Following the success of its residential projects, the 999 project developer has started to break ground to build Moscow City along Street 271.
The Moscow part of the street is planned to have a department store and a 15-storey condominium near the Khmer and Soviet Friendship Hospital.
Sales manager Duong Phavy said the developer of the 999 town project was planning to build a four-storey department store and a new condo building to be completed in 48 months and launched in 2017. She added that the developer thought it sold its 999 town project well and that it expected the new project would not be a problem.
“We would be successful because our previous projects were a success. We sell well because our construction is of good quality and affordable, and we use engineers from Singapore and Malaysia,” she said.
The stores in the four-storey department development would be sold for $20,000 to $36,000, while the company expects the condos to fetch from $50,000 to $68,000, she said, adding that customers who bought stores and condos would be likely to be able to obtain loans from BIDC.
However, Phavy did not confirm the total capital investment of the project.
Po Eav Kong, managing director of Asia Real Estate Cambodia Company Ltd, said that the building of a department store near the condominium development was to increase the attractiveness of the project, because there would be a Sovanna supermarket near there.
“The success or failure of a project depends on the construction quality. To what extent will the customer trust [it] and is the price appropriate? If the above project sells at such a price and if the units are from 30 to 40 square meters, I believe it will be successful. Condos in Cambodia have not yet faced any problems, if the price is good, because this project is in good location,” he said.
However, Eav Kong recommended that the developer consider the location, because it was in the main road and may cause disturbances to residents. Beung Keng Kang was very attractive, because it was quiet, with little noise, he said.