Even though the property market hit a slump caused by the world financial crisis, we never delayed
THE developers behind the US$70 million Rose City Condominiums said yesterday the project would be completed in the middle of 2011.
Work on the four separate 29-storey condominium buildings – located near the Sofitel Phnom Penh in the capital’s Chamkarmon district – has been ongoing since late 2008, according to Touch Samnang, project manager at the developers, Overseas Cambodian Investment Corporation (OCIC).
“We have almost completed our project,” he said. “We are just doing interior design and will be finished by mid-2011, and open for clients to move in later this year.”
The Rose City Condominiums project is part of the larger Bassac Garden City development. The OCIC ownership also holds a stake in Canadia Bank
Rose City towers stands on 1.5 hectares, with each of the four buildings set to contain more than 100 units.
Work on the project began during the start of the downturn in the Cambodia’s real estate market, according to Touch Samnang.
“Even though the property market hit a slump caused by the world financial crisis, we never delayed,” he said. “We’re not worried [about the project’s success], because we have a lot of funds from our bank.”
Other prominent Phnom Penh developments have seen work halt recently.
Gold Tower 42, at the corner of Sihanouk and Monivong Boulevards, saw work halt in September, while other projects in the capital have delayed beginning construction.
Touch Samnang claims that the Rose City project was already sold out, fetching between $100,000 and $200,000 per unit.
Clients, he said, were mostly businesspeople, government officials, and a few foreigners.
Ministry of Land Planning, Urban Management and Construction department of construction director Lao Tip Seiha said yesterday that Rose City was being constructed smoothly – adding the project was so far without delay.
“This is a big project, among other big projects belonging to Canadia Bank. It aims to share in and push the construction sector in Cambodia to grow,” he said yesterday.
“There is still activity in the construction sector.
‘‘Some development projects have been postponed, but construction on other projects is still underway.”
OCIC owns other projects, including the Diamond Island development, as well as Canadia Tower - currently the Kingdom’s tallest building.
Total construction in Cambodia declined nearly 58 percent in 2010 compared to a year earlier, according to previous ministry statistics.
The figures – which include individual buildings as well as developments with multiple buildings – show 2,149 projects worth $840 million were given the green light last year, down from $1.988 billion in 2009.