnam.
In Cambodia, the Mekong River flows from
Loba Khon (the border of Cambodia - Laos) to
the border of Cambodia - Vietnam through the
provinces of Steung Treng, Kratie, Kampong
Cham, Kandal and Prey Veng in 500-kilometer
distance.

PAGE | 13

- Water Form of the Lake of Tonle Sap:

During the rainy season, from June to October,
the lake of Tonle Sap filled by water flowing in
the direction from Phnom Penh to Kampong
Chhnang. The Lake has its deepest Depth of 14
Meters and has its possible surface of 10,000
square Kilometers. During the dry season, from
November to May, the Lake of Tonle Sap has
its Depth from 0.8 Meter to two Meters and
its surface of 3,000 square Meters which the
water flows out of the Lake of Tonle Sap in the
direction from Kompong Chhnang province
to Phnom Penh. The phenomenon of out-in
flowing occurs because of the level of Mekong
River and its flow, are higher than the lake of
Tonle Sap.
- Main Branches of the Lake of Tonle Sap:
Are the rivers of Treng, Siem Reap, Chi Kreng,
Stong and Sen located at the Eastern Bank,
and the rivers of Serey Sophan, Mokol Borey,
Sangke, Mong (Doun Try), Svay Daun Keo, Pursat,
and Boribo located at the Western Bank.

B- TONLE SAP SYSTEM:

The Tonle Sap system comprises the river of
Tonle Sap and the lake of Tonle Sap.
- The River of Tonle Sap:
The river stretches from Phnom Penh to Kampong
Chhnang province in the distance of 100
Kilometers.
- The Lake of Tonle Sap:
The lake of Tonle Sap has 150-kilometer length
and 32-kilometer width, and has been classified
into three parts:

The Great Lake: Has 75-kilometer


length and 32-kilometer width

The Small Lake: Has 35-kilometer

length and 28-kilometer width

The Muddy Area: Rich in small

islands, this lasts from Chhnuk Truh to

Kampong Chhnang province.

PAGE | 14

C- THE GULF SYSTEM:

Mainly, the waterways of the gulf are short and
flow from the mountain of KroVanh to the gulf.
The flows of the water are strong and seem to
be the waterfalls. During the rainy season, the
waterways cause a short flood to the nearby.
Also, the water from of this area affected by
Monsoon, which causes some rivers dried in
the dry season. The rivers of Me Teuk, Taki, Chiey
Annual Report 2015

Areng, Chi Phat, Kam Pong Som, Kampot and

Tuk Meas are the main waterways in this area are.

1.8.8. PORTS:
1). Phnom Penh port
The Phnom Penh port is the countrys traditional
river port, accessible to vessels from the South
China Sea through Vietnam. Phnom Penh port
is located in the city, on the Sap river some 3-4
km from its junction with the Mekong. It is some
348 km from the mouth of the Mekong of which
about 102 km is in Cambodia and the rest in
Vietnam. The distance from Singapore is about
1,450 km. Vessels of up to 2,000 DWT-can use the
route without difficulty, and 5,000 DWT boats
can pass the entrance to the Mekong (the Main
bottleneck) on favourable tides. Regular dredging
is necessary at three points in Cambodia for the
5,000.DWT vessels to reach Phnom Penh. The
port serves up to 150 ships per year, including 3
Singapore- based cargo vessels which take 10-12
days for the return voyage.
Phnom Penh Port is under the management
of state enterprise supervised by MPWT and
Ministry of Economy and Finance. This autonomous
enterprise was established by Sub-Decree 51,
dated 17 July 1998.
2) Sihanouk Ville port
The Port of Sihanouk Ville, situated in mouth of
the Bay of Kompong Som, is the principal and
only deep-water maritime port of the Kingdom
of Cambodia. Kompong Soms natural advantages include deep water inshore and a degree
Issue 2016

of natural protection from storms provided by

a string of islands across the mouth of the bay.
The port was built in 1959 with a total capacity
of 1.2 million encompassing the old French-built
wharf and adjacent new facilities. The capacity
of Sihanouk Ville port, in its present condition,
is estimated at about 950,000 tonnes per year,
excluding POL which has separate facilities. This
is about twice its present traffic. The port can
accommodate ships of 10,000 Dead Weight Ton
(DWT).The main access to the port is via a 5 km
fairway channel, marked by buoys and leading
lights for daylight navigation only. Due to rocky
outcrops in the channel, the entrance to the port
is restricted to vessels with a draft of less than 8.5
m. In practice boats of up to about 10,000 DWT
can use the port. The port is located 540nautical
miles (1000 km) from Singapore.
On the land side, the port is served by NR4, NR3
(To Phnom Penh) and NR48 (To Koh Kong) and
the railway SL, completed in 1969, which takes a
more southerly route via Kampot. Roads within
Sihanouk Ville municipality itself are all hard
surfaced, albeit of somewhat lesser quality and
poorer condition than NR4.

3). The Dry Port

In 1993 Slhanouk ville port suggested the concept of an inland clearance depot (dry port) in
the Phnom Penharea. Containers arriving in Sihanouk Ville could be taken by road or rail to the
dry port for customs clearance, saving time and
reducing inconvenience for customers based in
Phnom Penh. In October 1994, it was announced
that the project would go ahead under a join
venture agreement with a private Singapore
company. Soon after several more dry ports had
been constructed by privately own companies
under the scheme of Build Operate Own (BOO)
to help facilitate the maritime transportation.
PAGE | 15

4) Maritime Port
Beside Sihanouk Ville port located in newly
established Sihanouk Ville province, Cambodia
maritime ports located mainly in Koh Kong and
Kampot provinces.

1.9. SECTOR DEVELOPMENT IN

CAMBODIA
1.9.1.

