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

  • ‘Kingdom lacks up to 400MW in available electricity’

    Prime Minister Hun Sen has called on the general public, hoteliers and businesspeople with generators to use them as back-up as the Electricity Authority of Cambodia cannot generate enough electricity to meet needs due to low water levels in power station reservoirs. On Saturday evening

  • Sor Chandeth defends his criticism of Hun Sen

    Former senator Sor Chandeth has defended his choice of words when criticising Hun Sen, saying he was merely speaking metaphorically to attack the Prime Minister’s political life, not his actual person, as the latter seeks damages. [img] Chandeth spoke to The Post on Thursday,

  • South Korea’s Moon arrives in Kingdom for state visit

    South Korean president Moon Jae-in and his wife arrived in Phnom Penh on Thursday at the start of a three-day state visit to Cambodia to strengthen ties and further the friendship between the two countries. After arriving at the Phnom Penh International Airport in the

  • Youths band together to clean ‘filthy’ Boeung Trabek canal

    Inspired by their affection for the environment, a desire to have a clean and beautiful city, and wanting to send a message to people to stop littering, a group of some two dozen volunteer youths have taken to picking up trash day and night from