Construction work on the US$50 million De Castle Royal Condominium is back on track and slated for completion in December 2012, company officials told the Post yesterday.
The project, developed by Korean company Nuri D&C, was postponed towards the end of 2009, as a result of the global financial crisis, but construction restarted in June this year.
“After more than a year of postponement, we are now pushing ahead with construction and plan to finish by the end of 2012, Nuri D&C director Yoo Sung Hoi said yesterday.
The capital investment, size and number of storeys will remain unchanged, he said, adding that construction will be unaffected by the climate of the local market.
“We don’t care about the Cambodian real estate market anymore. We are focused on our existing customers and the completion of the development,” he said.
Currently comprising 26 storeys, upon completion De Castle Royal will boast 32 floors, surpassed only by Gold Tower 42 as the Kingdom’s tallest building.
However, construction at Gold Tower 42 has also been postponed for more than a year, leaving it 11 storeys short of its target, with no restart date in sight.
Upon completion, the development will comprise 392 solely residential units, of which about 40 per cent have already sold, according to Nuri D&C business cooperation director Chhour Hai Eng.
“There have been many kinds of buyers, from locals to businessmen hailing from various countries, such as US, South Korea, China and Hong Kong,” he said.
He added that as the project gathers pace, the Kingdom’s property sector has also picked up from the crisis.
“Cambodia’s real estate sector continues to improve, with the effects of the 2008-2009 downturn almost gone,” he said.
The price of the units, which vary in size from 114 to 618 square metres, will range from $130,000 to $900,000.
Some industry experts said yesterday that the location of the development could be beneficial in attracting potential clients.
“In the near future I hope more clients are attracted to the tower, it’s in a great location surrounded by many businesses.
He added that additional businesses could be lure to the area, due to the location’s growing number of developments.