LHN Group, a Singapore-based real estate management group, has purchased 108 freehold apartments for $12.5 million from Spring CJW Development Pte. Ltd., a local developer.
The apartments are part of Axis Residences, a condominium building whose completion is slated for December in Phnom Penh’s Sen Sok district.
“The board is pleased to announce that it has taken its first step to enter the Cambodian market. The acquisition marks the group’s first step to expand its space optimisation business into the Cambodian market,” the official announcement read.
“The board is of the view that the deal will broaden the property portfolio of the company, provide capital appreciation to the group, expand its operations into the kingdom, increase its brand value, and provide additional opportunities to generate revenue.”
LHN Group operates mainly in Singapore, Indonesia, Thailand, Myanmar and Hong Kong.
According to CBRE’s latest report, 1,200 condominium units were completed during the first three months of the year, increasing the supply by 14 percent to reach almost 10,000 units.
However, according to the real estate agency, condo prices slid slightly during the first quarter of the year compared to the previous three months, falling by about two percent in the mid-range and high-end categories.
2018 will experience a tremendous increase in the condo supply, particularly for mid-range and high-end condominiums. Total supply will double, reaching 20,000 units by the end of the year, CBRE forecasts.