PHNOM PENH  –  Driven by her passion for real estate, Chan Pichmonyka realized her dream of being admitted into Columbia University in the US, renowned for its academic excellence, and launched a career in New York dedicated to affordable housing. 

With her expertise, Monyka seeks to enhance affordable housing initiatives and bring closer connections between New York and Cambodia through the real estate industry.

Born into a business family, with her mom being a cloth retailer in Sangkat Mitapheap, Phnom Penh, Monyka earned two undergraduate degrees: international economics from the Institute of Foreign Languages and accounting and finance from CamEd Business School.

From Dreaming of Diplomacy to a Real Estate Enthusiast

Back in high school, Monyka was unsure about her career but loved two fields, prompting her to take two degrees. However, she was keen at first on becoming a diplomat rather than a real estate professional.

“During my high school years, determining my career goal was challenging. But it seemed that I wanted to be a diplomat, and I liked the international relations field,” Monyka said.

However, she saw economic and financial knowledge as crucial to the country’s growth, encouraging her to prioritize both majors.

“I understood that I needed to prioritize both majors: finance and international relations,” Monyka recalled. “Whatever career I took in the future, these two majors would be a good combination.”

Monyka said both degrees helped her develop her career. Her knowledge of international relations helped her understand the outside world in finance and accounting. 

Because of this, she managed to get work in her senior year as a senior investment analyst of the Capital Markets at Knight Frank Cambodia, a real estate consultancy for foreign investors.

“It seemed like I was the first to work in the capital markets section under the company’s country head,” Monyka said, adding that she became increasingly passionate about getting deeply involved in the sector throughout her work.

Aside from her employability, Monyka also tried to immerse herself in this industry with a stronger focus on urban development. 

In her early 20s, she became a city partner of the Good City Foundation based in Hong Kong, a non-governmental, non-profit, development organization that works on facilitating and growing local government projects, startups, businesses and other potential projects in emerging cities worldwide.

“It started with my participation in the Future City Summit in Hong Kong in 2019, and I was the only Cambodian to attend the forum,” Monyka said. 

As a city partner, she was tasked with overseeing Cambodia's participation in the summit and facilitating engagement between Cambodia, Hong Kong and other Asian cities.

Monyka's position allowed her to pool resources and create networking opportunities between Hong Kong investors and Cambodian communities.

“I regarded it as a success because many different stakeholders participated in the events, and partnerships among them persist,” she said.

A Journey to Columbia University

With substantial study and work experiences, Monyka believed that expanding her academic knowledge would serve a greater purpose in her long-term career goal.

That is why she set a goal to pursue her postgraduate study in real estate in the United States. This time, she was confident and clear about her study journey, which aligned with her career development plan.

“I wanted to have the opportunity to explore more in the real estate and financing world and advance my career,” Monyka said.

Getting into Columbia was a dream Monyka longed for and choosing a real estate development course was well planned.

“I was intensely interested in real estate because it is vital in economic development. Unlike what some people think, it is not just about selling and buying property. It consists of investment, construction, and creativity in investment finance,” Monyka said.

While Columbia was one of the most prestigious universities, living in New York was a vital experience for her work endeavors, as it is a global city with more opportunities for people enthusiastic about the real estate sector.

“I chose New York because I am strongly interested in this city. I also thought of gaining insights into models and strategies that this city pursues in terms of sustainable urban development so that it helps me enhance my thinking and knowledge.”

“When I got admitted into Columbia University’s School of Architecture, I could hardly believe this happened. This is because I had not found any Cambodian alumni who had completed their studies there,” Monyka said.

“But I believe it began with my confidence, sufficient working experience, and knowledge accumulated from my undergraduate studies. I demonstrated my aspiration and readiness to convince the school that I was outstanding,” she explained.

According to her, her academic journey was made possible through partial self-funding and some external funding, including from the School of Architecture and the Mortgage Bankers Association of New York.

While getting into her dream school was essential, coping with academic difficulties and striving to be outstanding in her field was another critical step.

Achieving better results as the first Cambodian in her school is her top responsibility entrusted to her as she represented her country and many people within her support network wanted to see her flourish.

“I feel that I shoulder a huge responsibility to keep trying and do my best in my studies. All of these inspired me, and I am indebted and responsible for representing my country as the first Cambodian student in the program,” she said.

