Landmark projects such as the centrally-located Gold Tower 42 and Camko City city, an ambitious satellite city in the Cambodian capital’s suburbs, came to a grinding halt (amid corruption allegations, bankruptcy and law suits) and construction of the latter only recently restarted. For those residential and commercial properties that were eventually completed, it has since been an uphill struggle to attract sufficient investment and occupancy.

But the reality remains that there is simply not enough demand for luxury housing from the local market. Cambodia’s nouveau riche make up a negligible portion of the population and the middle-class, while growing, is still someway off being substantial enough to warrant the supply of all these new condo units.

I was therefore surprised to be informed by a sales agent at a recent property expo that the residential component of another newly-launched mixed-use project in the heart of the city is almost sold out. Furthermore, I was told that Singaporean buyers accounted for about 70 percent of all purchases.

My next question was why Singaporeans would want to buy property in Cambodia. Looking uncomfortable, she stammered and stumbled before eventually saying she’d get back to me.

OrangeDragon wrote:But if you look around at places that just sit empty they rot. Poor construction makes them go to shit over time without maintenance.

Sailorman wrote:As in Snooky with the Japs, Singaporeans, Russians, Chinese, Vietnamese, Cambodians, etc and the mall, marinas, apartment/house complexs. Wash- launder-dry, wash-launder-dry. Oh! how the money (clean) rolls in.