AGRICULTURE

Agriculture remains the most important sector of

the Cambodian economy in terms of its share
of the gross domestic product (GDP), and
it employs the vast majority of the workforce
(77%). Rice is Cambodias major crop, its principal
food, and, in times of peace, its most important
export commodity.
With this intention, Cambodian Government
has issued the new strategy which shall produce
about 1 million tons from 2011 to 2020. Therefore,
the agriculture field is very important because in
the governments vision to moderate and extend
the productivity of rice crop achieve the plan. It is
depend on the original resource such as; land
resource and nature resource. Usually, Cambodian
famers plant and cultivate the crop by traditional
style, but government tried to educate farmer
to use the modern and technology with high
standard fertilizer.

1.9.2. INDUSTRY
This sector focuseson manufacturing, Textile,
Apparel & Footwear and Construction. Among
Industry, the Textile, Apparel & Footwear and
Construction which occupied 76% share in 2007
hasbeen the major players for fast growth of the
sector. These subsectors, however, were seriously
affected during the financial crisis of 2008.
Political tensions that followed last years
Cambodian national elections have abated in
recent months, and labor unrest in the garment
industry eased after the minimum monthly wage
for garment workers was raised in February this
year. These developments are expected to lift
investor confidence. This Update retains the
Asian Development Outlook (ADO) 2014 forecast
that gross domestic product (GDP) growth will
ease to 7.0% this year before picking up in 2015.
Industry sector was expected to go up by 9,6%
this year, agriculture by 2,6%, service sector by
7,5%, hotel and restaurant sector by 14 percent,
financial sector by 12 percent, and real estate by
11 percent.

1.9.3. SERVICE
This sector focuses on Trade, Hotel & Restaurant,
Transport & Communication, Real Estate, Business and Other Services. Services occupied 38%
share in GDP in 2011 with heavy dependency on
the Trade and Transport & Communication. Hotel
& Restaurant which have benefited from tourism

PAGE | 16

Annual Report 2015

and infrastructure development remained high

growth ratio constantly until 2011 except for
2009. While the growth rates of Real Estate and
Business were sharply dropped to 2.5% in 2009
and 5.8% in 2010 due to world economic crisis of
2008, the rate recovered to 5.1% in 2011.
Cambodias service sector has seen significant
growth in recent years, but the sector remains
hampered by challenges, according to a report
by the Asian Development Bank (ADB). However, inadequate supporting infrastructure, such
as transport and basic utilities, the high cost of
electricity and inadequate implementations of
policies, laws and regulations and bureaucratic

Issue 2016

procedures hamper the sector.

Tourism grew at a more gradual pace, largely
because tourist arrivals to neighboring Thailand
declined. Tourist arrivals to Cambodia rose by
5.2% to 2.2 million in the first half of 2014, against
a 19.1% rise in the year-earlier period. Other
available data show that growth in credit to the
private sector was 12.0% year on year in June
2014, well below the expansion rate of a year
earlier. In 2015 the number of tourist arrival to
Cambodia has 4.8 millions.

PAGE | 17

PART II
PROPERTY MARKET
OVERVIEW IN
PHNOM PENH
OFFICE SPACE MARKET IN PHNOM PENH
2.1. OFFICE SPACE IN PHNOM PENH
increased. The new market supply of office
spaces for 2015 are; GT Tower, Anina Building,
Heng Asia Building, HSBG Business Center, Office Building next to The Icon Building and some
other buildings will be entered to the market by
the early of 2016 such as; Emerald Building and
other buildings along street 271.
Figure 6: Office Space in Phnom Penh
Figure 5: Office Space in Phnom Penh

Base on our study of office space has found that

there are almost 307,000 sq.m supplying on the
current market and those supply will jump up
to more than 355,000 sq.m by 2018, assuming
the current under construction projects completed as scheduled. Comparing to the same
period last year, weve found that almost 30%
PAGE | 18

Data as December 2015

Annual Report 2015

GT Tower, Anina Building, Heng Asia Building, HSBG Business Center

are the new supplied in 2015,
Totally 307,000 sq.m supplying on Office Space Market
82% Occupancy Rate (5% Slighly Decrease Compared to 2014)
2.2. SUPPLY BY LOCATION
Location is the main point for business situated.
Often, we have seen that mostly offices buildings stand along main roads which easily to
access and look for. As we have found along
Monivong, Norodom, Mao Tse Tong Blvd, Russian Confederation and St 271 are unified by
office buildings. Chamkarmorn is the majority
location of office building among 11 others
district in Phnom Penh. Because of the prime location with all types of firms located, ministries,
embassies, organizations, banks, international
schools, shopping center, private companies
etc.., has lead this location to be well known.
Issue 2016

Sum up, 94% office building located in CBD

while another 4% based at outskirt area.
Figure 7: Supply by Location

Data as December 2015

PAGE | 19

2.3. CURRENT SUPPLY BY GRADE

2.5. RENTAL PRICE IN SQ.M

The Grade A office buildings present supply

are Vattanac Tower, Canadia Tower and Phnom
Penh Tower. Those buildings are the main supply
in Phnom Penh, which provides more than
80,000 sq.m of net able area while another
220,000 sq.m of grade B and 4,500 sq.m of
grade C are the existing market. Totally,
almost 307,000 sq.m of office space are supplying
on the market.

The office price bases on its grade. In Phnom

Penh office building grade A are Vattanac
Tower, Canadia Tower and Phnom Penh Tower.
Among grade A office, Vattanac is one of the
most interesting office supplies 34,000 sq.m,
launched to the market in 2014. Comparing
to the previous year, rental price for grade
A office remains the same but grade B has
slightly changed because some offices has
renovated its body to attract tenants while
some buildings has decreased their rental
price to lure customers as well.

Figure 8: Current Supply by Grade

According to our research, the average rental

price per month is classified as: grade AUSD20.00 to USD38.00, grade B-USD8.00 to
USD20.00, and grade C-USD5.50 to USD11.00.
Noticeably, the above rental price is excluded
management fee and electricity or other
expenses.

