The purpose of the meeting was to enhance transportation cooperation between the two countries, particularly in the area of cross-border rail transport.

Specific projects and initiatives discussed during the meeting included expanding rail services, modernizing infrastructure, and developing joint logistics hubs to facilitate cross-border trade and travel.

During the discussions, Standing Secretary of State Koy Sodani conveyed a message from Cambodian Public Works and Transport Minister Peng Po to his Thai counterpart, emphasizing the importance of rail cooperation.

The Thai-Cambodian Friendship Railway Bridge, completed in 2015, and the two countries’ railways were reconnected on September 19, 2016 to connects the road from Poipet to Aranyaprathet, has already significantly improved cross-border connectivity.

To further strengthen collaboration, both countries agreed to establish a joint technical working group to focus on rail and land transport cooperation. This initiative aims to promote tourism and trade between Cambodia and Thailand while aligning with the policies and interests of both nations.

Bilateral trade between Cambodia and Thailand has been on the rise, reaching $1.7 billion in the first five months of 2024. Thailand remains Cambodia’s second-largest trading partner within ASEAN.

The post Cambodia and Thailand Strengthen Transportation Cooperation first appeared on Estatedia | Economy & Real Estate Media in Cambodia.

Cambodia emerged as a leader in the region’s tourism resurgence, boasting an impressive 82.4% recovery rate. This stands out compared to other GMS members: Laos (71.3%), Thailand (70.5%), Vietnam (70%), and Myanmar (30%). Notably, China’s Yunnan and Guangxi provinces, key tourist sources for the region, are still lagging with a recovery rate of only 3-5%.

Fueled by this positive momentum, the Asian Development Bank (ADB)’s GMS tourism team has drafted the “Greater Mekong Subregion Tourism Strategic Plan 2030.” This plan incorporates research on global tourism trends, regional and ASEAN tourism landscapes, and stakeholder feedback from GMS countries.

The strategic plan aims to realize the GMS tourism vision: “A destination that connects the Mekong River with vibrant culture and people by providing a world-class sustainable tourism experience.” After regional consultations and finalization, the plan will be presented to GMS leaders for approval during a senior officials’ meeting scheduled for August-October 2024.

Cambodia recorded some 540,023 international visitors in January 2024, up 34 percent compared to the same period last year, a report of the Ministry of Tourism showed earlier this month.

Thailand topped the chart among foreign arrivals to the Kingdom with 163,661, followed by Vietnam (85,700) and China (46,781), the source pointed out. Some 206,506 million tourists arrived in Cambodia via international airports, a year-on-year increase of 44.2 percent and the rest via land and waterways, it added.

The Ministry of Tourism has predicted that the Kingdom would welcome 7 million international visitors by 2025, surpassing the pre-COVID-19 pandemic level of 6.6 million in 2019.

The post Cambodia leads GMS tourism recovery with 82.4% bounce back first appeared on Estatedia | Economy & Real Estate Media in Cambodia.

The Cambodian Deputy Prime Minister made the encouragement while receiving here on Oct. 25 a courtesy call by H.E. Ms. Ping M. Kitnikone, newly appointed Ambassador Extraordinary and Plenipotentiary of Canada to the Kingdom of Cambodia with residence in Bangkok, according to a news release of the Ministry of Foreign Affairs and International Cooperation.

H.E. Sok Chenda Sophea also emphasized the importance of convening the first Bilateral Consultations between the two Foreign Ministries in the near future.

During the call, H.E. Deputy Prime Minister and H.E. Ms. Ambassador expressed deep satisfaction with the long-standing relations and fruitful cooperation over the years, ranging from trade and investment, capacity building, and tourism, to demining and peacekeeping operations.

Moreover, both sides affirmed their readiness to work closely together to further strengthen cooperation for the two countries’ common interests within bilateral and multilateral frameworks.

The post Cambodia encourages more Canadian investment first appeared on Estatedia | Economy & Real Estate Media in Cambodia.

Public-Private Partnership (PPP) project for the new village community in the Kep mangrove forest, Kep province, and the infrastructure project connecting the Mekong Discovery Trail project, Kratie-Stung Treng province, to the Lao border.

The Cambodian delegation, led by Mr. Chuob Ratana, Director of Tourism Development Planning, Ministry of Tourism also highlighted the many other investment opportunities in the tourism sector in Cambodia, including the development of new international airports, hotels and resorts, eco-tourism destinations, and cultural attractions.

