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southeastasianists · 8 years ago

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On a hot and steamy April morning in 1967, Singapore’s founding father Lee Kuan Yew cruised Phnom Penh’s wide, leafy boulevards in a convertible Mercedes. His chaperone was Cambodia’s late King Father Norodom Sihanouk, at that time the country’s head of state. The two young leaders drank in the scenes before them: buttercup yellow colonial villas and state buildings; the gilded spires of pagodas; and the minimalist, jagged lines of hundreds of bold new buildings designed as part of the ‘new Khmer architecture’ movement. Struck by what he saw, the Singaporean Prime Minister turned to his host and mused: “I hope, one day, my city will look like this.”

The ‘new Khmer’ group of young architects had been commissioned by Sihanouk to lay out a brand new ‘modern city’ of grand, brutalist stadiums, sweeping university campuses, theatres and other remarkable civic spaces. They were spearheaded by Vann Molyvann who, in his role as Cambodia’s head of public works and state architect, designed more than 100 modernist buildings in just 13 years, most of them in Phnom Penh.

Molyvann and his peers also pioneered Cambodia’s first attempt at public housing. Between 1953 and 1970, Phnom Penh’s population tripled from 370,000 to a million, prompting the construction of the Bassac River Front, a complex made up of the White Building (three low-rent apartment blocks that tenants could lease for ten years and then own) and an Athletes’ Village. A further development, dubbed the 100 Houses project, was built near the city’s international airport.

Yet Lee Kuan Yew’s words proved bittersweet, and Cambodia’s first attempt at social housing was tragically short-lived. The capital was emptied of its people by the ultra-Maoist Khmer Rouge regime in 1975 and, just over 40 years later, Cambodia is now looking to Singapore as a model of exemplary urban planning and affordable housing.

After struggling through a civil war that lasted decades, the past 20 years have brought rapid economic and structural development to Cambodia. Phnom Penh’s skyline is now awash with cranes, half-built condominiums and towers swathed in green safety nets. Last year was a record year for construction, with a total of $8.5 billion worth of projects approved by the government. With inflation hovering at 3.4%, and an annual GDP growth of 7%, investment continues to pour into Cambodia, where a growing middle class is emerging.

Despite such economic optimism, the United Nations Development Programme estimates that 13.5% of Cambodians still live below the poverty line. Income disparity between the urban rich and rural poor persists and, as a consequence, over the past five years Cambodia has witnessed a wave of rural-to-urban migration. In 2013, the Cambodia Intercensal Population Survey identified an estimated 24.5% of the national population as rural-urban migrants. Phnom Penh’s population nearly doubled in the first decade of the 21st century to 1.5 million, according to the most recent census in 2012, yet adequate infrastructure and affordable housing are still desperately lacking.

According to the government’s 2014 National Housing Policy, by 2030 Cambodia’s population of 15.5 million will need an extra 1.1m houses to meet demand. Yet the Christian global housing charity Habitat for Humanity Cambodia (HFHC) projects the demand at almost ten times that figure. In a 2015 report, the organisation estimated that 9.8m homes are needed in Cambodia, that 20% of the population live in slums and that the housing deficit hovers at about 60%. And yet the value of property and land in Cambodia’s commercial centres only continues to skyrocket.

Even though Phnom Penh appears to be facing an affordable housing crisis, a government-funded social housing system such as Molyvann’s has not been seen again. Last October, the Ministry of Land Management, Urban Planning and Construction and HFHC signed an agreement supporting a National Public Housing Policy to address housing for low-income families, yet details remain vague and the government seems to be dragging its feet. When Southeast Asia Globe contacted Chea Sophara, the minister of land management, urban planning and construction, he declined an interview but said the policy would “very soon be released”.

