Sihanoukville condo project on track

By Sum Manet / Khmer Times No Comments Share:
KT/Valinda Aim

The Ocean City condominium project in Sihanoukville, a 4-star quality development, will be finished by 2020, but units in the project will be for sale before its completion.

The project features 31 floors with 408 units, and while 70 percent of the foundations have already been completed, the entire project will takes three years to finish.

Nang Kongkea, a sales representative for the Ocean City condominium project, said it will be a big project on a good location in the heartland of the province near the Psar Leu market.

The project will have a Supermall Shopping Complex with five-storey supermarket, restaurant, cafe, stalls selling everything, a movie theatre, swimming pool, gym, steam room, sauna and parking lot, according to Ms Kongkea.

“Our condo features not only the best location, but a very modern style with high quality standards internationally, making customers’ lives refreshing when viewing the sea with a beautiful beach, about 35 kilometres long, islands, a national park and other natural features,” she said.

“In addition, there are also restaurants, bars, casinos and other places for entertainment that have security for national and international visitors,” she added.

The current growth of the tourism sector has been contributing to improving the living standards of citizens by about 2-3 percent, which has been absorbed in earned revenue from this development, she said.

“This is because the country is peaceful and has a safe environment favourable to investment and many foreign companies are interested to invest in the country,” she said.

“The fact is that the Supermall Shopping Complex, which has invested in a huge project covering a total area of 3,605 square metres, will comprise shopping malls and the condo with a height of 31 floors,” she added.

Compared with Phnom Penh, the Sihanoukville condominium market is still in its infancy and the first high-rise condominium project was launched on Independence Beach in 2015.

During the first half of 2017, two residential-led projects comprising a total of 1,324 condominium units were announced and both were set to start construction before the end of 2017, according a CBRE report.

By the close of the first half of 2017, a total of 5,700 units within six residential-led projects have been announced in the market or are under construction across the town.

“The Sihanoukville skyline is set to evolve dramatically during the next three years as the supply pipeline of the condominiums begins to deliver new stock. The first projects are set to complete in 2018, when two developments will deliver a total of 941 units to the market,” the report said.

“Similar to the Phnom Penh condominium market, demand within the Sihanoukville condominium sector is predominately driven by foreign investors, particularly from China, Singapore and Taiwan, who seek the opportunity that obtains higher rental yields than are offered in their home countries, alongside capital appreciation and low barriers to entry,” it said.

“The Sihanoukville market has emerged as an alternative condominium hub to the Phnom Penh market. In addition to foreign buyers, expats from Sihanoukville and residents of Phnom Penh make up a relatively small portion of the wider buyer profile for Sihanoukville condominiums.

“Sale prices for condominium units were broadly stable during the first half of 2017 across previously launched projects.”

The report noted that recently announced projects have targeted a lower sales price to attract sales.

Average quoting prices across all condominium projects dropped by six percent in the first half of 2017, compared with the second half of 2016, yet receding to the same level as seen during corresponding period in 2016.

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