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Category: Make Money

Explore opportunities to boost your income in Cambodia with Angkor Times. From insightful blogs on starting a business, investing, and making money online, to updates on the latest trends in startups and SMEs in Cambodia, this category offers practical tips and strategies to help you succeed in the Cambodian market. Stay informed and take your financial journey to the next level.

Angkor Times Latest Questions

Angkor Times
Angkor TimesExperienced
Asked: June 11, 2025In: Make Money

Cambodia Condos: Which Condo Locations Attract Expats, Locals and Maximize Returns?

Last time we looked at the new Market Analysis 2025 – Cambodia Condominium Report from Realestate.com.kh and focused on trend changes and development in both sales and rental market demographics of key buyer and renter groups in Phnom ...Read more

Last time we looked at the new Market Analysis 2025 – Cambodia Condominium Report from Realestate.com.kh and focused on trend changes and development in both sales and rental market demographics of key buyer and renter groups in Phnom Penh.

With this detailed report, you get an honest, data-backed insight which can empower buyers, sellers, and developers to make informed choices in the Cambodian real estate markets, and specifically when it comes to condos.

It should be noted that the terms “condo” and “apartment” are often used interchangeably in Cambodia.

Tom O’Sullivan, CEO of realestate.com.kh, said, “Sales activity in the condo market is strong, particularly in well-built, well-located developments—a clear sign of a ‘flight to quality, ‘ and although he does say the opportunities are real, you still need to consider the risks.

Phnom Penh serves as the country’s political and economic centre and sees the most real estate activity, with the largest number of condos being added to the capital.

Cambodia Condos: Which Condo Locations Attract Expats, Locals and Maximize Returns?
Cambodia Condos: Which Condo Locations Attract Expats, Locals and Maximize Returns? Photo: Ministry of Tourism, Cambodia

Siem Reap is home to the world-renowned Angkor Wat temple and also has its appeal, while along the southern coast, Sihanoukville offers a gateway to Cambodia’s tropical islands and remains a vital part of Cambodia’s ongoing growth. 5% of total transactions were in Siem Reap, with 2% taking place in Sihanoukville.

Read more: Is Phnom Penh’s Condo Market Still a Good Investment in 2025?

What is Appealing to Cambodian Condo Buyers?

Sotha Vatey, Sales Director at realestate.com.kh, explained that the demands for quality condos mean “there is also a strong emphasis on livability and lifestyle. Developers are expanding their amenities beyond the standard pool and gym, incorporating co-working spaces, libraries, gardens, rock climbing walls, golf simulators, cafés, restaurants, and more.”

In terms of the preferences shown among buyers of condos in Cambodia, and in Phnom Penh in particular, 1-bedroom units have dominated buyer preferences and remain the most popular choice among investors due to their affordability, ease of rental, and strong appeal to singles and couples.

  • One-bedroom condos contributed up to 61% of the total unit mix
  • Two-bedroom units contributed 20.5%
  • Studio rooms contributed 10.1%
  • Three-bedroom units contributed 8.4%

In the Cambodian capital, it was also noted that there is a lack of supply of centrally located 3-bedroom units for rent, which presents a growing opportunity as demand rises.

Read more: Is Phnom Penh Really That Expensive to Live In?

The report’s data suggest that there is a strong preference for central Phnom Penh locations to buy condos, with BKK1 holding onto its most desirable location yet again, followed by Toul Tom Poung.

Top 5 Areas To Buy in Phnom Penh

1. Boeung Keng Kang 1 (33.6 %) average price/sqm US $2,000
BKK1 is seen as a safe area with proven returns from a premium neighbourhood, and investors are drawn to its consistent demand, high rental yields, and low vacancy rates. The central location ensures strong resale value and makes it desirable for investors seeking stability and capital appreciation.

2. TTP (15.5%) average price/sqm US $1,200
The area known as Russian Market remains fast-growing and a lifestyle hub with a strong local-foreigner blend. TTP has a vibrant culture and offers affordability, thus attracting buyers priced out of BKK1 and Tonle Bassac.

3. Toul Kork (15.2%) average price/sqm US $1,450
The area is home to the growing middle class as well as being favoured by affluent Cambodian families, while the condo options make it more accessible to middle-class and younger buyers. The location offers easy access to the CBD the pricing of the condos here appeals to those working in the city centre.

Read more: What’s Driving the Real Estate Boom in Bavet, Sihanoukville, Koh Kong, and Poipet?

4. Chroy Changvar (8.7%) average price/sqm US $1,700
Offering riverside living with rising infrastructure-led value, the area’s improved connectivity, as well as relatively peaceful riverside living and open spaces, has seen its popularity grow as it has long-term growth potential.

5. Chbar Ampov (7.7%) average price/sqm US $1,600
The district is rapidly developing and more affordable than the other areas, with prices generally below the city average. Located in the southeast of Phnom Penh, Chbar Ampov is connected with newer transport links, which also make it more convenient to live in.

