Cambodia Investment Review
As Realestate.com.kh celebrates its 10-year anniversary, CEO Tom O’Sullivan reflects on the company’s core values, leadership philosophy, and contributions to Cambodia’s real estate industry. He discusses the sector’s key challenges and opportunities in 2025, innovations driving transparency and collaboration, and how a new generation of investors is shaping the market’s future.
Leadership Values and Guiding Principles
CLR: Tom, as a leader in Cambodia’s real estate sector, what core values and guiding principles have shaped your approach to leadership over the years? How have these principles contributed to REKH’s growth and success, especially as it celebrates its 10-year anniversary?
One thing that has never wavered at Realestate.com.kh is our commitment to educating the market so people can make informed real estate decisions—whether they are property seekers, real estate agents, developers, or part of the wider community.
I am passionate about collaboration within the industry and believe in fostering a professional, transparent, and trusted real estate market in Cambodia.
We have built a platform that serves the entire industry, hosting 1000’s of property listings, and providing hundreds of property guides on regulations, market trends, investment insights, and common pitfalls.
Read More: Realestate.com.kh Partners with SM Global to Forge Strategic Partnership in Cambodia
Since 2015, we have also organized Cambodia’s only real estate expo, where millions of dollars in property transactions take place. Additionally, we launched the Cambodia Real Estate Awards in 2018, supported by the Cambodian Government, to recognize the most professional, ethical, and trusted agents and developers—ensuring that property seekers connect with the most professional agents and invest in award-winning developments.
One of our core values is ‘We are a success-based company,’ which means we measure success by outcomes, not just effort. Our team focuses on delivering results—whether for our clients, partners, or their own personal growth.
We have built a performance-based culture where achievements matter, accountability is key, and those who take initiative and drive results are rewarded.
That mindset also shapes how we hire. For us, we hire for attitude— we can teach the rest. One of our core values is that “anyone can rise to any position,” and I genuinely believe this. All of our current managers have been promoted from within — a reflection of that commitment.
To support this, we’ve built an internal Agent Academy and a library of online resources so that anyone in the company can self-learn at their own pace. On top of that, we run weekly training sessions on new projects, market trends, and all things real estate. It’s not just about internal growth — it aligns with our broader goal of educating the market as a whole.
I believe in creating an environment where every employee can be part of our success and where all ideas are heard and valued. Everyone can suggest new ideas, knowing they will be genuinely considered. In fact, many of the initiatives we follow today did not come from me or management but from team members who saw opportunities and took the initiative.
I empower the management team, and in turn, they empower theirs. Decision-making is collaborative—while I provide guidance, our management team has a significant degree of autonomy. Our team is not afraid to fail because that’s what fuels innovation and ensures we retain our entrepreneurial spirit.
Challenges and Opportunities in the Real Estate Sector
CLR: Cambodia’s real estate market has experienced significant growth but also faces challenges such as regulatory changes, market saturation, and shifting investor priorities. What do you see as the key challenges and opportunities for the sector in 2025, and how is your company adapting to these dynamics?
Post-COVID, regulatory changes have been focused on building a more trusted and sustainable real estate market—an overall positive shift for the industry.
Condo Market: The market remains fundamentally healthy, with oversupply primarily driven by overpriced units rather than a lack of demand. In fact, there is an undersupply of high-quality properties that truly meet market needs.
Land & Borey Market: Land prices are stabilizing, but the landed property (Borey) market continues to face challenges, reflecting shifts in buyer demand, oversupply, and affordability.
Industrial Growth: I expect the most significant real estate growth this year is coming from the industrial sector. With Trump winning the election in early November, we expected some movement from companies relocating operations out of China — but the pace has been quicker than expected. The return of Trump has also led to renewed sanctions on China, which seems to be accelerating this shift.
Innovations and Developments at Your Company
CLR: Your company has played a pivotal role in shaping Cambodia’s real estate landscape. What new initiatives or innovations are you introducing to stay ahead of industry trends, meet client needs, and contribute to the sector’s sustainable development?
Through our platform, agent website solutions, and the introduction of CRM systems, we have played a pivotal role in moving Cambodia’s real estate industry online—creating greater transparency and trust in the market.
Innovation remains at our core. One example is our new online and offline ecosystem, Connect, where agents and developers can access market insights, training, property-related agreements, share listings, co-broke, and more—fostering collaboration and transparency across the industry.
Together with our agent and developer partners, we help facilitate thousands of property transactions, contributing over $70 million to the Cambodian economy each year. This gives us access to extensive real estate data, helping us stay ahead of industry trends and better understand where the market is heading.
We are committed to making this data as accessible as possible, providing industry professionals and property seekers with the insights they need to navigate the market with confidence.
Outlook for Cambodia and the Real Estate Sector
CLR: Looking ahead, how do you see Cambodia’s real estate market evolving, particularly with the influence of a new generation of investors and developers? How is your company preparing to embrace these changes, and what advice would you give to others looking to thrive in this competitive sector?
Many parts of the market have already bottomed out, and by the end of this year, I expect the landed property market to do the same. While this market reset has taken longer than expected, it was necessary. Given the challenges the industry has faced over the last six years, I believe we are now set for more sustainable growth than we’ve seen in the past.
Today, developers, agents, buyers, and investors are more informed than ever. Compared to the pre-COVID era, the market now has access to thousands of guides and resources, empowering people to navigate real estate decisions with greater confidence and transparency. CLR
Cambodia Investment Review, in partnership with the International Business Chamber of Cambodia, has officially launched the Cambodia Leadership Review – 50 International Voices 2025. Now in its second edition, the publication highlights 50 of the most influential international business leaders and innovators contributing to Cambodia’s dynamic economic landscape.
Download the full publication here.
