UK real estate firm forays into Kingdom

Content image - Phnom Penh Post
In January-August, the Ministry of Land Management, Urban Planning and Construction greenlit 2,901 new construction projects, down by 13.40 per cent or 449 projects from the year-ago period, with capital investment clocking in at $3.843 billion, dipping by 24.4 per cent year-on-year, the Ministry of Economy and Finance reported. Hean Rangsey

UK-based Chestertons announced a business expansion to Cambodia to tap the fast development of the Kingdom’s real estate and construction sector, and add to its 100-strong network of international branches. A launch is expected early next year.

In January-August, the Ministry of Land Management, Urban Planning and Construction greenlit 2,901 new construction projects, down by 13.40 per cent or 449 projects from the year-ago period, with capital investment clocking in at $3.843 billion, dipping by 24.4 per cent year-on-year, the Ministry of Economy and Finance reported.

In a press release received by The Post on November 11, the 216-year-old real estate agency on November 10 announced the next stage of its global expansion, with a new office launch in Asia and a strengthened “Resi offering” in UAE business hub Dubai.

The company has acquired Phnom Penh-based Focus Property Co, marking the firm’s first foray into Cambodia’s “key, fast-growing” market, ahead of a planned expansion across the region.

Chestertons chairman Salah Mussa said the launch of Chestertons Cambodia is for the company’s global network expansion.

“We are thrilled to announce the upcoming launch of Chestertons Cambodia and welcome Focus Property to the ever-expanding Chestertons family.”

“As the latest partner to join our franchising team, Chestertons Cambodia will benefit from our vast network and expertise, and of course the world-famous Chestertons brand.

“The team’s core focus on property management represents a new string to our bow. The high bar the team sets in professionalism and ethical ways of working is a great fit for us.

“Over the last 12 months we have gained a presence in seven new markets and now operate in 15 countries around the globe.

“We don’t plan to rest on our laurels; we hope to continue this exciting momentum with further global growth planned in 2022 and beyond,” he said.

In June 2014, local real-estate magnate Kuy Vat brought the US real estate franchise Century 21 to Cambodia, which has opened hundreds of offices nationwide.

Vat said in a statement to The Post: “Century 21 brand is already half of century, 50 years in real estate market, has enlarged our network in 83 countries around the globe and has over 11,600 offices with over one million professional real estate agents all over the world.

“We are operating with 23 independently offices in Phnom Penh and 38 branches in city and province, we have around 1,000 professional real estate agents are joining in our team across this country.”