Logo of Phnom Penh Post newspaper Phnom Penh Post - New local real estate group is established



New local real estate group is established

Content image - Phnom Penh Post
Kim Heang, president of the CVEA poses with a project model in December 2017. Moeun Nhean

New local real estate group is established

Illustrating what many in the sector say is a growth of diversity in the real estate industry, the Cambodia Real Estate Association (CREA) has been created to focus on the situation of small real estate companies.

In Mean, spokesman for CREA, which is set to launch in the third quarter of 2018, said the association aims to fill gaps that have been missed during the sector’s period of rapid expansion.

While the existing real estate association is mostly focused on big companies, the new association will focus on smaller outfits, he said.

“One of the key principles of CREA is to work hard to help smaller companies so that they can join the sector and create a single voice,” he said. “The new association also gives companies in the sector a different option when choosing to join an association.”

An annual report from the Ministry of Land Management, Urban Planning and Construction released earlier this year showed 3,052 development projects were approved last year, with a total value of $6.42 billion. That’s up from 2,405 projects totalling $5.25 billion in 2016.

Kim Heang, president of Cambodian Valuers Estate Agents Association (CVEA), welcomes the new body, however he questioned whether it would benfit the sector.

“Cambodia has valuer and real estate agent associations that is already running smoothly,” he said, adding that the existing association is sufficient to meet demand in the country.

CVEA, he claimed, is already cooperating well with real estate associations in Asean, Korea, China and the US.

CVEA currently has 92 members, or nearly 70 percent of all licensed real estate companies in Cambodia, according to Heang.

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

  • Businesses in capital told to get travel permit amid lockdown through One Window Service

    The Phnom Penh Municipal Administration has issued guidelines on how to get travel permission for priority groups during the lockdown of Phnom Penh, directing private institutions to apply through the municipality's One Window Service and limit their staff to a mere two per cent. In

  • 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

  • Ministry names types of business permitted amid lockdown

    The Ministry of Labour and Vocational Training singled out 11 types of business that are permitted to operate during the lockdown of Phnom Penh and Takmao town, which run through April 28. Those include (1) food-processing enterprises and slaughterhouses; (2) providers of public services such as firefighting, utility and