A LOCAL real-estate company has found a South Korean partner to capitalise on the Kingdom’s burgeoning property market, officials said yesterday.

Cambodia Properties Limited and South Korea’s Pacific Appraisal Co, a consultation and real-estate valuation firm, have signed an alliance agreement in which the two companies will work together to keep up with the sector’s latest developments.

Pacific Appraisal Chief Executive Officer Lee Sang-koo noted Cambodia’s status as a developing country and the opportunities inherent in doing business here.

“We are very interested to do business in Cambodia’s real-estate sector as it’s very popular among investors,” he said.

“We hope that we can work well [with CPL] and grow our businesses,” said Lee Sang-koo.

CPL’s Managing Director, Cheng Kheng, said he was excited about the partnership, saying Pacific Appraisal was a top firm in its field.

“This is our first big company-to-company agreement. We’re confident in them and our chances for success in the future,” he said.

Transactions in property market in the first quarter were up over last year, Cheng Kheng said.

“Our business was good for the first three months of this year. We closed many deals with investors from Vietnam, Philippine, Malaysia and especially South Korea,” he said, adding that the investors were interested in land development for food and beverage processing plants.