In terms of pricing in Phnom Penh, the average price per square meter is US $1,800 gross, with Tonle Bassac demanding the highest prices of an average of US $2,500.

What Are Phnom Penh Condo Renters Looking For?

In terms of what renters of condos desire in Phnom Penh, 1-bedroom units dominate rental demand in the same way

1-bedroom condos lead sales. In terms of preferences and average rental prices per month in the capital:

  • One-bedroom condos 72% – US $350
  • Two-bedroom units contributed 18% US $500
  • Three-bedroom units contributed 5% US $900
  • Studio rooms contributed 5% US $1,322

Studio units make up just 5% of long-term rental demand but perform better in the short-term market.

Best 5 Areas To Rent in Phnom Penh

Best 5 Areas To Rent in Phnom Penh
Best 5 Areas To Rent in Phnom Penh

The most popular areas to rent show some stark differences from where buyers are looking to invest in Phnom Penh.

1. BKK1 18.5%
2. Toul Kork 16%
3. Tonle Bassac 15.4%
4. Daun Penh 12.2%
5. TTP 11.4%

The full range of average rental options for unit types in each area. It is worth noting that BKK1 (Boeung Keng Kang 1), which commands the most premium rents in the city, one-bedrooms average US $800, two-bedrooms are US $1,450, and three-bedrooms average US $2,550. In Tonle Bassac and Toul Tom Poung (Russian Market), one-bedroom units average US $600 per month compared to US $500 in Toul Kork.

In Tonle Bassac and Toul Tom Poung (Russian Market), one-bedroom units average US $600 per month compared to US $500 in Toul Kork.

Read more: Top 12 Reasons Why Buying a Condo in Cambodia is a Smart Move

Major handovers are expected in 2025, including Le Condé BKK1 (1,000+ units), Vue Aston (800 units), and Time Square 306 (350 units), bringing over 2,000 units to the market. According to data in the report, on average, it takes around 12 to 18 months after a new apartment building is completed to fully understand how the rental market absorbs the new stock

You can see additional case studies, real estate checklists, a breakdown of fees and more are available in the report, which can be downloaded for free. http://www.realestate.com.kh

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Angkor TimesExperienced
Asked: June 9, 2025In: Make Money

Is Phnom Penh’s Condo Market Still a Good Investment in 2025?

The Changing Phases of the Condo Sector in Phnom Penh. Over the past decade, Phnom Penh’s condominium sector has undergone a remarkable transformation — shaped by foreign capital, pandemic-related resets, and now, a growing wave of domestic buyers and shifting regional ...Read more

The Changing Phases of the Condo Sector in Phnom Penh.

Over the past decade, Phnom Penh’s condominium sector has undergone a remarkable transformation — shaped by foreign capital, pandemic-related resets, and now, a growing wave of domestic buyers and shifting regional dynamics. From skyscrapers funded by Chinese investors to urban apartments occupied by young Cambodians, the city’s skyline tells a story of both ambition and adjustment.

But even as the market recovers from past excesses, natural events in neighboring countries — like earthquakes in Myanmar and Thailand — are now introducing a new variable: safety-driven buyer behavior.

Phnom Penh Condos

The Rise: Chinese Capital and Sky-High Dreams

Before the Covid-19 pandemic, the condo market in Phnom Penh was on fire. Developers launched wave after wave of high-end projects aimed at international investors, primarily from China, Taiwan, Hong Kong, and Singapore. With Cambodia’s economy growing at 6.8 percent and an open-door investment policy, foreigners rushed in.

In 2018, high-end condos sold at an average of $3,260 per square meter (psm), mid-range units fetched $2,562 psm, and affordable units were around $1,466 psm, according to CBRE. These prices reflected both demand and the speculative optimism that defined the boom years.

Yet, this surge was not without its flaws. Tom O’Sullivan, CEO of Realestate.com.kh, put it bluntly: “Many of these projects have since been exposed — post-Covid — for delivering poor-quality construction that in no way reflects the price buyers originally paid.”

The overhang? Roughly 30% of units remain unsold as of March 2025.

Read more: Is Phnom Penh Really That Expensive to Live In?

The Reset: Pandemic, Price Corrections, and Local Buyers

The pandemic hit pause on Cambodia’s property boom. Chinese capital retreated, projects stalled or slowed, and many developers found themselves stuck with unsold inventory.

“Developers are getting more creative as to how to move unallocated stock,” said James Whitehead, Investment Advisor at IPS Cambodia.

Between January 2023 and December 2024, the average sale price in Phnom Penh’s prized BKK1 district dropped to $2,000 psm. Condos now range from $800 to $2,550 psm depending on location and layout — a far cry from the highs of the late 2010s.

