Nine floors of the 32-storey BKK1 condominium project, Platinum Bay, are now completed and construction is slated to be completed by mid-2017.
Platinum Bay is located on Street 282, not far from the soon-to-be-completed De Castle Royal, a part of town that property insiders see as having the most potential in greater Phnom Penh.
Platinum Bay Condo marketing officer Taing Sina said nine floors had been completed and that the 32-floor condominium block would have 170 units, adding that the first and second floors were for parking space, and the third floor would be reserved for a gym, steam room, sauna and swimming pool.
Platinum Bay is a local-overseas joint venture.
“Unit sales have commenced and some are sold out. I believe this project will be successful due to the location and affordable prices,” said Tina. “Clients have confidence in the quality and standard of construction, because the engineers and skilled workers are from China and the land belongs to a private owner, not leased from the government.”
Condominium prices range from $1,500 to $1,700 per square metre, and both two- and three-bedroom units are available. Potential purchasers are eligible for instalment loans of up to 70 per cent, Sina said.
Van Chanthorn, managing director of Town Real Estate Company, said the condominium market was continuing to show strong progress, particularly in the BKK1 area.
“Condominium construction in BKK 1 and Tonle Bassac commune faces little in the way of risk, and $200,000 per unit will not be a problem,” he said.
Meanwhile, Kim Heang, president of Khmer Real Estate, said condominiums were seeing strong sales due to co-ownership regulations that allow foreigners to purchase homes from the first floor up, resulting in increased foreign activity in the condominium sector. However, Heang added, the market had yet to see a surge in interest from Cambodians, who prefer to live in flats and villas. The exceptions, he said, were Cambodians who had lived abroad and enjoyed the modern convenience of condominium living.
“The condominium market continues to grow along with the increasing population of Phnom Penh and more and more people want to live in the city centre, which will mean they will need to opt for condominiums,” he said.