Developers join hands to help cash-strapped home buyers

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Members of the Housing Development Association of Cambodia have introduced a series of measures to stabilise the country’s housing market. Photo supplied

Developers have announced several measures to help home buyers, including offering discounts and more flexible payment terms.

This follows an appeal by Prime Minister Hun Sen to help people purchase properties amid the economic slowdown caused by the Covid-19 pandemic.

Housing Development Association of Cambodia secretary-general Huy Vannak told The Post on Wednesday that his members have introduced a series of measures to stabilise the country’s housing market.

These include giving customers the option to pay in monthly instalments and discounts on the price of the property of up to seven per cent.

“These are only some preliminary measures. If the government requests it, we will do more to help the housing sector in Cambodia. Association members will work together to improve the housing market and make it more sustainable,” he said.

Ieng Sotheara, a co-founder of Arakawa Co Ltd which is a firm developing an affordable condominium project in Phnom Penh, said since his project is already very affordable, sales have been stable in the last few months.

He said he has not received any requests from customers to delay or restructure payments.

“If the customers ask, we could consider allowing monthly instalments. But, I don’t think our clients are facing financial trouble,” he said.

Chim Sochea, the general manager of UTrust Investment Co Ltd, which is selling nearly 80ha of division projects near Bat Deng market in Kampong Speu province’s Udong District, said the Covid-19 outbreak has caused a slight decline in sales.

Even before the outbreak began, payments were already coming in late. He said some customers have asked for monthly instalments.

“Payment terms are stipulated in the contract. But as of late, a few customers have asked for help to pay. We can be flexible in such cases,” he said.

Sochea said some of his customers have recently experienced a reduction in their incomes due to job losses, a decrease in sales revenue and a drop in remittances from family members working abroad, he said.