The Flora, a leading property and real estate developer in Cambodia, on Saturday announced the development of its first high-rise condominium, The Flora Suites, a five-star condo in Phnom Penh’s Boeung Keng Kang I.
After success in developing residential and Borey projects, the Flora has now expanded into the condo sector.
The developer’s latest project is a 38-storey five-star condominium building for which construction will begin in mid-2020, according to Saing Sopheakrady, sales director of The Flora Luxury Living.
Speaking at an event in Phnom Penh on Saturday, Mr Sopheakrady said The Flora Suites is a five-star condo project consisting of 20,786 square metres.
He said The Flora Suites will include gym, swimming pool, sauna, yoga studio, playground, sky bar, coffee shops, meeting rooms, and restaurants.
“Construction will begin in mid-2020, and it will take two to three years to complete. It is a five-star condo designed for high-class customers, with prices starting at $100,000 per unit,” Mr Sopheakrady said.
“Now, there is a high demand for condos. Some villas in BKKI are being transformed into high-rise buildings. We have to build a high-rise building to accommodate more people,” he said.
“For us, competition is low. We are not concerned about oversupply in the market as five-star condos are not common in Phnom Penh and often sell out,” he added.
The condo market is growing fast with vast amounts of foreign direct investments pouring in, said Lim Kok Loong, CEO of The Flora.
Demand from locals who want to experience a modern lifestyle is also on the rise, he said.
“It is our first condo project but we have plenty of experience with residential projects. With this project we aim to meet the needs of customers,” Mr Lim said.
The Flora Suites is located in the centre of the city, on prime real estate, he pointed out. He said it features a European design and is equipped with the latest technology to allow customers to live a modern lifestyle.
“This project is an opportunity to serve customers and boost the image of Cambodia,” Mr Lim said.
According to CBRE’s latest report, nine new off-plan condominium launches, accounting for a combined 5,140 units, were announced for the capital during the third quarter of 2019. CBRE is a commercial real estate services and investment firm.
The figure indicates that it has been one of the most active quarters for Phnom Penh’s condominium sector and comes on the back of a strong performance in the second quarter of the year, when 5,800 units were launched, the strongest quarterly performance recorded so far.
According to CBRE’s ‘Third-Quarter 2019 Phnom Penh Market Update,’ the new project launches are concentrated on the Chamkarmon and Chroy Changvar districts, which account for 44 percent and 40 percent of newly launched units, respectively.
The majority of new launches were positioned in the mid-range segment, which constituted about 52 percent (about 2,700 units) of all launches. High-end and affordable segments, on the other hand, represented 32 percent and 16 percent, respectively.