PHNOM PENH, Cambodia- Real estate marketplace launched in Phnom Penh

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Estate Xchange (Cambodia) Plc, a new real estate and properties marketplace, officially launched in Phnom Penh with Morgan Group as its strategic sales partner.

It plans to expand to Siem Reap province at an undetermined date.

Speaking at the grand opening and signing ceremony, Ros Sovantha, CEO of Estate Xchange, said it was established for the purpose of gathering  real estate companies, investors, property and real estate agents together to trade properties in the market, including sales, purchases and leasings.

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“The real estate sector in Cambodia has been growing fast in the last five years, especially in Sihanoukville, Phnom Penh and Siem Reap. Therefore, there is an opportunity to establish an estate exchange,” Mr Sovantha said.

He added that Estate Xchange is different from an ordinary real estate company because the latter work only with buyers and sellers and has agents. However, Estate Xchange is a market where customers can find property. It focuses on residential clubs, sub-division clubs and condominium clubs.

“We will gather once a week and engage with sellers and buyers to trade properties. We are based in the middle to facilitate sales and purchases,” Mr Sovantha said.

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He said Estate Xchange are great partners for selling and buying properties below the market price because it cooperates with sellers, buyers and bankers, as well as real estate evaluators, constructors, real estate agents, legal firms and other relevant stakeholders.

“Estate Xchange is the partner for selling and buying properties faster in Cambodia. We will buy the properties while their price is below the market price and generate a lot of profit,” he said.

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The company will only deal with properties valued $200,000 and over. To participate in this trading system and list their property, partners have to register, the properties must be legal and a hard title must be obtained at a low price compared with the market price.

At the launch, Estate Xchange said it signed a strategic sales partnership with Morgan Group to become the sales partner on the Morgan EnMaison project in Chroy Changvar district in the Cambodian capital.