Sino-Cambodian Condo Project in Malaysia
23 September 2016
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.
Cambodian investors who want to invest in overseas properties and they don’t want to be named
“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 Central Business District.
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
“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.
soon we hope to look at regional markets
“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.”
chapter previous next