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New Sihanoukville condo to be US-run

Sum Manet / Khmer Times Share:
The MoU signing ceremony between the KHCN Investment & Development and Grex Experts. Freshnews

Kim Heang, the council chairman of Grex Experts, is planning to bring a special property management franchise from the United States to manage the Sea Gate Suite condo in Cambodia.

The Sea Gate Suite condominium project, which will cost $200 million, was officially launched on the night of December 17.

The Sea Gate Suite is an internationally-integrated project between Cambodia and China and each condo project needs a number of management personnel, such as a sales and management company, Mr Heang said.

“This project is an international project, so this project needs an international management team to manage it,” he said.

“The KHCN Investment & Development Company, which owns the Sea Gate Suite, has cooperated with our company, which is a real estate management company from the United States, to cooperate to manage the condominium, and when the project is completed, we will manage the building,” he added.

He said the project has about 1,000 rooms and covers 100,000 square metres of land and will have thousands of people living there, so the condominium project requires a professional company to take care of the building.

Ouk Sochet, a representative of the Sea Gate Suite of KHCN Investment & Development, said the Cambodia-China friendship was increasing through investment, which was rising and remarkable in the housing sector in Cambodia.

“Sihanoukville is a potential tourism site attracting both national and international visitors as the Royal Government of Cambodia established a number of infrastructure projects,” he said.

The Sea Gate Suit, at a height of 43 floors and situated in #3 commune in Sihanoukville city, is an investment by KH CN International Investment and Development Co Ltd and will be jointly built by China Construction (S.E.A) (United Kingdom), along with the Thoroni Real Estate Company.

Meanwhile, the condo sector in Sihanoukville is attracting increasing numbers of investors.

During the first half of 2017, two residential-led projects comprising a total of 1,324 condominium units were announced and both are set to commence construction before the end of 2017, according to a recent survey from CBRE Cambodia.

By the close of the first half of 2017, a total of 5,700 units within six residential-led projects have been announced in the market or are under construction across the town.

“The Sihanoukville skyline is set to evolve dramatically during the next three years as the supply pipeline of the condominiums begin to deliver new stock,” the CBRE report said. “The first projects are set to be completed in 2018, when two developments will deliver a total of 941 units to the market.”

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