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KR | ASEAN – Investments Opportunities

Cambodia
Urban Development - Real Estate
Investment Opportunities

Cambodia is one of the fastest growing economies in Asia today. Driven by a broad-based expansion in domestic demand, its economy has continued to perform strongly. The country’s gross domestic product (GDP) grew by 7% in 2018 compared to 6.9% in 2017.

Following more than two decades of strong economic growth, Cambodia has attained lower middle-income status with gross national income (GNI) per capita reaching $1,230 in 2017. Driven by garment exports and tourism, Cambodia has sustained an average growth rate of 7.7% between 1995-2017, Cambodia is the sixth fastest-growing economy in the world.

As global demand is expected to grow in 2019. Growth is also expected to remain robust because of its liberation of foreign capital, it has become a new land of financial management.

In the past two years, the price of land in Phnom Penh and the capital of Cambodia has soared. According to the 2013 Global Property Strategy, Cambodia’s Phnom Penh house price and average increase rate reached 15%, while the rental return rate is estimated to be 8%-10%. Today, Phnom Penh has been rated as “appropriate for financial management”. Cambodian real estate is bought and sold in US dollars. This is an advantage that many countries do not compete with

Cambodia Climbing Up

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“The circulation of RMB is equal to the sum of the United States and the Euro-zone. We should use our own bubble to buy the best assets overseas and “developing countries ” because these countries give China’s the best potential of investment for more than a decade ago” said financial writer Wu Xiaobo who gave a speech to the press in 2018.

The passage aforementioned has become the best theoretical support for Cambodia’s Real Estate investment.

A developing country with per capita annual GDP of only about 1,300 US dollars – Cambodia is an internationally recognized potential stock. The annual GDP growth rate is as high as 7%, and it is known as the new strong economy in Asia. Cambodia as a post-development country has some advantages and is now attracting international investors, just like China in the beginning and while opening up, there are opportunities everywhere.

Today China is the world’s second-largest economy. Hundreds of millions of its people have been lifted out of poverty. It is home to the world’s biggest auto industry, the second-most billionaires and the largest single group of internet users. It has some of the richest and most powerful technology companies on the planet however for the quick path of growth it has been following for the last couple of years, Chinese economist still call 2018 the year of change and the year of transformation. Looking back on the stormy times of this year the Peer2Peer massive violent thunder that affected the property market shocks still not gone.

As the Sino-U.S. trade frictions intensify, things are getting difficult. Holding the depreciating RMB assets, seeing the rise in risk, many rational investors began to consider the necessity of overseas allocation, there are many targeted countries overseas but in 2018 from all Southeast Asian countries – Cambodia was listed in the top 5 annual hot list.

Suárez  Investment Cambodia a subsidiary of Suárez  Global an International firm which provides Financial Restructure and Real Estate Corporate Acquisitions among others, for the last year Suárez  has been working with public and private sectors to design and deliver strategies that unleash growth and capture economic opportunities.

The group has signed exclusive agreements in Cambodia to assist in the development of key regions in Cambodia such as:

  1. Phnom Penh
  2. Sihanouk
  3. Poipet

Suárez  Global through its offices in Shenzhen, China and Seul, Korea has been bringing new investors to the regions mentioned above. Large Chinese Development companies have shown a unique interest in acquisition of land for commercial and luxury housing  development.

Suárez has been granted access to over over 1500 Hectares in Cambodia, targeted for the project in areas of Luxury Condominiums, Industrial parks, Malls, Medical Centers, Luxury Retail Stores.

Real Estate market analysis Supply & Demand (2019)

Supply
A long-term scarcity of land and limited construction:

The land in Phnom Penh is privately owned. The government must negotiate with the landowners to build new projects. The large areas of land have basically been monopolized by large consortia.

The large-scale projects are only to be developed in the surrounding areas of Phnom Penh.

