Taiwanese investors will raise a new building in Phnom Penh’s Koh Pich, also known as Diamond Island, valued at $100 million.
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Touch Samnang, the deputy director of the Overseas Cambodia Investment Corporation, announced the project on local TV this week.
Dubbed Gia Tower, the new building will consist of 40 floors and will stand 178 metres high. It will include hotels, offices and condominiums.
Only between 30 to 40 percent of total land available in Koh Pich has been developed, Mr Samnang said, adding that the satellite city has the fastest development rate of any area in the capital.
Chreck Soknim, CEO of Century 21 Mekong, said Koh Pich’s location makes it a good area for high-rise development.
“The area is surrounded by water and has a nice view. In other countries, condo developers would set higher prices. However, prices have to be based on construction quality, facilities and surrounding environment.”
Mr Soknim brushed off concerns about a glut of high-rise condominiums in Phnom Penh, saying that supply and demand are running parallel. “Developers study the market in depth before they decide to invest money.”
The combined value of approved construction projects in Cambodia reached $6.42 billion in 2017, an increase of 22.31 percent, according to the Ministry of Land Management.