06 October 2009
Everyday.com.kh
Translated from Khmer by Socheata
Seung Bunna, chairman of the Cambodian association of real estate valuators, warned that by the end of this year, foreclosures and auction sales could take place for a number of communities and row house developments under construction because of the collapse of the Cambodian real estate market.
Seung Bunna claimed that, up to now, all over Cambodia, there are many development projects that received the green light for construction, but these developments could not be sold, therefore this could lead to bank foreclosures because of the rising amount of debt and interest owed.
Seung Bunna did not reveal the names of these developments, nor how many there are. He indicated that his association cannot reveal such secret information belonging to the developers.
He added, that up to now, no developments want to reveal that they have no buyers, or that they have stopped their construction. However, he said that some developments that claim to build 1,000 row houses for sale, in reality, they are building only 10 to 20 houses, and they could not even find buyers for them.
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