Logo of Phnom Penh Post newspaper Phnom Penh Post - $30 million timeshare project readies to kick off construction




$30 million timeshare project readies to kick off construction

An artist’s rendition of the project in Sihanoukville. Photo supplied
An artist’s rendition of the project in Sihanoukville. Photo supplied

$30 million timeshare project readies to kick off construction

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.

Content image - Phnom Penh Post
An artist’s rendition of the project in Sihanoukville. Photo supplied

“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.

MOST VIEWED

  • Seven positive for Covid-19, Hun Sen confirms local transmission

    Prime Minister Hun Sen announced that there has been local community transmission of Covid-19. However, he urged the people not to panic even though the Ministry of Health announced the discovery of seven new cases on Sunday. Among the victims are Chhem Savuth, the director-general

  • Cambodia at ‘most critical moment’, Hun Sen warns

    Prime Minister Hun Sen said the first community transmission of Covid-19 in Cambodia has led the country to the “most critical moment” that warranted urgent, large-scale operations to contain the pandemic. Hun Sen, who confirmed the first local transmission on November 28, said the source of

  • PM confirms community transmission, calls for unity

    Prime Minister Hun Sen has called on the public to stay calm, unite and follow the Ministry of Health guidelines after the wife of a senior official tested positive for Covid-19 in the Kingdom’s first case of community transmission. The case has drawn criticism

  • Over 110 garment factories close

    A government official said on November 22 that at least 110 garment factories had closed in the first nine months of the year and left more than 55,000 workers without jobs – but union leaders worry those numbers could be much higher. Ministry of Labour and Vocational Training undersecretary

  • Singapore group seeks $14M in damages from PPSP over ‘breach of contract’

    Singapore-based Asiatic Group (Holdings) Ltd is seeking a minimum of $14.4 million relief from Cambodia Securities Exchange (CSX)-listed Phnom Penh Special Economic Zone Plc (PPSP) for allegedly breaching a power plant joint venture (JV) agreement. Asiatic Group’s wholly-owned Colben System Pte Ltd and 95 per

  • PM vows to protect Hun family

    Prime Minister Hun Sen has vowed to continue his fight against opposition politicians who he said intend to smash the Hun family. Without naming the politicians but apparently referring to former leaders of the Supreme Court-dissolved Cambodia National Rescue Party (CNRP), Hun Sen said there