Chip Mong Land, one of the Kingdom’s leading construction developers, has launched the “Park Land 50M” residential project.
The project broke ground on Thursday in Dangkor district’s Prey Sar commune along the capital’s second ring road, which – hence the name – is 50m wide.
It will comprise luxury residences, a shopping mall and facilities such as a gym, a swimming pool, a children’s playground and a garden.
Advance Real Estate Co Ltd founder and CEO Po Eavkong said the project has potential as it is adjacent to both the ring road and the Prey Sar road.
He said more high-income individuals are seeking homes in mixed-use gated community projects, with shop house-style residences becoming more marketable.
“The luxury housing market for high-middle-income people is good, they buy units as investments and for business,” he said.
In September, VTrust Appraisal Co Ltd research director Hoem Seiha said that Phnom Penh’s supply of apartments is set to increase by 450,000 units, with condo supply to grow by more than 300,000 units between 2000 and 2030.
From 2000 to this year, more than 150,000 apartments were constructed, while more than 20,000 are currently being built per year, he added.
Park Land 50M is the 10th major Chip Mong Land project, after the Land Mark 271, Land Mark 60M, Park Land Sen Sok, Park Land 598, Park Land TK, Park Land 6A, Park Land Condo TK, Land Riche Chamkar Doung and Grand Phnom Penh.
Data from the Ministry of Land Management, Urban Planning and Construction shows that in the first nine months of this year, capital investment in the Kingdom’s construction sector was worth around $6.49 billion, an increase of 34.73 per cent compared to the same period last year, at some $4.82 billion.
Parent company Chip Mong Group Co Ltd’s business operations cover the construction and materials, consumer goods, property development, food and beverage, hospitality and retail sectors.
Last year, it expanded into the financial sector with its newest venture – Chip Mong Commercial Bank Plc.
Last month, Chip Mong Land acquired Grand Phnom Penh International City Co Ltd (GPPIC), the developer of the Grand Phnom Penh International City project, at an undisclosed price.