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Logo of Phnom Penh Post newspaper Phnom Penh Post - Condo spree drives merger

Condo spree drives merger

With the increase in condominium construction in the Kingdom, Cambodian real estate company CPL merged with Singapore-based Huttons Real Estate Group in order to cash in on prospective condo sales.

The partnership was signed on September 2, and Cheng Kheng, chairman for the merged company Huttons CPL, said he was hopeful the firm will be a leading seller of condos and apartments.

“Huttons is the number-one seller of condominiums in Singapore, so when they come here we want it to be the same,” Kheng said.

“We are a local seller and [Huttons] is a foreigner so we help them actually get people to sell to.”

Sear Chailin, CEO of realty firm Chailin Sear, said that high-rise opportunities are not the primary reason that foreign real estate companies and developers are investing in Cambodia.

“They come for trading, building malls, housing development, and general building for the public, not just targeting the local people.”



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vandavid's picture

The market is now full of new condo launches every other week with completion by 3 years down the road. But problem is most of them don't have proper showroom to show potential buyers the actual materials quality buyers may expect so it's difficult to make a proper decision. Besides, the supply coming on stream in 3 years down the road would be so many condo units but who are going to stay there (in terms of tenants for those investors who bought with the objective to rent out for income)? Some condo projects are so huge (over 200 to 300 units and more) so it's going to be a tough time for buyers to rent those units out upon completion of those condo projects few years down the road. Ideally investors should simply buy into real luxurious condos with top notch materials and small developments of not more than 60 units per development. Beware of the typical supply exceed demand. With now over 70% of buyers borrowing money from banks, any property bubble would hit real hard into the local economy compared to 10 years ago when only 30% of buyers borrowed from banks to buy property...

Lightness's picture

Where did you get this numbers? 70% of buyers borrowing money from banks? I heard a lot of project are bought by foreigners which are mainly no loans?
I personally think being able to rent all the condo won't be possible, but it wont affect much the investors. The local investors buying condo are considered upper middle class in Cambodia. They mainly have businesses and won't depend on the rent.
It's like in China where there is a lot of condo towers without anybody living inside.
The only thing that worries me is the speculation of the prices.

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