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Young Commercial Center delays until October

Young Commercial Center delays until October

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The outside of the Young Commercial Center. Photograph: Hong Minea/Phnom Penh Post

The Young Commercial Center development at Borey Mongkul, east of Chroy Changvar Bridge, which was scheduled to open in August, has delayed its inauguration until October 10.

Ear Koem Keang, Managing Director and owner of the Young Commercial Center, told Post Property that the delay is because the interior design of the building has not been completed, due to lack of workers, as they are flocking to work overseas.

He stressed “the shortage of the workforce and the late delivery of materials ordered for the interior design is the main issue that has led to delays, and this is why I have to put the opening back by two months.” He added that the construction is moving towards the newly scheduled date, as some 90 per cent has been completed, meaning there is only 10 per cent left, for interior design work.

Koem Keang continued that “the effects of the global economic crisis has been a challenge, but our construction did not come to a halt.”

Pul Phany, sales manager of the Young Commercial Center, said that the customers who want to rent space for commercial purposes include local and overseas companies from places such as Malaysia, China, Japan, Singapore, Myanmar and New Zealand.

Pul emphasized that “currently the center has already completed 70 per cent of its construction, in which the leasing price is between $14 and $28 per square metre.” She added that besides the market development, there is also an apartment project of around 1,000 rooms, about 40 per cent of which have been sold so far.

She said “we will try to sell the rest by the time of the inauguration in October.”

Keuk Narin, Vice Director of ASEAN Real Estate Company, said that looking at the current construction, at the time of inauguration the center would be operating, but not one hundred per cent.

He said some locations are facing challenges, because those areas are not currently seen as destinations, or places to live.

He said that if Chroy Changvar Bridge and Canadia’s Satellite City Project are completed, it would attract Cambodian people to go to live there. He added that the development of the Chroy Changvar Bridge, the river bank, the Yellow Tower, the Sokha Hotel and other housing projects are also attractive factors for leasing in that market.

However, he said that it might be impossible to have demand for renting all the space of the project by the time of its inauguration.

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