There are also small plots of land and houses in the urban area of ​​Phnom Penh, which are basically only suitable for building terrace houses. This can only meet the needs of local inhabitants. The current land in Phnom Penh is becoming scarcer and the government has begun to expand outwards in the city of Phnom Penh. This has also made the housing prices in the core area of ​​Phnom Penh more and more expensive.

Building area level: Due to the needs of urban development, Phnom Penh government’s current requirement for floor area ratio is not very strict. Therefore, the existence of high-level and super-high-rise is a relatively common phenomenon. While the carrying capacity of cities and roads is limited, it is an irresistible trend to limit the floor area ratio. By then, the total amount of building area will be limited, and the supply cannot be greatly increased.

Demand

  • Taking advantage of the Belt and Road initiative, Chinese capital continues to increase
  • At the national level: In 2018, Premier Li’s “first show” chose Phnom Penh, which undoubtedly injected a strong signal to Cambodia and even Southeast Asia.
  • The importance of ASEAN will be higher and higher, and Chinese capital will be more widely involved in Southeast Asia. Of course, Cambodia is the most concerned.
  • In 2018, it will be a significant year for China-Cambodia relations, and Cambodia will achieve rapid development.
  • In 2017, the close exchanges between China and Cambodia were very close.
    1. First, the bilateral trade volume between China and Cambodia reached the expected target of 5 billion U.S. dollar.
    2. Chinese investment in Cambodia increased rapidly, with an increase of 84% over the same period of last year.

 

Southeast Asia is beginning to attract more and more Chinese private buyers and investors . Whether in Thailand, Malaysia, Philippines, Vietnam, Indonesia or Cambodia, the 2017 Chinese buyer’s Southeast Asian property consultancy increased by at least 26% compared to the same period in 2017.

The number of inquiries in Cambodia increased by 300%,  this year far exceeding that of other countries in Southeast Asia, with the respective growth rates of Philippines and Vietnam ranking 130% and 60%.

 

In summary, the real estate market in Phnom Penh has just started. With the advancement of globalization, the deepening of the Belt and Road initiative, and the global gathering of investment in Phnom Penh, the Phnom Penh real estate market will reproduce the Chinese-style Glorious Era with unlimited investment potential.

Investing in real estate: Land and property prices are low in Southeast Asian countries, and foreign investors can obtain permanent property rights.

The price increase in  Phnom Penh City and Sihanoukville Port ranked first in the ASEAN region, the increase of land price throughout ASEAN Capitals, Cambodia’s Phnom Penh gained first place, with office growth of 21.8% and residential growth of 26%.

China today is one of Cambodia’s largest foreign investor, with the Chinese accounting for nearly one-third of the country’s population. Phnom Penh’s foreign population is growing from 55,000 in 2015, 66,000 in 2016, 75,000 in 2017 and 100,000 in 2018. .

Rates: Sihanoukville Port 2000-3000 USD/m2, with hardcover.

Rental return: a monthly rental return of 800-1500 US dollars, the annual average return rate of 7-10%

Nature of property rights: Cambodian real estate is generally a freehold property and the buyer owns the real estate certificate issued by the Ministry of Land and Resources. It is the most secure and safest property right as of date.

  1. Regulatory Framework for the Land System in Cambodia

Land Law was first promulgated in 1992 and was amended in August 2001 (2001 Land Law). The 2001 Amendment to the Land Law especially aims to determine the regime of ownership for immovable properties in Cambodia for the purpose of guaranteeing the rights of ownership and other rights related to immovable properties. It also intends to establish a modern system of land registration that guarantees the rights of people to own land.

Land Law appointed the Ministry of Land Management, Urban Planning and Construction (MLMUPC) to be responsible for issuing titles related to the immovable properties and managing the cadastral administration of immovable properties belonging to the State.

During the civil war era, the Cambodian land system had been damaged severely and many of the land ownership titles and plots register had been lost. There are still many disputes over land ownership in Cambodia and, therefore, it is very vital for investors to verify the land ownership before they go into the contract regarding land use, lease or sharing a proportional interest of land ownership through Cambodian companies.

