Sihanoukville’s Sea Gate Is Now Ready to Take Your Money
The massive development in Sihanoukville, Sea Gate, has recently secured $200 million worth in investments, and the construction of this mammoth is in process.
Situated right next to Chey Chomneas beach, the condo property will consist of 43 stories, and inhabitants will be able to enjoy beautiful views of the beach while having easy access to the street right next to it. The coastal city has seen a lot of foreign, especially Chinese investors streaming in. This is due to the lack of available hotel rooms, as well as the skyrocketing costs of staying at one of the beachfront hotels.
Investing in one of these properties is a viable option to investors as they can enjoy their property when vacationing without having to make expensive bookings while earning an estimated 8% return on their investment if they rent it out during the periods that they are not inhabiting the space themselves.
The Sea Gate property offers loads of benefits to those looking to buy or invest – owners can expect fully kitted apartments, with appliances already built in. The cost of these modern, upscale condos ranges depending on the size, location in the building, and amount of rooms. Prices start at a mere $70 000 and go up accordingly.
Sea Gate is not the only development at Sihanoukville, others include Blue Bay, Sunshine Bay, Seaview, Royal Bay to name but a few. According to country director of CBRE Cambodia, An Sothida, the property market in Sihanoukville is growing rapidly, with almost 800 condo units built and others on their way.
She says that local Sihanoukville inhabitants are not interested in buying some of these units, or have shown little interest in the opportunity to invest, whereas foreigners are the main market buying the properties for investment purposes.
The current interest in these condos can be ascribed to the fact that land prices are high at the moment, however, a lot of investors are looking at possibilities to buy land as these offer higher returns once they are developed. The undeveloped land will cost foreigners up to 20% the market value in taxes.
Condos have become a popular investment in Cambodian property over the past couple of years, with a massive surge in the market seen in more recent times. Due to the rate of new buildings being erected, a massive need for property management services has become a reality. Read this insightful article on the need for professional property management and how developers are looking at solving the problem over here.