Does Anyone Have Good Info on Buying Property in Phnom Penh?
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Hi, I am interested in investing in some real estate in Phnom Penh with a Cambodian friend of mine...However, speculating on the future potential of the investment is difficult. I would appreciate any advice. Thank you.
I am going to be black and white here;
First - ask yourself how well you know your Cambodian friend because friends quickly disappear when profits are realised . Just be careful.
speculating on the future potential of the investment is difficult
Speculation is just that - it is easy as pie. Land goes up.Land goes down. It all depends on how much you pay in the first place and whilst land in Cambodia is going through the roof, there are still traps for the unwary.
t is a rice field, which will be drained, filled and compacted. The property is near the international embassies
Rice fields are bring developed everywhere in this way HOWEVER in another thread you asked how close some land in Mondulkiri is to embassies:shock:. Answer ; about 400km and 5 hours in a car. Have you ever been to Cambodia or Phnom Penh ?
I suggest if you are living offshore and some locally based friend is asking you for a wad of cash to invest in a rice field, you better get over here and have a look for yourself.
Just my 2c worth.
KL4S
My friend is a partner and good friend and my partner is also invested himself. He says that there are many people who have already bought up property in this area and that it is quite difficult to get in. How have properties in this area been performing in the last few years and does it look like properties can continue to perform at a steady pace for the next 2 years? Thank you.
A,
who's family owns a property near the embassies..... and my partner is also invested himself. He says that there are many government officials who have already bought up property in this area and that it is quite difficult to get in.
I have heard this many times before . From Phnom Penh to the backlots of Mondulkiri. Usually also with " the koreans,chinese,japanese are buying" thrown in also !
How have properties in this area been performing in the last few years and does it look like properties can continue to perform at a steady pace for the next 2 years? Thank you.
Again, without knowing exactly where your prospective land is, I cannot say. However if it is really in the "embassy belt" of BKK1 then I would imagine the land ( not that there is much vacant land left ) would be hellishly expensive - upwards of $4000 p/metre ? I think this land is actually more speculative than buying in the provinces because inner city has already had massive growth and it will HAVE to stop at some time. However the market here is very different to the west. Deals are done in cold cash, there are very few if any bank loans associated and therefore no interest rate pressure on borrowers.
Having said that...I am no guru !
Depending ion how much you are investing, it might be worth $2k to get over here and look ! Do you have photos or an address ?
KL4S
I am getting in at a cheap price per square meter, with development costs.
not really much point asking advice after the you have bought in. I guess you are committed now. good luck
anthony or Kepland, I still need your guy's advice, and I truly would appreciate anything you can give me. I have an option of investing up to a certain amount, and I invested only about 30% of my max...the returns that are promised to me are phenomenal, but are still a risk to me since I do not have much guidance. If I can have your guidance, it will help me decide whether to keep my investment at the current amount, or to contribute more. You know, I know that many people would not care to give me even a second of their time, so I truly, truly thank you guys for anything. God Bless.
ok
Do you know the partners you are getting into this with?
Is this their 1st investment in Cambodia.
Do they have a proven track record.
Have you ever been to Cambodia.
Yes investing in Cambodia does come with risks. There are ways to do it and minimise your losses (or maximize your gains)
There have been some big gains made in real estate here over the last 48 months. Phnom Penh may have reached its peak... but who can tell in this place
If you have some extra cash maybe look at other projects in cambodia or the surrounding countries. spread the risk so to speak
...the returns that are promised to me are phenomenal
Funny how all real estate developers always offer phenomenal returns ! 
Having watched the Youtube presentation, let me comment and I am going to be real blunt for everyone interested;
A) For a start....it is on Youtube ! Would a truly professional property investment vehicle use such a medium ?
b) The guy giving the prezzo isn't Cambodian. He is European and he cannot even pronounce Phnom Penh correctly. It is NOT pronounced Fnom Penh !
He then zooms around one block of dirt on the banks of the Tonle Bassac;
c) He says the image is outdated and most homes have been built. Ok....lets see the current image please. Why would you present old images ?
d) He says "his parents" have a 2000sqft home that is 5000sqft long ? What the ? I work in construction and I can tell you this chap is deluded. How have his "parents" even bought here given he is not Khmer ? of course there ARE ways but I doubt an aged European couple would be buying in that part of town. As for houses selling for $800,000 down there.... BULLSHIT. I can show you a 10 bedroom Vann Molyvann designed villa 200m from Independence monument for $1million right now.
e) The area he is showing you is almost in Takmeo . The Japanese Embassy is the closest but I would not say the area was "teeming with embassy workers wanting to rent safe houses "!
f) You CAN see how close to the Tonle Bassac ( the river ) that land is right ? They have dumped fill on a river bank and the first decent flood we get next...GONE.
