Despite the national and global economic downturn fuelled by the ongoing health emergency, Phnom Penh’s condominium projects remain on track to finish on schedule, according to real estate agency CBRE Cambodia.
Developers have announced several measures to help home buyers, including offering discounts and more flexible payment terms.
The Ministry of Economy and Finance has called on developers to lower house prices and facilitate the payments process for those recently laid off as a result of Covid-19 outbreak.
Real estate insiders rejoiced as Prime Minister Hun Sen announced the suspension of the four per cent stamp duty tax on property worth less than $70,000 between this month and January next year.
Worldbridge Homes Co Ltd’s $73 million affordable housing project in Kandal province’s Koh Kor village, in Sa’ang district, is on track to be completed at year’s end or at the beginning of next year, its general manager Yuk Sothirith told The Post on Wednesday.
The One Mall, a Chinese-backed three-storey shopping mall project in Phnom Penh, is expected to be completed in the second quarter of this year, after missing its scheduled December opening.
The Kingdom’s property sector is showing no sign of a slowdown in the short-term, the president of the Cambodian Valuers and Estate Agents Association (CVEA) told The Post on Thursday.
JLL observes that there are hundreds of million dollars waiting to be poured into the market in most segments of real estate.
Cambodians wishing to own property in the US need not wait any longer as a US-based real estate agency has established operations in the Kingdom to make the process hassle-free.
Construction of Sokha Residences Sanco, an affordable housing development in Poipet town with capital investment of around $151 million, is set to be complete in early 2023.