asianews

CB Richard Ellis has announced that it is opening a new office in Phnom Penh, Cambodia.

The establishment of an office in the Cambodian capital is the most recent development in CBRE’s Southeast Asian expansion, which already includes offices in Singapore, Indonesia, the Philippines, Thailand and Vietnam.

The new office will capitalise on market opportunities arising from the growing demand for professional real estate services from both international and local organisations within the country.

The office in Phnom Penh will provide a variety of services such as market research, valuation, investment sales, consulting, agency and leasing, and property management. Its goal will be to provide a competitive edge for clients in the fast changing real estate market in Cambodia, via a differentiated services portfolio, as well as to establish CBRE as a key player in the development of Cambodia´s real estate market.

“The opening of an office in Cambodia will strengthen our broader platform in South East Asia,” said Chris Brooke, president and CEO of CBRE in Asia. “Our presence in the market will facilitate the provision of professional property services by CBRE, whilst also supporting regional clients who have an interest in this unique emerging market.”

“With the establishment of the Phnom Penh office, CBRE will be able to develop local market intelligence into measurable results for clients in this expanding market,” said Marc Townsend, managing director of CBRE Vietnam.

Previously, work relating to Cambodia was handled out of the Vietnam office, which will continue to support the team in Phnom Penh.

“Phnom Penh has become a major focal point for economic and business development over recent years. The real estate market in Cambodia is expected to continue its growth momentum, particularly the resort property market along the coast line of Cambodia,” Townsend said.

“CBRE has already established a successful track record in Cambodia and has been servicing clients in market research and consultancy, valuation, and land transactions, as well as property management, even prior to the establishment of an office,” said Townsend.