Condos and Working Space in Phnom Penh, Koh Pich
Condos and Working Space in Phnom Penh, Koh Pich

This market correction paved the way for local buyers. Realestate.com.kh reports that 18.8 percent of 1,000 condos sold in the last 24 months were bought by Cambodians — a sign of growing incomes, urbanisation, and lifestyle shifts.

“Many young professionals are looking to rent condominiums in more central locations [now] to reduce commute times,” noted Ross Wheble, Country Head of Knight Frank Cambodia.

The Human Story: Young Cambodians Choose Condo Living

Take Saosopheakneath Bun, a 27-year-old working at Impact Hub. She recently purchased a $30,000 studio at Arakawa Residence using a mortgage.

“I love living in a condo. There is an elevator, waste management, a food court, and a convenient store and a lot of street food nearby,” she told Kiripost. Her only gripe? Paying $44 a month for parking.

Her colleague Bank Vath, also a young professional, echoed a common theme among locals: safety. “My family felt unsafe living in local rental houses. We have two bedrooms in our unit. I don’t think the cost of the unit is pricey,” he said of their $70,000 home.

These stories represent a shift — not just from renting to owning, but from traditional housing preferences to urban convenience.

Earthquakes in the Region Spark Condo Safety Concerns

While Cambodia itself is not known for frequent seismic activity, recent earthquakes in Myanmar and northern Thailand have sparked concerns among property buyers and developers.

Read more: What’s Driving the Real Estate Boom in Bavet, Sihanoukville, Koh Kong, and Poipet?

A 5.8 magnitude quake in Myanmar earlier this year was reportedly felt as far as Siem Reap and Phnom Penh, reminding residents of the region’s interconnected geology.

Experts note that although Phnom Penh is outside major fault zones, the quality of construction in older condo buildings — particularly those rushed during the pre-pandemic boom — is raising red flags.

“We’ve had developers with no experience putting up towers just to cash in,” said O’Sullivan. “Now that safety is a more conscious factor, newer, reputable projects with better engineering standards are attracting more interest.”

This subtle yet real fear is nudging Cambodian and foreign buyers alike to scrutinise structural quality and earthquake resilience. “The Thai quake made me rethink where I want to live,” shared a Phnom Penh-based expat on an online forum. “I’d rather pay more for a building with proper engineering than risk my family’s safety.”

The Shift: Domestic Market and Strategic Pricing

Developers have started to listen. The post-2022 recovery brought a new class of projects — realistic in price, targeted to domestic needs, and built to higher standards.

“There is now a clear undersupply of properties that meet actual demand,” said O’Sullivan. “The real issue is a mismatch between supply and what the market actually wants.”

This includes bigger units with functional layouts, good locations, and better amenities. As Whitehead explains: “No one wants to buy an overpriced studio in BKK1 that can only deliver a four to five percent yearly yield… But well-priced, well-designed units for families? That’s the sweet spot.”

Read more: How Do the Rich People Make Money in Cambodia?

Who’s Buying? A Changing Investor Profile

Realestate.com.kh data shows that while Cambodians dominate the rental market (13.8%), foreigners still own the majority of condo units. Interestingly, Americans now top the list at 10.3% of foreign buyers, surpassing Chinese (6.7%), Singaporeans (7%), and British (6.7%).

“The online gambling ban in 2019 significantly reduced speculative inflows,” said O’Sullivan, explaining the shift in Chinese investor behavior. But things are changing again.

After Chinese President Xi Jinping’s 2025 visit to Cambodia, “we’re now seeing a different class of Chinese investor re-engage with the market — more business-driven and focused on long-term opportunities,” O’Sullivan said.

The entrance of brands like BYD into Cambodia supports this narrative of renewed Chinese confidence.

Looking Forward: 70,000 Units by 2025 and a Cautious Optimism

By the end of 2025, Phnom Penh will host over 70,000 condo units, with about 9,000 more coming online in the near term. Developers are responding to actual buyer needs, offering better payment plans and diversified unit layouts.

The most in-demand properties? One-bedroom units in central districts like BKK1, Toul Kork, and Tonle Bassac, accounting for 61 percent of all units.

“We expect the trajectory to move upward over time,” said O’Sullivan. “The fundamentals are there: rising incomes, infrastructure investments, urbanisation and — most importantly — smarter development.”

Condos in Phnom Penh — Still Climbing, but with Caution

Phnom Penh’s condo market has matured through a painful but necessary evolution. It has transitioned from foreign-fueled frenzy to a more balanced ecosystem, involving both international and domestic players, and shaped now by not just profits — but safety, lifestyle, and real-world functionality.

As natural disasters in the region raise fresh concerns and domestic buyers become more influential, the industry is adjusting again.

The future of condos in Phnom Penh may no longer lie in luxury alone — but in quality, affordability, and safety that meet the demands of a modern, discerning buyer.

What do you think about the condo market in Phnom Penh? Have you experienced the shift firsthand? Share your thoughts in the comments or on our social media channels.

