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Lifecycle Costing for Property Owners

LIFE CYCLE COSTING for Property Owners

Before moving to Cambodia and founding IPS-Cambodia, my previous life involved pouring over detailed financial models to determine the most cost-effective outcome for Public Infrastructure projects – Hospitals, Schools, Universities, Defense Facilities etc. When these public assets are broken down to a micro level, and the service components removed, you are effectively left with a Building Asset with many moving parts. A significant part of my role was to ensure these buildings and those items within it operated at optimum efficiency and maintained full durability at the lowest possible cost. Lifecycle Costing, also known as Whole of Life Costing (WOL) is about assessing the total cost of building ownership. It takes into account all costs of acquiring, owning and disposing of a building. Why Cambodian property owners need to consider Lifecycle Costing (LC) is very simple – it’s a great way to minimize cost and maximize income from your property investment. Given the relative level of sophistication of LC, I can understand single property owners dismissing the need for it, however, the principles apply whether the property is a 30sqm studio or a 20,000+ sqm commercial building. The key to understanding and implementing an LC model is to create an Asset Lifecycle …

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Khmer New Year: The Most Awaited Festival in the Kingdom

Khmer New Year- The Most Awaited Festival in the Kingdom (1)

New Year countdown in the Kingdom of Wonder may not be your usual extravaganza of lights and sounds, with the local celebration coming in the form of incense, prayer rituals and generous feasts – all these in the peak of the hot season. IPS agent Vathanak Tim takes us through the celebration that is Khmer New Year. Bun Chol Chhnam Thmey, also known as the Khmer New Year is celebrated nationwide in April for three days and marks the end of the harvest season and celebrates the start of a new year. Traditionally, this is the time of the year when most Khmers count themselves a year old, making this every Cambodians birthday, in a sense. Each day has a set of activities and representation in every Cambodian household. The first day is called Sangkran, where locals bring food to the monks at the temples and receive their blessings. Sangkran is the ending of the year and the commencement of the new year. A particular custom to Sangkran is the washing of the face with holy water in the morning, chests at noon and feet in the evening. This practice bestows good luck on the person. The second day, Wanabot, …

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Property Management in Cambodia: Trends & Developments

Property Management in Cambodia- Trends & Developments

Property management is becoming increasingly important for Cambodia’s fast-growing serviced apartment and condominium sector. Effective property management plays a critical role in maximizing the life, assets and the all-around aesthetics of a building. In addition, delivery of building services is now playing a significant role in attracting and retaining tenants, as complexes search for a point of difference in a market rapidly growing in supply. From commercial buildings to single properties to large serviced apartment/condominium buildings, the property management sector is currently a mix of owner-managed properties delivering minimal services on a budget, to professional companies providing “full services” with varying success. Professional property management is a relatively new concept in Cambodia, however, this is starting to change. Given the number of new commercials, apartment and condominium complexes being built in Cambodia, it’s a good time to analyze the property management sector. APARTMENTS Property Management for both small and large residential apartment complexes has traditionally been the home of “family management”. Many complex owners are currently unwilling to pay the required fees for a professional management company with experienced staff, instead settling for cheaper options, often hiring family members with limited capabilities. This underskilled labour more often than not delivers …

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Cambodian Property Investor – The 3rd Issue

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As Cambodia continues its rapid development, we are often engaged to take over the completion and ongoing management of commercial and residential buildings. It’s a welcome challenge and one we have carved a strong reputation in. Through these opportunities, we are constantly reminded of the lack of planning and understanding of the ongoing needs of building and tenant maintenance. This issue is our attempt to address this knowledge imbalance. Our Country Manager, Grant Fitzgerald gives us his first-hand experience of the current property management market, Head of Commercial, Nigel Doughan explains the importance of property management in Commercial Buildings and its impact on a building’s grading. We also touch on the concept of Life Cycle Costing and it’s ability to save money in the short and long term. It’s not all Property Management, though, as our Marketing Manager, Jillian Oco takes us through a photographic piece detailing the favorite eating establishments of our staff. Residential Agent, Vattanak Tim gives us the lowdown on the Khmer New Year Holiday. We’ve also got articles on Valuation, a breakdown of Cambodian real estate fees, and a myriad of great properties for sale and rent in Siem Reap and Phnom Penh. Sit back, relax …

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HFCA opens first ever office in Cambodia at world class Raintree Building

Raintree building at night

Raintree is Cambodia’s first boutique office development designed for fast-growing organisations. HFCA were one of the first tenants when the new office building opened in October 2016 and we are delighted with our office space. Situated in the heart of Phnom Penh’s central business and banking district, Raintree houses 3000 square metres of flexible office space, complemented by a loft event space and outdoor terrace. Raintree Director Zoe Ng commented “When the team heard about HFCA and its mission, we were so excited by their incredible work and wanted to support their ambitious growth plans. We share in their passion to provide disadvantaged youth in Cambodia more opportunities, and appreciated how they are doing something significant to put Cambodia on the map. Raintree was developed to provide workspace for fast-growing organisations from diverse sectors and industries.” “Even with a lean organisation and a small number of permanent staff, we tried to find a workspace for HFCA that fits their current needs. Considering each of our prospective tenants’ needs is a key part of the Raintree management philosophy, and we could not be more thrilled to have more footballers as part of our project’s community. We hope their new professional home leads to more …

