Developer Hongkong Land has launched Central Mansions, a newly rebranded collection of serviced apartments and penthouses, in the heart of Phnom Penh’s commercial district, just to the north of Vattanac Tower.

The refurbished Central Mansions, which was previously known as Colonial Mansions, will offer 101 serviced apartments in two towers, with five luxury penthouses.

Leading members of the business community attended the launch event and Mr Y K Pang, chief executive of Hongkong Land, officiated at the ceremony.

Addressing guests at the ceremony, Pang said, “Hongkong Land is proud to make its mark here in the heart of Phnom Penh’s commercial district in line with our strategy of developing prestige properties in the cities where we invest.  We believe the Cambodian property market offers significant opportunities which will attract long-term institutional capital and international occupiers.”

Central Mansions is Hongkong Land’s first project since the company entered the Phnom Penh market in November 2011 with the purchase of a portfolio of properties. In 2011 the company paid $33.65 million for the portfolio of properties, and it has spent an additional $4.6 million on the refurbishment of the 12-year-old building.

The renovations began in June 2012 and it will not be fully completed until August this year, but the first phase is now finished. As well as a convenience store and a restaurant, Central Mansions offers residents a gym, two swimming pools, a crèche area and super-fast broadband internet.

The prices of the units ranges from $1,600 a month for a one-bed, $2,700 a month for a two-bed, $2,950 a month for a three bed, and up to $5,800 month for the penthouses.

The company is also developing a shopping mall and office complex nearby, which will break ground in the second quarter of this year. Hongkong Land is in the tendering process at the moment, and it is intended to be completed in 2016.