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Angkor TimesExperienced
Asked: May 28, 2025In: Business Policies

Is Cambodia’s Microfinance Sector on the Right Track in 2025?

The State of Cambodia’s Microfinance Sector in 2025: Reform, Resilience, and Responsibility. As of 2025, Cambodia’s microfinance sector stands at a critical crossroad—balancing the momentum of growth with the necessity for reform. A once-unchecked expansion is now undergoing a thoughtful recalibration, ...Read more

The State of Cambodia’s Microfinance Sector in 2025: Reform, Resilience, and Responsibility.

As of 2025, Cambodia’s microfinance sector stands at a critical crossroad—balancing the momentum of growth with the necessity for reform. A once-unchecked expansion is now undergoing a thoughtful recalibration, driven by calls for responsible lending, borrower protection, and inclusive financial development. This evolution, spearheaded by the National Bank of Cambodia (NBC), the United Nations (UN), and domestic stakeholders such as the Cambodia Microfinance Association (CMA), marks a defining moment in the trajectory of financial empowerment for millions of Cambodians.

Is Cambodia’s Microfinance Sector on the Right Track in 2025?
Is Cambodia’s Microfinance Sector on the Right Track in 2025?

Microfinance in Cambodia: A Rapidly Evolving Landscape

Microfinance has long been a cornerstone of Cambodia’s financial ecosystem, particularly for the rural poor and small business owners. Originating from grassroots lending initiatives in the 1990s, the sector has since grown into a formidable industry. By the first quarter of 2025, Cambodia’s microfinance institutions (MFIs) had issued over $5.37 billion in loans, serving more than 1.5 million borrowers, according to the latest data from the CMA. However, this growth has come with significant challenges—most notably, a rising rate of over-indebtedness and concerns about unsustainable lending practices.

Read more: What Does Real Estate Investment in Cambodia Look Like in 2025?

The Portfolio at Risk over 30 days (PAR+30) reached 9.5 percent, reflecting an increase of 1.3 percentage points compared to the previous quarter. While the sector remains broadly stable, this figure has drawn attention to the need for improved credit assessments and risk management.

Reforms Led by NBC and the UN: A Sector Under Transformation

In response to these challenges, the NBC and the United Nations launched a transformative initiative in November 2023—a multi-stakeholder consultation process aimed at restructuring the microfinance sector. This collaborative effort brought together over 100 participants from across government, financial institutions, civil society, and development organizations.

The goal: implement 22 priority actions to ensure financial services are not only accessible but also ethical, inclusive, and protective of borrower interests. By January 2025, four of these actions had been completed, fifteen were in progress, and three had just begun. The key focus areas include:

  • Regulation and Supervision: Enhancing the regulatory framework to enforce responsible lending practices.
  • Borrower Assistance: Providing tools and services to help borrowers better understand and manage debt.
  • Technology Integration: Promoting the use of digital tools to expand outreach and improve transparency.
  • Informal Lending Challenges: Curbing unregulated lending through improved enforcement and local engagement.
  • Agricultural Risk Insurance: Developing insurance schemes to protect rural livelihoods, especially in climate-sensitive regions.

A Spotlight on Responsible Lending and Consumer Protection

One of the most notable reform efforts is the prohibition of using Indigenous Communal Land Titles (ICLTs) as collateral. This move is a direct response to widespread concerns about land-related financial distress, particularly among indigenous communities. By removing ICLTs from the lending ecosystem, the NBC and CMA aim to prevent forced land sales and dispossession due to default.

Moreover, the CMA, under the leadership of Chairwoman Dith Nita, has doubled down on its mission to protect borrowers. “We recognise the challenges borrowers face and are actively working to improve lending practices and strengthen consumer protections,” she stated. The CMA is advancing financial literacy programmes such as the Safe Community Finance Project, with special attention given to women and rural populations.

Growth Amid Reform: Lending, Deposits, and Economic Impact

Despite tightening regulatory conditions, the microfinance sector continues to grow. In Q1 2025:

  • Total loan volume rose by 4.1% compared to the previous quarter.
  • Deposits climbed to $2.78 billion, reflecting a 9.6% increase.
  • Interestingly, the number of depositors fell by 8.8%, indicating a shift in consumer behavior that may relate to macroeconomic conditions or evolving trust dynamics within financial institutions.

Read more: Why Are These 4 Provinces Emerging as Cambodia’s Next Industrial Hubs?

Loans were largely concentrated in:

  • Household consumption (32.8%)
  • Agriculture (20.8%)
  • Trade and commerce (20.1%)
  • Services, construction, transportation, and manufacturing (collectively ~25%)

These figures show that while MFIs have diversified, they still cater heavily to basic livelihood and small-scale business needs—a reflection of Cambodia’s socio-economic structure, where micro, small, and medium enterprises (MSMEs) dominate.

