Land Valuation in Victoria, Australia

Royal University of AgricultureFaculty of Land Management and Land

AdministrationTopic:

Group 06: 1. Mr. Vibol

CHETMAY

Royal University of A

gricultureFaculty of Land M

anagement and Land

Administration

Valuations of Rural Leasehold and

Licensed Land in Victoria, Australia

2. Mr. Sengly SAM4. Mr. Phanith LY

5. Mr. Bunarith PRAK

3. Mr. Taingkou DOUNG

6. Mr. Sambath PRAK

3

Second Semester, Year 03

Academic Year: 2011-2012

Lectured by:

Mr. Taing Aun SOURN

Cambodia - Australia

1. Definition

2. Geography of Australia

3. Land Use Type in Australia

4. Who owns Australia?

5. Leasehold and Freehold

6. Geography of Victoria

7. The Crown in Victoria

8. Methodology

9. Case Study Area

10.Data and Analysis

11. Conclusion

12.BibliographyMay 3, 2023 2

Presentation Outlines


Definition:

• Valuation (n): the act of deciding how much money something might be sold for or

the amount of money decided on.

• Rural (adj): in, of or like the countryside.

• Leasehold (n): the legal right to live in or use a building, piece of land, etc. for an

agreed period of time.

• Licensed Land (n): land that is under the official permission to do on it, etc,.

May 3, 2023 3


Where is Australia?Please go to visit Australia with us now…!

May 3, 2023 4


Map of Australia

May 3, 2023 5


1. Geography of Australia:

• The largest island continent and the 13th largest economy in the world

• Total Area: 7,617,930 square km (6th), lying south of the Equator (Southern

Hemisphere) between the Indian and South Pacific Oceans separated from Asia

by the Arafura and Timor seas.

• Population: approximately 21 million (Highly urbanized), ranked 56 (2008)

• Population Growth Rate: about 1%/year

• Density: 2.8 persons/Km2

• Capital: Canberra

• Largest City: Sydney

• National Language: English

• Independence: From the United Kingdom on 1 January 1901

• Prime Minister: Julia Gillard (1st female PM in June 2010)May 3, 2023 6


The Pie Graphic of Land Use Type in Australia

44%

39%

2%5% 9%

Production

Natural Vegetation

Pasture

Nature Conservation

Protected Areas

Source: Bureau of Rural Sciences

May 3, 2023 7


Land Use of Australia

Source: 2001/02 Land Use of Australia, Version 3, Bureau of Rural Sciences May 3, 2023 8



Source: 2001/02 Land Use of Australia, Version 3, Bureau of Rural Sciences

May 3, 2023 9



Source: 2001/02 Land Use of Australia, Version 3, Bureau of Rural Sciences

May 3, 2023 10



May 3, 2023 11


Who owns Australia?

May 3, 2023 12

• The governments’ control 72% of the land in Australia, aboriginals 13% and 15% is

held in private freehold. The governments are the biggest landlords in Australia

• They include leasehold land as government land because the government is the

owner and the lessee can be dispossessed at any time by government.

• The biggest landlord in Australia is the Department of Lands and Surveys in Perth

which owns 211 million hectares. Virtually all land is owned by the government,

who is thus landlord to every home, office, factory and business in a city. The

leasehold land owned by the Department of Lands in Darwin whose empire totals

80 million hectares.

• Almost half of the continent is largely leasehold land.

• The best security is free-hold by Courier Mail, 30th October 1981.


Who owns Australia?

May 3, 2023 13


Leasehold and Freehold

May 3, 2023 14

• Sell a man an acre of wilderness and he will make a garden out of it. Lease a man

an acre of garden and it will become a wilderness.

The three nations in Australia:

Freehold Australia (a semi-free society)

Leasehold Australia (a feudal society)

Black Australia (a socialist society)

• We have a nation where over 85% of the land area is owned by governments or

quasi-government bodies and controlled by their officials.


Bar Chart of Australian Citizens’ Ages

Source: Australian Bureau of Statistics 2006 May 3, 2023 15

0 - 19 20 - 39 40 - 59 60 - 79 80 - 100+0

2000

4000

6000

8000

10000

12000

MaleFemale


The Pie Graphic of Language Usage in Australia

79.1%

2.1%

1.9%

11.1%

5.8%

EnglishChineseItalianOtherUnspecified

May 3, 2023 16


Canberra

Canberra is the Capital of AustraliaMay 3, 2023 17


Sydney

Sydney is the Largest City of Australia

May 3, 2023 18


Prime Minister of Australia

Julia Gillard (1st female Prime Minister in June 2010)

May 3, 2023 19


• Coastline: extending more than 36,700 Km

• Currency: Australian dollar (AUD)

• Coordinates: lies between latitudes 9° and 44°S, and longitudes 112° and 154°E.

