Despite the coronavirus pandemic sweeping through Cambodia and the rest of the world, the local property sector is still on a roll, albeit at a slower pace.
One of the anchors that kept this growth going is the group of property development companies that have chosen to invest their time, money and effort in Cambodia. Among which is Naki Development.
Established in 2013 by Cambodian-American businessman Meas Nget Veasna as part of Naki Group, Naki Development ultimately became one of Cambodia’s success stories all while making a name for itself in a highly competitive sector.
Just like every other business, the success of Naki Development did not come easily, with it facing several challenges, especially in the first few years of its existence.
“We faced many challenges like how to construct the building, how to deliver on schedule, and so on,” Eng Rinbo, director of Project Management Department at Naki Group, admitted.
It was only through diligent assessment and research, a good understanding of the market and a thorough selection of the best partners that he said Naki Development was able to overcome such hurdles. He cited one of their major projects as an example where they chose one of China’s top 10 developers as a partner.
Rinbo also noted that, unlike their competitors, Naki Development benefits from the services offered by other businesses under the umbrella of Naki Group, including Naki Realty and Naki Hospitality.
“We are basically a one-stop business solution. We have a design team, a construction team, a hospitality team and a sales team all in one place,” he pointed out.
The success of Naki Development, he said, was also the product of having the best people in place. The company has tapped the expertise of locals and foreigners to run its operations.
“We have experts from countries such as Cambodia, United States, and Singapore, who bring their experiences and adapt them to the local market to the best effect,” Rinbo said.
Another “secret” to Naki Development’s success is its wide business network, not only in Cambodia but also in countries such as the United States, China, Singapore, Vietnam and Hong Kong. It has developed a good relationship with developers from those countries, while also setting up representative offices in the US and Singapore.
Of course, the company likewise counts on the strong support of the Cambodian government.
Naki Development was established with three core visions: quality, environment and investment growth. Its main focus includes master planning development, design and construction.
“We produce sustainable development of quality workmanship,” Rinbo stressed.
“We want to make sure that our clients are satisfied with the handover products. For investors, we make sure that they receive a good return of their investments,” he added.
Naki Development prides itself for having an eco-friendly approach. Rinbo noted that they use eco-friendly materials and equipment for construction, mentioning “wastewater treatment” and “noise pollution control,” among others.
The fact that some of the best properties in Cambodia were developed by Naki Development is a testament to the high repute that the company has developed over the years.
These projects include Agile Sky Residence, a mammoth 44-storey condominium under development on one of Phnom Penh’s most desirable and convenient locations, the Monivong Boulevard.
Other major projects are the Woodland Residences and the Silvertown Metropolitan.
Despite the pandemic, Naki Development has thrived and has remained remarkably strong, with even more plans to expand in affordable housing, retail shops and office buildings after the health crisis abates.