With new condominium developments seemingly being announced by the day, the latest to join the influx is Axis Residences, an exclusive residential complex close to Phnom Penh International Airport.
Singapore developer Spring CJW Development plans to spend $70 million on the project, which is on street 2004, within walking distance of the airport.
“Real estate in Cambodia is leaping forward, while slowing down in neighbouring regions,” says Edwin Low, general manager of Spring CJW. “It will become a magnet for investors, tourists and expats.”
Low adds this is the key reason why Spring is getting in, before the market becomes too crowded.
AXIS is designed by AGA Architects and built by civil and structural engineers, KCL Consultants, with mechanical and electrical work done by Icon Engineers. Multiple award-winning Singaporean business Sanwah Project Management will oversee project and construction management.
Preliminary work has been completed and the showroom and sales centre will be ready by the fourth quarter of 2014. Construction will get under way in early 2015, and is scheduled to be completed in 2018. With eight, 10-storey blocks comprising 566 freehold residential units and 566 car-park lots in a six-storey car-park block, AXIS will be set amid lush greenery and fitted with all amenities. These include a 50-metre swimming pool, a children’s play pool, playgrounds, indoor and outdoor gymnasiums, tennis courts, basketball courts, function rooms, shops, BBQ pits and a grand drop-off porch. The launch price of the units is tentatively projected to be $1,100-$2,000 per square metre.
“The sales price, construction quality, international design and lifestyle offered by AXIS are unrivalled,” says AXIS Cambodia head of sales and marketing Sam Soknoeun, who adds he has already received inquiries about the project.
“There is a strong demand for high-quality,” says Soknoeun. “With international development partners, [this project] offers branded air-conditioning systems and high-quality appliances and fittings.”