Summary of the four major real estate market conditions in the third quarter
October 17, 2020
The property market in Phnom Penh in the third quarter of 2020 continues to be under pressure from the Covid-19 outbreak, but has seen a significant improvement, especially compared to neighboring countries.
CBRE Cambodia Real Estate Agent summarizes and analyzes the following four major real estate market conditions:
Condo
The supply of condominiums increased by 3.97% compared to the same quarter last year. This quarter, there is only one completed project that adds 828 units to the supply market. Separately, there are three new projects for sale: Urban Village 2, Arakawa Phase II and Yuetai Harbor Bay, which will add at least 2,000 units to the market after construction.
The selling price is reduced by 1% for high price condos, 1.4% for medium price condos and 1.2% for affordable condos. Rental prices, meanwhile, fell slightly by 2.88% for high-end condos and 1.71% for mid-range condos. This decline is due to the decline of foreigners in Cambodia.
The report also outlines a four-step strategy to revitalize the condo market, including 1) focusing on local buyers through new marketing strategies, 2) changing prices more appropriately and building to suit demand, 3) reshaping units. New and more innovative and 4) waiting for international buyers to come back.
Borey
Borey is the only sector that remains strong despite the Covid-19 crisis, seeing prices rise steadily. This quarter, 18 new projects were opened and 4 projects were completed.
Compared to the first quarter of 2020, sales prices increased from 3.4% to 12.5%, 5.4% for business houses and 9.2% for twin villas. In particular, although prices continue to rise, individual project owners are still rushing to market to attract customers.
In addition, CBRE also introduced recovery strategies for developers, including continuing to provide promotions, accelerate construction, and focus on developing affordable and affordable housing.
Office
The office market remains under pressure from the Covid-19 crisis, with supplies of more than 50,000 square meters postponed until 2021. There are no new sales openings this quarter, but three completed projects that add 30,000 square meters to the market. The three projects include TK Central, The Point and Sayon Phnom Penh.
Single-office office rental rates fell 8.9% compared to the same quarter in 2019. Rental prices decreased by 6.3% for urban locations and 9.4% for suburban locations.
Separately, the co-ownership office has two projects that have just been announced for sale: Duan Benrich Tower and Odom Tower.
Marketing strategies for project owners include flexible contracting with tenants, diversifying supply, modernizing market trends and improving the local environment. Office.
Retail market or supermarket
Supermarkets remain the hardest hit by the Covid-19 crisis. According to Google Mobility Tracker (February 17 to August 20), the current market situation is 11% below the base level. The vacancy rate was 10.97%, an increase of 0.77% compared to the same quarter last year.
Two new projects have been completed, 312 Quayside Mall in Daun Penh and The One Mall in Chamkarmon, in addition to the existing supply of more than 21,800 square meters, an increase of 6.1%. Rental prices, on the other hand, are stable or fall slightly depending on the type of market.
The strategy for restoring the market is to improve the marketing strategy at an early stage and increase new experiences and unique options for future customers after Covid-19 calms down.
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See how our research demystifies the land politics of the northern New Territories
本組向HK Magazine專題提供了反對新界北淪陷的重要理據,而新界東北正正就是撐住新界融合戰的橋頭堡!
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[cover story] What Will Happen to the New Territories?
http://hk.asia-city.com/…/…/what-will-happen-new-territories
The government’s little-publicized plans for developing the northeastern New Territories are much bigger than it would have you believe—under the current plans, huge tracts of green land will be turned to concrete. Grace Tsoi takes a closer look at the many complex issues and concerns surrounding the project.
On September 2, while secondary school students were hunger striking at Tamar, a smaller-scale but equally vociferous protest was being staged. Several hundred villagers from Kwu Tung North, Fanling North, Ping Che and Ta Kwu Ling also staked out the government offices. They chanted slogans protesting against demolition and removal—their homes are slated to be destroyed, according to the government’s plan to develop the northeastern New Territories.
The development plan is not a new one. As early as 1998, former Chief Executive Tung Chee-hwa floated the idea to develop Kwu Tung North, Fanling North, Ping Che and Ta Kwu Leng into three new development areas (NDAs). However, the plan was halted due to a slower-than-expected population expansion in 2003. Then in 2007, Donald Tsang restarted the Hong Kong 2030 Planning Vision and Strategy scheme, and the Northeastern New Territories were again slated to be developed. The three NDAs will total 787 hectares, of which 533 hectares will be built upon. The consultation was done in the dark, and the majority of the public only learnt of the development plan at the last stage of the consultation. Originally the consultation was set to conclude at the end of August, but due to staunch opposition, the government has extended the deadline until the end of September. Here, we line out the many problems and shortcomings of the government’s plans.
Can It Satisfy Housing Demand?