Many provisions of Land Law have been modified or deleted by the Civil Code which came into effect on 20 December 2011 following the implementation of Law on the Implementation of the Civil Code. It became very vital for the investors to refer to the provisions of Civil Code regarding the sale, purchase, transfer of ownership, land lease right, and/or setting of the mortgage on the land.

 

2.Component of a land

Civil Code stipulates that things attached to land or comprising a part thereof, particularly buildings or structures immovably constructed on land, etc. are components of the land unless they are severed from the land, and may not, except as otherwise provided by law, be the subject of rights separate from those applicable to the land (Civil Code Article 122). However, as the exceptional rule, it also stipulates that where the holder of a right [to occupy or use] a land of another has constructed buildings or structures, etc. on the land in the course of exercising such right, those constructed, etc. shall not become components of the land. The same shall apply to those things that are attached to the land for a purpose of temporary nature (Civil Code Article 123) and these buildings and other structures built on land by a right-holder, etc. shall be deemed components of the right [to occupy or use] the land of another (Civil Code Article 124).

3. Ownership

It is prohibited for any foreigner, either a natural person or legal entity, to own land. The Constitution stipulates that “All persons, individually or collectively, shall have the right to ownership. Only Khmer legal entities and citizens of Khmer nationality shall have the right to own land (Article 44)”. The 2001 Land Law also says that only natural or legal entities of Khmer nationality have the right to ownership of land in Cambodia and a foreigner who falsifies national identity to become an owner of land in Cambodia shall be punished (Article 8). In this regard, the legal entities of Cambodian nationality mean the companies of which 51% or more of share are owned by Cambodians or Cambodian companies.

Furthermore, the 2001 Land Law states that “No person may be deprived of his ownership unless it is in the public interest”. An ownership deprivation shall be carried out in accordance with the forms and procedures provided by the law and regulations and after fair just compensation in advance” (Article 5).

The major provisions of 2001 Land Law regarding immovable properties ownership, which may be of the keen interest to prospective investors, are as follows:

  • Any regime of ownership of immovable property prior to 1979 shall not be recognized (Article 7).
  • Any entering into possession of properties in the public and private property of the State, through any means, that occurs after this Law comes into effect, is null and void (Article 18). Possession of immovable property, which was recognized since 1989, may constitute a right in rem over immovable property and may lead to the acquisition of ownership by the holder of the property (Article 29).
  • Any person who, for no less than five (5) years prior to the promulgation of the Law, enjoyed peaceful, uncontested possession of immovable property that can lawfully be privately possessed, has the right to request a definitive title of ownership (Article 30).
  • After the Law comes into force, any new occupant without title to the immovable property shall be considered as an illegal occupant (Article 34).
  • In order to transform into ownership of immovable property, the possession shall be unambiguous, non-violent, notorious to the public, continuous and in good faith (Article 38).
  • While waiting for the possession to be transformed into full ownership, possession in compliance with the Law constitutes a right in rem over the immovable property. The title is evidence of possession but is not in itself a title of ownership and is not indisputable. The titles of possession shall only constitute definitive and indisputable title of ownership of the property in the absence of any dispute as to the ownership of the property at the time of the land register is created. In case of a disputed claim, the determination of the lawful possessor of the property shall be based on the additional investigation of all relevant evidence. A title of possession to property is one kind of evidence but is not in itself determinative (Article 40).

 

The Civil Code stipulates the positive prescription of land ownership as follows (Civil Code Article 162).

  • A person can acquire ownership of the immovable property through peaceful and open possession of the immovable property for a period of 20 years with the intention of ownership.
  • Ownership of immovable property can be acquired after 10 years if the peaceful and open possession of the immovable property is commenced in good faith and without negligence.

