Overseas Cambodian Investment Corporation (OCIC) is ready to build two more 30-storey buildings in the Casa Meridian Condo development on Koh Pich (Diamond Island) in the near future.
Om Bun An, sales manager of Casa Meridian Condo, said construction on the two condos will start at the end of the year. Each building will be 30 storeys high, have an underground car park, 188 units and 16 shop houses.
She added that the condos will be completed by the end of 2016. Part of the project is to build another butterfly bridge linking the Sofitel Hotel to Koh Pich.
“The company is developing this now because it sees a need in the condo market,” she said. “I believe the projects will be a success due to Cambodian laws authorising foreigners to own a place from the first floor up as well as conditions provided by the companies.”
The price of a Casa Meridian condo will range from $80,000 to $600,000 per unit.
Om Bun An said there are three things that make her company confident about the project’s success.
“First off, we installed quality materials. Secondly, the glass in the condos are wind-proof and sound-proof. Finally, the project is in a great location with plenty of fresh air.”
Kim Heang, the president of Khmer Real Estate Co, Ltd, said demand for condos is greater than the number available. But he added that it can still be difficult to find buyers as the majority of Cambodians have yet to adapt to living in condos.
However Kuy Vat, the president and CEO of VTrust Group, said that while local people are less interested in living in condos, most of the customers are foreigners who are looking for an investment and who also prefer living in condos. Vat predicts that Cambodians will soon change their habits and start to buy condos as the city expands.