Singapore investors tempted by Cambodian mega development
Cambodia has not been on the overseas property investment radar for many Singaporeans in the past, however recent marketing of a development in Phnom Penh has shone the spotlight on the Southeast Asian nation.
Developed by Singapore’s Oxley Holdings and Cambodia’s World Bridge Land, The Bridge, a 2,352-unit freehold mixed-use project, has been marketed to Singaporeans in recent weeks – attracting a fair amount of interest.
The 45-storey joint-venture project has been offering 6 percent guaranteed rental returns for three years along with a U$1,000 initial deposit. Prices start from US$153,000 for a one-bedroom unit measuring 721 sq ft in size.
Foreign property ownership in Cambodia is allowed and Simon Griffiths, Senior Manager for CBRE in Cambodia, told PropertyGuru: “You can own condominium above the ground floor in Cambodia.
“The building needs to be registered as a co-owned building with the land ministry, which is being done with this project. Then the owners can register a ‘Hard Title’ with the land ministry. A ‘Hard Title’ is registered at the highest ministerial level and is secure.”
The commercial portion of The Bridge in Phnom Penh will account for 595 units, and the project is scheduled for completion in mid-2018.
Source copied from: http://www.propertyguru.com.sg/property-management-news/2014/6/37914/singapore-investors-tempted-by-cambodian-mega-deve