The Singaporean firm behind Axis Residences, set amid verdant greenery, say 30 per cent of 2 blocks from phase 1 booked.
Axis Residences, the upcoming condo project in the proximity of Phnom Penh International Airport, is already in demand even though the showroom has yet to be completed, according to the developers.
“Cambodians often come with their friends, considering and then booking a few units among themselves,” said Edwin Low, general manager of Spring CJW Development, the Singaporean firm behind the $70 million and more than two-hectare project. “They are drawn to the idea of living in a lush environment, convenience of being surrounded by first-class facilities, privacy in their own contemporary unit and yet being neighbours with their best pals.”
Construction managed by Singapore-based Sanwah will begin in June next year and is scheduled to finish in 2018. Eight condo buildings of 10 floors each – making up a total of 566 units – will be set amid lush greenery. A Singaporean architecture firm, Aga Architects, is designing the project, where amenities include a 50-metre swimming pool, playgrounds, indoor and outdoor gymnasiums, tennis and basketball courts and BBQ pits.
The showroom will not be completed until next month, but potential buyers and investors are already visiting the developer’s office for a glimpse of the project, according to Low. Although sales will not officially launch until February or March, the good response has led the sales team to accept early bookings.
Presales start at $1,100 per square metre for one of four options: single, double or triple bedroom and penthouse. Of the two condo buildings open to presales, 30 per cent of units have been booked, mostly by Cambodian, Singaporean and Malaysian clients.
Low said overseas buyers, particularly Singaporeans, are attracted to the project because of its high 7 to 8 per cent rental yield. The yield could potentially be higher, he added, given Axis’s prime location, proximity to amenities, and elegant finishes employed in every area of the home. “The amount that they pay for a unit here is a fraction of the cost for a similar unit back home, and the rental yield is much higher here,” he said, adding that investors tend to be bullish about the local real estate market.
“Phnom Penh is a good location that will have strong development in the future, especially the property sector ... Cambodia is going to be a big, strong magnet attracting investors’ and tourists’ interest,” he said.
Sam Soknoeun, head of sales and marketing of the Axis project, said the project has been one of his easier sells. “I have experienced many project sales, and I think the Axis project sale is easier, for the interior design of Axis is special and better. Axis is thoroughly designed so that it can make residents’ living civilised and modern,” he said.
Sear Chailin, CEO of CL Real Estate Company, said projects with more than 500 units are prone to problems despite a generally healthy market. Axis’ favourable location, however, may be enough for the project to succeed. “Despite over 500 units, the sale can easily be successful. It depends on price, design, equipment in the building, and construction quality,” he said.
The Axis project is located along #2004 street near the Phnom Penh International Airport, Royal Rattanak Hospital, and Northbridge.