Phnom Penh has now become one of the popular business centers in Cambodia. Several industries have come up in this city. Many people have started relocating to this city in search of better jobs and also for starting business ventures. All these have led to phenomenal growth in the housing sector. To meet this growing demand, many Habitat condos in Phnom Penh have come up.
Demand for apartments:
Apart from condos, the city has witnessed a considerable increase in the demand for apartments as well. In order to cope with this increasing demand, many apartments have come up in several important locations of Phnom Penh. There are economy class as well as deluxe, luxury andduplex apartments in Phnom Penh.
Difference between a condo and an apartment:
Both condos and apartments are multistoried buildings with independent houses. Therefore, by external appearance both condo and apartment remain one and the same. However, there is a point of difference between a condo and an apartment. This is briefly discussed here:
· Basically, condos and apartments are both residential units. In some cases, condos are used for business activities. For example, some condos are allowed to be used as administrative offices of the business enterprises. But, apartments are housing units, and normally they are not allowed to be used for purposes of business activities. Read at Habitat Apartments
· The major point of difference between Habitat inner-city apartments in Phnom Penh and the Habitat condos in Phnom Penh is in the legal status. In an apartment, owner of every house has an equal share in the ground over which the apartment is built. For example, if there are 10 luxurious executive apartments in Phnom Penh, the owners of these houses will have 1/10th share in the ground. But, in a condo the owners of individual houses will not enjoy this right. In other words, the owners of individual houses will enjoy only the ‘air space’ of the house in which he/she is living. Except this, condos and apartments do not have any other notable differences.
· The individual owners of apartments as well as habitat condos in Phnom Penh will form an Owners’ Welfare Association. According to law, it is mandatory that every owner of the house will have to become a member of the Owners’ Welfare Association. This association is charged with the responsibility of routine management of the condos or apartments.
· The association will take care of issues of common interests, like, for example, cleaning and managing electricity supply of the common areas, managing water supply, security, including lift and such other related tasks. Every member of the Association will have to pay the prescribed fee to meet the expenses connected with managing such matters of common interest. The Association may also form guidelines for renovation/modification of individual houses in the apartment/condo. Check out http://habitat.condos/
Lower price tag:
Condominiums, also called as condos, have gained popularity in Phnom Penh. The condos have a lower price tag as compared to apartments. In fact, even as far as rental is concerned, condos are available at much lower rentals as compared to an apartment. Considering the lower price tag and the lower rental, many people prefer a condo as compared to an apartment.