The Embassy Residences condominium project is almost sold out less than two years before its expected completion in the fourth quarter of 2016, according to its developer.
The project, located in the heart of Phnom Penh, is the result of a close partnership between UrbanLand Asia and Hok Kang architects, the group behind the design of the successful Brown Coffee chain.
Quynh Nhu Nguyen, property manager at UrbanLand Asia, said that about 15 per cent of the total construction volume had been completed.
“Up to now, we have managed to sell around 90 per cent of the apartments,” she added.
Prices range from $2,400 to $3,000 per square metres, depending on the unit and floor level, with most buyers coming from Japan, Singapore, Malaysia, Taiwan and France.
“At the same time, we have been very fortunate to gain strong support from local buyers – at the present stage they make up about 25 per cent of the total number of buyers,” Nhu Nguyen said.
The building will be 18 floors high and will extend over 1,287 square metres of land located on Street 41 in Tonle Bassac. Units will include suites of between one and three bedrooms, duplexes and penthouses.
Chailin Sear, chief executive of CL Realty, said the project’s high sales figures were due to its luxurious design and favourable location.
“For those who like to live in a quiet place, this location is preferable,” he said.