Cambodia – 8 October 2009 – CB Richard Ellis Group Inc. (CBRE) today announced that it is opening a new office in Phnom Penh, Cambodia.
The establishment of an office in Phnom Penh is a further step in the expansion of CBRE’s footprint in Southeast Asia, which already includes Singapore, Indonesia, the Philippines, Thailand and Vietnam. The new office in Cambodia will capitalise upon market opportunities arising from the growing demand for professional real estate services from both international and local organizations within the country.
The office in Phnom Penh will provide a variety of services such as market research, valuation, investment sales, consulting, agency and leasing, and property management. The goal of the Phnom Penh office is to provide a competitive edge for clients in the fast changing real estate market in Cambodia, via a differentiated services portfolio, as well as to establish CBRE as a key player in the development of the real estate market in Cambodia going forward.
“The opening of an office in Cambodia will allow CBRE to provide research, consultancy, valuation and advisory services in the country and will strengthen our broader platform in South East Asia,” said Chris Brooke, President & CEO of CBRE in Asia. “Our presence in the market will facilitate the provision of professional property services by CBRE in Cambodia, whilst also supporting regional clients who have an interest in this unique emerging market. This strategic move helps to reinforce the position of CBRE as global company with extensive reach into local property markets,” added Mr. Brooke.
“With the establishment of the Phnom Penh office, CBRE will be able to develop local market intelligence into measurable results for clients in this expanding market,” said Marc Townsend, Managing Director of CBRE Vietnam. Previously, work relating to Cambodia was handled out of the Vietnam office, which will continue to support the team in Phnom Penh. “As the capital city of Cambodia, Phnom Penh has become a major focal point for economic and business development over recent years. This region offers enormous business potential for further growth of domestic and foreign businesses. In particular, backed by investment resulting from positive sentiment, the real estate market in Cambodia is expected to continue its growth momentum in the years to come, particularly the resort property market along the coast line of Cambodia,” Mr. Townsend added.
“CBRE has already established a successful track record in Cambodia and has been servicing clients in market research and consultancy, valuation, and land transactions, as well as property management, even prior to the establishment of an office,” said Mr. Townsend. “With the opening of the office in Cambodia, we have demonstrated our commitment to both understanding the unique individual market characteristics of the country and to providing high quality services to its clients. Leveraging the expertise, market knowledge and resources of other highly successful offices in the region, CBRE will provide its clients in Cambodia with the optimum solutions in terms of achieving their business goals,” he added.
Daniel Parkes will oversee the operations of the Phnom Penh office. Prior to relocating to Phnom Penh, Mr. Parkes was previously based in the United Kingdom where he worked in a real estate firm in the south east of England. He has a wide range of experience in property marketing, valuation and consultancy across residential and commercial sectors.
About CB Richard Ellis
CB Richard Ellis Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services firm (in terms of 2008 revenue). The Company has approximately 30,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 300 offices (excluding affiliates) worldwide. CB Richard Ellis has been named a BusinessWeek 50 ‘best in class’ company three years in a row and Fortune 100 fastest growing company two years in a row.
CB Richard Ellis established an office in Bangkok in 1988, followed by Phuket office in 2004, and Samui office in 2007. CB Richard Ellis (Thailand) Co., Ltd. has grown to be a leading real estate services provider, offering strategic advice and execution for sales and leasing for all types of property, property and facilities management, valuation and advisory, and research and consulting. For more information, visit the company’s website at www.cbre.co.th.