Cambodia Property Awards 2016 celebrates the best in the world of real estate

The first-ever Cambodia Property Awards has finally come to a close, with Borey Penghuoth Group, the evening’s most-nominated company, taking home five awards, winning in all the categories in which it was shortlisted, including Best Developer (Cambodia). The 10-year-old firm beat Overseas Cambodian Investment Corporation Ltd (OCIC) to scoop the biggest accolade of the evening.

The Phnom Penh-based group also won the Special Recognition in Corporate Social Responsibility for its initiatives in building modern housing for the people of Cambodia and participating in the social reconstruction of the nation following decades of civil wars.

“We’re very happy for these awards. We’re thankful for a stable government that we can have a competition like this. Borey Penghouth Group just wants to build quality houses and create happiness for the people as part of our company slogan,” said Thay Chea Houth, the group’s president. “We will do our best to build and maintain our reputation so we can compete again at the Cambodia Property Awards. We see a very good future for the Cambodian property sector.”

Borey Penghuoth Group won Best Residential Development (Cambodia) category Grand Star Platinum, which faced stiff competition from Olympia City, the multi-use residential condominium project of The Olympia City Development Co Ltd that earned a total of three nominations and won the Best Mixed-Use Development award, and Urbanland Asia Investment Co Ltd’s award-winning condo development Embassy Residences.

Other big winners were The Olympia City Development Co Ltd, grabbing the Best Mixed-Use Development award and two Highly Commended, and Urbanland Asia Investment Co Ltd, which earned the Best Condo Development (Central Phnom Penh) gong for Embassy Residences.

The gala was attended by about 300 leading industry figures and VIPs, including the Secretary of the State Ministry of Land Management, Urbanisation and Construction, His Excellency Dr. Pen Sophal, representative of His Excellency Senior Minister Im Chhun Lim, who praised the achievements of the Cambodian property and construction industries during the keynote speech.

Thirteen awards were given to 15 developers and developments in Cambodia, which now have the stamp of approval from the Asia Property Awards, the largest and most respected industry event in the region.

Simon Griffiths, associate director of CBRE Cambodia, who led the judging panel, said the inaugural Cambodia Property Awards set a precedent for developers to continue with their innovations and fill the gaps in the local real estate market by designing and building high quality developments in office, retail, hotel, residential and other segments.

“What will become a more exciting time for Cambodia is when the developers really start to differentiate within sectors – and that has yet to come in most sectors – so there are definitely more exciting times ahead,” he said.

The Winners and Highly Commended were all chosen by an independent panel of judges of leading experts from all fields of the industry, after a fair and transparent, six-month nomination and judging process supervised by BDO, one of the world’s largest accounting firms under the

One of the highlights of the night was the presentation of the Real Estate Personality of the Year award to property and e-commerce entrepreneur Rithy Sear. Selected by the editors of Property Report, Asia’s industry-leading magazine, it was the only award not selected by the judging panel.

Sear, chairman of Worldbridge Land, is one of the driving forces behind the ambitious, upscale, mixed-use development by the Oxley Gem (Cambodia) joint venture in Phnom Penh.

“Being selected as the first-ever Real Estate Personality of the Year in Cambodia is one of the most important moments in my business adventure,” he said. “I have always been passionate in bringing refreshing concepts and vibrancy to the property market in Cambodia… being recognised in the industry is an extraordinary moment.”

The Best of the Best winners will be heading to Singapore in November to compete at the grand finals of the South East Asia Property Awards 2016 with their peers from seven ASEAN markets.

“We congratulate all the Winners and Highly Commended of the Cambodia Property Awards, the latest addition to our prestigious Asia Property Awards programme in ASEAN” said Terry Blackburn, founder of the Asia Property Awards and publisher of Asia’s industry leading magazine Property Report, presenter of the Awards.

“After over 10 years of organising the Asia Property Awards tonight’s event represents a milestone – the Awards are now part of PropertyGuru, South East Asia’s leading real estate media group,” he added. “Cambodia now joins the other leading economies of ASEAN in hosting its own awards programme. We are grateful to all the developers, sponsors and partners who have participated this year and we look forward to a bigger awards gala in 2017.”