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Protect Your Property Asset Value

Buildings normally depreciate in value with time. This is caused by natural factors such as rain or sunlight, and human factors such as rough handling of property or the poor maintenance of building. These factors can increase the depreciation rate of property and affect the property value.

In order to minimize the depreciation and provide the quality life to the residents,

“property management” company maintains the value of your property by its operations day-to-day basis.

Today we have a guest from Bodaiju Residences Property Management team, Ms. Eva. (C-Herald Company Property Service

Q: What are the property management’s main duties at Bodaiju Residences?
A: We operate the daily maintenance of the property, working with staff like contractors, cleaning and security companies’ staff, collecting rent and other fees, dealing with issues for our residents, enforcing regulations, etc.

Q: The maintenance fee at Bodaiju Residences is $1.5/㎡. Could you give us the breakdown?
A: Actually the management fee is $1.2/㎡. And this is not high compare to the other condos in the city. Besides the management fee, there’s 10% ($0.15) of Sinking Fund, and 10% of VAT. This management cost includes the daily maintenance and cleaning service of the all common areas such as pool, gym, garden, and etc., 24H management office and security service operations, water and electricity in all the common area, garbage collection free transportation service to the airport, free shuttle bus service to AEON MALL 2 once it’s open, and so on. And a parking space is provided for each resident, free of charge. We also arrange extra services as our tenants’ requests at additional charges

Q: What are the extra services?
A: Laundry service, house cleaning, tenant placement service, leasing service, VISA support, ordering furniture, etc.

Q: When people buy a condo unit, they tend to concern less about the management, and just want to pay as lower the management fee as possible. But if you pay lower maintenance fee, it would mean the maintenance of the building would be lower as well and that could cause problems in the future. What should they be aware of if they want the lowest management fee condo?
A: Lower maintenance quality, less services. If the building is not well maintained, this will effect on the resale price of the apartments as well as the rental values. If you pay cheap maintenance fee, it would mean they maintenance the building less properly which makes the property age more quickly, or they use the cheap components for the common area or facilities that could need to repair sooner. If you’d live in the property, you must want to feel safe and luxury out of it. If you’re an investor, you must want to protect or even increase your property asset. Then why wouldn’t you want a decent property management?
Since many buyers are investors from outside of Cambodia and can’t come to check the condition of their property often, nor do rental marketing, tenant screenings or showings themselves, we do the replacement and report to the owner regularly (additional charge applies).

Q: Do you get many inquiries and viewings lately? Locals/expats?
A: Yes. Most of our tenants so far are expats from Japan, China, Korea, USA, UK, Hong Kong, Myanmar, Singapore, etc. Due to its location, we are glad that we have many inquiries from people who work for the airline companies. Since Bodaiju has just started handing over the units last month and not every units are available for move in, we had to ask them to wait. But don’t worry, now there are more units available for them to choose from.

Q: What are your favorite part of the service at Bodaiju?
A: We can provide better quality service, quickly, because we have the 24H management service and security. There will be always someone stand by at the office, and since many of our tenants are expats, we have some cleaning and security staff who can speak English! This makes us easier to communicate with them as well.

What should you look for when you investment property in Cambodia?

Since 2010, foreigners can legally own property in Cambodia, with some restrictions. According to the law, the foreign ownership applies to the “private units of co-owned buildings”, from first floor and above, and up to 70% of the buildings. “Co-owned building” is a building that several owners reside and consists of residential area (private units) and common area such as gym, lift, garden, swimming pool and etc.

This type of the property ownership is called “Certificate of Acknowledgement Ownership of Private Unit” aka “Strata Title”. Strata title is a form of ownership that allows the owners to legally own the property. This is also one of the “Hard Title” that is the strongest form of property ownership certificate, issued by the Ministry of Land Management Urban Planning and Construction, the national government. “Soft Title”, on the other hand, is another common property ownership certificate in Cambodia that is issued by the local government.

Of course, you’ll have Strata Title for your Bodaiju Residences unit!

Without this…

1) You can’t prove legally that this is YOUR property.
2) the property value would be very low.
3) it would be difficult to resell in the future.
4) The mortgage could be harder to be approved, or the interest rate could be higher

Make sure that you understand the foreign ownership system, and protect your asset value!

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