Cambodia Investment Review

PropertyGuru Enhances Cambodia Property Awards in 2024 with ESG Focus, Paving the Way for Sustainable Property Development

PropertyGuru Enhances Cambodia Property Awards in 2024 with ESG Focus, Paving the Way for Sustainable Property Development

Vijian Paramasivam

PropertyGuru Group has taken a significant stride towards promoting sustainable development within Cambodia’s real estate sector by introducing four new award categories centered on environmental, social, and governance (ESG) criteria. This initiative, unveiled at the outset of the 2024 awards series in Cambodia, marks a notable evolution in the PropertyGuru Cambodia Property Awards, now in their 9th year. The newly added categories – sustainable design, sustainable construction, energy efficiency, and social impact – aim to recognize and celebrate the real estate developers who are leading the way in sustainable development practices.

Mr. Jules Kay, the organiser of PropertyGuru Cambodia Property Awards, giving his speech about ‘Gold Standard’ in the region’s real estate

Jules Kay, General Manager of PropertyGuru Asia Property Awards and Events, highlighted the addition of these categories as a reflection of the industry’s shifting priorities towards sustainability. “Observing the dynamic and developing trends within the market each year enables us to introduce relevant categories. The focus on ESG aligns with the broader industry movement towards sustainability observed across Asia. It’s vital to acknowledge the developers who are positively influencing the industry across the ESG spectrum,” Kay said during the “Connect with Southeast Asia” event.

Include The Integration of Developments With Natural Surroundings

The awards, which are now accepting entries, will extend their scrutiny beyond traditional metrics to include the integration of developments with natural surroundings, their investment appeal, and, importantly, their commitment to sustainable practices. The culmination of this year’s awards will be at a gala event scheduled for July 26 at Sofitel Phnom Penh Phokeethra, showcasing the resilience and innovation of Cambodia’s real estate sector in the face of global economic fluctuations.

Read more: Cambodia’s Best Real Estate Developer’s Honored At 2023 PropertyGuru Awards

This year’s addition of ESG categories arrives at a critical moment when Cambodia, mirroring its ASEAN counterparts, is focusing more on ESG initiatives to attract foreign direct investments and achieve its 2030 Sustainable Development Goals. “As Cambodia strides towards becoming a growth beacon amidst global challenges, the Property Awards will serve as a platform to highlight the innovative and positive aspects of the market,” Kay expressed.

Mr. Sorn Seap, President of the Cambodian Valuers and Estate Agents Association (CVEA) and Chairperson of the independent judging panel, speaks at the launch event.

With the Cambodian economy poised for a 6.4 percent growth, as forecasted by the National Bank of Cambodia, and a stable outlook on home loan interest rates, the real estate sector is set for steady advancement. Sorn Seap, chairperson of the independent panel of judges and president of the Cambodian Valuers and Estate Agents Association, conveyed optimism about the sector’s resilience. “The awards this year will spotlight the best in Cambodian real estate, reflecting the sector’s adaptability and the diverse, high-quality options available to property seekers,” Seap noted.

Meeting The Dynamic Needs Of Cambodia’s Young Population

OCIC Group’s Vice-President, Thierry Tea, whose company was the recipient of the “Best Developer” title at the previous year’s awards, emphasized the awards’ role in elevating standards. “This platform challenges us to elevate our offerings and meet the dynamic needs of our young population, fostering innovation and excellence,” Tea stated.

PropertyGuru Cambodia Property Awards Launch Event.

As a part of the broader PropertyGuru Asia Property Awards series, which is celebrating its 19th anniversary in 2024, the Cambodia Property Awards play a pivotal role in showcasing and rewarding excellence within the real estate sector. Key dates for the 2024 edition include May 31 for the close of entries, June 10-28 for site inspections, July 1 for the final judging, and the much-anticipated gala dinner and awards ceremony in Phnom Penh on July 26. The series will conclude with the Regional Grand Final Gala Presentation in Bangkok on December 13, highlighting the achievements and advancements in real estate across Asia.

PropertyGuru Cambodia Property Award 2024 Nomination.

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