QUARTERLY REPORT

FOR JANUARY-MARCH 2014 Q1 2014 | REPORT

CALL TODAY +855-12-768-583 www.bonnarealty.com.kh 1. Land Market Price in CBD From 2007 to 2013

According to the rise of economic in 2012 has come to invested and study about the property with escalate number of Foriegn Direct Investment market in order to investment in . In the 1st from Korea, China and some investors attempt to quarter of 2013, land market price in invested in Cambodia that its can effected the price increasing from 10% to 20% comparing to the same of property in Phnom Penh as well as Cambodia. In period in 2012. Although there has some problem contrasting, during 2009 with the world economic after national election, at the end of July and the crisis effected to the price of property in Cambodia beginning of August of 2013, but the price of prop- as a whole. Moreover, some projects were stagnant erty on the market are in stable because of buyer and delay the construction process like Golden 42 and seller no purpose of selling or buying their prop- Tower. erty. Until the end of 2013 we noticed that the Even though the domestic product was buying transaction start to rise up again. increasing from 2010 but the price of property remain unchanged. In the beginning of 2012, the Land Market Price in CBD from 2007 to 2013 price of property in Phnom Penh increasing from 2% to 5% for the residential area and 5% to 15% increased for the commercial area. In the 3rd and 4th quarter of 2012, the land market price increase from 10% to 15% in residential area and 10% to 16% for commercial area. If we looking back to 2013, many investors

2. Land Market Price in CBD in First Quarter 2014

Our research showed that the 1st quarter of Land Market Price in CBD in First Quarter 2014 2014 the price of property in 4 main districts of Phnom Penh substaintialy increased approximately from 20% to 30% for commercial area comparing to the same period in 1st quarter 2013. For land market price in residential area increasing approxi- mately from 10% to 20% based on the situation, size and shape of the property.

P2 - Q1 2014 | REPORT 3. Land Market Price in 4 Main Khan in Phnom Penh First Quarter 2014

Our data showed that, the average land mately from USD4,900/sqm and residential area is market price in Daun Penh has the highest price around USD2,900/sqm and Khan Chamkarmorn the within 4 main Khan in Phnom Penh because this khan average price in commercial area about located in the middle of Phnom Penh with rich of USD4,300/sqm and residential area about commercial center and surrounded by main commer- USD1,900/sqm. Khan Toul Kork is one of the Khan cial road like; Norodom Blvd, Sihanouk Blvd, that has the low price within the 4 Khan due to some Monivong Blvd especially other commercial area area in Khan Toul Kork far from commercial area in such as; Central Market, Sorya Supper market, Com- the city center. Furthermore, the land market price in mercial Bank Canadia and the along the Sihanouk Khan Toul Kork for commercial area on average of Blvd the river bank is the attractive zoon that can approximate USD 3,800/sqm and USD 2,500/sqm attract both national and international tourists to for residential area. visit. All these factors push the land market price in Khan Daun Penh higher than other Khan in Phnom Land Market Price in 4 Main Khans in Phnom Penh Q1 2014 Penh. The average land market price in commercial area around USD 5,500/sqm whereas the land market price in residential is about USD3,300/sqm. After Khan Daun Penh, the average land market price in Khan 7 Makara in commercial area approxi-

4. Land Market Price in Outskirt of Phnom Penh First Quarter 2014

With the land market price for some Khan at more thing, this area seem not yet developed on any the outskirt of Phnom Penh showed that the average projects. However, the average land market price in land market price in for the com- commercial area is higher than in Khan Dangkor mercial area is around USD 1,300/sqm whereas the that’s because of Khan Prek Pnov has little Sangkat residential area is USD 530/sqm. Based on the and Many of Sangkat in this Khan are located in the inspection of the land market price in Khan Mean main road like national road number 5 and Tumnup Chey is higher than 7 other khan due to in Sangkat Kob Srov Street as well. Boeng Tumpon and Sangkat Stoeng Mean Chey is Land Market Price in Out Skirt of Phnom Penh Q1 2014 developing Borey and Residential especially indus- trial zone as well. The land market price for residential in Khan Prek Pnov is lower than other Khan in Phnom Penh, average price USD 46/sqm, the factor that push the price in this area lower because it’s the new Khan that divided from other khan in Phnom Penh, one

