Logo of Phnom Penh Post newspaper Phnom Penh Post - SERC signs real estate sector deal

SERC signs real estate sector deal

Content image - Phnom Penh Post
(From left to right) TVK director-general Khim Vuthy, Trust Regulator director-general Sok Dara, Securities and Exchange Regulator of Cambodia director-general Sou Socheat, Zillennium chairman Kuy Vat and Cambodian Valuers and Estate Agents Association (CVEA) president Chrek Soknim toast the signing of the memorandum. SERC

SERC signs real estate sector deal

Two regulators are set to collaborate with the real estate sector on bringing securities and trusts to the mainstream, highlighting their potential, creating and introducing new products into the non-bank financial marketplace, and instilling confidence among local and foreign investors.

A memorandum of understanding (MoU) was signed to this effect on September 16 by Securities and Exchange Regulator of Cambodia (SERC) director-general Sou Socheat, his counterpart at the Trust Regulator (TR) Sok Dara, Zillennium Co Ltd chairman Kuy Vat, and Cambodian Valuers and Estate Agents Association (CVEA) president Chrek Soknim.

Zillennium’s Vat commented that the collaboration would raise public awareness of the securities and trusts markets; support capacity building as well as knowledge and skills sharing; and attract greater participation and investment in these fields.

“[The MoU] highlights the relationship between the government and private sector and rise in cooperation geared towards improving performance,” he said.

The CVEA’s Soknim said the deal reflects the particular interest of the two government bodies in assisting the private sector in establishing new mechanisms for investments, especially in real estate through trusts.

“The presence of foreign investors will greatly accelerate Cambodia’s economic growth, and these investment flows will create demand for land – for the development of condominiums, commercial buildings, factory and industrial facilities,” he said.

The TR’s Dara lauded the memorandum as a turning point in relations between the four signatories, saying it would meaningfully raise public awareness of the securities and trusts markets along with their potential benefits.

“The trust sector has been an important contributor to the development and promotion of real estate investment in Cambodia, and will provide a new platform that inspires investor confidence, even among those without the understanding of or experience in the local market – by empowering trust companies led by professionals to invest in or manage assets on behalf of property owners,” he told The Post on September 21.

The SERC’s Socheat commented that although the Cambodia Securities Exchange saw its first public listing on April 18, 2012, public awareness of securities activities remains limited, not only in Cambodia but even in more mature markets.

“Raising awareness and developing human resources, and especially providing an understanding of the Cambodian securities sector, are among our priority tasks,” he stated, adding that general unfamiliarity with the market would hinder growth.

“This MoU signing is a commitment to active participation by Zillennium and the [CVEA] in the development of the securities and real estate sector, by raising awareness, building human resources and promoting the creation of new products on the market,” Socheat said.

MOST VIEWED

  • Hong Kong firm done buying Coke Cambodia

    Swire Coca-Cola Ltd, a wholly-owned subsidiary of Hong Kong-listed Swire Pacific Ltd, on November 25 announced that it had completed the acquisition of The Coca-Cola Co’s bottling business in Cambodia, as part of its ambitions to expand into the Southeast Asian market. Swire Coca-Cola affirmed

  • Cambodia's Bokator now officially in World Heritage List

    UNESCO has officially inscribed Cambodia’s “Kun Lbokator”, commonly known as Bokator, on the World Heritage List, according to Minister of Culture and Fine Arts Phoeurng Sackona in her brief report to Prime Minister Hun Sen on the night of November 29. Her report, which was

  • NagaWorld union leader arrested at airport after Australia trip

    Chhim Sithar, head of the Labour Rights Supported Union of Khmer Employees at NagaWorld integrated casino resort, was arrested on November 26 at Phnom Penh International Airport and placed in pre-trial detention after returning from a 12-day trip to Australia. Phnom Penh Municipal Court Investigating Judge

  • Sub-Decree approves $30M for mine clearance

    The Cambodian government established the ‘Mine-Free Cambodia 2025 Foundation’, and released an initial budget of $30 million. Based on the progress of the foundation in 2023, 2024 and 2025, more funds will be added from the national budget and other sources. In a sub-decree signed by Prime Minister Hun Sen

  • Two senior GDP officials defect to CPP

    Two senior officials of the Grassroots Democratic Party (GDP) have asked to join the Cambodian People’s Party (CPP), after apparently failing to forge a political alliance in the run-up to the 2023 general election. Yang Saing Koma, chairman of the GDP board, and Lek Sothear,

  • 11th Chaktomuk Short Film Festival draws to close

    Cambodia's 11th Chaktomuk Short Film Festival wrapped up successfully on November 28 after a four-day run, with the film “Voice of the Night” awarded top prize for 2022. Sum Sithen, the organiser of the short film festival, told The Post that the number of attendees to the