Parkway condominiums, the first blend of Khmer and modern-style architecture, officially launched its showroom to the public after more than seven months of construction.
This first condo is a joint investment between locally owned Parkway Investment and Chinese-owned Nantong City Daxin Engineering (Cambodia).
Located in the trendy district of Toul Kork, the 1500-unit development will rise to a height of 35 floors.
Recently the company announced construction of the $100 million joint venture, which began last year and is expected to be ready by 2020.
Tuol Kork, which literally means “ground hill” in Khmer, appears more and more like the ideal choice to live a relaxing life in Phnom Penh, the district being well known for its villas and quiet life.
Sour Soktheng, chief executive officer of Parkway Investment, said the development would comprise three buildings of respectively 29, 25 and 35 floors.
The luxury apartments will range in floor area from 45 to 135 square metres.
“Our investment in this project is not for the short-term but for the long-term,” Mr Soktheng said.
“We foresee that the middle classes will keep growing, and that along with their increasing income, they will start to look for better living standards.
“We believe that an increasing number of Phnom Penh’s inhabitants will choose to live close to the city centre to reduce the amount of time spent commuting.
“This will also mean fewer accidents on the city’s increasingly busy roads,” he added.
“On each floor, we have created public spaces, so our residents can take full advantage of their leisure time and relax in the green spaces.
“The condo development will feature full facilities, including an infinity swimming pool and gym. On the ground floor, there will be a mall offering several options for dining, leisure and shopping areas.
“There will even be a small school for the exclusive use of our residents’ children.
“In addition, as we are located in a highly desirable residential area within easy reach of the
CBD, we aim to attract buyers of all nationalities, as well as Cambodians currently living and working abroad.”
Kim Heang, president of the Cambodian Valuers and Estate Agents, said the condo sector
had not yet experienced oversupply. Many condos were under construction and would give options to buyers.
“There have been many luxurious condos with their own customers, but there are still many areas for condo development which should focus on low- and middle-income people,” he said.
The construction sector has been playing a central part in supporting economic growth and job creation.
The sector attracted $5.63 billion during the first nine months of the year, an increase of 22 percent compared with the same period last year, the Ministry of Land Management says.
The biggest part of this investment has been for commercial buildings, office blocks, shopping malls, factories, and condominiums.