In the past year, however, several developers have stepped in with plans to change things. One such businessman is condominium tycoon Rithy Sear, who last month broke ground on a $100m low-income housing development on the city’s southern fringes. In November, Sear’s company WorldBridge Land, together with Singapore-based construction company Straits Construction Group, signed an MoU on affordable housing with the government. The development, consisting of 2,296 two-storey townhouses, is about 18km south of the capital in the city of Takhmao. There’s also CamHomes, a real estate agency set up by Singaporean developer HLH Group, which in June unveiled plans for its D’Seaview mixed-development project in the coastal city of Sihanoukville. The project’s 735 residential units will reportedly be geared toward lower- to middle-income earners. And near Boeung Trabek Plaza in Phnom Penh’s Chamkarmon district, the proposed Sino Plaza – a luxury condo and retail development by Cambodia Natural Lucky Real Estate – will reportedly sell 10% of its units below the market rate using a “non-open market” ballot system. Open to families who earn less than $2,000 a month, entry into the ballot would need to be qualified by a family income statement and a pre-approved bank loan, the company stated in its self-published report on affordable housing.

Sear ambitiously expects his own project to be completed by the end of this year. The homes will cost $20,000-25,000 and are initially aimed at low-income civil servants such as soldiers, teachers and police but would also be opened up to “all families earning less than $500 a month”, he told Southeast Asia Globe in his Phnom Penh head office, its walls studded with framed photographs of the property magnate shaking hands with various political figures and billionaires.

Sear is a slick operator and talks at rapid-fire pace, his words punctuated by relentless iPhone alerts. The Worldbridge chairman found early success in logistics and freight forwarding before expanding into property and e-commerce. His affordable housing investment, he said, is a passion project, inspired by a trip to Chiang Mai ten years ago where he learned more about then-President Thaksin Shinawatra’s housing subsidies. “I’m a developer, so I know more than anyone how out of reach home [ownership] has become for many. It’s just up and up here [in Cambodia], month by month. [Lower-income earners] have no chance. The more the country develops, the wider the gap between rich and poor.”

Architects Pen Sereypagna (above) and Virak Roeun (below) believe Phnom Penh's iconic White Building (pictured in its current state above)could be restored into government-funded social housing Architects Pen Sereypagna (above) and Virak Roeun (below) believe Phnom Penh’s iconic White Building (pictured in its current state above) could be restored into government-funded social housing. Photo: Sam Jam In late February, Worldbridge began filling in soil at the Takhmao site and opened a sales office. The vetting process for would-be buyers will be thorough, Sear said, with 20 criteria needing to be met to be considered. “I need to make sure the people who need this get it,” he added. Buyers would own their unit freehold but would not be able to rent or sell it for a five-year period.

Sear said his affordable housing projects would become “satellite communities” with gardens, markets, schools and clinics, much like Singapore’s Housing and Development Board (HDB) system developed by Lee Kuan Yew, which provides temporary 99-year leaseholds that more than 80% of Singaporeans live in. While Sear admires the city-state’s public housing system, widely regarded as Asia’s most successful, it is a model he believes cannot yet be replicated in Cambodia. “In Cambodian culture, ownership is king; they buy everything to pass on through the generations,” he said.

Ho Kong Chong from the National University of Singapore’s sociology department agrees that Singapore’s system is unique, but for different reasons. “Within the Singaporean HDB owner’s 90-odd year tenure, they can buy and sell the flat in the market, so actually it’s a public housing system with market characteristics. The other point is that the government can take back these blocks for redevelopment and the owner is given preference to then buy into newer estates. For such a system to work there must be enough public housing units to move around, so I don’t know if Cambodia could follow such a model.”

Sear maintains his motivation for building affordable housing loops back into “branding and good CSR”, but the big question is whether such projects can help spur a large-scale, government-funded social housing system.

“I would really like to see the government [pioneer] such a thing, but they have no money,” Sear said. “In the future they may get to that stage and have land available for private developers to develop into public housing projects, but in this case I have invested completely in the land.” He added that, at the very least, government assistance in building necessary infrastructure such as roads, water supply and sewage systems is critical to affordable housing projects. Further government subsidies, such as taxation relief on imported construction materials or free construction permits, could help keep unit prices low.