The government backs up the development plan by stating that more homes will be built in the northeast New Territories—an appealing idea in the wake of rocketing house prices. Around 54,000 homes will be built, with 40 percent of the flats set aside for public housing. During her tenure as Secretary for Development, Carrie Lam said the ratio of public housing should be kept at less than 50 percent in order to avoid a repeat of the disastrous Tin Shui Wai new town in Yuen Long. “The problem with Tin Shui Wai is not that there is too much public housing. It is because of the monopolies [for example, the community is served only be The Link and Li Ka-shing’s shopping malls and there are very few independent vendors] and insufficient jobs for the working class. Even hawking is prohibited,” says Chan Kim-ching, a researcher from Local Research Community, a think-tank focusing on urban planning. On the other hand, the project’s 21,600 public housing flats, which will be made available by the year 2022, don’t even come close to satisfying the government’s target of building 15,000 public housing homes per year. We have to ask—is getting rid of all this precious green space worth it? On the private housing side, low-density homes will be built. However, it is questionable whether these flats will be affordable for the majority of the Hong Kong public—Chan worries that they will be snapped up by mainland buyers instead of satisfying local housing needs.
Overestimating Population Growth
In order to justify the project, the government has, once again, cited population growth in its push to build more housing. A government press release states: “According to the latest population projections, there will be an increase of about 1.4 million people in the coming 30 years. There is still a strong demand for land for housing and economic development.” However, the Census and Statistics Department has a track record of overestimating Hong Kong’s population growth. In 2002, the department predicted that Hong Kong’s population would hit 7.53 million by 2011. But today, Hong Kong’s population is 7.14 million—way off government estimates. The department itself has also lowered its population estimates. In 2004, it predicted that Hong Kong’s population would surge to 8.72 million by mid-2031. But latest predictions stand at 8.47 million by mid-2041. So if the government’s predictions are not accurate and consistent, how can it justify such a large-scale development?
Non-indigenous Villagers Lose Out
It is estimated that more than 10,000 villagers will be affected by the plan, and that more than 10 villages will be demolished. Almost all of the villages that are under threat are largely inhabited by non-indigenous villagers. Non-indigenous villagers migrated to Hong Kong after World War II. They farmed in the New Territories and built their homes near their fields. However, they are not landowners because land in the New Territories belongs to indigenous villagers. So even though the non-indigenous villagers have lived in the area for decades, according to authorities, they have no rights to the land. “The most ridiculous thing is, even though non-indigenous villagers have been living there for 50 or 60 years, their houses are still classified as squatter huts, a temporary form of housing. The authorities don’t recognize their housing rights… Non-indigenous villagers are easy targets of bullying because their rights are not protected by law,” says Chan.
Although it is the non-indigenous villagers who will be most affected by the development plans, no one sought to gain their input. In fact, the first and second phases of the consultation, which were conducted in 2009 and 2010, did not actively engage them at all. “The villagers of Ping Che did not know about the plan before—they only learned of the plan when they were invited to a poon choi banquet hosted by gleeful indigenous villagers. Some of the elderly villagers attended, and they were only told at the feast that the celebration was because the government would claim the land for development. They only learned that they would have to move at the banquet,” Chan says.
Unlike urban renewal projects, the government has not conducted any studies to investigate how many villagers are going to be affected; neither has it come up with any compensation or resettlement plans for the affected villagers. The only thing the government has done is to carve out a 3.2 hectare parcel of land in Kwu Tung North, where a public housing project will accommodate the non-indigenous villagers.
Meanwhile, indigenous villagers are set to reap huge profits. All the land in the new Territories land is either owned by indigenous villagers or property developers. As the government has allocated $40 billion to buy land, it is certain that indigenous villagers will pocket part of the money. To add insult to injury, while their non-indigenous counterparts face the demolition of homes, the indigenous villages will be kept largely intact. Also, the government has saved land for the future expansion of indigenous villages. Within the three NDAs, around six hectares of land has been set aside for this purpose.
Loss of Farmland
Another inevitable consequence of developing the New Territories is the loss of farmland. A spokesperson of the Planning Department tells HK Magazine that 22 hectares of land under active cultivation will be affected by the development. That figure is significantly lower than estimates by environmental groups, which have come up with the figure of 98 hectares. “The government data refers to the land being farmed currently, but we focus on arable land. When we talk about arable land, it also includes abandoned land which has the potential to be rehabilitated. It is for sure that the government has not included such land in its figure of 22 hectares. From the perspective of agricultural development, abandoned land can be rehabilitated. So why don’t we protect and rehabilitate this land?” says Roy Ng, the Conservancy Association’s senior campaign officer.
Displaced Farmers
The government has pledged to maintain a total of 54 hectares as agricultural zones. However, 37 of these so-called “protected” hectares are found in Long Valley, a well-established and very active farming area. The government plans to relocate many of the farmers who have been displaced by the project to Long Valley, a move that’s bound to cause friction between agriculturalists. “If we move all the affected farmers to Long Valley, it means that some of the farmers [who are already] in Long Valley have to move away,” Ng says. “The agricultural practices of the farmers are very different. In Long Valley, most of the farmers are growing wetland crops. But most farmland in Ping Che and Ta Kwu Ling is not wetland… If we move all these farmers to wetland areas, it may have an adverse impact on the conservation of Long Valley.”
Word on the Street
Villagers are fighting for the right to remain in th eir homes, undisturbed by government intervention. Here’s what they have to say.
