Friday, 23 May 2008

Knight Frank opens in Phnom Penh…

CMPi Property

Knight Frank has entered the Cambodian property market after opening an office in the capital, Phnom Penh, this week.

The office will be run by Knight Frank’s Malaysian office head, Eric Ooi, who will combine the job with his current role.

He will run a team of five staff and report to partner and head of the firm’s Asia-Pacific operation, Clive Betts.

Nick Thomlinson, senior partner at Knight Frank, told Property Week the office – the firm’s 39th in the region across 11 countries – opened in response to client demand.

Knight Frank is one of the first international property advisers to enter Cambodia, a country of just over 13 million people, although rival CB Richard Ellis is also represented there.

The country, to the south of Thailand and west of Vietnam, is fast becoming popular among manufacturers, and Thomlinson believes tourism and residential markets will also grow.
Cambodia’s main economic driver is agriculture and its GDP was around $8.25bn (£4.23bn) in 2007.

Thomlinson said he hoped the office would achieve a turnover of about £3m within three years, representing around 1% of Knight Frank’s overall turnover.

He said: ‘The turnover won’t be huge but as with all of our offices it will be the sum of the parts.’

No comments: