A luxury condominium project in Sihanoukville that will operate on a timeshare basis – a first in Cambodia – is set to begin construction soon in time for completion in 2018.
The project, which includes a sky bar, coffee shop, gym, pool and a business club, will stand 32 storeys tall and will comprise 206 units, with each unit costing from $100,000.
Andrew J. Ahn, CEO of The Scarlet project, told Post Property that the condo development will be modelled as a timeshare project, a new concept in the Kingdom where customers can buy and use the building together, as well as renting it back to the company in order to lease it to other customers as hotel rooms. As a result, the owner of that particular unit will share the unit’s profit.
Ahn said the coastal town of Sihanoukville was the perfect location for a timeshare project.
“Sihanoukville is a commercial and tourism city that presents a different picture from Phnom Penh, which motivates us to focus our attention on a different type of condo from those in the Kingdom’s capital,” he said.
“The rooms in this condo will be modelled after those in a 5-star hotel, as well as being equipped with luxury and modern furniture and amenities.”
According to Ahn, the Scarlet project will be up for sale soon and will target foreign customers from countries such as China, Taiwan, Korea and Japan.
Ley Mithona, general director of The Scarlet project, said supply in Phnom Penh’s condo market was surpassing demand, which prompted the private investors of the project to set their sights on developing the project in Sihanoukville.
Kuy Vat, CEO of Century 21 Cambodia, said investors were being drawn to Sihanoukville as a result of the government prioritising the province with the creation of a special economic zone.
He continued, “Investing in The Scarlet project will provide customers with additional options. As similar developments have seen success in foreign countries, taking on this timeshare model in Cambodia is a test.”
Cheng Kheng, head of Hutton CPL’s advisory board, said Sihanoukville was currently in the early boom stages when it came to real estate.
“Sihanoukville is the only sea-side city with great tourism potential, which means that the city will see remarkable improvements in the future as the construction and real estate industry continue to flourish,” he said.