Logo of Phnom Penh Post newspaper Phnom Penh Post - Transparency in real estate valuation goal of ministry seminar




Transparency in real estate valuation goal of ministry seminar

Transparency in real estate valuation goal of ministry seminar

3--Minister-of-finance-(CROP).jpg
3--Minister-of-finance-(CROP).jpg

Finance Minister Keat Chhon.

Cambodia needs transparency in real estate valuation to increase confidence among investors and property buyers, Minister of Economy and Finance Keat Chhon told a two-day valuation training course that finished Monday.

The ministry-run course at Phnom Penh's Sunway Hotel was attended by real estate and valuation agents, commercial bankers, and representatives of universities and government ministries.

"In terms of the management of its real estate market, Cambodia does not have sufficient laws and regulations to assure the efficiency and effectiveness of real estate services, valuation services and real estate development in line with international standards," Keat Chhon told attendees.

Sung Bonna, president of the National Valuation Association of Cambodia and director of Bonna Realty Group, a co-sponsor of the training course, said it was a first for Cambodia.

"In Cambodia, we do not yet have this course in other institutes," he said. "So the training course today is very important for all of us, especially those who provide business services in the real estate sector."

Cambodia Property Limited (CPL) managing director Cheng Keng said his staff already used best practice but welcomed the initiative to spread standards more widely.

"I want the real estate business to be conducted with transparency and professionalism," he said. "If we don't have professional valuation there will be no transparency and there will be no limit to increasing prices in the market."

Seng Chenda, 24, a student at the National Institute of Business, said he hoped more training courses would be organised in the future.

 "This training course is very good for me because I can learn and have a better understanding of what real estate is about and what valuation in real estate means," he said. "But it seems that this is not enough for me. I want more and more next time."

MOST VIEWED

  • Hungarian exposes 90 to Covid in Siem Reap

    The Ministry of Health has discovered 90 people who have been exposed directly or indirectly to a Hungarian man infected with Covid-19. They all are required to quarantine at home and the hospital. The ministry is searching for other affected people. Among the 90, one is the

  • PM warns of ‘new Cold War’

    Prime Minister Hun Sen said the possibility of a so-called new Cold War has become a significant concern and that all countries have to reject outright, any attempt to allow history to tragically repeat itself. He made the remarks in a speech during 75th Session

  • PM: West unfair to Cambodia

    Prime Minister Hun Sen released a message celebrating the International Day of Peace on Monday, saying that some major powers and western countries had been systemically cooperating to put political pressure on Cambodia as they did in the 1970s and 1980s. Hun Sen said pressuring

  • ‘Bad news is an investor’s best friend’ – unlocking investment potential in Cambodia

    It is time to shop. Economic woes provide good pickings for investors if they know where to look The poem If, written by English Nobel laureate poet and novelist Rudyard Kipling for his son circa 1895, is widely perceived as fatherly advice for John who would

  • PM requests Russia’s Covid vaccine

    Prime Minister Hun Sen has requested that Russia provide Cambodia with its Covid-19 vaccine after the former announced it planned on mass vaccinating its population next month. The request came on Thursday through the prime minister’s Facebook page as he met with Anatoly Borovik,

  • First ‘mobile kitchen’ in Cambodia enters service

    A catering company recently rolled out Cambodia’s first “mobile kitchen” – a $50,000 container capable of serving up to 200 people at a time. The kitchen is the brainchild of Seng Hok Heng Catering Services. At 4.4m-high, 6.8m-long and 2.4m-wide (expandable to 6.8m), the kitchen is equipped