Payments for WorldBridge Land’s affordable housing project in Kandal province, which is scheduled to be completed within 15 months, have been restructured, with buyers now having the option to make an initial payment of between 5 to 10 percent of the unit’s price before having to start paying again in two years’ time.
The decision to alter the payment conditions for the low-cost housing project was based on feedback from buyers given during an official ceremony last week to kickoff sales of units in the housing complex.
“To facilitate the payment for customers, we have set up different stages,” said Noun Rithy, WorldBridge Land’s sales agent, during a press conference on Friday.
“Customers must settle a down payment to the company of only 5 to 10 percent of the house’s total price. They then have another 24 months to settle an extra 10 to 20 percent without any interest rate.
“Once they’ve paid 20 percent of the unit’s price they will have access to a loan from one of our partnering banks for the remaining 80 percent.
“We have partnered with several commercial banks to offer loans of 70, 75 and even 80 percent of the total price.”
According to the new payment scheme, buyers will need to pay between $105 to $244 each month (depending on the type of house they chose) during the first two years, Mr Rithy explained.
“Customers must reserve their house and fill the documents before February 12. If they are late, they will forfeit their right to access this payment scheme.”
250 houses – around 11 percent of a total of 2,297 units – have already been sold since sales started on February last year.
The project will be about 18 kilometers from the capital in Saang district, Kandal province and about eight kilometers from the Takhmao roundabout.
WordBridge Land says homes on the project cover 24 hectares of land out of a total 45 hectares which include shops, a clinic, a school, an administration office, a park and office space.
Units are priced from $25,000 to $30,000, with a choice of two kinds of houses.
In the first group, composed of 2,025 units, houses are four by seven metres and have two storeys, with two bedrooms and one bathroom.
In the second group, of 272 units, houses are six by seven metres and have two storeys, three bedrooms and three bathrooms.
Sear Rithy, the company’s chairman, explained that the market currently demands around 10,000 houses each year, but that current supply is limited to just 7,000 to 8,000, most of them targeting medium to high-income buyers.