Logo of Phnom Penh Post newspaper Phnom Penh Post - Japanese real estate investor upbeat on local market




Japanese real estate investor upbeat on local market

A Creed Asia Cambodia development earmarked for Phnom Penh.
A Creed Asia Cambodia development earmarked for Phnom Penh. Photo supplied

Japanese real estate investor upbeat on local market

Creed Asia (Cambodia) Co., Ltd, a subsidiary company of Creed Group, has committed to develop numerous residential projects in Phnom Penh, in the form of both landed housing and condominiums. Post Property sat down with Creed Asia (Cambodia) president Takashi Eguchi to discuss the company’s development plans in the Kingdom and get his take on the local market.

When did the company first decide to invest in Cambodia?
Our company partnered up with Triple Gem in 2012 and started the Bodaiju Residences in 2013 which consists of condos and residential units. The first project, Bodaiju Condos, is close to being sold out with a 90 percent occupancy rate. We are very attentive when it comes to quality, and as a result, numerous customers are utterly satisfied.

Takashi Eguchi.
Takashi Eguchi. Photo supplied

What are your views on the state of the condo market in Cambodia?
There’s really a limit to the demand of condos by the locals. However, our focus is on foreign customers, including the Chinese, Japanese, Korean, and customers from Hong Kong and Taiwan. Nevertheless, within the next 10 years, I think the Cambodian people will change their mindset with regards to condos. More will decide to live in condos, similar with what is happening in Bangkok and what happened in Ho Chi Minh a few years ago. Due to expensive land prices and overcrowding issues, people will choose the condo lifestyle. I believe the Cambodian youth will want to live in condos in the not to distant future.

Besides condo projects, CREED Group has also expanded into boreys. What are the details of the borey investment?
Our investment focuses on the middle-income customers. We have invested in Borey Moha Sen Sok, which is close to the Phnom Penh International Airport. The 12-hectare project is almost sold out. So far, 200 houses have been built. The project has eight construction stages and is expected to be fully completed by the end of 2018. Just last week we also started a new project that targets the higher middle-income bracket with prices ranging from $87,000 to $200,000.

What are your thoughts on the future of real estate in Cambodia?
We are certain that Cambodia will always continue to flourish. Therefore, Creed feels there will be more investments made in real estate, especially as the middle-income status of the country rises. We are looking for a chance to invest out of Phnom Penh city in the future, and Sihanoukville remains of interest.

MOST VIEWED

  • Would you like fries with that? US burger chain makes Phnom Penh debut

    California-based The Habit Burger Grill restaurant chain is all set to serve up a delicious array of charbroiled burgers and sides at its newest international location in the centre of Phnom Penh. The Habit is “renowned for its award-winning Charburgers grilled over an open flame,

  • Phnom Penh underpass opens to ease traffic

    Prime Minister Hun Sen has announced a temporary opening of the 488m underpass at the Chaom Chao roundabout in Phnom Penh’s Por Sen Chey district, which was recently completed to connect traffic from National Road 4 to Russian Federation Blvd. The move is to reduce

  • ‘No chance Cambodia booted out of ASEAN’

    A group of former and current Cambodian diplomats on Tuesday fired back at retired Singaporean diplomat Bihalari Kausikan after he proposed that ASEAN dismiss Cambodia and Laos from the bloc. In an open letter, the Cambodian diplomats said Kausikan’s remarks were made from a

  • Woman seeks answers after arrest of American partner

    Filipina Lalaine de Guzman, 48, is demanding answers for the detention of her American partner by Cambodian immigration officers after he was arrested at their home almost 90 days ago. She said without an arrest warrant or proffering any criminal charges, Stephen Sidney Greatsinger, 56, is being detained

  • Banteay Meanchey flood victims receive aid

    Prime Minister Hun Sen on Wednesday provided aid to more than 10,000 families affected by flooding in Banteay Meanchey province’s Mongkol Borei district and offered his condolences to the 18 victims who drowned in the province over the past week. He said flooding had occured in

  • PM urges caution as Polish man tests positive for Covid

    The Ministry of Health on Wednesday reported that a 47-year-old Polish man tested positive for Covid-19 after arriving in Cambodia on Monday. There are a total of six Covid-19 patients currently in the country, all of whom are being treated at the Khmer-Soviet Friendship Hospital