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Sunday, March 3, 2013
Cambodia hotel market booming
Last Updated on 20 February 2013
- By Laura Walters
Raffles Hotel Le Royal in Phnom Penh. Photograph: Wesley Monts
The hotel sector in Cambodia had a positive year in 2012 and rates and room numbers are set to increase this year and next.
A new report from property agents CBRE says tourism accounted for 9.7 per cent of Cambodia’s GDP in 2012, a rise of 5.5 per cent from 2011. Investment in the tourism sector has increased by 16.7 per cent year on year, and total foreign arrivals increased by a massive 24.8 per cent year on year, with business arrivals seeing the greatest increase, at 47 per cent.
The Phnom Penh luxury hotel market “significantly benefitted from the presence of the ASEAN summits,” in April and November, which CBRE said brought over 1,000 delegates and international press into the city.
Café society competition hots up
Last Updated on 20 February 2013 By Laura Walters
Local and foreign business owners seem to be jumping on the bandwagon in light of the success of the western-style cafes which seem to dot every street corner of Boeung Keng Kang 1 district.
However local real estate experts say not all of the air conditioned, latte-serving hangouts can survive in the area, despite the growth of the market.
Local and foreign business owners seem to be jumping on the bandwagon in light of the success of the western-style cafes which seem to dot every street corner of Boeung Keng Kang 1 district.
However local real estate experts say not all of the air conditioned, latte-serving hangouts can survive in the area, despite the growth of the market.
Asia Real Estate Cambodia Vice President Kuek Narin said the area, which is known as Phnom Penh’s main expatriate area, has experienced rapid growth over the past seven years.
Kampot land prices stable
28 February 2013 By Siv Meng
Property experts said the land prices in Kampot province have been “stable” in early 2013 despite trading more actively than last year.
Nuon Rithy, managing director at the Bonna Realty Group, said the trading of land in Kampot province is quiet and nothing changes much because there are no nice beaches for attracting tourists.
Property experts said the land prices in Kampot province have been “stable” in early 2013 despite trading more actively than last year.
Nuon Rithy, managing director at the Bonna Realty Group, said the trading of land in Kampot province is quiet and nothing changes much because there are no nice beaches for attracting tourists.
“If there are many tourists visiting Kampot province, there will be much development like building and hotel construction, and then the property prices may rise”, he said. “The province is an eco-tourist area and has the special economic zone to help spur industry, but the special economic zone is not yet under way.”
Foreign investment in Cambodia’s property rises
28 February 2013 By Siv Meng
Property experts say foreign companies are coming to invest in Cambodia’s property sector, as they see the growth and potential of the Kingdom.
Sung Bonna, director of Bonna Realty Group, said that the number of foreign companies in the sector has grown, and most are from South Korea, Japan, China, Singapore and Malaysia.
Chinese companies started their investments earliest, while other foreign companies have been studying and doing research about Cambodia before investing here.
Property experts say foreign companies are coming to invest in Cambodia’s property sector, as they see the growth and potential of the Kingdom.
Sung Bonna, director of Bonna Realty Group, said that the number of foreign companies in the sector has grown, and most are from South Korea, Japan, China, Singapore and Malaysia.
Chinese companies started their investments earliest, while other foreign companies have been studying and doing research about Cambodia before investing here.
“The property investment companies growth rose a little bit during 2011-212 as it grew better during 2012 and early in 2013”, Bonna said, “After Cambodia hosted the Asean Summit, with world leaders joining the meeting, we see the inflow of foreign investors into Cambodia, but some of them, at the moment, have been doing research and considering about the possible investment in Cambodia”.
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