Worldbridge started approaching local and commercial banks for financial support for buyers, such as 8% interest rates and long-term repayment plans of 15-20 years. Sear said he was hopeful of partnering with a local bank but had so far been knocked back. “Frankly speaking, we need to support each other. I really hope they come to the table… but so far they’re afraid they won’t be able to get payment back from the buyers,” he said. Cambodia’s largest commercial bank, Acleda, expressed interest and in March was still working on terms and conditions.

However, Ross Wheble, country manager for independent real estate consultancy Knight Frank, warned that the onus should not fall on private banks to support affordable housing. “Interest rates in Cambodia are high, and the spread between fixed deposit rates and borrowing rates is significant. More competitive interest rates would benefit the whole industry and not just low-income borrowers, but this is a factor of market forces.

“Particularly for city centre projects, it is just not feasible for private developers to construct affordable housing unless there is some form of incentive,” Wheble said, adding that the government’s urban planning had lacked transparency.

“In addition to impacting the liveability of a city and the day-to-day lives of its population, [loosely regulated urban planning] also deters foreign investment,” he said.

For young Cambodian architect Virak Roeun, the innovative designs of the ‘new Khmer’ ’60s modernists were perfect examples of smart urban living. “Architecture is about how we live in a space. From most points in the Bassac buildings you could see and talk to your neighbours. In my new apartment now, the only time I see another person is in the lift,” he said.

Pen Sereypagna, another young architect and the manager of the Vann Molyvann Project, believes Sear has chosen a clever location for his project, particularly as a new highway will soon be finished linking the city centre to the south. “It’s interesting because in Molyvann’s book, Khmer Cities, he proposed extending the city to the south due to where flood plains were positioned in the city. Overall, I think this project could be really great for Phnom Penh.”

Sereypagna thinks the government’s public housing policy should also consider restoring older buildings and assisting low-income communities in the city centre. “The government should implement projects that help these communities live more sustainably – teach them about waste management,” he said. After years of uncertainty over the White Building’s future, last year the government finally announced Japanese development company Arakawa would forge ahead with an $80m redevelopment of the famous slum building, with the 500 families living there being offered resettlement packages or apartments in the new complex upon completion in four years.

Chong, from the National University of Singapore, agrees that there are alternatives to building brand new social housing developments, particularly in developing countries. “Subsidising water and electricity, road works and drainage works are all things a government can do in poorer countries. Housing provision itself is a very expensive business – if you provide amenities to housing settlements that are already in place, you can actually improve conditions far more successfully… There is a whole spectrum of options to improve housing which doesn’t have to follow the Singapore model.”

#Southeast Asia #Cambodia #Housing Development

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glorycamrealty · 7 years ago

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numberoneproperty2018 · 6 years ago

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Project Review:

Quick Review the Peak Shoppes

Get to Know More About the Property

Market View

The Peak Shoppes is an ambitious mixed development project located along Mekong River right at the heart of Phnom Penh. With few investment opportunities of such high profile schemed within the city, The Peak Shoppes is a luxurious leading product currently on the market presenting a perfect opportunity for foreign investors due to change in Foreign Ownership laws and local residents to invest in this property.

With increased demand for both commercial and residential spaces, I do hope my personal review will shed some insight on important aspects of the property development and the current prevailing market conditions which will be vital when making that all important decision.

Brochure

Floor Plans

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Details about the development

The Peak Shoppes is a freehold condominium project is developed by a joint partnership between Oxley World bridge(Cambodia) Co. Ltd and Oxley Holdings Limited. The prestigious project has an estimated land area of 12,670 square meters comprising of an integrated 4-in-1 development that will comprise of residential apartments, business offices, retail space, and the world famous Shangri-La Hotel.

The two towers will have 507 residential units each geared towards providing future residents with a luxurious urban living experience. The units will be a blend of 1-3 apartments, CapitaLand Retail signed an agreement to manage The Peak Shoppes overseeing retail management, asset planning and pre-opening of the five storey mall. The project is expected to be completed in 2020.

