Chip Mong's President: Real Estate in Cambodia Could Improve By October Next Year

Currently, the situation in the real estate sector is not yet stable, while Nak Oknha Leang Meng, President of Chip Mong Group, said that this situation could continue until October 2024.

Speaking at the Cambodia Business Forum and Gala Dinner 2023 organized by Cambodian Oknha Association, Nak Okha Leang Meng said, as for him, it will be a little difficult because he is the person who is in charge. He continued  “Now we have the previous Purchase Order, then the Purchase will be starting to fall a bit.”

The President of Chip Mong Group added that he has six real estate projects and claims that he can still sell with a smaller number, but most of his buyers are the real owners who live there, not just buying for profit.

"I hope the new government understands, so they will have the tactics to make it like 2018 on investing in Sihanoukville. I see that in 2024, the beginning of the year is not so good, but during October everything will probably be better." Nak Okha added.

According to the Nak Oknha Leang Meng, there are three major factors that make those projects stuck and unable to move forward:

1. Housing supplies are higher than practical needs

At this point, the Nak Oknha said, "Some investors see a good business, so some people also see profits then follow each other, many construction starts while the world economy is uncertain which affect us too. ”

2. Incorrect cash flow arrangement

At this point, he continued, “For a while now, there have been protests that claim s some project developers scam the buyers because they did not set up the cash flow properly.”

3. Investment

In particular, at this point, “as we can see, it is because buyers see it as an opportunity to buy for profit, which is a big impact. For example, demand needs only 10 units, but investors buy up to 20 units, which can meet the wrong cash flow and there are also many investors, so it cause the project stuck.”