• Lowest Point: Lake Eyre ( - 15 m)

• Neighboring Countries: Indonesia, East Timor and Papua New Guinea (N), the

Solomon Islands, Vanuatu and New Caledonia (NE), and New Zealand (SE).

• Discovery: By Dutch explorers in 1606

• Indigenous Australians: Melanesian

• Drive: On the left

• Senate: 76 senators

• House of Representatives: 150 members

• Elections for both chambers are normally held every 3 years.

May 3, 2023 20


2. Country Details:

• It was inhabited for over 40,000 years by indigenous peoples.

• The majority of the population 85% resides in urban areas and 15% in rural areas.

• Highest Point: Mt. Kosciusko (2 229 m)

• The use of the word Australia in English was in 1625.

• The name Australia was popularized by the explorer Matthew Flinders in 1804.

• Traditional ownership of land (Aboriginal Title) was not recognized until 1992.

• Australia is a constitutional monarchy with Queen Elizabeth II (resides in United

Kingdom) as the Queen of Australia.

• There are two major political groups that usually form government:

The Australian Labor Party

The Coalition

May 3, 2023 21


Context of Living Standards for Australian Citizens

85%

15%

Urban AreaRural Area

May 3, 2023 22


The Queen of Australia

Queen Elizabeth IIMay 3, 2023 23


The Federal Government Structure of Australia

The Legislatur

e

The Judiciary

The Executive

May 3, 2023 24


Economy

• Market economy with high GDP/capita and a low rate of poverty.

• Major cities fare well in global comparative livability surveys

• Highest house price in the world.

• Tax system, personal & company income tax is the main sources of government

revenue.

• There were 11,450,500 people employed, with an unemployment rate of 5.1%

(July 2011). Youth unemployment (15–24) rose from 8.7% to 9.7% over 2008-2009

• Largest export markets are Japan, China, the US, South Korea, and New Zealand.

• The world's fourth largest exporter of wine contributing $5.5 billion per annum to

the nation's economy.

• Total government debt in Australia is about $190 billion

May 3, 2023 25


Demography

• The population has quadrupled since the end of World War I, much of the increase

from immigration.

• In 2000, almost 5.9 million people settled in the country as new immigrants (nearly

2 out of every 7 Australians were born in another country). Most immigrants are

skilled but immigration quota includes categories for family members & refugees

• In 2005, 24% of Australians were born elsewhere; the 5 largest immigrant groups

were those from the UK, New Zealand, Italy, Vietnam, and China.

• Australia has 6 states: New South Wales, Queensland, Tasmania, Victoria,

Southern and Western Australia.

Health

• Life expectancy in 2006 was 78.7 years for males and 83.5 years for females.

May 3, 2023 26


• In 2005–2006, more than 131,000 people immigrated to Australia, mainly from Asia

and Oceania. The migration target for 2010–2011 is 168,700

• By 2050, Australia's population is currently projected to reach around 42 million.

• Indigenous Australians have a low level of education, and life expectancies for

males and females that are 11–17 years lower than non-indigenous Australians.

Education

• In general children are required to attend school from the age of about 5 up until

about 16. Australia has 37 government-funded universities and 2 private

universities.

Religion

• No state religion, and section 116 of the Australian Constitution prohibits the

federal government from making any law to establish any religion.

• The Christian festivals of Christmas and Easter are public holidays.

May 3, 2023 27


May 3, 2023 28


Language

• No official language according to the 2006 census, English is the only language

spoken for (79%). The next most common languages spoken at home are Italian

(1.6%), Greek (1.3%) and Cantonese (1.2%).

• Most common language spoken by children after English was Arabic, followed by

Vietnamese, Greek, Chinese, and Hindi (The Australia Early Development Index)

• Australia has a sign language known as Auslan, which is the main language of

about 5,500 deaf people.

Cuisine

• Wine is produced in 60 distinct production areas totaling approximately 160,000

hectares, mainly in the southern part of the country.

May 3, 2023 29


Constitution of Australia

Section 116:

• The Commonwealth shall not make any law for establishing any religion, or for

imposing any religious observance, or for prohibiting the free exercise of any

religion, and no religious test shall be required as a qualification for any office or

public trust under the Commonwealth.

