Locally-owned TV Star has invested $10 million to build the first luxury flat-house villa project in Cambodia and it is set to be completed in 16 months.
Saing Veasna, the CEO of TV Star, said during the inauguration of the project on Monday that the company will build a modern flat-house-style villa with 89 units and the houses will be divided into three different categories.
The villas have a value ranging from $60,000 and customers will get a luxury house, located near the town, and the villas are equipped with modern equipment with quality construction and standards and customers can get a hard title from the project, according to Mr Veasna.
“With 10 years in the real estate sector, TV Star had initially operated subdivision land projects. Then the company began to consider constructing flat houses and villas, taking the model of domestic and overseas markets,” Mr Veasna said.
“Currently, TV Star is developing a project with 50 houses in front of Phnom Penh International Airport, which was their first project. Later, their second project with 60 houses was in Toul Pongro village in Chom Chao commune, Por Sen Chey district.
“Their third project with 89 houses, which was inaugurated on Monday, is in Prey Sar commune, Khan Dangkor,” he said.
“In just 35 days so far, our company has achieved sales up to 50 percent, which is another success story for a luxury villa TV Star,” he said. “I will develop modern villas with good quality and number one standards,” he added.
Veng Sikuti, a senior advisor to TV Star, said these luxury villas are designed for middle and high-income groups. Those who earn an income from $600 a month can afford them.
“The customers can gain high confidence from TV Star by guaranteeing the quality and hard title of the legal document. So far, 40 villa units have been sold. It’s an unexpected success,” he said.
Om Seng Bora, the founder of CEO Master Club, which is a partner with TV STAR, also confirmed that the villas are modern, the exterior is flat and inside is a star hotel that provides customer satisfaction.
He added that the luxury villas will be leading and exemplary.
Investment into the construction industry during the first 10 months of the year reached $6.26 billion, 27 percent higher than during the same period last year, according to a report from the Ministry of Land Management.
So far there have been 1,039 companies, including 324 international companies, which were listed in the ministry and valid to do business.
As of October, there were 168 boreys, satellite cities and housing development in the country. There were also 979 high-rise buildings with more than five floors.