Which Developers in Cambodia You Can Trust and How to Check

In short: In Cambodia, the developer worth trusting is the one with completed phases behind it — at least 3, and comfortably 5–6 buildings already handed over to owners, ideally on time. Renders, awards and promised yields prove nothing: handover does. Check hard title on the land, the construction permit, the source of funding for the build, and the addresses of completed projects you can visit in person.

This material is for information only and is not an investment recommendation. The figures are stated as of mid-2026 and may change; before any transaction, have the documents checked by a licensed local lawyer.

Why completed phases are the only real argument

At the pre-sale stage you are not paying for an apartment but for a promise to build one, and the value of that promise equals the reputation of whoever makes it. Practitioners state the threshold plainly: a developer should have at least 3, and preferably 5–6 delivered projects — not "in the portfolio", but with keys handed over and people living in them.

The second indicator is keeping to deadlines: for a buyer on an instalment plan, a year's delay means a year with no income on money already paid. Taiwan's Megakim World Corporation, for example, started construction of Time Square 8 in March 2025 — four months ahead of schedule — and broke ground on Time Square 11 three months early.

Six criteria for vetting a developer

1. The number of completed projects and actual handovers. Ask for addresses: a completed building can be visited, you can walk into the lobby and talk to residents. Urban Living Solution, for instance, can point to Urban Loft (delivered June 2019) and Urban Village Ph.1 (Q1 2020, 828 condos) — both 100% sold and occupied.
2. Deadline discipline. Compare the delivery date in old brochures with the actual one. UC Group has delivered every project on time over 30 years — that, rather than the number of projects (there are only three), is their argument.
3. Land owned and with the right status. You need hard title — title in the national MLMUPC cadastre with a cadastral number and coordinates. If the developer holds the land on a lease or on soft title, the risk of a dispute over boundaries and rights passes to you.
4. The construction permit. Pre-sales without permits are the classic route to a frozen site. In Sihanoukville, COVID left abandoned frames behind which, in market participants' assessment, will be demolished; resale units from such projects are not worth buying.
5. What the building is funded with: the developer's own money or buyers'. A direct question that a reliable developer answers calmly. Miraku Capital, which so far has zero completed projects in Cambodia (G.A.T.O Tower is the first), compensates for the missing track record through its contractors: the builder is LBL International with 400+ projects in the country, including Techo airport, and the design review is by Singapore's Meinhardt.
6. What happens after handover. Who manages the building: Le Condé 1 is run by Japan's HOPETREE, R&F City by Fulin Property, Wyndham Garden BKK1 by the Wyndham operator itself. The management company determines whether the building is an asset or a headache five years on.

What to look for in the documents

Document	What to check	Why it matters
The developer's land title	Hard title, not soft, not a lease	The foundation of the whole build; hard title is recognised by courts and banks
Construction permit	Issued, still valid, matching the number of storeys	Pre-sales without a permit = risk of a frozen site
Strata title on the unit	Whether titles have been issued for the building, or when they will be	The only lawful form of freehold for a foreigner in a condo
Sale and purchase agreement	Whether you can study it before signing; penalties for missed deadlines	A refusal to show the contract in advance is a red flag in itself
Assignment terms	Whether it is allowed and what it costs	At Megakim assignment costs $300, and the new owner does not pay the 4% transfer tax
GRR agreement	Who carries the obligation, from what point payments start, on what base they are calculated	This is a separate contract, not a feature of the apartment

A separate word on forms of ownership. A foreigner in Cambodia cannot own land. Three different instruments are available, and they must not be confused: a condominium apartment on strata title (from the second floor upwards, with a 70% limit on the floor area of private units in the building — Sub-Decree No. 82 of 2011); a perpetual lease — a lease under the Civil Code of up to 50 years with an extension of up to another 50 (Articles 244 and 247), in practice the 50+50 scheme; and a legal entity with a local partner — for land, commercial property and development (2001 Land Law, Art. 9: a company counts as Cambodian if at least 51% of the shares are held by the Khmer side, leaving a foreigner up to 49% — that is indirect control, not ownership). A private unit on the ground floor is not available to a foreigner in ownership at all — only on a lease.

Pre-sale, construction and a completed building are three different risk sets

Stage	Price	Main risk	When income starts
Pre-sale (off-plan)	Lowest: Time Square 5 launched in 2022 at $1,200/m², new 2026 launches in BKK1 start from $1,800/m²	Construction stalls; the developer's track record is what decides	In 3–4 years: that is how long the projects in our database take from sales launch to handover
Under construction	Intermediate, rising with completion	Slipping deadlines, design changes	After handover
Completed building (ready)	Highest. Completed BKK1 properties in 2026 — $3,000–4,750/m²	Overpaying, and price growth already realised	Immediately: studios at MIRO, according to the developer as of April 2026, are let within 7–14 days at $300–350/month

The difference between stages is not "better or worse" but a trade-off: at pre-sale you pay for a low price with risk; on a completed property you pay money for the absence of it. Vue Aston on Koh Norea: launched at $1,800/m² in October 2024, with the developer's remaining stock at $2,700–3,000/m² in August 2025 — those are figures for one specific project on specific dates, not a forecast. Whether the August 2025 price still stands has not been separately confirmed: before any deal, take the developer's price list as of the day of the transaction.

Developers in our database with completed projects

Disclosure. NextOasis is a real estate agency, and some of the developers listed below appear in our catalogue: on a transaction we receive a commission from the developer. That does not make the facts here any less verifiable — completed phases, timelines and documents can be checked independently, and the section above explains how. But you should know about this interest before you use the list.