May 3, 2023 30


Where is Victoria?Let’s go to Victoria together!

May 3, 2023 31


Map of Victoria

May 3, 2023 32


1. Geography of Victoria:

• Total Area: 237 629 Km2 (Land 95.7% and Water 4.3%)

• Bordered by: New South Wales, South Australia, and Tasmania.

• Population: 5 547 527 people (June 2010) with an increase of 1.8% from the

previous year and may reach 7.2 million by 2050.

• Aboriginal Australians: 0.3% of the total population

• Density: 21.7 persons/Km2

• Capital: Melbourne

• Independence: Became a state of Australia in 1906

• Governor: Alex Chernov

• Premier: Ted Baillieu

• Product ($m): 293 313 (2nd)

• Product per capita: 52 872 (6th)May 3, 2023 33


• House of Representatives: 37 members

• Senate: 12 Senators

• About 72% of Victorians are Australian-born (more than 70% live in Melbourne).

• Victoria is most urbanized state: nearly 90% of residents living in cities and towns.

• Highest Elevation: Mount Bogong (1986 m)

• Victoria contains many topographically, geologically and climatically diverse areas.

• Victoria has a written constitution enacted in 1975.

• Victoria is the second largest economy in Australia after New South Wales.

• In August 2010, Victoria had 1,548 public schools. Victoria has about 63,519 full-

time teachers. Victoria has 9 universities.

May 3, 2023 34


Demography

• Melbourne, the state capital, is home to more than 7 in 10 Victorians.

• The Melbourne metropolitan area is home to an estimated 3.9 million people.

• Victoria is Australia's most urbanized state: nearly 90% of residents living in cities

and towns.

• In 2010-2011 there were 152 homicides within the state of Victoria.

May 3, 2023 35


Population Growth estimates for Victoria

May 3, 2023 36


Average Monthly Maximum Temperature in Victoria

May 3, 2023 37


Victorian Production and Workers by Economic Activities

May 3, 2023 38


Area of leased and licensed land in Victoria is small• Most agricultural land within the higher- rainfall area of Australia is held under

freehold title

• Most land in the drier pastoral area that is used for some form of agriculture or

grazing is held under various forms of lease and license from state or territory

governments

• Leases for a short term may provide little long-term security

• Many Crown leases, however, are for longer terms

• The area of leased and licensed land in the state of Victoria is a small portion of

the total area given over to freehold or owner-occupied farms.

• A total of 43,689 tenants control 1 064 004 hectares of government-owned land

(4.7% of the state’s total area).

May 3, 2023 39


The Crown in Victoria

• Crown land is an area belonging to the monarch (“The Crown"), the equivalent of

an entailed estate that passed with the monarchy & could not be alienated from it.

• In Australia, public lands are considered to belong to the Crown.

• Various States have adopted differing policies towards the sale and use of their

Crown lands.

• Crown land is used for such things as airports (Commonwealth) and public utilities

(usually State).

May 3, 2023 40


Amount of Land Control in Victoria

4.7%

95.3%

Land owned by tenants

Land owned by state

May 3, 2023 41


The tenants lease the land for grazing for their livestock

May 3, 2023 42


• There is no any central registry or database for private leases; it is not known

how many private leases exist, or what percentage of the state is under lease.

• Public lands are considered to be owned by the Crown. In Australia, each state is

a Crown entity that may lease land.

• Land alienation was a major problem of Victoria in the 1850s.

• During the 20th century most land in rural Victoria became freehold owner-

occupied land.

• The Northeast region of Victoria covers some 20 000 Km2 with 87 000 people.

• Approximately 61% of the region is public or Crown land, used for forestry,

conservation, and recreation.

May 3, 2023 43


What happened to Victorian Agriculture Process?

Change in the size of small agricultural service towns

Machinery (Sophisticated)

Farm sizes (Increased)

District Populations (Decreased)

May 3, 2023 44


• February is the peak of summer in Victoria and it is also the month presenting the

greatest wildfire danger.

• The largest economic contributor is crop production.

• Native title is the recognition by Australian law that some indigenous people have

rights and interests to their land that come from their traditional laws & customs.

“Market Rent is the best rent which might reasonably be expected, as following:

• A willing lessor and lessee

• A reasonable period in which to negotiate the letting

• Values remain static throughout the period

• The property is freely exposed to the market

• No account is taken of any higher price or rent that might be paid by a party with a

special interest

May 3, 2023 45


• Less than 1.6% of Australian farms were owned by institutional investors.

