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Cambodia Plaza project in limbo

Cambodia Plaza project in limbo

120517_02

The unfinished Cambodia Plaza. Photograph: Kong Leanghuor/Phnom Penh Post

Cambodia Plaza, the mixed development project located along the Russian Boulevard near the western end of the 7 January Overpass, which started construction before the global economic and financial crisis hit the world’s economies, is still not complete, and there is no indication as to when construction might resume.

Post Property recently tried to find out more details, and visited the construction site itself. After being allowed to enter the compound of the project, we saw that there are only two buildings being constructed, and the supermarket area has only scaffolding, while the hotel has not yet been completed.

A security guard at the site named Som Sam Ul said the Cambodia Plaza project includes a hotel, a supermarket, office space, and condominiums. “Currently we have one building which has almost been completed and another is being constructed, while with the hotel and supermarket, it is not clear when they will resume,” he said.

He said as far as he knows the first building has buyers and customers who are prepared to move in, while he does not know what they will do with the other building: he claims to have been told part of it is destined to become a car showroom.

An engineer who asked not to be named said Cambodia Plaza covers more than 10 hectares and involves three companies, from China, Thailand and Indonesia. However, he was unable to say when the project might be completed.

Cheng Kheng, General Director of CPL Properties Company, said the location of Cambodia Plaza is good. “The reason why the project has proceeded slowly is due to the effect of the global economic and financial crisis in 2008,” he said. However, he continued, he has seen this company continuing its work “gradually”, but doesn’t know when the whole project will finish.  

He emphasized that “whether the project is successful or not depends on the project’s specifics, including the design, price, and location. In addition, if the project is widely advertised, the project will enjoy success accordingly”. He added that “if we advertise it, people will know about it, so its success or failure is also depends on the advertising”.

Seung Bonna, Director of Bonna Realty Group and President of the Cambodia Valuers and Estate Agents Association, said Cambodia Plaza’s project is located in a good place, because it is in the central part of the capital and is along Russian Boulevard, so even though it has proceeded slowly, the project will be successful. He said the process has been slow because of the recent global economic and financial crisis but when the crisis ends, many big projects will resume work.

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