Profile: Andrew J. Ahn ? Group Vice President Nuri D+C

• 31 December 2015
• Property Focus
• 1824 Views

Andrew J. Ahn, Group Vice President of NURI D&C Phnom Penh Cambodia, heads one of the most well-established and successful real estate development companies currently operating in the Kingdom.

A Korean national, who graduated in Accounting and Finance at bachelor and masters level from Northwestern University and the University of Austin, Texas in the USA, Andrew is also a Senior Partner and a board member of a real Estate Investment Boutique at Polaris Holdings based in Singapore.

Andrew is no stranger to large-scale investment and real estate development and held an impressive portfolio across the USA and Asia before spearheading the Cambodian market including Victory Project in the US, J Project & Active lifestyle City Project in Korea, and Chamvit Project in Vietnam. Before he moved to Cambodia, he was with many global market players including GIC, Singapore, Daelim Industrial Corp., Korea, AT&T, and Nexus Investment Group, US.

Now, as Group Vice President of NURI D&C Andrew develops and implements acquisition and retention strategies supporting key financial metrics covering deal structure, structured finance, and new business development.

He has seen the company set new standards of architectural design, construction technology, and amenities in Cambodia with their De Castle condominium developments which have been strategically constructed in central Phnom Penh locations. Their most recent project, De Castle Royal is located right in the heart of Boeung Keng Kang 1; the district with the highest property value in the capital.

De Castle Royal, which covers an area of 3,000 square meters in BKK1 was under construction since 2008 and includes a swimming pool and gym that are both managed by The Place, Phnom Penh’s premier gymnasium. Construction on De Castle Royal has recently been completed and more than 90% of the units have already been sold, many even before the grand opening of the 32-storey building on 28 July, 2014.

NURI D&C partnered with Canadia Bank who provided a US$28 million loan in 2013 to complete the development, and also offers buyers financing of up to 70% of the unit price. For new, upcoming NURI D&C projects, a variety of financing options and payment schedules will be provided including balloon loans and a fixed interest rate below 8% per annum.

The recent change in the government of Cambodia’s property ownership policy which allows foreign nationals to purchase condominiums has been a key factor in the success of NURI D&C’s sales to a high-end target residential market for local and foreign buyers mainly from Japan, Singapore, Hong Kong, and Europe.

NURI D&C condominiums offer a modern, contemporary, unique, and active lifestyle combining Asian and Western living styles. “Our focus is on creating a unique, modern living experience where people can relax in sumptuous surroundings without having a worry in the world. At De Castle Royal, we combine all of these elements to fill a gap in the Phnom Penh property market – fully serviced, five-star, city centre living,” said Andrew.

“Clients who have purchased at De Castle Royal will enjoy living in their luxury condo with comfort and in a place that has with higher standards,” he said, adding that, “The brilliantly lighted building in the heart of the capital city has become a symbol of the recovery and confidence of Phnom Penh property market.”

As one of the most influential players in the property development sector, Andrew is understandably enthusiastic about the Cambodian market. “I can see significant positive trends emerging here,” he predicted, “such as ongoing growth in foreign investment into the Cambodian property market; the emerging diversification in investment portfolios by local Cambodians; ASEAN Integration just around the corner, which will be very positive for the market; and also growth in relevant financial sectors like asset-backed securities and secondary mortgages.”

NURI D&C are planning a number of new projects in Phnom Penh which will continue to raise the standards for luxury living in the heart of the city for discerning investors.

(Right) Mr. Andrew J. Ahn, Vice President of the Nuri D&C presentation at Real Estate and Construction Forum

(Right) Mr. Andrew J. Ahn, Vice President of the Nuri D&C presentation at Real Estate and Construction Forum