Cambodia's condo scams and overpriced "successes"
-
- Site Admin
- Posts: 4193
- Joined: Fri May 02, 2014 8:05 pm
- Reputation: 17
Cambodia's condo scams and overpriced "successes"
http://www.property-report.com/who-live ... this-35447
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.
hahah, a bunch of property speculators will buy them all up and then watch them end up rotting because no one actually lives there.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.
- The Add Jay
- Expatriate
- Posts: 894
- Joined: Fri May 16, 2014 8:10 pm
- Reputation: 4
- Location: Nung river
Re: Cambodia's condo scams and overpriced "successes"
It doesn't matter if no one lives in them or not...the property has been paid off already. Its a sit and wait and waiting is what they will be doing for...10years?
You're a nobody in the gutter with a Smartphone in your a hand.
Ordinem ad Imperium
Ordinem ad Imperium
-
- Site Admin
- Posts: 4193
- Joined: Fri May 02, 2014 8:05 pm
- Reputation: 17
Re: Cambodia's condo scams and overpriced "successes"
But if you look around at places that just sit empty they rot. Poor construction makes them go to shit over time without maintenance.
-
- Expatriate
- Posts: 13458
- Joined: Wed May 28, 2014 11:37 pm
- Reputation: 3974
Re: Cambodia's condo scams and overpriced "successes"
Speculation: even if they demolish the condos in 10 years, and then build again, the land will have increased in value?
Could also be international money washing ?
Or there's no plan at all, but everyone's doing it?
Could also be international money washing ?
Or there's no plan at all, but everyone's doing it?
- StroppyChops
- The Missionary Man
- Posts: 10598
- Joined: Tue May 06, 2014 11:24 am
- Reputation: 1032
Re: Cambodia's condo scams and overpriced "successes"
Do Cambodian builders not add any plasticizer to concrete?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.
Bodge: This ain't Kansas, and the neighbours ate Toto!
- Garry.Crabtree
- Expatriate
- Posts: 755
- Joined: Thu May 29, 2014 9:50 am
- Reputation: 15
Re: Cambodia's condo scams and overpriced "successes"
I hate fucking estimate agents. They're always so positive and talk bullshit, one told me once that he loved his job and it was more of a vocation to him, that’s a vocation, vocation, vocation then.
According to the proverb: The pun is mightier than the sword
- vladimir
- The Pun-isher
- Posts: 6077
- Joined: Mon May 12, 2014 6:51 pm
- Reputation: 185
- Location: The Kremlin
Re: Cambodia's condo scams and overpriced "successes"
Groan.
Do effeminate estate agents die intestate?
Do effeminate estate agents die intestate?
Jesus loves you...Mexico is great, right?
Re: Cambodia's condo scams and overpriced "successes"
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.
- The Add Jay
- Expatriate
- Posts: 894
- Joined: Fri May 16, 2014 8:10 pm
- Reputation: 4
- Location: Nung river
Re: Cambodia's condo scams and overpriced "successes"
This past weekend I had to go down too snookie. It mine fucked me how many quarter and half done projects there are ON TOP of all the abandon condo's and apartments.
The problem goes back to many Chinese investors who treat any market like its a casino. But as long as they own the land they do not care.
I got to meet some Chinese guy recently who is buying up land closer the slums near the airport. His theory is to buy up the shitty land cause most Khmer wont be able to afford the bigger hot shot condo's.
If no one can afford the market has to adjust unless you bail out banks and print 40 billion a month.
The problem goes back to many Chinese investors who treat any market like its a casino. But as long as they own the land they do not care.
I got to meet some Chinese guy recently who is buying up land closer the slums near the airport. His theory is to buy up the shitty land cause most Khmer wont be able to afford the bigger hot shot condo's.
If no one can afford the market has to adjust unless you bail out banks and print 40 billion a month.
You're a nobody in the gutter with a Smartphone in your a hand.
Ordinem ad Imperium
Ordinem ad Imperium
- The Add Jay
- Expatriate
- Posts: 894
- Joined: Fri May 16, 2014 8:10 pm
- Reputation: 4
- Location: Nung river
Re: Cambodia's condo scams and overpriced "successes"
IDK how expats live in snookie...its a complete wasteland. And its getting worst with the trash coming from Thailand. Where are my silver backs?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.
You're a nobody in the gutter with a Smartphone in your a hand.
Ordinem ad Imperium
Ordinem ad Imperium
-
- Similar Topics
- Replies
- Views
- Last post
-
- 0 Replies
- 531 Views
-
Last post by AndyKK
-
- 0 Replies
- 686 Views
-
Last post by CEOCambodiaNews
-
- 0 Replies
- 1457 Views
-
Last post by CEOCambodiaNews
-
- 0 Replies
- 1107 Views
-
Last post by CEOCambodiaNews
Who is online
Users browsing this forum: Baidu [Spider], Bing [Bot], drozd, J. Visiting, Soriya and 618 guests