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

  • 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,

  • 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

  • Angkor provides ‘valuable’ water storage

    The Apsara National Authority (ANA) has stored millions of cubic metres of water at reservoirs in the Angkor area after Cambodia experienced a series of rainstorms over the last few days. The storing of the water, besides serving temple conservation, will also be used to

  • 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

  • Banteay Meanchey floods kill one more as death toll reaches 15

    As floodwaters start to recede in Pursat, Battambang and Pailin provinces and Phnom Penh, Banteay Meanchey continues to bear the brunt as one more person was killed on Monday, bringing the total number of flood-related deaths to 15 in the province this month. Banteay Meanchey provincial

  • Serving coffee with a side of robots

    The eye-catching glass building surrounded by greenery at the intersection of Streets 371 and 2002 in Phnom Penh’s Sen Sok district is more than just another coffee shop where you can while away a few hours. UrHobby House cafe is filled with robots and characters from