Data as December 2015

2.4. SUPPLY GROWTH BY YEARS

The year between 2000 and 2009, the construction activities significantly increased
due to FDI flowed to Cambodia. In 2015, the
construction capital investment in Cambodia
has almost 3,338,000,000 million dollars equal
2,305 projects, Ministry of Land Management
Urban Planning and Construction (MLMUPC)
2015. Cumulated since year 2000 to present,
the supply has reached to almost 307,000 sq.m
while 2018 there will expect to increase at least
355,000 sq.m, 16% up.

Additionally, the management fee is offered

in average per sq.m marked up from monthly
rental fee around like: USD4.50 to USD5.00 for
grade A and USD2.00 to USD4.00 for grade B.
To underline that management fee is paid for
maintenance service, lifts, public cleaning etc.
Figure 10: Rental Price by Grade

Figure 9: Supply Growth by Years

Data as December 2015

Data as December 2015

PAGE | 20

Annual Report 2015

2.6. TAKE UP RATE

Since the economic recovery in 2010, all sectors
development started going up from year to
year (Y-o-Y). As the growing supply leaded the
occupancy rate changed; for example, the
giant, Vattanac Capital, entered to the market
in 2014 has brought a huge supply to increase.
Another reasons with diversifies for office rentals,
flats, villas, shophouses were also replaced by
office buildings as well. Apparently, some companies prefer renting an individual flat or villa
to run a business while small companies try of
save cost by tenanting in any office building.
By the end of 2015, there are many office buildings set its sight to the market like; GT Tower,
Heng Asia Building, Anina Building, the office
building next to The Icon and some buildings
along St 271. Those buildings have caused the
occupancy rate slightly decreased. Through our
survey, grade A office space hold 83% of take
up rate, while grade B hold 81% and grade C
hold 90%. Wholly, office spaces taken up rate
82% in 2015, compared to the same period in
2014 is inconsiderably decreased around 5%.
Figure 11: Take Up Rate

Data as December 2015

Issue 2016

PAGE | 21

Many New Supply Has

Lead The Take Up Rate

RETAIL
3.1.

RETAIL

Decline

Parkson Store will Enter to Cambodias Market Soon

PAGE | 22

Annual Report 2015

MARKET IN PHNOM PENH

IN PHNOM PENH

Since Aeon Mall inauguration, mega retail

store in Phnom Penh has changed its prestige
and Cambodia as a whole. Aeon Mall stepped
to Cambodian market in the mid of 2014. This
shopping centre has brought a lot of attraction of
not only people living in Phnom Penh but also
provinces due to its various amenities such as;
many kind of restaurants, cinemas, childrens
playground, gambling, boiling, ice skating,
clothes shop, footwear shop, bags shop, baby
products, TV studio, sport products, many type
of brand products, etc.
Currently, Cambodia has 14 retails store operating
in the market while among them, Aeon Mall,
Sorya Shopping Center, Sovanna Shopping
Center, City Mall, and Pencil are more popular.
Meanwhile, we have seen many other projects
development such as Condominiums and Borey
also comprise with retails store which daily
offers more convenient and makes life easier
for tenants.
For example, the mix used projects with which
retail stores comprised are The Bridge, Skyline,
Sky31, Olympia City, D.I Rivera, Diomond One,
Casa Meridian, Borey New World (La Sen Sok),
Borey Peng Houth (Platinum Mall), Orkedee
Villa, and Exchange Square Building. Sum up,
currently many projects mostly apply for mix
used development projects as the age of
modernization.
Figure 12: Retail in Phnom Penh

Data as December 2015

Issue 2016

PAGE | 23

3.2. SUPPLY BY LOCATION

Not surprisingly, location is the most concerned
to developing any project. Actually, Daun Penh
district is absorbed by many retails store like;
Sorya Shopping Center, Golden Sorya Mall,
Paragon, Pencil, Canadia Mall and Vattanac
Mall. In a short future ahead, Exchange Square, a
mixed-use development project by Hongkong
Land, will become a new supplier in the district
comprising around 13,000 sq.m of retail store.
Following by Meanchey district, there has two
bigger supplies of retail stores, Sovanna Shopping Center and Stoeng Meanchey Thmei and
a pending project under 999 Developer, Moscow
City. Being similar with Meanchey district,
Chamkamorn is stood supply from Aeon Mall
and Boeung Trabek Plaza. As schedule by 2018,
this district will be presented 4 more retail suppliers comprised in Casa Meridian, D.I Rievera,
Diamond One and The Bridge.

numerous international retailers to Cambodia

like; Levis, Adidas, VNC, Mango, Penshoppe,
Giordano, Clarks, Bonia etc.
In the short period of 2016, we expected that
Parkson Store will be completed its own project
as scheduled. Currently, total supply is almost
370,000 sq.m, yet the 2018 supply will reach to
around 850,000 sq.m accumulated with the
existing supplied, comparing to the existing
supplies is 130% increased.
Figure 14: Supply Growth by Years

Figure 13: Supply by Location

Data as December 2015

3.4. CURRENT SUPPLY BY GRADE

Data as December 2015

3.3. SUPPLY GROWTH BY YEARS

First launched retail store in Phnom Penh
was Sorya Shopping Center in 2003, the
most successful supermarket in Cambodia
almost a decade. It attracted a large number
of visitors and customers back then. However,
another new supplier has entered since 2013
to retail market, TK Avenue, and also lured a
great deal of youth to entertain with brand
products shopping, eating in restaurants, going
to cinema and taking photographs with new
concept design of this boutique mall. Obviously, in 2014, it came another mega project
from Japan developer, provides 66,000 sq.m
of retail spaces, Aeon Mall. This has changed
retail markets face in Phnom Penh to be more
interesting. This shopping center has brought
PAGE | 24

Nevertheless, Sorya and Sovanna Shopping

center used to be the grade A retail store in
Phnom Penh. Now the replacing is made by
Aeon Mall due to its brought-in of many new
amenities, creative designation, diversified of
brand products and restaurants comparing
to the both existing retails store. Currently,
total supply of retail store comes up almost
370,000 sq.m. Surrounded by that number, the
total market sharing by grade is: grade A 26%,
grade B+ 22%, grade B 32% and grade C
20%.
Figure 15: Current Supply by Grade

