Another condominium project has begun construction in Phnom Pen’s Chamkarmon district, with the project estimated to cost approximately $50 million.
The Golden One condominium will consist of 36 floors on a 1,290 square metre parcel of land in Boeung Keng Kang district, along Street 360.
Golden One project representative Kea Yu said the project, expected to be completed by 2019, shows the country’s thriving property sector which has contributed to Cambodia’s economic growth of 7 percent year-on-year.
“The construction will start immediately as Golden One has already received orders for 50 percent of the units from our customers. This shows that the construction sector in the country still has plenty of opportunities for investors to buy and sell profitably,” she said.
“[From the 50 percent of confirmed clients] 20 percent of them are from foreign countries while 30 percent are domestic customers. The project is expected to be successful in the construction industry,” she added.
She explained that the Golden One condominium project is designed with a soft contemporary style inspired by urban Singapore with three types of units on offer namely studio apartments, three bedroom units and four bedroom units.
Phnom Penh’s rapid development is expected to expand the city by 375 square kilometres, with populations expected to hit 3 million by 2020.
In 2035, the capital city is expected to expand further by 675 square kilometres with populations hitting 5 million people, all of which will drive demand in the real estate sector, especially in luxury properties.
Phnom Penh’s condominium supply is due to increase significantly over the next 12 months. Over the course of 2017, more than 8,000 units are scheduled to be completed, accounting for an approximate 200 percent increase in supply levels as compared to the fourth quarter of 2016, real estate company CBRE’s latest report said.
However, investment in Cambodia’s construction sector saw a 20 percent decline in the first quarter of this year compared with the same period in 2016. According to a report from the Ministry of Land Management, Urban Planning and Construction, construction investment from January to March this year stood at $1.28 billion, 22.16 percent less than last year.