Demand for housing in Phnom Penh has risen rapidly due to an increase in people’s living standards and the growth of the foreign population now coming to work in the capital.
De Castle Royal is one place where the increased demand has been noticed, with demand for condominiums growing and the company starting its second phase early this year.
After completing its 36-storey building – with four storeys underground – in March 2013, sales have jumped because customers have confidence and are not worried by risks when buying into the De Castle Royal project.
Eom Jae-Yoon, the vice-president of NURI D&C which runs the five-star De Castle Royal project, said now the company is working hard to keep the standards high inside the project by using good quality materials from abroad as well as installing special security systems.
“Preparing the internal designs will be completed at the end of 2013, but for our customers who want to live in comfort and safety, the company will need about three more months to get the electricity, clean water, sewage, fire and other safety systems running properly,” he said.
Sales at De Castle Royal have been running smoothly and at present the company has customers for more than 60 per cent of the project, he said.
For sales, the company also has many main partners such as ESPA, BESTINVEST, infinity, Sonatra Grand Realty Co, Ltd, Knight Frank, Secure, Independent Property Services, CBRE Cambodia, informax, CPL Cambodia Property LTD and Bonna Realty Group.
De Castle Royal condo is located in Beoung Keng Kang 1, in Chamkarmon district, and construction started in 2008 and covers and area of 3,000 square metres. The project includes family shopping malls, swimming pools, gyms, a steam-sauna, as well as a large parking lot.
De Castle Royal has a total of 392 units. The units cost from $130,000 to more than $900,000.
Customers can also purchase De Castle Royal Bank through installments made through Canadia Bank with interest rates of 10 per cent per year and for a duration of up to 15 years.
Those wanting to buy in will get a place to live that has with high standards and the building is also located in the heart of Phnom Penh with supermarkets and international schools close by, said Andrew J Ahn, vice-president of sales and marketing of NURI D & C.
“There are no major challenges to purchasing at De Castle Royal and we can say that people are only waiting for the right time. Also, construction has nearly finished and the company has not increased the original price,” he said.
“Therefore, we believe that the sales will be completed soon while the government’s open policy also attracts foreign investment more and more to come to Cambodia every day.
“Clients who purchase at De Castle Royal will enjoy living in their luxury condo with comfort and it is located in Boeung Keng Kang 1, which is an area with the most expensive property in Phnom Penh,” he added.
“Today many investors have invested in Cambodia and they always need a location which is located in town with mixed services. The five-star De Castle Royal construction will be perfect because this building will become a symbol of the company in the future. Early in 2014 NURI D & C also plans to start two new projects as well,” he said.
Castle Royal is in a good place with mixed business activities close by, while sales have been proceeding well. Most of the customers buying in are Khmer and people who come from countries in Asia, Seng Sopheak, General Manager of CPL Real Estate Company, said.
“Location is a key factor and its price is also not an obstacle for sales. However, De Castle Royal is really in a good location so this project will be sold out soon,” he said.
De Castle Royal is in the heart of Phnom Penh, but whether it is successful or not depends on its price because now there is more competition, Noun Rithy, General Manager at Bunna Reality Group Co, Ltd said.
Cambodia’s condominium market has been growing a lot with an increase of between 20 to 30 per cent in 2012 compared to 2011, he said.
“Condo investment is still good and positive because many foreign companies have come to invest in Cambodia, making building industry demands increase steadily” he said.