Real estate developer Yuetai International Group’s CEO Sam Yang says the domestic property market will be driven by the young population and its properties will suit Cambodian lifestyle.
In Cambodia, the Guangzhou-based Yuetai Group projects include East One, East View and the East Commercial Center.
Construction of the mega Yuetai Phnom Penh Harbour Bay project is expected to begin this month.
Yang added: “the Cambodian population is dominated by the young, which we call ‘the demographic dividend’ that will push the real estate market forward in Cambodia”.
Cambodia has unique advantage of having a young population, where 60 per cent of its 16 million population are under the age of 30, a country with the youngest population in Asean.
In a statement issued by the company, Yang said the properties developed by the company are not exclusively for the expatriate community but also for Cambodian buyers.
“The Yuetai Phnom Penh Harbour [Bay]is not a project only targetted for expatriates. There is more than one million square meters, of which around 200,000 square metres to 300,000 square metres are particularly built for Cambodian buyers."
“The living style and urban planning in Phnom Penh is quite similar to that in Bangkok, Thailand, where [many] people own two houses, one of which is located in the city so it is convenient to commute to work."
“While another is located in the suburban area which is used for weekends and holidays,” said Yang.
The company which has been operating in Cambodia for the past seven years is also developing The Garden, located close to the airport and based on an eco-living community concept.
The company will start constructing the Phnom Penh Harbour Bay or tagged as “The City Gate” project located along the Riverside in the captial.
Yang also said that during the design and study of the Phnom Penh Harbour Bay project, they discovered that the embankment of the river bank became a major challenge, but the company has the expertise to resolve the barrier.
“We are quite experienced in building riverside projects since we have already developed projects along rivers, one of which is Guangzhou Swan Bay, the Guangzhou landmark project."
“So there is no huge difficulties in developing the Phnom Penh Harbour [Bay project] due to the past construction experience."
“The date to start construction will be beginning of this year, when the Tonle Sap River water level will decline due to the dry season,” said Yang.
The project, equal to the size of 16 football fields, is an integrated property development along the Tonle Sap River, which could change Phnom Penh’s existing landscape.
When carrying out the embankment of the river bank, Yuetai will also develop three floors underground parking space and strengthen the building structure.
With a total investment up to $1.5 billion, the project includes 19 buildings, including two super skyscrapers with the height of 195 metres and 217 metres respectively.
The project will comprise a combination of cultural, historical and tourist elements, and demonstrates Cambodia’s rich culture and unique scenery to the world.
According to the plan, there will be a mega shopping mall that will house famous international brands, a riverside cultural and artist street, an exhibition hall and a performance ground.
The whole project will be developed in four phases.
In phase one and two, there will be several landmarks, including a five-star hotel, the White Swan Hotel, a 120,000 square metre shopping mall as well as 20,000 square metre business avenue.
Besides, there will be several high-end apartments and modern office buildings, which will be the new central business district of Phnom Penh.
Phase three and four are mainly high-end apartments, which will offer a spectacular river view.
Listed in the Shanghai Stock Exchange, Yuetai also plans to develop projects in other provinces in the Kingdom, such as Sihanoukville, Siem Reap and Kampong Cham.