‘Largest condos in Cambodia’

fax · Post by **fax** » Sat Aug 31, 2019 1:14 pm

clutchcargo wrote: ↑Sat Aug 31, 2019 12:52 pm Some of those deserted developments in Koh Pich

For example which ones?

Not singling you out CC, but it is interesting how so many posters are experts on vacancy and the housing market. It seems to be one of the easiest topics to become an expert on.

Some of the most successful buildings are on or around Koh Pich.

Doc67 · Post by **Doc67** » Sat Aug 31, 2019 1:20 pm

Kung-fu Hillbilly wrote: ↑Sat Aug 31, 2019 7:50 am
A promotional photo shows an interior of what Sky Villa claims are the ‘largest condos in Cambodia’. Realestate.com.kh

August 28, 2019

“We expect this new ultra-luxury residential segment to cater to the growing wealthy class as well as foreigners in Cambodia,”

A Chinese real estate developer officially unveiled its condominium project late last week. The company claims that the units it will be offering in the complex will be the largest condos in the Kingdom.

GreatView Investment last Friday unveiled Sky Villa, a project which is comprised of two 35-storey residential towers. The complex, which will also house a four-storey basement parking area, is set to span 256 units, or 128 in each tower.

The condos range from 272 square metres to a massive 509 square metres. Currently, starting prices sit at just under US$1 million, or around $2,326 per square metre.

“It will possibly set a new record for the largest apartment size [in Cambodia],” said Saly Phalin, senior sales manager of Alpha Alliance Real Estate, an appointed marketing agency for Sky Villa.

Full https://www.khmertimeskh.com/50637564/c ... -cambodia/

Whatever you do, don't let them do the interior decorating.

For a project that is supposedly going to generate around $400 million in revenue (256 x $1.5m median price), if that colour scheme of shit brown and beige with naff furniture and ill-fitting curtains is the best they could come up with, it does not bode well for the rest of it's design. It looks like some 1970's nightmare.

They would have been better off purloining a photo of a proper show apartment from any recent development anywhere in the world and using that instead of this horror show.

The Chinese are good copiers and assemblers (up to a point) but when it comes to design flair, taste, chic, call it want you want, they are utterly useless.

logos · Post by **logos** » Sat Aug 31, 2019 1:54 pm

The higher end units were redesigned with local help, adding a touch of classe

armchairlawyer · Post by **armchairlawyer** » Sat Aug 31, 2019 1:58 pm

clutchcargo wrote: ↑Sat Aug 31, 2019 12:52 pm Well good luck to the chinese developer with these. I think it's quite a market call to focus on large condos starting at $1M aimed at the Khmer wealthy class and foreigners.

My impression is that better off Khmers are not really interested in condos and prefer standalone houses or such as those in the gated estates. Separate, freehold title with a higher land component as opposed to these body corporate condo developments.

That leaves better off foreigners that can't own land. Will be interesting to see what the take up will be and whether they will get those asking prices or have to discount. Some of those deserted developments in Koh Pich doesn't forbode well imo.

Foreigners cannot own land but they can own condos (under the 2009 law). This law was initially the stimulus for a massive premium of condo prices over the equivalent non-qualifying property because the law was not retrospective and the supply of qualifying properties was so small. As the saying goes, the cure for high prices is high prices. Developers built condos by the thousands.

Post by **Clutch Cargo** » Sat Aug 31, 2019 2:00 pm

fax wrote: ↑Sat Aug 31, 2019 1:14 pm
clutchcargo wrote: ↑Sat Aug 31, 2019 12:52 pm Some of those deserted developments in Koh Pich
For example which ones?

Not singling you out CC, but it is interesting how so many posters are experts on vacancy and the housing market. It seems to be one of the easiest topics to become an expert on.

Some of the most successful buildings are on or around Koh Pich.

Fair enough, certainly not proclaiming to be an expert. That's been my impression travelling through the areas where the developments are completed and yes, it looked deserted of people to me.

