Positive Cambodia Retail Outlook: Prince Real Estate Group’s Proactive Moves to Stimulate the Retail Market
- Written by: Telegraph Magazine
PHNOM PENH, CAMBODIA - Media OutReach - 6 September 2022 - "Cambodia's retail outlook is looking stronger than ever going into 2023 with regional new players looking to expand into Indochina with Cambodia being one of the most attractive markets," said Edward Lee, Chief Executive Officer (CEO) of Prince Real Estate Group (Prince Real Estate) during its business matching event with the Malaysia Retail Chain Association (MRCA).
Prince Real Estate Group, Malaysia Retail Chain Association and Malaysian Business Chamber of Cambodia signed the Tripartite Memorandum of Understanding on 6 September.
Prince Real Estate hosted MRCA's trade mission delegations of 60 Malaysian entrepreneurs from over 40 companies led by Dato Vincent Choo, the organizing chairman of the trade mission and vice president of MRCA, at the Raffles Hotel Le Royal.
Prince Real Estate hosted MRCA’s trade mission delegations of 60 Malaysian entrepreneurs from over 40 companies led by Dato Vincent Choo, the organizing chairman of the trade mission and vice president of MRCA.
During the event, the Group entered a tripartite Memorandum of Understanding (MoU) with MRCA and the Malaysian Chamber of Cambodia, witnessed by His Excellency Cheuy Vichet, Ambassador of Cambodia to Malaysia.
The MoU promotes investment into the Kingdom, specifically the retail industry, by facilitating Malaysian companies interested in expanding into Cambodia through knowledge sharing and providing data-driven insights.
The business matching event is part of Prince Real Estate's efforts to strengthen its expansion strategies via inward investments in line with the Group's vision to transform the retail industry in Cambodia by bringing in more regional brands to complement the local players.
"Cambodia has been an investment-friendly country with three main pull factors: the Cambodian law permits 100% foreign ownership of a business, there is no capital control, and the Kingdom is a dollarized economy," said Edward.
Prince Real Estate reboots progressive expansion, seeing a return to normality post opening of Cambodia's economy early this year. The Group launched its first open-concept-inspired street mall, the Prince Times Square, in June this year. Prince Real Estate is also launching its flagship project – the Prince International Plaza, end of Q4 2022.
Last week, Prince Real Estate clinched two top developer awards of the year as the Best Developer and Best Mixed Use Developer at the 7th PropertyGuru Cambodia Property Awards 2022 at a gala event in Sofitel Hotel, Phnom Penh, Cambodia.
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