The panel discussion attended by delegates from Thailand, Cambodia, Laos, and Vietnam, and will be led by the Asian Development Bank (ADB).

The GMS Strategic Framework 2030 (GMS-2030) encourages private sector participation through one of its six innovative approaches: “embracing private sector solutions”.

This aims to reverse the current limited participation of the private sector in GMS projects, which in 2021 only represented 15% of total financing in the GMS Regional Investment Framework.

The tourism sector represents a sizeable portion of the GDP of GMS countries, contributing from 4.6% to 26.4% in 2019, before the pandemic. A coordinated approach is needed, developed jointly with the private sector, to engage investors in helping to finance connectivity infrastructure and operate services more efficiently. Public-private partnerships are at the core of sustainable tourism.

The private sector participants from the GMS Business Council and tourism industry associations such as the Pacific Asia Travel Association (PATA) and Destination Mekong; the Mekong Tourism Coordinating Office; and ADB officials from the GMS Program, the Private Sector Operations Department (PSOD), and the Office of Market Development and Public-Private Partnership (OMDP) also attended the roundtable.

The post Cambodia presents two tourism investment projects at GMS Tourism event in Bangkok first appeared on Estatedia | Economy & Real Estate Media in Cambodia.

The GMS Tourism Coordinating Office is organizing a private sector roundtable on regional tourism projects to generate a public-private dialogue in which both parties can work together to meet interests and maximize value creation.

The panel discussion will be attended by delegates from Thailand, Cambodia, Laos, and Vietnam, and will be led by the Asian Development Bank (ADB).

As planned, Mr. Chuob Ratana, Director of Tourism Development Planning, Ministry of Tourism led the delegation and will present on the infrastructure investments to support regional tourism, PPP opportunities in tourism, and other private sector opportunities from regional tourism.

The GMS Strategic Framework 2030 (GMS-2030) encourages private sector participation through one of its six innovative approaches: “embracing private sector solutions”.

This aims to reverse the current limited participation of the private sector in GMS projects, which in 2021 only represented 15% of total financing in the GMS Regional Investment Framework.

The tourism sector represents a sizeable portion of the GDP of GMS countries, contributing from 4.6% to 26.4% in 2019, before the pandemic. A coordinated approach is needed, developed jointly with the private sector, to engage investors in helping to finance connectivity infrastructure and operate services more efficiently. Public-private partnerships are at the core of sustainable tourism.

Senior officials from GMS ministries of tourism; private sector participants from the GMS Business Council and tourism industry associations such as the Pacific Asia Travel Association (PATA) and Destination Mekong; the Mekong Tourism Coordinating Office; and ADB officials from the GMS Program, the Private Sector Operations Department (PSOD), and the Office of Market Development and Public-Private Partnership (OMDP) will attend the roundtable.

The post Cambodian delegates to present tourism Investment opportunities at GMS Tourism meeting first appeared on Estatedia | Economy & Real Estate Media in Cambodia.

Property development companies and real estate projects from all over the kingdom competed for prestigious honors on Friday, 18 August 2023 at the Grand Ballroom of Sofitel Phnom Penh Phokeethra.
OCIC Group won the top award of Best Developer for the first time ever while its project Diamond Bay Garden won two accolades, including Best Condo Development (Cambodia). Siha Property Co., Ltd was named Best Boutique Developer while its project Siha Residence won four awards, including Best Housing Development (Cambodia).

Marum Estate, a project by Sir Stamford Raffles (Cambodia) Co., Ltd., also won four awards, including Best Township Development. Canopy Sands Development garnered three awards for its project Bay of Lights, including Best Township Masterplan Design.

Other award-winning projects this year include Angkor Sereymongkol by Sok Tonh Real Estate; Apsor Mera by Bosba Property Co., Ltd; Dragon Land 598 by Dragon Land Investment Co., Ltd.; La Maison Plaza by Cambestate Management Co., Ltd.; Maline Office by Maline Office Co., Ltd; Mean Chey Avenue by RM Commercial Co., Ltd.; The Garden Residency 2 by JS Land Plc; and Vong Residence by Bossba Investment Co., Ltd.

Neak Oknha Chen Zhi, chairman of Prince Holding Group, accepted the Cambodia Real Estate Personality of the Year award from the editorial team of Property Report by PropertyGuru, the official magazine of the Awards. Under Neak Oknha’s leadership, Prince Holding Group has invested in over a million square metres of projects throughout the kingdom.

