The AVA congress is now official underway!
This marks the official Opening of the 19th ASEAN Valuers Association (AVA) Congress at the Sofitel Hotel Phnom Penh, Cambodia, May 5, 2016 - and the first ever congress to be held in the Kingdom of Cambodia.
Realestate.com.kh is extremely proud to sponsor this year's event, and commends the huge efforts from the CVEA to create such a fantastic and well-attended event - which will have lasting benefits for the real estate and valuation industry in Cambodia. Well Done!
This morning's opening ceremony included Opening Remarks By H.E. Dr. Aun Pornmoniroth, Senior Minister Minister of Economy and Finance.
"Mr. Kim Heang, AVA President; Mrs. Dewi Sri Umi, AVA Secretary General; All AVA chief delegates, distinguished guests, Excellencies, Ladies and Gentlemen,
Good Morning!
On behalf of the Royal Government of Cambodia, it is my great pleasure and privilege to welcome you to the 19th ASEAN Valuers Association Congress on the theme “One ASEAN, One Valuation Standard.” and I would like to take this opportunity to congratulate Cambodia’s Valuers and Estate Agent Association (CVEA) for taking the chairmanship role to host this important congress, which brings together government officials, representatives from the private sector, professional institutions, research communities, academia and other related institutions to discuss the issues and matter relevant to the theme.
Excellencies, Ladies and Gentlemen
It has been almost 5 years since Cambodia hosted the 17th AVA pre-congress in 2011 in Siem Reap. Now, we can clearly see that all our AVA member countries have significantly developed their valuation profession; among those some members have even moved a step ahead towards international standards.
The theme of today’s congress “One ASEAN, One Valuation Standard” reflects the vision of ASEAN Economic Community (AEC) “One Vision, One Identity, One Community”. As we all know, AEC is an emerging political and economic entity that is increasingly becoming an important force in global political and economic landscape, with a combined population of 600 million and total overall market value of around USD 2.6 trillion. The ASEAN with the GDP average growth rate for 2016 expected to reach 4.9%, is a new emerging market to attract global investment and play a role as economic engine to drive the Asia’s economy.
With the AEC starting last year, the cooperation among ASEAN member countries has further strengthened significantly. Meanwhile, the regional trend toward increasing ASEAN integration in all aspects of business fields has driven the need for regional standards in every sector of business. Regarding the Appraisal and Valuation profession, it has led to the initiative of ASEAN valuation standards. The growth of cross-border investment and markets, including the real estate markets, needs common rules to level the playing field for market participants and thus contributes to insure transparency in business operations.
However, establishing ASEAN valuation standards is not an easy task. It requires time and efforts to reach mutual agreement among member states given the different stage of development, and different legal and regulatory framework of each member.
In this regards, I would like to bring your attention to some main challenges we are facing in real estate valuation, namely multiple systems, methodologies, lack of national standards, lack of formal education and training, etc. In addition, it is a matter of fact that data related to real estate market is scarce. Some values of properties are out of date due to irregular updating of market values, which greatly impacts many economic and financial transactions based on property value.
In this aspect, the 19th AVA congress today is organized in a very timely manner. It provides a forum for all relevant stakeholders to discuss, compare and analyze the different valuation practices of ASEAN countries in order to identify the challenges of the Valuation Standard and practices and to come up with an improvement plan.
Excellencies, Distinguished Delegates, Ladies and Gentlemen,
While pressing the importance of strengthening the valuation standard, we also have to understand the need to enhance the capacity of valuers. Without professional valuers, we cannot evaluate assets of a company at fair market value. So far, Cambodia have 75 licensed professional valuers who are working in 62 valuation firms. Some well-known international property agencies and valuation firms, such as Knight Frank, CBRE, Century 21, Savills, and so on, are also expanding their business to Cambodia.
Compared to other advanced countries, Cambodia’s real estate market is still at early stage of development, yet a fast growing market. In fact, Cambodia’s real estate sector is facing a lot of challenges in terms of legal, regulatory, and supervisory framework as well as inadequate human capacity. The rapid expansion of real estate projects requires independent and competent professional services in this sector. These professional services are not only fundamentally important for the development of Cambodia’s real estate industry, but also for all AVA members.
The Royal Government of Cambodia is now working closely and pro-actively with the private sector to develop the real estate market. In particular, the MEF now is drafting our national valuation standards by taking into consideration regional practices and experiences. In the meantime, we are also preparing ourselves to adapt to ASEAN valuation standards as well as the International Valuation Standard Council (IVSC). We are also now working on updating our regulatory and supervisory framework to be in a better position to monitor and safeguard the real estate sector. In this effort, we are in need of Technical Assistance from the advanced AVA member countries and I trust that through the spirit of ASEAN cooperation, Cambodia will receive these necessary supports and assistance.
Excellencies, Distinguished Delegates, Ladies and Gentlemen,
Moreover, as a chair of this congress, I would like to encourage all advanced AVA member countries to extend their hands to assist less developed ASEAN members to develop competency and professionalism in the real estate
sector. By doing so, I strongly believe we will see sustainable development of our regional real estate market which contributes to further enhance the Asean Economic Community.
I strongly hope that the outcome of the 19th AVA Congress will bring closer collaboration, harmony and prosperity to all our AVA member countries. This also enables us to promote AVA as a regional community in the international arena.
Before conclusion, I would like to thank the organizing committee for the excellent arrangement of this congress. I would like to wish the 19th AVA Congress to be conducted successfully and fruitfully and wish Excellencies, AVA chief delegates, Distinguished Delegates, Ladies and Gentlemen happiness, prosperity, and success in all endeavours.
For foreign guests, I hope you enjoy your stays in Phnom Penh and make your time to visit and explore the rich culture of Cambodia.
May I now declare the opening of “the 19th AVA Congress”.
Thank you."
Realestate.com.kh is extremely proud to sponsor this year's event, and commends the huge efforts from the CVEA to create such a fantastic and well-attended event - which will have lasting benefits for the real estate and valuation industry in Cambodia. Well Done!
Stay tunes for realestate.com.kh's full video coverage of the event on REALESTATE.COM.KHTV
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