Logo of Phnom Penh Post newspaper Phnom Penh Post - Rose City set for mid-year finish

Rose City set for mid-year finish

Rose City set for mid-year finish

110211_8b
Rose City Condominiums under construction in Phnom Penh yesterday. The project is expected to be completed mid-year. Photo by: Wesley Monts

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.

MOST VIEWED

  • ‘Dire consequences’ from sanctions, warns AmCham

    American businesspeople in Cambodia have warned that any sanction against the Kingdom would have “dire consequences” that could push Cambodia even further into the arms of China. In a letter to US senators and representatives dated Monday, the American Chamber of Commerce Cambodia (AmCham) said

  • Protests planned in New York as Hun Sen to attend the UN

    Prime Minister Hun Sen will speak at the United Nations General Assembly in New York this week. But US-based supporters of the Supreme Court-dissolved Cambodia National Rescue Party (CNRP) plan to throw eggs at his car as part of a series of protests to coincide

  • CPP: ‘Behave or Sokha suffers’

    The ruling Cambodian People’s Party (CPP) spokesman warned Kem Monovithya on Thursday that her attempt to damage “national reputation and prestige” would lead to her father, Kem Sokha, receiving even harsher punishment. Sok Eysan issued the warning as Monovithya, who is the court dissolved

  • Preah Sihanouk beach developments halted

    After receiving an order from Hun Sen, Minister of Land Management Chea Sophara led a team of experts and relevant officials to Sihanoukville to call a halt to the illegal development of a beach. The prime minister ordered the Prek Treng beach in Otres commune