 

It also introduced the concept of co-ownership. Co-ownership is defined as ownership of a single thing by multiple persons. Each owner’s interest is limited to their own share (Civil Code Article 202). Indivisible joint ownership occurs when there is a partition, such as a wall, moat or hedge distinguishing ownership of adjacent land or buildings and both parties jointly own the partition. While the joint owners have a shared duty, limited to their own share, to preserve, maintain and repair the jointly owned partition they also share a right of use (Civil Code Article 215 and 217). Various provisions relating to the possessors’ rights are also provided in Article 227 to Article 243.

 

4.Acquisition of ownership over immovable properties

Ownership over an immovable may be acquired not only via contract, inheritance or other causes set forth in this Section IV but also based on the provisions set forth in Clause 4, Chapter 2, Book Three of Civil Code, other provisions of Civil Code and other laws (Civil Code Article 160).

 

5.Effect of Real Rights Existing Prior to the Date of Application of Civil Code

A long-term lease, usufruct, right of use, right of residence, or easement arisen from an agreement based on Land Law 2001 before its amendment according to Article 80 (Amendments on certain provisions of Land Law 2001) of this law shall be deemed as perpetual lease, usufruct, right of use, right of residence, or easement based on the Civil Code from the Date of Application. In this case, the duration of existence of these rights shall be calculated from the date that such rights were created based on the Land Law 2001 (Law on the Implementation of Civil Code Article 38-2).

 

6.Land Leases

The term of a perpetual lease may not exceed 50 years. If a perpetual lease is established with a term exceeding 50 years, it shall be shortened to 50 years. A perpetual lease may be renewed; provided that the renewed term may not exceed 50 years counting from the date of renewal (Civil Code Article 247).

If the perpetual lessee fails to pay the stipulated rental for three years, the perpetual lessor may cancel the perpetual lease (Civil Code Article 250).

Perpetual leases may be assigned with or without consideration, or otherwise disposed of. The perpetual lessee may sublease the subject of the perpetual lease and may be inherited (Civil Code Article 252).

Upon termination of a perpetual lease, the perpetual lessor cannot demand that the perpetual lessee restore the immovable to its original condition unless the perpetual lessee has destroyed the immovable or fundamentally changed its nature. Upon termination of a perpetual lease, the lessor shall acquire the ownership over any improvements and any structures installed on the immovable by the perpetual lessee without having to pay compensation to the perpetual lessee (Civil Code Article 254).

With regard to long-term lease created prior to the Date of Application relied upon the Land Law 2001, when the remaining period of such a lease exceeds 50 (fifty) years on the Date of Application of Civil Code, such right shall remain in existence during the stipulated period of the agreement although there is a provision of Article 247 (Term of perpetual lease) of the Civil Code. Nevertheless, a long-term lease with a remaining period of more than 99 (ninety-nine) years, the existence of such a right shall be deemed to remain at 99 (ninety-nine) years from the Date of Application (Law on the Implementation of Civil Code Article 41).

If the right of use or right of residence, which is created based on Land Law 2001, is registered according to provision of paragraph 3 of Article 120 of Land Law 2001 such provision shall govern the registration with the reference to provision of Article 139 of the same law even though Article 277 (Requirements for perfection of rights of use and rights of residence) of the Civil Code stipulates that it cannot be held up against third parties unless the holder of a right of use or right of residence actually uses his/her right, and even the holder of a right of use or right of residence does not use or profit as the matter of fact, this right can be asserted against third parties (Law on the Implementation of Civil Code Article 43).

 

7.Mortgage

Nature of Hypothec: A Debtor shall have the right to receive the performance of his/her claim prior to other obligees out of the immovable properties that the obligor or a third party provided to secure the obligation without transferring possession. A perpetual lease or usufruct may also be made the object of a hypothec (Civil Code Article 843).

Asserting hypothec: A Debtor may not assert the hypothec against a third party who is not the creditor unless the instrument creating a hypothec is notarized and registered in the land registry (Civil Code Article 845).

