The Royal Platinum Condominium, the latest project of local conglomerate Royal Group, broke ground yesterday in Phnom Penh’s Tuol Kork district.
The project is being developed by Royal Hong Lai Huat One (RHLH1) – a joint venture of Royal Group and Singapore-owned Hong Lai Huat Group – and will be finished in two and a half years, with residential and commercial sales starting as soon as next month.
RHLH1 representative Ryan Ong Jia Ming said the development will provide residential and commercial opportunities – it will comprise 851 residential units and 50 shophouses, covering a total of 100,000 square metres.
“The development will be built following strict international quality standards. The Royal Group and Hong Lai Huat Group are committed to providing a safe and high-quality residential living environment coupled with modern facilities for the people of Cambodia,” he said.
“We believe Royal Platinum Condominium will greatly benefit our buyers and will further enhance the standards of living of the people in the Kingdom of Cambodia,” he said.
Mr Ong Jia Ming said the project will create jobs for locals and attract investors to the country.
“We are excited to bring to you a unique indoor shopping street which we expect will attract multiple new international retail and F&B brands, providing new shopping experiences and products, including restaurants and fashion outlets that will provide an attractive lifestyle for families and visitors,” he said.
He added that the development will feature the Exclusive Executive Club, a floor dedicated exclusively to entertainment for all ages, including multiple pools, a basketball court, exclusive dining options, and gyms.
In its first Financial Stability Review (FSR) published in March, the National Bank of Cambodia (NBC) said that the Kingdom’s real estate sector – particularly the condo, retail and office segments – will experience a slowdown this year due to an increase in the supply.
The report points out that delays in several construction projects were reported during the last quarter of 2018. This pending supply is expected to hit the market during the first half of 2019 along with the scheduled delivery of other developments.
“By the end of 2019, the supply of condominium units in all segments, retail space and office space is expected to surge. These developments have raised some concerns that perhaps incoming supply might outstrip demand.
“This is particularly the case if both external and domestic demand weaken going forward. As a result, sales, rental and occupancy rates across the market could be adversely affected in 2019,” the report says.
According to the Ministry of Land Management, investment in construction dropped by 15.3 percent over the course of 2018 to $5.8 billion.