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Condo Bargains resales in PP..


Destiny1990

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How about (secondhand) foreigner freehold Condominium bargains  in the capital of Cambodia? I don’t mean these brand-new heavily overpriced Chinese made skyscrapers. But more like 50-70sqm older fixer upper units but with good views and centrally located around the 50,000 USD.. Any condominium building names i could look into? Thanks 🙏

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You are not going to find any. You do realise that condos are pretty new thing in Cambodia still? First condos were built just bit over 10 years ago and foreigners have been able to own one for 9 years now. And all those built then were expensive "luxury" condos and some also really badly built mainly meant for locals. Only recent years there has been started to come new condos that are more reasonable priced but these are not exactly "fixer upper units" yet as they are only 1-3 years old. If you are willing to buy smaller unit then you can find new ones or resales with that price in these newer projects. Look L-residence condos in Phnom Penh and D'Seaview, Cvik Apartmets, LZ Sea View condo in Sihanoukville for example. Also you can find some in Siem Reap but I don't really know the name of the projects developments.

 

But you really have to go there. You cannot find much online. 

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2 hours ago, mascone said:

You are not going to find any. You do realise that condos are pretty new thing in Cambodia still? First condos were built just bit over 10 years ago and foreigners have been able to own one for 9 years now. And all those built then were expensive "luxury" condos and some also really badly built mainly meant for locals. Only recent years there has been started to come new condos that are more reasonable priced but these are not exactly "fixer upper units" yet as they are only 1-3 years old. If you are willing to buy smaller unit then you can find new ones or resales with that price in these newer projects. Look L-residence condos in Phnom Penh and D'Seaview, Cvik Apartmets, LZ Sea View condo in Sihanoukville for example. Also you can find some in Siem Reap but I don't really know the name of the projects developments.

 

But you really have to go there. You cannot find much online. 

Yes you’re correct about the situation. I did look into the condo names u mentioned  and there might still be some building suitable but i need to go there in person online doesn’t really work much  for prescanning for Cambodia real estate. Not much info in general , prices , sizes or even replying an email. Anyway Rental return wise which city would u prefer for a Cambodian condo  PP or Sihanoukville or Siem Reap  or another town ?

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Forget Sihanoukville. 100% Chinese owned.

 

In both SR and PP, rental incomes vs purchase price are such in Cambodia that you will not get your investment back that way, at eklast not within 10-20 yrears, purchase prices are unrealistically high relative to rents.

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4 hours ago, Sheryl said:

Forget Sihanoukville. 100% Chinese owned.

 

In both SR and PP, rental incomes vs purchase price are such in Cambodia that you will not get your investment back that way, at eklast not within 10-20 yrears, purchase prices are unrealistically high relative to rents.

From searching online my first impression is similar to ur opinion especial for these new buildings. Online Rental prices seems kinda low in comparison with their online sales prices.

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It has been like this for quite some time in Cambodia. People make money buying then quickly selling, it is a bubble. No profit through renting.

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I think Siem Reap has way too many apartments for the size of town. You might want to forget Siem Reap if you have plan to make money. But to be honest I don't know that well SR market so you might want to go look there yourself.

 

Phnom Penh you can make ~10% ROI if you are able find unit from good location with a great (=low) price.

 

Sihanoukville is the where you can make best ROI (up to 20%). But again same, you really need to find a deal which can be difficult as there are lot of over priced units for sale.

 

But like said, you really need to go there and have a look. And you might want to look in short term renting to get highest ROI.

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6 hours ago, Sheryl said:

It has been like this for quite some time in Cambodia. People make money buying then quickly selling, it is a bubble. No profit through renting.

This is not really accurate as most properties are bought to keep. Both locals and Chinese do this. Chinese to park their money in $ economy and locals buy for next generation / possible future appreciation.

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12 hours ago, Sheryl said:

It has been like this for quite some time in Cambodia. People make money buying then quickly selling, it is a bubble. No profit through renting.