Data as December 2015

Annual Report 2015

3.5. FUTURE SUPPLY BY GRADE

Figure 17: Rental Price Per Sq.m

Even though currently grade B+ is leading retail

market, it will be substituted by grade A in
the short term of 2018. It is the result of some
mixed-use development projects has completed
their project by then. Thoroughly, the supply
will be approximately more than 850,000 sq.m
with which involved grade A 68%, grade B+
9%, grade B 14% and grade C only 9%.
Data as December 2015

Figure 16: Future Supply by Grade

3.7. OCCUPANCY RATE

Data as December 2015

3.6. RENTAL PRICE IN SQ.M

As can be seen, retails comprised with office
space are more expensive than retail mall. We
have categorized retail mall as grade A like; Aeon
Mall, Canadia Mall, Vattanac Mall and TK Avenue
Boutique Mall; they are international retailers.
Grade A rental price ranges from USD 50.00 to
USD 100.00/sq.m; grade B+ ranges from USD
22.00 to USD 40.00/sq.m; grade B ranges from
USD 12.00 to USD 30.00/sq.m; grade C ranges
from USD 7.00 to USD 16.00/sq.m. The rental
price itself bases on the space size, location, and
floor level. Nowadays, the common practice on
new retail projects rental fee, additional charging, could be focus on monthly sales revenue or
profit from tenants; for instance, Aeon Mall.
Noticeably, rental price are excluded the management fee, utility expense or tax payment.
Despite some retail malls include the rental fee
with management fee, utility expense and tax
payment are still the additional charging.

Two main reasons leaded the occupancy rate

decreased. Firstly, the growth index of supply
and customers declining, secondly. Commonly,
people would like to try or taste something
new. They prefer to go to different places, look
for creative design, new entertainment styles
etc. They may somehow feel bored to go the
same place with nothing new or able to excite
them. To maintain their competitiveness given
the new market standards, some existing retails
are undergoing repositioning work in an effort.
Through our observation, some local retail
malls are facing to the fall down of tenants/
customers and it can be closed sooner. As a
result, retail owner could re-consider with
the rental price, building renovation, rebranding
tenants, or adding more amenities to attract or
maintain their tenants and customers. Moreover, those building might be renovated to be
office space or sub-lease to other developers
in the future. Overall, take up rate in 2015 is
10% decreased, compared to the same period
last year.
Figure 18: Occupancy Rate

Data as December 2015

Issue 2016

PAGE | 25

APARTMENT MARKET IN PHNOM PENH

4.1. UNIT SUPPLY BY LOCATION

Not surprisingly to add that Chamkarmorn

district is the leading location for residential
development in CBD area. This prime location
is popular for investment due to tenants highly
demand with highly return on investment. Our
research revealed that number of units has
reached to over 6,000 units while 2014 had only
4,000 units plus. Among total supplies in Phnom
Penh, Chamkarmorn district has absorbed
most unit supplies number, approximately
3,400 units of total market share. Standing after
Chamkarmorn district, Daun Penh district has
also absorbed around 840 units and Toul Kork
district has reached only 800 units plus. Overall,
the 2015 units supply of Apartment has 35%
PAGE | 26

increased, if compared to the same period in

2014.
Figure 19: Units Supply by Location

Data as December 2015

Annual Report 2015

4.2.
UNIT SUPPLY IN CHAMKARMORN DISTRICT
Half of total supplies in Chamkarmorn district
is located in Boeung Keng Kang communes
(BKK I, II & III). Considerably, foreigners know
this location (BKK1) well. It is prime for both
land market prices coming up higher and
higher year to year and this location remains
a high demand from investors and developers. However, since the quick growth of land
market price and the narrow vacant land for
development of mega project in this location,
developer and investor start to look for another
similar location near BKK and Tonle Basacc
districts. Therefore, Phsar Derm Thkov has started
to boom there up with many apartments project
development. With the acceptable land market
price, good condition, high demand especially
located near BKK and Tonle Basacc area, this area
has attracted many developers and investors.
Among 12 communes in Chamkarmorn, we
have seen that Phsar Derm Thkov is one of
the quickest growths with apartment buildings. In 2015, compared to the same period
in 2014, apartments building have 179%
increased. BKK has 24% increased; Tonle
Basacc has 26% involved; Toul Tumpong has
joined 51%; Toul Svay Prey has 14% increased.
Figure 20: Market Supply in Chamkarmorn District

we have seen its share increase that, Toul Kork

has 50% increased, 7Makara 29%, Chamkarmorn
and Chroy Chong Var 25%, Daun Penh 19%
and Mean Chey 17%, compared to the same
period 2014.
Figure 21: Number of Building Apartment by Years

Data as December 2015

4.4. MARKET SHARE BY GRADE

Some apartments announced themselves as
Service Apartment grade A or B, while others
operate as non-graded apartment. Anyways,
we had judged any apartment as grade A, B
or C by its services, facilities, decoration, rental
price, unit size, location, total unit numbers, etc.
Through our experience in researching, we has
classified grade A apartment for full facilities with;
swimming pool, gym, fitness center, steam or
sauna, spa, massage, skybar restaurant etc.
There are services providing as; cleaning, laundry,
24h front office reception and security, internet
access, and others as tenant required. Generally,
Grade A has 24% equal over 1,500 units, while
grade B has 53% equal 3,300 units and grade
C runs with 23% equal 1,400 units.
Figure 22: Market Share by Grade

Data as December 2015

4.3. NUMBER OF BUILDING APARTMENT BY YEAR

Together land market price in Chamkarmorn
district has quicker grown and this location still
has a higher demand from not only developers
and investors but also tenants. While some
investors are turning to invest in different areas,
Issue 2016

