AXIS Residences, a condominium project located just a few kilometers from Phnom Penh International Airport, along Road 2004, officially launched on Sunday.

Edwin Low, General Manager of Spring CJW Development, the Singaporean firm behind the $70 million development, said the residences will draw buyers attracted to a design quality amid comfortable first-class facilities.

“Phnom Penh is a prime location that will see strong development in the future, especially in the real estate sector,” he said. “Cambodia will be a big magnet for attracting more foreign investors and tourists. These are the reasons why Spring CJW Development Ptd Ltd, decided to inject its investment in the AXIS Residences project,” he added.

Set amid a lush green environment, AXIS Residences feature a 50-metre swimming pool, gardens, a playground, a gymnasium, a dining area and even a basketball court, Low said.

Construction on the project, to be managed by Singapore-based Sanwah, is set to begin in June and is scheduled to finish in 2018.

AXIS Residential is made up of eight condo buildings of 10 floors each – making up a total of 566 units.

Sam Soknoeun, head of sales and marketing at Spring CJW Development, said the project has already drawn a lot of interest thanks to adherence to Singaporean standards of construction and its convenient location among local amenities, including the International Airport of Phnom Penh, Northbridge International School, CIA First International School, Limkokwing University, Rathanak Plaza Supermarket and Phnom Penh Royal Hospital.

“Sixty per cent of the project is booked, with most of the customers from Singapore, Taiwan, Hong Kong, and Malaysia,” he said.  “Local customers took 10 per cent of the reservation.”

All units of four buildings were booked and the fifth building is 50 per cent reserved, he said. There are four types of units such as one-, two-, three-bedroom unit and penthouse and the average price is $1,400 per square metre.

Presales start at $1,100 per square metre for one of four options: single, double or triple bedroom and penthouse.

“I have experienced many project sales, and I think the AXIS project sale is easier, because the interior design of AXIS is special,” he said.

“Customers can pay the installments up to 15 years via Phillip Bank with a 9 per cent interest rate per year,” he added.

Mac Townsend, Managing Director of CBRE Cambodia, an authorized property sales agency, said he also expected a strong demand for AXIS Residences.

“CBRE Cambodia is really appreciative to be able to help sell the project,” he said.  “The sale of the project will be successful.”

Sear Chailin, CEO of CL Real Estate Company, said projects with more than 500 units can be ambitious, but the location of AXIS Residences helped ensure that the project would be a likely winner.

“Despite over 500 units, the sale can easily be successful,” he said.  “It depends on price, design, equipment in the building, and construction quality.”