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Needs vs. Wants: Things to Prioritize On Your First House Hunt

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Buying your first property is always exhilarating—countless nights are usually spent sleepless because of the excitement that comes with it; from renovation planning, estimating utility costs, down to décor ideas from Pinterest. Indeed, nothing thrills the modern city-dweller more than the idea of finally moving to his own place. Sure, the idea of fully-furnished lofts, four bedroom townhouses, and mansions with huge yards are exciting. But at the end of the day, you have to ask yourself—do you really need all these extra pizazz for your first home? IPS Cambodia breaks down the basics that you should prioritize on your first house hunt. Floor area Are you living solo, cohabiting with your partner, or buying a home for your growing family? Do you really need all those extra rooms for your first home when you’re sure staying single for the next couple of years? Rooms Is one bedroom enough, or is an extra room a must for frequent visitors? Do you need a huge kitchen, or are you more of a fast food take-away person? Do you like watching TV while lounging in your living room’s cozy couch, or you’re good with your streaming marathons in bed? Garage Do you really …

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Little Known Facts About Siem Reap’s Current Real Estate Market

Little Known Facts About Siem Reap’s Current Real Estate Market

Siem Reap is known for many things including an abundance of excellent foreign-owned and operated restaurants and pubs, disco’s and all-around vibrant nightlife. Local flavor is on exhibit everywhere from the Night Market to the hundreds of street-food vendors that pop up once the sun goes down. It’s easy to experience the fun and excitement of this little city just by stepping outside of your home, apartment or guesthouse. But Siem Reap has a serious side also, and for those wishing to stay awhile or perhaps invest in or rent a property or apartment, there are a few facts that make Siem Reap unique in the Cambodian economy. Tourism Drives the Siem Reap Economy Siem Reap is the home to one of the world’s top tourist attractions, Angkor Wat. According to TripAdvisor, Siem Reap was ranked as the number two tourist destination in the world as recently as such statistics became available in 2015. Like a college town in the west, a certain percentage of these young visitors fall in love with Siem Reap and decide to stay, make a home here and raise a family. (Read also: Relocation Guide: 10 Things to Consider When Moving to the Kingdom of …

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Guide to House Hunting for First Time Buyers

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Whether you have visited Siem Reap a few times or have lived here for a while, one cannot help but to be impressed with the phenomenal economic growth that is occurring. Construction is everywhere, on every street that crisscrosses our town. It’s only natural that you may want to participate in this growth by investing in a home in which to live or to rent out as an investment to the burgeoning number of international travelers. It is also quite natural, once the initial excitement of this investment opportunity wears off, to be a little apprehensive, not knowing the ropes, so to speak of a new country, new people and a new economy. It makes sense, therefore, to seek the assistance of a local real estate professional to guide you through your first real estate purchase.   Related: Biggest Mistakes First Time Home-Buyers Make IPS – Cambodia’s Premier Property and Real Estate Company is a local real estate firm that  has successfully handled hundreds of real estate transactions right here in town. Our agents will be there for you to answer any or all of your questions as you get more involved in the first time home buyer process. We …

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Phnom Penh’s New Khmer Architecture

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Dotted around Phnom Penh are the remains of a vernacular expression of European modernist architecture, known as New Khmer. The figurehead of this movement was Vann Molyvann who studied architecture in post WWII Paris at the Ecole Nationale Supérieure des Beaux-Arts, where the work and thinking of Le Corbusier had a strong influence. New Khmer architecture combines truth to structural materials and refined simplicity of modernism with sensitivity to climate and geography specific to traditional Khmer buildings, such as the world renowned temples of Angkor Wat. Buildings such as Molyvann’s Teachers Training College (now the Foreign Language Institute) and the Olympic Stadium, both demonstrates that modernism could be at once international and idiosyncratic. While the links to regionally specific buildings can be made at both functional and stylistic levels, the buildings are realised with a confidence that allows them to transcend the limitations of context. The striking repetition of abstract geometrical forms and paradoxical combination of the skeletal and the muscular, of lightness and heaviness, allow both the Training College and the Stadium to exert an influence that is wholly their own. In this sense, Molyvann’s work demonstrates the tension between “the inherent striving of form to achieve complete autonomy” …

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A Fool-Proof Guide to Property Valuation

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In a market that lacks transparency, an impartial and properly researched property valuation is an important source of information for residential and commercial property owners, banks, and investors. Unfortunately, the valuation process can often take a back seat in the sale process or can be clouded by the ‘opinions’ of interested parties. At its heart, a property valuation is an opinion. Most real estate agents will be able to offer you an opinion of the market value of a property, however, it is the processes and the research underlying a property valuation, which will determine its importance. So  why does property valuation take a back seat in the sale process? Property ownership in Cambodia has a relatively short history compared to the global norm. For many property owners in Cambodia, the sale of a property is often not a commercial decision, but often one based on necessity or opportunism. There is also an inherent lack of trust in companies and institutions; especially those claiming to wield the truth. Read also: New Commercial Office Spaces And How To Choose Your Next Office Why is valuation Important? Every property owner has an opinion of what their property is worth and every buyer …

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