Phnom Penh condominium demand set to grow

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Yobbo
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Re: PP condominium demand set to grow

Post by Yobbo »

Duncan wrote: Sun Sep 22, 2019 3:05 pm
paul.smith wrote: Sun Sep 22, 2019 11:29 am The building of new condos and apartment will lead to an inevitable over supply and empty tower blocks with not enough tenants to pay the building maintence I have already seen this in Spain. Chinese money speculating on property but as other commentators have already pointed out who is going to rent and buy all these new properties?


Take a walk along riverside tonight and count how many Cambodian families have 3 or 4 kids. Everyone here is having babies, babies and more babies.
You don't need a reason, don't need money and you don't need a husband and noone says no you cannot have a baby. Cambodians maybe not very good at manafacturing things but they are good at making babies.

So there is your answer.,,, Those buildings will be empty for a while but eventually they will slowly fill up with people.
As if the garment & tourism industry can sustain that kind of economic growth.
Those kids will be on adverts to support the Kampuchean famine not filling up condos :roll:
Cambodia is facing it's greatest threat since the demise of the Angkor empire & that is the life blood & the beating heart of the Tonle Sap!
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Duncan
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Re: Phnom Penh condominium demand set to grow

Post by Duncan »

Let's go back a few years 2004 to 2008 pre fianancial meltdown. I and a friend did lots of walking around PP and there were so many areas with hundreds of, mostly shophouse buildings being constructed. Our everminuite comment was,, who is going to buy all these when the average monthly salary of a garment factory worker is $ 65 a month .
Well go back now and look at those buildings ,, All occupied.


I would hate to search my posts on tof to prove just how wrong we were back then.

Even in the last twelve months, one area that I walk through, Chak Angre that has hundreds and hundreds of new shophouse and they are still building more, is slowly being occupied. The old saying, build it and,,,

Ask yourself, what would you do if you were Cambodian and had 50k .Put it in a bank with the prospects of getting 0 interest in the future or buy property and be able to tell all your friends, hey I bought another house.
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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Re: PP condominium demand set to grow

Post by Kammekor »

rogerrabbit wrote: Sun Sep 22, 2019 3:42 pm
Kammekor wrote: Sun Sep 22, 2019 3:19 pm
Duncan wrote: Sun Sep 22, 2019 3:05 pm
paul.smith wrote: Sun Sep 22, 2019 11:29 am The building of new condos and apartment will lead to an inevitable over supply and empty tower blocks with not enough tenants to pay the building maintence I have already seen this in Spain. Chinese money speculating on property but as other commentators have already pointed out who is going to rent and buy all these new properties?


Take a walk along riverside tonight and count how many Cambodian families have 3 or 4 kids. Everyone here is having babies, babies and more babies.
You don't need a reason, don't need money and you don't need a husband and noone says no you cannot have a baby. Cambodians maybe not very good at manafacturing things but they are good at making babies.

So there is your answer.,,, Those buildings will be empty for a while but eventually they will slowly fill up with people.
I have the impression o lot of those 'mid range condos' will have reached the end of their life time when the current babies need them. A lot of constructions build in Cambodia aren't build in a way to last over a 100 years like many Westerners are used to.
I hear this "not build to last" a lot but very little to back up this rumour. I guess the forum is full of construction engineers and such. Yes, some are not build to last but still many are build as good or even better than in many western countries these days.
One example for you, check the high rise hotel on street 136 between street 5 and the riverfront. Going to the riverfront it's on your hand.

OK, one more, Mou Hotel on street 125, 7 Makara.

OK, one more, Green Palace on the corner of 232 and 111.

All crappy buildings. Some literally have cracks large enough to function as a letterbox. All have been around just over 5 years I think.
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Re: Phnom Penh condominium demand set to grow

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Duncan wrote: Sun Sep 22, 2019 5:15 pm
Ask yourself, what would you do if you were Cambodian and had 50k .Put it in a bank with the prospects of getting 0 interest in the future or buy property and be able to tell all your friends, hey I bought another house.
House yes, condo no.
BTW, why do you say zero interest from a bank? 7% after tax on one year fixes from the MDIs.
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Re: PP condominium demand set to grow

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Kammekor wrote: Sun Sep 22, 2019 5:17 pm One example for you, check the high rise hotel on street 136 between street 5 and the riverfront. Going to the riverfront it's on your hand.
You actually mean the Ostro Hotel on st 130 and 5?
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Duncan
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Re: Phnom Penh condominium demand set to grow

Post by Duncan »

armchairlawyer wrote: Sun Sep 22, 2019 5:48 pm
Duncan wrote: Sun Sep 22, 2019 5:15 pm
Ask yourself, what would you do if you were Cambodian and had 50k .Put it in a bank with the prospects of getting 0 interest in the future or buy property and be able to tell all your friends, hey I bought another house.
House yes, condo no.
BTW, why do you say zero interest from a bank? 7% after tax on one year fixes from the MDIs.
Today's interest rate will not be tomorrows interest rate as everyone makes a made rush to the bottom
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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Re: PP condominium demand set to grow

Post by Kammekor »

clutchcargo wrote: Sun Sep 22, 2019 6:06 pm
Kammekor wrote: Sun Sep 22, 2019 5:17 pm One example for you, check the high rise hotel on street 136 between street 5 and the riverfront. Going to the riverfront it's on your hand.
You actually mean the Ostro Hotel on st 130 and 5?
No, it's on 136, kind of diagonally opposite Candy bar.
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Re: Phnom Penh condominium demand set to grow

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Condominium supply in Phnom Penh reaches 17,500 in third quarter
Publication date 23 October 2019 | 23:33 ICT

The supply of condominiums in Phnom Penh reached 17,500 units at the end of the third quarter of this year – up more than five per cent compared to the second quarter, a CBRE Cambodia report said.

The completion of the Star City condominium project in Sen Sok district’s Phnom Penh Thmey commune added 850 units to the second quarter’s supply of 16,650 units, the report said. Supply increased 45 per cent compared to last year’s third quarter.

Of the 17,500 units, 22 per cent were “affordable”, 54 per cent were “mid-range” and 24 per cent “high-end”, it said.

Prices inched up just one or two per cent quarter-on-quarter, with affordable units sold at an average of $1,531psm, mid-range at $2,600 and high-end at $3,190.

Nine new condominium projects comprising a total of 5,130 units broke ground in the third quarter. Most are mid-range condominiums located in Chamkarmon and Chroy Changvar districts.
https://www.phnompenhpost.com/post-prop ... rd-quarter
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Re: Phnom Penh condominium demand set to grow

Post by armchairlawyer »

Interesting piece from the Global Times (Party-approved news) saying that the housing market in China will fall 50% in Q1 2020, but a rapid recovery thereafter (naturally).
https://www.globaltimes.cn/content/1181237.shtml
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Re: Phnom Penh condominium demand set to grow

Post by Duncan »

armchairlawyer wrote: Mon Mar 02, 2020 8:57 pm Interesting piece from the Global Times (Party-approved news) saying that the housing market in China will fall 50% in Q1 2020, but a rapid recovery thereafter (naturally).
https://www.globaltimes.cn/content/1181237.shtml

And read carefully,,, they say the market, not the price,,,,, meaning the demand / sales.
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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