You may also like: Cambodia Property Investment Guide with Best Selling Condos

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Tenure

Freehold

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Location

Village No. 14 SamDach Hun Sen Road

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TOP

Dec 2020

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Site Area

Approx. 12,670 sqm / 136,382.4 sqft

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No. of Units

508

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Developer

Oxley Gem (Cambodia) Co. Ltd

Project Location

The Peak Shoppes address is Village No. 14, Sam Dach Hun Sen Road, Chamkarmorn District, City, Phnom Penh, Cambodia overlooking The Skyline of Diamond Island onto the Mekong River.

Brochure

Floor Plans

PRICE LIST

The Peak Shoppes Google Map Location

The Peak Shoppes Google Street View

Located along the river esplanade, The Peak overlooks the historic Mekong River and Phnom Penh’s vibrant cityscape. The property is surrounded by high-end condominium projects and key government and commercial offices which increases the potential for further development.

The Peak’s immediate catchment area covers the prime residential and commercial districts of Chamkarmon and Diamond Island.

For businessmen, Business Convention Centers in Diamond Island is a 2-minute drive from the property providing quick and convenient access. Its closeness to the Central Business District also makes it a popular choice amongst the young working-class professionals

The property is 30 minutes away Phnom Penh international airport making it really advantageous and convenient for expatriates and foreign investors.

Also read: Ultimate guide to Cambodia property investment

The Peak near Phnom Penh international airport, a 30-minute drive from Peak Shoppes

To get to the airport, it’s approximately 16 km; if you are driving, you will take approximately 33 minutes to reach the Phnom Penh International airport when using motorcycles its roughly 27 minutes. On the other hand, walking by foot is almost impossible and time-consuming as it takes about 2 hours and 30 minutes

The Cambodia railway station is nearby, and it will take you approximately 15 minutes is you are driving. According to Google maps the distance is approximately 4.2 km if you are driving from the property via Preah Norodom Blvd and 17 minutes via Preah Ang Yukanthor street, for those who are in the mood for a walk it will take you roughly 51 minutes to reach the station.

The fastest route to access the property in normal traffic is taking Preah Norodom Blvd (41) 44-kilometers which takes an estimated time of about 11 minutes when driving and there is no traffic jam

Approximately 5-min walk to AEON, Phnom Penh’s largest mall with supermarket, cinema, bowling alley, ice skating rink & many international brands and F&B

The Peak near aeon mall

According to Google Maps, it’s a 5-minute drive to Aeon mall, for those who love to walk the Aeon mall is a mere 15-minute walk. You will need to Head south on Samdech Hun Sen Street.

The Peak near Nagaworld casino

Its more convenient to walk to Nagaworld as it’s a 2-minute walk from the property, according to Google Maps its 400 meters away

Main selling points about the development

One of the key selling points of the property sits on rare freehold tenure. Buyers and investors will have the perfect opportunity to become permanent owners of the property, they will also be allowed to dispose of their property if they decide to sell it finally and the most important of all future residents will be able to customize their own apartment units according to their taste and preference.

Due to its convenient location, I believe the property will witness high rental demands due to its close proximity, with increased tourist visits the Shangri-La hotel will experience higher hotel occupancy rates. Its location makes the property the perfect destination for foreign investors, rich locals and expatriates who want a taste of the luxurious modern lifestyle.

The property is also well-connected to the public transportation system, the Phnom Penh is 30 minutes away, and the Peak Shoppes can be easily accessed by access roads such as Preah Norondo Blvd and Preah Sihanouk Blvd making movement from the property to other regions become easier and hassle-free.

You May also like: The Peak Shoppes Floor Plan

The Peak Shoppes is located to a variety of amenities ranging from entertainment to shopping. Aeon mall and Naga world are world renowned shopping locations offering future residents with the best of everything.

The residential development is located to key government buildings reducing greatly time consumed when buying and selling of property due to its closeness to key government services.

Studies have shown development projects located closer to infrastructural facilities generate increased demand; the Peak Shoppes is nearby word class educational institutions generating increased up-takes rates especially from parents. Zaman International School caters for a lot of foreign kids. Phreah Sisowat high school, International School of Phnom Penh and Build Bright University are within a 1-kilometer radius.

