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Prince Real Estate plans four projects this year

Sum Manet / Khmer Times Share:
The Prince Central Plaza in Phnom Penh was completed in 2018. KT/Chor Sokunthea

Following the completion of projects in Phnom Penh and Sihanoukville last year, Prince Real Estate Group has four more developments in the pipeline for 2019.

Speaking at a company gathering last week, executive chairman Qiu Guoxing said, “In 2019, four new projects will break ground: the Prince Happiness Plaza, a headquarters building in Preah Sihanouk province, the Borey Villa of Prince City Center, as well as a hospital.”

He said the company now has eight projects under construction.

“This year, no matter how challenging, I believe all Prince Real Estate employees will work hard to fulfill their duties, taking responsibility and moving forward with high-caliber work, patience and perseverance,” he added.

In 2018, the company completed two projects – the Prince Central Plaza in Phnom Penh, covering a total of 16,300 square meters, and the Prince Time Hotel in Preah Sihanouk province, a building with a total floor area of 133,400 sqm, Mr Qiu said.

Chrek Soknim, CEO of Century21 Mekong, said that the rise in foreign tourists in the coast and better infrastructure were the main factors attracting new housing projects in the province.

“Generally investors invest long-term in the province because it’s an area that has potential for the future.

“The emergence of luxury residential projects on the coast is a new phenomenon. With a growing number of tourists visiting coastal areas, I don’t think sales of villas, residences or condo units will ever be a problem,” Mr Soknim added.

The Sihanoukville skyline is set to evolve dramatically during the next three years as the supply pipeline of condominiums begins to deliver new stock, according to the latest report from real estate services and investment firm CBRE.

Last year the province welcomed nearly 2 million tourists, including 470,000 foreigners. Of total foreign arrivals, nearly 120,000 were Chinese, an increase of 126 percent year-on-year.

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