Work on a triple-skyscraper complex near Olympic Stadium announced in February is due to get under way in June this year and be completed in 2017, according to the project supervisor.
With its slogan “The heart of Phnom Penh”, Times Centre is slated to feature three residential towers – two with 38 storeys and one with 40. The project is located south of Olympic Stadium on Sihanouk Boulevard, in the capital’s 7 Makara district.
Project supervisor Tony Chou said that construction work would begin in June and would be completed in July 2017. He added that the complex would comprise a mall, a cinema, swimming pool, gym, sauna, tennis courts, gardens and restaurants from the ground to fifth floor, with the floors from the sixth floor up reserved for condominiums.
There would be a total of 1,583 units ranging from $2,000 per square metre, he added.
On the subject of competition, Chou said Times Centre had quality and expertise on its side.
“I think we can compete because our project has a good location, superior interior design and quality construction materials,” he said, adding that experienced Taiwanese engineers and architects were behind the project.
Chou declined to provide any information about the investors behind the project, saying only that it was a joint venture between Taiwanese business interests and local investors.
The target market for the condominiums would largely be foreigners, according to Chou, due to low demand for condominiums among Cambodians. He nevertheless voiced optimism that the Cambodian preference for flats and villas would change in due course, and local demand for condominiums would grow due to their convenience when combined with good management, and a variety of services and amenities, as well as comfort and security.
Asked about Cambodia’s political situation, Chou admitted there were some concerns, but said they were not “severe”, and that 15 per cent of the units in Building A had already been completed.
“We believe that this project will be a success due to its location and our focus on quality.”
Building A is 38 storeys, Building B will be 40 stories and Building C 38 storeys.
According to Chou, the land for the complex was leased from the government for 99 years and covers a total of 8,557 square meters. Upon completion, there will be parking space for 800 cars.
Not everyone is optimistic about the prospects for the increasing number of large-scale developments under way at present in the Kingdom’s capital.
In January this year, Khmer Real Estate Company president Kim Heang told the Post that the timing for Times Centre might be less than perfect because it comes at a time when other big-budget projects, such as Olympia City, are also under way.
Olympia City will feature a seven-storey shopping mall as well as two towers, one 45 storeys and the other 55 storeys. It is scheduled for completion in 2016.
But Noun Rithy, general manager of Bunna Realty Group, was more sanguine, pointing out that property transactions have been on the rise so far this year, suggesting there was little concern about political uncertainties and that over supply was currently also not a problem affecting the market.
“Even though development of the Times Centre has been sluggish, it will be successful due to three factors – its good location, quality and affordable prices,” he said.