Kingdom of Cambodia : Rainmaking Cambodia 2021 Concluded with Deeper Discussion, Stronger Connection, and Better Vision for Future Planning in Affordable, Liveable, and Sustainable Real Estate in Cambodia

Photo credit to Mr.Chhoy Theara

On 25th May 2021, Rainmaking Cambodia 2021 was successfully held in one of the Rainmaking Series across 10 cities including Asia, Africa and North America, hosted by Good City Foundation, sponsored by Tsangs Group, and supported by Invest HK, Startmeup HK, The World Economic Forum, Hong Kong Economic And Trade Office (Bangkok), and local strategic partners such as, Knight Frank Cambodia, Cambodia Real Estate Association, Realestate.com.kh, Invest In Cambodia, Young Entrepreneurs Association of Cambodia, Cambodia Digital Commerce Association, Property Area Asia and other communities. This policy and industry webinar recorded over 80+ nominated delegates participating from both domestic and international high-ranked officials, real estate professionals, architects, investors, scholars, other relevant communities and many audiences through live streaming.

Event Poster : Phnom Penh’s landscape credit to Mr.Chhoy Theara (poster prepared by Pramada)

With the theme of “Co Creating Common Values of Sustainable Real Estate in Cambodia’’ , it was a discussion on affordable,liveable and sustainable real estate, which pillars covered on: urban innovation, Impact investment, affordable housing, digital transformation, and Real Estate Entrepreneurship. The aim was to explore deeper on the recent pandemic challenges to real estate, and future opportunity within all aspects and how the role of public policy, developers, entrepreneurs and relevant stakeholders should be rethinking and moving forward. As an overall achievement, the event was successfully achieved in a fruitful milestone by receiving a highly engagement and interexchange perspective on the latest development trend of real estate in Cambodia, and end with the agreement for future connecting and collaborating more on the upcoming urban project development and on IOT and urban transformation initiative with World Economic Forum, Good City Foundation and key stakeholders for co-creating a new page of future resilience in Cambodia.

The rainmaking event featured thoughtful high-level keynote leadership dialogues with key influential leaders such as Mr.Yamin Xu, China & ASEAN Lead in IOT&Urban Transformation Platform of the World Economic Forum, H.E. Dr. Benghong Socheat Khemro, Director General at General Department of Housing of the Ministry of Land Management, Urban Planning and Construction of Cambodia, Oknha Kheang Puthy, Chairman of Cambodia Real Estate Association, and followed by Mr.Andre Kwok, Chairman of Good City Foundation as the moderator.

With the increasing of urban population and the booming sector of construction and real estate, the key has pointed out the challenges of affordable housing such as the quality, the financial barriers on higher interest rate and housing loans and the voice from the ministry on the goal of the Royal Government of Cambodia on sustainable urbanization, affordable housing and sustainable future city.The national housing policy by the ministry has also highly addressed the incentive policy and packages provided by the Cambodia’s government such as Public Investment Incentives, Tax and related exemption and Permission fee and other procedure assistance to facilitate any investment either local or foreign on affordable housing projects in Cambodia. The representative from the World Economic Forum has also shared more perspectives on the recent initiative of the real estate framework on how to transition the industry through key enablers, such as digitalization & innovation, regulatory framework, talent and knowledge, value proof and stakeholder engagement. The session ends with the take away to call for future partnership and collaboration between Cambodia , Hong Kong and across the region.

Panel sessions have also attended by thoughtful leaders, such as Mr.Charles Amar, Head of Real Estate Practice Group at DFDL Cambodia, Mr.Ross Wheble, Country Head at Knight Frank Cambodia, Ms.Sandrine Capelle-Maneul, Multi Country Office Director, Cambodia UNOPS, Asia Region, Mr.Chrek Soknim, President of Cambodian Valuers and Estate Agent Association, Mr.Yin Leang Kong, CEO of Propertyarea.asia and Cambodiafinancialtimes.com, Mr.Hassan Hajam, Executive Director at Platform Invest in Impact, and Cambodia most leading developers such as, Mr.Yuk Sothirith, General Manager at Worldbridge Homes Co.,Ltd, Dr.Ben Li,Founder & Chairman Urban Village & Factory Phnom Penh, and Mr.Mark Low, Head of Product Development at Urbanland.

Notable speakers in panel discussion I&II

The Panel dialogues have also deeply addressed the recent pandemic challenge effect to real estate and explored other key opportunities how stakeholder could be interacted. The travel restriction and lockdown in place has affected the key drivers of the economy such as hospitality, retail and 90% declined in the tourism industry. However, to address the business solution, there are new emerging sectors including the significant increase in E-commerce trends such as food delivery and industry logistics that will be the top performers during 2020. Recent decades, the capital city, Phnom Penh has also been exposed with new ongoing urban infrastructure development and smart city projects. This would be an opportunity for future innovation and other key investments.

Photo by Global Tech Exchange, New CBD Phnom Penh City Center, Phnom Penh’s Smart City Project The Pearl of Cambodia

Given the macroeconomic stability and as the emerging country to be explored, the ongoing construction of new international airport which the first phase open by 2023 and as the host country for 2023 Southeast Asian Games, Cambodia is ready to welcome all travellers for visit and this could translated into more partnership engagement and welcome for more collaboration and investment opportunities.

With this promotion of key infrastructure connectivity will serve as a backbone on real estate development, particularly to make a new face of capital city and other cities such as Sihanoukville, Siem reap, Battambang and more to be more charming and to encourage many new projects by foreign investment to take part.

3 Cambodia’s Smart cities project selected by ASEAN Smart Cities Network

Capital City, Phnom Penh Battambang City Siem Reap City Coastal area, Sihanoukville City

Riding on this key latest development and impact investment trend in Cambodia, it’s also a question to property developer, architects how to think sustainably. Panelist in session II has also shared more perspectives on the role of property developers to promote more greenery projects, building good design through connecting the life of people with the environment. The discussion was also extended more on entrepreneurship engagement. It would be a great advantage as a country with having a younger population for creativity and possible synergies between innovation, culture & sustainability.

Worldbridge Homes Mekong Home, ISI Group The factory Phnom Penh and Affordable Housing, Affordable Housing, Co-working space

“Rainmaking Cambodia has served as the strategic stakeholder engagement and backbone to explore the current challenges and prospects for future city development. It will hopefully encouraging more and more partnership between public and private on future sustainable development and entrepreneurship ecosystem to expose Cambodia to the world, leveraging the growth and leaving impacts” — Ms.Chan Pichmonyka, City Partner at Good City Foundation

Interested parties for more engagement and partnership may contact city partner(Cambodia), Ms.Chan Pichmonyka at monyka@futurecitysummit.org or +855 97 89 53 935

Fostering better public private partnership through foundation stewardship model in emerging cities.