Q1 2014 | REPORT - P3 Phnom Penh Land Market Price in 1st Quarter 2014 Phnom Penh Land Market Price in 1st Quarter 2014

Land Market Price Land Market Price No. Location No. Location Residential Commercial Residential Commercial From To Average From To Average From To Average From To Average I Khan Daun Penh VII 1 Srak Chork $ 1,700 $ 1,900 $ 1,800 $ 3,200 $ 3,700 $ 3,450 1 Russey Keo $ 350 $ 450 $ 400 $ 600 $ 1,000 $ 800 2 Wat Phnom $ 2,000 $ 2,500 $ 2,250 $ 3,500 $ 4,500 $ 4,000 2 Tuol Sangke $ 400 $ 600 $ 500 $ 1,400 $ 2,000 $ 1,700 3 Phsar Chas $ 2,000 $ 3,000 $ 2,500 $ 4,000 $ 5,500 $ 4,750 3 Kilometre 6 $ 550 $ 750 $ 650 $ 1,000 $ 1,600 $ 1,300 4 Phsar Kandal I $ 3,500 $ 4,000 $ 3,750 $ 5,000 $ 6,000 $ 5,500 4 Chraing Chamres 1 $ 300 $ 350 $ 325 $ 550 $ 700 $ 625 5 Phsar Kandal 2 $ 3,500 $ 4,000 $ 3,750 $ 5,000 $ 6,000 $ 5,500 5 Chraing Chamres 2 $ 350 $ 450 $ 400 $ 700 $ 800 $ 750 6 Chey Chumnas $ 3,300 $ 4,300 $ 3,800 $ 5,000 $ 8,000 $ 6,500 6 Svay Park $ 200 $ 250 $ 225 $ 350 $ 550 $ 450 7 Chak Tomuk $ 2,700 $ 3,000 $ 2,850 $ 5,000 $ 8,000 $ 6,500 VIII Khan Meanchey 8 Phsar Thmei 1 $ 3,800 $ 4,300 $ 4,050 $ 5,000 $ 8,000 $ 6,500 1 Boeung Tompun $ 450 $ 650 $ 550 $ 1,500 $ 2,500 $ 2,000 9 Phsar Thmei 2 $ 3,800 $ 4,300 $ 4,050 $ 5,000 $ 8,000 $ 6,500 2 Stoeung Meanchey $ 450 $ 550 $ 500 $ 1,000 $ 1,500 $ 1,250 10 Phsar Thmei 3 $ 3,800 $ 4,300 $ 4,050 $ 5,000 $ 8,000 $ 6,500 3 Chak Angre Kroam $ 450 $ 650 $ 550 $ 700 $ 1,300 $ 1,000 11 Boeung Raing $ 2,500 $ 4,500 $ 3,500 $ 4,500 $ 5,500 $ 5,000 4 Chak Angre Leu $ 450 $ 650 $ 550 $ 700 $ 1,300 $ 1,000 II Khan Chamkamorn IX Khan Porsen Chey 1 Tonle Basacc $ 1,800 $ 2,200 $ 2,000 $ 3,000 $ 4,000 $ 3,500 1 Krang Thnong $ 70.0 $ 100.0 $ 85.0 $ 150.0 $ 250.0 $ 200.0 2 Boeung Keng Kang 1 $ 2,200 $ 2,700 $ 2,450 $ 4,000 $ 7,000 $ 5,500 2 Trapaing Krosaing $ 50.0 $ 60.0 $ 55.0 $ 70.0 $ 130.0 $ 100.0 3 Boeung Keng Kang 2 $ 1,500 $ 2,500 $ 2,000 $ 4,000 $ 6,000 $ 5,000 3 Phleung Chhesrotes $ 50.0 $ 70.0 $ 60.0 $ 100.0 $ 150.0 $ 125.0 4 