Casa Meridian launches lease-to-own deal

Casa Meridian launches lease-to-own deal

In line with the maturing market and the need to attract new kinds of investors, the luxury Casa by Meridian condominium has launched a lease-to-own initiative for the first time in Cambodia.

The lease-to-own plan allows a person, family or business to lease a space first for three years and enjoy growing their family or business from there. After the three years, they can exercise the option to purchase the unit at the original price. The total accumulated rent paid during those three years would count as part payment for the purchase. If the cost of the property goes up, the purchase price of the unit remains at the original price and if the value of the property should drop, they can simply continue to lease without having to buy it.

Built on a landmass of over 6,000 square metres on Diamond Island, the USD75 million condominium project has been developed by Meridian International Holding, a subsidiary of Hong Kong-based Meridian Group. The group has three decades background in textiles, garments and property development.

Stretching up 33 floors (with two underground floors), the CASA by Meridian features 84 shop houses and 512 condo units with prices ranging from USD800,000 to over USD1 million. Shop houses will take up the first four floors with condo units from the 5th to the 29th floors. The 30th- 31st floors are reserved for a restaurant, fitness center, swimming pool, and children’s playground. The development will also feature 6,469 square meters of shopping space and office space.

The lease-to-own plan announced in early January will enable buyers and tenants to rent all three property types; condo units, commercial space and office units.

98 units of the total 512 condo units are reserved for serviced apartments managed by Ascot Property Management from Singapore. About 10 units are already under this lease-to-own deal and about 40 more units are available in the whole development either for normal purchase or lease-to-own.

“We understand and emphasise with would-be home owners the challenges of owning a home. That is why we created this unique lease-to-own plan which makes it more accessible by offering not only a prestigious address on Diamond Island as their home but also financially easier to own. This will enable our customers who wish to enjoy the lifestyle of living today at CASA by Meridian with the option to purchase after three years, mitigating financial risks,” said Mr. Ko Sek Yan, CEO and Co-founder of Meridian International Holding.

CASA by Meridian is the Meridian’s first property development that was originally scheduled for completion in June 2017. But Mr. Ko announced the development will be completed and ready for delivery by April 2017, three months ahead of deadline. While its second development, the USD30 million Skylar Meridian condominium featuring 385 units will be open for residents by May 2018, Meridian will also launch a third development in June called Meridian Square. This will offer multi-purpose properties in the Boeung Kok area and claims to introduce a Hong Kong lifestyle to the Cambodian market. More developments are also in the pipeline. 

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