Sino-Cambodian Condo Project in M’sia

KHMER TIMES
SUM MANET

An artist’s impression of Forest City in the Malaysian state of Johor. Supplied

Century 21 Cambodia, a local real estate agent, reached an agreement with China-based Country Group Development to build and sell condos and apartments to Cambodians who are keen to invest in Malaysia.

The two companies signed a memorandum of understanding (MoU) on Tuesday in Phnom Penh to pave the way for Century 21 to start their work in Malaysia, according to local media reports.

“We usually only see foreigners buying and investing in Cambodian property. In reality, however, there are also Cambodian investors who want to invest in overseas properties. And they don’t want to be named,” said Chrek Soknim, CEO of Century 21 Mekong, a sister company of Century 21 Cambodia.

The joint Sino-Cambodian project will be located in the Forest City joint venture project between China and Malaysia in the Malaysian state of Johor, bordering Singapore. Forest City is approximately five kilometers from the second link of the causeway connecting Singapore island and a 40-minute drive to Singapore’s CBD.

Caleb Loh, director of Country Garden Pacific ‒ a sister company of Country Group Development ‒ said his company plans to create a duty-free island and establish duty-free shopping malls as well as to bring in premium hospitals.

“The first-phase development includes the transportation hub and a wetland park,” he said.

Kuy Vat, CEO of Century 21 Cambodia, said that the MoU with Country Group was a milestone for a Cambodian real estate company.

“We are taking our business to another level in the age of globalization and moving away from Cambodia. Right now we are focusing on a neighboring country, and soon we hope to look at regional markets,” said Mr. Vat.

“We are proud to be working with Country Group as they are one of the largest developers in China and also have been listed among the top 500 in the world.”