“The Awards this year continue to celebrate success in the Cambodia property market,” said Jules Kay, GM of PropertyGuru Asia Property Awards and Events. “With growing interest from local buyers and international investors in quality homes and developments, Cambodia truly remains one of the region’s most important and impressive frontier markets.”

“Congratulations to the award winners in Cambodia this year for creating such high-calibre residential and commercial developments,” said Jeremy Williams, managing director, Marketplaces, PropertyGuru Group. “These properties have great potential to contribute to economic progress in Cambodia, supported by its resilient domestic real estate market.”

The independent panel of judges who determined this year’s list of winners are Sorn Seap, chairperson of the Awards in Cambodia and president, Cambodian Valuers and Estate Agents Association (CVEA); David Granger, Siem Reap branch manager, IPS Real Estate Agency; Dilip Abye, architectural design manager, Archetype Cambodia; Jenny Chea Sok You, architect and managing director, CMED Construction; Jovany Antonio, residential director, DA&G Asset Management; Kinkesa Kim, deputy managing director, CBRE Cambodia; Lim Veasna, partner and attorney-at-law, commercial arbitrator and mark agent, Vinaya Law Firm; Simon Griffiths, managing director, The Mall Company; Dr. Simon Vancliff, COO, Rose Marvel Co., Ltd; and Thida Ann, managing director, PropNex Cambodia.
HLB International Real Estate Group, led by Paul Ashburn, made the selection process as fair, transparent, and credible as possible.

Main country winners of the PropertyGuru Cambodia Property Awards will advance to the 18th PropertyGuru Asia Property Awards Grand Final, presented on Friday, 8 December in Bangkok, Thailand where they will compete for regional honours against their peers from various dynamic property markets in the region.

Established in 2005, the PropertyGuru Asia Property Awards continue to reward high-caliber work within the industry, encompassing property development, construction, architecture, interior design, and sustainable building practices. The series initially covered Southeast Asia and has expanded over the years to include the region’s dynamic property markets, including Australia, China, India, and Greater Niseko in Japan.

The 8th PropertyGuru Cambodia Property Awards are supported by gold sponsors CBRE Cambodia; silver sponsors Dewan Architects and Engineers and SALTO Systems; official magazine Property Report by PropertyGuru; official publicity partner TWPR; media partners Bridges, Cambodia Begins at 40, Construction & Property, Siemreap.net, and Southeast Asia Globe; supporting associations Cambodian Valuers and Estate Agents Association (CVEA) and EuroCham Cambodia; and official supervisor HLB.
For more information, email awards@propertyguru.com or visit the official website: AsiaPropertyAwards.com.

LIST OF WINNERS
8th PropertyGuru Cambodia Property Awards
DEVELOPER AWARDS
Best Developer
WINNER: OCIC Group
Best Boutique Developer
WINNER: Siha Property Co., Ltd
DEVELOPMENT AWARDS
Best Township Development
WINNER: Marum Estate by Sir Stamford Raffles (Cambodia) Co., Ltd.
Best Mixed Use Development
WINNER: Marum Estate by Sir Stamford Raffles (Cambodia) Co., Ltd.
Best Luxury Housing Development (Phnom Penh)
WINNER: Siha Residence by Siha Property Co., Ltd
Best High End Housing Development (Phnom Penh)
WINNER: Dragon Land 598 by Dragon Land Investment Co., Ltd.
Best Affordable Condo Development (Phnom Penh)
WINNER: The Garden Residency 2 by JS Land Plc
Best Waterfront Condo Development
WINNER: Diamond Bay Garden by OCIC Group
Best Housing Development (Greater Phnom Penh)
WINNER: Apsor Mera by Bosba Property Co., Ltd
Best Residential Development (Siem Reap)
WINNER: Angkor Sereymongkol by Sok Tonh Real Estate
Best Retail Development
WINNER: Mean Chey Avenue by RM Commercial Co., Ltd.
Best Leisure Development
WINNER: Bay of Lights by Canopy Sands Development
Best Shophouse Development
WINNER: La Maison Plaza by Cambestate Management Co., Ltd.
DESIGN AWARDS
Best Township Masterplan Design
WINNER: Bay of Lights by Canopy Sands Development
Best Luxury Housing Architectural Design
WINNER: Siha Residence by Siha Property Co., Ltd
Best High End Housing Architectural Design
WINNER: Dragon Land 598 by Dragon Land Investment Co., Ltd.
Best Housing Architectural Design
WINNER: Marum Estate by Sir Stamford Raffles (Cambodia) Co., Ltd.
Best Luxury Housing Interior Design
WINNER: Siha Residence by Siha Property Co., Ltd
Best Housing Interior Design
WINNER: Vong Residence by Bossba Investment Co., Ltd.
Best Housing Landscape Design
WINNER: Marum Estate by Sir Stamford Raffles (Cambodia) Co., Ltd.
Best Office Architectural Design
WINNER: Maline Office by Maline Office Co., Ltd
Best Retail Architectural Design
WINNER: Mean Chey Avenue by RM Commercial Co., Ltd.
Best Leisure Architectural Design
WINNER: Bay of Lights by Canopy Sands Development
BEST OF CAMBODIA AWARDS
Best Condo Development (Cambodia)
WINNER: Diamond Bay Garden by OCIC Group
Best Housing Development (Cambodia)
WINNER: Siha Residence by Siha Property Co., Ltd
PUBLISHER’S CHOICE
Cambodia Real Estate Personality of the Year
WINNER: Neak Oknha Chen Zhi, Chairman, Prince Holding Group

