T HE country's first long-term lease luxury apartment complex was formally opened
by the wife of the co-prime minister, Princess Norodom Marie Ranariddh, on July
15.
Regent Park's 36 service apartments, which took two years to
complete at a cost of $2.4 million, rent out for $1,400 per month. Discounts are
available for leases over six months.
While vacancies remain the
apartments can be leased for periods as short as one week.
The furnished
rooms have eight channel satellite TV, phones with direct international access,
24- hour in-house music and 24-hour security.
Regent Park, located at 58
Samdech Soththearos boulevard, is owned by R.D and C. Holding, a
Thailand-registered business specializing in real estate.
Company
president Surin Banyatpiyaphod said: "I first came here two years ago and liked
the country. I knew property would be a good prospect so the company decided to
invest.
"We originally planned to build a hotel but after being here for
a while we found it too hard to find good staff and thought we wouldn't be able
to compete with the larger hotels.
General manager Boonchu Popun said
the company noticed there were no long-term lease apartments in Phnom Penh and
so decided to build Regent Park.
He said: "We are now beginning
construction on a 100-room complex with a business center located off Norodom
boulevard."
Surin said: "Our target consumers are ex-pat businessmen and
diplomats. I see good prospects for the country. We are looking for the future,
this is not a hot cake to be dropped, we are here for the long-term
investment."
Surin said construction on the building took a lot longer
than expected due to a shortage of skilled labor and building materials in Phnom
Penh. Both were eventually supplied from Thailand which greatly increased costs
he said.
Regent Park has a full range of business facilities and a
restaurant with a Chinese, Thai and European menu. The restaurant is only open
to people who have leased apartments and their guests.
There are future
plans for a separate Chinese restaurant and rooftop function area.
The
company began leasing the apartments in early July. To date 12 apartments have
been leased. The company expects an 80 percent occupancy rate by December and to
recoup the initial capital outlay in four to five years.
The complex was
designed by Leo Designs, a Singapore-based company.
