THE first families will move into Grand Phnom Penh International City – a US$600 million development to be finished by 2018 – at the end of the year, the sales manager told the Post Sunday.

Teng Rithy said 200 of 500 homes have already been completed as part of the first phase.

“So we will open for the first 200 families to move into their new homes at the end of this year,” he said, adding that more than 300 villas had been sold so far on the site in Sen Sok district on the outskirts of the capital.

With prices ranging from $85,000 to $750,000, Teng Rithy said, the properties are out of the price range of many ordinary Cambodians.

“All of my clients are Korean, Chinese and mostly Cambodian businessmen,” he said.

The first and second phases of the project would cost a combined $200 million, said Teng Rithy.

The development – which is under joint development by YLP Group and Ciputra Group of Indonesia – was started in 2007 and is due for completion by 2018.

It covers 260 hectares 7 kilometres northwest of the city centre.