Phnom Penh will soon get a $30 million revolving restaurant atop a residential tower, project developers announced during a reveal yesterday.
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Project owner Ly Hong said the primary development would serve as a residential building, which will be complete at the end of the year.
“So far, the project has sold out about 70 percent and the remainder will be sold out sooner or later because the customers are confident in us,” Mr Hong said.
“Construction will be complete at the end of this year for customers to move in.”
The new building will be clad in glass so residents can see the Royal Palace, the Tonle Sap, Chaktomok and Mekong rivers and the Independence Monument.
At the top of the building will be a swimming pool, sauna, gym and sky bar, and all would have 24-hour security, Mr Hong said.
Penthouse Residences is on Sothearos Boulevard and will house 450 units. The location is surrounded by many businesses such as AEON Mall, Sofitel Hotel and the ICAN British International School.
Mr Hong said the project had been designed to meet customers’ demands for condominium in the inner-city of Phnom Penh, and was surrounded by schools, hospitals, embassies and many commercial buildings.
Developer Taing Kim Theng said that from the start of the construction to completion, the price of units had increased about 25 percent because of increasing demand.
“The unit price starts from $100,000 per unit and the highest price can reach about $1.5 million. That’s why we call it Penthouse at the rooftop,” Mr Kim Theng said.
“This project is a joint venture among local investors only. Construction is to take three years to fully complete.
“So far, we have taken two years and four months on construction and there are eight months left to fully finish the project,” he said.
The combined value of approved construction projects reached $6.42 billion in 2017, an increase of 22.31 percent, according to a report from the Ministry of Land Management, Urban Planning and Construction.
Across the country, 3,052 new construction projects, equaling 10.74 million square metres, broke ground.
The ministry granted construction licences to 275 companies, which was a decline compared with the previous year, when 334 licences were issued.