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$11 million for new serviced apartments

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A potential customer examines a model of Silvertown. Photograph: Hong Menea/Phnom Penh Post

Approximately $11 million will be invested in the 14-storey Silvertown Serviced Apartments in BKK1, according to the president of agents Knight Frank last week.

Sunny YL Soo, the managing director of Knight Frank in Cambodia, said that the demand for leased apartments in Cambodia is rising rapidly, particularly in Phnom Penh, where most clients are interested in this type of residence.

Currently four storeys of this apartment building have been completed, and he added, “Our construction is going quickly because we spent only three weeks building one storey.”

Silvertown Serviced Apartments are being built on 1,000 square meters and over 14 storeys, of which seven storeys are serviced apartments, with 10 units, together with supermarket, swimming pool and gym.

Silvertown Serviced Apartments is located on the corner of Street 400 and Street 63 in BKK1, and construction is scheduled to be completed in October 2013.

This investment started in August this year at a time of growth in the real estate sector in Cambodia, which is seeing foreign investors coming to invest in the construction sector.

Sokun Monika, the marketing manager of Knight Frank, said, “If Cambodia’s economy continues to improve and there is much demand for apartment like this, I hope that we will sell all even before the completion of the construction, because for about three months of construction, the company received deposits from more than 10 clients.”

She added that units are selling for $84,000 to $230,000 and the clients are mostly local and foreign investors.

She said that as a real estate company, “we always receive the purchase order every month from at least five clients, which is twice last year. Some clients want to buy land, and others want to buy existing houses, so we worked out that if we invest in condos or apartments, we can sell more, particularly to foreigners who are interested in this type of residence.”

Chreok Soknim, the vice director of V-Trust, said that currently the market for apartments in BKK1 is good in Phnom Penh, because this location has had a good reputation together with a good geographical location, with many foreigners enjoying the safe environment.

He added, “The first choice of investors is the residence in Beung Keng Kang. I think it is good when there are many apartments in that area, providing a lot of choices to customers.”

He added that foreign companies wish to invest in apartments because they think is is good preparation for the 2015 ASEAN Community, when the traffic of goods will be free. More importantly, “to extract oil in Cambodia, more investors will surely need apartments.”

He added that Silvertown Serviced Apartments is in a good location for the present and the future, and it is right at the center of Phnom Penh.

To contact the reporter on this story: Seun Son at son.seun@phnompenhpost.com

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