The construction of five skyscrapers on Phnom Penh’s Koh Pich Island is set fuel international investor confidence in the coming months, according to industry experts.
The development, named the Koh Pich Riviera, is part of Overseas Cambodia Investment Company’s US$300 million project and is slated for completion in 2017, according to deputy manager Chin Hok.
Upon completion, two of the buildings will comprise 28 floors, while the remaining three will be 37 storeys high, surpassed only by Gold Tower 42 as the Kingdom’s tallest buildings. Construction at Gold Tower 42 has, however, been postponed for more than a year, leaving it 11 storeys short of its target, with no restart date in sight.
“There are many shopping malls, hotels and residential units surrounding the project, and, as of today, 104 units have been sold,” Chin Hok said, adding that this is a positive sign for future sales.
He was, however, unable to provide an estimate for the total value of the project.
The development of OCIC’s latest project is a positive sign that the property sector is recovering, Cambodia Real Estate Company general manager Sen Chanrietrey said.
“We congratulate the project because it will boost investor confidence. If units are reasonably priced, it will surely succeed,” he said, adding that he could not guarantee the strength of the market in the coming years.
Sung Bonna, president and CEO of Bonna Realty Group and president of the National Valuers’ Association of Cambodia, said the project had been undertaken at the right time, as the market is once again a favourable investment destination.
He added that the key factors for a project to succeed included location, brand power and the climate of the market.