URGENT - Low Rent - Auberge du Soleil, Swiss Restaurant and Hotel in booming Kampot

If you are looking for a business to buy in Cambodia, you've come to the right place! This is a section where owners can post their businesses for sale and where others in the community can ask questions about starting a business here. Foreigners can own 100% of a business here in Cambodia, and it's a pretty simple process to buy or sell, whether it's a bar, restaurant, hotel, or anything else. Have questions about what paperwork is needed for your company? Ask away. Curious if the expat bar on Street 136 selling for $100,000 is a good deal? Start a discussion on CEO and we'll let you know what we think.
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cedric.auberge-du-soleil
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Re: URGENT - Low Rent - Auberge du Soleil, Swiss Restaurant and Hotel in booming Kampot

Post by cedric.auberge-du-soleil »

I have some Bong Thom as regular customers, and according to what I spoke with them, the Old Town will mostly be preserved from chinese.

The application to the World Heritage List is still pending, but renovating buildings have strict rules imposed to keep the Colonial Town the gem it is.

Chinese development will be on the coastal areas direction Kep and Sihanoukville. So No Sihanoukvillazation in the Living town.
There might be some chinese businesses opening in town, but no towers or casinos.

By the way, while I cry the destruction of Kompong Saom, some frenchies who decided to adapt to the chinese customers in SHV are doing quite good business.
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cedric.auberge-du-soleil
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Re: URGENT - Low Rent - Auberge du Soleil, Swiss Restaurant and Hotel in booming Kampot

Post by cedric.auberge-du-soleil »

If the lease is correctly registered, the owner would be paying 10% witholding tax on the rental income. Is that the case with the current lease ?

Half a million property value sounds like the upper end to me. Those with the real money, Chinese and Khmers that sold other properties to Chinese, would want to knock it down and build up, which isn't allowed under the current local regulation.
Yes, from what I know, she has to pay the 10% tax.
Before the divorce, I was paying it to the tax office but deducting it from my rental fee.

I am not a real estate specialist.
I know Akoo who owns the "Om" house told me he had an estimate for it at $800'000, and I think "my" house is slightly bigger...

I am Very Happy the authorities have understood the value of their heritage and Protect it with strong rules, now look places like Hoi Han or Luang Prabang, I imagine real estate value in the historical part of town has very high values too!?
offroadscholar
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Re: URGENT - Low Rent - Auberge du Soleil, Swiss Restaurant and Hotel in booming Kampot

Post by offroadscholar »

The relatively low rents of your current lease, if left in place, probably devalues the property from a prospective buyers stand point. Your best bet might be getting a cut of the sale proceeds of the house by agreeing to end the lease.
Good luck with it.
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cedric.auberge-du-soleil
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Re: URGENT - Low Rent - Auberge du Soleil, Swiss Restaurant and Hotel in booming Kampot

Post by cedric.auberge-du-soleil »

I have a profitable business while my landlord owns a good which quickly takes value over time...

I want to sell as it becomes too buzy to run it myself and mostly I "follow my dreams and passions" and consider life to be too short to remain attached to one place, one job...
My reward was the growing success while "building" the business.
Now it makes decent money but becomes a routine for myself, I need new adventures!
I consider when you let your Happiness drive your Life, the money follows.

My post title includes "Urgent" as I have an interesting/motivating opportunity open for a few more days.
To be able catch it, I would agree for a quite serious discount on a quick sale, beside this, time is on my side :D

And as said, I have a good relationship with my landlord and we verbally agreed on the cut (which is my ideal target price) I would get if someone wanted to buy the house.
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Kammekor
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Re: URGENT - Low Rent - Auberge du Soleil, Swiss Restaurant and Hotel in booming Kampot

Post by Kammekor »

cedric.auberge-du-soleil wrote: Thu Jun 06, 2019 7:42 am
If the lease is correctly registered, the owner would be paying 10% witholding tax on the rental income. Is that the case with the current lease ?

Half a million property value sounds like the upper end to me. Those with the real money, Chinese and Khmers that sold other properties to Chinese, would want to knock it down and build up, which isn't allowed under the current local regulation.
Yes, from what I know, she has to pay the 10% tax.
She has to pay 10% tax over the revenue of the rental.

You have to pay 10% VAT over your revenue. And income tax over your profits. But I'm pretty sure neither are enforced and you pay off the tax man once or twice a year.

But the 25$ you get for a night in a room is actually 23.73 after tax. Once they start enforcing taxes (might take pretty long), and the rents will hike like crazy (very soon), small business like yours will be wiped out no longer being profitable.

