How to Check a Developer in Cambodia — Before You Hand Over a Deposit

By Charlotte — Your Cambodia Real Estate Guide

I’ve seen too many buyers sign for a unit based on a glossy brochure and a showroom tour. Then handover gets delayed by two years. Or the pool never gets built. Or the developer runs out of money halfway through and stops answering emails.

Here’s what to check before you transfer a single dollar.

The 5 Things That Actually Matter

1. Do They Have Finished Projects You Can Walk Through?

Not renderings. Not a showroom. A real building with people living in it.

Ask: “Which projects have you completed and handed over? Can I visit one?”

If they’ve never finished a building before, you’re their first experiment. Developers with zero delivery history are the highest-risk bet in Cambodia right now — especially in a soft market where some projects have stalled entirely because presales dried up.

2. Go See a Building They Finished 12+ Months Ago

A project looks great at handover. The real test is what it looks like a year later.

Walk through the lobby. Check:

• Are the lifts working?
• Is the pool clean?
• Are the corridors maintained?
• Ask a resident: “How are defects handled? Do they actually fix things?”

A developer who delivers well but vanishes after handover is still a bad developer.

3. Who’s Actually Paying for Construction?

This is the one most buyers skip — and it’s the most important.

Some Cambodian developers fund construction entirely from presale deposits. That means if sales slow down, construction slows down or stops. This happened across multiple Phnom Penh and Sihanoukville projects during COVID and is still happening in 2025–2026.

Ask: “Is this project fully funded, or does construction depend on presales?”

If the answer is vague — that’s your answer.

4. Guaranteed Returns: Read the Fine Print

If a developer promises 8-12% guaranteed rental returns for the first few years, here’s what’s usually happening: that return is baked into your purchase price. You paid more upfront so they can give you your own money back and call it “returns.”

When the guarantee period ends, you’re left with a unit that rents for market rate — often half what you were “guaranteed” — and you overpaid for it.

A real rental return is backed by actual rental data from buildings in that area. Anything else is marketing.

5. Who Manages the Building After Handover?

A developer who builds well but hands the building to an inexperienced management team will tank your rental value. Trash in the hallways, broken gym equipment, uncollected service fees — it all drives tenants away.

Ask: “Who manages the building after completion? Have they managed buildings before?”

The 30-Second Red Flag List

If you see any of these, slow down:

• ⚠️ “Guaranteed returns” or “risk-free investment”
• ⚠️ No completed projects to show you
• ⚠️ Pressure to sign today for a “limited discount”
• ⚠️ Vague answers about payment schedules or title documents
• ⚠️ No clear process for defect repairs after handover

The Best $500 You’ll Ever Spend

Hire a local lawyer to check the developer’s track record, the title situation, and the Sales and Purchase Agreement. Even the strongest developer can have gaps in their documentation.

A $500 legal review beats a $60,000 mistake. Every time.

Looking at a specific project in Phnom Penh? I can tell you what the developer’s track record actually looks like — not what the brochure says. Reach out.

About the Author
Charlotte – Property Consultant in Phnom Penh
I help local and international buyers navigate Cambodia’s real estate market, with a focus on BKK1, prime condominiums, and lifestyle-focused property selection.
If you’re considering a move to Phnom Penh or looking for investment opportunities, feel free to contact me for personalized advice.