Buying Condo in Snooky v. Phnom Penh

armchairlawyer · Post by **armchairlawyer** » Sun Jun 23, 2019 9:10 pm

phuketrichard wrote: ↑Sun Jun 23, 2019 7:26 pm
armchairlawyer wrote: ↑Thu Jun 20, 2019 7:53 pm
MikeD wrote: ↑Thu Jun 20, 2019 6:57 pm Arm...do you expect prices to fall given the continued oversupply of condo projects. Would it ne reasonable to assume 80% of the buyers are from overseas, particularly from China, driving up the prices? What is the local mortgage rate for $75,000? Do most buyers take out loans from local banks?
I don't know. The NBC clearly thinks there is a good chance of a fall in condo prices. The stats on the numbers of new units about to hit the market are pretty amazing. Loans can come from local banks or from the developer (the NBC comments on the risks associated with that). Rates are about 8-9% when from a reputable bank. Cambodians prefer to buy borey houses than condos. Given dollar shortages in China and difficulties in getting tenants for condos, sales to overseas buyers may be getting difficult.
There is another recent thread on Chinese investments in Cambodia.
How can loans be so low? When banks and finance companies pay between 5-8% interest>
I'd think ( maybe wrong) there will be a real over supply of condos in both places ur asking about

MDIs (they are the ones paying 7-8%) do not offer house purchase mortgage loans. The banks pay 3-4% (and that's only on the fixed term deposits, the savings rates are very low) . If Western banks could make 5+% margin, they would be delighted.
Yes, there is already an oversupply and there are a lot under construction. Asian buyers from other countries probably believe that the government will ensure that prices do not fall. This has been government policy in China. When developers in China offer unsold units at big discounts, the existing buyers smash up the sales office. One example, https://www.scmp.com/business/companies ... prices-two

AndyKK · Post by **AndyKK** » Mon Jun 24, 2019 4:25 am

Anyone know when this will be completed? The Star Polaris 23

https://boreypenghuoth.com/properties/t ... a/?lang=en

rogerrabbit · Post by **rogerrabbit** » Mon Jun 24, 2019 4:59 am

AndyKK wrote: ↑Mon Jun 24, 2019 4:25 am Anyone know when this will be completed? The Star Polaris 23

https://boreypenghuoth.com/properties/t ... a/?lang=en

Q1 2020 is the estimation. I think it will be topped out soon.

Kammekor · Post by **Kammekor** » Mon Jun 24, 2019 7:44 am

Bitte_Kein_Lexus wrote: ↑Sun Jun 23, 2019 6:03 pm
Kammekor wrote:
rogerrabbit wrote: ↑Sun Jun 23, 2019 2:49 pm
Bitte_Kein_Lexus wrote: ↑Sun Jun 23, 2019 7:37 am
rogerrabbit wrote:
Most condos are bought with cash, not with loan money. Some boreys (landed houses in gated communities) are bought with loan money though, but condos no. Prices will only fall on projects that are in bad locations. Rental prices though will and have already started to fall even in central locations. But the rents have been really high in Phnom Penh earlier.
Some? Try "most". Are for prices falling it's anyone's guess. They'll probably stagnate for a while once the world economy slows down, but I'm not sure if they'll really drop. A lot of things here don't make sense, but what makes sense or is logical for our Western minds don't really apply here. Land/condo prices are high, and that's that.

As for banks, pretty sure Prasac still offers 7-8%.
Totally agree with the bold part.

And I believe Sathapana bank also offers 7-8%.
Not anymore, 1% on a normal bank book these days. Used to be 4.25%.
I'm not sure what you're referring to regarding my post. Deposit rates? In a normal checking account, sure, maybe 1%. However, we're talking about savings accounts, aren't we (who would park savings in a checking account?)? Still easy to fetch 6-8% in US and Riel. I don't make a distinction between banks and MFI given that most of them now basically offer the same services. I have accounts with three banks, but I don't park cash in ABA or ANZ savings accounts...

As for mortgages, they're still well over 12% as far as I know. I was at Borey Peng Huot HQ just two days ago and they're the only ones I've seen with a killer deal (6.5% with Hong Leong bank). Most other mortgages will be north of 12%.

Refered to regular (not fixed) savings account. I quit using Sathapana After I found out their 4.25% changed to 1%. AMK still offer 4%.

armchairlawyer · Post by **armchairlawyer** » Mon Jun 24, 2019 9:39 pm

logos wrote: ↑Sun Jun 23, 2019 4:31 pm
MikeD wrote: ↑Sat Jun 22, 2019 6:55 pm I dont find 9% unheard of. My question is, can i make this kind of interest safely and who can i loan money to?
No, armchairlawyer foolishly and repeatedly claims this is a standard rate "reputable banks" routinely offer to locals who need a mortgage. Whereas the rate is 15-20% per year, assuming you can get a mortgage at all.

It's even more funny to see him getting his pants in a twist when he's exposed as a clueless moron.

