In June, commercial and service industry establishments in Preah Sihanouk province numbered 922, of which 98 were hotels, 262 guesthouses, 340 restaurants, 26 bungalows, 39 KTVs, nine discotheques and 62 massage parlours. Heng Chivoan
Sihanoukville on Saturday welcomed its first Century 21 franchise, Century 21 Lay Min Realty.
Preah Sihanouk provincial governor Kuoch Chamroeun said the presence of the new US real estate franchise underscores the confidence of local and foreign investors in the Kingdom’s economy, especially in his province, where the real-estate sector has been booming.
Speaking at the grand opening of Century 21 Lay Min Realty, he said the franchise will help provide a positive image of the province and its capital.
“The majority of the city’s revenue comes from real estate. If we have good real estate companies and good partnerships, it will contribute to the success of both parties.
“The company has the opportunity to make a profit, while local authorities also earn revenue through stamp taxes and property taxes to make the city a better place,” Chamroeun said, adding that provincial authorities considered it a win-win strategy.
He said the authorities regard the firm as a potential partner due to its high profile, capabilities and ample experience.
“If there is good cooperation from the company, we think it will boost the revenue growth of the provincial government to run the province smoothly.”
Century 21 Lay Min Realty is a sub-franchise of Century 21 Cambodia, which is the master franchisor of Century 21 Real Estate LLC in Cambodia and is one of the 23 current franchisees in the Kingdom operating under the Century 21 Real Estate brand.
Century 21 Cambodia executive director Grace Rachny Fong said the launch of Century 21 Lay Min Realty will boost investor confidence in the provincial real estate sector, where foreign investors of all nations – especially the Chinese – have expressed a huge interest in its potential.
With its strategic location in terms of China’s Belt and Road Initiative (BRI), the Kingdom’s coastal provinces – especially Preah Sihanouk – have a lot of potential for business and tourism, Fong said.
“The official launch of Century21 Lay Min Realty in Sihanoukville will play an important role in boosting the confidence of local real estate sellers and buyers as well as foreign investors who seek the potential and benefits of China’s BRI in the Kingdom’s coast,” she said.
Founded in 1971, Century 21 Real Estate is today the largest and most recognised real estate company in the world, with 7,250 offices worldwide – in 81 countries – and more than 103,000 real estate professionals. Cambodia was the 75th country to open an office.
In June, commercial and service industry establishments in the province numbered 922, of which 98 were hotels, 262 guesthouses, 340 restaurants, 26 bungalows, 39 KTVs, nine discotheques and 62 massage parlours, Chamroeun said earlier this month.
The construction sector, he said, has seen remarkable growth. Between 2007 and July this year, 819 projects were approved in the province, of which 218 were between five and 42 storeys tall. Last year, the province welcomed some two million tourists.
