The people behind Leedon Heights, a new joint foreign and locally invested condominium project, say it will mark another milestone in Phnom Penh.
Located in Sen Sok district near Aeon Sen Sok, the development is being built on 1.5 hectares of land and will consist of four towers, each 36-storeys high with a total of 1,190 units, and with two floors of underground car parking.
The investors are Singaporean, Taiwanese and Cambodian.
Chief Executive Officer (CEO) and shareholder Horng Pheap of the group behind it said it is designed for mixed use living, entertainment and commerce.
“Our property is in an excellent location with plenty of potential for investment. We will be providing a luxury lifestyle with commercial centres such as coffee shops, a supermarket, child care centre, swimming pool, gym and playground,” he said
He said the company’s vision is to contribute to the development of the capital’s growing property sector in a positive way.
“Because it is attractive for investors and Cambodian people in general, it make us more confident with the Kingdom’s economic growth despite COVID-19,” he said, adding that the company also has other projects in mind.
Noun Chhayleang, Leedon Height’s country sales manager, said only two towers will be opened initially.
“We are not a new developer. We have years of experience and a good reputation in property development, ” he said.
Construction is imminent and scheduled for completion by 2024.
According to a report released by Knight Frank Cambodia, an international real estate consultancy firm, there was a 10 percent increase in total condominiums in Phnom Penh at the end of 2019.
The report also noted there were 15 new off-plan developments launched by the end of 2019 featuring several high-end and mid-tier offerings.
Phnom Penh will see a steady rise in the supply of condominium units in the next 10 years, reaching 295,000 in 2030, according to VTrust Appraisal.
Ann Sothida, Managing Director of CBRE Cambodia, said Leedon Heights will provide affordable prices for locals compared with other projects
“if you look at other luxury condo projects on the market today, prices will generally start at around $2,500 to $3,000 per square metre, which may be beyond the reach of many customers,” she said. “As for Leedon Heights condos, in line with our mindset, we focus on local people as a priority, so we offer a reasonable price, starting from $ 1,700 per square metre.”
According to figures from the Ministry of Land Management, Urban Planning and Construction, 2,522 projects were approved in the first half of this year with a value of more than $3.842 billion, an increase from 1,047 projects in the same period last year valued at $3.392 billion, an increase of 13.26 percent.