PHNOM PENH: The real estate sector in Cambodia is still struggling to recover from the COVID-19 crisis and global recession. Experts believe that it will take longer than expected for the sector to return to its pre-crisis levels, as Cambodia also faces global economic headwinds.
Dr. Monivann’s insights provide valuable insights into the challenges facing the real estate sector in Cambodia and the steps that can be taken to help the sector recover.
Dr. Tan Monivann, a well-known real estate development expert and business tycoon in Cambodia, shared seven insights at a roundtable discussion on the real estate market in Cambodia organized by the Royal Academy of Cambodia recently.
Dr. Monivann’s insights are:
Surplus supplies: There is a surplus of real estate supplies in Cambodia, which puts downward pressure on prices.
Lack of proper marketing research: Many real estate companies in Cambodia are not doing enough market research, which is leading to them making poor investment decisions.
Copycat businesses: There are too many copycat businesses in the real estate sector, making it difficult for companies to stand out from the competition.
Lack of association membership: Many real estate companies in Cambodia are not members of industry associations, which is preventing them from sharing best practices and gaining access to valuable resources.
Developers with multiple roles: Some developers in Cambodia are wearing too many hats, which is making it difficult for them to focus on their core competencies.
Importing materials: The real estate sector in Cambodia is heavily reliant on imported materials, which makes it vulnerable to fluctuations in the global economy.
Lack of a roadmap: There is no clear roadmap for the development of the real estate sector in Cambodia, which is making it difficult for companies to plan for the future.
In addition to his insights, Dr. Monivann is also a respected figure in the Cambodian business community. He is the vice president of Mong Reththy Group, a diversified conglomerate with interests in real estate, manufacturing, and agriculture. He is also the Secretary General of the Cambodia Constructors Association and the president of the Cambodia eBusiness Association (CEA).
Dr. Monivann’s participation demonstrates his commitment to helping the real estate sector in Cambodia recover from the COVID-19 crisis. His insights and experience will be invaluable to policymakers and industry leaders as they work to rebuild the sector.