Cambodia Investment Review
Zillennium (Z1 Group), Z1 Financial, Century 21 Fortuna Investment, and Canada-based Mercan Group’s subsidiary Mercadia Cambodia have teamed up to create new investment opportunities in real estate for local investors in Cambodia.
The collaboration will also play its vital role in attracting investors from the EU member states to inject their funds in Cambodia’s real estate market as well as and Portugal and Canada.
Cambodia Investment Review attend the event that highlighted available projects for local investors to achieve monetary gain as well as an enhanced lifestyle.
The five companies have announced a strategic collaboration, singing a Memorandum of Understanding (MoU) on February 18 at Hyatt Regency Phnom Penh.
The MoU was inked by Kuy Vat, Group Chairman of Zillennium Say Sokheng, Chairman and CEO of Z1 Financial, Va Vireak, CEO of Century 21 Fortuna Investment, Jerry Morgan, President and CEO of Mercan Group, and Jasmine Dang, Mercan Group’s Regional Director for SE-ASIA region.
Z1 Group is one of the leading real estate marketplaces in Cambodia.
Z1 Group is a local conglomerate and Singapore-based Z1 Financial – a digital asset management and investment service company – is part of its business.
Century 21 Fortuna Investment is a real estate service company in Cambodia; it operates under the franchise of Century 21 Cambodia. Mercan Group is an immigration consulting company based in Canada.
The strategic collaboration will pave the way for these firms to work together, bringing new investment opportunities for well-off Cambodians to invest or purchase property in Canada and Portugal.
The partnership agreement will also enable the local firms to seek and mobilize funds from investors in the EU member states to invest in Cambodia’s real estate projects.
Jerry Morgan, President and CEO of Mercan Group, said this partnership will enable Cambodian investors access to profitable investment projects. Under his company investments, according to him, 40 projects are investing in United State and 15 projects are elsewhere in Portugal.
Va Vireak, CEO of Century 21 Fortuna Investment, said Portugal not only boasts high potential for property investments, the country is also an attractive place to live in due to its security and modern health care system, and its living cost is one of the relatively low in the EU bloc.
Vireak a Cambodian certified international property specialist (CIPS) has an extensive experience to facilitate property transactions overseas, especially namely in Canada, US and Portugal.
Cambodian investors look outside the Kingdom
“Property investment in Portugal is attractive. Foreigners can secure loan up to 70% of the property value, and 30% for down payment. Interest rate is quite interesting and relatively low at 1.2 per cent per year,” Vireak said.
He added: “This cooperation will also make it easier for Cambodian investor seeking partnership with others investors from the EU member state to invest in Cambodia’s potential sectors, especially in real estate.”
Attracting and encouraging foreign investments is in line with Cambodia’s government policy, particularly the new investment law – which took into effect recently – aims to boost foreign investment in a hope of driving its economy growth.
Cambodia Investment Review has reported on the new Law on Investment which aims to increase capital inflow and encourage economic diversification of the local economy.
According to a report from the World Bank the construction and real estate sector has recorded the largest sector growth in recent years, contributing to more than a third of Cambodia’s GDP in 2019.
The sector is mostly represented by foreign direct investment (FDI). FDI volumes in Cambodia was recorded at $3.4 billion in 2019 and hit $3.6 billion in 2020 – respectively.
