World Bridge Homes adjusts low-cost housing project payment policy

World Bridge Homes adjusts low-cost housing project payment policy

In response to market feedback, World Bridge Homes announced on February 2 an adjustment to the down payment policy of its low-cost housing project by extending the payment period from six months to 24 months. 

World Bridge Homes’ low-cost housing project aims to help low-income citizens buy affordably priced homes. The project consists of 2,457 houses on 24 hectares of land in Saang district, Kandal province. Following the ground-breaking ceremony in January 2016 work is expected to be completed by July 2020.

The project has attracted significant interest with 11% of the units sold. However, many buyers have been complaining about the down payment policy, which requires them to pay 30 percent of the total cost of the property within six months. 

“We understand that the difficulty of the most buyers that six months is too tight for them to pay 30 percent of the house price. That is why we want to announce the new policy today,” Noun Rithy, a sales agent for WorldBridge’s project, told Construction & Property Magazine. 

“With new the policy, now buyers have to pay only 5 percent of the house price in the first month. After that, they will have another 24 months to complete payment without any interest at all. They can choose to finish 20 percent, 25 percent, or 30 percent up to their capability. Then they have to pay the rest with the bank where the terms and conditions of each bank will apply,” he added. 

Therefore, the payment rate for each month can vary from USD105 to USD245 according to the amount they wish to complete and the house price. House price range from USD25, 000 to USD38, 888.    

World Bridge Homes also urged buyers who have registered to buy units in this project to make a payment before February 12, 2018. For those who miss the deadline, their name will be taken out from the list. 

“We want to help those low-income buyers. This can be considered as the win-win solution for all. After two years from now, buyers will complete their payment, which corresponds to the period that our project will be finished,” said Mr Rithy. 

“With this new policy, we expect that we will sell everything out within two months,” he added.  

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