Earl of Mercia wrote: ↑Thu Nov 23, 2023 12:36 am

Alex wrote: ↑Wed Nov 22, 2023 10:02 pm

Earl of Mercia wrote: ↑Wed Nov 22, 2023 8:28 pm

Kammekor wrote: ↑Wed Nov 22, 2023 8:12 pm

Earl of Mercia wrote: ↑Wed Nov 22, 2023 6:54 pm Honestly for USD $50,000 how long would you have to live there to break even just over 8 years@USD $500 per month seems like a good deal to me?

Is there something I’m missing I used to live around the corner from Super Duper in that area and it’s a very cool place,away from the usual tourist and expat halfwits on the riverside more around the locals I loved it there?

50k today isn't the same as 100 consecutive months of spending 500$ a month.

Add to that the kind of title (if any) is still unknown and management & utility prices are unknown as well.

But you still own an appreciating asset as I said before it looks like a good deal to me.

How do you know that a condo unit in Phnom Penh - or this particular condo unit in Phnom Penh - is and will continue to be an appreciating asset?

From what I've seen, I have my doubts. I'd rather rent in Phnom Penh and invest elsewhere.

Because I’m an International Financial Adviser how about you,how do you know it isn’t please qualify your credentials?

You're a financial advisor who cannot even spell "advisor" and you're asking ME for my credentials? Take a hike.

While I don't trust self-proclaimed experts on anonymous internet forums, which has served me very well, I know that I can trust my own eyes. I've stayed at several "high-end" condos that were already starting to fall apart a few short years after construction and are lacking some features that would be considered essentials elsewhere. That many condos are ghost towns (including the one we're discussing here, by the OP's own account) doesn't exactly instill me with confidence either.

Doc67 wrote: ↑Thu Nov 23, 2023 9:49 am

Alex wrote: ↑Thu Nov 23, 2023 8:50 am

Earl of Mercia wrote: ↑Thu Nov 23, 2023 12:36 am

Alex wrote: ↑Wed Nov 22, 2023 10:02 pm

Earl of Mercia wrote: ↑Wed Nov 22, 2023 8:28 pm

But you still own an appreciating asset as I said before it looks like a good deal to me.

How do you know that a condo unit in Phnom Penh - or this particular condo unit in Phnom Penh - is and will continue to be an appreciating asset?

From what I've seen, I have my doubts. I'd rather rent in Phnom Penh and invest elsewhere.

Because I’m an International Financial Adviser how about you,how do you know it isn’t please qualify your credentials?

You're a financial advisor who cannot even spell "advisor" and you're asking ME for my credentials? Take a hike.

While I don't trust self-proclaimed experts on anonymous internet forums, which has served me very well, I know that I can trust my own eyes. I've stayed at several "high-end" condos that were already starting to fall apart a few short years after construction and are lacking some features that would be considered essentials elsewhere. That many condos are ghost towns (including the one we're discussing here, by the OP's own account) doesn't exactly instill me with confidence either.

He hasn't even factored in the opportunity cost of tying up $50k in a PP Condo. Such as putting your $50k in Prasac @ 8%, which yields $4000pa, which after 6% tax, pays out ~$313 per month, every month, on the dot.

If Prasac is too risky for you (yet a PP condo isn't?) then you can ~4/5% in USD in one of the big banks in Singapore.

To be fair to his Earlship, you can spell advisor that way (especially if you are English). But he's wrong about everything else, especially about that (?any PP) condo being an appreciating asset.

Element6 wrote: ↑Thu Nov 23, 2023 11:26 am Generally speaking the real estate market is struggling at the moment despite what people in the business with vested interests may say to the contrary.

This is what I've also noticed. Now is the time when, if you are looking for a condo, it's better not to buy directly from a developer but rather from someone who previously purchased from the developer. You can get a price that is 10% to 40% cheaper than the "market price." For example, I believe that unless the original poster decreases the price to $40,000 and includes furniture, he will have a hard time selling it. And, of course, he need to learn how to properly post ads. For me, I just ignore posts that do not list the ownership title, management fee, electricy/water price, gym/pool price, whether it's the net/gross size, pictures of every room, wall, bathroom, both outside and inside views, no Google Maps URL, and no project name. OP cannot even find proper section on this forum where this should be posted to.. (hint: Cambodia Forums -> Cambodia Expat Classifieds -> Housing for Rent/Sale)

Alex wrote: ↑Wed Nov 22, 2023 10:02 pm From what I've seen, I have my doubts. I'd rather rent in Phnom Penh and invest elsewhere.