Data as December 2015

PAGE | 27

4.5. RENTAL PRICE IN CHAMKARMORN DISTRICT

The price of Apartment Grade A for One
Bedroom Unit ranges from USD 1,200.00 to
USD 2,500.00/month. Two Bedroom Unit range
from USD 1,400.00 to USD 2,500.00/month,
Three Bedroom Unit from USD 1,900.00 to
USD 3,000.00/month and Penthouse, a type
of special unit in an apartment building like
a smaller house, range from USD 4,800.00 to
USD 5,000.00/month.
Grade B for One Bedroom Unit ranges from
USD 350.00 to USD 1,320.00/month. Two Bedroom
Unit range from USD 550.00 to USD 2,000.00/
month, Three Bedroom Unit from USD 1,300.00
to USD 2,300.00/month and for Penthouse
ranges from USD 1,200.00 to USD 3,000.00/
month.
Grade C for One Bedroom Unit ranges from
USD 300.00 to USD 950.00/month. Two Bedroom Unit ranges from USD 500.00 to USD
1,100.00/month and for Three Bedroom Unit
from USD 850.00 to USD 1,300.00/month.
In average, one bedroom unit ranges from USD
616.67 to USD1,590/month, two bedrooms
ranges from USD 816.67 to USD 1,866.67, three
bedrooms ranges from USD 1,350 to USD
2,200/months and penthouse ranges from
USD 3,000 to USD 4,000/month.

Three Bedroom Unit from USD 1,200.00 to

USD 3,300.00/month and for Penthouse, the
type of special unit in one apartment building,
range from USD 1,300.00 to USD 6,000.00/
month.
Grade B for One Bedroom Unit ranges from
USD 400.00 to USD 1,500.00/month. Two
Bedrooms Unit ranges from USD 600.00 to
USD 1,400.00/month, Three Bedrooms Unit
from USD 1,600.00 to USD 1,800.00/month
and for Penthouse ranges from USD 1,800.00
to USD 2,000.00/month.
Grade C for One Bedroom Unit ranges from
USD 400.00 to USD 700.00/month and Two
Bedroom Unit ranges from USD 550.00 to USD
850.00/month.
In average, one bedroom unit ranges from USD
600 to USD1,490/month, two bedrooms ranges
from USD 750 to USD 1,680, three bedrooms
ranges from USD 1,400 to USD 2,550/months
and penthouse ranges from USD 1,550 to USD
4,000/month.
Figure 24: Rental Price in Daun Penh District

Figure 23: Rental Price in Chamkarmorn District

Data as December 2015

Data as December 2015

4.6. RENTAL PRICE IN DAUN PENH

DISTRICT
The price of Apartment Grade A for One
Bedroom Unit ranges from USD 1,000.00 to
USD 2,270.00/month. Two Bedroom Unit range
from USD 1,100.00 to USD 2,790.00/month,
PAGE | 28

Annual Report 2015

4.7. RENTAL PRICE IN TOUL KORK

DISTRICT

4.8. RENTAL PRICE IN 7 MAKARA

DISTRICT

The price of Apartment Grade A for One

Bedroom Unit ranges from USD 900.00 to USD
1,200.00/month. Two Bedroom Unit range
from USD 1,300.00 to USD 1,600.00/month,
Three Bedroom Unit from USD 1,900.00 to USD
2,200.00/month

Grade B for One Bedroom Unit ranges from

USD 450.00 to USD 1,000.00/month. Two
Bedroom unit range from USD 700.00 to USD
1,600.00/month, Three Bedroom Unit from
USD 2,800.00 to USD 3,000.00/month Unit
and Penthouse ranges from USD 1,400.00 to
USD 2,800.00/month.

Grade B for One Bedroom Unit ranges from

USD 400.00 to USD 1,000.00/month. Two
Bedroom Unit range from USD 650.00 to USD
1,300.00/month, Three Bedroom Unit from
USD 1,100.00 to USD 1,400.00/month

Grade C for One Bedroom Unit ranges from

USD 200.00 to USD 600.00/month. Two
Bedrooms unit ranges from USD 300.00 to
USD 1,000.00/month.

Grade C for One Bedroom Unit ranges

from USD 450.00 to USD 750.00/month. Two
Bedroom Unit ranges from USD 600.00 to
USD 950.00/month and Three Bedroom Unit
from USD 1,200.00 to USD 1,300.00/month
In average, one bedroom unit ranges from
USD 583.33 to USD 983.33/month, two
bedrooms ranges from USD 850 to USD
1,283.33 and three bedrooms ranges from
USD 1,400 to USD 1,633.33/months

In average, one bedroom unit ranges from

USD 325 to USD 800/month, two bedrooms
ranges from USD 500 to USD 1,300, three
bedrooms ranges from USD 2,800 to USD
3,000/months and penthouse ranges from
USD 1,400 to USD 2,800/month.
Figure 26: Rental Price in 7 Makara District

Figure 25: Rental Price in Toul Kork District

Data as December 2015

4.9. OCCUPANCY RATE

Even supply grows, the occupancy rate maintain
good result as 90%, compared to the same period
in 2014 is 92%, 2% slightly decreased.
Data as December 2015

Figure 27: Occupancy Rate

Data as December 2015

Issue 2016

PAGE | 29

CONDOMINIUM MARKET
IN PHNOM PENHPENH

5.1. NUMBER OF PROJECT LAUNCH

In 2015,
Condominium has 78%
increased, comparing to the
same period in 2014

Condominium was introduced to Cambodia market

in 2006 by a 1st project, Rose Condominium.
Following the success of Rose Condo, it had 10
more projects launched in 2007 and 2008. Unfortunately, in 2009 the global economy crisis had
affected all sector developments around the world
included Cambodia as well. Luckily, since 2010 the
economic started steadily to recover from year to
year, till 2012 Cambodia many projects development
started to boom again.
Strangely, by 2015 there were 73 condominium
projects in Phnom Penh, compared to the same
period in 2014 was 78% increased. With many
factors drove condominium projects to increase
double; the prospective of AEC from developers,
GDP growth rate, highly return on investment in
compare to other countries among ASEAN, bank
support, governments policy on investment motivation, governments policy on allowing foreigners
to own properties in Cambodia from the first floor
up, etc.
Figure 28: Number of Project Launch