The scope of effect of hypothec: [The effect of] a hypothec shall extend to all things that are attached to and form part of the land comprising the object of the hypothec when the hypothec is created, including buildings residing thereon. It also extends to things that attach to the land after the hypothec is created (Civil Code Article 846).

Effect of hypothec on land over building owned by third party: Where based on a perpetual lease, usufruct or leasehold a third party owns a building on the land comprising the object of the hypothec [when the hypothec is created], [the effect of] the hypothec does not extend to the building (Civil Code Article 847).

Order of priority of hypothecs: Where multiple hypothecs have been created on an immovable in order to secure multiple debts, the order of their priority shall be based on the order of their registration (Civil Code Article 851).

 

8. Land Concessions

A land concession is a legal right established by a legal document issued under the discretion of the competent authority, given to any natural person or legal entity or group of persons to occupy a land and to exercise thereon the rights set forth by this law (Land Law Article 48).

In Cambodia, there three types of concessions: Social Concessions, Economic Concessions and Use, Development or Exploitation Concessions. In the case of Social Concessions, beneficiaries can build residential constructions and/or cultivate State lands for their subsistence. In Economic Concessions, the beneficiaries can clear land for industrial or agricultural exploitation. Use, Development or Exploitation Concessions include mining concessions, port concessions, airport concessions, industrial development concessions, fishing concessions but they are not regulated by the 2001 Land Law (Land Law Article 49 and 50). For Use, Development or Exploitation Concessions, Law on Concession was promulgated on October 19, 2007.

Land concessions may only create rights for the time fixed by the concession contract (Land Law Article 52) and can never result from a defacto occupation of the land. The land concession must be based on a specific legal document, issued prior to the occupation of the land by such competent authority as the State, a public territorial collective or a public institution that is the owner of the land on which the concession is being granted. The concession must be registered with the MLMUPC (Land Law Article 53).

Land concession is revocable through government decision when its legal requirements are not complied with (Land Law Article 55). Land concession areas shall not be more than 10,000 hectares and the maximum duration is limited to 99 (Land Law Article 59 & 61).

The provisions of the Civil Code relating to perpetual leases shall apply mutatis mutandis to land rights created by concession, within the scope of the conditions applying to such concession, except where otherwise provided by a special law (Civil Code Article 307).

9. Economic Land Concession (ELC)

 

Regulatory Framework for ELC

“Sub-Decree (RGC) No. 146 ANK/BK on Economic Land Concessions (SD-ELC)” was issued on December 27, 2005 to determine the criteria, procedures, mechanisms and institutional arrangements for initiating and granting new economic land concessions, for monitoring the performance of all economic land concession contracts, and for reviewing economic land concessions entered into prior to the effective date of this sub-decree for compliance with the Land Law of 2001.

Purposes for ELC

Economic land concessions may be granted to achieve the following purposes (SD-ELC Article 3)

  • To develop intensive agricultural and industrial-agricultural activities that require a high rate and appropriate level of initial capital investment.
  • To achieve a specific set of agreements from the investor for developing the land in an appropriate and perpetual manner based on a land use plan for the area.
  • To increase employment in rural areas within a framework of intensification and diversification of livelihood opportunities and within a framework of natural resource management based on the appropriate ecological system,
  • To encourage small as well as large investments in economic land concession projects, and
  • To generate state revenues or the provincial or communal revenues through economic land use fees, taxation and related services charges.

Conditions for Granting ELC

An economic land concession may be granted only on land that meets all of the following five criteria (SD-ELC Article 4).

  1. The land has been registered and classified as state private land in accordance with the Sub-decree on State Land Management and the Sub-decree on Procedures for Establishing Cadastral Maps and Land Register or the Sub-decree on Sporadic Registration.
  2. Making plans for the land that has been adopted by the Provincial-Municipal State Land Management Committee and the land use is consistent with the plan.
  3. Environmental and social impact assessments have been completed with respect to the land use and development plan for economic land concession projects.
  4. Solutions for the resettlement issues, in accordance with the existing legal framework and procedures. The Contracting Authority shall ensure that there will not be involuntary resettlement by lawful landholders and that access to private land shall be respected.
  5. Land for which there have been public consultations, with regard to economic land concession projects or proposals, with territorial authorities and residents of the locality.

