Questions around this news
What does the World Auction Alliance–CBRE Cambodia partnership involve?
The companies signed a Memorandum of Understanding to bring luxury real estate auctions to Cambodia. The release says the plan includes auction methods, remote live bidding technology and marketing intended to help developers sell unsold properties on schedule. It describes the agreement as a strategic partnership, but does not provide a launch date or specific property listings.
How does remote live bidding work in a real estate auction?
Remote live bidding lets participants place bids electronically while an auction is taking place, rather than attending in person. Depending on the platform, bidders may follow the auction in real time and submit bids from another location. The release mentions this type of technology as part of the partnership but does not explain its specific features or operating process.
What experience does World Auction Alliance say it brings to the partnership?
The release says World Auction Alliance has roots in the United States dating back more than 30 years and conducts real estate auctions. It also reports that the company has held auctions in the United States and developer auctions in Thailand, with sales and unit totals described in the release. Its CEO is Graham W. Kretchman.
What is a Memorandum of Understanding?
A Memorandum of Understanding is a document that records how two or more parties intend to work together. It can outline shared goals and proposed responsibilities, but its legal effect depends on its wording and applicable law; signing one does not necessarily mean every proposed activity is a binding commitment.
World Auction Alliance Partners with CBRE to Revolutionize Real Estate Auctions in Cambodia
Watthana, Bangkok, Thailand, August 31, 2023 -- World Auction Alliance and CBRE Cambodia are pleased to announce the signing of a Memorandum of Understanding (MoU) for a strategic partnership aimed at transforming the real estate auction landscape in Cambodia. The partnership introduces pioneering auction methodologies, cutting-edge remote live bidding technology, and exciting marketing messages to assist developers liquidate unsold stock on schedule.
Graham W. Kretchman, CEO of World Auction Alliance, stated, "We're pleased to announce this partnership with CBRE to bring World Auction Alliance's brand of exciting live luxury real estate auctions with cutting-edge technology to Cambodia. By marrying our globally-proven live auction expertise with CBRE's local market prowess, we will be able to offer an unmatched luxury real estate experience in Cambodia.”
Lawrence Lennon, Managing Director of CBRE Cambodia, noted, "This new sales tool offers great potential in the market. Luxury auctions are completely new to Cambodia's real estate space. We’re excited to see how we can support developers to unlock potential liquidity within their projects."
The move signals both companies’ strong commitment to innovating to create value and liquidity in the real estate industry in Cambodia. With the synergy from World Auction Alliance’s successful record of delivering luxury property sales and CBRE’s unparalleled knowledge of the Cambodian market, the partnership between the companies will benefit both property owners and investors alike.
About CBRE Cambodia
CBRE Cambodia, a market leader in real estate services, was the first international firm of its kind to set foot in Cambodia in 2008. The firm has since grown to employ over 100 professionals, providing a full spectrum of services from property and project management to valuation and consulting. CBRE Cambodia has been honored with multiple industry awards and is an affiliate of the global real estate giant, CBRE Group, ensuring a world-class service experience for its clients.
About World Auction Alliance
World Auction Alliance (WAA) specializes in real estate auctioning with roots dating back to its founding over 30 years ago in the United States. Led by CEO Graham W. Kretchman, the company specializes in “event auction” marketing facilitated by their proprietary multilingual mobile bidding and streaming technology. With an experienced team, WAA has conducted more than 60 auctions in USA and over 20 developer auctions in Thailand, totaling over $1.1 billion in property sold and more than 2,000 units moved. The company is a trailblazer in accelerated auction sales including the recent success of its expansion to villas in Southeast Asia.
For More Info for World Auction Alliance: [email protected] and CBRE: [email protected]
Contact Info:
Name: Harry
Email: Send Email
Organization: World Auction
Address: Piman 49, 46/9 Klang Alley, Khlong Tan Nuea, Watthana, Bangkok 10110, Thailand
Phone: (+66) 080 080 0042
Website: https://worldauction.tv/
If you detect any issues, problems, or errors in this press release content, kindly contact [email protected] to notify us (it is important to note that this email is the authorized channel for such matters, sending multiple emails to multiple addresses does not necessarily help expedite your request). We will respond and rectify the situation in the next 8 hours.
At a glance
- Company
- World Auction Alliance
- Announcement
- Partnership
- Location
- Cambodia
People
- Graham W. KretchmanCEO and co-founder of World Auction Alliance
- Lawrence LennonManaging Director of CBRE Cambodia
