Imake KT

Hor Kimsay
July 17, 2019

"Condominiums are arguably the hottest type of real estate in Cambodia. Less than a decade ago, however, there were only a few condo projects in the capital. Most of them were geared toward expat clientele."

"Daravuth said that, previously, there was a gap in the market as the demand for property ownership grew among locals. Condos, he said, are meeting that new demand.In fact, growing demand for condo ownership was a major factor that led Seven Residence to build The Seven Residence Condominium, an affordable condominium, located in Sen Sok district near Aeon 2 Mall."

"According to CBRE’s data from the second quarter of this year, the average price per square metre of a high-end end unit was $3,254. Mid-range and affordable condo units, on the other hand averaged $2,568 and $1,501 per square metre, respectively."

"The Seven Residence Condominium represents a new trend in the Kingdom’s real estate sector. More developers are shifting their focus towards local buyers. This often involves keeping construction costs low and choosing secondary locations. Units in this segment are currently going for $1,400 or less per square metre. In other words, units usually clock in at around $50,000."

Full https://www.khmertimeskh.com/50624373/d ... under-50k/

Kung-fu Hillbilly wrote: ↑Wed Jul 17, 2019 10:02 amThis often involves keeping construction costs low and choosing secondary locations.

Knowing a little about Cambodia, I don't think I want to purchase one of these units.

Cruisemonkey wrote:

Kung-fu Hillbilly wrote: ↑Wed Jul 17, 2019 10:02 amThis often involves keeping construction costs low and choosing secondary locations.

Knowing a little about Cambodia, I don't think I want to purchase one of these units.

My thoughts too. The article is a bit misleading I'm saying that condos were aimed at expats or foreigners. They were aimed at the local upper-echelons.

It's also silly to say that the low-cost condo is a new concept. They've been selling these for years. My girlfriend's sister bought one for 35k or so a few years ago. Maybe worth 40-50k now, but I think the prices for those places will stagnate. It's alright, though obviously the location is a bit weird, it's quite small and finishing not the best, but it's fine for the price. The main issue is most of the units are empty as so many purchases here are speculative. The halls are empty with most doors having 3-4 months worth of unpaid electricity and condo fee bills posted on their doors. It's a bit eerie. I do think it's good that there are more of these being built, there's a big lack of affordable housing here. The main issue is that building a condo on some empty lot in Stung Menchey because land is cheaper, shouldn't necessarily be done unless the road access and general infrastructure is improved. I've seen a few UK condos and they look dilapidated from the outside after two to three years, so I guess you do get what you pay for.

Kammekor wrote:

Kung-fu Hillbilly wrote: ↑Wed Jul 17, 2019 10:02 am Hor Kimsay
July 17, 2019


"The Seven Residence Condominium represents a new trend in the Kingdom’s real estate sector. More developers are shifting their focus towards local buyers. This often involves keeping construction costs low and choosing secondary locations. Units in this segment are currently going for $1,400 or less per square metre. In other words, units usually clock in at around $50,000."

Full https://www.khmertimeskh.com/50624373/d ... under-50k/

On my way to Aeon 2 I drove through a borey in Sen Sok two weeks ago. It didn't look like a cheap borey, but the smell of the stream in front of it (and it's rainy season now....) and the terrible build quality (loads of cracks already) struck me. I am pretty hesitant to invest 50k in a condo build with 'keeping construction costs low'. In Phnom Penh renting is still king.

Excellent post by @Mr November on that in this thread:

post348369.html?hilit=rent%20condo%20or%20buy#p345682

The Borey you most likely saw (ok the right?) is Peng Huot. You're looking at about 100k+ for most units there, so a far cry from what the article is talking about.

How about that Seven residences condominium? Has it even been build? I tried to contact the developer by email and messenger never a single reply.

armchairlawyer wrote: ↑Thu Aug 27, 2020 7:24 pm Lets do some Math.
$500 psm gets you a decent quality build in Cambodia.
Prime PP land costs 5000 psm (less now of course but we'll use that),
You build a 25 storey block.
That reduces the land cost to 20 psm.
So a 35 sm studio (like the ones they want to sell for 50k) should be $18,200.
Maybe wait for the price to come down a bit more!

Sir, are you the one who built the building in Sihanoukville and Kep?