Unit #3-163 with water point.
private area 10.98 sqm

Phnom Penh shopping mall Rentals usually $25 – $70 per sqm but not sure about private vs construction area. (see https://www.dropbox.com/s/ykc1bzcbsxsz7a5/Cambodia-Shops-Market-Report_2016.pdf?dl=0)

–rentals
$1586 + 1319 = $2905/quarter

–$amount:
final Sales price Px= USD 87,906
booking fee USD 1k
I sent $43k as first lump sum payment. By right 50% Px – booking fee $1000 = $42953 so I overpaid a bit.

Upon TOP, there’s 4% fee for the hard title deed from municipal government (硬卡, not the soft title deed from the district government) .

–address: see http://www.oxleyworldbridge.com.kh/the_bridge

Right across the road from the aussie embassy, and also next to Toyoko Inn (fairly tall building). 8 minutes walk from NagaWorld

Note on population censuses — Willmott noted that there is a tendency for some Chinese who have taken up Cambodian citizenship, or Chinese descendants who have assimilated into Khmer society through intermarriages to be identified as Khmer in government censuses

Today, an estimated 60% of the Chinese population are urban dwellers engaged mainly in commerce.

For various reasons, including the growing economic collaboration between China and Cambodia and the huge investments being made by Chinese companies, the Chinese community has seen its numbers expand dramatically in the 2000s (decade)

洪森政府内阁中超过一半以上的内阁部长都有华裔血统

Idle periods? The condo hotel concept assigns points to each apartment unit, according to the size. Each year/quarter each point would earn some declared rental dividend. It doesn’t matter if your apartment is idle. What matters is the percentage occupancy of the entire hotel.

Furnishing? hassle to many foreign owners. Therefore many developers offer fully furnished units.

Upkeep? hassle to many foreign owners. The condo hotel concept addresses this concern.

Rental income tax? If you manage by yourself, you can under-declare. If you follow condo hotel, then they pay the tax for you.

See the spreadsheet for the number details. I face up to $80~90k of shortfall.

• base plan — If I liquidate the unit trusts at an unfavorable time, I can get some 50k, but still I need to source additional 30k.
• base plan — convert all surplus SGD (if any) for a few months. Leave S$10k working capital for the family. See Oanda note below on removing FX risk
• base plan — be aggressive on withholding tax. Plan on negative tax refund.
• base plan — leave just USD 3k working capital for myself
• base plan — borrow temporarily from parents in SGD and convert to USD. See notes on Oanda.

The guaranteed rental income would offset some of the above forced losses. So let’s establish the base plan and make it a comfortable base plan, or at least tolerable, not painful like a toothache. On top of the base plan, it’s always reassuring and useful to have more contingency plans, even if they are messy, expensive, and involve premature liquidation.

• backup — early withdrawal of 401k and pay 10% penalty tax. Kind of “free” money and OK to take out.
• backup — personal loan
• backup — mortgage 9% pa + $2k set-up fee
• backup — Unfortunately no home equity loan for HDB flats

–If FX risk fully hedged, then any USD or SGD surplus can be deployed. Use Oanda to create synthetic FX swap to lock in near leg and far leg FX rates. For example, USD/SGD falls from 1.4 to 1.3 in the interim.

1. At TOP:
   1. transfer SGD 28k to USD sub account
   2. withdraw 20k USD to Cambodia
   3. go short 20k USDSGD, requiring about 20% of it as margin
2. a few months later when I save up enough USD
   1. deposit 20k USD from U.S.
   2. transfer to SGD sub-account as SGD 26k, at a loss due to FX movement
   3. take profit on the short to offset the FX loss

Conceptually, it’s borrowing USD using my SGD as collateral, at 0 borrowing cost. Exact USD amount and exact SGD amount fixed upfront.