DEVELOPERS of a US$100 million housing development in Phnom Penh’s Diamond Island are trying to complete the build ahead of schedule, a company project manager told the Post Tuesday.
Touch Samnang, project manager and architect for developers Overseas Cambodia Investment Corp (OCIC), said the first stage of the Elite Town build, comprised of 168 homes, would be completed at the end this year.
“After we finish the first project we are jumping ahead [of schedule] to have the second and third phase ready in three to four years,” he said.
The Diamond Island project, which lies on 75 hectares of the isle in the Tonle Bassac River, Chamkarmon district, was originally slated for completion by 2016 when it was granted approval in 2006.
Touch Samnang added that 50 percent of homes set to be built in the first phase have been sold, at price tags between US$200,000 and $1 million per unit.
Director of Visal Real Estate Co, Sear Chailin, said there is active demand from buyers for homes, but that the business property market is still stagnant.
“I hope that that [Elite Town] will get enough of clients to buy,” he said.
The Koh Pich, or Diamond Island, development project is one of five satellite cities planned for Phnom Penh.
The others are the $2 billion Camko City project, the $600 million Grand Phnom Penh International City, the $2 billion Malaysian-backed Sunway City and the $300 million Boeung Snor Satellite City.