Buyers can get a studio condominium unit in a new development called Sen Sok Town on the far edge of Tuol Kork along Street 598 for $48,800. The first phase of the development is scheduled for completion in April, 2013.
When the $9 million development opens its showroom and model apartment next Tuesday (December 13) a five per cent discount will be offered to the first ten buyers.
“We will give the discount up to Sunday,” said Project Manager Chim Sothea, whose farther Chim Khean is the developer of the 6.3 hectare site. The land has belonged to the Chim family for some time.
“Now we feel it is time to develop this area, because we found a high demand for buildings catering to expats who spend a lot of money on rentals. We are trying to give them a new idea to buy a condo, because with the amount of money you pay in rent, you can use that money to buy your own home,” Chim said.
Chris Ponniah, Executive Director of HB Consultancy Cambodia, which has been appointed exclusive marketing agent, says now is the time for buyers to take advantage of early bird discounts on one, two and three bedroom units in a development he says feels like coming home to a resort.
“The concept is that when you get home, you feel like you are walking into a nice resort,” Ponniah said.
“We are making a better quality home, with proper services, a restaurant, gym and swimming pool. Our overall picture for the development is to have a place where people can live; they can have dinner, meet friends, have a drink, with commercial areas and a supermarket. It is totally home here and effectively we are selling the feel of a resort in the city.”
The first phase of the development consists of 135 units, of which 83 remain for sale. Fifty-two units have already been sold to foreign buyers – groups of investors from Hong Kong, China and Malaysia having purchased four of the ten floors of the first phase.
The target market for the development includes expats and local Cambodian families, “people who want modern facilities at their doorstep,” says Ponniah.
On site is a model of a studio unit, where prospective buyers can take a look at the furnishings and construction. The condominiums come semi-furnished with kitchen cabinets, gas stove and hood and various packages are offered for a choice of furnishings.
“People can pick out a package and we will fit out the unit for them.” Ponniah said.
Electricity will be sold according to the government rate. Management fees of 50 cents per square meter per month will be charged to pay for the maintenance of the common area, the swimming pool and car park.
There will be a gym that is provided free for residents and also there are three floors of parking.
Units are available in several sizes: 61 square meter studio units at $48,800 to $54,800; 133 square meter type B two bedroom units ranging in price from $108,000 to $120,000; 98 square meter type C two bedroom units from $80,000 to $86,000; 128 square meter type D two bedroom units from $103,800 to $115,800, and 91 square meter two bedroom units from $73,800 to $79,800.
There’s only one three bedroom unit left, as most of them were already sold to the investor group.
HB Consultancy’s Ponniah says the advantages for families living in Sen Sok Town are easy proximity to schools, supermarkets and banks in Tuol Kork.
“The place is quiet and easy to get to. The city is only a ten minute drive away,” he said.
“This is suburban living, a new concept for Phnom Penh and as a bonus, the airport is close by too, he said.
SenSok Town will be gated and have 24 hours security. The showroom opens Tuesday, Dec. 13 and will be open seven days a week from 9 am to 5 pm. Those interested can call the showroom at0236688688; by mobile at 067919628, or for Chinese speakers at 012206173.
“Sen Sok means happiness,” Project Manager Chim Sothea said.