A new form of mixed accommodation, referred to as the condotel, has officially been declared open for business in the upmarket BKK 1 area of Phnom Penh.
A condotel merges the services of a condominium and a hotel in the same building, giving residents a private and homely atmosphere designed for liveability while enjoying hotel services such as a concierge desk and cleaning services.
Ly Senleap, CEO of FURI Real Estate, one of the largest condominium-focused agencies in Cambodia, spoke at a press conference last week introducing the latest property development in the Kingdom, called Silvertown Metropolitan.
FURI, which will manage the renting and purchasing of the 110 condo units, said it has partnered up with a specialised company from the United States to provide creative managing services to their clients.
“We believe this project will be successful because we focus our market on business travellers and those who wish to have a private residence,” Senleap said.
“We will provide services to clients as though it is their second home. They can cook their own food, and decorate their own rooms. They can enjoy all facilities including a gym, swimming pool, laundry service, restaurant, and 24/7 food delivery, etc,” he added.
About half of Silvertown’s condo units will be used as part of the condotel service, while the remaining will continue to be sold to buyers.
Veasna Meas, CEO of Naki Group, which is involved in managing Silvertown, said high standard building management services are extremely important for a condotel to be successful.
According to Meas, the price of staying in a condotel, which provides the same services as a five-star hotel, is between $140 and $150 a night.
While Meas said the condotel service has been in Cambodia for a short time, he strongly believes there is no need to be concerned about competition for Silvertown.
Cham Prasidh, senior minister of the Ministry of Industry and Handicrafts, said during the opening of the Silvertown service that the offering would benefit condo buyers because those who have bought units in the building can get monthly rental returns for renting their unit back to FURI.
He added, “This is a new business strategy in Cambodia to pave the way for new condos to provide the same service in the future.”
“The bubble will not burst if these condos become a condotel.”
Meanwhile, Ho Vandy, secretary-general of Cambodia’s National Tourism Alliance, said condotel services are still a relatively new, but growing trend in Cambodia.
He believes the condotel offering would continue to increase in popularity once people become more aware of what a condotel can offer.
“A condotel service is a short-term service that is individually or family-oriented. Clients can cook, decorate photos and have furniture in their room as if it is their home,” Vandy said.
“This is a new service in Cambodia, but it will grow fast in the future because of the ASEAN integration. There may be family or individual travellers who will need this type of service.”