“Moreover, I could not disappoint my parents and academic and professional network, who unwaveringly support me throughout the journey.”

In mid-2024, Monyka graduated in real estate development studies, the first Cambodian to enroll in such a course. Now, she has a chance to work in New York with a concentration on urban development and affordable housing.

Affordable Housing in the Cambodian Context

Affordable housing has become an essential need in many countries worldwide. However, the ability to provide support and substantial effort to incentivize such projects still needs to be possible, especially in least-developed countries such as Cambodia.

Because of this, Monyka was inspired to promote affordable housing in Cambodia if the right time came. With the knowledge she gained from school and her current work, she noted that investing in affordable housing projects will be crucial in the future, considering Cambodia’s growing population and economic transformation.

“While there are strong demands for affordable housing, we still don’t have enough suppliers in our country,” Monyka said. “Affordable housing projects play a critical role in our sustainable urbanization.”

She said Cambodia needs to develop regulations that support affordable housing projects and learn from other cities.

Speaking of New York, Monyka said many lessons learned and strategies associated with affordable housing projects could be considered. The first of the models involved incentives to private developers through public-private partnerships.

“While the construction cost of affordable housing is high, it does not mean that developers have to make sure that they are profitable by selling them at high prices,” Monyka said. “Developers can’t just do whatever they want, and they have to comply with the government’s regulations and guidelines.”

Governments need to intervene and offer incentives through taxes and specific and detailed requirements, such as designs and prices, considering demographic and income factors.

However, good things don’t come without hurdles for countries such as Cambodia, although the government is willing to promote affordable housing and has available land for such projects, she said.

“Many challenges I can expect when it comes to our country. Here in New York, existing infrastructure makes commuting more convenient. There is a variety of public transport.”

Regardless of available undeveloped land, if the location of affordable housing is too distant, it becomes challenging for people to commute to work every day, taking Phnom Penh as an example.

“Most economic activities take place in a city like Phnom Penh. Therefore, even if we have affordable land for building affordable housing, who will be willing to commute there daily if it is too far from their workplaces?” Monyka asked.

Despite the infrastructure improvements, several issues still need to be addressed.

Nevertheless, Monyka remains hopeful that promoting affordable housing will become a priority, given Cambodia’s fast social and economic transformation.

“I can say this is a whole economic issue that requires a holistic approach,” she said.

“Things like this take time, requiring effort and cooperation among every stakeholder, from the government to the private sector.”

Optimistic About Cambodia’s Future Real Estate

Although Cambodia's real estate thrived over the last decade, it has recently faced stagnation, marked by minimal construction activity and a decline in foreign investment. This downturn is largely attributed to difficult economic circumstances. However, Monyka said she is optimistic that conditions will improve.

“We have seen a good forecast of economic growth. Meanwhile, we have also seen new infrastructure and more investment, such as a new canal, which is critical for development,” Monyka said, adding that increasing human capital with the younger population is another positive component.

However, misconception of real estate among Cambodians was a persistent challenge.

“Cambodians need to be more aware of the real estate sector. Many think it is just about buying and selling properties, particularly land,” she said.

She remembered her time at Knight Frank, where most clients she assisted were international investors looking for guidance in real estate transactions. In contrast, domestic clients were less common, as seeking advice on real estate services was relatively rare.

“Our people think it is costly to seek such services and do not value the work of realtors, as they commonly set the price themselves based on their personal preferences, which usually causes market volatility,” Monyka said.

She said there was a need for better public information and guidance in making decisions about real estate investment.

“Real estate is not about buying a property or land. We need to have more adequate regulations that help people make informed decisions,” she said.

A Bridge Between New York and Cambodia

As a young professional working towards her goals, Monyka said nothing comes easily. Still, it is an achievement through attitude, effort, and commitment to contributing to something bigger than herself.

“For both high achievers and dreamers, we need to work harder to achieve our goals. Always believe in yourself, and give it a try,” she said.

In her short-term plan, Monyka said that she would continue to work in the real estate sector in New York to expand her practical knowledge.

“In the future, I hope to share my expertise with Cambodian communities and build a partnership between New York and Cambodia in the real estate development sector,” she said.

“I am passionate about affordable housing projects and sustainable urbanization. For now, I need to enhance my skills and knowledge to prepare for a bigger goal ahead.”