Urban Living Solutions is now selling an affordable, luxury condo project in northern Phnom Penh to provide Cambodians with a more comfortable city-living environment.
Due to the increasing population and growth of the capital as well as the budding condo trend, the URBANLOFT project began construction early this year.
The project is located on Oknha Mong Rithy Street, near the AEON Mall2, Makro, and the National Bank.
Ngoun Chhay Leang, a representative of the company, said the project includes services such as swimming pools, fitness centres, gymnasiums, barbecue and grills, a central garden, a playground and a private party place.
The project has units sized from 60 square metres with prices starting from $72,000, he added.
According to a study from the company: “The population of Phnom Penh will reach about five million by 2035, when more Cambodians will live in condominiums due to population demographics, automobile growth, traffic jams, and increasing property prices.”
The URBANLOFT condo project has two 20-storey buildings with 182 units and 177 parking spaces for customers.
“The company has been focussing on local and foreign buyers and expatriates with long-term destinations in Cambodia to make sure that when completed, the project will be full. With market confidence and the changing mindsets of Cambodians, there is optimism that this project will be successful,” Mr Chhay Leang said.
“With the responsibility for professional and ethical development, the URBANLOFT project developer is following clear procedures by having a housing developer licence from the Ministry of Economy and Finance and construction permits issued by the Ministry of Urban Planning and Construction, as well as the hard titles for the land which is under construction,” he added.
“In less than a month, the company has booked more than 20 percent of the units before the company unveils its official launch soon.”
Chrek Soknim, the CEO of real estate company Century 21 Mekong, said the reason the housing market was still seeing growth was because of support from the banking sector plus demand from newly married couples and middle-income Cambodians.
Addressing the housing sector growth in Phnom Penh, Mr Soknim said: “The greater part of Phnom Penh is the capital’s central business area. The population has increased year-on-year and the housing demand has seen an increase also.
“Seeing GDP growth every year, the number of middle-income people is increasing, leading to the increase of demand,” added Mr Soknim.
“If comparing the city’s population with the number of houses, the population is more than the housing number, so housing demand is okay.”
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 land department approved 2,522 projects worth about $5.63 billion across the nation, up 22 percent over the same period last year.