Historical and Cumulative Supply, by year since 2010 New Supply in 2017 Supply by Types of Housing, Location, Zone, Developer Market Performance, Number of Units Sold, Sold by Type, Location, Developer Mapping of Development Projects Sale / Stock Ratio, Market Absorption Rate Number of Units Finished and Released by year since 2010 Number of Projects and Units under Construction, Nearing Completion, and on Delay Sold Prices by Type, Location, Quartile Pricing Analyses VTA Housing Price Index Occupation to Vacancy Ratio by Location Housing Market Outlooks onto 2018 and 2019 Industry Conclusion and Recommendations

1. HOUSING MARKET
AND
OUTLOOK REPORT 2017
FOR
CAMBODIA’S KEY CITIES
By Mr. Hoem Seiha
Director of Research,
Vtrust Appraisal Co., Ltd.
Tel: 012/010-699-553
Email: seiha@vtrustappraisal.com

2. BRIEFING
HOUSING MARKET AND
OUTLOOK REPORT 2017 –
CAMBODIA
Research Report by Hoem Seiha, under VTrust Appraisal 2

3. Our Survey and Sampling
Scale
No. of
Locations
Percent
No. of Projects
/ Phases
Percent No. of Units
Less than 50 units 97 23% 106 20% 4,013
50-99 units 102 24% 118 23% 8,917
100-499 units 187 44% 242 47% 65,662
More than 500 units 38 9% 54 10% 47,007
Total 424 100% 520 100% 125,599
Source: Vtrust Appraisal Research, Q4 2017
PHNOM PENH CAPITAL
Development Scale of Landed Housing Development Clusters
Research Report by Hoem Seiha, under VTrust Appraisal 3

4. Research Report by Hoem Seiha, under VTrust Appraisal 4
Phnom Penh
Capital
Kampong Som
City
(Sihanouk)
Battambang
City
Poipet City
(Banteay
Meanchey)
Siem Reap
City
Kampong
Cham City
Kandal
Province
Total
Total Cum Landed
Housing Units
125,451 1,807 3,846 5,474 3,542 634 8,945 149,699
Percent 84% 1% 3% 4% 2% 0% 6% 100%
2016 Supply 12,514 438 1,162 885 146 322 1,572 17,039
Percent 73% 3% 7% 5% 1% 2% 9% 100%
2017 Supply 13,938 240 114 416 72 - 3,368 18,148
Percent 77% 1% 1% 2% 0% 0% 19% 100%
2018* Supply 8,313 - 66 1,440 58 - 2,910 12,787
Percent 65% 0% 1% 11% 0% 0% 23% 100%
Total Cum
Condominium Units
60,533 4,978 - - 230 - 437 66,178
Percent 91% 8% 0% 0% 0% 0% 1% 100%
2016 Supply 18,484 3,018 - - 64 - 280 21,846
Percent 85% 14% 0% 0% 0% 0% 1% 100%
2017 Supply 10,079 1,803 - - 72 - 90 12,044
Percent 84% 15% 0% 0% 1% 0% 1% 100%
2018* Supply 4,770 111 - - - - 0 4,881
Percent 98% 2% 0% 0% 0% 0% 0% 100%
Grand Total 185,984 6,785 3,846 5,474 3,772 634 9,382 215,877
Note1: Cum = Cumulative; Note2: Total cumulative supply figures may differ from the supply by home types due to exclusion of some non-classified
home types; Source: VTrust Appraisal Research, Q4 2017
HOUSING MARKET AND OUTLOOK REPORT 2017 - CAMBODIA
Supplies - Housing and Condominium Markets in Brief - Cambodia's Capital and Key Cities
(Figures as of 2017, Including Existing, Ongoing and Future Supplies)

5. Research Report by Hoem Seiha, under VTrust Appraisal 5
Phnom Penh
Capital
Kampong Som
City
(Sihanouk)
Battambang
City
Poipet City
(Banteay
Meanchey)
Siem Reap
City
Kampong
Cham City
Kandal
Province
Total
Total Cum Landed
Housing Units
98,174 1,272 1,822 2,196 2,495 634 1,956 108,549
Percent 90% 1% 2% 2% 2% 1% 2% 100%
2016 Completion 14,612 438 160 286 220 - 65 15,781
Percent 93% 3% 1% 2% 1% 0% 0% 100%
2017 Completion 27,224 240 976 1,398 76 634 984 31,532
Percent 86% 1% 3% 4% 0% 2% 3% 100%
2018* Completion 8,144 - 570 725 78 - 2,605 12,122
Percent 67% 0% 5% 6% 1% 0% 21% 100%
Total Cum
Condominium Units
14,009 46 - - 128 - 67 14,250
Percent 98% 0% 0% 0% 1% 0% 0% 100%
2016 Completion 2,446 - - - 64 - 67 2,577
Percent 95% 0% 0% 0% 2% 0% 3% 100%
2017 Completion 6,350 - - - - - 0% 6,350
Percent 100% 0% 0% 0% 0% 0% 0% 100%
2018* Completion 19,577 - - - 64 - 234 19,875
Percent 99% 0% 0% 0% 0% 0% 1% 100%
Grand Total 112,183 1,318 1,822 2,196 2,623 634 2,023 122,799
HOUSING MARKET AND OUTLOOK REPORT 2017 - CAMBODIA
Completion - Housing and Condominium Markets in Brief - Cambodia's Capital and Key Cities
(Figures as of 2017, Including Existing, Ongoing and Future Supplies)
Note1: Cum = Cumulative; Note2: Total cumulative completion figures may differ from the completion by home types due to exclusion of some non-
classified home types; Source: VTrust Appraisal Research, Q4 2017

6. Read more, please contact:
(855)12-699-553 /
seiha@vtrustappraisal.com
Research Report by Hoem Seiha, under VTrust Appraisal 6