The post The 8th PropertyGuru Cambodia Property Awards celebrate success in the real estate market first appeared on Estatedia | Economy & Real Estate Media in Cambodia.

The encouragement was made by H.E. Pan Sorasak, Cambodian Minister of Commerce, in his keynote speech at a workshop on Future Direction of Trade and Investment Opportunities in Cambodia 2023, held in Bangkok, Thailand yesterday afternoon to disseminate and share information on the economic situation and outlook for trade and investment in Cambodia after the COVID-19 crisis.

At the function, H.E. Pan Sorasak stressed the significance of the workshop for potential Thai investors to find all relevant information on trade and investment opportunities in Cambodia and encouraged them to study, invest and expand their investments, particularly in areas of circular economy and agro-industry in Cambodia to take advantages from bilateral and regional trade agreements.

The Cambodian minister further requested the Thailand Chamber of Commerce and Thailand Business Council to collaborate with the Cambodia Chamber of Commerce (CCC) for the exchange of visits between both countries’ private sectors to deepen trade and investment activities in both countries, as well as took the opportunity to invite concerned private sector, companies and businesspeople of Thailand to attend the 17th Cambodian and Import-Export Goods Exhibition (CIEG) to be held in mid-December this year in Phnom Penh.

H.E. Minister spoke highly of crucial progress of cooperation in all sectors between the two neighboring countries over the last couple of years despite the COVID-19 pandemic, reaffirming the commitment of the Royal Government of Cambodia (RGC) to deep reforms and adoption of laws, policies, and other measures to grasp the opportunities emerging from the crisis and ensure socio-economic development at the time when the world is facing with the rapid change of trade and economic architecture caused by global challenges such as COVID-19, trade and technology war, geopolitical tensions and climate change.

Favorable conditions such as free trade agreements with ASEAN, China, the Republic of Korea, and RCEP were also mentioned by the minister on the occasion.

H.E. Pan Sorasak thanked the Thailand-Cambodia Business Council (TCBC), Thailand Chamber of Commerce, Thailand Business Council, and Joint Standing Committee on Commerce, Industry, and Banking (JSCCIB), for the organization of the important workshop, as well as appreciated active involvement of the participations, a reflection of strong commitment and a huge driving force towards future bilateral cooperation on trade and investment between both nations.

The post Cambodia and Thailand commit to achieving a bilateral trade volume of $15 billion by 2025 first appeared on Estatedia | Economy & Real Estate Media in Cambodia.

Since the end of the civil war in 1993, foreign direct investment (FDI) has poured into the country. FDI has increased by more than 800 percent in the last ten years, while the highest GDP was $3 billion in 2018.

Cambodia is currently on track to be one of the region’s most well-connected trade infrastructures, with three-hour flights to every ASEAN country.

A country with favorable trade agreements is a member of ASEAN and a signatory to intra-ASEAN FTAs as well as ASEAN FTAs with China, Japan, Korea, India, Australia, and New Zealand. Cambodia is also a signatory to the Regional Comprehensive Economic Partnership (RCEP), the world’s largest trade agreement, which connects roughly 30% of the world’s population and output.