Partnerships and Innovation: Enabling Sustainable Financial Inclusion

The microfinance ecosystem is also being strengthened through institutional partnerships. The CMA and the Cambodia Credit Guarantee Corporation (CGCC) signed an MoU to foster financial inclusion, specifically targeting MSMEs.

This partnership focuses on:

  • Capacity development
  • Digital financial services
  • Financial literacy

The CGCC’s role in reducing collateral burdens has made a significant impact, especially for first-time entrepreneurs without traditional assets. Additionally, many MFIs are now aligning with state-driven initiatives, such as those led by the SME Bank, to provide guaranteed loans and subsidized interest rates.

Expert Insight: The Voice of the CMA

Speaking to Khmer Times, Kaing Tongngy, spokesman for the CMA, underscored the importance of microfinance in supporting local businesses. “Cambodia has a high concentration of micro-enterprises, which are essential drivers of employment and local economic activity,” he said.

Tongngy also noted the evolution of MFIs from basic lending institutions to more sophisticated entities offering diversified services, from mobile banking to financial education. However, he stressed that credit quality and customer protection must now take center stage to safeguard the sector’s sustainability.

Integration with the Broader Banking Sector

Cambodia’s banking sector, which includes both commercial banks and MFIs, has shown impressive resilience.

NBC Deputy Governor Rath Sovannorak reported that by February 2025, total bank assets reached $94.6 billion, up 7.7% year-on-year.

MFIs, in particular, showcased strong fundamentals:

  • Capital Adequacy Ratio: 25.8%
  • Liquidity Coverage Ratio: Over 188%

This stability underscores the microfinance sector’s growing synergy with mainstream banking. MFIs are no longer peripheral players—they are integral components of the country’s financial architecture.

Challenges Ahead: Over-Indebtedness and the Risk of Financial Exclusion

Despite the gains, challenges persist. The rise in PAR+30, the drop in depositors, and continued informal lending all signal vulnerabilities that require urgent attention.

Read more: What’re the Key Cambodia’s Foreign Policies? Here’re What You Need to Know

One major concern is over-indebtedness. Multiple loans from different institutions, often taken to repay older debts, have placed borrowers—particularly in rural and low-income areas—under severe financial stress. Without robust credit-sharing databases and stronger enforcement mechanisms, the risk of systemic instability could grow.

The Road Ahead: Collaboration and Collective Responsibility

The sector’s transformation hinges on collective responsibility. The CMA has urged investors, regulators, NGOs, and the private sector to coordinate efforts.

As Mrs. Dith Nita put it: “Together with our partners, we are working to build a financial sector that is inclusive and offers meaningful opportunities for Cambodia’s most vulnerable populations.”

These reforms are not merely regulatory checkboxes—they represent a paradigm shift in how financial services are designed, delivered, and consumed in Cambodia.

A Sector Poised for Inclusive Growth

In 2025, Cambodia’s microfinance sector finds itself at the intersection of progress and prudence. While the sector continues to expand in terms of reach and volume, the emphasis is now clearly on sustainable growth, consumer protection, and financial education.

Through the combined efforts of the NBC, UN, CMA, and financial institutions, microfinance is being reshaped into a tool not only for economic empowerment but also for social equity and long-term stability.

Read more: What Makes Koh Kong a Prime Location for Foreign Investors?

The reforms underway will likely serve as a model for other developing nations, where rapid financial inclusion must be tempered with safeguards to protect the most vulnerable.

As Cambodia advances in building a stronger and more responsible microfinance ecosystem, your voice matters. Whether you’re a borrower, lender, policymaker, or simply an observer, your insights can help shape the future of inclusive finance in Cambodia.

What do you think about the reforms in the microfinance sector? Are they enough to protect borrowers and promote real growth? Share your thoughts in the comments or reach out to us. Let’s make finance work for everyone.

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Asked: May 21, 2025In: Make Money

From Importer to Exporter: How Cambodia Transformed Its Cement Industry

For years, Cambodia relied entirely on neighboring countries for one of the most essential materials in its development—cement. The country once depended on Thailand, Vietnam, Indonesia, and the Philippines to meet its construction needs. Fast forward to 2024, and Cambodia ...Read more

For years, Cambodia relied entirely on neighboring countries for one of the most essential materials in its development—cement. The country once depended on Thailand, Vietnam, Indonesia, and the Philippines to meet its construction needs. Fast forward to 2024, and Cambodia is not only self-sufficient in cement production but has also stepped confidently onto the global stage as an exporter. This remarkable transformation is a story of strategic investment, political stability, industrial development, and visionary leadership.

From Importer to Exporter: How Cambodia Transformed Its Cement Industry
A new cement factory was inaugurated in Kampong Speu Province. AKP

A Nation Once Dependent on Imports

Before 2007, Cambodia had no domestic cement production facilities. All cement used in the booming construction industry—be it for roads, high-rises, or bridges—had to be imported. This reliance made the country vulnerable to price fluctuations, supply chain disruptions, and trade bottlenecks. It also limited Cambodia’s capacity to independently support its rapid urbanization and infrastructure expansion.