Then he gets to the really interesting stuff where he actually shows you the land he is wanting to sell.
g) It is over the Monivong Bridge. I find it interesting he doesn't know the name of the bridge? The road goes out to Kien Svay and I can tell you now that the traffic going over that bridge is a nightmare. We DO need a new bridge over the river but no works are scheduled as far as I know. The road out to that land is a shocker. It is not a "freeway". it is a two lane, edge eroded, car crushing strip of tarmac. As for National Road 1 being "4 lane highway within a year ". That is just not true.
He generally scans around and has no concept of distances." A few kilometres / one kilometre / two kilometres " etc.
i) The land is rice fields and he "can't show you exactly where the project is" but they are just going to "suck the water out, throw in some dirt and gravel and compact it and sell it off for someone to develop". Yes. It is that easy.:roll: . The place looks like a swamp to me.
but are still a risk to me since I do not have much guidance.
Somebody once said "A fool and his money are soon parted". I am not calling you a fool ok but you said you have a solid friend advising you and yet now you admit you do not have much guidance ? Sorry dude but it sounds to me like you are crossing an 8 lane highway with dark sunglasses and a walking cane.
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If I can have your guidance, it will help me decide whether to keep my investment at the current amount, or to contribute more.My father once gave me some advice that has served me well in life " if it sounds too good to be true - it generally is". To be honest this looks like just one more scam. I know nothing about your financial situation so I cannot really comment. As long as you are prepared to lose anything you put in....everything should be fine. Me, I would pull my money out as fast as I could having seen this highly amusing presentation.
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God Bless
Please...........no happy clappers !
it
b) The guy giving the prezzo isn't Cambodian. He is European and he cannot even pronounce Phnom Penh correctly. It is NOT pronounced Fnom Penh !
So if he cant say Phnom Penh, then you definitely should NOT buy anything from this guy... hell I would not trust any one who can't say it properly...
ask several khmers to say it...especially those from the provinces... I am sure they all sound the same
:roll:
Yes I have al sorts of fabulous land deals in the following cities;
Kong Hong
Dysney AUstralia
Mabilu California
and
Prais France.
If he has a project on in Pnum punya he should learn how to F&^% pronounce it.
it
Thank Advice, Ichtom. You mentioned the river wiping out the area with the next flood. How often does the river flood, and does it affect the adjacent buildings and land also? Anthony, the way that I know this guy is that he's my partner on another investment. I trust him, and I know that he is invested. The actual person overseeing the project had worked on another parcel close by and they were able to sell it to the Koreans at a little over $1000 per sq meter, so they say. Do you guys think that what I am getting into this is worth the investment?
I still need advice guys....what do you think? I would help you if you were in need.
I still need advice guys....what do you think? I would help you if you were in need.
Actually I am in need. If i send you my bank account details can you wire me $100,000 pronto. I need a HumVee. The traffic here is nuts.....
it
Ichtom, whatever or whoever your ignorant third world ass is, you are a fricking idiot. You are either uneducated, or too stupid to provide people with positive feedback. Possibily because you are a jealous pessimist who fails to make himself happy in his own life. You probably have many failures and close to zero friends, a reason why you keep responding to my post. You dream of being rich, but can only dream because you have no motivation to look at anything positive in your life's potential. And the Humvee you want?....well that explains your performance with women. So tell me in that small little voice in your small head, how right am I about everything I've said, you sore loser. Oh, and by the way, if you were hoping to discourage me in this project, I already got what I needed from this blog, and you were almost right when KEPLAND said that land in that area would be near $4000 psqmeter. BTW, Thanks for your educated feedback KEPLAND. Take care, best of luck!!
