A Look Ahead At 2014
Mega malls, fleets of luxury cars and an ever-expanding middle class will help push Cambodia forward in 2014. Coupled with a string of developments and infrastructure plans set to be completed during the next 12 months, 2014 looks set to be a promising year for the Kingdom. Here, we take a look at some of the exciting additions that are set to shape the country.
SHOPPING
Several major projects look set to change the face of shopping in Cambodia as the mega-mall concept is introduced to the country. The four-storey Aeon Mall, which will open its doors in June, is being hailed as Cambodia’s biggest shopping complex. The mall, which will cost more than $200million to build, will be the first of its kind in the country and is expected to bring more than 150 international brands together under one roof. As well as presenting a whole new shopping experience, Aeon mall will also be home to a series of restaurants, cafes, bars, cinema and food hall. A surplus of parking will also be provided at the Sothearos Boulevard site.
Siem Reap is also gearing up to welcome a new shopping experience in the form of King’s Road Angkor. As the town’s first enclosed courtyard-style village, the $10million, 5,000-square-metre project is gearing up for its grand launch in early 2014. With most outlets being housed in traditional wooden homes, the village presents a series of exclusive boutiques, restaurants and cafes, including the country’s first Hard Rock Cafe, Terazza and The Blue Pumpkin.
BUSINESS
Despite lengthy delays in completing the project, work on Vattanac Capital is expected to be completed in 2014. Pitching itself as Phnom Penh’s most prestigious commercial address, the 39-storey skyscraper, which towers at 188-metres, will be a landmark development in the capital when it opens. Made up of two impressive towers and a glass and steel podium, the building will be home to Grade A offices, luxury retail boutiques and world-class serviced apartments.
HOUSING
Phnom Penh's recent spate of luxury accommodation will receive a boost in 2014 with the completion of De Castle Royal. As the capital’s first high-class condominium block, the 33-floor building in the heart of Phnom Penh’s exclusive BKK1 district represents a new generation of real estate in Cambodia. The project is expected to be finished by March and will boast a haven of luxury for those living there. Inclusive services include 24-hour security, daily laundry and cleaning, gym, steam room, rooftop cinema and play parks and outdoor space for families.
MORE AIRLINES & ROUTES
With a range of airlines increasing flights to Cambodia in 2013 to other SE Asia destinations, we hope the trend is set to continue into 2014 and the increased competition should benefit all consumers. Cambodia's second national carrier Cambodia Airlines is still mooted to get off the ground and its hopeful this will happen in 2014. Both Siem Reap and Phnom Penh airports recently had refurbishment deals signed to upgrade their terminals and double capacity from 2.5 to 5 million passengers per year and with tourism on the rise the momentum should benefit everyone in Cambodia.
INFRASTRUCTURE & TRANSPORT
The expanded bridge to Chroy Changvar i Phnom Penh should set to improve traffic flow between the city center and the opposite side of the Tonle Sap River. This will no doubt also impact the property prices and build on the idea of a “new riverside” between two rivers continues. The city’s third flyover bridge located on Stung Meanchey sangkat will improve traffic flow out of the capital toward the south while also bringing Stung Meanchey closer to the city. Will it or wont it happen? A 7.5-kilometre trial bus route linking Monivong Boulevard and Chbar Ampov Market was announced to be launched in February 2014. The trial will become permanent if successful but a similar trial was scuttled more than a decade ago due to inability to compete with motorcycles.
GOING GREEN
Environmentally friendly tuk tuks from Australia? Solar-powered tuk tuks could be coming to Cambodia after an Australian company agreed to produce the eco-friendly vehicles in the country. Alternative energy firm SolarTuk has committed to developing a factory to produce the solar powered three-wheeled taxis in a new factory on the outskirts of the Cambodian capital, Phnom Penh. The new green tuk tuks will come in four different models, costing between US$1,880-2,830 with the aim of eventually replacing the estimated 13,000 petrol powered motorbike & tuk tuks currently operating on the streets of Phnom Penh and Siem Reap.
Electric cars for Cambodia also made headlines in 2013 but the new and improved Angkor EV 2013 has seen little news since. General director of Heng Development, the company producing the Angkor EV model, said in August 2013 that backing to get the first electric car out is not what it could be, and that she is on the hunt for business partners. Will things change in 2014?
LUXURY CARS
A new wave of luxury car brands are gearing up to enter the market in 2014, adding to the growing prestige car market. In February, Porsche unveiled plans to speed into the country with a $2million, 3,500 square metre sales showroom, service and spare parts centre set to open near Phnom Penh International Airport in mid-2014. Up to $2 million is set aside to build a 3,500-square-metre Porsche showroom and aftersales service centre, with the Cayenne and Panamera models predicted to be best-sellers.
In November, RMA Cambodia announced plans to transform the temporary Land Rover and Jaguar showroom on Russian Boulevard into a “fully-fledged” dealership by mid-2014, offering sales, spare parts and services. And in the same month, Audi appointed Automotive Asia (Cambodia) Ltd as its official distributer in the country. Sales are expected to start in mid-2014 from the 2,200-square-metre showroom and workshop on Monivong Boulevard.
TECHNOLOGY
Although recent news that the planned submarine internet cable from Ezecom, Cambodia’s largest internet provider, has been pushed back; the $80 million project would more likely be operational by the first quarter of 2015 rather than by the end of this year. Construction is due to start in March of 2014 though and all of Cambodia's internet users should be happy about that if the proposed internet speeds reach the proposed speed increases! The growth of Cambodia's technology sector has been more obvious in 2013. With the successful BARCAMP weekends and the emergence of App and Development days through Cambodia there is a bubbling entrepreneurial and start-up scene waiting to emerge in Cambodia, perhaps 2014 could be a breakthrough year?