Recognizing this vulnerability, the Cambodian government took decisive steps to build a local cement industry from the ground up.

Building an Industry Brick by Brick

The journey toward self-sufficiency began with the establishment of Kampot Cement Co. Ltd., followed by successive investments that transformed the country’s industrial landscape. Over the past 15 years, Cambodia has welcomed five more major players into the cement sector: Cambodia Cement Chakrey Ting, Chip Mong Insee Cement, Battambang Conch Cement, Thai Bun Rong Cement, and the most recent, Conch KT Cement.

Also read: What Does Real Estate Investment in Cambodia Look Like in 2025?

Together, these six factories represent a total investment of over $1.11 billion and contribute an annual production capacity of around 11 million tonnes—a figure that fully meets domestic demand and supports the growing export ambitions of the Kingdom.

The Turning Point: Inauguration of Conch KT Cement

In 2024, Prime Minister Hun Manet officiated the opening of Conch KT Cement (Phnom Penh) Co., Ltd. in Kampong Speu province. This $250 million plant, a joint venture between Hong Kong-based Conch International Holdings and Battambang Conch Cement, marked a significant milestone in Cambodia’s industrial journey.

This factory alone is set to produce 2.2 million tonnes of cement annually and is expected to create around 1,000 new jobs, further strengthening Cambodia’s manufacturing and employment landscape. With limestone exploration rights secured for over 338 hectares in Kampong Speu’s Oral District, the factory has access to a vital raw material, ensuring long-term production stability.

Cement Exports Become Reality

2024 marked another proud moment for Cambodia: it exported over 30,000 tonnes of cement to Thailand—a full-circle achievement for a country that once depended on its neighbor for cement. This export milestone is more than symbolic; it signifies Cambodia’s readiness to compete in regional markets.

Prime Minister Hun Manet expressed deep pride during the inauguration, stating that Cambodia’s transformation from a 100% importer to a self-sufficient producer and exporter is a testament to the country’s peace, political stability, and investor-friendly policies. He credited “win-win politics” and proactive governance as the foundational drivers behind this success.

A Fast-Growing Sector with More to Come

Cambodia’s cement industry isn’t slowing down. According to Keo Rottanak, Minister of Mines and Energy, three more cement plants are under construction in Kampot, Battambang, and Kratie provinces. Once completed, these plants are expected to add an additional 5 million tonnes of annual production capacity.

This expansion will position Cambodia not just as a cement exporter, but as a significant player in the ASEAN cement market. In 2023 alone, Cambodia’s cement factories produced 8.43 million tonnes of cement. With the new facilities in development, that number is expected to rise sharply, offering new opportunities for both domestic use and exports.

Also read: Why Are These 4 Provinces Emerging as Cambodia’s Next Industrial Hubs?

Strategic Government Support

To sustain the growth of this vital industry, the government is providing significant support. For example, no taxes will be levied on cement factories for the next five years, a move aimed at making Cambodian cement more competitive in price.

In addition, the Ministry of Economy and Finance and the Ministry of Mines and Energy are collaborating on strategies to increase competitiveness and explore international markets. The Cambodian Cement Manufacturers Association has also been tasked with driving expansion beyond local demand.

The Prime Minister has also called for a balanced approach when it comes to issuing new cement licenses. He urged the Ministry of Mines and Energy to carefully review new proposals to avoid market oversaturation and potential business failures, ensuring the long-term health of the industry.

Economic and Environmental Impact

Cement manufacturing has not only supported Cambodia’s construction boom but also stimulated the local economy. With thousands of jobs created across the sector—from limestone mining to factory operations—entire communities have benefited.

In 2024, non-tax revenue from the mining sector, including cement, soared to $100 million, a 79% increase compared to the previous year. This revenue is reinvested in public services, infrastructure, and development projects, creating a positive feedback loop for growth.

Moreover, domestic production reduces the carbon footprint associated with long-distance cement transportation. While cement is not an inherently “green” product, localizing its production is a step toward minimizing the environmental impact.

A Model for Industrial Self-Sufficiency

Cambodia’s cement industry is a model for how a country can move from dependency to dominance through strategic planning, targeted investments, and public-private partnerships. By focusing on core needs and building up internal capacity, Cambodia has laid the groundwork for future industrial transformations in other sectors.

Also read: How Will the Phnom Penh–Siem Reap–Poipet Expressway Boost Local and Regional Business?

The cement sector’s growth is a microcosm of Cambodia’s broader economic ambitions: to become a competitive, self-reliant, and export-driven economy in Southeast Asia.

