A real estate association formed last month is the second of three that are planned to shape Cambodia's real estate sector, Sung Bonna, the group's first deputy secretary general, said.

The Real Estate Development Association of Cambodia (REDAC) was formed December 19 to represent the interests of real estate development firms in Cambodia. Its members include around 30 local and foreign companies, including members from Korea, France, Hong Kong and the US.

The first of the three planned associations, the National Valuers Association of Cambodia (NVAC), was  formed in August, and a real estate agent association is also in the pipeline.

"One is a group of developers who build houses, while the other is a group of valuers, sellers and renters, but they are working for the same sector," said Sung Bonna, who is also president of the Valuers Association and Bonna Realty  Group.

Kong Vannsophy, assistant to REDAC Secretary General Srey Sothie,  said the association acts in the interest of real estate development enterprises in Cambodia.

"We set up this association because we want to coordinate and share experience with property developers who want to build," he said.

"Many people have asked me whether the new association can help improve Cambodia's real estate market," he added. "I told them maybe not because this is a big problem caused by the world financial crisis, but it can help any developers who have problems."

The association had five purposes, he said. First, it would represent the business interests of real estate development enterprises. Secondly, it would promote corporate responsibility and environmentally-friendly real estate development practices. Thirdly, it would facilitate coordination and interaction between members. Fourthly, it would research and report on issues relevant to real estate development. Finally, it would act as a liaison with government authorities, trade organizations and other business associations.

Membership is open to development companies on payment of a US$600 annual fee.

Position

Name

Who

Chairman

Van Sou Ieng

Landmark Property chairman

First Vice Chairman

Chumteav Lim Chhiv Ho

LCH Development chairman

Second Vice Chairman

Hak Buntha

Nigel Hekemex Real Estate director

Secretary General

Srey Sothie

Cambodian Priority Property Investment president

First Deputy Secretary General

Sung Bonna

Bonna Realty Group president

Second Deputy Secretary General

Hwang Geum Yeon

Posco E&C and DAESAN Development country director

Treasurer

Mark Hanna

Royal Group director