Ichtom, whatever or whoever your ignorant third world ass is, you are a fricking idiot. You are either uneducated, or too stupid to provide people with positive feedback. Possibily because you are a jealous pessimist who fails to make himself happy in his own life. You probably have many failures and close to zero friends, a reason why you keep responding to my post. You dream of being rich, but can only dream because you have no motivation to look at anything positive in your life's potential. And the Humvee you want?....well that explains your performance with women. So tell me in that small little voice in your small head, how right am I about everything I've said, you sore loser. Oh, and by the way, if you were hoping to discourage me in this project, I already got what I needed from this blog, and you were almost right when KEPLAND said that land in that area would be near $4000 psqmeter. BTW, Thanks for your educated feedback KEPLAND. Take care, best of luck!!
Troll? Perhaps
I also think this is a scam!!
I have a number of observations.
1) No - Kepland said that the land in the area of BKK1 would be close to $4000 psqmeter!!!!!!!!!!!!! Not your area, it is NOT the embassy belt - lucky to get $60 psqmeter (let me think buy for $80psm and sell for $60psm - yeah what an investment). Plenty of best mates become worst enemies for schemes like these :twisted:
2) You have taken off the Youtube link - why????
3) How can you say the guy is French Khmer - he can't say Phnom Penh correctly! All Khmers can at least do that.
3) They are currently building a new bridge next to Monivong Bridge - however it still runs into Psar Chbar Ampov and I'm afraid that aint moving, and so it will always be rineer reenay (chaos) over that side, even with a new bridge bottle necking in to a "2 way highway"! You need a monster truck rather than a humvee to go through over the top.
4) The Tonle Bassac swells every year during the wet season - nature of the river system as it flows up to the Tonle Sap for part of the year, and then down the other part. There was a part of the riverbank probably not too far from your "cant lose!" plot, that actually got washed away end of last year!
5) It amazes me how the buzz word here is "Korean" - yes it is true they are here by the hordes and buying up alot of the place, but are you truly telling us that you are quite prepared to invest on hearsay
The actual person overseeing the project had worked on another parcel close by and they were able to sell it to the Koreans at a little over $1000 per sq meter, so they say.
Have you seen hard evidence of this?
6) You asked for advice, but when it was negative, you turned on the one giving the advice - who is the uneducated, stupid fricking idiot seeking advice on a forum for expats who legally cannot buy land anyway??????
From what I have read - several have advised you to come over and check it out first (even KEPLAND who gave you advice before you posted that idiotic prezzo) - the small outlay of an airfare will no doubt save you your precious money, but will also buy you a great holiday!
Anyway, my 80 reil worth - if you want to reimburse me this, I wont say no as you will no doubt be lol all the way to the bank :twisted:
A )Ignorant third world ass
I am Australian - that's the developed world
B )You are either uneducated, or too stupid to provide people with positive feedback.
I stated I as going to be blunt before I made my comment. Can't handle it ? Run back to mummy then junior.
C) a reason why you keep responding to my post.
Actually i kept responding becuase you kept asking stupid fucking questions.
D)And the Humvee you want?....well that explains your performance with women.
The Humvee was a joke. How is your performance with men anyways big boy ?
E) So tell me in that small little voice in your small head, how right am I about everything I've said
The little voice is saying " Yo Ich, is this guy a big a tool as he really sounds ?"
F ) from this blog
Its not a blog its a forum fool. Get your net speak right.
Oh dear :roll: . Methinks adaunish got his bra straps tangled.
How about this - Next time you ask complete strangers for advice, don't be surprised if they tell you to go fuck yourself troll.
What a jerkoff.
it
BTW, Thanks for your educated feedback KEPLAND.
You are welcome but please don't ask me for any again. I find your derisive email aimed at another member rather rude given the advice you were given by all.
Good luck with your venture.
KL4S
Are you really Aussie? Why didn't you say so?
so whats the land worth now? did you invest?
"...the returns that are promised to me are phenomenal..." Hmm, very dodgy promise considering that basically all Phnom Penh real estate is haemoragging value at the moment. I'd say it sounds like the 'investment' you're trapped in was probably initially a local's attempt to speculate that has been undermined by the near collapse of the local real estate market. When the bank repayments start to loom, local small- to medium-sized developers usually look to offload onto a naive foreigner. That's where you step in. Expect your investment to shrink in value by about 20 percent even before the year is out.
When property in the third world - boasting poor infrastructure such as frequent power cuts and near non-existent garbage collection, poor local governance and average yearly wages measured in four figures - is more expensive than larger and better built properties in the West, values are only going to go one way. The writing has been pretty much on the wall for well over a year for those of us not wearing heavily rose-tinted glasses. Good luck.