Casa Meridian Partners With Century 21 to Boost Sales

• 31 December 2015
• Property Focus
• 2358 Views

To boost sales for its remaining units, the Casa Meridian condominium has strategically partnered with Century 21, the world’s largest real estate broker.

Through an endorsement agreement signed on 8 October, 2014, Century 21 Cambodia has endorsed Casa Meridian and now leads the sales of units in the capital’s newest skyscraper. The deal gives Casa Meridian access to Century 21’s 7,000 affiliated offices with 100,000 agents in 75 countries worldwide.

The agreement also extends to sales of future property developments by the Casa Condominium developer Meridian Group.

Casa Meridian Condominium is a US$75 million luxury, multi-complex development built in a unique twin tower configuration. The structure is being jointly developed by M.D.H.K Property (Cambodia) Ltd (a subsidiary of Meridian Group) and Canadia Bank on 5,059 square meters of land on Diamond Island.

Stretching up 33 floors (with two underground floors), it will feature 414 condo units with prices ranging from US$800.000 to over US$1 million. Construction kicked off in May 2014 and is slated for completion in 2017. Shop houses will take up the first four floors, with condo units from the 5th to the 29th floor and the 30th- 31st floors reserved for a restaurant, fitness center, swimming pool, and children’s playground. The development will also feature shopping space (6,469 square meters) and office space.

According to Um Bun An, Casa Meridian Sales Manager, over 60% of the units were sold out at the time of the Century 21 agreement, with buyers divided equally between Cambodians and foreigners.

Casa Meridian CEO, Ko Sek Yan explained that Century 21’s global reputation in property sales was behind his company’s decision to enter the partnership. “We at Casa Meridian are proud to work with Century 21 for the sales of our condo units and we hope to maintain a long-term relationship with Century 21 for our next condo projects,” he said at the ceremony announcing the partnership.

Century 21 Cambodia explained that the agency’s endorsement of Casa Meridian was because of the project’s prime location, and it being built by a renowned developer in a stunning architectural style and appointed luxuriously.

As a big brand in real estate worldwide we are pleased to go in hand with big developers like Casa Meridian, said Century 21 Cambodia CEO, Kevin Goos.

He stressed that no other real estate companies in Cambodia can outdo Century 21’s focus on sales. “The main buyers of condominiums in Cambodia come from the international community and with over 38,000 Century 21 Real Estate Agents in Asia, nobody has more buyers than we do,” he said.

Cambodia’s condominium market has shown signs of rapid growth and fast change, even if this sector is still a nascent industry. For Kuy Vat, Chairman of Century 21 Cambodia, the master franchiser, sales of condo units are still a challenging job for developers and real estate agents in Cambodia due to limited market connectivity between local and global real estate markets, while the market itself relies heavily on foreign buyers.

“With the presence of Century 21, the market is expected to grow faster and sales of condo units become enormously successful. By working with Century 21, condominiums will have a wider market connectivity and accessibility to the international market,” Vat explained.

Cheng Kheng, President of the Cambodian Valuers and Estate Agents Association (CVEA) agreed with Kuy Vat. He admitted the need for local real estate firms to expand and partner with international firms to lead the market on the threshold of ASEAN Integration which will bring more international players to the kingdom’s property market.

“By working together, we local players can better shape the real estate industry as a whole and become strong enough to compete with international companies that are coming to seize the majority of the market from us,” he said. “Fortunately, Century 21 has now opened its doors for all local real estate agents to join and stand strong in the competitive market by upgrading themselves to the next level of professionalism and trust.”.