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Logo of Phnom Penh Post newspaper Phnom Penh Post - Luxury flats usher new era

Luxury flats usher new era

T HE country's first long-term lease luxury apartment complex was formally opened

by the wife of the co-prime minister, Princess Norodom Marie Ranariddh, on July

15.

Regent Park's 36 service apartments, which took two years to

complete at a cost of $2.4 million, rent out for $1,400 per month. Discounts are

available for leases over six months.

While vacancies remain the

apartments can be leased for periods as short as one week.

The furnished

rooms have eight channel satellite TV, phones with direct international access,

24- hour in-house music and 24-hour security.

Regent Park, located at 58

Samdech Soththearos boulevard, is owned by R.D and C. Holding, a

Thailand-registered business specializing in real estate.

Company

president Surin Banyatpiyaphod said: "I first came here two years ago and liked

the country. I knew property would be a good prospect so the company decided to

invest.

"We originally planned to build a hotel but after being here for

a while we found it too hard to find good staff and thought we wouldn't be able

to compete with the larger hotels.

General manager Boonchu Popun said

the company noticed there were no long-term lease apartments in Phnom Penh and

so decided to build Regent Park.

He said: "We are now beginning

construction on a 100-room complex with a business center located off Norodom

boulevard."

Surin said: "Our target consumers are ex-pat businessmen and

diplomats. I see good prospects for the country. We are looking for the future,

this is not a hot cake to be dropped, we are here for the long-term

investment."

Surin said construction on the building took a lot longer

than expected due to a shortage of skilled labor and building materials in Phnom

Penh. Both were eventually supplied from Thailand which greatly increased costs

he said.

Regent Park has a full range of business facilities and a

restaurant with a Chinese, Thai and European menu. The restaurant is only open

to people who have leased apartments and their guests.

There are future

plans for a separate Chinese restaurant and rooftop function area.

The

company began leasing the apartments in early July. To date 12 apartments have

been leased. The company expects an 80 percent occupancy rate by December and to

recoup the initial capital outlay in four to five years.

The complex was

designed by Leo Designs, a Singapore-based company.

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