Cambodia’s ever-growing property sector will receive recognition from the region as the Asia Property Award Series, a decade old award ceremony, starts looking at developers and developments across the Kingdom for nominees for the first ever Cambodia Property Awards.
The launch party was held on Tuesday October 6 at the Chinese House in Phnom Penh. With an attendance of nearly 150 guests, the event marked the official launch of the awards.
The Asia Property Award Series, which showcases industries across the region, has taken notice of Cambodia’s rising property sector. The Cambodia Property Awards will put the Kingdom in the limelight, celebrating the best developers and current projects in the condominium, housing, hotel, office, retail, green and mixed-use segments of the market.
“There is a definite market trend in Cambodia of a flight to quality,”said Simon Griffiths, Associate Director of CBRE Cambodia. “If developers can truly distinguish themselves through innovative and truly quality developments, from design and architecture to construction, execution and operation, and by winning an independent award it helps consumers identify those properties, it can only be a good thing for developers and design firms.”
Although Cambodia’s property market may not be as established as its regional counterparts, the boom of low-rises and high-rise projects completed, under construction or in the pipeline, are luring in investors with relatively low prices and average rental yields of 5.3 percent. Cambodia is quickly establishing itself as a very attractive, emerging market.
On February 25, 2016 at the Sofitel Phnom Penh Phokeethra, 20 awards will be awarded into three different categories: Developers, Developments and Design and will be supervised by BDO International, one of the world’s largest accounting firms, and assessed by an independent panel of highly-experienced judges led by chairman Simon Griffiths.