The city is full of construction sites mostly containing condo projects. This step forward in lifestyle is a big change in Cambodia.
Many people say it will take time to get people used to this new way of living.
The main concern is who will buy and where.
Most of the projects are in the inner city, out of reach for most Cambodians due to the extremely high prices and the system of financing that is offered by the developers or the banks.
Next, there is also the problem of congestion which will only get worse over time.
We see a trend unfolding of many developers as well as the young mid-level and lower-income professionals moving away from the core of the city due to many factors.
These include less traffic and lower prices per square metre.
Realistically, the market knows that sales as well as the construction of condominiums in the city has hit a roadblock but this does not mean that the love for new lifestyle condominiums is not out there. It is.
More and more Cambodians are looking at the outskirts of the city where very beautiful residential as well as commercial projects are being developed to allow people to benefit from the opportunity to invest in the property market as well as a new home for starting a family in an area bustling with opportunities.
Some of the options include the Sky Land Condos project by Star5 Developers.
The company promotes these as being away from the hustle and bustle of the city yet within close proximity to every necessity. It’s near important landmarks, entertainment zones and an upcoming multi-specialty hospital.
“The unique cultural mosaic of the land will provide for ample leisure time pursuits,” the company says.
“With so many exciting features, Sky Land Condos will soon be the most sought-after destination for those who look for style, comfort and luxury.”
The project is just 15 kilometres from the city at Vihear Sour, Arak Sart. It has 224 condos consisting of studios, one- and two-bedroom units as well as ground floor commercial units and a parking area for cars and motos inside the building.
Its four towers each have eight floors. There is a 1600 square metre roof garden, sky bar, clubhouse, gym, swimming pool and play area on the premises.
The project is surrounded by green areas with outdoor activities such as a horse racing track, car racing, restaurants, fishing areas and more.
Apartment packages in promotional deals being offered include $22,050 for a studio and get a Starland plot including hard title for free.
There is also a two-bedroom condo for $72,975 and get two Starland plots including hard title for free plus a Vespa scooter.
The developers say they are offering flexible payment options, with no interest for up to three years.
Based on the prospective success of this development, they are offering a ‘super return’, which means for any investor, there is an expected return on investment of 35-50 percent growth after two years of completion.
The developers say the buildings will be managed by a team of highly qualified professionals to make sure that all is running smoothly and efficiently.
With the fast expansion of Phnom Penh and the upcoming SEA Games, people are looking for new areas to live and invest.
One upcoming area is Vihear Sour on the east side of Phnom Penh on the other side of the Mekong river.
Prices in Phnom Penh city are out of reach of 95 percent of Cambodians with land prices up to $6000 per square metre and condominiums reaching $500,000 or more.
In Vihear Sour the prices are still very attractive with high quality projects being built.
It is predicted in the real estate industry that within the next two years prices of land and developments will triple in value.
This in contrast to the inner city where the prices are already reaching a ceiling and the return on investment there will be minimal.
Star5 is involved in real estate investment, development, construction and acquisition and is based in Phnom Penh.
It says it is driven by an unmatched commitment to quality and innovation.
With more than a million square metres of properties in various stages of development and a portfolio that includes Sky Condos, Sky Villas, Sky Space Sky Mekong and StarLand, Star5 Developers says it is an emerging industry leader.
It says it is unique among the top real estate developers by carrying out all of the construction on its own projects.
“With no competing interests, Star5 Developers is free to work with visionary architects in collaborations that always put the firm’s desire to raise the bar for luxury developments first, no matter what,” it says.
“The Star5 Developers team is composed of professionals who specialise in residential, hospitality, and mixed-use projects and have impressive backgrounds in architecture, construction, design, and engineering as well as extensive experience in major projects in various other areas.
“Each member of our Star5 Developers team takes pride in the exceptional standards of quality, design and ingenuity evident in each of our projects, and in the timeless quality that shines through every detail.”
The Star5 Developers team can be seen at the Cambodia Construction Industry Expo which runs until December 2 at Koh Pich in Phnom Penh.
The developer will be running through exclusive promotions including up to 20 percent off the purchase price.
Star5 Developers can be contacted at #124, Sothearos Blvd, Sangkat Tonle Bassac, Khan Chamkarmon
Phnom Penh. Cambodia.
Email: [email protected] Phone: 23 622 4555 / 081 255 455 / 081 355 455
MD: Kiran Kumar Reddy
CEO: Alexander Evengroen
CSO: Mohan Gunti