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Logo of Phnom Penh Post newspaper Phnom Penh Post - Agents facing axe as slump continues

Agents facing axe as slump continues

CAMBODIA'S real estate agents are considering staff layoffs as land and property sales continue to fall.

Lan Sinnara, deputy director of Cambodia Estate Agents, said buying and selling activity had declined to zero and the company was now supported solely by its rental business.

"I have been laying off staff who are not necessary because our company cannot earn much income like before," he said.

The president of Bonna Realty Group, Sung Bonna, said his business had declined 50 percent since June 2008 but he was trying to ride out the slump without laying off staff.

Sear Chailin, director of Visal Real Estate, said he was relying on income from property management services to survive the slump, which he expected to last at least one year.

"We are planning to reduce salary for staff or cut some staff," he said. "We are still discussing it and have not yet decided."

Ready to pounce

Seng Sopheak, a valuation manager at Cambodia Properties Ltd, said the company was taking the opposite approach to other companies to ensure they were ready to capitalise when confidence returned to the market.

We are recruiting more staff to work at CPL," he said, adding the company was also boosting staff training.

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