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The almost decade-long, drama-shrouded Gold Tower 42 is an icon in itself. Photo supplied

A knight in shining armour could be on the horizon for the besieged Gold Tower 42, but the long-running saga looks set to continue in the absence of any formal offers.

The development, which has been little changed since its 2010 suspension, has yet to pick up from where it left off on the 32nd floor, out of the planned 42 floors.

The Ministry of Land Management, Urban Planning, and Construction (MLMUPC) is attempting to put an end to the woes that have engulfed the tower, persistently calling on the heads of the project’s developer Yon Woo Co. Ltd. to keep up with their promises of maintaining discussions with the ministry in an attempt to come to a resolution.

At the CamBuild ’16 construction exhibition held at the Diamond Island Exhibition Centre last weekend, Pen Sophal, secretary of state for the MLMUPC, said that MLMUPC senior minister Chea Sophara had been informed of potential investors keen to take over the comatose Gold Tower 42.

“The ministry has enough legal framework to force the completion of the construction, but it is the government’s objective to go with the softer approach in order to garner more international investors,” Sophal continued.

Nevertheless, no further details were given on the nature of this legal framework and what legitimate prowess it has to continue pushing for the eventual completion of the project.

Post Property was referred by Seng Lot, spokesman for MLMUPC, to Huy Nara, general secretariat of construction, who has been tasked by Sophara to oversee the entire issue, including calling for a formal letter from Yon Woo entailing negotiations and monitoring investor interest in the project.

Nara could not be contacted for information on further details of the mystery potential buyer for the development through his personal phone.

Cheng Kheng, chairman of Huttons CPL’s board of directors, said all hope was not lost for Gold Tower 42: “If there is no hope of completion, it is still okay because the construction is in a very good location that even I would want to buy the project, if all else fails.”

He continued, “Before this, the company that invested in this project had come and discussed it with me, but I told them that I can only help in selling the building if it’s completed; I cannot help them if there is no hope of completion.”

Kim Heang, president of the Cambodian Valuers and Estate Agents Association, confirmed there were investors looking to purchase the incomplete project, but are hesitating because the ministry has yet to resolve the matter with Yon Woo.

He continued, “The MLMUPC and the Ministry of Economy and Finance should come together and discuss how to solve this problem because it has already become a disease, so should we cut off our arm? Or should we keep feeding the pathogen until it eats us alive?”

“If the project is solid and open to the public to bid and buy, I’m sure that there will be a lot of buyers because from what I know, there are many people who want to buy this project right now.”

The Gold Tower 42 project was tipped to be Cambodia’s tallest building – at 192 metres high – when it initially broke ground in 2008. While construction came to a halt in 2009, the development has been stop-start for years.

An anonymus real estate industry insider speculated in front of Post Property earlier this year that while foreign developers would steer clear of such a dogged development, only a local developer with adequate resources might snatch up Gold Tower 42 and complete it without relying on initial speculative funding from project pre-sales – a local developer with direct access to funds of a local commercial bank of which kind there is only one, he said.

Source From: Khmer Post

 

Tracing its origins from Kingsland Development, which has over 37 years of experience in the property development scene across Singapore and Malaysia, Kingsland Global is excited to extend its property development expertise to more territories around the globe - none less than Cambodia.

In doing so, Kingsland Global looks to raise the market standard through stringent safety standards, closely held core values and quality developments.

Kingsland Global is committed to providing value to the Cambodian property market through the combination of professional expertise and experience with their local partner company, CamTrip Investment Co. Ltd. With the goal of playing a pivotal role in the region’s future landscape, Kingsland looks forward to contributing to the growth and development of the Cambodian real estate market.

Pheap Horng, representative of CamTrip Investment Co. Ltd., said: “Finding a suitable business partner is basically about finding someone we can trust and that will always have our best interests in mind. Kingsland Global shares the vision for business as we do; and they are highly adaptable, with a repertoire of skills that we can work with to gain a deeper understanding of the business. But more importantly, we share the same ideals, values and vision in looking to positively impact Cambodia and Cambodians through our developments.”