Final Thoughts: Cementing the Future

Cambodia’s evolution from a cement-importing country to a self-sufficient exporter is a compelling story of national determination, policy coherence, and investor confidence. It showcases what is possible when infrastructure development is paired with good governance and long-term vision.

As Prime Minister Hun Manet affirmed during the latest inauguration, “Cambodia has maintained peace, political stability and macroeconomic stability. The government will continue to make efforts to strengthen the investment climate to attract more investors to Cambodia.”

With the cement sector paving the way, Cambodia’s industrial future looks stronger than ever.

💬 What Do You Think?
Do you believe Cambodia’s cement industry can become a top regional exporter? Share your thoughts, questions, or ideas in the comments. Let’s build the conversation—brick by brick!

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Asked: May 20, 2025In: Business Policies, Make Money

What Does Real Estate Investment in Cambodia Look Like in 2025?

The New Frontier: Real Estate Investment in Cambodia – 2025. In recent years, Cambodia has emerged from the shadows of its turbulent history and transformed into one of Southeast Asia’s most dynamic investment destinations. Among its most promising sectors is real ...Read more

The New Frontier: Real Estate Investment in Cambodia – 2025.

In recent years, Cambodia has emerged from the shadows of its turbulent history and transformed into one of Southeast Asia’s most dynamic investment destinations. Among its most promising sectors is real estate—a realm once hindered by regulatory uncertainty and infrastructural challenges, now burgeoning with opportunity, especially in 2025. With a robust economic growth forecast of 5.8% for the year and ambitious government reforms in digital governance, land titling, and foreign investment facilitation, the Kingdom is making a compelling case for itself as a top regional real estate hotspot.

Phnom Penh Real Estate

This transformation didn’t happen overnight. It’s the result of meticulous policy crafting, investment-friendly legal frameworks, and a growing appetite from both local and foreign investors. DFDL’s “Investment Guide to Real Estate in Cambodia – 2025” breaks down this evolution, offering insights into everything from land ownership rights to tax implications, and from zoning laws to the emergence of Real Estate Investment Trusts (REITs). Here’s the story behind Cambodia’s real estate revolution—and why now might be the best time to invest.

What Does Real Estate Investment in Cambodia Look Like in 2025?
What Does Real Estate Investment in Cambodia Look Like in 2025?

Cambodia’s Economic Context: Growth Amid Transition

Cambodia is ranked third in GDP growth in ASEAN for 2024, just behind Vietnam and India. Much of this momentum stems from strong public infrastructure development, a resurgence in tourism, and increasing international trade links. Its strategic location between Thailand and Vietnam—two industrial powerhouses—has cemented its status as a manufacturing and logistics hub.

Also read: What’s Next for Phnom Penh’s Airport After July?

Yet, the real power lies in the government’s ability to adapt. From launching digital land registration platforms to reforming zoning and tax laws, Cambodia is sending a clear message: it’s open for business.

Understanding Land Ownership: Who Can Own What?

At the heart of any real estate market lies one simple question: who can own land?

In Cambodia, the answer is layered. Cambodian citizens and companies with at least 51% local ownership can legally own land. Foreigners, however, face constitutional restrictions. Yet that hasn’t deterred interest. Cambodia has smartly introduced workarounds: foreign investors can acquire properties through long-term leases, trusts, and co-owned condominiums.

The 2010 Foreign Ownership Law was a turning point. It allowed foreign entities to own up to 70% of private units in co-owned buildings—provided those units are above the ground floor and the building is properly registered. This led to a boom in high-rise condominiums in Phnom Penh, Sihanoukville, and Siem Reap.

Trust structures are another viable option for foreign investors. Regulated by Cambodia’s Trust Law and managed by the Trust Regulator, these arrangements allow property to be held by a trustee for the benefit of a foreign investor. Although still in early stages of application in real estate, trusts hold significant promise.

Special Economic Zones: Industrial Land with Perks

Cambodia has embraced the Special Economic Zone (SEZ) model. With 49 SEZs nationwide (26 operational as of November 2024), these zones offer foreign investors tax holidays, import duty exemptions, and ready-to-build infrastructure.

Also read: What Happens If a Railway ​​Link Connects Cambodia Directly to China?

These zones are required to meet certain standards—minimum 50 hectares in size, anti-flooding systems, employee housing, and more. Investors can lease land or establish landholding companies with Cambodian-majority ownership to secure these plots. For those in manufacturing or export industries, SEZs provide a streamlined, incentive-rich path into the Cambodian real estate market.

Residential Real Estate: Boreys and Condominiums

Urban residential development in Cambodia has taken two primary forms: Boreys (gated communities) and condominiums.

Boreys cater to the growing middle class. These clusters of villas and townhouses often come with schools, supermarkets, and leisure facilities. They’re typically Cambodian-owned but increasingly attract hybrid ownership structures.