Data as December 2015

PAGE | 30

5.2. NUMBER OF SUPPLY BY

YEARS
Through the above developers prospection,
those projects development will change
Phnom Penhs beauty to be a charming city
and rich of high-rise building. By 2018, the total supply will increase to almost 20,000 units
in case those projects will be completed as
scheduled. However, current pending projects have 2,800 units that most projects are
Annual Report 2015

belong to 999 Developer. All in all, we still hope

those being placed on hold projects would continue their construction as soon as possible..
Figure 29: Number of Supply by Years

View, The Gateway, Skylar Meridian etc. Due to

internal matter causes some projects got pending like; Time Center, some projects belong to
999 developers. Totally, around 2,800 units are
pending statement.
Figure 30: Condominium Status

Data as December 2015

Data as December 2015

5.4. NUMBER OF UNITS SUPPLY

LAUNCHED IN 2015
In 2014, the total launched supplies had 3.371
units, whereas in 2015, it has extremely increased to 11,500 units, if compared to the same
period is 243% boosted. Counting from the existing unit, total supplies reaches to 23,400, the
comparation with 2014 had only 11,800 units.
Thoroughly, 97% has been swelled.
igure 31: Total Units Launch in 2015

5.3. CONDOMINIUM STATUS

17 condominiums in equal with 2,600 units
are on the current market while another 38
projects are under construction, equal 14,600
units. Next, 9 condominium projects will be
ground breaking by the early 2016, estimated
3,200 units like; Penthouse Residence, Toul
Sangke Green Tower, North Park, Okidee Villa,
Royal Park Residence, The Peak, Cloud 9, East
Issue 2016

Data as December 2015

5.5. NUMBER OF PROJECT

LAUNCH IN 2015
Notably, 2015 is the remarkable years which
a lot of projects condominium has launched.
As of 2015, there have 32 projects launched
PAGE | 31

compared to 2014 only 13 projects, 146%

increased. Marking alone on existing projects
till now, it has 73 projects while 2014 had only
41 projects. Wholly, 78% has been increased.

Figure 33: Unit Price in CBD Area

Figure 32: Number of Project Launch in 2015

Data as December 2015

5.7. SELLING PRICE IN SQ.M IN

OUTSKIRT AREA
Data as December 2015

5.6. SELLING PRICE IN SQ.M IN

CBD AREA
Because of higher land market price in CBD,
cause the condominium price in this location
also became higher than any other. Certainly,
the condominium price in Chamkarmorn is in
average of $1,228 to $3,500/sqm and the price
in Toul Kork is lower than other area with the
price $1,267 to $3,229/sqm. In Average for CBD
area the price is ranging from USD 1,972 to
USD 2,394/sqm.

PAGE | 32

Among four district below, Chroy Chong

Var is more popular than other because this
area is a developing area with new projects
d evelopments like; Borey, Condo, Satellite
City, Shopping Center, etc. The highest price
of condo in Chroy Chong Var district is ranging
from $712 to $2,222/sqm and Khan Sen Sok is
around $1,200 to $2,000, Khan Mean Cheys
price is $514 to $1,022/sqm. Finally Khan Chbar
Ampov is ranging from $712 to $2,050/sq.m.

Annual Report 2015

BOREY (COMPOUND FLATS AND VILLAS)

6.1. SUPPLY BY LOCATION

Cambodian Civil Code Concerning Land Law on

Article 8 of Private and Public Owership states
that, Only natural persons or legal entities of
Khmer nationality have the right to ownership
of land in the Kingdom of Cambodia. The
following persons or entities being owners of
land in Cambodia include Cambodian citizens,
public territorial collectives, public institutions,
Cambodia communities or associations, public enterprises, Cambodia civil or commercial
companies and any Cambodian organization
which recognized by law as a legal entity. A
foreigner who falsifies national identity to become an owner of land in Cambodia shall be
punished as determined under article 251 of
this law. Any property bought under these
circumstances will be seized as state property
without compensation from the state.
Borey is a compound of flats and villas which
have some facilities such as public lights,
security guards, garden, and so on. Contrary to
Borey, Condominium is a type of co-ownership
building in which developers can sell out units
of condo to foreigners from the first floor up.
Only Cambodians have rights to buy Borey as
their property.

Issue 2016

Sen Sok district is one of the most popular

locations for Borey construction; total supplies
of housing units in this location are more than
other locations. Porsen Chey district stands
second as it also has a similar supply comparing to
Sen Sok district. Following these two districts,
Chbar Ampov which is a new district spilt from
Mean Chey district. Meanwhile, Toul Kork district
has the lowest supply of Boreys because it is
located in the CBD area and developers prefer
to select this location primarily for Condominium,
Apartment and Hotel construction. Totally,
there have almost 49,000 units supplying in 2015,
20% increased compare to the same period in
2014.
Figure 34: Supply by Location

Data as December 2015

PAGE | 33

6.2. NUMBER OF PROJECT BY

LOCATION

6.4. PRICE OF BOREY IN RUSSEY

KEO DISTRICT

Based on Economic theory, market segment

or target markets for Borey are Cambodians
while Condominiums and Apartments are
foreigners. And when it comes to comparison
of construction locations for these two types
of residential, Boreys mostly constructed in
the outskirt area while Condominiums and
Apartments appeare in CBD area. As a result,
Sen Sok district is the leading area for Borey
construction with 40 projects, following by
Russey Keo with 29 projects, Chbar Ampov
with 24 projects, Porsen Chey with 23 projects,
Mean Chey with 14 projects, Chroy Chong
Var with 9 projects, Dangkor with 12 projects,
Chamkamorn with 6 projects and Toul Kork
with 3 projects. Totally, 160 projected, 17%
increased compare to the same period in 2014.

