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One Company Claims ‘a Lot of Flats’ Sold

Written By vibykhmer on Wednesday, September 2, 2009 | 8:54 AM

Written by Administrator -- Wednesday, 02 September 2009

Sales of residential flats, thought by many to be seriously flagging ahead of a major drop in price, is actually not as low as many believe, private sector sources said on Tuesday.

Marketing Supervisor of Chum Povorn market Heng Panha told DAP News Cambodia that “Our Company sold a lot of flats.”

The flats, priced competitively at US$20,000 to US$30,000, are selling but, “if the prices increase over US$ 50,000 nobody will buy, so company set a new policy to give a chance to all customers to discount or give an interest free loan.”

Manager of Siem Reap province’s Angkor Homeland Real Estate said he sold “about 5 to 6 lots in early of August,” rising to 20 higher priced lots.

Manager of Cambodia Angkor Real Estate, a company with branches in Phnom Penh, Siem Reap and Preah Sihanouk provinces, Vong Thinun said the market is still below its peak of last year at “about 60 percent” of the number of transactions.

“Now we are preparing the new marketing gold to get the profit,” he said. “If the price not so good, but our company also earn some profit from other services.”

“I hope that all customers both inside and outside the country can consider what is good or bad themselves and do not believe announcements from others. Doing so can waste time and money.”

Although some companies claimed to be earning profits from property sales, the wider situation is clearly not as rosy as estate agents make out. The one plus is that the price of property is remaining steady.

Sung Bonna, manager of Bonna reality and a respected authority on Cambodian real estate, told DAP News Cambodia said that “buying and selling of flats is common. If we look at the whole country, we can conclude that all assets are still steady in price.”

“One or two years later, everything will be better than now,” he assured.
But anecdotal reports of a looming rash of loan defaults stemming from speculation gone bad are rife.


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