Condominiums, on the other hand, have become the go-to option for foreigners, thanks to the 2010 law. The Ministry of Land Management, Urban Planning, and Construction (MLMUPC) recently issued Prakas No. 050 to simplify the registration of condo units built before 1997, opening up thousands of units for legal ownership.

Also read: Is Phnom Penh Really That Expensive to Live In?

The registration process has been digitized. A QR code now appears on title certificates, allowing instant access to ownership and encumbrance details—ushering in a new era of transparency.

Zoning, Planning, and Environmental Compliance

Land zoning in Cambodia is guided by a multi-tiered system of master plans at city, provincial, and national levels. Urbanization Sub-Decree No. 42 lays down development rules, including building height, parking space, and usage restrictions.

Moreover, the Environmental Code of 2023, effective from June 2024, mandates Environmental Impact Assessments (EIAs) for specific projects. The code, spanning 12 books and 865 articles, sets the groundwork for sustainable development.

Real estate developers are now required to obtain compliance certificates, especially if the project is near protected zones like Angkor Wat (governed by the Apsara Authority). This dual system of urban planning and environmental regulation ensures development doesn’t compromise Cambodia’s cultural and ecological heritage.

Construction Law: Structured and Secure

The 2019 Construction Law and its subsequent sub-decrees have introduced rigorous standards for permits, inspections, and quality assurance. Developers must secure multiple approvals—from architectural plans to occupancy certificates. A failure to comply can result in hefty fines or even shutdowns.

For developers, the legal framework is demanding but fair. It ensures buildings meet safety and environmental standards, reassuring investors and end-buyers alike.

Real Estate Development Licensing: A New Regulatory Landscape

In March 2023, the government introduced Sub-Decree 50, creating three categories of real estate development licenses: housing, co-owned buildings, and land-lot development. Licenses are further divided into two types depending on whether the project is pre-built or under construction.

Also read: What are the best businesses to start in Cambodia?

Developers must meet capital requirements (ranging from 20% to 100% of construction costs), deposit business guarantees, and open developer accounts to manage buyer deposits. These rules aim to protect buyers from fraud and ensure financial accountability.

The regulator behind this reform is the Real Estate Business & Pawnshop Regulator (RPR) under the Non-Bank Financial Services Authority (FSA). With over 573 developers licensed as of late 2024, this system adds much-needed structure to what was once an opaque sector.

Real Estate Services Licensing: Regulation Meets Professionalism

Beyond developers, real estate agents and valuation professionals must now be licensed under Prakas 064. Individuals and firms are required to hold certificates and licenses issued by the RPR, renewable annually.

Unlicensed activity invites severe penalties—fines of up to USD 125,000 or forced business closures. Cambodia’s move toward licensing elevates industry standards, fosters consumer trust, and aligns with international norms.

Taxes: What You Need to Know

Taxes in Cambodian real estate are nuanced but navigable. Here are the key levies:

  • Transfer Tax: 4% on market value (or higher value between the sale price and government-determined benchmark).
  • Tax on Immovable Property (TIM): 0.1% on property exceeding KHR 100 million (approx. USD 25,000).
  • Tax on Unused Land (TUL): Applied to vacant land in urban zones.
  • Rental Tax: 10% on gross rental income.
  • Capital Gains Tax: 20% effective in 2024.

Foreigners and locals alike are advised to seek professional tax advice and factor these costs into ROI calculations. While the tax burden is moderate, compliance is crucial to avoid penalties.

Real Estate Finance and REITs: Capitalizing Growth

Cambodia’s finance sector has been slow to adopt REITs (Real Estate Investment Trusts), but the framework is now in place. With proper structuring, REITs can enable pooled investment into income-generating properties—ideal for institutional and retail investors seeking exposure with less risk.

Also read: How to start stock trading in Cambodia?

In terms of traditional financing, banks in Cambodia offer property-backed loans. Long-term leases and perpetual leases can also be used as collateral, provided they’re registered with the land office.

Digital Transformation: A Game Changer

One of the most notable shifts in 2025 is Cambodia’s aggressive digitization of public services. The MLMUPC launched online cadastral services, allowing applications for title registration, land transfers, pledges, hypothecs, and more—all through a central portal.

This has cut bureaucratic delays, enhanced transparency, and enabled remote investment management. For investors, particularly from overseas, this means faster transactions and lower administrative overhead.

The Verdict: Why Cambodia, Why Now?

Cambodia’s real estate market in 2025 is a convergence of favorable factors—robust economic growth, legal reforms, digital transformation, and an open stance toward foreign participation. While challenges remain, particularly in regulatory enforcement and environmental sustainability, the overall trajectory is positive.

For investors—be they developers, fund managers, or individual buyers—Cambodia offers a rare mix: frontier market growth with an increasingly sophisticated legal and financial infrastructure. In the heart of Southeast Asia, a new real estate story is being written. The only question is: will you be a part of it?

Read the full report here: Investment Guide to Real Estate in Cambodia – 2025

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