JSM properties gain 'late' interest boost

Colonial Mansions in Phnom Penh pictured in December of last year. Photo by: Pha Lina

via CAAI

Friday, 10 December 2010 15:01 Catherine James

JSM Indochina has had some “late” interest in its Cambodian properties from companies who have previously not looked at real estate in the Kingdom, according to its sales manager CB Richard Ellis.

“We have received interest from a wide range of parties, including international companies that CBRE has introduced that have not previously looked at the country,” CBRE country manager Daniel Parkes said.

“As there is no fixed closing date we will allow some extra time to allow the late arrivals to assess the due diligence package.”

JSM is selling all five of its properties in Cambodia – four in Phnom Penh, including Colonial Mansions and the Embassy Centre, and one in Siem Reap.

JSM previously warned its shareholders of disappointing results from its Cambodian property sales, citing “less robust than hoped” buyer interest in an October trading update.

CBRE told The Post yesterday that the company has received some initial offers, which were being considered, but did not specify which sites were in demand. “Currently the interest we have is about fifty-fifty between domestic and foreign buyers,” Parkes said.

CBRE viewed 2010 as the market bottom for land prices following the fallout of the global economic downturn, he said.