Single visa for two kingdoms

Cambodia and Thailand have joined hands to increase foreign and inter-ASEAN tourism under the “Two Kingdoms, One Destination” tourism pact.

Tith Chantha, secretary of state at Cambodia’s Ministry of Tourism, said Cambodia and Thailand have already created a single-visa option for tourists looking to explore both countries in one trip.

“Now, we’re joining with Thailand to promote Two Kingdoms, One Destination. It will make it much easier for tourists who don’t want to visit only one country during their trip,” he said.

“Thailand has a lot of airlines operating long-haul to Europe or the United States – we don’t have many of those long flights, so we will benefit from this once the campaign kicks in.”

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Agri-boom boosts Battambang city property

Along with the constant growth in the agricultural sector in Battambang province, the property sector in Battambang city has begun to see an increase in value.

Battambang’s property sector is seeing a strong growth in real estate, as many hotels and guesthouses are being erected with the continuous growth of tourism and agriculture, said Chrek Soknim, CEO of Century21 VTrust.

“Battambang’s economy has seen an increase because of people’s increasing income, the tourism sector and the ever-growing agricultural sector, which plays a vital role in the province,” he said.

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Brick prices fall as new machine changes supply and quality

As the construction sector in Cambodia grows, the demand for construction materials has steadily increased from year to year, especially the demand for bricks in home construction. Yet despite the increase in demand, the price for bricks has fallen sharply compared to 2014 due in part to the increase of production and lower cost of manufacturing as techniques begin to modernize, said brick kiln owners.

Preab Koy, owner of a brick kiln in the Mukh Kompul District of Kandal Province, said brick prices have fallen to $280 to $300 per 1,000 bricks compared to last year at this time when the price was $320 to $330.

While Koy still uses the labour intensive hydraulic manual machine, which mixes molds and cuts the unfired clay into rectangular blocks, he said that many other brick manufacturers have started to use automated machines to boost production while replacing the labour shortage within the industry.

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GDT threatens to publicly shame late payers

The Tax Department has threatened to publicly name companies that have not paid their outstanding dues by the end of the month.

In an announcement posted on its website and in local media on Tuesday, the General Department of Taxation called on all company directors with outstanding tax liabilities to pay up, by June 30, what the department says is owed to the state budget and needed to further economic development.

“In case the directors of the enterprises fail to settle all the tax liabilities by the aforementioned deadline, the GDT will publish names and owners of the enterprises in the press soon after,” the announcement reads.
Failure to make payment could lead to further sanctions on businesses, the GDT warned.

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GTI to pay 177 riel per share

Garment factory Grand Twins International (GTI), one of the two companies listed on Cambodia’s fledgling stock exchange, will pay 50 per cent of its net income after tax in dividends to shareholders by the 22nd of this month.

According to an announcement from the Cambodia Securities Exchange (CSX), GTI will pay over 7 billion riel (about $1.76 million) in dividends from its total post-tax income of 14.1 billion riel, with dividends per share at 177 riel.

Svay Hay, president and CEO of Acleda Securities brokerage firm, said the firm’s dividend payment showed both the company’s good will towards shareholders and intention to attract more investors.

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Why Borey home prices are up 10 to 20 percent

Prices for borey homes have increased around 10 to 20 per cent in the first quarter of this year compared to the same period of last year, according to a study conducted by World Trust Estate.

Up until the first trimester of this year, the study included houses that where at least two-stories high. The price of those houses was based on the type of housing such as flats, shop houses, twin villas and single villas.

As the reason to why single villas sold slowly, the study cited that the price range exceeded the majority of potential homeowner’s financial capability.

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Building upon a successful past – what could the future hold for public housing in Cambodia?

I van Tizianel walks to the book shelf in his office, pulling out book after book on Cambodian architecture. The French archictect and his team at international architecture company ASMA, have designed schools, hotels, restaurants and hospitals throughout Siem Reap and Phnom Penh, including The Plantation hotel and the VIP building at the Phnom Penh airport.

One of Tizianel’s passion, however, is the genius of the design applied in Cambodia’s public housing architecture, which history dates back to the 1960’s. While the White Building is slowly crumbling apart and the Grey Building was down in the 1990s the need for new public housing projects that makes home ownership affordable for the emerging middle class is increasingly becoming a hot topic again – but property in

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Home ownership the number one dream for many middle-class Cambodians

Seng Socheat and Lat Savry got married over a year ago, and as the excitement of the wedding fades into a happy memory, their thoughts are now turning to the future – especially since the couple are now proud parents.

“At the moment, my number one wish is to have a house of my own,” says Socheat, 34, who sells motorbikes from the ground floor of his rented shop house in Phnom Penh.

But for this couple, like for so many other young professionals in Cambodia’s major cities, the housing boom, that has seen high-rise condominiums and high-end villas springing up almost overnight, is passing them by.

“The gap between my incomes and the cost needed to buy a house is huge. It’s hard to even to try and buy the most basic houses,” says Socheat.

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Office rental prices hardly increased in Q1 2015

Rental prices for prime Phnom Penh office space saw an increase of 0.6 per cent in the first quarter of 2015, according to the Knight Frank Asia Pacific Prime Office Rental Index.Knight Frank country manager Ross Wheble said that ​ with a sustainable future supply pipeline, the office market in Phnom Penh is likely to remain relatively stable over the short to medium term with new completions able to meet future demand growth.

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Southbound and dry, Phnom Penh’s land value surged on road announcement

After selling out his land, Vet Da, a citizen of Chheung Eak commune, Dong Kor district, had mixed feelings. Knowing he could now sell his land for $30 per square metre but having sold it for $20 per square metre, before the municipality announced the construction of Road 217 and Somdech Decho Hun Sen Road at the end of 2014, leaves him with a stale aftertaste. The new roads will run through the middle of Phnom Penh satellite ING City and lead into the South of the greater Phnom Penh greatly increasing the value of the surrounding land by effectively integrating it into the capital.

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