Boeung Keng Kang 3 $ 1,500 $ 2,500 $ 2,000 $ 4,000 $ 6,000 $ 5,000 4 Choam Chao $ 250.0 $ 350.0 $ 300.0 $ 700.0 $ 1,000.0 $ 850.0 5 Olympic $ 1,500 $ 2,500 $ 2,000 $ 4,000 $ 6,000 $ 5,000 5 Kakap $ 300.0 $ 400.0 $ 350.0 $ 700.0 $ 1,000.0 $ 850.0 6 Tuol Svay Prey 1 $ 1,700 $ 2,500 $ 2,100 $ 4,000 $ 4,500 $ 4,250 6 Samraong Kraom $ 35.0 $ 45.0 $ 40.0 $ 70.0 $ 120.0 $ 95.0 7 Tuol Svay Prey 2 $ 1,900 $ 2,500 $ 2,200 $ 3,500 $ 4,000 $ 3,750 7 Boeng Thum $ 25.0 $ 35.0 $ 30.0 $ 40.0 $ 50.0 $ 45.0 8 Tomnup Teuk $ 1,300 $ 1,500 $ 1,400 $ 4,000 $ 4,500 $ 4,250 8 Kamboul $ 40.0 $ 50.0 $ 45.0 $ 70.0 $ 160.0 $ 115.0 9 Tuol Tompoung 1 $ 1,500 $ 2,500 $ 2,000 $ 4,000 $ 6,000 $ 5,000 9 Kantaok $ 70.0 $ 120.0 $ 95.0 $ 200.0 $ 300.0 $ 250.0 10 Tuol Tompoung 2 $ 1,500 $ 1,800 $ 1,650 $ 2,300 $ 4,300 $ 3,300 10 Ovlaok $ 20.0 $ 30.0 $ 25.0 $ 30.0 $ 40.0 $ 35.0 11 Beung Trabek $ 1,400 $ 1,900 $ 1,650 $ 4,200 $ 4,700 $ 4,450 11 Snaor $ 20.0 $ 30.0 $ 25.0 $ 30.0 $ 40.0 $ 35.0 12 Phsar Deumthkov $ 1,400 $ 1,900 $ 1,650 $ 2,400 $ 3,000 $ 2,700 X III Khan Tuol Kork 1 Chbar Ampov I $ 400 $ 700 $ 550 $ 1,500 $ 2,500 $ 2,000 1 Boeung Kak 1 $ 1,200 $ 1,500 $ 1,605 $ 2,500 $ 3,500 $ 3,000 2 Chbar Ampov II $ 400 $ 700 $ 550 $ 1,500 $ 2,500 $ 2,000 2 Boeung Kak 2 $ 1,300 $ 2,000 $ 1,631 $ 3,500 $ 4,000 $ 3,750 3 Niroth $ 350 $ 450 $ 400 $ 700 $ 1,000 $ 850 3 Phsar Depo I $ 1,500 $ 2,000 $ 1,628 $ 3,500 $ 4,500 $ 4,000 4 Prek Pra $ 100 $ 200 $ 150 $ 450 $ 550 $ 500 4 Phsar Depo 2 $ 1,500 $ 2,000 $ 1,613 $ 3,500 $ 4,500 $ 4,000 5 Veal Sbov $ 80 $ 150 $ 115 $ 400 $ 500 $ 450 5 Phsar Depo 3 $ 1,500 $ 2,000 $ 1,594 $ 3,500 $ 4,500 $ 4,000 6 Prek Eng $ 80 $ 150 $ 115 $ 400 $ 500 $ 450 6 Teuk Laak 1 $ 1,400 $ 1,700 $ 1,568 $ 3,500 $ 4,500 $ 4,000 7 Khbal Koh $ 50 $ 70 $ 60 $ 100 $ 150 $ 125 7 Teuk Laak 2 $ 1,400 $ 1,700 $ 1,571 $ 3,500 $ 4,500 $ 4,000 8 Prek Thmey $ 35 $ 45 $ 40 $ 70 $ 100 $ 85 8 Teuk Laak 3 $ 1,400 $ 1,700 $ 1,576 $ 3,500 $ 4,500 $ 4,000 XI Khan Prek Phnov 9 Phsar Deum Kor $ 1,500 $ 2,000 $ 1,585 $ 3,500 $ 4,500 $ 4,000 1 Preak Phnov $ 90 $ 100 $ 95 $ 450 $ 650 $ 550 10 Boeung Salang $ 1,200 $ 1,600 $ 1,503 $ 3,000 $ 4,000 $ 3,500 2 Ponhea Pon $ 20 $ 30 $ 25 $ 40 $ 60 $ 50 IV Khan 7 Makara 3 Samrong $ 40 $ 60 $ 50 $ 70 $ 120 $ 95 1 Monorom $ 3,200 $ 3,700 $ 3,450 $ 4,300 $ 4,800 $ 4,550 4 Kokroka $ 30 $ 40 $ 35 $ 50 $ 60 $ 55 2 Mittapheap $ 2,600 $ 3,100 $ 2,850 $ 3,200 $ 4,300 $ 3,750 5 Ponsang $ 20 $ 30 $ 25 $ 30 $ 40 $ 35 3 Veal Vong $ 1,800 $ 2,400 $ 2,100 $ 3,300 $ 3,800 $ 3,550 XII Khan Chroy Change Va 4 Orussey 1 $ 3,000 $ 3,500 $ 3,250 $ 5,000 $ 6,000 $ 5,500 1 Chroy Change Va $ 400 $ 600 $ 500 $ 800 $ 1,600 $ 1,200 5 Orussey 2 $ 3,000 $ 3,500 $ 3,250 $ 5,000 $ 6,000 $ 5,500 2 Prek Leap $ 150 $ 200 $ 175 $ 350 $ 450 $ 400 6 Orussey 3 $ 3,000 $ 3,500 $ 3,250 $ 5,000 $ 6,000 $ 5,500 3 Prek Tasek $ 70 $ 100 $ 85 $ 130 $ 160 $ 145 7 Orussey 4 $ 3,000 $ 3,500 $ 3,250 $ 5,000 $ 6,000 $ 5,500 4 Koh Deach $ 30 $ 50 $ 40 $ 60 $ 70 $ 65 8 $ 2,400 $ 2,600 $ 2,500 $ 4,000 $ 7,000 $ 5,500 5 Bak Kheng $ 60 $ 90 $ 75 $ 150 $ 200 $ 175 V 1 Teuk Thlar $ 450 $ 550 $ 500 $ 1,500 $ 2,500 $ 2,000 2 Phnom Penh Thmey $ 450 $ 550 $ 500 $ 1,000 $ 1,400 $ 1,200 3 Khmounh $ 150 $ 200 $ 175 $ 200 $ 250 $ 225 VI Khan Dangkor 1 Dangkor $ 250.00 $ 350.00 $ 300.00 $ 500.00 $ 700.00 $ 600.00 2 Prey Sa $ 50.00 $ 100.00 $ 75.00 $ 50.00 $ 150.00 $ 100.00 3 Prateah Lang $ 25.00 $ 35.00 $ 30.00 $ 40.00 $ 60.00 $ 50.00 4 Kong Noy $ 25.00 $ 35.00 $ 30.00 $ 40.00 $ 60.00 $ 50.00 5 Preaek Kampues $ 30.00 $ 40.00 $ 35.00 $ 50.00 $ 80.00 $ 65.00 6 Roluos $ 15.00 $ 25.00 $ 20.00 $ 40.00 $ 50.00 $ 45.00 7 Porng Teuk $ 35.00 $ 45.00 $ 40.00 $ 60.00 $ 100.00 $ 80.00 8 Prey Veng $ 25.00 $ 35.00 $ 30.00 $ 45.00 $ 55.00 $ 50.00 9 Spean Thma $ 25.00 $ 45.00 $ 35.00 $ 60.00 $ 100.00 $ 80.00 10 Kraing Pongro $ 25.00 $ 35.00 $ 30.00 $ 40.00 $ 60.00 $ 50.00 11 Sac sampov $ 15.00 $ 20.00 $ 17.50 $ 25.00 $ 45.00 $ 35.00 12 Cheung Ek $ 50.00 $ 70.00 $ 60.00 $ 150.00 $ 200.00 $ 175.00 13 Tien $ 15.00 $ 25.00 $ 20.00 $ 30.00 $ 40.00 $ 35.00

