Century 21 Cambodia, the world’s largest real estate broker, has been strategically partnered by the Casa Meridian condominium to boost sales for its remaining units.
An endorsement agreement signed on 8 October, 2014 between Century 21 Cambodia and Casa Meridian is now leading the sales of units in the capital’s newest skyscraper. The deal gives Casa Meridian access to Century 21’s 7,000 affiliated offices with 100,000 agents in 75 countries worldwide.
The endorsement agreement also extends to sales of future property developments by the Casa Condominium developer Meridian Group.
With a US$75 million luxury, multi-complex development, Casa Meridian Condominium built in a unique twin tower configuration. The structure is being jointly developed by M.D.H.K Property (Cambodia) Ltd (a subsidiary of Meridian Group) and Canadia Bank on 5,059 square meters of land on Diamond Island.
It has 33 floors (with two underground floors), and it will compose with 414 condo units with prices starting from US$800.000 to over US$1 million. Construction started in May 2014 and is slated for completion in 2017. The first four floors will be taken up by shop houses, with condo units from 5th to 29th floor and the 30th– 31st floors will be reserved for a restaurant, fitness center, swimming pool, and children’s playground. Shopping space (6,469 square meters) and office space will also be featured in the development.
Casa Meridian Sales Manager, Um Bun An said that over 60% of the units were sold out at the time of the Century 21 agreement, with buyers divided equally between Cambodians and foreigners.
According to Ko Sek, Casa Meridian CEO, at the ceremony announcing the partnership said that the global reputation of Century 21 in property sales was behind his company’s decision to enter the partnership. “We at Casa Meridian are proud to work with Century 21 for the sales of our condo units and we hope to maintain a long-term relationship with Century 21 for our next condo projects.
Century 21 Cambodia explained that the agency’s endorsement of Casa Meridian was because of the project’s prime location, and it being built by a renowned developer in a stunning architectural style and appointed luxuriously.
Kevin Goos, Century 21 CEO, said that as a big brand in real estate worldwide we are pleased to go in hand with big developers like Casa Meridian.
“No other real estate companies in Cambodia can outdo Century 21’s focus on sales,” He stressed. He also said that the main buyers of Condominium in Cambodia come from the international community and with over 38,000 Century 21 Real Estate Agents in Asia.
Even if Cambodia’s condominium market is still a nascent industry, this sector has shown signs of rapid growth and fast change. For Kuy Vat, Chairman of Century 21 Cambodia, the master franchiser, sales of condo units are still a challenging job for developers and real estate agents in Cambodia due to limited market connectivity between local and global real estate markets, while the market itself relies heavily on foreign buyers.
Mr. Kuy Vat explained that the market is expected to grow faster and sales of condo units become enormously successful with the presence of Century 21. Condominiums will have a wider market connectivity and accessibility to the international market by working with Century 21.
Cheng Kheng, President of the Cambodian Valuers and Estate Agents Association (CVEA) agreed with Kuy Vat. He admitted the need for local real estate firms to expand and partner with international firms to lead the market on the threshold of ASEAN Integration which will bring more international players to the kingdom’s property market.
“By working together, we local players can better shape the real estate industry as a whole and become strong enough to compete with international companies that are coming to seize the majority of the market from us,” he said. “Fortunately, Century 21 has now opened its doors for all local real estate agents to join and stand strong in the competitive market by upgrading themselves to the next level of professionalism and trust.”