STRUCTURAL work on the US$60 million Phnom Penh Tower will be completed next week, according to an official.

“We will complete the structure on September 2 this year. We’re now working the top floor,” said Sung Soo Kim, director of Hyundai Amco Company, the firm that is building the tower, yesterday.

The 22-storey skyscraper on the capital’s Monivong Boulevard is on course for a grand opening on April 1.

The high-rise is just one of a number of towers being constructed across Phnom Penh, and buildings such as Gold Tower 42 are taking shape nearby. Phnom Penh Tower is to host commercial office space.

Representatives from Korea’s Hyundai Amco say they have already contacted 250 potential clients.

“Around 50 percent of clients will be signing contract soon. They are international organisations,” said Sung Soo Kim, but he declined to name interested firms.

Phnom Penh Tower developers say they remain confident about the Kingdom’s real estate sector.

“ I can see that foreign direct investment, tourism, import-export is increasing together with the number of companies registered to do business here,” he said.

“Cambodia’s real estate sector is not in a downturn anymore.”

The targeted rent for the tower runs from about $20 to $40 per square metre.

Sung Bonna, president and CEO of Bonna Realty Group, said he believed that the tower was situated in the right location to attract clients.

Lao Tip Seiha, construction director at the Ministry of Land, said his department welcomed such investments.