Q1 2014 | REPORT - P5 5. OFFICE SPACE In the 1st quarter of 2013 we noticed that, USD5/sqm to USD10/sqm. Totally the price of office the supply of office space was about 300.000 sqm. space is 20% increased comparing to the same With those amount there are about 25% was Grade period in 2013. The price is not include other “A”, around 56% Grade “B”, 3% Grade “C” and services were supplied by the developers. 15% with no Grade for multipurpose. For the price, it’s classify by its grade and services from each office space; Normally, Office Space Grade “A” range from USD18/sqm to USD25/sqm, Grade “B” from USD8/sqm to USD12/sqm and Grade “C” fromUSD3/sqm to USD 5/sqm. The price is not include other services. In Q1 2014 the total supply is not change from 2013 but the price of office space Grade “A” has supplied approximately 37% with range price approximate from USD20/sqm to USD33/sqm, Grade “B” have 63% range from USD10/sqm to USD20/sqm and Grade “C” have 3% from

5.1. THE OCCUPANCY RATE IN THE 1ST QUARTER 2014

For the 1st quarter of 2014, we noticed that the demand of office space reached to 93% comparing to the same period in 2013, 12% increased.

P6 - Q1 2014 | REPORT 5.2. OCCUPANCY RATE FROM 2006 - 2014

Looking back to the occupancy rate office space since 2006 we saw that the occupancy office space was dramatically increase in 2007 and 2008 because of foriegn investors. In 2009, the economic crisis lead the demand of rental office space drastically decreased by 20%. In 2010 until present, the supply of office space is increasing again because of the recovering of economics which lead the increasing the demand.

Q1 2014 | REPORT - P7 5.3. THE SUPPLY BY KHAN (DISTRICT)

According to our research, Khan that hsa rich and Russey Keo 3%. Khan Daun Penh is the only of Office Space is Khan Chamkarmorn 37% Khan which has many Office Space grade “A” and because of residential area with many Condo Chamkarmorn rich in Office Space grade “B”. construction and Apartment Building and it’s also in Office Space grade “B” was heavily invested by Commercial Area with many company, organization, Investors because they do not wish to spend too much school, shopping center and hotels as well (central money on their capital investment and the price of business district), follow by Khan Daun Penh 23%, the rental fee also cheaper than Office Space Khan 7Makara 17%, Toul Kork 13%, Sen Sok 7% grade “A”

P8 - Q1 2014 | REPORT 6. RETAIL

In the 1st quarter of 2014 the demand in retail approximately USD15/sqm, maximum fee approxi- space was shlightly decreased approximately 8% mately USD50/sqm and average approximately comparing to the same period in 2013. The decreas- USD28/sqm the price of the Retail space is depend ing of demand because of increasing of new retail on location of each units in the retail building as well construction in its own projects such as Borey and as on how modernization and facilities of the retail Condominium. Furthermore, some retail do not have building and size of each units. full facilities such as; Cinema, Restaurant, Fast Food, Clothes shop for youth, Karaoke, Entertainment, game etc. Most of people prefer to go shopping center are youths, this kind of people likely to mate- rialism and civilization so supermarket that has no all those facilities as the above will not have many people enjoying shopping. Hence, this can push the occupancy rate to decreased.

Regarding to the price of the Retail Space in the Q1 2014 is slightly decreased with minimum fee

Q1 2014 | REPORT - P9 6.1. THE RETAIL SUPPLY IN THE 1ST QUARTER 2014

According to our data, Sorya Supermarket remains popular for youth in shopping and entertain- ment. Remarkably a new boutique supermarket was established in the late 2013, TK Avenue, also popu- lar as Sorya Shopping Center, customer can enjoy shopping, eating in fast food restaurant and movie at cinema. Next, Pencil also popular with youths in shopping and clubing.

