Hongkong Land broke ground on Friday on a $100 million mixed-use development project in Phnom Penh’s financial district.

Called Landmark, the building by the Hong Kong-based property group will be on a 10,700-square metre site on Street 106 near the capital’s Freedom Park.

“One of Hongkong Land’s core strengths is developing and managing high-quality office and luxury retail concepts for long-term revenue generation,” executive director Robert Garmant said.

“We believe the growth in Cambodia’s economy and property market will attract long-term institutional investors as well as foreign and domestic businesses.”

The Hong Kong group entered the Cambodian property market this March with the launch of Central Mansions, a serviced apartment building behind Vattanac tower.

The Landmark property will have 16 levels of office space, four levels of luxury retail space and three levels of underground parking when completed in late 2016.

“We are confident that it will offer exceptional business, shopping, and dining experiences in the city,” Garman added. “The premium shopping mall will also allow global brands and leading restaurateurs to gain a foothold in Cambodia”

Sorn Seap, general manager of Key Real Estate Co Ltd, was optimistic about the project’s future. “I think the building will be very successful because it is in a good location in Phnom Penh,” he said.