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PropNex of Singapore announces its expansion into Cambodia
Singaporean real-estate company PropNex has announced its regional expansion into Cambodia. This marks the companies fourth overseas venture into the ASEAN market following Malaysia, Indonesia and Vietnam.
The expansion will see an increase in regional salespeople employed by the company to more than 12,000.
PropNex Cambodia will be led by Alan Neo as chief executive officer (CEO). Neo who has almost 15 years experience in the industry, will oversee 500 Cambodian-based sales staff. The company will be headquartered in Phnom Penh, as well as initially having branch offices in the major Cambodian real estate hubs of Siem Reap and Sihanoukville.
“PropNex Singapore has a dominant brand presence and is our preferred partner of choice to further establish ourselves in the Cambodian Real Estate market,” Neo was quoted as saying. “Having evaluated many options, I believe PropNex’s training, advanced IT platform and support system can add value to our service to our sales force. We are excited to embrace the dual career path, a commission scheme model that PropNex pioneered in 2000 to much success and which was subsequently adopted as the industry practice in Singapore.”
PropNex execution chairman and CEO Ismail Gafoor stated that the move was in line with the group’s goal of becoming the leading real estate agent regionally and specifically in Cambodia. “We are excited to be the leading agency in Cambodia, incorporating our success formula as we expand our brand to more countries internationally,” he said.
PropNex Cambodia has already secured a number of lucrative projects and collaborations in the Kingdom, such as for Urban Village, run by Hong Kong developer Urban Hub (Cambodia) Co. Urban Village Phnom Penh is a mixed-use development spanning 760,000 square metres situated in Phnom Penh along Hun Sen Boulevard.
The project is adjacent to Factory Phnom Penh, a 3.4-hectare former garment factory complex re-purposed to house the country’s largest co-working space. The site also includes numerous entertainment facilities, retail stores and a German craft beer brewery. It has also secured the rights to be the exclusive marketing agency of D’Seaview, which is being developed by fellow Singaporean company Hong Lai Huat Group. D’Seaview is a freehold mixed-use development in Sihanoukville, one of Cambodia’s top tourist destinations and one of the fastest-growing provinces in the Kingdom.
The move comes at an opportune time in the company’s growth after it also reported record fees paid to its sales force in Singapore during 2020, despite the global pandemic.
PropNex Realty was founded in 2000 by Mohamed Ismail Gafoor and partners. Since then it has seen a meteoric rise to become Singapore’s largest listed real estate agency. It is the only real estate agency in Singapore to be awarded both the Singapore Service Class (S-Class) and Singapore Quality Class (SQC) certifications.
Shares in PropNex closed 2 cents higher, up 1.7 percent, at $1.20 per share on Tuesday.
Source: https://www.khmertimeskh.com/50859550/propnex-of-singapore-announces-its-expansion-into-cambodia/