I never have been much of a flipper so its not really my interest. Tvf member @Newative he’s the expert for such adventures. Maybe it could work out some years ago in Cambodia to flip but nowadays a big chance that once u bought a cambo property it means going to sell it with a loss. So a flip flop 😁

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5 hours ago, mascone said:

I think Siem Reap has way too many apartments for the size of town. You might want to forget Siem Reap if you have plan to make money. But to be honest I don't know that well SR market so you might want to go look there yourself.

 

Phnom Penh you can make ~10% ROI if you are able find unit from good location with a great (=low) price.

 

Sihanoukville is the where you can make best ROI (up to 20%). But again same, you really need to find a deal which can be difficult as there are lot of over priced units for sale.

 

But like said, you really need to go there and have a look. And you might want to look in short term renting to get highest ROI.

Correct the only way to make decent rental returns is to make really sure that the purchase price is an exceptional negotiated bargain. I am not in asia right now so for now all i can do is some online searching of interesting buildings and locations the rest i will do once have feet on the ground. I thought that Sihanoukville was recently but even prior to corona deserted and overbuild cause these chinese had some sort of casino online gambling problem issue? I been in Sihanoukville 12 years ago and i liked it then. I wouldn’t mind a seaview condo there but they aint cheaply priced online. I will visit these building names In snooky that u mention in ur earlier post. 🙏

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Isn't it's neighboring vietnam a better looking proposition. Some nice beach towns on the east side and even down Phu Quoc way. Purchase price seem comparative and infrastructure far more advanced. imo  

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27 minutes ago, steven100 said:

Isn't it's neighboring vietnam a better looking proposition. Some nice beach towns on the east side and even down Phu Quoc way. Purchase price seem comparative and infrastructure far more advanced. imo  

The problem with vietnam is the ownership structure. Condos there come from what I understand with just a 50 years lease term on it. Thus making it nearly impossible reselling them a decade later.

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3 hours ago, Destiny1990 said:

Correct the only way to make decent rental returns is to make really sure that the purchase price is an exceptional negotiated bargain. I am not in asia right now so for now all i can do is some online searching of interesting buildings and locations the rest i will do once have feet on the ground. I thought that Sihanoukville was recently but even prior to corona deserted and overbuild cause these chinese had some sort of casino online gambling problem issue? I been in Sihanoukville 12 years ago and i liked it then. I wouldn’t mind a seaview condo there but they aint cheaply priced online. I will visit these building names In snooky that u mention in ur earlier post. 🙏

SHV has changed completely since then and is not at all westerner-firendly now. Totally Chinese owned.

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7 hours ago, Destiny1990 said:

Correct the only way to make decent rental returns is to make really sure that the purchase price is an exceptional negotiated bargain. I am not in asia right now so for now all i can do is some online searching of interesting buildings and locations the rest i will do once have feet on the ground. I thought that Sihanoukville was recently but even prior to corona deserted and overbuild cause these chinese had some sort of casino online gambling problem issue? I been in Sihanoukville 12 years ago and i liked it then. I wouldn’t mind a seaview condo there but they aint cheaply priced online. I will visit these building names In snooky that u mention in ur earlier post. 🙏

Like Sheryl said, Sihanoukville has changed completely. It's a proper city in making now with wide boulevards, sidewalks, lots of tall buildings and even few skyscrapers, hotels like Novotel, Wyndham and Marriott and international brands like Armani, Adidas, Burger King and Starbucks having their branches there. And it is as western friendly as it has always been imo.

 

Yes few thousand Chinese moved out end of last year after online casino ban and thousands of them also left for the Chinese New Year and weren't able to come back due Covid19. So the city was pretty deserted few months ago but now they have returned.

 

Friend has a studio apartment there. Last year he rented it out for $1000 / month for the Chinese. They left and he had it empty for couple weeks and now he has been renting it for few filipino workers for $400 / month. He paid around $30000 for it so he is making pretty decent money with it. He will probably never get rent as high as last year but the $400 is pretty realistic rent in long term.

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