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.
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.