Logo of Phnom Penh Post newspaper Phnom Penh Post - Century 21 Cambodia set to expand network of branches



Century 21 Cambodia set to expand network of branches

Content image - Phnom Penh Post
Century 21 Cambodia executive director Grace Rachny Fong said that the use of real-estate services through professional companies has also increased, prompting the company to open more branches next year. Hin Pisei

Century 21 Cambodia set to expand network of branches

US franchise real estate agent Century 21 Cambodia has reported that it sold a total of 567 residential units in the first 11 months of this year.

This was an increase of 15 per cent on the same period last year, reflecting the strong performance of the real-estate and construction sectors in Cambodia.

The value of transactions during the period was not disclosed.

The company’s executive director Grace Rachny Fong said at the Century 21 Cambodia 2nd National Convention on Monday night that real estate transactions continued to grow steadily across the Kingdom.

The event attracted more than 700 local and international real estate professionals.

Fong said that the use of services through professional companies has also increased, prompting Century 21 Cambodia, which currently has 23 branches, to open more next year.

“Next year, we are expanding to 38 branches to cover 14 districts in Phnom Penh and 24 provinces due to the strong demand in the real estate sector, coming from key provinces such as Kampot, Kep, Preah Sihanouk, Kampong Cham, Siem Reap, Battambang and Koh Kong,” she said.

Century 21 Cambodia has been present in the Kingdom for five years and currently has around 500 professional agents.

She said that the real estate market next year may face challenges, with buyers entering from other countries, such as Singapore.

Japanese firms are also starting to develop condominiums and small and medium development projects, she added.

Century 21 Imperial Realty Co Ltd CEO Ken Lo said Cambodia’s annual economic growth of seven per cent will have a positive impact on the real estate sector, in line with a growing population and increasing flows of investment into the Kingdom.

This will increase the demand for housing, as well as business and production facilities.

“The increase in operations reflects that we are a professional company and a member of the world-renowned Century 21 family,” Lo said.

Century 21’s current network spreads across 81 countries worldwide, with approximately 100,000 agents.

Cambodian Valuers and Estate Agents Association president Chrek Soknim said that as well as vibrant home buying, awareness of the importance of using services through companies or the right professional agents in Cambodia has also grown.

This makes management much easier once the transaction has been legally completed, he stated.

“The demand from clients for professional services has sped up and [boosted] the growth of Cambodia’s real estate industry,” Soknim said.

The demand for professional services has brought the number of members of the Cambodian Valuers and Estate Agents Association to 120, while last year there were 100, he added.

It is estimated that there are currently around 3,000 real estate agents in Cambodia, according to Soknim.

The government this year approved some $9.3 billion for capital investment in the construction sector. This is an increase of nearly 80 per cent compared to last year, with most of the growth coming from construction in Sihanoukville, according to the latest figures from the Ministry of Land Management, Urban Planning and Construction.

MOST VIEWED

  • Phnom Penh placed in two-week lockdown

    The government has decided to place Phnom Penh in lockdown for two weeks, effective April 14 midnight through April 28, as Cambodia continues to grapple with the ongoing community outbreak of Covid-19, which has seen no sign of subsiding. According to a directive signed by Prime Minister

  • Cambodia on the verge of national tragedy, WHO warns

    The World Health Organisation (WHO) in Cambodia warned that the country had reached another critical point amid a sudden, huge surge in community transmission cases and deaths. “We stand on the brink of a national tragedy because of Covid-19. Despite our best efforts, we are

  • Hun Sen: Stay where you are, or else

    Prime Minister Hun Sen warned that the two-week lockdown of Phnom Penh and adjacent Kandal provincial town Takmao could be extended if people are not cooperative by staying home. “Now let me make this clear: stay in your home, village, and district and remain where

  • Vaccination open to foreigners in Cambodia

    The Ministry of Health on April 8 issued an announcement on Covid-19 vaccination for foreigners residing and working in Cambodia, directing the Ministry of Labour and Vocational Training and local authorities to register them. Health minister Mam Bun Heng, who is also head of the inter-ministerial

  • Culture ministry: Take Tuol Sleng photos down, or else

    The Ministry of Culture and Fine Arts has told Irish photographer Matt Loughrey to take down the photos of Khmer Rouge victims at Tuol Sleng Genocidal Museum which he allegedly colourised and altered to show them smiling. The ministry said Loughrey's work is unacceptable, affecting

  • Cambodia gears up for muted New Year festival

    The recent curfew and restrictions imposed in the capital and other Covid-19 hotspots were intended to break the chain of transmission, Ministry of Health spokeswoman Or Vandine said as municipal and provincial authorities issued new directives banning certain activities during the upcoming Khmer New Year