“Not only do they ensure the delivery of excellence through their projects, Kingsland Global looks to bring more than economic value to Cambodian society. They actively engage the local community, developing human capital with care and professionalism; steadfastly holding onto their ideology. Kingsland Global’s highest regard for quality in all phases of their projects also means that they will provide a holistic and value-added experience for all their partners throughout the regions in which they develop - I am glad that this has already begun in the Kingdom,” he added.

Kingsland Global is proud to announce some upcoming projects in Phnom Penh.

To be operated by the acclaimed hotel operator, Wangz Singapore, 228 Oknha Peich is a 13-storey boutique hotel located in Khan Daun Penh which houses many historical monuments. Slated to be completed in the second quarter of 2017, this stylish hotel is equipped with multiple facilities and looks to provide tourists and business travellers with a luxurious home away from home. 



Another upcoming iconic development, One18 Residences, is a luxurious 24-storey apartment providing quality living and hotel-like amenities right in the heart of Phnom Penh city. Look forward to a first-class residential experience like none other when the project is completed soon.

For more info on Kingsland in Cambodia, please get in touch with Kingsland (KH); (Address) No. 34 Street 200, Boeung Riang, Daun Penh, Phnom Penh, Cambodia; (Tel) +855 77 3399 20, (Fax) +855 23 2217 07/08 or Kingsland Global Headquarters (Singapore); (Tel) +65 6362 8998, (Fax) +65 6363 7031; or email This email address is being protected from spambots. You need JavaScript enabled to view it.

Source From: Khmer Post

 

having steadily built up its presence in Southeast Asia over the course of more than 20 years, Hongkong Land has arrived in the Kingdom of Cambodia with a market-leading Grade A office building and lifestyle retail mall, EXCHANGE SQUARE, which is on track to complete by the end of this year.

In building up an impressive portfolio that dates back more than a century, Hongkong Land has focused on maintaining excellent relationships with tenants, partners and investors, who today include some of the world’s leading global brand names in finance and luxury retailing. The Group has developed a unique set of values in its vision, design, construction and partnership, which centres on continuous innovation and continually raising standards. Far from constructing generic developments, Hongkong Land adds creative flair to the architecture, engineering and construction, design, and usability of all its properties.

Hongkong Land is now bringing this wealth of experience to Phnom Penh through its EXCHANGE SQUARE development, which is setting new standards for the local real estate industry.

Offering a total of 39,700 square metres of office and commercial space across 20 floors in its initial phase, EXCHANGE SQUARE is designed to cater for the needs of major multinational and domestic companies. Its lifestyle retail concept creates an excellent platform for global brands and leading restaurateurs wishing to gain a solid foothold in the country.

Content image - Phnom Penh Post

Mr Y K Pang, Chief Executive of Hongkong Land, said, “This is a world-class building with an impressive and growing list of tenants. Cambodia is a country with exciting prospects and EXCHANGE SQUARE is realising the Company’s vision to becoming a catalyst for business and retail activities in its capital.”

Prominent companies that have already snapped up EXCHANGE SQUARE’s office space include leading regional financial institutions CIMB Bank, The World Bank and the International Finance Corporation, and Japanese trading house Mitsui & Co., while Starbucks, Yves Rocher, and a gourmet supermarket managed by a joint venture partner in Phnom Penh are among some of the building’s key retail tenants.

Mr Por Lim, General Manager of Starbucks Cambodia, remarked, “We are excited to bring the Starbucks experience to even more customers in Phnom Penh when we open our doors at EXCHANGE SQUARE.”

The building’s topping out ceremony, held on June 28, was attended by government and embassy officials, along with partners and business leaders, in a show of support for the development. Mr Pieter Claudel, Director of Yves Rocher, added, “Given EXCHANGE SQUARE’s central location and its attractive tenant mix as well as the quality construction and parking provisions, we are confident that the development will provide visitors with a great and an all-encompassing lifestyle experience.”

As Mr Robert Garman, Executive Director of Hongkong Land noted, “Across Southeast Asia, we have for many years been building world-class office and retail space. We are now transferring this expertise to EXCHANGE SQUARE in Cambodia, which will transform this part of Phnom Penh by attracting new businesses, retailers and customers.”

