Bonna Realty Group yesterday signed an agreement with the National 6A Investment, a Malaysian real estate developer, to be an authorised sales agent for a 10-storey condominium that is currently being constructed and is expected to be finished by the end of 2014.
The National 6A Investment Co, Ltd had invested millions of dollars in building the 10-storey condo in the capital’s Chroy Changva district. Construction began about two years ago and is now 60 per cent complete. And Bonna Realty will begin finding tenants this month or next, said General Manager Nuon Ritty.
“We expect to sell it out at about $10 million” he said, adding that that the building will contain 44 condos, nine commercial rooms on the ground floor and four penthouses.
Kuy Vat, chairman of VTRUST property Group, said that Cambodia’s condo market is not quite active yet.
“It is the new products to our people - only foreigners buy it. The product is not so much popular in the market yet.”
Ritthy, said that market will be more active in the next few years.
“When the ASEAN Economic Community materialises, it will push the high demand on condos because more and more investment will come in. So I think we will face a shortage of such properties.”
There have been 17 condominium projects launched since 2012.