Cambodia Investment Review
Leading real estate consultancy firm, Knight Frank, has been awarded a valuation license from the Trust Regulator of Cambodia (TRC). The license comes at a time when the Cambodian trust sector is experiencing considerable growth, now valued at over $1.3 billion.
The accreditation was awarded following Knight Frank Cambodia’s successful completion of all necessary licensing requirements as stipulated by the TRC. H.E. Sok Dara, TRC Director-General, confirmed this development speaking with Cambodia Investment Review.
Knight Frank’s licensing represents a significant stride towards enhancing transparency and accountability in Cambodia’s developing trust sector. Armed with the ability to provide international standard valuations for registered trust companies and foreign nationals who intend to buy land via a registered trust, Knight Frank is set to boost investor confidence.
Knight Frank to offer international standard valuations
Commenting on this achievement, Ross Wheble, Country Director of Knight Frank Cambodia, said, “Securing the valuation accreditation from the Trust Regulator of Cambodia enables Knight Frank to offer international standard valuations. These will not only instill confidence in investors about the assets they are purchasing but also contribute significantly to increasing transparency in the trust sector.”
Highlighting the potential impact on foreign direct investment (FDI), Wheble emphasized, “The growth and formalization of the trust sector represent a paradigm shift in attracting FDI into the Kingdom. Before, foreign nationals or entities had two options – either to buy land through a nominee structure with a Cambodian national holding a majority 51% share in a land holding company or to obtain costly and time-consuming Cambodian citizenship.”
“With the recent changes, foreign nationals and entities can secure land held by a trust company registered with the Trust Regulator, offering a secure form of ownership at a fraction of the former costs,” he added.
Knight Frank’s new accreditation also enables the provision of internationally recognized valuation reports. These reports will contribute to bolstering confidence in Cambodia’s rapidly expanding trust sector, which was formalized by the Royal Cambodian Government’s Trust Law in 2019. The law provided guidelines and procedures for four types of trusts: Commercial Trust, Public Trust, Social Trust, and Personal Trust.
Renowned for building long-term relationships with clients
As the world’s largest privately owned real estate consultancy and valuation provider, Knight Frank is renowned for building long-term relationships with its clients. The firm offers personalized, clear, and insightful advice on all areas of property in all key markets. Their commitment to personal interaction ensures that every client finds the property that best suits their requirements, whether it’s commercial or residential.
Knight Frank’s licensing marks a significant advancement for the real estate industry in Cambodia, setting a sturdy foundation for the future of foreign direct investments in the Kingdom. This development also hints at a more transparent, reliable, and robust real estate market that aligns with international standards, encouraging further interest from global investors.
