Members of advisory firm Housing Development Association of Cambodia (HDAC) recently voted to appoint Oknha Ly Hour to the position of president.
Huy Vanna, secretary of the association, said earlier this week that Hour will be in the position for three years.
Hour is the owner of Borey Vimean Phnom Penh, and CEO of Ly Hour Group.
Members of the association, which aims to bring together business people to strengthen the construction and housing industry, all have in-depth knowledge and experience working in the sector. The group, which is comprised of 30 housing developers, has a president, eight vice-presidents, and several secretaries.
Vanna said the long-running HDAC was created with the intent of providing a platform for members and related ministries to share and exchange knowledge and experiences in order to solve various tax and legal problems prevalent in the housing industry.
“Members will work together to develop quality housing that can attract foreign investors that will contribute to the development of this sector, which will in turn encourage socio-economic development,” he said.
Vanna continued that the association is open for admission of new members, adding that any housing developer can apply to join the group at a cost of $3,000 per year.
Oknha Noun Rithy, CEO of the Khmer Foundation Appraisals, applauded the establishment of the association which he said enables different voices to make requests about housing development to the government, and this would overall benefit the proper management of construction and development in the long run.
He called for the association to jointly conduct a study with the Cambodia Architect Board relating to sustainable development, citing issues with some borey developments.
“Recently, several boreys have decided to lock the gate that allows access to nearby roads, blocking connection to outside communities or other boreys,” Rithy said.
“This is done due to security reasons, but other access points or emergency exits haven’t been considered in times of traffic jams or other problems.”
Kim Heang, president of the CVEA, welcomed the news of inducting new members into the group, saying it will be able to cooperate with the association as a partner in the future to further improve Cambodia’s real estate industry.
“Globalization processes now require businesses to work together as a single entity, just like the creation of the Housing Development Association of Cambodia which creates one strong voice.”