La Maison Plaza and Juwai IQI cooperate on project sales for the international market
Cambodia Investment Review
On the evening of August 27, La Maison Plaza hosted a partnership reception with the representative of Juwai IQI, one of the leading real estate firms providing real estate information and consultation service as well as real estate investment in Asia and China with 21 member countries.
Through this partnership, Juwai IQI will bring the shophouse project of La Maison Plaza to the international market where foreigners are eligible to buy and own the shophouse of La Maison Plaza in Cambodia.
La Maison Plaza is a shophouse development project incorporated with shopping malls, service centers, restaurants, fast food, and beverage outlets specifically designed to operate 24/7. The project is located on Apsara Roundabout, Win-Win Boulevard, Sangkat Svay Pak, Khan Russey Keo, Phnom Penh.
“Cambodia is one of the important parts of China’s “One Belt, One Road” initiative with its open economy and free market policies it is one of the fastest growing economies since the 1990s. With an average gross domestic product (GDP) of 7% per year and also one of the fastest growing economies in the world today,” said Mr. Eng Lykhoing, President of Cambestate Management and the project owner of La Maison Plaza.
One of the fastest growing economies in the world
He added that even though the Covid-19 pandemic had severely impacted the society and world’s economy, Cambodia’s economic growth is still able to recover rapidly and sustain the annual growth rate of around 5% in 2022. The real estate industry, however, is slowly recovering and real estate experts expect the industry will return to the pre-Covid 19 states in the near future.
“Phnom Penh is undergoing rapid urbanization with a current population of over 2.3 million as the government also plans to expand the city. The Northern area of Phnom Penh is one of the best urban development zones in line with the urban planning and becoming an important geographic area for residence, business operation, and other real estate investments”, Mr. Eng Lykhoing said.
Mr. Eng Lykhoing added that we can see Cambodia is politically stable which highly favors the investments and real estate development combined with the use of US dollars as a currency for investment. Moreover, foreigners can now become legal owners of properties in Cambodia through the trust service.
Cambodia’s tax on immovable properties is relatively low compared to other Asian countries and only 30% of the total population is concentrated in Phnom Penh.
On the occasion of the Partnership Reception between La Maison Plaza and Juwai IQI for the cooperation on project sales in the international market, Mr. Dave Chong, Group Vice President of Juwai IQI said the real estate sector in Cambodia is developing rapidly and highly favorable for investments.
The investment in Cambodia’s real estate is profitable for now and in the future thanks to the political stability and economic growth provided by the Royal Government.
Foreigners can now legally buy houses through trust services
Mr. Dave Chong, Group Vice President of Juwai IQI added, “La Maison Plaza project has many special features of which Juwai IQI is interested and establishing cooperation to bring the project into the international real estate market. Each house in the project is not only designed for a living but also a multi-purpose shophouse located in the heart of the Northern region of Phnom Penh.”
Juwai IQI is an international real estate advisory and investment company with regional offices in 21 countries. In Cambodia, IQI Cambodia, a member of Juwai IQI since 2019, is acting as a trusted intermediary connecting real estate sellers and buyers with internationally recognized real estate experts.
Mr. Hans Chen, General Manager of Stronghold Trustee said foreigners can now legally buy houses in La Maison Plaza project through trust services. Stronghold Trustee is a trust company registered with the Securities and Exchange Regulator of Cambodia (SERC) and fully accredited by the Trust Regulator of Cambodia (TR) which manages and maintains assets on behalf of foreigners who are not permitted to have direct ownership of the real estate.
Juwai IQI has around 21,000 dedicated property and investment experts in 21 countries including Arab countries, Malaysia, Vietnam, Thailand, Philippines, Canada, the United Kingdom, Australia, Singapore, Chinese, Sri Lanka, Cambodia, India, Hong Kong, Greece, Portugal, India, Turkey, Mongolia, Pakistan, and Bangladesh