NovKasen Holding
The directory label Kasen Holding can be traced to Hong Kong-listed Kasen International Holdings Limited, stock code 496, and its Cambodian property-development subsidiary Cambodian Kasen Guoji Real Estate Co., Ltd. Kasen's own project page identifies the Cambodian entity as the developer of Phnom Penh Kasen Garden, while the listed parent reports the subsidiary and the project in its audited accounts. That gives buyers an unusually useful public paper trail for a Cambodian landed project, but the brand name should not be assumed to be the legal seller named in a particular SPA.
A company name is not a recommendation. Check the project company, contract and selected unit before reservation.
Overview
The directory label Kasen Holding can be traced to Hong Kong-listed Kasen International Holdings Limited, stock code 496, and its Cambodian property-development subsidiary Cambodian Kasen Guoji Real Estate Co., Ltd. Kasen's own project page identifies the Cambodian entity as the developer of Phnom Penh Kasen Garden, while the listed parent reports the subsidiary and the project in its audited accounts. That gives buyers an unusually useful public paper trail for a Cambodian landed project, but the brand name should not be assumed to be the legal seller named in a particular SPA.
Track record
Kasen International has been listed in Hong Kong since 20 October 2005 and publishes regular financial reports. Its 2025 annual report showed seven property projects in China and Cambodia, including completed developments with recorded completion years of 2015, 2019 and 2021. In Cambodia, the clearly documented residential scheme is Phnom Penh Kasen Garden. By 31 December 2025, Phase 1 had 64,527 sq m recorded as completed/developed, 38,731 sq m sold and 17,639 sq m delivered, while the wider roughly 291,000 sq m project remained classified as under development with an estimated 2027 completion.
Segments and prices
Phnom Penh Kasen Garden is a landed residential scheme rather than a condominium, with row houses, shophouses, detached villas and twin villas appearing in project materials. Kasen's audited 2025 accounts reported an average selling price of RMB10,580 per sq m for Phase 1. That is an accounting average for sold floor area, not a current retail price for a specific house. As a live market reference, Realestate.com.kh was showing project inventory in August 2026 from about US$168,000 for a twin villa to US$618,800 for a larger villa; individual availability and seller status still need to be checked.
Geography
Kasen's verified Cambodian residential footprint is concentrated in western Phnom Penh along National Road 3. Property portals place the project in the Por Sen Chey area, while Kasen's materials describe it as roughly two kilometres from the former Phnom Penh International Airport roundabout toward National Road 3. That landmark now needs context: the old airport ceased commercial operations on 9 September 2025, with flights transferred to Techo International Airport south of the capital. The reviewed sources did not show a comparably documented residential project by this Cambodian development entity in another Cambodian city.
Reliability and public record
Kasen is comparatively transparent for due diligence because its parent is listed, publishes audited accounts and discloses the Cambodian subsidiary separately. Kasen International reports a 49% economic interest in Cambodian Kasen but also states that it controls the company through governance and operating rights, so it consolidates it as a subsidiary. The subsidiary's 2025 figures are nevertheless relevant to a buyer: current assets were RMB431.5 million, current liabilities RMB501.9 million, non-current liabilities RMB42.4 million, and the subsidiary recorded a loss of about RMB11.1 million for the year. Those figures do not by themselves establish a default or project failure, but they strengthen the case for transaction-level checks on title, encumbrances, payment destination and the project's financing structure.
What to verify
For Kasen Garden, due diligence should start with the title for the specific house and land parcel. A valuation report published by Kasen International in May 2025 disclosed that several registered land titles and 136 villas were pledged as security for Phnom Penh Commercial Bank loans. The stated loan maturities in that report have now passed or reached maturity by August 2026, but the public sources reviewed do not establish that every related encumbrance has since been released, so a fresh official encumbrance search on the exact title is more useful than relying on the old filing. A foreign buyer also cannot assume that purchasing a villa gives direct ownership of the underlying land, because Cambodian law restricts foreigners from owning land directly; the lawful ownership or long-term-use structure must be assessed separately. Buyers should also obtain the currently approved phasing and completion plan, as older marketing material refers to three phases while the 2025 valuation report describes five and the audited accounts retain a 2027 overall completion estimate.
Projects in the NovAsia catalogue
This list is assembled from the project registry by the developer identifier; it is not a claim of a complete corporate portfolio.
renderRender: Borey Kasen Phnom Penh materials via REKH/FazWazBorey Kasen Phnom Penh
Frequently asked questions
Are Kasen Holding and Cambodian Kasen the same legal entity?
No. Kasen International Holdings Limited is the listed parent group, while Cambodian Kasen Guoji Real Estate Co., Ltd. is the Cambodian property-development company in which the group reports a 49% economic interest and control. The SPA should identify the actual seller and show its authority over the specific property.
Is Phnom Penh Kasen Garden completed?
Phase 1 already contains completed and delivered homes, but the wider scheme should not yet be described as fully completed. Kasen's 2025 annual report continued to classify Phnom Penh Kasen Garden as under development with an estimated 2027 completion. The physical completion, handover status, utilities and title documents should therefore be checked for the specific house.
Can a foreigner register a Kasen Garden villa in their own name?
A foreigner cannot directly register Cambodian land in their own name. Because Kasen Garden is a landed housing development, the foreign-ownership rules that can apply to private condominium units do not automatically solve the land issue. The lawful structure for rights over both the house and the land should be reviewed separately rather than relying on a nominee arrangement.
Sources
Sources are named for independent checking. NovAsia does not publish outbound links.
- Kasen International Holdings Limited / HKEXnews · Kasen International Annual Report 2025 — project portfolio, Cambodian Kasen and financial information · 27.08.2026
- Kasen International Holdings Limited · Phnom Penh Kasen Garden — official project description · 27.08.2026
- Kasen International Holdings Limited / HKEXnews · Kasen Garden valuation report — site area, phasing, titles and disclosed encumbrances · 27.08.2026
- IRAsia · Kasen International corporate information — stock code and listing date · 27.08.2026
- Realestate.com.kh · Borey Kasen Phnom Penh — house types, hard title and current asking prices · 27.08.2026
- Council for the Development of Cambodia · Cambodian land law — foreign ownership restrictions · 27.08.2026
- Air Cambodia · Transfer of Phnom Penh flights from the former airport to Techo International Airport · 27.08.2026