A large-scale real estate development project that will comprise nearly a thousand luxury homes and major recreational, business, and health facilities soft-opened recently in Kandal province.
Billed as an “All-in-One-City”, Piseth City had its soft opening early this month, in a ceremony attended by more than 300 people. The project is located in Kandal province’s Lvea Aem district.
In his speech during the soft opening, Henry Sim, founder and group chairman of Piseth City Investment Co Ltd, said the project will have a big impact on the community and the people living in it.
“Piseth City will change the lives of people in the community by providing jobs, healthcare, education, entertainment, and importantly, delivering luxury homes at affordable rates to everyone,” he said.
Attendees were given a tour of the complex and had the opportunity to look inside some of the completed units. The project features 991 linked homes and shop units.
Ian Lau, deputy CEO of Piseth City Investment Co Ltd, told Khmer Times that in addition to the luxury dwellings, the project will also include a school, a hospital, a business centre, restaurants, and recreational facilities.
“Occupants will live in luxury homes that are only a few steps away from many amenities,” he noted.
Mr Lau also said that its proximity to several main roads makes it a “great” investment opportunity.
Mr Lau said the project will go through three phases. “The first phase will be completed 20 months after the soft opening,” he said.
The project is being developed at a cost of more than $55 million by Piseth City Investment Co Ltd and Piseth City Construction Ltd.
Cambodia is in the middle of a building boom, with real estate development mostly concentrated in Phnom Penh, Sihanoukville, Siem Reap, Kandal, and other major urban areas of the country.
Other major real estate projects underway in Kandal province include the $100 million affordable housing project being undertaken by WorldBridge Homes Co Ltd, which is slated to be completed by early 2020.