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How to Buy Property in Cambodia

Posted by alan mok on February 25, 2018
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How to Buy Property in Cambodia?

Cambodia has undergo drastic changes from an underdeveloped nation to a widely urbanized Kingdom with massive developments and improvements in Manufacturing, Real Estate, Tourism, Banking and Agriculture sectors. In fact, Cambodia has one of the fastest GDP growth in South-East Asia averaging 7% per year, and tourism has also hit record high of around 5 million tourists for the first 10 months of 2017, a 10 percent increase in foreign visitors from the same period in 2016 with tourists mainly from Asian countries.

Cambodia also has close ties with China and will be part of China’s One Belt One Road Initiative that will bring in massive investments into improving its infrastructure and aids in its vision to becoming a middle-income country by 2030.

Cambodia has been hailed as one of South East Asia best property investment destinations. It is supported by Strong Economic Growth (averaging 7% for the past decade), Increasing Local and Foreign Direct Investments (FDI), Booming Tourism (record high tourists in 2017), a Rising Middle Class, Abundant of Strong and Young Workforce and Political Stability. The Cambodia property market demand and price has undoubtedly picked up strongly.  

The Property Market has generated much interest with Local and Foreign Developers competing for a slice of the growing property market. Singapore Listed Property Developer Oxley Holdings has also entered into the fray. Their first mixed development in Phnom Penh City Centre – The Bridge Cambodia is almost fully sold and is slated to be completed by early 2018.  And Good News for Foreigners – with the new housing law with effective from April 2010, Foreigners are now allowed to own properties in Cambodia on Freehold Basis and up to a max cap of 70% quota of any Condominium Developments.

With so much Interest in Cambodia Property Market, here is a General Guide to: How to buy Property in Cambodia;

  1. Once you have shortlisted a unit of your preferred project/development, proceed to make a Reservation Fee to secure a unit
  2. You should receive the Sales and Purchase Agreement in approx 14-21 days from the date of reservation
  3. You can choose to vet through the Sales and Purchase Agreement yourself and sign or engage a Cambodia Lawyer (typically US$3000). My advice is to go for Reputable Developers Projects/Developments where the clauses are clearly stated in the SPA.
  4. Thereafter, proceed to transfer the down-payment for the project. It can range from 10%-50% depending on the stages of the project/development. Typically is Progressive Payment up to 50% of the Purchase Price.
  5. Upon Notice of Handover (completion date) – Pay the Balance 50% of the Purchase Price
  6. And 4% Transfer Tax of the Purchase Price upon Application of Hard Title Ownership (Typically in 3 months time after handover) 

*Note: Payment Schedule and Progressive Payment may varies. Payment is made directly to Developer’s Account in Cambodia in US Dollars. 

It is good to engage an experienced Direct Developer Sales/Agent/Consultant so that he/she can guide you through the whole process. Do take note it is always good to invest in projects/developments by Developers with Excellent Track Records to reduce the default risk of your investments.  

Hope you enjoy reading this post on – “How to buy Property in Cambodia?”

This post will be updated as and when new information is available. Please Kindly bookmarked it or  WhatsApp Us @(+65) 90272297 to register interest, so we can update you on the property market in a timely manner.

Disclaimer: This article is meant for research/ information and educational purposes only. All information, especially property ownership laws, are subjected to changes and no responsibility shall be held on the accuracy. All sorts of property investments can be risky and investors are expected to perform their own due diligence before committing into any purchase.


 

THE BRIDGE RETAIL MALL @PHNOM PENH

How to buy Property in Cambodia- The Bridge Retail Mall - Best Selling Overseas Projects in 2017

* By Singapore Listed Developer Oxley
* Freehold Commercial Shops for Sale (More than 90% Sold)
* Nett Guaranteed 7% p.a for 10 Years (Starting soon)
* Fully Managed by Developer/Appointed Management Company
* Located in The Commercial, Shopping and Tourism Belt of Phnom Penh. Within minutes walk to NagaWorld Casino (1 & 2), Embassies, Ministry of Foreign Affairs, AEON Mall (Largest Mall currently in Phnom Penh), 2 5-stars Hotel (Shangri-La and Softiel)
* Fr US$170 K (cheapest unit as of now)
* Attractive Discounts for a limited Period of Time Only

 

THE PEAK SHANGRI-LA HOTEL @PHNOM PENH

The Peak Shangri-La Hotel @Phnom Penh - Best Selling Overseas Projects in 2017

* By Singapore Listed Developer Oxley
* Residential Units for Sale 
* Nett Guaranteed 6% p.a for 2 Years
* Sharing the same address as upcoming Shangri-La Hotel 
* Located in The Commercial, Shopping and Tourism Belt of Phnom Penh. Within minutes walk to NagaWorld Casino (1 & 2), Embassies, Ministry of Foreign Affairs, AEON Mall (Largest Mall currently in Phnom Penh), 2 5-stars Hotel (Shangri-La and Softiel)
* Fr US$211 K (cheapest unit as of now)

 


 

 

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