Logo of Phnom Penh Post newspaper Phnom Penh Post - Real estate training school in the works

Real estate training school in the works

Real estate training school in the works

A TRAINING school for the real estate industry was set to open in Cambodia in order to improve professionalism in the sector, officials said.

Speaking to more than 300 real-estate agents, bankers and business people at a two-day real estate seminar at Sunway Hotel in Phnom Penh on Friday, President of the National Valuers Association Sung Bonna said he hoped the centre would open “this year”.

“The real estate sector is one of the key sectors [in] the development of country’s economy. I’ll try my best to set up the professional training school for the sector – we really need it at the moment,” he said.

“We will cooperate with Singapore to offer very professional skills [training] from [Singaporean] experts,” he said.

“Our purpose is to develop and to help the sector to be more professional and knowledgeable.

"Now, I feel that Cambodia needs more and more human resources for the improvement of the sector.”

The initiative, in particular the potential to improve property evaluation, was widely supported by the business community.

Dieter Billmeier, vice president and adviser to Canadia bank welcomed the initiative.

“It would help to introduce more professionalism into the sector for an upgrade of property assessment, evaluation, the quality of materials and construction. “

“It would definitely have a positive aspect for banks and financial institutions here in Cambodia, because it would increase the trust in outside judgment in the evaluation process for any property,” he said.

Last year about 15 percent of Canadia’s total loan portfolio were mortgage loans and about 9 percent were building and construction loans.

The bank aims to increase the percentage for both sectors combined by between 5 and 8 percent this year.

Sok Siphana, economic advisor to the Prime Minister, said during an opening speech that Cambodia needed to build capacity in real estate.

“The clients, the markets need your professional opinion and skills,” he said.

President of Singapore Institute of Surveyors and Valuers Lim Lan Yuan also supported the idea, pointing to Singapore’s experience in creating professional valuation services.

“I can see this kind of thing happening in Cambodia,” he said.

“Asia has a lot of potential ... we see it in China, India, and Vietnam. At the moment Cambodia is the next one. Cambodia is now an emerging country with increasing population and improving economy – in this sense there will be potential for real-estate investment.”

Sung Bonna hopes that full-time training courses would last for six months and would be recognised by the government.

“We also plan to [enable students to] study abroad during the course because we want them be more professional and comply with international standards,” he said.

Cambodia’s land values fell last year compared to 2009, according to the valuers association.

It estimated commercial and residential land prices averaged about US$2,000 to $4,000 per square metre for 2010, down from $2,500 to $4,500 per square metre for 2009.

MOST VIEWED

  • Ministry requests school opening

    The Ministry of Education, Youth and Sport on Thursday said it would request a decision from Prime Minister Hun Sen to allow a small number of schools to reopen next month. Ministry spokesman Ros Soveacha said if the request is granted, higher-standard schools will reopen

  • Judge lands in court after crashing into alleged thief

    Sen Sok district police on Thursday sent a Koh Kong Provincial Court judge to the Phnom Penh Municipal Court on manslaughter charges after he crashed his car into a woman riding a motorbike on Wednesday, killing her. District police chief Hour Meng Vang told The

  • Gov’t to boost Siem Reap tourism

    The Ministry of Tourism released the results of an inter-ministerial committee meeting concerning Siem Reap province’s Tourism Development Master Plan for 2020-2035 on Wednesday, revealing the government’s plan to improve the overall tourist landscape there. The meeting was attended by Minister of Tourism

  • ‘On the offensive’: Cambodia to load up on loans to stimulate economy

    As the dust settles on the economy, Cambodia comes to grips with what needs to be done to turn the economy around, starting with a big shopping list for credit ‘We are going on the offensive,” Vongsey Vissoth, Ministry of Economy and Finance permanent secretary

  • Government set to make up for cancelled April holiday

    The government is set to make up for a five-day Khmer New Year holiday late this month or early next month. The holiday was earlier cancelled due to the onset of Covid-19. The announcement is expected on Friday as the government is studying a range

  • Families told to register for cash handouts

    The government has called on poor families to apply to commune authorities for evaluation to receive financial support during the Covid-19 crisis. A $300 million budget has been planned for implementation within a year. Ministry of Economy and Finance secretary of state Vongsey Visoth said this

  • Crumbling prices, rent ruffle condo segment

    The prolonged decline in international arrivals to Cambodia intensified by renewed Covid-19 fears has driven down condominium sales prices and rental rates in Phnom Penh, a research report said. CBRE Cambodia, the local affiliate of US commercial real estate services and investment firm CBRE Group

  • Over $3M in traffic fines collected in two months

    Traffic police officers collected over $3 million in fines throughout the Kingdom during the past two months when officers strictly enforced the law in accordance with a May sub-decree, officials said. As incentives, law enforcement officers received between 200,000 and two million riel ($50 to $500) each. The figures

  • More than 10,000 workers suspended

    More than 10,000 workers at 18 factories in Svay Rieng province have been suspended because of Covid-19, said provincial deputy governor Ros Pharith. Home to 11 special economic zones, Pharith said Svay Rieng has not been spared as the pandemic takes a toll on the global economy. “There

  • Nod given for school exams

    The Ministry of Education, Youth and Sport announced that State-run higher educational institutions can hold examinations to end the academic year, while private schools can organise grade 9 and grade 12 examinations at their premises for two days. However, private institutions have to take measures to prevent