6.2. THE SUPPLY OF RETAIL BY KHAN AND PRESENT AND FUTURE

The supply of retail in present, Khan Mean Chey is the only Khan reach in supplying because of the new supply by New Stueng Meanchey Shopping Center, following by Khan Daun Penh, for the Khan that has the less supply is Khan Toul Kork. But if we go to see the trend of supply in the future, there will be change in supplying that because of the supply trend in Chamkarmorn and Khan 7Makara because of some new project of Olympia City and AEON Mall. Khan Sen Sok has less supply if compare to the other Khan

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P10 - Q1 2014 | REPORT 6.3. THE SUPPLY TREND IN THE FUTURE

We can expect that the retail supply will increased from 280,000sqm upto 700,000 sqm in the next few years because of some new projects construction such as Aeon Mall (Japan Investor), Pakson Store (Malaysian Investor), New World (Borey New World), Platinum Mall (Borey Peng Houth), Moscow City (Borey 999), Riviera Plaza, Olympia Grand.

7. NEW BUILDING CONSTRUCTION IN PHNOM PENH

Khan Chamkarmorn is still remain the area attract investors or biz owner in business running because of its location in both Commercial and Resi- dential. Most of new constructions are Condo and Apartment. Following Khan Chamkarmorn is Khan Daun Penh, 7 Makara and Toul Kork.

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Q1 2014 | REPORT - P11 8. PROPERTY MARKET PRICE IN CAMBODIA

LAND, WAREHOUSE AND FACTORY FOR RENT

Average Rental Price Warehouse & Factory Average Rental Price Location per Month (USD/sqm) per Month (USD/Sqm) Main Road $8 - $10 Sub-Main Road or Edge Main Road $3 - $5 $1.50 - $2.00 Prime Residential $3 - $4 Outskirt $0.20 - $0.50 - $1

SHOP HOUSE Location Average Rental Price per Month (USD/sqm) Main Road $1,000 - $1,800 Sub-Main Road & Other $700 - $1,200 Outskirt $500 - $800 New Branch $1,200 - $1,700

FLAT HOUSE Location Average Rental Price per Month (USD/sqm) Residential $600 - $800 Outskirt $300 - $500

VILLA IN ZONE A Property Type Land Size Building Size Number of floor Residential Rent Fee per Month Single Villa / Mini Villa 350 - 550m2 150 - 200m2 1 $2,000 - $2,500 Khmer Villa 450 - 550m2 350 - 450m2 (2 - 3) $2,500 - $3,000 New Style Villa 450 - 550m2 350 - 480m2 (2 - 3) $3,500 - $4,000 Western Villa 450 - 550m2 350 - 480m2 (2 - 3) $4,500 - $5,000

VILLA IN ZONE B Property Type Land Size Building Size Number of floor Residential Rent Fee per Month Single Villa / Mini Villa 350 - 550m2 150 - 200m2 1 $1,000 - $1,200 Khmer Villa 450 - 550m2 350 - 450m2 (2 - 3) $1,500 - $2,000 New Style Villa 450 - 550m2 350 - 480m2 (2 - 3) $2,000 - $2,500 Western Villa 450 - 550m2 350 - 480m2 (2 - 3) $2,500 - $3,000

Phnom Penh, March 20, 2014 RESEARCH DEPARTMENT

P12 - Q1 2014 | REPORT WE RESEARCH, ANALYSE & REPORT

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Our dedicated research team provides a full comprehensive advice to both local and foreign investors on Cambodia retail estate industry and economic development. We measure and evaluate current and projected economic and market conditions which have direct impact on real estate and thus allowing our clients to manage their risks and take advantage of future opportunities.

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Q1 2014 | REPORT - P13 HEAD OFFICE / BAA DEPARTMENT

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Q2 2014 | REPORT

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