Cambodia Investment Review
Chestertons, a global real estate agency based in the United Kingdom, has officially launched its office in Cambodia. The brand presence will respond to the growing demand in residential and commercial building management as the sector has mushroomed in recent years.
Chestertons Cambodia’s official grand opening was held at Raffles Hotel Le Royal, with the participation of the management team in Cambodia and Chestertons in the United Kingdom, along with many national and international guests who attended and witness the event.
The 216-year-old agency has added to its 100-strong network of international branches with the acquisition of Phnom Penh-based Focus Property Co., Lt. Chestertons Cambodia will provide various property management services — including residential (condo), commercial building, and facilities management.
Chestertons has considered Cambodia a “key, fast-growing” market amid its expansion plan in Asia. The brand forays into Cambodia will help improve the standard of property management in the Kingdom to ensure trust and excellent service for investors.
High demand for property management in Cambodia
Other services such as hospitality and asset management will be added to the list in the upcoming year. Focus Property Co., Ltd is a part of Zillennium Co., Ltd (Z1 Group), one of the largest real estate marketplaces in Cambodia. Zillennium Co., Ltd was founded in 2018 by a young, energetic team with over 90-year cumulative experience in real estate and business management.
Chairman of Chestertons Cambodia, Mr. Kuek Narin has said that the growth of the construction and real estate sector (condo, office building, shopping mall) has resulted in high demand for property management—and despite the great service provided by a variety of companies in the country, there’s still a lack in some aspects. That’s where Chestertons Cambodia comes in the company will help to improve the standard of property management in the local market
He said, “Our vision is very far-sighted in a position to operate the company in Cambodia’s market. And we assure to provide our service the best that can be to property developers, building owners, unit owners, and tenants alike.”
Mr. Narin highlighted the importance of having access to reputable and international standardized property management services like Chestertons Cambodia, saying that “property owners will take advantages from such well-recognized firm – adding the value to their properties, making it easy to sell and even for leasing.”
According to an annual report from the Ministry of Land Management, Urban Planning and Construction, last year, it approved over 4 300 projects on 13 million square meters. Their combined value was a whopping $5.3 billion, down from $7.7 billion recorded in 2020.