INVESTOR’S PERSPECTIVE ON PROPERTY PURCHASE & MANAGEMENT
Managing Director David Murphy catches up with IPS
client Simon Vallegra. Simon met with IPS some three years ago to get a feel for the Phnom Penh property scene. Simon and wife Natalie have purchased two properties with IPS and have also engaged IPS to provide the ongoing management of the investments. 1. WHAT ATTRACTED YOU TO INVEST IN PROPERTY IN CAMBODIA? SV: It all started by coincidence. We stopped by Phnom Penh for few hours on our way to Angkor Wat and we had a good impression of the city; we decided to return a second time for a vacation and were charmed by Phnom Penh’s colonial atmosphere; there is no other capital city in Southeast Asia which has retained to the same style and charm. At that time, we were looking for a property investment in Southeast Asia and thought it would be worthwhile looking into Phnom Penh. We were after good return on investment but also after a property we would enjoy owning and, possibly, some day, living. We wanted something charming and unique.The decision of investing in Phnom Penh has proven successful so far; we own two properties we love, which are providing good return on the investment. 2. HOW DID YOU RESEARCH THE CAMBODIAN PROPERTY MARKET? SV: We scheduled appointments with a few agencies we sourced through the internet; then we travelled to Phnom Penh 10 | Cambodian Property Investor
for face-to-face meetings; a couple of agencies were very eager to show us properties and within a couple of hours attempting to close us on either property A or B. When we met with IPS, the managing director welcomed us in person and, as a first thing, mentioned we would have to invest time in going through the opportunities but also the risks of Cambodian property investment; it took few minutes to us to conclude: “those are the guys we want to do business with”. 3. HOW DID YOU FIND THE SALE PROCESS? WAS THERE ANYTHING IN THE SALE PROCESS THAT REALLY STOOD OUT FOR YOU? SV: We felt that the people at IPS understood the concerns crossing our minds with regard to risks associated to property investment in Cambodia, and found the right way to guide us through the emotions. Should they have had less patience in educating us and guiding us through the specifics of property investment in Cambodia, we would have likely walked away; we would have likewise walked away should we have had, at any steps of the process, doubts we could trust their advice. In the end, the purchase was an act of trust: the IPS team gave us confidence we could trust their advice, and we have never regretted the decision of trusting them so far. 4. YOUR PROPERTIES ARE OWNED UNDER SOFT TITLE, HOW WERE YOU ABLE TO SECURE YOUR INVESTMENT AND HOW DOES THIS WORK ONGOING?