Japanese real estate company Leopalace 21 has opened an office in Phnom Penh to capitalise on Cambodia’s economic growth and an influx of Japanese investors.

At a Le Royal Hotel event on Thursday night to inagurate the new office, Leopalace 21 chief executive and president Eisei Miyama said the company thoroughly studied the local market before making the decision to enter Cambodia.

“It is good that Leopalace 21 Corporation is opening an office in Cambodia,” he said.

“I dare to say this, because many Japanese companies have paved the way for us to come into the Cambodian market as many Japanese investors come to Cambodia.”

Leopalace 21 was founded in Tokyo in 1973 and has 13 offices around Asia.

“Cambodia will be a destination for real estate development when the ASEAN Economic Integration in 2015 comes,” he said.

However, he added that “Cambodian law is limited compared with some countries; I think that everything will be good in the next 10 years.”

Leopalace 21 follows other international real estate firms that have moved into the Cambodian market such as CBRE, Knight Frank and Century 21.