- Locals are driving the Cambodian property market as it adjusts to domestic tastes and demand, expert analysts say
- Exclusive black-tie gala dinner to be held 26 August 2022 at the Sofitel Phnom Penh Phokeethra and streamed live via AsiaPropertyAwards.com and partner channels
- Nominations and entries open to the general public until 8 July 2022
PropertyGuru Group (NYSE: PGRU), Southeast Asia’s leading property technology company, renewed its call for entries to the seventh edition of its Awards in Cambodia.
The organisers of the 7th Annual PropertyGuru Cambodia Property Awards remain optimistic about the economy’s prospects of recovery as they seek to uplift high-calibre real estate developers and exemplary projects to national and regional acclaim.
The awards programme makes its highly anticipated return in 2022 as an in-person, safely conducted, exclusive black-tie gala dinner and ceremony at the Sofitel Phnom Penh Phokeethra on Friday, 26 August.
Key dates for the 2022 edition are:
8 July 2022 – Entries Close
25 July-4 August 2022 – Site Inspections
5 August 2022 – Final Judging
26 August 2022 – Gala Dinner and Awards Ceremony in Phnom Penh
9 December 2022 – Regional Grand Final Gala Event in Bangkok, Thailand
Nominations from the public and official entries from eligible companies and projects are currently being accepted here: AsiaPropertyAwards.com/nominations
Recovery and growth
Domestic consumer sentiment is driving majority of real estate activities as vaccination rates soar across Cambodia, according to leading analysts.
Sorn Seap, executive vice-president of the Cambodian Valuers and Estate Agents Association (CVEA) and the chairperson of the independent judging panel of the PropertyGuru Cambodia Property Awards, said: “Since Cambodia’s reopening in November last year, the country’s economy has been gradually recovering, thanks to effective government policy on controlling Covid-19. Similarly, the real estate sector has also seen gradual growth although it has yet to reach its pre-Covid benchmark.
Among the many types of homes on the market, boreys saw the fastest upsurge in demand, driven by strong clamour from locals, according to Sorn. Boreys are liquid assets and thereby popular among Khmers looking to not only reside in them but also sell and rent them for profit.
Sorn said: “Lately, most developers are shifting their investment from condo developments to boreys. The reason is the shift of demand from foreign buyers to local buyers who now have more purchasing power. The market now heavily relies on local demand; shifting new project development to meet the preference of local buyers is thus a wise decision.”
Condominiums, on the other hand, suit young, working-class people who want to avoid the traffic congestion of commuting around Phnom Penh. “To target this demographic, some developers are using price reductions and flexible payment terms to make their projects affordable and desirable,” said Sorn.
Open categories this year include accolades for the best Developer, Development, and Design, along with Special Recognitions. Eligible developers may compete in the all-new Best Coastal Residential Development category, shortlisting the finest condominiums, apartments, houses, and villas in the dynamic areas of Sihanoukville and Kampot.
The 7th PropertyGuru Cambodia Property Awards gala night will be held in accordance with health and safety protocols, including vaccination card checks, QR scans, temperature screens, hand sanitation access, safe distancing, and regular disinfection. The event will be livestreamed simultaneously on AsiaPropertyAwards.com/tv-podcast and the official channels on Facebook, LinkedIn, and YouTube.
Recipients of the 7th PropertyGuru Cambodia Property Awards will be eligible to compete for the “Best in Asia” honours at the 17th PropertyGuru Asia Property Awards Grand Final to be hosted in Bangkok, Thailand on 9 December.
Finalists will follow in the successful footsteps of Urbanland, which won last year the coveted title of Best Developer at the 6th PropertyGuru Cambodia Property Awards. The company went on to represent Cambodia in four categories at the 16th PropertyGuru Asia Property Awards Grand Final.
Sithen Kem, sales director of Urbanland, said: “We’re honoured to have won seven awards for our first landed home development, Chankiri Palm Creek, including Best Developer from the PropertyGuru Asia Property Awards. Our vision is to transform the way people live in Cambodia, one place, one community at a time and we are committed and motivated to continue raising the bar when it comes to exceptional quality, durability, and craftsmanship in our developments.”
The country’s finest, most resilient developers and projects received prestigious titles across a total of 19 categories at the 6th PropertyGuru Cambodia Property Awards, including the Cambodia Real Estate Personality of the Year award. It was presented to Catherine Chan, director of Goldfame Group and founder and executive director of Urban Village & Factory Phnom Penh—the first female recipient of the title.
Last year’s edition of the PropertyGuru Cambodia Property Awards marked the programme’s first virtual gala event, broadcast on AsiaPropertyAwards.com and multiple digital platforms, with highlights that aired on the History Channel. In 2021, the PropertyGuru Asia Property Awards online gala series, which included the Awards in Cambodia last November, was viewed more than 437,000 times in just two months, reaching viewers and property investors worldwide.
Organised by PropertyGuru Group, the 7th PropertyGuru Cambodia Property Awards 2022 is supported by the industry’s leading brands, including official cable TV partner History Channel; official magazine PropertyGuru Property Report; official PR partner Two Way PR; media partners Construction & Property and Southeast Asia Globe; official ESG partner Baan Dek Foundation; supporting association EuroCham Cambodia; and official supervisor HLB.