The Malaysia-based Rahim & Co International Bhd, an international property investment consultant, has announced it will expand its presence into the Asean and Asia-Pacific markets like Cambodia, Vietnam, China and Hong Kong.
Tan Sri Abdul Rahim Abdul Rahman, the executive chairman, was quoted in the Malaysian newspaper the Sun Daily as saying the firm is now looking at Vietnam, Cambodia, China and Hong Kong as its next investment destinations due to the huge populations and massive demand for properties.
Abdul Rahim said Rahim & Co plans to open at least two or three new branches overseas in the next five years.
He expressed optimism that the company will fare well in these countries due to its good track record in the local and overseas markets.
“My logic is, if we can be successful here, why can’t we achieve similar success in the international market? We have a very well structured company, we are very professional in our work and we don’t see why we cannot be successful with a larger [international] market,” he said.
To date, Rahim & Co has a presence in London, Melbourne, Sydney and Perth, which are very popular property investment destinations among Malaysians.
Sorn Seap, the founder and director of Key Real Estate and the executive vice-president of the Cambodian Valuers and Estate Agents Association, said he was pleased the company would be coming to Cambodia, adding that its presence will create more jobs for local people, which in turn is good for the economy.
“When they enter the country for their business, they attract more of their customers to come and see the property sector and their customers will see the potential of the property sector here, so they will invest in Cambodia,” Mr. Seap said.
“When an international company steps in, the local company will learn more knowledge to serve the market because the Asean Integration took effect and local companies have to strengthen their capacity to compete in the market,” he said.
“For Asean investors in Cambodia, I think Singapore stands number one followed by Malaysia, Thailand and Vietnam.”
Khat Sovann, the General Manager of Cam Top Property Group, said the plan to be present in the country is good for the property sector here because they will bring their own customers to invest more in the sector.
“We are not worried about their presence here and for the competition in the market, when a big company enters the country it will make local companies upgrade their services to attract customers which leads to more quality services,” he said.
“When they bring more customers here, it can be our chance as well to know about their demands, so they can be our customers in the future,” Mr. Sovann said.
“However, lately there are not many Malaysian investors coming to invest here, unlike Taiwanese investors, but I think we will have more Malaysian investors coming here soon.”
Malaysian investments in Cambodia have also showed consistency over the past five years. Malaysia’s total investments from 1994 to 2016 was valued at $3.37 billion with 127 registered projects.