What GRR is

Guaranteed Rental Return (GRR) is a scheme in which the developer or management company undertakes to pay the investor a fixed income as a percentage of the property's value, regardless of the actual occupancy of the apartments. This is not rental in the classic sense — it is a contractual obligation of the operator.

The investor exchanges potentially higher market income for predictable cash flow and the complete absence of operational concerns: finding tenants, vacancies, repairs — the management company takes care of everything.

Real rates and terms for properties in the database

According to the knowledge-base cards, the current GRR terms in Phnom Penh are as follows:

  • Wyndham Garden BKK1 (UC88) — 6% / 7% / 8% per annum for 10 / 5 / 3 years respectively; a hotel-branded property with Wyndham as operator
  • Le Condé 1 BKK1 — 8% per annum, 3 years (24% in total); the first GRR dividends were already paid to investors in March 2026 — confirmation that the scheme works
  • Le Condé 2 BKK1 — 8% per annum, 3 years; sales started March 2026
  • ODOM Mixed-Use — 8% per annum, 5 years + a buyback option at 110% of value after 5 years
  • Vue Aston — 8.5% per annum, 3 years (one of the highest rates in the capital)

The overall range across the Cambodian market is 6–12% per annum. The duration of GRR agreements is from 3 to 10 years.

An alternative format: GRR as a discount on the property

A number of projects offer to convert GRR into a one-time discount on the property price instead of annual payments. For example: an 18% GRR is converted into a discount of about 30% on the value — this lowers the entry check and resolves the management question. This format suits investors who prefer to lock in the benefit directly in the purchase price.

What to look for in the contract

  • Who is the payer — the developer or a separate management-company operator. If the developer goes bankrupt or hands management to another company, payments may stop.
  • The payment mechanism — quarterly or annually, in what currency, from what point (from signing, from completion, after N months).
  • What happens after the GRR period ends — management quality often declines once the guaranteed term concludes.
  • The presence of a management company with an international name (Wyndham, CBRE, HOPETREE) — an additional guarantee of operational stability.

When GRR is suitable and when it isn't

GRR is optimal for a remote investor with a budget from $150,000 who values predictable passive income without operational involvement. The scheme is not suitable for those who plan to manage the property themselves through Airbnb or expect to maximize income during a period of rapid market growth — in such periods, market rent exceeds the GRR rate.