• The Murray River is Australia’s longest river, but relatively short by international

comparison. The Hume Dam river is 302 Km downstream from the Murray River’s

mountain source and 2,225 Km from its mouth in South Australia.

May 3, 2023 46

Gross Value of Agricultural Product in Victoria in 2004-2005

Type Amount ($’000)

Livestock Slaughtering 2 526 991

Livestock Products 2 644 694

Crops 3 261 542

Source: Australian Bureau of Statistics 2008


• Most private land is freehold within Victoria

• Forestry contributes $213 million per annum.

• The court decision noted that the appraiser was required to take into

consideration three matters:

1. The best current open-market annual rental value that can reasonably be

obtained for the premises

2. The current open-market annual rental values of comparable commercial

premises

3. Any permanent structural or other improvements to the premises installed at the

lessee’s expense that the lessee is not permitted to remove at the expiration of

the lease.

May 3, 2023 47


Methodology

In respect of rentals or leasing of land in the area, four approaches have been

traditionally applied.

1. Use a percentage of the market value of the land

2. Relates to agistment rates

3. Examine productive value of the land

4. Use a gross margin or income approach

• Gold was discovered in the area in 1851.

• Lease documents for rural land are less complicated than commercial leases

• The quantum for commercial leases is generally much higher than a rural lease

May 3, 2023 48


May 3, 2023 49

Case Study Area

• NE Water Resources

• Operates over 68 000 Hectares - Controls 835 licences

• Hume Dam Capacity 3 035 500 mega litres

• Surface Area 20,000 Hectare

• Licensed Land around Edge of Lake Hume 84 Licences Area 2300 Hectares

• 2 Arms Murray / Mitta


May 3, 2023 50

• Flooding - Compensation - Hume Dam

• Peak Flood Area 33% Loss

• Higher Level 10 % Loss (blot on title)

Bullivant and Minister 1936

• Crown Land

• Extinguished by Freehold Grant

• Basis - Traditional Laws & Customs

• Native Title Act 1993

Native Title


May 3, 2023 51

Valuation of less than freehold

• Little Research

• Market rental valuations of rural land

• Valuation of land held under lease

• Native Title issues

• Number to increase due to demographics and economics


May 3, 2023 52

• Landed squatters held large tracts

• Power of squatters gained by wool boom

• Victorian legislation of 1869 freed up land

• Settlers gain leasehold & freehold

Rural Settlement Post 1825


May 3, 2023 53

• Upstream of Albury/Wodonga

• Mean annual rainfall of 715 mm

• Average Maximum Temperatures

Summer 31.8oC

Winter 12.6oC

• Valleys - Murray, Kiewa & Mitta

• Diverse Soils - Vertosols & Shallow

Lake Hume Study Area


May 3, 2023 54

Literature Review

• Eves Study 2002

• NSW 1990-2000 Income & Capital Land Value - Annual Average

Weighted Return

• Rural & Other Investments

• Rural - 10.75%

• Shares - 12.72%

• Bonds - 11.3%

• Property - 5.2%


May 3, 2023 55

• Percentage of Market Rental

• Agistment Rates

• Productive Value

• Gross Margin / Income Approach

• Analysis of Productive Value is Preferred

• Little Market Evidence

• No Organised Leasing Market

Rentals - Traditional Methodologies


May 3, 2023 56

Analysis of Recent Sales & Transactions

Freehold Land $2,030 - $6,200 per hectare

Freehold Leases District Leases $67 - $284 per hectareStudy Area Average $93 per hectare

Rental Returns Historically 6% of Market Value

Agistment Rates Cow & Calf $5 / head / week - Up to $9

Gross Income per Year Cow & Calf $500 1 Cow & Calf = 15 Dried Sheep Equivalent

Gross Margin Per Hectare $ 140


May 3, 2023 57

Application of Methodologies - Data

• Land Value of $6,200 / Hectare

• 1 Cow & Calf = 2 Hectares

Rental Returns 6% = $370 / Hectare3% = $185 / Hectare

Agistment $130 / Hectare

Productive Value $500 = $250 / Ha at Rental of 50% = $125/Ha

Gross Margin $140 / Hectare at 50% Rental = $70 / Hectare


May 3, 2023 58

• Significant Variation

• Land Value - Lifestyle Options - Rural Use

• Capital Gains - Value

• Agistment - Seasonal / Short Term:

