Your reasons why i should not buy one?😬

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Strawberryshake
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Re: Your reasons why i should not buy one?😬

Post by Strawberryshake »

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rogerrabbit
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Re: Your reasons why i should not buy one?😬

Post by rogerrabbit »

Strawberryshake wrote: Fri May 27, 2022 4:54 pm I just saw this advertisement on a Thai website and it could be old advertisement but the price seems workable 1 bedroom 56sqm for 2,2 M Bht but ofcourse there have to be some catches. So What’s ur opinion about this location, building, pricing? Developer, How far underway is even that construction?

This property is a 56 SqM condo with 1 bedroom and 1 bathroom that is available for sale. It is part of the Prince Happiness Plaza project in Tonle Basak, Phnom Penh and it is scheduled for completion in Dec 2023. You can buy this condo for a base price of ฿2,230,000 (฿39,800/SqM).
Location is pretty good as it's close to everything. But it's on a busy street that is can get completely stuck during peak hours. So better check if there is another access to the building than Monivong Boulevard.

Construction is now on maybe 10th floor. The commercial podium and parking facilities takes the first 4-5 floors.

Developer is a big one and they seem to have lot of money. They own bank, supermarket chain, airline, restaurants, hotels, factories and thousands of hectares of prime land all over Cambodia. No one know where the money is coming though. It's a Chinese owned company. Company is less than 10 years old I believe. They have completed multiple projects already though.

I have seen similar prices for low floor 1br units from the developer itself last year.

Their buildings usually are quite Chinese in style. Also elevators and everything is imported from China. And units are usually quite small and layouts might not be the best.

Occupancy on their another condo in same neighbourhood is high. Like 80%. Mainly Chinese residents.
Strawberryshake
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Re: Your reasons why i should not buy one?😬

Post by Strawberryshake »

rogerrabbit wrote: Fri May 27, 2022 10:51 pm
Strawberryshake wrote: Fri May 27, 2022 4:54 pm I just saw this advertisement on a Thai website and it could be old advertisement but the price seems workable 1 bedroom 56sqm for 2,2 M Bht but ofcourse there have to be some catches. So What’s ur opinion about this location, building, pricing? Developer, How far underway is even that construction?

This property is a 56 SqM condo with 1 bedroom and 1 bathroom that is available for sale. It is part of the Prince Happiness Plaza project in Tonle Basak, Phnom Penh and it is scheduled for completion in Dec 2023. You can buy this condo for a base price of ฿2,230,000 (฿39,800/SqM).
Location is pretty good as it's close to everything. But it's on a busy street that is can get completely stuck during peak hours. So better check if there is another access to the building than Monivong Boulevard.

Construction is now on maybe 10th floor. The commercial podium and parking facilities takes the first 4-5 floors.

Developer is a big one and they seem to have lot of money. They own bank, supermarket chain, airline, restaurants, hotels, factories and thousands of hectares of prime land all over Cambodia. No one know where the money is coming though. It's a Chinese owned company. Company is less than 10 years old I believe. They have completed multiple projects already though.

I have seen similar prices for low floor 1br units from the developer itself last year.

Their buildings usually are quite Chinese in style. Also elevators and everything is imported from China. And units are usually quite small and layouts might not be the best.

Occupancy on their another condo in same neighbourhood is high. Like 80%. Mainly Chinese residents.

Very informative reply thank you.
Would you or anyone else here know how to get in contact with their sales office? (preferably by email or whatapp.)
rogerrabbit
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Re: Your reasons why i should not buy one?😬

Post by rogerrabbit »

Strawberryshake wrote: Sat May 28, 2022 12:36 am
rogerrabbit wrote: Fri May 27, 2022 10:51 pm
Strawberryshake wrote: Fri May 27, 2022 4:54 pm I just saw this advertisement on a Thai website and it could be old advertisement but the price seems workable 1 bedroom 56sqm for 2,2 M Bht but ofcourse there have to be some catches. So What’s ur opinion about this location, building, pricing? Developer, How far underway is even that construction?

This property is a 56 SqM condo with 1 bedroom and 1 bathroom that is available for sale. It is part of the Prince Happiness Plaza project in Tonle Basak, Phnom Penh and it is scheduled for completion in Dec 2023. You can buy this condo for a base price of ฿2,230,000 (฿39,800/SqM).
Location is pretty good as it's close to everything. But it's on a busy street that is can get completely stuck during peak hours. So better check if there is another access to the building than Monivong Boulevard.

Construction is now on maybe 10th floor. The commercial podium and parking facilities takes the first 4-5 floors.

Developer is a big one and they seem to have lot of money. They own bank, supermarket chain, airline, restaurants, hotels, factories and thousands of hectares of prime land all over Cambodia. No one know where the money is coming though. It's a Chinese owned company. Company is less than 10 years old I believe. They have completed multiple projects already though.

I have seen similar prices for low floor 1br units from the developer itself last year.

