Logo of Phnom Penh Post newspaper Phnom Penh Post - Stock exchange boosts Canadia Tower rentals

Stock exchange boosts Canadia Tower rentals

Stock exchange boosts Canadia Tower rentals

110316_7b
Canadia Tower has seen office rentals increase since it was confirmed as the initial home of the stock exchange.

Canada Tower has benefited from the Cambodia stock exchange naming it as the bourse’s first home, an official said yesterday, with new clients including multinational giants drawn to the Phnom Penh skyscraper.

Around 80 percent of office space available at the nation’s tallest building has now been rented, according to Pen Phyrun, marketing manager of Mega Asset Management Co, the property unit of tower owner Overseas Corporation Investment of Cambodia.

This marks a rise on the 60 percent occupancy record in December, the same month that the Securities and Exchange Commission of Cambodia agreed to rent the tower’s 25th and 26th floor to temporarily house the exchange.

“After the SECC came to our place, we got a lot of clients to rent here and we also has confirmed a lot of clients [wanting] to book the space,” he said, declining to reveal how long the contract is set to last.
The bourse’s long-term home is touted to be in Camko City, Phnom Penh.

“Our client came from local and international company such as Cambodia, the United Kingdom, Switzerland, Japan, USA, Australia and China,” he said.

Among the firms which have signed contracts to move into the building are Sojitz Corporation from Japan, a construction consultant from the UK, British accountancy body ACCA Cooperation with Cambodian accountancy trainer CamEd, and French communications giant Alcatel-Lucent.

The Bank of China is already stationed in the skyscraper.

“We’re going to sign more contracts with our clients soon as they already confirmed to rent our place.

“Our office space almost full, we hope that our place will full for next few months,” said Pen Phyrun.

Canadia Tower, which opened in November 2009, has put 10,724 square metres of work space up for rent at around US$25 per square metre. Keuk Narin, general manger of the Bonna Realty Group and secretary of the National Valuers Association, said yesterday that Canadia Tower benefitted from its prime location and good pricing.

“In only one year they can get clients [to rent] between 70-80 percent of their space - it is not a problem, they are successful,” he said.

Canadia Tower is currently Phnom Penh’s only Grade A office space.

But it is set to be joined by the Phnom Penh Tower which is scheduled to open next month in the capital.

Of the14 Grade B buildings in the capital, occupancy lies at around 75 percent, according to the National Valuers Association.

“In this year, we noted that occupancy rate increased because a lot of investors came here,” said Keuk Narin.

Canadia Tower is also home to the headquarters of Canadia Bank.

MOST VIEWED

  • NY sisters inspired by Khmer heritage

    Growing up in Brooklyn, New York, Cambodian-American sisters Edo and Eyen Chorm have always felt a deep affinity for their Cambodian heritage and roots. When the pair launched their own EdoEyen namesake jewellery brand in June, 2020, they leaned heavily into designs inspired by ancient Khmer

  • Cambodia records first Omicron community case

    The Ministry of Health on January 9 reported 30 new Covid-19 cases, 29 of which were imported and all were confirmed to be the Omicron variant. The ministry also reported 11 recoveries and no new deaths. Earlier on January 9, the ministry also announced that it had detected the Kingdom's

  • The effects of the USD interest rate hike on Cambodian economy

    Experts weigh in on the effect of a potential interest rate expansion by the US Federal Reserve on a highly dollarised Cambodia Anticipation of the US Federal Reserve’s interest rate hike in March is putting developing economies on edge, a recent blog post by

  • PM eyes Myanmar peace troika

    Prime Minister Hun Sen has suggested that ASEAN member states establish a tripartite committee or diplomatic troika consisting of representatives from Cambodia, Brunei and Indonesia that would be tasked with mediating a ceasefire in Myanmar. The premier also requested that Nippon Foundation chairman Yohei Sasakawa

  • Kampot tourism quay ‘90% done’

    Construction on Kampot International Tourism Port – a 4ha quay in Teuk Chhou district about 6km west of Kampot town – has fallen off track, reaching 90 per cent completion, according to a senior Ministry of Tourism official last week. The project is now planned to be finished

  • Demining rat ‘hero’ Magawa dead at 8

    A landmine-hunting rat that was awarded a gold medal for heroism for clearing ordnance from the Cambodian countryside has died, his charity said on January 11. Magawa, a giant African pouched rat originally from Tanzania, helped clear mines from about 225,000sqm of land – the equivalent of 42