A new luxury condominium project broke ground in Phnom Penh yesterday, hoping to attract young buyers with a modern style and convenient location.
Amara Residence, a 25-storey condominium building, will comprise 96 high-end units located in Chamkar Mon, the southernmost district in central Phnom Penh.
The project is being developed by Century 21 V-Heritage Home Realty with China Nuclear Engineering (CNE), a renowned Chinese conglomerate, acting as a general contractor.
Meach Sokha, representative of Century 21 V-Heritage Home Realty, told reporters yesterday at the groundbreaking that the project is designed to attract young couples looking for a comfortable lifestyle in the heart of Phnom Penh.
“A lot of attention is going into the safety features as well as the facility management services, including the allocation of 1 percent of a unit’s cost to a sinking fund.
“With a good location, competitive pricing and facility management services, customers will enjoy a new level of comfort in their new homes,” he added.
He said that VTrust Property, a local property management agency, is acting as project consultant and facility management service provider.
Slated for completion in 2021, the project is now available for sale, with three types of units on offer: one-bedroom, two-bedroom and four-bedroom ranging in size from 37 to 139 square metres. Prices start at $1,900 per square metre.
Mr Sokha did not unveil the investment for the project.
Grace Rachany Fong, executive director for Century 21 Cambodia, praised the project’s location inside the central business district (CBD), pointing out that it is surrounded by several embassies.
“The developer has chosen the right location for a condo project,” Ms Rachany Fong said.
She said worsening traffic congestion is driving a significant number of people to own two homes, one for weekdays, in the city centre and close to their work, and one for the weekends.
“Buying a condo is the best option for them. They can cut down commute time while enjoying a safe and comfortable lifestyle.
“I believe this project will be successful because, clearly, a lot of work has gone into studying the market,” she added.