There are many types of houses name in each

Borey; however, the names are generally divided into 4 categories as Flat, Link House, Twin
Villa and Single Villa. The price of Flat in Russey
Keo district ranges from USD 58,888 to USD
194,812, while price of Link House ranges from
USD 73,800 to USD178,800. Twin Villas price is
from USD 131,668 to USD 299,800 and Single
Villas starts from USD 278,668 to USD 878,800.
Figure 37: Price of Borey in Russey Keo District

Figure 35: Number of Project by Location

Data as December 2015

6.5. PRICE OF BOREY IN CHBAR

AMPOV DISTRICT

Data as December 2015

6.3. SALE RESULT

According to sale result which we collected
from developers showed that, around 79% of
the total amount were sold out while 2014 had
only 77%. Totally, 3% increased compare to the
same period in 2014.

The price of Flat in Chbar Ampov district ranges

from USD 73,500 to USD 86,000, whereas price
of Link House ranges from USD 75,800 to USD
142,800, Twin Villas from USD 144,800 to USD
197,800, and Single Villas from USD 306,800 to
USD 1,653,800.
Figure 38: Price of Borey in Chbar Ampov District

Figure 36: Sale Result

Data as December 2015

Data as December 2015

PAGE | 34

Annual Report 2015

6.6. PRICE OF BOREY IN DANGKOR

DISTRICT

Figure 41: Price of Borey in Sen Sok District

The price of Flat in Dangkor district ranges

from USD 49,180 to USD 77,780 and Twin Villas
price is from USD 126,680 to USD 129,680.
Figure 39: Price of Borey in Dangkor District

Data as December 2015

6.9. PRICE OF BOREY IN CHROY

CHONGVAR DISTRICT
Data as December 2015

6.7. PRICE OF BOREY IN MEAN

CHEY DISTRICT
The price of Flat in Mean Chey district ranges
from USD 167,800 to USD 197,800, while price
of Link House ranges from USD 131,800 to USD
285,290, Twin Villas from USD 192,800 to USD
314,800, and Single Villas from USD 327,910 to
USD 843,800.

The price of Flat in Chroy Chongvar district

ranges from USD 156,888 to USD 181,888,
whereas price of Link House ranges from USD
68,880 to USD 177,800, Twin Villas from USD
133,999 to USD 276,800, and Single Villas from
USD 448,888 to USD 771,800.
Figure 42: Price of Borey in Chroy Chong Var District

Figure 40: Price of Borey in Meanchey District

Data as December 2015

Data as December 2015

6.8. PRICE OF BOREY IN SEN SOK

DISTRICT
The price of Flat in Sen Sok district ranges from
USD 101,714 to USD 159,790, while price of
Link House ranges from USD 92,674 to USD
392,980, Twin Villas from USD 144,000 to USD
559,800, and Single Villas from USD 312,800 to
USD 1,400,000.
Issue 2016

PAGE | 35

6.10.
PRICE OF BOREY IN
CHAMKARMORN DISTRICT
The price of Flat in Chamkarmorn district
ranges from USD 340,000 to USD 530,000,
while price of Link House ranges from USD
340,350 to USD 417,000, Twin Villas from USD
435,600 to USD 474,350, and Single Villas from
USD 750,000 to USD 1,700,000.
Figure 43: Price of Borey in Chamkarmorn District

5.12. SIZE OF BOREY

The size of house is the size of construction in
each type of house in each borey.
Table 5: Size of Borey

Data as December 2015

Data as December 2015

6.11. PRICE OF BOREY IN TOUL

KORK DISTRICT
The price of Flat in Toul Kork district ranges
from USD 165,800 to USD 184,900, while Twin
Villas price ranges from USD 152,200 to USD
219,900 and Single Villas from USD 420,000 to
USD 1,350,000.
Figure 44: Price of Borey in Toul Kork District

Data as December 2015

PAGE | 36

Annual Report 2015

HOTEL IN PHNOM PENH

7.1. HOTEL SUPPLY BY LOCATION

7.2. HOTEL SUPPLY BY STAR

Sofitel Phnom Penh Pokkettra, Raffle Hotel Le
Royal, Intercontinental Hotel, Cambodiana
Hotel and Naga World are the well-known
hotels in Phnom Penh.
Those hotels know as
5 and 4 stars hotels.
Mostly hotels in Phnom
Penh cover with 3 stars,
around 5,500 hotels
room.
With the increasing
number of 5 stars and
4 stars hotels around
15% up lead the total
number of hotels room
increased. Naga World
has developed itself to
be 5 stars hotels.
Figure 46: Room Supply by Star

Based on our survey through Online Booking.

com, there are 323 hotels in Phnom Penh as
of 2015. Two majorities district rich of hotels,
namely Daun Penh and Chamkarmon district
and following by Toul Kork and 7 Makara district.
Due to the fact that Daun Penh is located in
the CBD area especially surround by numerous
tourist attraction sites including Royal Palace,
Wat Phnom Historical Site, National Museum,
Night Market, River Side, etc. In sum, hotels in
Phnom Penh has 10% increase compared to
the same period last year.

Data as December 2015

Figure 45: Hotel by Location

Total Hotel Among Four

Provinces have 914 Equal
39,382 Room With the
Occupancy Rate 70% in
2015
Data as December 2015

Issue 2016

PAGE | 37

HOTEL IN SIEM REAP PROVINCE

8.1. HOTEL SUPPLY BY LOCATION

8.2. HOTEL SUPPLY BY STARS

In Siem Reap city there are 12 Sangkats as

Sangkat Slor Kram, Sangkat Svay Dangkum,
Sangkat Kork Chork, Sangkat Sala Kamroek,
Sangkat Norkor Thom, Sangkat Chreav, Sangkat
Chong Khneas, Sangkat Sambour, Sangkat
Siem Reap, Sangkat Srangae, Sangkat Ampil,
Sangkat Krabei Riel and Sangkat Toek Vil.

Just like Phnom Penh, Siem Reap also has more

3 star hotels than 4 and 5 star hotels. Yet, if comparing the total amount of 5 star and 4 star hotels
in Siem Reap with that in Phnom Penh and
Sihanouk Ville, Siem Reap Province stands first
since it has the most total number of tourist
arrivals. Analyzing by the total number of rooms,
we see that 4 star hotels provide more supplies
than 3 star or 5 star hotels.

