Photo: HLH / OPP
Singapore developers are targeting Cambodian and other overseas buyers, as the domestic market continues to cool.
Singapore property prices have been consistently declining in recent years, new figures reveal, thanks to the cooling measures introduced by the government since 2009. Now, developers are countering the flagging foreign and domestic interest in real estate by targeting investors further afield.
Asian neighbours are on their watch list, with destinations such as Indonesia and Malaysia already established players on the global property field. Now, HLH Group Limited is launching a new website, CAMHOMES, which OPP.Today reports is the first Singaporean business to build housing specifically for the Cambodian mass market.
The site will offer build-to-order sales to the growing economy and follows a successful agri-investment division for HLH in the country.
The first project to be marketed under the CAMHOMES initiative is D’Seaview, a mixed-development project located in tourist hotspot Sihanoukville. The development will boast 735 residential unites, with prices starting from $33,000.
Dato Dr Johnny Ong, HLH’s Chief Executive Officer, tells OPP : “As a Singapore home-grown company, we are much honoured to be the first to take on such a project here. We see tremendous growth in Cambodia – especially with a young and vibrant population with rising disposable income.
“This is also a very timely and auspicious occasion for us as this launch coincides with our SG50 celebrations as well as Singapore’s 50th anniversary of diplomatic relations with Cambodia.”