In an effort to professionalise the real estate industry and reduce investment risk in the sector, Century 21 Cambodia is preparing to expand its services to 23 provinces by 2018.
Grace Rachny Fong, executive director of Centrury 21 Cambodia, said real estate projects in provinces outside of Phnom Penh were now booming and attracting many investors, yet there were few, if any, professional companies managing the field, making it difficult for financial backers to trust that projects will be handled correctly.
“Because we want to flourish in this sector and make it successful and sustainable, we are partnering with investors who have high potential to work with us so we can push the growth of this sector in other provinces with quality and without risks to investors,” she said.
“Those who want to be our partners need to be trustworthy, committed and behaviorally sound in order to work with us. We will train them and have an office space for them in each province.”
Century 21 Cambodia currently has partners in Phnom Penh and Sihanoukville and is committed to expanding into every province by 2023.
Grace added that there are many potential provinces where the real estate market is bubbling, including Kampot, Kep, Siem Reap, Battambang, Kampong Cham and others. Having a professional company and experts in each of these provinces is important to the sustainable growth of the sector, she said.
Oknha Phour Puy, director of the Rice Bank and a well-known real estate investor in Battambang and Pursat provinces, welcomed the announcement but said it was crucial for companies to know whether they can run professional operations out of the provinces.
“If the company offers reliable buying and selling or renting services, we will cooperate and co-provide the services with them,” he said. “What is important is that they need to be able to work with the banks to provide selling and buying services or offer loans for property trading in the provinces.”