OK, so here is the data that I have got. Canadia told me (in April) their rate for house purchase mortgage loans is 7.99%, rising to 8.99% after one year.
Hong Leong's rate is 6.99%.
Hatha's rate is 10.8%.
So, it would be good to see the details of the 15-20% rates that you talk about (from reputable banks). BTW, charging rates over 18% is illegal in Cambodia.
I enjoy getting chirped by ignoramuses, it keeps me on my toes. In finance you need to be on your toes.

logos · Post by **logos** » Tue Jun 25, 2019 1:52 pm

The only thing you proved is that any monkey can get a quote.

It looks like you haven't learnt that lesson that a quote is very different from actual terms and conditions. Maybe you might get a bit less than15% if you come up with 50% of the capital and have solid guarantees for the other 50%. Or on a special seller-financed "special deal" to buy some overvalued property. Assuming any of those are applicable to foreigners in the first place.

As to the legal capped rate of 18% give me a break. That certainly doesn't apply to the myriads of microcredit companies who keep the wheels greased for the informal economy and all the businesses that are too small to be interesting to banks and MFIs.

armchairlawyer · Post by **armchairlawyer** » Tue Jun 25, 2019 4:28 pm

logos wrote: ↑Tue Jun 25, 2019 1:52 pm The only thing you proved is that any monkey can get a quote.

It looks like you haven't learnt that lesson that a quote is very different from actual terms and conditions. Maybe you might get a bit less than15% if you come up with 50% of the capital and have solid guarantees for the other 50%. Or on a special seller-financed "special deal" to buy some overvalued property. Assuming any of those are applicable to foreigners in the first place.

As to the legal capped rate of 18% give me a break. That certainly doesn't apply to the myriads of microcredit companies who keep the wheels greased for the informal economy and all the businesses that are too small to be interesting to banks and MFIs.

Ridiculous. Face it buddy you are out of your depth on the finance threads.

Kammekor · Post by **Kammekor** » Tue Jun 25, 2019 4:51 pm

armchairlawyer wrote: ↑Mon Jun 24, 2019 9:39 pm
logos wrote: ↑Sun Jun 23, 2019 4:31 pm
MikeD wrote: ↑Sat Jun 22, 2019 6:55 pm I dont find 9% unheard of. My question is, can i make this kind of interest safely and who can i loan money to?
No, armchairlawyer foolishly and repeatedly claims this is a standard rate "reputable banks" routinely offer to locals who need a mortgage. Whereas the rate is 15-20% per year, assuming you can get a mortgage at all.

It's even more funny to see him getting his pants in a twist when he's exposed as a clueless moron.
OK, so here is the data that I have got. Canadia told me (in April) their rate for house purchase mortgage loans is 7.99%, rising to 8.99% after one year.
Hong Leong's rate is 6.99%.
Hatha's rate is 10.8%.
So, it would be good to see the details of the 15-20% rates that you talk about (from reputable banks). BTW, charging rates over 18% is illegal in Cambodia.
I enjoy getting chirped by ignoramuses, it keeps me on my toes. In finance you need to be on your toes.

Let's say you will buy something worth 100k.

For these rates, which part of that 100k would they be willing to finance? 40k? 50k? 60k? More?
Closing commission? 1%?

armchairlawyer · Post by **armchairlawyer** » Tue Jun 25, 2019 5:48 pm

Kammekor wrote: ↑Tue Jun 25, 2019 4:51 pm
armchairlawyer wrote: ↑Mon Jun 24, 2019 9:39 pm
logos wrote: ↑Sun Jun 23, 2019 4:31 pm
MikeD wrote: ↑Sat Jun 22, 2019 6:55 pm I dont find 9% unheard of. My question is, can i make this kind of interest safely and who can i loan money to?
No, armchairlawyer foolishly and repeatedly claims this is a standard rate "reputable banks" routinely offer to locals who need a mortgage. Whereas the rate is 15-20% per year, assuming you can get a mortgage at all.

It's even more funny to see him getting his pants in a twist when he's exposed as a clueless moron.
OK, so here is the data that I have got. Canadia told me (in April) their rate for house purchase mortgage loans is 7.99%, rising to 8.99% after one year.
Hong Leong's rate is 6.99%.
Hatha's rate is 10.8%.
So, it would be good to see the details of the 15-20% rates that you talk about (from reputable banks). BTW, charging rates over 18% is illegal in Cambodia.
I enjoy getting chirped by ignoramuses, it keeps me on my toes. In finance you need to be on your toes.
Let's say you will buy something worth 100k.

For these rates, which part of that 100k would they be willing to finance? 40k? 50k? 60k? More?
Closing commission? 1%?

Usually the maximum LTV is 70%. So, you could borrow 70k on a 100k purchase. I don't know about commissions.

armchairlawyer · Post by **armchairlawyer** » Tue Jun 25, 2019 5:50 pm

BTW, as I said in an earlier post, these loans are only for Khmers, not available for barang.

Buying Condo in Snooky v. Phnom Penh

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Re: Buying Condo in Snooky v. Phnom Penh

Re: Buying Condo in Snooky v. Phnom Penh

Re: Buying Condo in Snooky v. Phnom Penh

Re: Buying Condo in Snooky v. Phnom Penh

Re: Buying Condo in Snooky v. Phnom Penh

Re: Buying Condo in Snooky v. Phnom Penh

Re: Buying Condo in Snooky v. Phnom Penh

Re: Buying Condo in Snooky v. Phnom Penh

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