Asia Property Awards Officially Launches in Cambodia

• 31 December 2015
• Property Focus
• 1331 Views

The latest boost for the kingdom’s booming property industry will kick off the prestigious industry awards program in 2016.

Undoubtedly home to one of Southeast Asia’s most exciting and rapidly evolving property markets, Cambodia is set to receive the region’s real estate industry seal of approval when it becomes the latest country to be included in the coveted, decade-old Asia Property Awards series.

Sponsored by TEKA, the first Cambodia Property Awards 2016 will recognise and reward the achievements of the country’s most successful, dynamic and innovative developers and developments, as well as introducing the market to a wider regional audience of affluent investors and major industry players. The Awards’ successful launch party was held on Tuesday, 6 October, at the Chinese House in Phnom Penh, attended by nearly 150 guests and members of the press.

Nominations from industry players and the general public have now started to pour in for the Cambodia edition, and will close on Friday, 4 December. The glittering awards ceremony is set to take place on Thursday, 25 February 2016 at the Sofitel Phnom Penh Phokeethra and will present more than 20 awards covering the condominium, housing, hotel, office, retail, green and mixed-use segments, all of which will be grouped into three main sections, namely Developer, Development and Design.

While Cambodia’s property market may not yet be as established as its regional counterparts, the kingdom is stepping up in the development sector, with numerous low-rise and ambitious high-rise projects currently in the planning stages or under construction in Phnom Penh, which is undoubtedly establishing itself as a desirable investment destination due to the relatively low prices and average rental yields of 5.3 percent – very attractive for an emerging market.

Industry analysts also expect the overall condominium market in the capital to increase its supply by 40 percent within the next three years, which is one indication of the growing interest in local real estate. Other destinations such as Siem Reap and Sihanoukville province are also showing on many local and foreign investors’ radars, thanks to the kingdom’s existing laws giving investment incentives, and an open and free economy.

“Cambodia is a comparatively small market, but it is quickly emerging and is definitely deserving of the recognition it will receive at their very own Property Awards,” said Terry Blackburn, CEO of Ensign Media, event organiser and publisher of Asia’s industry leading magazine, Property Report. “Competing in Cambodia will give the winners of the top awards the opportunity to showcase their latest projects at our South East Asia Property Awards grand finale to be held in Singapore.”

As is the case with all the events of the Asia Property Awards, successful entries will be supervised by BDO International, one of the world’s largest accounting firms, and assessed by an independent panel of highly-experienced judges led by chairman Simon Griffiths, associate director of CBRE Cambodia.

“There is a definite market trend in Cambodia of a flight to quality,” Griffiths said. “If developers can truly distinguish themselves through innovative and truly quality developments, from design and architecture to construction, execution and operation and by winning an independent award it helps consumers identify those properties, it can only be a good thing for developers and design firms”.