Central bank closely monitoring real estate and construction-Private Office in Cambodia

Best apartment for rent in Cambodia-Service one daily news

The National Bank of Cambodia (NBC) says it is closely monitoring the development of the real estate and construction sectors because of their close relationship with banking in terms of credit growth.

The Credit Bureau Cambodia (CBC) reported that consumer loans as of September 2019 totalled $7.65 billion and, of those, mortgages accounted for 48.36 percent, credit cards 0.61 percent and individual loans just over 51 percent.

Cambodia seeks Russia’s help for free-trade agreement -Private Office in cambodia

Best apartment for rent in Cambodia-Service one daily news-Private Office in cambodia

Cambodian government is seeking support from Russia to push the Cambodia- Eurasian Economic Union (EAEU) free-trade agreement in order to expand trade volume and economic cooperation between Cambodia and the bloc.

The call was made during a meeting between Cambodia Ministry of Commerce’s Secretary of State Tek Reth Kamrong and Dmitry Tsvetkov, Russian ambassador to Cambodia.

Tourism to be reactivated with new guidelines for Kingdom-best apartment for rent in cambodia

Best apartment for rent in Cambodia-Service one daily news

The Ministry of Tourism plans to introduce new guidelines this month for business health standards for tourism-related businesses such as hotels, restaurants and resorts as the ministry aims to increase domestic tourism.

A group of domestic tourists enjoying a beach hotel.

Cambodia’s first racing circuit nears completion

Cambodia could soon be hosting local and international car races, with the Kingdom’s first-ever race track nearing completion.

A source with knowledge of the project said work on it is almost complete and they are looking at holding a soft opening in the next few weeks.

According to him, it is only the LED system at the track which needs to be finished.

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Cambodia Phnom Penh-The Royal Palace-Service ONE Apartment in Cambodia

The Royal Palace in Phnom Penh was constructed over a century ago to serve as the residence of the King of Cambodia, his family and foreign dignitaries, as a venue for the performance of court ceremony and ritual and as a symbol of the Kingdom. It serves to this day as the Cambodian home of King Norodom Sihamoni and former King Norodom Sihanouk. The Royal Palace complex and attached ‘Silver Pagoda’ compound consist of several buildings, structures and gardens all located within 500×800 meter walled grounds overlooking a riverfront park. Marking the approach to the Palace, the high sculpted wall and golden spired Chanchhaya Pavilion stand distinctively against the riverfront skyline. Inside the Palace grounds, street sounds are silenced by the high walls and the various Royal buildings sit like ornate islands rising from the tranquil, manicured tropical gardens. Except for the area of the actual Royal residence, the Khemarin Palace, most of the Palace grounds and Silver Pagoda are open to the public. Enter from the gate on Sothearos Blvd about 100 meters north of Street 240. Guide pamphlets and tour guides are available near the admission booth. Guided tours are recommended. Multi-lingual tour guides available. Open everyday, 7:30-11:00 / 2:00-5:00. The Palace grounds are closed during official functions.

History of the Royal Palace

The establishment of the Royal Palace at Phnom Penh in 1866 is a comparatively recent event in the history of the Khmer and Cambodia. The seat of Khmer power in the region rested at or near Angkor north of the Great Tonle Sap Lake from 802 AD until the early 15th century. After the Khmer court moved from Angkor in the 15th century, it first settled in Phnom Penh in 1434 (or 1446) and stayed for some decades, but by 1494 had moved on to Basan, and later Lovek and then Oudong. The capital did not return to Phnom Penh until the 19th century and there is no record or remnants of any Royal Palace in Phnom Penh prior to the 19th century. In 1813, King Ang Chan (1796-1834) constructed Banteay Kev (the ‘Cristal Citadel’) on the site of the current Royal Palace and stayed there very briefly before moving to Oudong. Banteay Kev was burned in 1834 when the retreating Siamese army razed Phnom Penh. It was not until after the implementation of the French Protectorate in Cambodia in 1863 that the capital was moved from Oudong to Phnom Penh, and the current Royal Palace was founded and constructed.

At the time that King Norodom (1860-1904) signed the Treaty of Protection with France in 1863, the capital of Cambodia resided at Oudong, about 45 kilometers northeast of Phnom Penh. Earlier in 1863 a temporary wooden Palace was constructed a bit north of the current Palace site in Phnom Penh. The first Royal Palace to be built at the present location was designed by architect Neak Okhna Tepnimith Mak and constructed by the French Protectorate in 1866. That same year, King Norodom moved the Royal court from Oudong to the new Royal Palace in Phnom Penh and the city became the official capital of Cambodia the following year. Over the next decade several buildings and houses were added, many of which have since been demolished and replaced, including an early Chanchhaya Pavilion and Throne Hall (1870). The Royal court was installed permanently at the new Royal Palace in 1871 and the walls surrounding the grounds were raised in 1873. Many of the buildings of the Royal Palace, particularly of this period, were constructed using traditional Khmer architectural and artistic style but also incorporating significant European features and design as well. One of the most unique surviving structures from this period is the Napoleon Pavilion which was a gift from France in 1876.

King Sisowath (1904-1927) made several major contributions to the current Royal Palace, adding the Phochani Hall in 1907 (inaugurated in 1912), and from 1913-1919 demolishing several old buildings, and replacing and expanding the old Chanchhaya Pavilion and the Throne Hall with the current structures. These buildings employ traditional Khmer artistic style and Angkorian inspired design, particularly in the Throne Hall, though some European elements remain. The next major construction came in the 1930s under King Monivong with the addition of the Royal Chapel, Vihear Suor (1930), and the demolition and replacement of the old Royal residence with the Khemarin Palace (1931), which serves as the Royal residence to this day. The only other significant additions since have been the 1956 addition of the Villa Kantha Bopha to accommodate foreign guests and the 1953 construction of the Damnak Chan originally installed to house the High Council of the Throne.

From the time of the coup in 1970 when Cambodia became a republic, through the Khmer Rouge regime (Democratic Kampuchea 1975-1979) and the communist regime of the 80s, until 1993 when the Monarchy was restored, the Royal Palace alternately served as a museum and was closed. During the Khmer Rouge regime, former King Sihanouk and his family resided and were ultimately held as prisoners in the Palace. In the mid-90s, many of the Palace buildings were restored and refurbished, some with international assistance.