Camhomes launch heralds new era of affordable property development in Cambodia
Camhomes launch heralds new era of affordable property development in Cambodia
The property sector is among the hottest in the Cambodian economy at the moment – with new developments seeming to come on line every week. One developer with a difference is Public Housing Development (Cambodia) Ltd., whose Camhomes brand is targeting a previously untapped market in the Kingdom’s property boom – the country’s growing middle-class.
Post Plus caught up with Dr. Dato Johnny Ong, CEO and Chairman of HLH Group Ltd., to learn more.
A lot of people are keen to hear more about the Camhomes project – is there any news on this?
Some news that I am very happy to share is that we will be officially launching our company, Public Housing Development (Cambodia) Limited and the Camhomes brand, with an opening ceremony at our new sales office in Canadia Tower on September 26th. We have invited members of the Royal Government of Cambodia and other important players in the Cambodian property development sector to attend, and we look forward to their strong support.
Although we are already up and running as a company, and making great progress to deliver on our vision of providing quality, affordable housing for Cambodia’s middle-class, its always an honor to be able to unveil our company and our brand with a celebration.
You say your company is up and running, but I haven’t seen many details of your projects although I have heard about a new system you are using for selling your housing units. Can you elaborate on that a bit?
All the details of our projects – locations, floor plans, 3D images and models of the planned buildings will be revealed on September 26th. Everyone is invited to visit our sales office from 11am on that day to see for themselves what Camhomes will deliver.
They can also then sign up for our unique queue number system – which hasn’t been seen in Cambodia before, although it is common and very successful in our home country of Singapore.
Under the Camhomes system, everyone, Cambodian or foreigner, is allowed to register for a queue number that will give them an opportunity to own a home in one of our upcoming developments around Cambodia. They just need a valid ID or passport and the registration fee is $20, which is very reasonable when you think that the holders of the first 1000 queue numbers will be entered in to a lucky draw with some exciting and attractive prizes to be won.
Also, we think there will be a big demand for the queue numbers, which establish the order in which registered buyers will choose their homes in our new developments. We have set up a transfer system where a queue number holder can transfer his or her queue numbers to someone else. There is a transfer fee payable to Camhomes but the queue number holder is perfectly entitled to transfer his or her number to someone who is looking to join the queue in a hassle-free way. So if you hold a lower number in the queue that will put you in an advantageous position, as it will give you the chance to pick a higher floor in the new development with grand views over the ocean or the city, we think there will be a lot of interest in getting on this list.
What happens next after someone has the queue number in hand?
First of all, we will invite everyone who has registered with a queue number to meet with a Camhomes representative to discuss their financial needs and whether they are cash buyers or whether they can take advantage of some of our exciting financing options.
Once we have finished those formalities, we then invite the buyer to choose one of our spectacular units in either a Prime Apartment, a beautifully built development with communal gardens, children’s playgrounds and 24-hour security, or even one of our Executive Condominiums, which have additional lifestyle amenities like swimming pools and gyms.
The buyer will then have up to 60 days to sign a Sales and Purchase Agreement.
During this 60-day period, buyers can still transfer or assign their chosen apartment to another interested buyer who might have missed the queue system or be looking to get ahead of the long queue.
Thereafter, the buyer can relax in the knowledge that their new apartment is being built to the highest standards and quality and that they will soon be able to move in to their new Camhome once construction is completed.
In terms of pricing, we are still working on the exact numbers, but we are delighted to inform Cambodians that Public Housing Development (Cambodia) Ltd will be subsidising part of their purchase price. The price will be very competitive and will enable a new generation of Cambodians to enjoy the benefits of home ownership including capital appreciation, the opportunity to earn rental income and, of course, the pleasure of owning a modern and well-built home.
There will also be further lucky draw prizes for those who are purchasing a Camhomes property – where we will be happy to reward their choice with a range of exciting prizes for their new home.
The Straits Times in Singapore reported recently that your first project would be in Sihanoukville, called D’Seaview, and would have around 1000 units. Where else are you looking to build?
We are looking at all the key cities in Cambodia and our next two projects are already in the pipeline. We are in Cambodia for the long haul, so look out for news of our latest developments as they come on line.