Sad.
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IraHayes
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Re: URGENT - Low Rent - Auberge du Soleil, Swiss Restaurant and Hotel in booming Kampot

Post by IraHayes »

Local regulations will prevent Kampot from turning into another SHV?? Yeah .. keep drinking the koolaid with that 1.
Money talks and everything else will take a back seat... heritage site or not.. if the Chinese decide to move in they will. And I think the writing is on the wall tbh.
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Re: URGENT - Low Rent - Auberge du Soleil, Swiss Restaurant and Hotel in booming Kampot

Post by angkorjohn2 »

Booming Kampot? I was there last weekend. Went to a few bars and places to eat, every single one of them had barely any customers. I'm not complaining it was very nice to take your pick of the seats and relax, I accept it is low season but I think "oversaturated kampot" is more appropriate a title than "booming "
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Re: URGENT - Low Rent - Auberge du Soleil, Swiss Restaurant and Hotel in booming Kampot

Post by whatwat »

cedric.auberge-du-soleil wrote:I have a profitable business while my landlord owns a good which quickly takes value over time...

I want to sell as it becomes too buzy to run it myself and mostly I "follow my dreams and passions" and consider life to be too short to remain attached to one place, one job...
My reward was the growing success while "building" the business.
Now it makes decent money but becomes a routine for myself, I need new adventures!
I consider when you let your Happiness drive your Life, the money follows.

My post title includes "Urgent" as I have an interesting/motivating opportunity open for a few more days.
To be able catch it, I would agree for a quite serious discount on a quick sale, beside this, time is on my side :D

And as said, I have a good relationship with my landlord and we verbally agreed on the cut (which is my ideal target price) I would get if someone wanted to buy the house.
So you started a not small business knowing “life is too short” and don’t want to be attached to “one place one job”?

You also say you’ve a interesting opportunity “open for a few days” but then say “time is on my side”?

Sounds like a load of nonsense and you know it’s damn hard to make a business successful (even if you put your heart and soul into it 100%) in any country. Never mind Cambodia.

Kampot is full of unique restaurants and bars. Most of which are the same.
Even if you do have a winning formula, and put time and effort into it, if you’re not a managing type (people person) and good with financials then you may as well stop right there.

Having all three attributes is rare which is why partnerships sometimes work but each partner needs a skill - people person, marketeer, chef, finance wizard etc.
but then partnerships are fraught with danger.

(Before anyone asks. Yes I’ve owned numerous successful businesses but I’d never try it in Cambodia, unless it was for a laugh. Some bar or something).


Sent from my iPhone using Tapatalk
Don’t listen to Chinese whispers.
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Flexxman
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Re: URGENT - Low Rent - Auberge du Soleil, Swiss Restaurant and Hotel in booming Kampot

Post by Flexxman »

It always seems business-for-sale posts on CEO attract more tire-kickers than genuinely interested parties.

Auberge Du Soleil is a nice place but any restaurant is as good as its patron/chef. It seems Cedric took care of training his staff so a new owner retaining the staff can prolong the current situation if desired. Whether profitable is up to the plans of any new owner, and I am sure (s)he will do due diligence and check the accounting. I am often surprised places with quite a high rent succeed in getting sufficient occupancy throughout the year but apparently online bookings can provide this while operations with 20+ rooms can do deals with tour operators. Even in Kampot, where the raining season tends to last a bit longer (while earnings from dry season need to get stretched to last whole year). Streets in this neighbourhood were/are planned to get resurfaced later this year which might make things more attractive as well. And we all know that in Cambodia the quality and width of a street highly influences the value of properties on that street.

As for real estate prices, these can seem crazy if you calculate the maximum possible income or turnover like someone did above (room rent * number of rooms * days in the year) but 'living the dream' can't be measured in terms of money. You need just one prospect wearing those rose-tinted glasses.

For instance, Bohemiaz Resort in Kampot is also for sale (Andoung Khmer or International Village). Although located on own hard titled land with buildings, bungalows and a natural pool and spa - and generally a nice place, it still seems a difficult sale doing the calculation above against a cool $1.3 million asking price.

https://www.realestate.com.kh/land-for- ... pot/104473
http://bohemiaz.com/index.html#

Another comparison in the town: the flat house along the river currently housing a weddingshop next to the pizza places is also for sale at $800.000:
https://www.realestate.com.kh/flat-hous ... mpot/88020
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frank lee bent
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Re: URGENT - Low Rent - Auberge du Soleil, Swiss Restaurant and Hotel in booming Kampot

Post by frank lee bent »

Bohemiaz Resort in Kampot
Filthy blackwater sewage lagoon still in front of the place?
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