I have been living in Ping Che for almost five decades, and all my children were born there. Ping Che is a large village, where thousands of people reside. We only knew that our village would be demolished a few months ago, and we only caught wind of some rumors before. Ping Che is spacious, and we grow produce for ourselves. When we first came to Ping Che, it was a primitive place. We have been renting land from the villagers since then. And Ping Che has become a beautiful village due to our efforts. I don’t want to see our village be destroyed. My children have grown up, and they don’t want to move out either.
Amy, 50s, Ping Che resident
Our family has been living in Kwu Tong for three generations. Two years ago, we found out that our land had to be claimed back [by the government]. The development plan had been formulated for a long time, but the officials never told us about it. We were shocked to learn of the plan, and we think the government has kept the plan in the dark. There are a few hundred villagers, and we all know each other. Even though I am young, I love the rural life a lot. I lived in private buildings in Fanling for more than two years as it was closer to my school. The feeling was very different. In our village, everyone says hi to each other; we even know the name of each dog! [In Fanling], I didn’t know my neighbors, and I didn’t even notice when they moved away. I hope our village will not be demolished because we want to keep our lifestyle. We will continue to fight for our rights.
Hiu Ching, 18, Kwu Tung North resident
I have never joined any protest. This is my first time because the government wants to take away the land from our village. The officials never consulted us, and it seems that we have to comply with every order of the government. There are fruit trees in front of our house, and the trees are 20 to 30 years old. We get all kinds of fruits to eat. Lychee, longan, jackfruit, aloe and melons…you name it. It’s no different from an orchard. When we were kids, we didn’t need to close our doors because we would just go next door to play with other children. A lot of structures are very old, and they are our heritage. We have gotten used to the rural way of living, and it’s difficult for us to adapt to a city life. We don’t want any compensation. There are many elderly people in our village, and they have been living here for decades. For those skeptics who think that we are only demanding more compensation, try to think from our perspectives. We have been living here for decades, and our home will be lost!
Mr. Lee, 30, Kwu Tung North resident
Development By Numbers
An outline of the redevelopment plans by region.
1. Kwu Tong, Fanling North, Ping Che/Tai Koo Leng New Development Areas (NDAs)
Size: 533 hectares.
Progress: Stage 3 of public engagement.
2. Hung Sui Kiu NDA
No outline development plan has been released, but it will be turned into an NDA that caters a population of 160,000. The government will also save land for the development of “Six Industries”—testing and certification, medical services, innovation and technology, cultural and creative industries, environmental industries and education services.
Size: 790 hectares.
Progress: Stage 2 of public engagement to be commenced; in operation by 2024.
3. Lok Ma Chau Loop
Once the property of Shenzhen, the Loop was allocated to Hong Kong after realignment of the Shenzhen river in 1997. The area will be turned into a higher education zone.
Size: About 87 hectares.
Progress: Stage 2 of public engagement completed; in operation by 2020.
4. Liangtang/Heung Yuen Wai Boundary Control Point
Progress: construction will start in 2013; in operation by 2018.
5. Frontier Closed Area (FCA)
Established by the British for strategic reasons, the FCA will be downsized and land will be released for development. Due to the area’s history, it hasn’t been touched by any development.
Use: A country park will be designated near Robin’s Nest. Other areas are zoned as green belt and for agricultural uses. But a comprehensive development zone and residential areas are designated for Hung Lung Hang. Hoo Hok Wai, another ecologically sensitive area that occupies 240 hectares, is zoned under “other specific uses,” which also means that further development is possible.
Size: 2,400 hectares.
Progress: 740 hectares of FCA has already been opened up in the first phase.
6. Southern Yuen Long
The government is planning to build housing—both private and public—in the area.
Size: About 200 hectares.
Progress: The Development Bureau will conduct an Environmental Impact Assessment (EIA), planning and engineering study at the same time. In operation by 2015.
7. Sha Lo Tung
It has been earmarked as one of the 12 sites of ecological importance. The site is an important habitat for butterflies and fireflies. Under the government’s Public-Private Partnership scheme, the developer wants to build a columbarium with 60,000 niches, while establishing an ecological reserve.
Size: The columbarium is set to be four hectares in size.
Progress: The EIA has already been completed, but the Advisory Council on the Environment halted the decision.
8. Nam Shen Wai
Another spot for the Public-Private Partnership scheme. The developer is planning to build 1,600 housing units, including 600 Home Ownership Scheme flats, in the southern part. It also wants to build elderly care homes to increase the social care elements. The Northern part of Nam Shen Wai and Lut Chau will be designated as a conservation area. Green groups oppose the plan because parts of the wetland will be lost.
Size: 121 hectares.
Progress: The EIA has been completed. The application will be submitted to the Town Planning Board in September.
9. Fung Lok Wai
The area is also classified as one of 12 areas with significant ecological value. Five percent of the land will accommodate luxury homes, while 95 percent of land will be turned into a conservation area. Fung Lok Wai is very close to Mai Po.
Size: 4.1 hectares (development area).
Progress: Awaiting a decision from the Town Planning Board.
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