Brochure

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Possible negative points about the development

The Peak Shoppes is situated at the heart of the capital; the government has experienced major challenges when it comes to the provision of basic services such as wastewater treatment, drainage, and public transport. The property is no different future residents will have to contend with these problems.

Traffic snarl-up is a major problem as the country has not upgraded its infrastructural capacity, especially in the capital, leading to a lot of hours being spent in traffic especially during peak hours both in the morning and evening.

Brochure

Floor Plans

PRICE LIST

My thoughts about the development

I find that the location of the property is in a prime area. With an increased number of property launches within the city, it’s interesting to see the price guide of the new projects as developers try to woo more buyers making it advantageous for many locals.

The reception of The Peak has been met with enthusiasm; the peak stylish bronze design stands apart from other residential development projects making the building iconic and most sought after.

In my opinion, the property is a wise investment decision it’s a no-brainer, the capital is a hub of lifestyle and tourist, and it’s only upwards from their onwards. The ever growing rental market within the vicinity of Peak Shoppes will guarantee high rental returns of over 55% over a period of 10 years.

For residents they will enjoy the benefits of being in the large development area is the cost of maintaining the estate and facilities as well as maintenance charges will be significantly lower as they will be cost-shared by all residents.

However, with increased foreign investments into the property market, there is an oversupply of residential condominiums within the capital its predicted that prices will plummet in coming years, as investors you should be wary and watch the property market keenly before investing in huge infrastructural projects like The Peak Shoppes.

Brochure

Floor Plans

PRICE LIST

PROJECT RATINGS

Pricing – 50%

I have ranked it low because the indicative price guide has not yet been made available by the developer. However, the progressive payment schedule stood out for me; it allows you to pay a certain percentage when a milestone is achieved which goes a long way to make the pricing more manageable.

Check The Peak Shoppes pricing details

Location – 80%

In my opinion, this score is very deserved; the development is located at the heart of the capital. It’s strategically located to public transportation system making accessibility seamless and convenient, its close proximity to various amenities is the main selling point for me, everything you and your family need is literally right at your doorstep.

For those working in the CBD, this is an extremely convenient location to call home, for those intending to rent out this Is the perfect opportunity to take full advantage of.

Quality -85%

The Peak Shoppes is the longest storied building in Cambodia at 55 storeys high. Its inspired paragon style design with a stylish and elegant bronze styled clad is a mark of luxury and class, The Peak Shoppes is amongst the few building with unrivaled front row view of the amazing city skyline and landscape.

The 4-in-1 integrated development underlines the quality of the property; I do think the development is well planned and designed from its general layout and positioning of apartment units. The mixed units will cater to all individuals, and I expect there will be healthy rent demand from city dwellers.

I appreciate the fact that the developer of providing solutions to the rising demand both on the residential, commercial and hospitality sector. Read More about The Peak Shoppes Developers

Brochure

Floor Plans

PRICE LIST

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The post Quick Review the Peak Shoppes (Cambodia) appeared first on Number One Property.

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greenpenthouse-blog · 5 years ago

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Taking insights to Green Penthouse: A perfect example of luxury apartments in Phnom Pneh

https://www.thegreenpenthouse.com/ The Green Penthouse 191, Tonle Sap Rd Phnom Penh Cambodia 85512868111 [email protected] Following a ride over the Japanese Bridge across the Tonle Sap to “The Other Side”, you take a right turn and head along the peninsula, towards the confluence with the Mekong, the 8-storey building rises up alone, easily visible from the Riverside, an unusual building specially designed as a workplace for technor, is distinctive for two reasons; its capsular culogy and development.

The Green Penthouse @ Yellow Towerved-glass elevator shaft and its “vertical forest,” the lush coat of climbing plants that covers its facade..

As the curved-glass elevator speeds up the front edge of the tower, the view up and down the Tonle Sap and across to the Riverside district swiftly becomes a stunning panorama.

