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Up to 40% of Ta Khmao Development Sold

Sum Manet / Khmer Times Share:

Up to 40 percent of the $100 million River Premium Development Company, a joint venture between local partners and Malaysian investors, has been completed and sold, said Houn Heng Eriya, the sales manager of the project in the city center of Ta Khmao. 
The project in Ta Khmao, Kandal province, covers 15,463 square meters and features twin towers including 60 commercial shophouses, eight commercial buildings, a two-story mall, three-story carpark and 484 units and is located along the riverside. 
“We have now sold 40 percent of the shophouses in the first phase after the foundations for the shophouses were finished. There are many investors wanting to book condo units, but we have not accepted their bookings yet,” Mr. Heng Eriya said. “In our project, we differentiate from others because we finish the foundations first, then we start our sales to customers,” he added. 
“We will sell condo units to our customers after the foundations are finished. The project is mainly focused on quality and amenities.
“Our target customers are middle-to-high-income people because our project is such a high-end development.” 
He said the next development will be in Sihanoukville, but he did not want to go into detail about the company’s next big project. 
The Khmao project is a joint venture between Tang Kung Group and a Malaysian investor who also developed the Riverside Group in Melbourne, Australia.
Tang Kung Group has almost 20 years of experience in the real estate industry, initially investing in selling properties and later expanding to borey developments: Borey Pich and Borey River Town.
Dith Channa, the general manager of VMC Real Estate Cambodia, told Khmer Times that the project is in a good location and near Phnom Penh. “The property situation in Ta Khmao city is favorable and the property in the city is active; such a project will attract other developments into the city and change the city’s skyline,” Mr. Channa said. 
The growing number of developments from Phnom Penh towards Ta Khmao city is what “Father of New Khmer Architecture,” Vann Molyvan, spoke about at Pannasastra University in 2012. He said that as the country developed it had to spread out and that development should go the southern area of the city. 
“I think the southern development of Phnom Penh is better than the west because the southern land is higher and it has a river for water to flow out in the case of floods,” Mr. Molyvan said. 
Ta Khmao is a city in Kandal province which is along National Road 2 and 11 kilometers from Phnom Penh.

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