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Cambodia's condo scams and overpriced "successes"
Posted: Mon Jun 30, 2014 12:52 pm
by OrangeDragon
http://www.property-report.com/who-live ... this-35447
Landmark projects such as the centrally-located Gold Tower 42 and Camko City city, an ambitious satellite city in the Cambodian capital’s suburbs, came to a grinding halt (amid corruption allegations, bankruptcy and law suits) and construction of the latter only recently restarted. For those residential and commercial properties that were eventually completed, it has since been an uphill struggle to attract sufficient investment and occupancy.
But the reality remains that there is simply not enough demand for luxury housing from the local market. Cambodia’s nouveau riche make up a negligible portion of the population and the middle-class, while growing, is still someway off being substantial enough to warrant the supply of all these new condo units.
I was therefore surprised to be informed by a sales agent at a recent property expo that the residential component of another newly-launched mixed-use project in the heart of the city is almost sold out. Furthermore, I was told that Singaporean buyers accounted for about 70 percent of all purchases.
My next question was why Singaporeans would want to buy property in Cambodia. Looking uncomfortable, she stammered and stumbled before eventually saying she’d get back to me.
hahah, a bunch of property speculators will buy them all up and then watch them end up rotting because no one actually lives there.
Re: Cambodia's condo scams and overpriced "successes"
Posted: Mon Jun 30, 2014 2:27 pm
by The Add Jay
It doesn't matter if no one lives in them or not...the property has been paid off already. Its a sit and wait and waiting is what they will be doing for...10years?
Re: Cambodia's condo scams and overpriced "successes"
Posted: Mon Jun 30, 2014 4:29 pm
by OrangeDragon
But if you look around at places that just sit empty they rot. Poor construction makes them go to shit over time without maintenance.
Re: Cambodia's condo scams and overpriced "successes"
Posted: Mon Jun 30, 2014 4:52 pm
by Anchor Moy
Speculation: even if they demolish the condos in 10 years, and then build again, the land will have increased in value?
Could also be international money washing ?
Or there's no plan at all, but everyone's doing it?
Re: Cambodia's condo scams and overpriced "successes"
Posted: Mon Jun 30, 2014 5:49 pm
by StroppyChops
OrangeDragon wrote:But if you look around at places that just sit empty they rot. Poor construction makes them go to shit over time without maintenance.
Do Cambodian builders not add any plasticizer to concrete?
Re: Cambodia's condo scams and overpriced "successes"
Posted: Mon Jun 30, 2014 6:35 pm
by Garry.Crabtree
I hate fucking estimate agents. They're always so positive and talk bullshit, one told me once that he loved his job and it was more of a vocation to him, that’s a vocation, vocation, vocation then.
Re: Cambodia's condo scams and overpriced "successes"
Posted: Mon Jun 30, 2014 7:20 pm
by vladimir
Groan.
Do effeminate estate agents die intestate?
Re: Cambodia's condo scams and overpriced "successes"
Posted: Tue Jul 01, 2014 8:27 am
by Sailorman
As in Snooky with the Japs, Singaporeans, Russians, Chinese, Vietnamese, Cambodians, etc and the mall, marinas, apartment/house complexs. Wash- launder-dry, wash-launder-dry. Oh! how the money (clean) rolls in.
Re: Cambodia's condo scams and overpriced "successes"
Posted: Tue Jul 01, 2014 8:33 am
by The Add Jay
This past weekend I had to go down too snookie. It mine fucked me how many quarter and half done projects there are ON TOP of all the abandon condo's and apartments.
The problem goes back to many Chinese investors who treat any market like its a casino. But as long as they own the land they do not care.
I got to meet some Chinese guy recently who is buying up land closer the slums near the airport. His theory is to buy up the shitty land cause most Khmer wont be able to afford the bigger hot shot condo's.
If no one can afford the market has to adjust unless you bail out banks and print 40 billion a month.
Re: Cambodia's condo scams and overpriced "successes"
Posted: Tue Jul 01, 2014 8:35 am
by The Add Jay
Sailorman wrote:As in Snooky with the Japs, Singaporeans, Russians, Chinese, Vietnamese, Cambodians, etc and the mall, marinas, apartment/house complexs. Wash- launder-dry, wash-launder-dry. Oh! how the money (clean) rolls in.
IDK how expats live in snookie...its a complete wasteland. And its getting worst with the trash coming from Thailand. Where are my silver backs?