Condo Sales on the Rise

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General Mackevili
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Condo Sales on the Rise

Post by General Mackevili »

Phnom Penh’s condominium market has continued to expand with the successful off-plan sales of high-profile projects.

Developments such as Nuri D&C’s De Castle Royal and Oxley Holdings’ The Bridge have seen tremendous demand, real estate agency CBRE Cambodia said in its monthly report.

The market has seen a significant increase in investment from Singaporean, Japanese and Chinese residents. Yields on high-quality condominiums stand at between 8-10 percent at present, and are expected to remain stable in the short-term before slowing as the market matures and more supply comes online, the report concluded.

“Although the comparatively high yields, guaranteed by a number of leading developers, are appealing to overseas buyers, the main driver remains anticipated capital growth,” CBRE surveyor Chris Hobden told it Khmer Times.

No less than 24 high-end condominium projects are currently under construction in Phnom Penh or have already delivered. Confidence in the city’s property market continues to drive its development, with a significant number of projects planned for completion by 2018.

Chrek Soknin, CEO of real estate firm Century 21Vtrust, sees no indication that a bubble is forming. He anticipates that, if anything, future demand will exceed supply.

“Developers expect more buyers when the ASEAN Economic Community opens the door in 2015,” he said. “The lifestyles will change as more foreigners arrive to Cambodia.”

Mr. Soknin said economic recessions, like the one that burst the Asian real estate bubble in 2008, are cyclical, recurring every four or five decades.

“Cambodia’s economy faces no challenge yet,” he said. “(Property development) is driving economic growth.”

Phnom Penh is poised to experience a significant increase in supply, according to industry insiders. De Castle Royal, a project of South Korea-based Nuri D&C, is set to deliver 414 condominium units by the end of the year. Galaxy Residence, a posh residential tower on National Road 6, will add a further 44 units.

CBRE anticipates that overall supply in Phnom Penh will rise 191 percent by 2018, driven by large-scale new projects such as D.I. Riviera and Olympia City, both currently under development by Chinese firm OCIC.

Sales of condominiums in Phnom Penh have traditionally been marred by highly publicized failures of developments that were sold off-plan then subsequently ceased construction. The successful completion of key new projects, such as De Castle Royal, has helped restore confidence among domestic and international buyers.

Impressive off-plan sales rates have been reported by a number of high-end developments. The Bridge, a joint venture between Singapore’s Oxley Holdings’ and Cambodia World Bridge Land, reported selling 85 percent of its freehold units within four months of launching a sales campaign in Singapore.

The twin-towered mixed residential and commercial development includes 762 condominium units, 963 ‘SoHo’ units, and several floors of retail space. The units are selling at around $3,000 per square meter, putting it at the high end of the capital’s price spectrum.

CBRE expects demand for condominiums to keep up with supply through 2014 and 2015.

Mr. Hobden said the introduction of high-quality condominiums in Phnom Penh’s central districts is offering prospective foreign investors the opportunity to acquire products that match their demand for exclusive and upmarket accommodation in popular areas. But buyers are.....

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Duncan
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Re: Condo Sales on the Rise

Post by Duncan »

Remember the comments that were made 1 or 2 years ago about the ''Rose Building ''?, about no-one would ever live it them, bla, bla, bla,. Walk past them at night and see how many have lights on , it's a good indication . I have always said , if you put a cardboard box on the sidewalk, someone will want to live in it.
Cambodia,,,, Don't fall in love with her.
Like the spoilt child she is, she will not be happy till she destroys herself from within and breaks your heart.
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StroppyChops
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Re: Condo Sales on the Rise

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Duncan wrote:Remember the comments that were made 1 or 2 years ago about the ''Rose Building ''?, about no-one would ever live it them, bla, bla, bla,. Walk past them at night and see how many have lights on , it's a good indication . I have always said , if you put a cardboard box on the sidewalk, someone will want to live in it.
You've got sidewalks? Man... we've just got rubble and parking over this way. How much per month for the box?
Bodge: This ain't Kansas, and the neighbours ate Toto!
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Duncan
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Re: Condo Sales on the Rise

Post by Duncan »

StroppyChops wrote:
Duncan wrote:Remember the comments that were made 1 or 2 years ago about the ''Rose Building ''?, about no-one would ever live it them, bla, bla, bla,. Walk past them at night and see how many have lights on , it's a good indication . I have always said , if you put a cardboard box on the sidewalk, someone will want to live in it.
You've got sidewalks? Man... we've just got rubble and parking over this way.

How much per month for the box?


would you be interested in a upscale model like this on wheels.


Image
Cambodia,,,, Don't fall in love with her.
Like the spoilt child she is, she will not be happy till she destroys herself from within and breaks your heart.
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StroppyChops
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Re: Condo Sales on the Rise

Post by StroppyChops »

Duncan wrote:
StroppyChops wrote:
Duncan wrote:Remember the comments that were made 1 or 2 years ago about the ''Rose Building ''?, about no-one would ever live it them, bla, bla, bla,. Walk past them at night and see how many have lights on , it's a good indication . I have always said , if you put a cardboard box on the sidewalk, someone will want to live in it.
You've got sidewalks? Man... we've just got rubble and parking over this way.

How much per month for the box?
would you be interested in a upscale model like this on wheels.

Image
It's always upsell with you people - I don't work for an NGO, buddy, just give me a price on the box. And a fan, yeah, maybe put a fan in it.

And one of those $3000 coffee machines everyone is up in arms about, one of those, too...

But I'm not paying you more than 1,000r a kw for power. I'm not a tourist, you know.
Bodge: This ain't Kansas, and the neighbours ate Toto!
Soi Dog
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Re: Condo Sales on the Rise

Post by Soi Dog »

I'm still hoping the 23 luxury condo units I purchased during the pre-construction phase in Gold Tower will pay-off. ::Fingers crossed::
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