Condo market slowdown expected as elections approach.

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Re: Condo market slowdown expected as elections approach.

Post by CEOCambodiaNews » Wed May 03, 2017 5:32 pm

Back to the condo market:

Image
3 May 2017
Another condominium project has begun construction in Phnom Pen’s Chamkarmon district, with the project estimated to cost approximately $50 million.

The Golden One condominium will consist of 36 floors on a 1,290 square metre parcel of land in Boeung Keng Kang district, along Street 360.
Golden One project representative Kea Yu said the project, expected to be completed by 2019, shows the country’s thriving property sector which has contributed to Cambodia’s economic growth of 7 percent year-on-year.

“The construction will start immediately as Golden One has already received orders for 50 percent of the units from our customers. This shows that the construction sector in the country still has plenty of opportunities for investors to buy and sell profitably,” she said.

“[From the 50 percent of confirmed clients] 20 percent of them are from foreign countries while 30 percent are domestic customers. The project is expected to be successful in the construction industry,” she added.
She explained that the Golden One condominium project is designed with a soft contemporary style inspired by urban Singapore with three types of units on offer namely studio apartments, three bedroom units and four bedroom units...
http://www.khmertimeskh.com/news/37995/ ... h-skyline/
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Re: Condo market slowdown expected as elections approach.

Post by Bitte_Kein_Lexus » Wed May 03, 2017 8:02 pm

Duncan wrote:
Wed May 03, 2017 7:39 am
It's so easy for a good salesman to talk uneducated Cambodians into buying something.

Yes we will loan you the money to buy it and you can rent it for $ ???? every month, and when you want to sell it you will make a good profit cause property prices are going up.
We have sold them all but only have one left, so you should buy it today cause tomorrow it will be sold .


OK , you dont want a house, why not buy a new Honda Dream moto. Everyone is buying them and we will loan you the money and you only have to pay a little bit every month.
Normal. A rather small percentage of the places I visited were able to answer basic questions such as what the condo fees (management fees as they're called here) would be. Sometimes got blank stares, sometimes they said it hadn't been determined yet. A small number alreadyhad the figure in sqm. Another good example of lack of planning is that parking is often an afterthought. Then again, just walk into any other store and ask about TVs or whatever and you'll get the same clueless salesmen (and buyers). Khmer will just say "sa'at nas, keung chebah!" when describing TV or smartphone screens... Forget cars, houses and so on. Condos are still fairly new here, so it'll take a few years for local developers to adapt and learn. The foreign ones were always the more "clued in".
eriksank wrote:
Wed May 03, 2017 8:30 am
People like us can move away into places like Cambodia, and tell countries like the USA to f*ck off with their money-laundering and income taxation inventions, but the problem is that they just follow us here. That is why it is inevitable that someone will start hacking American infrastructure and seek to destroy it. If Russian hackers don't cause a Chernobyl by reprogramming nuclear plants over there, someone else will. It is a necessity to attack the United States, because otherwise they will attack you.
Calm down Daisy. I don't like ti anymore than you do. I find it absurd that the US taxes on citizenship vs residency. I'm currently working on a short-term contract overseas and after my employer said it wasn't possible to transfer money to Cambodia because it was blacklisted, I opted to get paid cash vs sending the money to my home country. I'm with you on it, but money-laundering is an entirely different thing...

CEOCambodiaNews wrote:
Wed May 03, 2017 5:32 pm
[From the 50 percent of confirmed clients] 20 percent of them are from foreign countries while 30 percent are domestic customers. The project is expected to be successful in the construction industry,” she added.
This makes no sense at all. Are the remaining 50% aliens from Mars? Does the company complete 50% of their projects 100% of the time?
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Re: Condo market slowdown expected as elections approach.

Post by CEOCambodiaNews » Thu Mar 08, 2018 11:13 pm

March 7, 2018
Property leaders, experts discuss possible election impact
Cambodia is in the middle of a building boom, thanks to massive investments from China and the continuous growth of the country’s economy, which has grown by an average of 7 percent over the last several years.

While political developments have little impact on the growth of the industry in the past, there are concerns that it will not be the case this time. The dissolution of the main opposition party and calls for boycott ahead of the July 2018 national election have many worried about future political stability. For some industry experts and leaders the coming election is a cause for concern. Others disagree.

Oknha Sear Rithy, Chariman of WordlBridge Group, said there is a tendency for many Cambodians to hesitate buying property come election time, partly because of their bad 2008 experience. Soon after the 2008 national election the local real estate and construction sectors crashed, partly as a result of a global financial crisis.

“However, I believe the upcoming election will not affect the real estate market. But people will still wait to see what happens with the market. I believe that after the election they will be optimistic in purchasing property again,” he added...
http://www.khmertimeskh.com/50112277/pr ... on-impact/
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Re: Condo market slowdown expected as elections approach.

Post by that genius » Thu Mar 08, 2018 11:55 pm

Vaguely related, very good time to buy a motorbike, loads of people leaving/ can't be bothered with new regulations
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Re: Condo market slowdown expected as elections approach.

Post by Duncan » Fri Mar 09, 2018 5:17 am

CEOCambodiaNews wrote:
Thu Mar 08, 2018 11:13 pm
March 7, 2018
Property leaders, experts discuss possible election impact
Cambodia is in the middle of a building boom, thanks to massive investments from China and the continuous growth of the country’s economy, which has grown by an average of 7 percent over the last several years.

