Condo spree drives merger

With the increase in condominium construction in the Kingdom, Cambodian real estate company CPL merged with Singapore-based Huttons Real Estate Group in order to cash in on prospective condo sales.

The partnership was signed on September 2, and Cheng Kheng, chairman for the merged company Huttons CPL, said he was hopeful the firm will be a leading seller of condos and apartments.

“Huttons is the number-one seller of condominiums in Singapore, so when they come here we want it to be the same,” Kheng said.

“We are a local seller and [Huttons] is a foreigner so we help them actually get people to sell to.”

Sear Chailin, CEO of realty firm Chailin Sear, said that high-rise opportunities are not the primary reason that foreign real estate companies and developers are investing in Cambodia.

“They come for trading, building malls, housing development, and general building for the public, not just targeting the local people.”

phnompenh post

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