EXCHANGE SQUARE’s topping out

Content image - Phnom Penh Post
Before the topping out ceremony, Buddhist monks gave EXCHANGE SQUARE their blessings.
Content image - Phnom Penh Post
In the topping out ceremony, a few last golden shovels of cement completed the building structure.
Content image - Phnom Penh Post
VIPs enjoyed a traditional Apsara dance performance and a festive lunch at Raffles Hotel Le Royal.

On Tuesday, June 28, Hongkong Land celebrated the festive topping out ceremony of EXCHANGE SQUARE with more than 100 leading members of the government, business community and other key partners.

The event was a milestone of the development, which is scheduled to complete by the end of 2016. Guests of honour included HE Mr Phuoeng Sophean, Secretary of State at Ministry of Land Management, Urban Planning and Construction as well as the senior management of Hongkong Land and POSCO.

Content image - Phnom Penh Post
About Hongkong Land
 
Hongkong Land is a listed leading property investment, management and development group. The Group owns and manages almost 800,000 sq. m. of prime office and luxury retail property in key Asian cities, principally in Hong Kong and Singapore.

Its Hong Kong Central portfolio represents some 450,000 sq. m. of prime property. It has a further165,000 sq. m. of prestigious office space in Singapore mainly held through joint ventures, and a 50 per cent interest in a leading office complex in Central Jakarta.

The Group also has a number of high quality residential and mixed-use projects under development in cities across Greater China and Southeast Asia, including a luxury retail centre at Wangfujing in Beijing. In Singapore, its subsidiary, MCL Land, is a well-established residential developer.

Hongkong Land Holdings Limited is incorporated in Bermuda and has a standard listing on the London Stock Exchange as its primary listing, with secondary listings in Bermuda and Singapore. The Group’s assets and investments are managed from Hong Kong by Hongkong Land Limited. Hongkong Land is a member of the Jardine Matheson Group.

Content image - Phnom Penh Post

Source From: Khmer Post

1

 
​Residents around the airport area are no strangers to controversy; an SOS sign is painted on a roof to catch President Obama’s eye from Air Force One back in 2013. Hong Menea

In light of recent reports on the government planning to expand the Phnom Penh International Airport (PPIA), and then scrapping the idea in favour of building an entirely new international airport elsewhere in the city’s outskirts, certain ripples have been making their way through the property market.

According to industry experts, rumours of enlarging the airport have been circulating among the residents living in proximity to the PPIA for a number of years now.

However, with no concrete plans made, there has not been any record of land sale transactions around the airport area in recent times.

“You may say that land directly around the PPIA is reserved for the airport enlargement. If so, that land is not allowed for large constructions [of buildings], but residents can still sell or buy, depending on the willingness of the buyer and seller,” said Kim Heang, president of the Cambodian Valuers and Estate Agents Association (CVEA).

Nevertheless, it was previously reported that people living around the area do not possess land titles, while Phuong Sopheap, a representative of the land disputants in the Thmor Kol community – residents within the closest vicinity of the PPIA – suggested the government offer land titles or compensate them for deprivation of opportunities caused by the freezing of any land sales for the past four years.

Heang, however, said more people around the area have been showing signs of wanting to sell their land recently, especially after the revived rumours of the airport enlargement.

Asked if the residents living around the airport have land titles, Heang said, “No, they do not because the land belongs to the government and the government will use it for the airport’s enlargement in the future”, implying that the giving of land titles to the people is close to impossible.

Van Chanthorn, CEO of Towncity Real Estate, while unaware of any recent land sale transactions around the airport area, said that the immediate land in proximity to the airport belongs to the government whereas land further out is privately owned.

Even so, although all of the area’s residents are not in possession of a hard land title, the ones further out “have soft titles, which are recognised by the local authorities in the case of buying and selling land,” said Heang.

CVEA projects the land prices around the airport area to be an estimated range of between $150 and $450 per square metre, depending on its real location, real land plot size, as well as its land layout.

Cambodia Airports did not address specific questions asked by Post Property, maintaining reticence and making room for further speculations among the Thmor Kol community and the property market.

“At today’s location and within the current airport boundaries, there is room for further expansion. Overall, to address any forms of airport facilities development, we are in constant - and constructive - talks with Cambodian authorities,” Norinda Khek, spokesperson for Cambodia Airports, said.

Source From: Khmer Post

 

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