International property consultancy, Savills, signed a contract earlier this month with Keystone Property Consultants to make the local firm its Cambodia-based associate.
The move strengthens Savills’ presence in South East Asia, and increases Savills’ Asia Pacific presence to 58 operations across 17 countries in the region.
Sunny Soo, Managing Director of Keystone, has been working in emerging real estate markets in Malaysia, China and Mongolia since 1997. He arrived in Cambodia in 2010 and continued in the same profession.
Soo says, “The hardware of the Cambodian property market is upgrading quickly; in a very short space of time, the country has become host to a new breed of worldclass projects that will change the city skyline beyond recognition. The advancement of these developments also means the software must keep up, and this means more professional and holistic real estate consultancy is in demand.”
Savills, with their Indochina representative in Vietnam, has been in close contact with developers in Cambodia for over a decade. Hence, the Cambodian extension, through the association with a local sought-after consultancy, is only natural, explained Soo.
Neil MacGregor, Managing Director of Savills Vietnam, says, “Current international clients of Savills were seeking investment consultancy and other services within Cambodia and [the] Indochina region. The association with Keystone, though, will allow us to leverage both parties’ expertise, further strengthening Savills’ portfolio across this dynamic region.”
Soo also commented that a considerable amount of current projects underway in the Cambodian real estate market may encounter difficulties in the future due to lack of necessary preparation and calculated foresight in planning.
“We are wishful for the opportunity to serve the industry, and hopefully in time the market will recognize and welcome us as a valued consultant,” he says.
Presently in the development of business infrastructure, expect to see the physical launch of Savills’ local association— Keystone— in early 2016.
James Whitehead, Director of Content, Realestate.com.kh