Le Condé BKK1 Phnom Penh

Payment Terms and Options for Purchasing a Unit at Le Condé BKK1

Le Condé BKK1 offers flexible payment schemes to accommodate different buyer needs, including both lump-sum and installment options. Here are the main payment terms and options:

1. Booking Fee

• A booking/reservation fee of USD $3,000 is required to secure your unit.

2. Payment Options

Option 1: Lump-Sum (Payoff)

• Booking Fee: USD $3,000

• Upon Signing Sales & Purchase Agreement (SPA): Pay 90% of the unit price (minus the booking fee). This option may come with an 8% discount.

• Balance at Handover (Completion): 10% of the unit price, due upon handover (estimated August 31, 2024)

Option 2: Installment Plan (Interest-Free)

• Booking Fee: USD $3,000

• Upon Signing SPA: Pay 30% of the unit price (minus booking fee). This option may come with a 2% discount.

• Monthly Installments: Pay 60% of the unit price in equal monthly installments over the construction period (typically 14–48 months, depending on the agreement)

• Balance at Handover (Completion): 10% of the unit price, due upon handover (estimated August 31, 2024)

3. Typical Payment Schedule Example (Installment Plan)

4. Additional Costs

• Stamp Duty: 4% of the unit price, payable at handover for title transfer.

• Legal Fees: Estimated at USD $1,500–$2,500 for title transfer and processing.

5. Other Notes

• Interest-free installment plans are available.

• Buyers can offset monthly installment payments with guaranteed rental returns if opting for the leaseback program.

• The process can be completed remotely for overseas buyers, with legal support available.

• Studios start from $94,538 for lower floors and go up to about $104,000 for higher floors.

• 1-bedroom units range from $138,000 (entry-level) to $196,000 for larger or higher-floor options.

• 2-bedroom units are available from around $208,000, with premium units on higher floors priced up to $364,000.

• 3-bedroom units are listed from $484,000 for standard layouts, with larger or premium layouts reaching $612,000.

• 4-bedroom units are priced at approximately $954,000 for spacious layouts on higher floors.

• Penthouses (4-bedroom, 42nd floor) have prices ranging from $4.7 million to $6.7 million, depending on size and finish. Bare units are available at a discount.

Key Notes:

• All units are fully furnished and equipped with a Xiaomi smart home system.

• Prices may vary based on floor, view, and promotional discounts.

• Entry-level units may occasionally be advertised from $80,000, but most current listings for studios are in the $94,000–$104,000 range.

• A 30% down payment is typical, with various installment options available.

For the most accurate and up-to-date pricing, it is recommended to contact the sales team directly, as availability and promotions can change rapidly.

A guaranteed rental return (GRR) is a scheme where the property developer or management company promises to pay you a fixed rental income-usually a percentage of your purchase price-over a set period, regardless of whether the unit is actually rented out or the state of the rental market.

For Le Condé BKK1, this means:

• You purchase a unit and sign a contract specifying the guaranteed annual return (for example, 8% per year) and the duration (such as three years).

• The developer or their appointed management company manages the property and is responsible for finding tenants.

• You receive the agreed rental income at regular intervals (typically monthly, quarterly, or annually), as outlined in your contract, even if the unit is vacant or the actual rent collected is less than the guaranteed amount.

• The return is usually calculated as a percentage of your purchase price, and the payments are made directly to you.

Important considerations:

• The GRR is often quoted as a gross figure; you should clarify if there are deductions for maintenance fees, service charges, or other costs to understand your net yield.

• The terms-including duration, payout frequency, and conditions-should be clearly stated in your contract.

• After the GRR period ends, rental income will depend on market conditions unless the agreement is renewed or extended.

In summary, the GRR at Le Condé BKK1 offers you predictable, hassle-free income for the guaranteed period, making it especially attractive for investors seeking stability and minimal involvement.

The process for signing the Sales and Purchase Agreement (SPA) for a unit at Le Condé BKK1 involves several clear steps to ensure both buyer and seller are legally protected and all terms are agreed upon:

1. Reservation/Booking

• Pay a reservation fee (usually USD $3,000), which secures your chosen unit and is later deducted from the total purchase price.