Evaluating Economic Land Concession proposals shall be based on the following criteria

(SD-ELC Article 5):

  • Increase in agricultural and industrial-agricultural production by using modern technology;
  • Creation of increasing employment;
  • Promotion of living standards of the people;
  • Perpetual environmental protection and natural resources management;
  • Avoidance or minimizing of adverse social impacts;
  • Any linkages and mutual support between social land concessions and economic land concessions;
  • Processing of raw agricultural materials, to be specified in the concession contract.

Mechanism for Administration and Implementation of ELC

The economic land concession mechanism shall be the following (SD-ELC Article 28).

  • Contracting Authority
  • Technical Secretariat
  • Provincial/Municipal State Land Management Committee
  • District/Khan State Land Working Group
  • Commune-Sangkat Councils

The Minister of Agriculture, Forestry and Fisheries is authorized and responsible for granting economic land concessions with a total investment value of more than 10,000,000 (ten million) Riels or more; or a total concession land area of 1,000 (one thousand) hectares or more.

Mortgage and Transfer of Right over ELC

“Sub-Decree #114 (RGC) ANKr.BK on the Mortgage and Transfer of the Rights over a Long -Term Lease or an Economic Land Concession” was issued on August 29, 2007 to determine principles and terms and conditions for granting rights to investors to put up as security and transfer of rights over a long-term lease or an economic land concession.

Only immovable property registered in the Master Land Register can be subject of a concession (Sub-Decree #114 Article 5).

The land concession shall be mentioned on the land title certificate at the MLMUPC and the MLMUPC shall issue a “Certificate of Economic Land Concession” (Sub-Decree #114 Article 6).

  • The concessionaire shall have the right to mortgage or transfer his/her right over the land concession as well as the buildings and/or other immovable properties that he/she has constructed on the land except as otherwise specified in the economic land concession agreement or as restricted by law (Sub-Decree #114 Article 7)
  • In all cases, the creditor cannot become the owner and have no right to claim ownership of the immovable property rented by or conceded to his debtor who has used his right over the concession as security. The creditor shall not have the rights to claim the right to dispose of the immovable property possessed through a concession by his/her debtor (Sub-Decree #114 Article 9).
  • The certificates of economic land concession shall clearly specify the category of immovable property, its size, location, the identity of the owner of the land, the identity of the concessionaire as well as the duration of the concession (Sub-Decree #114 Article 10).

 

10.The Cadastral Committee

The Cadastral Committee was established under 2001 Land Law in order to settle the dispute over unregistered land and to recognize officially the legal ownership.

Article 47 of the 2001 Land Law stipulates the Cadastral Committee shall make decisions on disputes over an immovable property between possessors so that the Committee’s decision shall be deemed final. Ownership of immovable property shall be guaranteed by the State and for this purpose, the Cadastral Administration under the supervision of the MLMUPC shall have the competence to identify properties, establish cadastral index maps, issue ownership titles, register lands and inform all persons as to the status of a parcel of land in relation to its nature, size, owner and any relevant encumbrances over such parcel (Land Law Article 226).

 

11. Limitations on Land Use

“Law on Land Use Planning, Urbanization and Construction” of 1994 regulates land use nationwide in Cambodia. In reality, this Law and various land use plans are very much general so that the investors must check carefully the actual zoning rules before they proceed with the investment projects.

Properties Available

Suárez District Section
​Sihanouk – Prey Nob – Cambodia.