Among those Sangkats, Sangkat Svay Dang

Kum, Sala Komroek, Slor Kram and Sangkat
Sala Konseng are situated in the city center, so
most hotels are also located in these locations.
On the contrary, other Sangkats are situated a
bit further from the city center and so there are
not many hotels there. Totally, there are around
440 hotels in Siem Reap Province with the total
number of room approximately 18,484 rooms.

Figure 48: Price of Borey in Toul Kork District

Figure 47: Price of Borey in Toul Kork District

Data as December 2015

Data as December 2015

PAGE | 38

Annual Report 2015

HOTEL IN SIHANOUK VILLE

9.1.ROOM SUPPLY IN SIHANOUK VILLE

Shinahouk Ville is the most famous provincial beach in Cambodia for its white beach, tropical
islands, and Koh Rong and Koh Rong Sonlem. It is also locally called Kampong Som, 230km in
distance from Phnom Penh Capital. In 2015, the number of tourists has dramatically soared up and
our annual analysis records that the exiting hotel in the province is 112, providing 4,215 rooms.

Figure 49: Room Supply in 2015

Data as December 2015

Issue 2016

PAGE | 39

HOTEL IN BATTAMBANG PROVINCE

10.1. HOTEL SUPPLY BY STARS
Battambang, located at northwestern of
Cambodia, contains the second most populous
city in the country after Phnom Penh, Ministry
of Tourism, 2015. The provincial capital, also
called Battambang, has always been a popular
destination for its nearby ancient temples,
French colonial architecture, and Buddhist
shrines. In 2015, the province saw the number
of visitors reaching more than the previous
year, the flowing has been increased. At the
same development phase, there are many
sights of new construction to serve the
increasing tourism sector as well as other investment. It has, through our study, revealed
that the hotel supply in Battambang province
by 2015 has jumped to 39 hotels, counted
1,530 rooms.
Figure 48: Hotel Supply by Stars

Data as December 2015

PAGE | 40

Annual Report 2015

HOTEL IN MAIN PROVINCES

11.1. TOTAL SUPPLY BY PROVINCES
Among top 4 provinces in Cambodia, Siem
Reap is one of the leading tourism destinations with a lot of archeological temples.
Through our survey online booking.com,
around 440 hotels include 18,484 rooms in
Siem Reap, Phnom Penh has 323 hotels equal
15,153 rooms, Sihanouk Ville has 112 hotels
equal 4,215 rooms and Battambang has 39
hotels with 1,530 rooms. In average supply
growth 15% increased compare to the same
period in 2014. With the 4 provinces, Siem
Reap has the higher growth rate than 3 others
provinces.
Figure 51: Total Supply by Provinces

Data as December 2015

11.2. HOTEL OCCUPANCY RATE

According to the report from ministry of
tourism, the total number of tourists arrival
to Cambodia has around 4.7 million tourists,
compared to the same period in 2014 is 4%
increased. Base on annual report 2014 from
Ministry of Tourism released that the average
occupancy rate in the whole county was
67.55% with the average length of stays 6.50
days. Even though the number of tourist arriv-

Issue 2016

PAGE | 41

al has increased but the hotel occupancy rate is slightly decreased

from 74% to 70%, 4% decreased.

11.3. AVERAGE ROOM RATE

Table 6: Average Room Rate

Due to the fact that, many reason

behind the dropping of hotel occupancy rate like; the threaten of
ISIS in Thailand and some other
counties in Europe, diversified
of tourists destinations, supply
growing, contagious disease from
neighboring counties which affect
to Cambodia. Through our survey,
Siem Reap has the occupancy rate
66%, Phnom Penh has 68%, Sihanouk Ville 73% and Battambang
has 74%. Averagely among 4 provinces the occupancy rate is 70%.

Data as December 2015

Table 7: Number of Hotel and Room

Figure 52: Hotel Occupancy Rate

Data as December 2015

Data as December 2015

PAGE | 42

Annual Report 2015

Issue 2016

PAGE | 43

PART III
LAND MARKET PRICE
IN 2015
3.1. LAND MARKET PRICE
IN PHNOM PENH

PAGE | 44

Annual Report 2015

3.2. LAND MARKET PRICE IN SIHANOUKVILLE

Issue 2016

PAGE | 45

3.3. LAND MARKET PRICE IN SIEM REAP PROVINCE

PAGE | 46

Annual Report 2015

3.4. LAND MARKET PRICE IN BATTAMBANG PROVINCE

Issue 2016

PAGE | 47

3.5. LAND MARKET PRICE IN KAMPONG CHAM PROVINCE

$50-$70

$40-80
$30-$50

$70-$100

$70-$100

$3

0-$

50
$100-$150

$1

00

$150-$250

-$3
200

30

$3

00

-$5

-1$2
3

$2

00

-$3

$20

00

$2

00

-$3

50

350

$
$200
$100-

$250-$350

50

-$
250

$4

$3

$300-$4

00

00

00

$4

00

0-$3

0-$30

$20

-$4

-$80

$60

00

$2

00

-$6

00

-$4

00

$600-$800

$400-$600

-$6

00

$3

50

$5

50
-$2

-$8

50

-$3

50

-$80

330

50

$230-$

$2

00

$400

00

$300

-$40

$1

00

-$2

00

$1

$50-$80

- $1
20

50

500

$60-$90

$800

-$4

$1
$1000-1

00

00
$2

20

$2

$200-$300

- $3

00

30

$
0-

$
0-

$1

$1

50

$1

00

-$2

50

-$2

00

00

1
-$

$5

50

$1

80

2015
This market price is not for
shop lot land, it is flexible
according to the location,
size, road and situation.
House N 126, Norodom Blvd
Sangkat Tonle Bassac,Khan
Chamkamorn,Phnom Penh.

Land Market Price in Kampong Cham City

PAGE | 48

LEGEND
Commercial
Residential

Annual Report 2015

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