Common mistakes of Property Developers in Cambodia, Realestate.com.khTV
Common mistakes of Property Developers in Cambodia, Realestate.com.khTV
Jum reap sour! And welcome to another weekly Real Estate News Report brought to you by Realestate.com.kh. The leader in real estate news in the Kingdom and the best place to find your new home.
On this week’s show, we’re going to be speaking with Mr. In Sitha, Director of Business Development at VTrust Appraisal.
Sitha has over 20 years experience in the real estate business in Cambodia and he now specializes in property development consultancy and real estate business development. He’s also a renowned real estate teacher in real estate law and real estate practice.
In this 6 Part series, we’re going to get some tips for property developers and real estate businesses seeking to gain an edge when entering the Cambodian real estate market.
PART 5: COMMON MISTAKES MADE BY PROPERTY DEVELOPERS IN THE CAMBODIAN MARKET, AND HOW TO AVOID
Realestate.com.kh: What are some of the most common mistakes that you see developers making when they first come to Cambodia?
In Sitha: Well, the most common mistake that the property developer makes when entering the Cambodian market is moving too fast. Before starting any project a feasibility study is crucial. And they need to get recommendations from professional real estate agents.
Realestate.com.kh: They’re moving too fast?
In Sitha: Before starting the investment, yes. That’s why they could not identify the right location for the right project. Developing and selling are not separate. You need to consider your market before you even break ground. Which means that my recommendation, I would like them to use a professional real estate agent to teach the international developer about the local real estate market conditions.
At VTrust Appraisal – we can do that. We are experienced and skilled in the real estate industry since 2004. We are the first to get developer and agent license from the Cambodian Security and Exchange Commission of Cambodia. Feasibility study is the most common service that developers request us to do before entering into this market.
Realestate.com.kh: So many developers are coming in and doing everything too fast. They think the local market is the same as the Singapore market or Malaysia market and they’re very surprised.
In Sitha: Yeah, that’s true. First of all they need to do the market research. What is the best area for starting the project? The project is built based on the available investment capital. We would like to get the best return on that investment capital.
Realestate.com.kh: The right property, the right price and the right market.
In Sitha: That’s right.
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Source: News – Real Estate Cambodia