We sat down for a Q&A with Mr. Jules Kay, Business Director at PropertyGuru Asia, to find out the recent development of property sector in Cambodia.
- How has your industry evolved in Cambodia in recent years?
The property sector in Cambodia has enjoyed fast-paced growth in the last three years, particularly in Phnom Penh and Sihanoukville where the supply of residential, commercial and hospitality focused projects has increased considerably.
2. What have been the major factors for these changes?
Large scale international investments, particularly from China, have been fueled construction, while domestically, a growing appetite for real estate ownership and investment has also helped drive the market.
3. What challenges remain in Cambodia regarding this industry? What are the solutions to these challenges?
From an international investment perspective, infrastructure improvement is crucial to attract buyers from overseas and improve access to new regions with strong potential. Political stability is also key to maintain positive market sentiment. Ensuring that a diverse range of property products becomes available will also help sustain demand.
4. What projects have you undertaken that you are most proud of and why?
In November 2018 we hosted the largest ever grand final of the PropertyGuru Asia Property Awards in Bangkok which drew real estate leaders and industry partners
from Cambodia, Malaysia, Philippines, Vietnam, Sri Lanka, Myanmar, Thailand, Indonesia, Singapore, Mainland China, Hong Kong, Macau, Mongolia, and for the very first time in the awards 13-year history, outstanding developers from Japan and Australia.
5. What projects have proven most challenging and why?
Running and maintaining a regional property awards and thought leadership platforms brings a variety of challenges. As some markets heat up, others cool down. Government regulations impact on the launch of new projects and political uncertainties can sometimes cause a ‘wait and see’ approach. Despite these challenges, across Asia the real estate market continues to flourish and diversify.
6. What are the most exciting things happening in the industry right now, and can we expect to see some of these things in Cambodia in the near future?
New technologies and innovative approaches to construction are making a significant impact on property development across the region, including Cambodia. Digital approaches such as Building Information Modeling (BIM) are improving the quality and safety of construction practices, while the use of VR (virtual reality) and AI (artificial intelligence) in the sale and marketing of property can help buyers make smart decisions and profitable investments.
7. Can you tell us about any upcoming projects you are involved with?
We are delighted to organise the fourth annual edition of PropertyGuru Cambodia Property Awards this year. Presented by Kohler, it’s the biggest and most respected industry awards in the country and recognises Cambodia’s rapidly growing property and construction sectors.
Nominations are open, and we have already received a significant number of eligible entries from developers. Our panel of expert industry judges (led by Sorn Seap, Founder & CEO, Key Real Estate Co Ltd) will conduct site inspections in March and April, and the Gala Dinner and Awards Ceremony will take place on 3 May 2019 at the Sofitel Phnom Penh Phokeethra.