While political developments have little impact on the growth of the industry in the past, there are concerns that it will not be the case this time. The dissolution of the main opposition party and calls for boycott ahead of the July 2018 national election have many worried about future political stability. For some industry experts and leaders the coming election is a cause for concern. Others disagree.

Oknha Sear Rithy, Chariman of WordlBridge Group, said there is a tendency for many Cambodians to hesitate buying property come election time, partly because of their bad 2008 experience. Soon after the 2008 national election the local real estate and construction sectors crashed, partly as a result of a global financial crisis.

“However, I believe the upcoming election will not affect the real estate market. But people will still wait to see what happens with the market. I believe that after the election they will be optimistic in purchasing property again,” he added...
http://www.khmertimeskh.com/50112277/pr ... on-impact/

If anything affects the Cambodian real estate market it is more likely to be the result of outside influences,,,,, like the value of the US dollar and their economy , the same with the Chinese and others, resulting in a downsizing of the garment factory's here and the flow-on effect.
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: Condo market slowdown expected as elections approach.

Post by finbar » Fri Mar 09, 2018 6:29 am

the country’s thriving property sector which has contributed to Cambodia’s economic growth of 7 percent year-on-year.
massive investments from China and the continuous growth of the country’s economy, which has grown by an average of 7 percent over the last several years.
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Re: Condo market slowdown expected as elections approach.

Post by bolueeleh » Fri Mar 09, 2018 10:15 am

cambodia economy is fueled by property speculation, pure and simple, the slowdown is only partly due to upcoming elections, real economic growth are fueled by demand, this is just an excuse to make the upcoming elections a scapegoat for the slowdown.
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Re: Condo market slowdown expected as elections approach.

Post by CEOCambodiaNews » Mon Jan 07, 2019 8:58 am

January 7, 2019
Rentable units expected to triple in Phnom Penh

The Becennium Report made by VTrust Appraisal Co Ltd (real estate appraiser) revealed that the number of rentable units in Phnom Penh is expected to triple to 28,000 by the early 2030s. Presently available are 9,021 rentable units in over 355 apartment buildings in the capital’s 12 districts.

Hoem Seiha, VTrust’s director, said the company’s market research shows that the supply of apartments in Phnom Penh will grow by about 1,580 units per year until 2030.

It states that Chamkar Mon district has the largest number of rentable apartments with 5,820 units available in 230 buildings. Tuol Kouk offers 1,446 units, Prampir Meakkakra 635 units, and Daun Penh 590 units.

Mr Seiha said that some 7,600 units in apartment projects were rented in the last quarter of 2018. “The overall occupancy rate of apartments in Phnom Penh was 84 percent. Chamkar Mon district hit 86 percent … [and] Tuol Kouk saw a 79 percent occupancy rate.”

https://www.khmertimeskh.com/50566434/r ... hnom-penh/
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Re: Condo market slowdown expected as elections approach.

Post by CEOCambodiaNews » Tue Sep 10, 2019 1:52 pm

Are condos compatible with the Cambodian lifestyle ?

As Skylines Transform, Local Buyers Persist With Familiar Housing Options
Real estate firm CBRE reports that nearly 17,000 condominiums will be added to Phnom Penh’s burgeoning housing stock just this year.
06 September 2019
Kann Vicheika VOA Khmer

PHNOM PENH, Cambodia – A quick glance at Phnom Penh’s skyline reveals a now-familiar sight – yellow construction cranes peppered across the growing metropolis. During the day, the cranes sway around, groaning under the weight of construction material. At night, the sky is dotted with little red specks – the cranes’ safety lights glowing in the dark.

Horm Piseth gets to view these cranes from his condominium on Chroy Changvar peninsula, on the eastern bank of the Tonle Sap. The 33-year-old businessman last year purchased the condo in a modern housing development. The $80,000 investment got him a one-bedroom apartment, with the added benefits of a gymnasium and swimming pool.

But it served two objectives: to live independent of his parents and close to his workplace. The former was a hard sell for his family.

“The concept of [a condo] among old people is zero,’’ he said recently sitting in his office. “They don't want us to buy a condo.’’

Horm Piseth’s family instead suggested a compromise: invest $40,000 to $50,000 in a condo but only as an investment, not as a primary residence. However, Horm Piseth chose to spend nearly double their recommendation to buy the condominium.

The young businessman is part of a small minority of Cambodian buyers in the fledgling, affordable condominium market in Phnom Penh. Analysts say local buyers are priced out of most real estate projects, which are on the expensive end of the price spectrum, while at the same time there is a lack of appetite for the condo lifestyle.
https://www.voacambodia.com/a/as-skylin ... 72733.html
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As Skylines Transform, Local Buyers Persist With Familiar Housing Options

Post by Adam Xie » Tue Sep 10, 2019 4:45 pm

VOA

Horm Piseth gets to view these cranes from his condominium on Chroy Changvar peninsula, on the eastern bank of the Tonle Sap. The 33-year-old businessman last year purchased the condo in a modern housing development. The $80,000 investment got him a one-bedroom apartment, with the added benefits of a gymnasium and swimming pool.

https://www.voacambodia.com/a/as-skylin ... 72733.html

The only reason why so many condo was build, is because not all Chinese can easily purchase land or property at ground floor in the KOW, shall Chinese be granted the legal right to purchase and owns such property, all Borey in KOW can be sold off in 6 months, with housel price rocket to sky.

BTW, why bother to buy a Condo, when you can easily buy a shop house or small villa in a close door community with price around USD80,000 with a 30 minutes drive way from city centre.
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