Real Estate Development Association of Cambodia (REDAC) was formed to represent the interests of real estate development firms in Cambodia
- From: Chim <ChimS1@xxxxxxx>
- Date: Wed, 7 Jan 2009 01:35:02 -0800 (PST)
Developer group formed
Written by Soeun Say
Wednesday, 07 January 2009
A real estate association formed last month is the second of three
that are planned to shape Cambodia's real estate sector, Sung Bonna,
the group's first deputy secretary general, said.
The Real Estate Development Association of Cambodia (REDAC) was formed
December 19 to represent the interests of real estate development
firms in Cambodia. Its members include around 30 local and foreign
companies, including members from Korea, France, Hong Kong and the US.
The first of the three planned associations, the National Valuers
Association of Cambodia (NVAC), was formed in August, and a real
estate agent association is also in the pipeline.
"One is a group of developers who build houses, while the other is a
group of valuers, sellers and renters, but they are working for the
same sector," said Sung Bonna, who is also president of the Valuers
Association and Bonna Realty Group.
Kong Vannsophy, assistant to REDAC Secretary General Srey Sothie,
said the association acts in the interest of real estate development
enterprises in Cambodia.
"We set up this association because we want to coordinate and share
experience with property developers who want to build," he said.
"Many people have asked me whether the new association can help
improve Cambodia's real estate market," he added. "I told them maybe
not because this is a big problem caused by the world financial
crisis, but it can help any developers who have problems."
The association had five purposes, he said. First, it would represent
the business interests of real estate development enterprises.
Secondly, it would promote corporate responsibility and
environmentally-friendly real estate development practices. Thirdly,
it would facilitate coordination and interaction between members.
Fourthly, it would research and report on issues relevant to real
estate development. Finally, it would act as a liaison with government
authorities, trade organizations and other business associations.
Membership is open to development companies on payment of a US$600
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