Owner Responsible for Maintenance, Capital Expenditure &

Overhead Costs

• Productive Method Favoured by Farmers Over G.M. Approach

• Productive Method Ignores Lessor Overhead Costs

Methodologies Summary


May 3, 2023 59

• Agistment Not Realistic

• Production or Gross Income Approach

• Cow & Calf Gross Income - $440 - $500 / Year

• 1 Cow & Calf to 2 Ha

• Rentals $110 - $125 / Ha

• Gross Margin Approach too General - Data Not Available

• Alternative Approach - Assess DSE / Ha

7.5 x $16 DSE = $120 / Ha

Farmer Interviews


May 3, 2023 60

• Productive Capacity - DSE / Ha

• Multiplied $ Rate / DSE

• Equals $ / Ha Rent (Forest Leases $/Head)

• 33% of Total Productive Capacity Used as Basis for $ Rate / DSE. This is due

to the following factors

– No Exclusive Possession

– Lessees Pay Rates & Provide Benefit to Crown

– Lessee Has to Manage Pests Etc. & Non-Productive Areas

Crown Land Rentals - Methodology


May 3, 2023 61

Gippsland

Barwon South Western

Grampians

Loddon Mallee

Hume

M ildura

Sw an H ill

Gannaw arra

Buloke

Yarriambiack

H indm arsh

M oira

Campaspe Loddon

Greater Bendigo

CentralGo ldfields

NorthernGrampiansHorsham

W est W imm era

Southern Gram pians

M oyne

Pyrenees

Ararat

Corangam ite

W arrnamboo l

Glenelg

Co lac-O tw ay

Q ueenscliffe

Greater Geelong

M ooraboolHepburn M acedon Ranges

M itchellM ount A lexander

Greater Shepparton W angaratta Tow ong

W odonga

I ndigo

M ansfield

W ellington

East Gippsland

La Trobe

South G ippsland

U nincorporated Vic

Bass Coast

M urrindindi

Strathbogie

Ballarat

Baw Baw

Alpine

Golden P lains

Surf Coast

Benalla

Gippsland

Barwon South Western

Grampians

Loddon Mallee

Hume

0 50

Kilom e tres

100

M etropolitan m ap

including Departm ent of Hum an Services regional boundariesand Local Governm ent Areas

Departm ent o f H um an Services regional boundariesbased on Local Governm ent A reas

Australian Standard Geographical C lassification 1 J uly 2004H ospitals current at 26 August 2008

Regional Victoria

Victoria

Hume Dam Study Area

4 Hour Drive

NE of City

Melbourne RMIT


May 3, 2023 62


May 3, 2023 63


May 3, 2023 64


May 3, 2023 65


May 3, 2023 66


Data and Analysis

• The value of freehold land per hectare by excluding buildings: Values range from

$2 030/hectare for marginal farming land and $6,200/hectare for good average

grazing country (typical of good licensed areas fronting the Hume Dam), up to

$17, 800/hectare for good country with a lifestyle component and good water

views.

• Freehold leases (AUD per hectare per annum) Values range from $67/hectare for

marginal farming land. On the highly productive Buffalo Creek flats are at

$284/hectare. Average farming land within the study area leases for $93/hectare.

• An agistment is money paid for grazing stock on land owned by another person.

The owner of the land is responsible for the feeding and care of the livestock.

Agistment is for a short term and is quoted as dollars per head per week, e.g., $5

per cow per week.

May 3, 2023 67


• Rental return: Historically, return range from 5% to 6% per annum based on

market value.

• Agistment values (AUD per head, all inclusive): Values of 1 cow and calf are at

$5/week; sheep at $0.50/week. This has been up to $9/head for cow and calf,

depending on demand, due to the drought conditions.

• Gross income per year (AUD): Gross income for 1 cow and calf equals $500; for 1

cow and calf equals 15 dry sheep equivalent.

• Gross margin per hectare: Margins average $140 per hectare for the Northeast

region. It is estimated that this would not exceed $120 in 2009, due to seasonal

factors.

• If the rental is $100 per hectare and the market rental is $150 per hectare, the

profit rental is $50 per hectare.

May 3, 2023 68


From a lease perspective, this data is substituted into calculations by using the four

methodologies to achieve a rental valuation as follow:

Method 1: Percentage of Market Value

$6 200/hectare at 6% indicates a rental amount of $370 per hectare per annum.

Method 2: Agistment Rates

The land would carry 1 cow and calf to 2 hectares; indicates a rental amount of $130

per hectare per annum.