Project  SGKHINV 001012019

Suárez Investments together with a number of foreign property developers envisions to build a new Business and Lifestyle District in over 400 hectares of land. This new residential, commercial and business center will be built in Sihanoukville also known as “Kampong Som”, a coastal city in Cambodia and the capital of Sihanoukville Province. This new district is 230 km away from the Capital Phnom Penh, Sihanouk has a total area of 2,537 square kilometers, two-thirds of the area are hills and plateaus. Sihanoukville once considered to be a small community, is rapidly and continuously growing due to the constant injection of foreign capital. Today this new city has become an important part of Cambodia’s national economic growth and neighboring areas to this province such as Yunlang National Park, Guogong and Gaolong Island are also affected by the major infrastructure, tourism and real estate development in Sihanoukville

Suárez foresees this new area as a blank canvas with the potential of becoming a rising green architecture, a new city built with high-rise towers and buildings that will consist of luxurious residences, shopping malls, hotels, restaurants, cafes, financial institutions, cultural and educational facilities created from beautiful, harmonious blocks of design and beauty.

The main roads are connected directly to the national highway systems leading to the regional Provinces, International Ports Authority and the International Airport. These roads also provide easy access to Schools, Medical Centers and other high-end residential areas which are currently being developed.

The planned Suárez Lifestyle and Business District meets all fundamental needs of a modern city. Infrastructure which is composed of public and private physical improvements such as roads, bridges, water supply, sewers, electrical grids, and telecommunications (including Internet connectivity and high-speed broadband).

Last year more than 1 million local tourists and 470,000 international tourists visited Sihanoukville bringing great economic benefits to the region. From the 470,000 international tourists, 120,000 were Chinese, this is 25.53% of the total number of international tourists.

The opening of Sihanoukville International Airport has become one of the main reasons for the increasing growth of tourism. Sihanoukville International Airport has opened international flights to China, Vietnam, the Philippines and Malaysia. The airport has also increased influx by 182.2% compared to last year. At present, an extension to the new terminal is under construction, this expansion plan will be completed by January 2019 and It is expected to increase the number of visitors to 500,000

 

The constant influx of Chinese tourists and investors has created Sihanouk’s economic take-off. Along with the economic development of Sihanouk in recent years, the real estate market has been equally rising, creating an astonishing picture of what a new modern city is supposed to be as well as how profitable it is to invest in Sihanouk. This new booming paradise is predicted to increase the flow of tourist substantially, especially from China which is becoming the strength of the local economy. Sihanouk has now more than 24 registered casinos, this thriving industry has become a key in the quick development of regional tourism

 

Today the province stands firm and continues to economically thrive with numerous projects and investments. Whether they come from prominent companies such as China, Korea, Malaysia or small yet flourishing business players. The local economy remains to be much attracted to potential investors thanks to the city’s vast feasible lands and the local government that help in the success of every business.


Suárez Global City  Project .

Sitting on a 400-hectare land in Prey Nob, Sihanouk, the Suárez Global City will be a unique development that is expected to have an industrial park in the country. This industrial park is looking to become the country’s first with an Urban Resort Residential Area, Lifestyle Amenities and Business Center. It will be also positioned to be the major hub for world-class light to medium export-oriented industries, residential, commercial, and institutional establishments after Phnom Penh.

At Suárez Global City, the 111 hectares will be allotted for the industrial park. Another 40 hectares are dedicated to the expansion of the industrial park and the integration of lifestyle amenities such as hotels, commercial and retail hubs, driving range, mini golf course, putting greens, swimming pool, jogging path, basketball and badminton courts, and open parks. Another 200 hectares of future development that may include an Urban Resort Residential Area,  Business – Financial Center and other recreational facilities.


Suarez District  Section  Master Plan

Projects Sustainability

Suárez’s main mission is to add value to the projects that we are managing, we apply high aesthetics and quality for our communities master plan, keeping high standards and commitment to making it long-term.Suárez Global City should reflect on the evolution of our mission. Realizing that the environment will play a critical role in the business and ensuring a positive impact of sustainability on land development as it will have a major impact on society.

