Construction work for a new high-end villa project began yesterday in Phnom Penh.
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The Palms will cost an estimated $100 million and will be raised on three hectares along National Road 1 in Chbar Ampov District.
It is a joint venture of Singapore-based Oxley Holdings Limited and local partner Worldbridge Land, with Oxley-Emerald as developer. The Palms will take two years to complete, according to project representatives.
“Our third project, The Palms is based on a vision for a unique development, with the villas resembling the type of houses that you would find in luxury resorts,” said Sear Rithy, chairman of Worldbridge Land.
The project is composed of 220 villas, and includes a park, gym, swimming pool, food court, watercraft docks and the kingdom’s “first man-made beach”, according to Mr Rithy.
He said The Palms epitomises a trend in the local construction sector of closer collaboration with foreign developers to undertake big-investment projects.
“The Palms is like a resort, which makes it unique in Cambodia,” Mr Rithy said. “It aims to be a market leader by introducing a novel concept: resort living at home,” he said.
“No other project offers similar facilities within a gated community. Located along the riverside, and with a unique design, homeowners will feel they have left the hustle and bustle of the city and entered a world of relaxation.”
Chea Sophara, the Minister of Land Management, said during the groundbreaking ceremony that the new project will contribute to the beautification of the city and to elevating construction standards in the kingdom.
“The project represents progress and development in the city, and it will increase real estate values around the area,” the minister said, adding that The Palms will be the 189th residential project to be built in Cambodia.
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.
Across the country, 3,052 new construction projects, equaling 10.74 million square metres, broke ground last year, with the ministry granting construction licenses to 275 companies.