The unusual vertical-forest-building completed 10 years ago, was designed by a Scandinavian designer to create creative and inspiring private office spaces for startups, with common areas and shared office spaces on the penthouse floor, along with a residential Penthouse and rooms for short, medium and long term stays. For Phnom Penh’s burgeoning skyline, where ‘green’ buildings usually refers to construction sites covered in green protective mesh, the tower stands as a rare example of a “living wall.”

And in the capital’s tropical climate, it makes a lot of sense.

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By adding a vertical forest, “the building becomes more energy efficient, which leads to a decrease in carbon emissions,” explains Ms Sopheavy Horm, one of Tower’s managers. “[It] also mitigates the urban heat island effect, absorbs and filters stormwater, reduces pollution and acts as a carbon sink.” The architects believe the building offers attractive, specifically designed space for creative work and development. The architects wanted a lot of natural light and to follow a “permaculture” principle in which, for example, the climbing plants would survive on their own without any maintenance, according to a “forest in the city” concept. “A forest does not need people to survive.”

She estimates that the living wall reduces air conditioning costs by 30 to 50 percent, while attracting birds, bees, geckos and dragonflies – increasing the city’s biodiversity.

Creating a vertical garden is both cheap and straightforward, said Ms. Horm. “Simply install inexpensive rust free steel wires pulled vertically from the ground to the top floor,” she explains. “Then plant aggressive climbing plants on the ground floor, and they’ll climb up and create a massive wall that can reach 50 meters height. You’ll start to see results after a couple of months.”

Protective Shield

Following a visit to the Yellow Tower, Russian architect Yara Podolitskaya said she was impressed with the building’s design and energy-saving properties that makes it a perfect option for those looking for Office Spaces for rent in Phnom Pneh.

“The green wall acts as a protective barrier, shielding the building from direct sunlight,” she said. “Electricity in Cambodia is very expensive and the use of air conditioning is not an effective solution. [This building’s] space is bright, windy and stays cool even on the hottest day.”

Camille, an IT consultant at one of The Green penthouse tenants, works with her colleagues in the shared office space with a terrace on the 7th floor of the Yellow Tower. She sees many intangible benefits in the tower’s design, and reckons there should be more green walls in the city.

“Being in an eco-friendly building, surrounded by nature, has positive effects both on our performance and state of mind,” she said.

The peninsula where The Green Penthouse @ Yellow Tower is located is steeped in Cambodian history. The armies of Champa paddled right by on their way up the Tonle Sap to sack Angkor Wat in 1177.

Phnom Penh in those days was known as Krong Chaktomuk, meaning “City of Four Faces” because the confluence of the Mekongand the Tonle Sap the Tonle Bassac form an “X” that is embedded deeply in the history and the psychology of Southeast Asia.

“This is a place where you get fresh air, a constant breeze, a nice view, and feel close to nature. To inspire a creative and productive workspace is the idea behind Yellow Tower,” said Ms Sopheavy Horm, sitting on the 7th floor looking out over Tonle Sap as the sun set in spectacular colours on the horizon.

https://www.thegreenpenthouse.com/ The Green Penthouse 191, Tonle Sap Rd Phnom Penh Cambodia 85512868111 [email protected]

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rentexcambodia · 4 years ago

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rentexcambodiaca-blog · 5 years ago

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#office space for rent in Phnom Penh

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greenpenthouse-blog · 5 years ago

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Office Space For Rent Near Me- The Green Penthouse «Office Space For Rent Near Me» «Superb for startups» «Great workspace and facilities» Teamdesk members at The Green Penthouse in Cambodia. Member's choice award 2018 coworker.com

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rentexcambodia · 4 years ago

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rentexcambodia · 4 years ago

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rentexcambodiaca-blog · 5 years ago

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rentexcambodiaca-blog · 5 years ago

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rentexcambodiaca-blog · 5 years ago

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Whether you are looking for a commercial property for rent, for sale, or for investment you will find a suitable property at Rentex Real estate. Start browsing now and contact us to get full detail.

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Street Preah Norodom Blvd(41), Tonle Bassac, Phnom Penh, Cambodia

016430555

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Rentex Cambodia

#rental phenom penh #rental property #residential rental #commercial rental

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