Suárez Global City is our first sustainable project together with foreign investors applying high standards from design to construction as the principle of this particular development. The spectrum and quality of human activities will be applied in it.

Given these realities, Suárez Global City should have passive green design multi-functional facilities to promote development and the ability to soothe the environment using the natural conditions of the site. reducing waste and avoid unnecessary circumstances.

Suárez Global City’s overall master plan is to create a platform that fully meets the diverse needs of its future community, environmental, economic and social sustainability

  1. Recycled water and double piping in selected areas enabling reuse where potable or drinking water is not a necessity
  2. Storm water management, bios-wales, permeable surfacing in strategic locations to recharge the natural underground water supply
  3. A lake as an aesthetic reminder of oneness with nature, while serving multiple
  4. sustainability functions such as rainwater harvesting
  5. Maintenance of tree-to-house ratio for better environmental air quality, reduction of soil erosion, and water retention
  6. Special treatment of natural land features on site, making unique experiences of nature such as the linear ravine parks
  7. Use of energy-efficient equipment and fixtures in Suárez GC structures
  8. Back to basics with passive design to enhance the buildings’ ability to harness the natural conditions of the site
  9. Privately managed transport system (regional and Suárez GC bus, Suárez GC taxis) to lessen use of private vehicles
  10. Tree-lined walking and biking trails in major arteries to encourage a healthy way of moving about while minimizing emissions
  11. Implementation of a proven waste management system by Suárez Properties
  12. Management Corporation, from segregation at source to a materials recovery facility, down to a disposal system
  13. Sewer treatment plant complemented with green wetlands for more efficient sewer management

The ultimate  goal of a new community sustainability is to establish a new local economy that is economically viable, environmentally sound and socially responsible. Achieving this goal will require participation from all sectors of the community to determine community needs and to identify and implement innovative and appropriate solutions.

The goal of Suárez is to introduce  a variety of approaches and techniques  that can be used successfully in our new communities to develop key aspects of  local healthy economies on a sustainable basis.

Our vision of introduce an approach for the community and economic development that simultaneously maintains or grows the stock of the multiple assets that provide the base for a community with  more prosperous future, increases locally-rooted ownership and control of those assets, helping the medium -income people, places and firms get ahead by always including them in the design and benefits of economic development strategies.

The actual environmental, societal and economic context shows that creating  sustainable affordable housing is substantial. Studies showed that even with little increase on capital costs it is possible to design a community targeted for  lifestyle, commercial, finance and housing purposes and with a good level of sustainability. Foreign Investment Real Estate Developers plan to adapt a new construction  standards to the Cambodian environmental, societal and economic contexts.

Basic social sustainability concerns the social balance within an urban community. It is guaranteed through two main principles: equity and sustainability of the community (Bramley et al 2009, Bramley and Power 2009, Dempsey et al 2011).

By definition, reflections on sustainability involve a consideration for millennials  and their social and ecological environment. One of the most original and important aspect of urban sustainability is thus the importance of inter-generational equity.

We foresee the sustainability of a community as  the ability to reproduce itself, to perpetuate its viability, and to guarantee integration and social cohesion within the community.

Together with International Real Estate Developers we plan the design of full  sustainable communities which will highlights eight essential aspects:

1) Active, inclusive and safe

2) Well served

3) Well designed and built

4) Well run

5) Environmentally sensitive

6) Well connected

7) Thriving and fair for everyone

While building an environment which includes smart design,  green spaces, housing, buildings, and urban forms plays an important role, we believe that the social dimension is  predominant and concerns mainly the strength of the community and the efficiency and density of social interactions,

Sustainable design, construction and use of buildings based on the evaluation of the environmental pressure (related to the environmental impacts), social aspects (related to the users comfort and other social benefits) and economic aspects (related to the life-cycle costs). The sustainable design searches for higher compatibility between the artificial and the natural environments without compromising the functional requirements of the buildings and the associated costs.