cellcard cellcard

New 78-storey building complex planned for capital

By Sum Manet / Khmer Times Share:
The new Glory Business Center building will be located near The Bridge project in Tonle Bassac area. KT/Chor Sokunthea

A $200 million, 78-storey building containing condominiums, shopping malls, apartments, hotels and offices is being planned for Phnom Penh.

Po Sambath, a representative of the Yung Chung Company that will construct the building, said construction will start by the end of next year.

He said that due to the height of the proposed building, the company has been carefully considering the technical details of the foundations and other components to avoid any risks and to make sure the construction meets international standards.

The building, called the Glory Business Center, will be located next to The Bridge in the Tonle Bassac commune in the capital.

“The construction cost will be about $200 million and the construction will take from four to five years, so we expect it to be 2023 or 2024 for it to be operational,” he said.

“The building will be a diversified trading centre that includes shopping malls, apartment units, condominiums, hotels and offices,” he added.

“I believe that this project will be successful in the future when the building is completed. People will decide on upscale condo living in condominiums, including amenities for the convenience of living there.

“In the future, landed houses in the city will cost $300,000 to $400,000 per unit, so they will decide to live in condominiums worth lower prices and which provide more comfortable living.”

The supply of condos has kept increasing in the second quarter of this year, while the sale price for condos saw a very slight increase, compared with the previous quarter of 2017.

The condo supply is still low at this stage, with total supply expanding by 1,911 units to
reach 6,109 by the end of the second quarter of 2017, an increase of 46 percent from the previous quarter.

The number is approximately double the supply figure during the corresponding period last year, according to the latest report from CBRE Cambodia.

Thida Ann, the director of CBRE Cambodia, said the supply of condominiums in Cambodia is set to increase exponentially, which will be beneficial for consumers.

“It is good that some projects are completed on time as promised, but there are some projects which have been delayed because their sales were not up to expectations,” Ms Thida said.

“The positive impact of an increase in condo supply is that customers have more options to rent or buy and compare, which is good for them.

“When there is more competition, the prices will go down a little bit, so landlords have to renovate their property to meet the current demand of customers,” she added.

Construction investment during the first nine months of the year reached $5.63 billion, up 22 percent over the same period last year, with a total increase of $5.636 million, according to a report from the Ministry of Land Management.

The ministry approved 2,522 projects worth about $5.63 billion, an increase of 22 percent on the same period last year.

The majority of projects approved this year were condominiums, housing, factories, enterprises, hotels and office buildings.

Previous Article

Land title transfer process in Cambodia: Part 1

Next Article

Property tax in Cambodia and what it means