Search

Search form

Sihanoukville goes highrise

Sihanoukville goes highrise

Residents of Preah Sihanouk province will now have the opportunity to invest in a new executive condominium project being developed by HLH Group Ltd, along the province’s Independence Beach.

The Singapore-based property development company has purchased the 9,818-square-metre plot from Chinn Chanpor, former Military Police chief for Phnom Penh, and another individual named Chan Phaly for $1.76 million. HLH plans to use the well-located land to develop an executive condominium for “young couples and entrepreneurs”.

“The land is directly behind Independence Beach, facing the sea and walking distance to Soka Beach Resort,” the release read.

HLH says the project will cost $25 million and expects construction to begin in 2015. They plan to sell the condos for an estimated $100 per-square-foot. This means prospective residents can own a one bedroom condo for $30,000, a two bedroom for $50,000 and will have to pay $70,000 for a three bedroom condo.

Cheng Kheng, director of the CPL Real Estate Company, said these prices are very affordable for the province, which he said is a major business and tourism hub, and should easily attract prospective buyers.

“I think the buyers will be happy with this price and the project will have good sales,” he said.

Sbong Sarath, former provincial governor of Sihanouk province, confirmed yesterday that the HLH condominium project was discussed and studied during his tenure.

He added that the province was short on high-end, luxury accommodation services and that such projects will help fill that gap.

“The demand of condominium will be increase so it is a good idea to develop it now and business will be good,” said Sarath, who now occupies a position on the provincial council of Prey Veng province.
“The land has clear ownership [from developer],” he clarified. “There is no any argument [with resident].”

Kheng also said that currently there were no condominiums available to Sihanouk visitors, and similar projects could increase awareness and demand.

“It is a first and starting step at Sihanouk. Once there is one condominium project as a successful case, there will be more in the near future,” he added.

HLH had to abort a $14.9 million land deal with Cambodian developer Shukaku at Boeung Kak lake last year, due to commercial reasons. The site, given to Shukaku on a 99-year lease, has seen years-long protests after 20,000 people were forced from their homes.

RECOMMENDED STORIES

  • Breaking: PM says prominent human rights NGO ‘must close’

    Prime Minister Hun Sen has instructed the Interior Ministry to investigate the Cambodian Center for Human Rights (CCHR) and potentially close it “because they follow foreigners”, appearing to link the rights group to the opposition Cambodia National Rescue Party's purported “revolution”. The CNRP - the

  • Rainsy and Sokha ‘would already be dead’: PM

    Prime Minister Hun Sen on Sunday appeared to suggest he would have assassinated opposition leaders Sam Rainsy and Kem Sokha had he known they were promising to “organise a new government” in the aftermath of the disputed 2013 national elections. In a clip from his speech

  • Massive ceremony at Angkor Wat will show ‘Cambodia not in anarchy’: PM

    Government officials, thousands of monks and Prime Minister Hun Sen himself will hold a massive prayer ceremony at Angkor Wat in early December to highlight the Kingdom’s continuing “peace, independence and political stability”, a spectacle observers said was designed to disguise the deterioration of

  • PM tells workers CNRP is to blame for any sanctions

    In a speech to workers yesterday, Prime Minister Hun Sen pinned the blame for any damage inflicted on Cambodia’s garment industry by potential economic sanctions squarely on the opposition party. “You must remember clearly that if the purchase orders are reduced, it is all