Buying a condo now as an investment is a bad idea. However, if someone plans to stay here long-term and really wants their apartment to feel like a home, it's very challenging with rental places. As someone who recently bought one, I can customize it as I want - with furniture, decorations, smart devices, and every little detail that I wouldn't do in a rental place.

From today's Khmer Times:

More than 1,000 families who invested in homes sold by the New World Company, (known as Borey Piphup Thmey) located in Phnom Penh are urging Prime Minister HM to take action on their behalf.

The disgruntled purchasers allege that the business violated their purchase agreements by taking possession of their houses without prior notice and on terms that were not agreed upon when they signed the contracts.
“I bought a house from Borey Piphup Thmey for $80,000 in 2019 and have paid more than $40,000 in instalments to the company,” said Kek Phirin.
“However, I’ve been having trouble raising the funds to pay the firm, so I’ve requested them to buy my house back at the going rate. But the business is unwilling to repurchase the home,” she said.
“The company only agrees to buy the house at the best deal. However, we are unable to accept the company’s price because I will suffer significant financial loss as a result,” she said.
Phirin and other customers have protested and asked the company to resolve disputes with them. However, Neak Oknha Hong Piv, who is the owner of Borey Piphup Thmey has said that he does not intend to settle further with customers.
According to Phirin, the house buyers stated that the company had first assured them that should they be unable to continue making installment payments, they would guarantee to repurchase their homes at fair prices.
Phirin urged Mr HM and relevant authorities to step in and negotiate a resolution with the company on their behalf as she and other disgruntled customers are at a standstill with the corporation and have been protesting for months.
Thorn Sambath, another buyer of the Borey Piphup Thmey home, said she was similarly unable to pay the company because her income had fallen since making her investment and she could no longer afford to keep up with the payments.
She and other customers asked that the corporation repurchase homes from clients who were unable to pay for them.
Along with stopping the company’s foreclosure actions against noncompliant clients, the group said individuals who still wish to complete their property purchases be allowed the time needed to raise the funds necessary to pay the company.

https://www.khmertimeskh.com/501396493/ ... developer/

“We want the company to buy back the properties from customers who are unable to make payments, and we want the foreclosure process to end for non-paying consumers so they can work and earn money to keep paying the company,” she said.
“In order for us to continue making payments, we would prefer that the company either lower the payments or defer the payments for an extended period.
“In addition, we expect the company to comply properly with the original customer contract in accordance with the law,” Sambath added.
Keut Chhe, Deputy Phnom Penh Governor, refused to comment yesterday and said he was in a meeting, “I’m in a meeting, and cannot talk with you.”
Piv had on November 8 said his company Borey Piphup Thmey has always assigned representatives to attend problem-solving meetings with customers.
He said he has assigned representatives five times to attend meetings at district offices and three times at Phnom Penh City Hall.
Piv also said that he has attended meetings with the Director General of Real Estate and Mortgage Business Regulator.
The company decided to issue a public notice dated October 29 on the repurchase terms of the foreclosed homes for customers who had defaulted on payments. The company offers set limited repurchase price conditions.
He said that although the newly announced repurchase terms were not fully articulated in the original sales contract, the company will continue to enforce the terms of its latest announcement.
Many customers have agreed to the new terms voluntarily, while others have not. Hong Piv claimed to have paid $5,648,376 to buy the homes back from 458 customers and added that the number will continue to grow.
Piv added that his company has made every effort to compromise on the conditions to alleviate difficulties facing customers in the context of the current real estate slump. However, he said the company cannot fully meet the demands of the customers.
“If the company complies with the demands of the customers, it will go bankrupt because the company is also in debt to the bank. If the company goes bankrupt, it will seriously affect all customers.
“So, I am urging customers to accept the latest terms and we do not intend to continue addressing any issues beyond the stated conditions,” Piv added.