Cambodia is the keystone in the development of the Southern Economic Corridor (SEC), which connects Myanmar, Thailand, and Vietnam. Phnom Penh is centrally located on the route that connects Bangkok and Ho Chi Minh City.

Cambodia is a critical component of the Southern Economic Corridor (SEC), which connects Myanmar, Thailand, and Vietnam. Phnom Penh is conveniently located on the route connecting Bangkok and Ho Chi Minh City.

There are 17 airports in total, including three international airports that connect to key markets around the world. The Sihanoukville Special Economic Zone (SSEZ) on Cambodia’s coast is linked to key international trading hubs by road, rail, sea, and air. A $1.9 billion investment is also being made in the Phnom Penh-Sihanoukville Expressway, which connects the capital to the coast.

Country shares borders with Thailand, Vietnam, and Lao PDR, and it is only a few hours by car from three of ASEAN’s emerging markets.

Four SEZs are strategically located at the Thai border, while 13 SEZs are strategically located at the Vietnamese border.

The post Cambodia stands as a very well-connected trade infrastructure first appeared on Estatedia | Economy & Real Estate Media in Cambodia.

Saenphin Sukhee, chief executive of residential developer Frasers Property Home (Thailand), said land prices in Bangkok continued to grow despite the pandemic with an average increase of 70-75% during 2020-22.

“The new expressway caused land prices to almost double,” he said. “In some locations such as Hathairat Road, the price more than tripled from 2-3 million baht per rai to 10 million baht after the completion of the expressway on Chatu Chot Road.”

According to the company’s land acquisition and business development departments, the new expressway pushed land prices in western Bangkok up by 81% on average, led by Rama 2-Bang Bon with a rise of 98%. Prices in Suksawat-Pracha Uthit grew by 63%.

Construction of infrastructure projects linking Bangkok to western provinces drove land prices in the Pin Klao-Ratchaphruek and Rattanathibet-Chaiyaphruek areas to grow 64-65%.

In Kaset-Ram Intra and Watcharapol-Sai Mai, land prices rose 60% and 44%, respectively, due to urbanization stemming from the expansion of the Pink Line mass transit.

Land prices in eastern Bangkok jumped by 92% on average as the competition among residential developers was high. The highest increase was in Ramkhamhaeng-On Nut which soared by 138%.

It was followed by Bang Na-Ring Road with an increase of 98% and Theparak-Bang Phli with a growth of 39%.

“Actual prices of land have risen beyond appraisal land prices,” Mr. Saenphin said. “Financial institutions cannot catch up with the rise. As a result, we got project loans lower than they should.”

The Real Estate Information Center (REIC) on Friday reported the price index of vacant land in Greater Bangkok in the fourth quarter of last year at 381.4 which was an increase of 34% from 284.7 in the same quarter of 2019.

Compared with the fourth quarter of 2021, it increased by 12.5% and rose by 3.4% from the third quarter of 2022.

The post Land prices surge amid urban growth first appeared on Estatedia | Economy & Real Estate Media in Cambodia.

On Monday, a panel chaired by Prime Minister Prayut Chan-o-cha approved a master plan for the city in the Huai Yai subdistrict of Chonburi province, about 160 kilometers southeast of Bangkok.

The yet-to-be-named city will take up 2,340ha of land and will cost 1.34 trillion baht (RM162.8bil) over the next ten years, according to officials.

According to Kanit Sangsubhan, secretary-general of the Eastern Economic Corridor, the project will include five business centers for rent.

There will be a hub for firms’ regional headquarters, a financial center, and areas for precision medicine, international research and development, and future industries like clean energy and 5G technology.

The new city’s residential quarter will be designed to house 350,000 people by 2032 and create 200,000 direct jobs. Residents will primarily be those employed in the industrial sector.

“The new city will be livable for the next generation of people while also functioning as business centers,” Kanit said. “We started this new project to make up for lost income during the pandemic.”

The new city, with its business centers, is expected to add two trillion baht (RM242.9bil) to Thailand’s GDP within ten years, and the value of assets after a 50-year concession period will be more than fivefold, according to a government statement.

Prayut’s government has promoted the Eastern Economic Corridor, a development project whose goals include urbanization, promoting advanced industries, and expanding infrastructure, to boost the country’s economic growth rate, which is lagging behind that of neighbors such as Indonesia and Vietnam.

The Eastern Economic Corridor is made up of three provinces that have historically been the country’s manufacturing hub and now account for up to one-fifth of the Thai economy.

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