Camko city, Phnom Penh, Cambodia(2)

category Uncategorized admin Thursday 27 December 2007

What do you think? Share your thoughts

13 Responses to “Camko city, Phnom Penh, Cambodia(2)”

  1. Annika UNITED STATES

    I think it about time for South Korean to step in to help rebuild the city . it good for the coutry, for the poeple to have a better life and for the future.

  2. Tempo

    Well lets start to look at this from a rational point of view. The first phase is costing USD 109m to construct and there are 1009 units of various types for sale. Therefore in order to break even each unit will have to sell for USD 108,000 plus. The company building it wants to make a profit so each unite will probably go for a minimum of USD 130,000. So even if you can obtain bank financing for 100 pct of the purchase price get a 10 year loan at a rate of 7.5 pct the monthly costs to service the loan are USD 1,543 per month.

    Ok now lets look at the average official monthly earnings of an a government official is USD 25. Lets say the average monthly wage of a person working for an NGO is USD 200. It begs the question who is going to be able to affords to buy these properties except the super rich 0.1 pct of the total population.

    Then there are the famous Golden Tower project where the minimum cost of an apartment is USD 450,000 I am told and the pent houses are going for USD 1.2million. Then there is the 55 story Financial Tower also going up as well. Again who can afford these except the elite.

    I go to Phnom Penh regularly and if you travel around the city all you see is building going on. There are literally thousands of brand new shop houses standing empty as no one can afford to buy or even meet the rent demands.

    Inflation has hit in excess of 10 pct and rising, oil prices are high and the cost of iron ore has doubled so steel prices used to build these projects will go up and therefore you will see the costs passed on. Cambodia is suffering a electicity shortage and there have been no new plans to improve the sewerage and water systems. How are they going to provide the power and clean water to these modern projects which because they are modern will use much more energy and water.

    90 pct of the countries exports are garments and mostly to the US. Last year the amount exported declined by 30 pct and the US is now in serious economic problems so this will continue to decline. So there will be factory closuers and significant job losses. Of course some of these will be soaked up by the construction boom but again if they cant sell and the bubble bursts what happens to these people.

    The main thing is what do all these developments do to the 80 pct of the population that live in the country side. Nothing. Yes they can sell their farmland for a higher price to developers but that means less food being grown and if things go bad these people have nothing to fall back on to survive.

    SO guys stop thinking IMAGE and start thinking REALITY

  3. Ron

    can anybody explain please, who pays, and who gets the profits?

  4. khem CAMBODIA

    Well, i work for an INGO and earn in average $650 per month. i can not affort to buy such an expensive house. I don’t know why the land and house in Cambodia has became more and more expensive. Most of the Condo, flat and villa has been sold out!!!??? why?? Maybe they sold their house in an exspensive area and buy in a cheap area. i think it’s one of the reasons… I gave a suggestion to my Parents that we should sale our house in the city center which cost around 1 million US dollars and buy two or three house in CamKo City.

    Or their target customer are high government officials who make million of dollars by corruption….? we have hundred of thousand of high government officlals.
    remember that…

    even if hundred of building are being built in Phnom Penh but it still can not serve the demand.

  5. Ron

    in my opinion, if you sell your house for about one million dollars, then you should buy a beautiful house in : New Zealand, or Australia ,or Canada
    for example on the approximately price of US $200,000, and live in a luxury living there…Camkocity??? what is that place?

  6. phak THAILAND

    I do not know much about the world. becaus I am only 13 years old who live in a romote area in the West of Phnom penh city.but I do feel proud of my city. and the development of it, at least, I can see that cambodia also has a big building like the other countries a round the world.

  7. CK UNITED STATES

    Well, let me see…no one in Cambodia can really afford any of these real estate being being (Camko city) but the top 0.1% of the population. I would say most of the people who will buy these properties are foreigner and tax evasion group of people.

    So real people in Cambodia…dream on…and I am one of those…

  8. coloco SRI LANKA

    I am also poor, I know that I can’t afford to buy those luxury house, however, at least , I can see that my country has a beautiful and modern building like other countries in the region. How about you? are you not Cambodian? even you live oversea, you should help to push Cambodia to move forward. Sometime is easier to said than done!

  9. matt UNITED KINGDOM

    I have been living in Cambodia between 2001-2003, building roads was goverment top priority. nowaday this country has gone crazy. at that time i could survived with $5 a day with good food and nice cold beers. but i’ve been told by friend who just came back from there $5 these day you can do nothing.

  10. elosmoplemi GERMANY

    Please delete this message….

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