2. Preparation of Contracts

• The developer or agent prepares the SPA, detailing all terms: property details, final price, payment schedule, included furnishings, and obligations of both parties.

3. Review and Agreement

• Both the buyer and seller (and their legal representatives, if any) thoroughly review the SPA to confirm all terms are correct and understood.

• Key points to agree on include the price, what is included in the sale (furniture, appliances), responsibility for outstanding fees, and arrangements for title transfer and taxes.

4. Signing the SPA

• The signing is typically done in person at a lawyer’s office, real estate agent’s office, or another mutually agreed location. Both buyer and seller should be physically present.

• Multiple copies of the SPA are prepared in both Khmer and English. Each party signs all copies, and it is common practice to affix thumbprints for added verification.

• A witness is optional but can add credibility to the signing process.

5. Initial Payment

• Upon signing the SPA, the buyer pays either:

  • 90% of the unit price (less the reservation fee) if choosing the lump-sum payoff option.

  • 30% of the unit price (less the reservation fee) if choosing the installment plan.

• The payment schedule is clearly outlined in the SPA and depends on the chosen payment option.

6. Legalization (Optional)

• Some parties may choose to have the SPA notarized or legalized by a Cambodian court or notary public for extra legal recognition, though this is not mandatory.

7. Completion and Handover

• The remaining balance (usually 10%) is paid upon handover, which is when the buyer receives the strata title and possession of the unit.

• Stamp duty (4% of the unit price) and legal fees for title transfer are paid at this stage.

8. Occupancy

• Once the SPA is signed and all initial payments are made, the buyer can move in after fulfilling any other agreed conditions.

Important Notes:

• The original property titles and documents should be verified at SPA signing.

• The process can sometimes be coordinated remotely up to the SPA stage, but both buyer and seller are generally required to be present in Cambodia for the actual SPA signing.

• All obligations, dispute resolution methods, and completion dates are specified in the SPA.

This process ensures a secure and transparent transaction for both parties.

Benefits of the 48-Month Installment Plan at Le Condé BKK1

1. Lower Upfront Commitment

• The installment plan allows buyers to secure a unit with just a 30% down payment after booking, making ownership more accessible without the need for a large lump-sum outlay.

2. Interest-Free Payments

• The 60% balance is spread out over 48 months with no interest charges, offering significant financial flexibility and reducing the cost of borrowing compared to traditional mortgage options.

3. Offset with Rental Income

• Buyers can offset their monthly installment payments with the guaranteed rental return (8% per annum for 3 years), meaning your investment can help pay for itself during the initial years. This is particularly attractive for investors seeking immediate cash flow.

4. Secure Investment During Construction

• The extended payment schedule aligns with the construction timeline, reducing risk and allowing buyers to manage their finances more effectively while the property is being built.

5. Flexible Ownership for Investors and End-Users

• The plan is suitable for both investors looking to maximize returns and end-users who prefer to spread their payments over several years without incurring additional costs.

6. Easy Entry into a Prime Market

• With entry prices starting from around $94,000 and the ability to pay over four years, buyers can access one of Phnom Penh’s most prestigious developments with minimal financial strain.

7. No Bank Loan Required

• Since the developer offers the installment plan directly, buyers do not need to qualify for or service a bank mortgage, simplifying the purchase process, especially for overseas buyers.

Summary Table

The 48-month installment plan at Le Condé BKK1 offers buyers an affordable, flexible, and low-risk path to property ownership in one of Phnom Penh’s most desirable locations.

Yes, you can offset your monthly installment payments with rental income at Le Condé BKK1. The developer offers a guaranteed rental return of 8% per annum for three years (totaling 24%), which is paid out to you regardless of whether your unit is rented or not. This means the rental income you receive can be used to help cover your monthly installment payments during the guaranteed period, making it much easier to manage your cash flow as an investor or buyer.

This feature is specifically highlighted as a key benefit of the 48-month installment payment scheme, making ownership more accessible and financially manageable.