Their buildings usually are quite Chinese in style. Also elevators and everything is imported from China. And units are usually quite small and layouts might not be the best.

Occupancy on their another condo in same neighbourhood is high. Like 80%. Mainly Chinese residents.

Very informative reply thank you.
Would you or anyone else here know how to get in contact with their sales office? (preferably by email or whatapp.)
If you have Facebook you can try to contact the developer through messenger. The post has some phone number too.

armchairlawyer
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Re: Your reasons why i should not buy one?😬

Post by armchairlawyer »

If it's a condo you want, why not buy one that's already built? There's a lot of them for sale. I feel sure you could haggle.
mi1
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Re: Your reasons why i should not buy one?😬

Post by mi1 »

As a hint please look at this ad
housing-for-rent-sale/large-condo-for-s ... 48905.html

5 years ago that condo price was around 130k. 2 years after purchasing owner tried to sell it for 130k
topic33093.html
then price go down to 120k..
topic34093.html
110.. 100.. and after 2 years of trying to sell it just last month someone bought it for 75k

Condo market is very weird here.. super easy to buy and nearly impossible to sell yourself.
Strawberryshake
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Re: Your reasons why i should not buy one?😬

Post by Strawberryshake »

mi1 wrote: Mon May 30, 2022 12:27 pm As a hint please look at this ad
housing-for-rent-sale/large-condo-for-s ... 48905.html

5 years ago that condo price was around 130k. 2 years after purchasing owner tried to sell it for 130k
topic33093.html
then price go down to 120k..
topic34093.html
110.. 100.. and after 2 years of trying to sell it just last month someone bought it for 75k

Condo market is very weird here.. super easy to buy and nearly impossible to sell yourself.
Yeah good example. Most condos in Cambodia are like buying cars so they mostly loose value once newly bought from a developer. So most units will disqualify for me here.
Strawberryshake
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Re: Your reasons why i should not buy one?😬

Post by Strawberryshake »

armchairlawyer wrote: Sat May 28, 2022 5:08 pm If it's a condo you want, why not buy one that's already built? There's a lot of them for sale. I feel sure you could haggle.
True in fact i stopped buying offplan long time ago because of the risk and i dont like the waiting for it to be ready. At most i put in 5% downpayment in some structure already halfbuilt.
Strawberryshake
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Re: Your reasons why i should not buy one?😬

Post by Strawberryshake »

rogerrabbit wrote: Sat May 28, 2022 4:39 pm
Strawberryshake wrote: Sat May 28, 2022 12:36 am
rogerrabbit wrote: Fri May 27, 2022 10:51 pm
Strawberryshake wrote: Fri May 27, 2022 4:54 pm I just saw this advertisement on a Thai website and it could be old advertisement but the price seems workable 1 bedroom 56sqm for 2,2 M Bht but ofcourse there have to be some catches. So What’s ur opinion about this location, building, pricing? Developer, How far underway is even that construction?

This property is a 56 SqM condo with 1 bedroom and 1 bathroom that is available for sale. It is part of the Prince Happiness Plaza project in Tonle Basak, Phnom Penh and it is scheduled for completion in Dec 2023. You can buy this condo for a base price of ฿2,230,000 (฿39,800/SqM).
Location is pretty good as it's close to everything. But it's on a busy street that is can get completely stuck during peak hours. So better check if there is another access to the building than Monivong Boulevard.

Construction is now on maybe 10th floor. The commercial podium and parking facilities takes the first 4-5 floors.

Developer is a big one and they seem to have lot of money. They own bank, supermarket chain, airline, restaurants, hotels, factories and thousands of hectares of prime land all over Cambodia. No one know where the money is coming though. It's a Chinese owned company. Company is less than 10 years old I believe. They have completed multiple projects already though.

I have seen similar prices for low floor 1br units from the developer itself last year.

Their buildings usually are quite Chinese in style. Also elevators and everything is imported from China. And units are usually quite small and layouts might not be the best.

Occupancy on their another condo in same neighbourhood is high. Like 80%. Mainly Chinese residents.

Very informative reply thank you.
Would you or anyone else here know how to get in contact with their sales office? (preferably by email or whatapp.)
If you have Facebook you can try to contact the developer through messenger. The post has some phone number too.

I contact them in messenger but never a reply. I might look elsewhere in a neighboring county. I only buy for rental returns which a very weak too in Cambodia.
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Re: Your reasons why i should not buy one?😬

Post by Doc67 »

armchairlawyer wrote: Sat May 28, 2022 5:08 pm If it's a condo you want, why not buy one that's already built? There's a lot of them for sale. I feel sure you could haggle.
Yep, why take the risk of a defaulting builder? Plus you get to see the quality, or lack of it, plus the desperation in the eyes of the vendor who now wants out. Plus you can visit the building and ride the lifts at busy times and see just how long it takes to get one to the 15th floor.
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