PHILIPPINES-based developers Megaworld International will expand operations within Cambodia in order to attract the Kingdom’s growing middle-class Filipino community to invest their money in the Manila property market.
Following on from an exhibition held in Phnom Penh last year, the real estate company’s official Cambodian launch took place yesterday.
Megaworld’s target audience is primarily the country’s middle-class Filipino community.
However, Sales Manager Raeyan C Basa expects additional customers from Cambodian nationals and foreigners based in the Kingdom.
“Currently the Filipino property sector is seeing positive growth amid the slight boom being experienced. This could entice Filipinos to invest in property back home.”
He added that approximately 3,000 Philippine nationals are registered as residents in Cambodia, but expected the genuine figure to be closer to 5,000.
A number of the expatriates who attended the official launch said they already owned property in The Philippines, but would consider further investment if a suitable property was available.
“This is a timely event as more Filipinos are earning good money and housing [in Manila] is now cheaper,” said Phnom Penh resident of 16 years and Chuan Wei Human Resource and Administration Manager Chi S. Reimer.
“Usually, people organise investments through family, but this is certainly a more efficient and reliable way,” he added.