Harrison White
The 2024 Cambodia Real Estate Awards (CREA) recently celebrated the achievements and commitment to excellence within the Cambodian real estate sector. Tom O’Sullivan spoke to CIR Leader Talks about the annual awards, which brought together over 300 prominent figures from the industry. Organized by Realestate.com.kh, the event was supported by The Ministry of Land Management, Urban Planning and Construction, The Real Estate Business and Pawnshop Regulator of Cambodia, and the Cambodian Valuers and Estate Agents Association.
Tom opened the evening with a keynote speech emphasizing professionalism, transparency, and trust. “These awards are not just a celebration but a testament to our commitment to fostering a reputable and sustainable real estate market in Cambodia,” he stated. His address underscored the role of CREA in enhancing investor confidence and promoting Cambodian real estate on an international stage.
Tom explained the selection process for the awards, which ensures fairness and transparency. “The panel of judges is independent and composed of seasoned industry experts who assess nominees based on stringent criteria including industry leadership, innovation, business growth, impact, and overall excellence,” he explained. This process reassures participants and observers of the legitimacy of the awards. The entry fee for the awards, which includes a table at the gala, underscores the inclusive nature of the event, allowing all nominees to participate in and enjoy the festivities.
Industry Challenges and Opportunities
Tom addressed the challenges faced by the real estate market, noting that the COVID-19 pandemic had exacerbated issues such as rising non-performing loans and reduced demand, particularly affecting developments launched between 2017 and 2019. “Many buyers, especially those who invested in borey properties, are now unable to meet their repayment obligations,” he remarked, highlighting the economic slowdown’s impact on local purchasers.
However, he also pointed out that these challenges are steering the market toward a significant correction. “We are witnessing a flight to quality. Trusted developers who have continued to deliver substantial capital appreciation and satisfactory rental returns throughout the pandemic are now leading the market with realistic pricing and high-quality projects,” he commented. This shift is phasing out subpar developments and spotlighting reputable developers.
The CEO detailed the measures taken by Realestate.com.kh to adapt to market conditions and guide both buyers and sellers. “Our mission has always been to provide honest information, advice, and service. We accomplish this through rigorous due diligence on developers and continuous education for our clients through seminars and training,” Tom stated. This dedication to education and transparency is central to their strategy to maintain market integrity.
Launch of Connect & Industry Outlook
A highlight of the evening was the launch of Connect, a new initiative by Realestate.com.kh. This platform aims to streamline the real estate transaction process by facilitating better collaboration among developers, agents, and agencies. “Connect integrates essential services like mortgages, insurance, property management, and standardized legal support into a single platform, enhancing the efficiency and transparency of real estate transactions,” explained Tom. This tool is expected to improve the operational efficiency of real estate professionals in Cambodia.
The gala also recognized top performers in the Cambodian real estate sector. The Developer of the Year award was bestowed upon the Overseas Cambodia Investment Corporation (OCIC), and Canopy Sands Development received the accolade for Development of the Year. Other notable winners included MegaKim World Corporation as the Best Condominium Developer and Borey Williams, which took home the Best Landed Property Development award.
Looking forward, Tom expressed optimism about the market’s potential. “With the market resetting, we have a unique opportunity to rebuild based on the principles of trust and transparency. Our goal is to ensure a sustainable and robust real estate market in Cambodia,” he concluded. His vision for the future includes continued efforts to educate the market and provide comprehensive training to enhance industry standards.
The 2024 Cambodia Real Estate Awards celebrated the achievements of individuals and companies while highlighting the industry’s resilience and commitment to excellence. Through initiatives like Connect and a focus on transparency, Realestate.com.kh aims to lead the Cambodian real estate sector into a future marked by quality and integrity.