And AndyKK posted this the other day

On the way home I thought I would have a look what was going on over at Koh Pich, I have never been there before, and I was quite surprised.

Now they may well be sold to absentee landlords and are unoccupied in which case these larger condos at Olympic may attract those buyers. But yeah, happy to defer to others that are more knowledgeable on this.

rogerrabbit · Post by **rogerrabbit** » Sat Aug 31, 2019 2:04 pm

clutchcargo wrote: ↑Sat Aug 31, 2019 2:00 pm
fax wrote: ↑Sat Aug 31, 2019 1:14 pm
clutchcargo wrote: ↑Sat Aug 31, 2019 12:52 pm Some of those deserted developments in Koh Pich
For example which ones?

Not singling you out CC, but it is interesting how so many posters are experts on vacancy and the housing market. It seems to be one of the easiest topics to become an expert on.

Some of the most successful buildings are on or around Koh Pich.
Fair enough, certainly not proclaiming to be an expert. That's been my impression travelling through the areas where the developments are completed and yes, it looked deserted of people to me.

And AndyKK posted this the other day
On the way home I thought I would have a look what was going on over at Koh Pich, I have never been there before, and I was quite surprised.

Now they may well be sold to absentee landlords and are unoccupied in which case these larger condos at Olympic may attract those buyers. But yeah, happy to defer to others that are more knowledgeable on this.

The building in the photo is not ready yet so no wonder it's empty.

phuketrichard · Post by **phuketrichard** » Sat Aug 31, 2019 2:23 pm

Somehow i can not imagine there are that many foreigners,( Non Chinese) waiting in line to spend $1,000,000++for a condo in one of the poorest countries in the world, where owning said condo does not give you the right to a lifetime visa

armchairlawyer · Post by **armchairlawyer** » Sat Aug 31, 2019 2:41 pm

phuketrichard wrote: ↑Sat Aug 31, 2019 2:23 pm Somehow i can not imagine there are that many foreigners,( Non Chinese) waiting in line to spend $1,000,000++for a condo in one of the poorest countries in the world, where owning said condo does not give you the right to a lifetime visa

https://asia.nikkei.com/Business/Market ... an-weakens

pczz · Post by **pczz** » Sat Aug 31, 2019 7:21 pm

clutchcargo wrote: ↑Sat Aug 31, 2019 12:52 pm Well good luck to the chinese developer with these. I think it's quite a market call to focus on large condos starting at $1M aimed at the Khmer wealthy class and foreigners.

My impression is that better off Khmers are not really interested in condos and prefer standalone houses or such as those in the gated estates. Separate, freehold title with a higher land component as opposed to these body corporate condo developments.

That leaves better off foreigners that can't own land. Will be interesting to see what the take up will be and whether they will get those asking prices or have to discount. Some of those deserted developments in Koh Pich doesn't forbode well imo.

it will be like thailand. once a condo is 3 years old its worthless (if it is still standing) because you can get a better deal on a new one. My friend had 2 condois in pattay and after 5 years they were falling apart. he just about broke even if he included whathe would have paid in rent. At least one development I know off they kee raing the mtce charges because its o low occupancy

Duncan · Post by **Duncan** » Sat Aug 31, 2019 7:31 pm

clutchcargo wrote: ↑Sat Aug 31, 2019 12:52 pm Well good luck to the chinese developer with these. I think it's quite a market call to focus on large condos starting at $1M aimed at the Khmer wealthy class and foreigners.

My impression is that better off Khmers are not really interested in condos and prefer standalone houses or such as those in the gated estates. Separate, freehold title with a higher land component as opposed to these body corporate condo developments.

That leaves better off foreigners that can't own land. Will be interesting to see what the take up will be and whether they will get those asking prices or have to discount. Some of those deserted developments in Koh Pich doesn't forbode well imo.

If they started building condo's where you could ride your moto up the stairwell into your kitchen,,,,then off- load the kids and supersize bunch of bananas, I think Cambodians would buy them. It's a hard habit to get out of, not having your moto inside your house where you can keep your eye on it.

‘Largest condos in Cambodia’

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