Local and Canadian firms collaborate in real estate cooperation

February 21, 2022

Local real estate and foreign real estate firms based in Canada and Portugal have entered partnership aimed to create a strategic collaboration among the five companies to mobilise funds, while urging real estate investments in Cambodia, Canada and Portugal, members of European Union.

The signing ceremony took place last Friday at Hyatt Regency Phnom Penh between Zillennium Co., Ltd (Z1 Group), Z1 Financial, Century 21 Fortuna Investment, and Canada-based Mercan Group and its subsidiary Mercadia Cambodia.

The collaboration will also play its vital role in attracting investors from the EU member states to inject their funds in Cambodia’s real estate market, the firms said.

The deals were penned by Kuy Vat, Group chairman of Zillennium Co., Ltd, Say Sokheng, chairman and CEO of Z1 Financial, Va Vireak, CEO of Century 21 Fortuna Investment, Jerry Morgan, president and CEO of Mercan Group, and Jasmine Dang, Mercan Group’s regional director for SE-ASIA region.

Vireak said, “Property investment in Portugal is attractive. Foreigners can secure loans up to 70 percent of the property value, and 30 percent for down payment. Interest rate is quite interesting and relatively low at 1.2 percent per year.”

“This cooperation will also make it easier for Cambodian investors seeking partnership with other investors from the EU member state to invest in Cambodia’s potential sectors, especially in real estate,”  he added.

Attracting and encouraging foreign investments is in line with Cambodia’s government policy, particularly the new investment law that aims to boost foreign investment in a hope of driving its economic growth.

Jerry Morgan said the partnership will enable Cambodian investors to access profitable investment projects. “I see Cambodia as an attractive market for investment and with many opportunities to make a profit,” Jerry said.

Source: https://www.khmertimeskh.com/501028451/local-and-canadian-firms-collaborate-in-real-estate-cooperation/