Method 3: Productive Value/Gross Income Approach

The land carries 1 cow and calf/2 hectares, with a productive value of $500/annum.

Rental value would then be $125/hectare.

Method 4: Gross Margin Approach

The gross margin for this land would be $140/hectare, and allowing a rental value of

50%, this would represent $70 per hectare per annum.May 3, 2023 69


May 3, 2023 70

• Uncertainty for Practitioners as to Correct Approach to Assess Market Rental

• Impact of Terms & Conditions Significant

• Market Place Indicates the Productive Capacity Multiplied by a $ Rate per Unit

• Lessees Reluctant to a Lease Agreement Indicating a Commercial Return to

Capital

• Return on Capital is Low Compared to Other Investments

• Further Research Needed.

Conclusions


Questions and Answers

??????

May 3, 2023 71


May 3, 2023 72

1. Valuations of Rural Leasehold and Licensed Land in Victoria, Australia by Simon A.

de Garis (http://

www.mcmullansolicitors.com/uploads/1276141350_valuations-of-leasing-land-rural-appraising.pdf

, accessed on: 05/04/2012 at 04:50 pm)

2. Valuations of Rural Leasehold and Licensed Land in Victoria, Australia by Simon A.

de Garis (http://eres.scix.net/data/works/att/eres2009_351.content.ppt, accessed

on: 05/04/2012 at 05:11 pm)

3. How to Access Australian Census Data by Graeme Hugo, professor of Geography

& Margaret Young, Geographical & Environmental Studies, University of Adelaide, (

http://

siss.edu.au/uploadedfiles/Jan_2010_version_How_to_Access_Australian_Census_Data.pdf

, accessed on: 18/05/2012 at 06:49 pm)

4. Microsoft Encarta Premium 2009Constitution of Australia

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http://www.mcmullansolicitors.com/uploads/1276141350_valuations-of-leasing-land-rural-appraising.pdf




http://eres.scix.net/data/works/att/eres2009_351.content.ppt

http://siss.edu.au/uploadedfiles/Jan_2010_version_How_to_Access_Australian_Census_Data.pdf





May 3, 2023 73

5. Constitution of Commonwealth of Australia, please visit the this address for details (

http://web.parliament.go.th/parcy/sapa_db/cons_doc/constitutions/data/Australia/Australia.ht

m, accessed on: 18/05/2012 at 05:54 pm)

6. Land Use in Australia, please visit these addresses (www.brs.gov.au/landuse) and (

http://adl.brs.gov.au/mapserv/landuse/pdf_files/Web_LandUseataGlance.pdf,

accessed on 18/05/2012 at 05:48 pm)

7. Land Management in Australia, Case Study with Emphasis on the State of Victoria

by John PARKER and Leonie NEWNHAM, Australia, please visit this address (http

://www.fig.net/pub/mexico/papers_eng/ts3_parker_eng.pdf, accessed on

05/04/2012 at 05:44 pm)

8. Successful Land Leasing in Australia, A guide for farmers and their advisers by Rod

Ashby & Duncan Ashby, Publication No. 11/052, please visit this address (https://

rirdc.infoservices.com.au/downloads/11-052, accessed on 05/04/2012 at 05:56 pm)

http://web.parliament.go.th/parcy/sapa_db/cons_doc/constitutions/data/Australia/Australia.htm



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https://rirdc.infoservices.com.au/downloads/11-052




May 3, 2023 74

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www.ourcivilisation.com/cooray/rights/chap813.htm, accessed on 05/04/2012 at

05:44 pm)

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on 05/04/2012 at 05:47 pm)

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accessed on 05/04/2012 at 05:52 pm)

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http://www.ourcivilisation.com/cooray/rights/chap813.htm



http://www.abflags.com/flags-of-the-world/oceania/australia



http://en.wikipedia.org/wiki/Victoria_(Australia)




May 3, 2023 75

1. Mr. Vibol CHETMAY

Tel: + 855 (0) 976 783 493

E-mail: [email protected]

Our Team Members, we are available and can be contacted at:

2. Mr. Sengly SAM

Tel: + 855 (0) 12 828 918


3. Mr. Taingkou DOUNG

Tel: + 855 (0) 10 602 099


4. Mr. Phanit LY

Tel: + 855 (0) 10 802 023


5. Mr. Bunarith PRAK

Tel: + 855 (0) 70 819 992


6. Mr. Sambath PRAK

Tel: + 855 (0) 89 775 781



Thank you very much for your kind attention!!!

Click here for PDF

May 3, 2023 76