Apartments when they building is bought out?

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daeum_tnaot
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Apartments when they building is bought out?

Post by daeum_tnaot »

I've dabbled with the idea of buying an apartment in Phnom Penh for quite a while. Recently I found a few that I like.

However, what concerns me is the possibility of a takeover to build a high-rise, and the potential for demolition. Does anyone know what normally happens when an apartment block is in the way of some big developer that wants to build a high rise? In most countries I'd assume they have to buy out all the owners, but am not sure here.

TIA :thumb:
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Bluenose
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Re: Apartments when they building is bought out?

Post by Bluenose »

What kind of title is being offered? If it's a strata title in a building authorized to have them, you will be as safe as you can be in Cambodia - and it's probably a new high rise building anyway. Anything less, I hope you're not investing your whole life savings...
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PSD-Kiwi
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Re: Apartments when they building is bought out?

Post by PSD-Kiwi »

By apartment are you referring to a shop house type building? The only property type foreigners can legally own 100% of is Strata Titled properties, Strata Titles are only issued to eligible co-owned buildings (condos).
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daeum_tnaot
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Re: Apartments when they building is bought out?

Post by daeum_tnaot »

PSD-Kiwi wrote: ↑Tue Oct 31, 2023 1:53 pm By apartment are you referring to a shop house type building? The only property type foreigners can legally own 100% of is Strata Titled properties, Strata Titles are only issued to eligible co-owned buildings (condos).
It's not a strata titled property, I would probably purchase through my wife, a company or a mixture of those two.
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PSD-Kiwi
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Re: Apartments when they building is bought out?

Post by PSD-Kiwi »

daeum_tnaot wrote: ↑Tue Oct 31, 2023 11:25 pm
PSD-Kiwi wrote: ↑Tue Oct 31, 2023 1:53 pm By apartment are you referring to a shop house type building? The only property type foreigners can legally own 100% of is Strata Titled properties, Strata Titles are only issued to eligible co-owned buildings (condos).
It's not a strata titled property, I would probably purchase through my wife, a company or a mixture of those two.
If buying above ground floor then there is no hard title, as Hard Titles are only issued to land, not structures, or parts of structures. If the person who owns the land decides to sell then not much you can do about it, whether you'd be compensated financially I can't say for sure, I'd advise you to consult a professional real estate agency and lawyer.before sinking money into an apartment.
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daeum_tnaot
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Re: Apartments when they building is bought out?

Post by daeum_tnaot »

PSD-Kiwi wrote: ↑Tue Oct 31, 2023 11:52 pm
daeum_tnaot wrote: ↑Tue Oct 31, 2023 11:25 pm
PSD-Kiwi wrote: ↑Tue Oct 31, 2023 1:53 pm By apartment are you referring to a shop house type building? The only property type foreigners can legally own 100% of is Strata Titled properties, Strata Titles are only issued to eligible co-owned buildings (condos).
It's not a strata titled property, I would probably purchase through my wife, a company or a mixture of those two.
If buying above ground floor then there is no hard title, as Hard Titles are only issued to land, not structures, or parts of structures. If the person who owns the land decides to sell then not much you can do about it, whether you'd be compensated financially I can't say for sure, I'd advise you to consult a professional real estate agency and lawyer.before sinking money into an apartment.
Hi PSD Kiwi, that is good to know about titles. That sounds like a good idea to discuss with several real estate professionals. Thanks for your reply!
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