Developer	Capital	Delivered	Evidence
Megakim World Corporation	Taiwan	5 of 12 projects	TS1 (2017), TS2 (2019), TS3 (2021), TS5 — December 2025, 99% sold
UC Group	Cambodia	2 projects in 30 years	The View and Golden One; in-house construction arm UC Design & Build
Wangfu International	Not disclosed (Wangfu Guoji brand, 王府国际)	1 project	Le Condé 1: 43 storeys, delivered Q1 2025, keys from December 2024, ~98% sold
Urban Living Solution	Cambodia / Singaporean school	5 of 6 projects	Urban Loft (2019), Urban Village Ph.1 (2020), Bakong Village (2021), Rose Apple Square (2022); 1,000+ homes built
The Peninsula Capital	Not disclosed (15 years in the market)	1 project	Vue Aston: 38 storeys, 895 units, ~800 delivered in 2025
R&F Properties (Cambodia)	China, listed on HKEX	R&F City	First handover June 2021, ~2,800 units delivered by 2025
Kingston Royale Co.	Cambodia	9 of 10 projects	The Residence L and H ranges, Kingston Residence (19 storeys)

This is a list of confirmed handovers, not a recommendation to buy: each of these developers has its own risks. For R&F Properties it is the debt burden of the Chinese parent group (the Chinese developer crisis of 2021–2023); for Megakim, dependence on relations with the state and the regulatory risk in Sihanoukville; for Miraku Capital, the absence of its own track record. What you verify is not a place in a table but the documents for a specific property.

One indirect marker is being publicly listed: Picasso City Garden Development Plc listed on the Cambodia Securities Exchange (CSX) on 10 December 2025, and public status means regular reporting that you can actually read.

Red flags

• A promise of 15–20% guaranteed yield. Practitioners' real reference points are different: price growth of 6–7% a year, net income after taxes and running costs of 4–5%, and contractual GRR of 4.8–8% a year (8.5% occurs on some individual projects).
• A GRR assembled from the "highest percentage" and the "longest term". In a contract, rate and term always come as a pair. At Wyndham Garden BKK1 there are three separate options: 8% for 3 years, or 7% for 5 years, or 6% for 10 years. At Le Condé 1 — 8% for 3 years, paid quarterly from March 2026. At ODOM — 8% for 5 years with a buy-back option at 110%. "8% for ten years" exists in none of them.
• Pressure of the "discount today only" kind and a refusal to show the hard title, the permits or the contract before signing.
• A land scheme in the name of an unfamiliar local partner. In that structure you have no legal guarantees at all.

Being honest about the risks

Even an impeccable track record does not remove systemic risks. The secondary market is thin: exiting a completed property can take 6–12 months, while assignment before handover is faster. The transfer tax relief (a $70,000 deduction from the base for new-builds at the 4% rate) is tied to budget legislation and may not be extended. GRR is an obligation of a specific legal entity: it is worth exactly as much as that entity's financial strength, and it is a term of a contract rather than a market guarantee. In Sihanoukville, the gambling industry and the legacy of frozen construction sites are added to the list. Every factor is to be counted before the deal, not after.

Frequently asked questions

How many completed projects should a developer have before you trust them?

The working threshold that market practitioners cite is at least 3 completed buildings, with 5–6 as the comfortable level. What matters is not the number but your ability to verify it: the address, the actual delivery date against the promised one, real residents. The exception is a new developer with a strong contractor that has its own track record, as LBL International does on G.A.T.O Tower.

How does pre-sale differ from buying a completed apartment in money terms?

In the entry price and in when income starts. Time Square 5 shows it literally: sales launched in 2022 at $1,200/m², and completed units after handover in December 2025 stood at $1,980–2,445/m² according to a market review in March 2026. An important caveat: in April 2026 the developer still had 1BR units listed at around $1,390/m², meaning the spread across unit types and sales channels is wide, and the "price after handover" cannot be reduced to a single number — check the current price list and actual transactions. A completed apartment generates rent straight away, but no longer offers growth "from the foundation pit".

What is hard title and why demand it from a developer?

Hard title is a right of ownership registered in the national MLMUPC cadastre with a cadastral number and the plot's coordinates; it is recognised by courts and banks. Soft title is recorded only at commune level and allows disputes over boundaries and ownership. If the land under a future building is on soft title, the project's legal foundation is weaker than the presentation makes it look.

Can a foreigner buy land or a house on land?

A foreigner cannot own land. The lawful options are: a condominium apartment on strata title (from the second floor upwards, with a 70% limit on the floor area of private units in the building), a perpetual lease of up to 50 years with an extension of up to another 50, or a purchase through a legal entity with a local partner. These are three instruments with different levels of protection, and one must not be substituted for another.

How reliable is GRR?

Exactly as reliable as the party that signed it. GRR is a separate agreement, not a feature of the apartment. Look at who carries the obligation (the developer or the management company), from what point payments start, on what base the percentage is calculated, and what happens once the programme ends: management quality after a GRR expires often drops.

Once more: this material is for information only, is not investment, legal or tax advice, and is not an offer. Investing in overseas real estate carries a risk of partial or total loss of the funds invested; past price performance does not guarantee future results, and GRR is an obligation of a specific legal entity rather than a market guarantee. Make your decision after independent legal and tax due diligence by licensed professionals in Cambodia.