The real estate developers, taking a few steps further and constructing the Condominiums, to benefit the people as the prices for land are increasing day by day, so naturally people are intended to live in condominiums said the deputy CEO. Last year, as a part of the development program in Cambodia, the country launched retail units for sale. The property developers have started marketing in eight global markets. Singapore is the first to invest in these markets and added Hong Kong and now Cambodia also added last year.
The Bridge, joint venture is located in the center of the Cambodian capital, Phnom Penh. The venture is of five storey platform where there can exist nearly 630 retail and approximately 2, 35,000 sq ft saleable area. The mall contains a supermarket and also a food plaza. There are different sized units; the retail units are smaller than that of the strata F&B units. The joint mixed development venture consists of more than 700 residential towers, where the maximum units are occupied. The estimated price of the retail units is approximately US$750-800 psf, with a starting price of approximately 90,000 to 1,00,000 US$, There is a price variation for the F&B units, it is nearly double the retail units, their starting average price is approximately 2,00,000 -2,50,000 US$
To attract the foreigners, the venture has shared some of the units to other countries. In this connection Oxley is going to allot one third of its retail and F&B ventures for Singapore. The Oxley company is going to charge a registration fee nearly 1,400 to 1,500 US$ at the time of launch. After the registration, the clients have to pay a down payment of 20% of the slab and sign on the sale or purchase deed. To facilitate the clients, the company is offering an installment payment. After the initial down payment, the client can relax for six months and later he has to pay 10% as second payment. After the second payment the client can take time for the remaining amount around a couple of years, and has to pay after the completion of the project that is going to be completed in 2018.
The Cambodian law states that foreigners are not supposed to buy land and they are not supposed to buy even the residential and commercial complex in the Cambodian units in the ground floor, to fulfill this, The Bridge allows the Cambodians in the ground floors and the top floors are allotted to the foreigners. The Bridge is providing another novelty to its clients that are the developer will manage the units on behalf of the owners. He will lease the units and controls them. This is the first time in Cambodia, this type of facility the investors are enjoying. This even further facilitates the investors by enjoying the higher rents. In this issue the company, Oxley is assuring the clients with 6% of the rental yield for a period of minimum five years. This deal has an extension of further five years. The executive Chairman of Oxley expresses that an extension in the rental strengthens the clients and lessen their fears, those who are having a different opinion that the rental malls are not properly managed. The organization, Oxley has opened a consulting unit to facilitate the clients. Suppose if any investor wants to dispose of his unit, the purchaser and the owner both have to sign on the agreement with the developer.
The Oxley future plan is to launch a third venture in Phonon Penh by the ending of this year.s In this third venture the developer is planning to develop a mixed units like residential and hotel units and the executive chairman also stated that his fourth venture is purely residential. The fourth project contains only condominiums and strata houses only. Let us wait and select the venture we prefer for.