Logo of Phnom Penh Post newspaper Phnom Penh Post - Capital’s Olympia City sells 90 pct of condos



Capital’s Olympia City sells 90 pct of condos

Content image - Phnom Penh Post
Motorists pass one of Olympia City’s newly completed condominium towers. Sreng Meng Srun

Capital’s Olympia City sells 90 pct of condos

THE capital’s Olympia City condominium project has sold around 90 per cent of its units, 50 per cent of which went to local customers, the project’s senior marketing officer said.

Funded by a more than $500 million investment from Overseas Cambodia Investment Corporation (OCIC), Olympia City is situated adjacent to the capital’s Olympic Stadium.

It consists of four luxury residential tower blocks, a 25-storey commercial building and a seven-storey shopping mall. The project, which began in 2012, covers six hectares.

Olympia City senior sales and marketing officer Teng Sreykeo said 90 per cent of the projects total 2,300 condominiums were sold.

Of the units that have been sold, half the tenants have moved in, while construction of the commercial buildings continues.

“The major factor that brought Olympia City many customers is its location in the heart of Phnom Penh and the fact that it is under a big name like OCIC,” said SreyKeo.

She said while 50 per cent of the buyers are Cambodian, most foreign buyers come from Asia.

The full Olympia City complex, including a hub for entertainment establishments, an international school and a plaza, is set to officially launch late this year.

Lucky Realty CEO Dith Channa said the location is the main reason the project has been so successful.

“It’s not surprising as it is in a good location and has been open for a long time,” he said, adding that the construction process has managed to avoid any bottleneck problems unlike many stalled projects in the capital.

Responding to news sources that have claimed the market for condominiums is faltering, Channa said sales had not decreased compared to last year. On the contrary, he said many more projects have been announced.

OCIC project manager Meng Chamroeun said currently, 75 per cent of the whole complex has been completed, and that it would be fully finished in 2021.

A July report from CBRE Cambodia shows that in the first half of 2018, around 2,000 condominiums were completed and put on the market.

MOST VIEWED

  • Massive stingrays may live in Mekong’s deep pools

    US scientists have suggested that unexplored deep pools in the Mekong River in an area of Stung Treng could potentially be home to significant populations of giant freshwater stingrays, one of the world’s largest freshwater fish species. This comes as a fisherman hooked a 180

  • CCC team off on US business trip

    The Kingdom’s leading economists and private sector representatives have called on the US to renew its tax preferential status for Cambodian exports, as a Cambodia Chamber of Commerce (CCC) delegation departed for a weeklong business visit to the US, where they will meet with

  • PM takes time to meet, greet Cambodians living in the US

    After landing in the US ahead of the ASEAN-US Special Summit, Prime Minister Hun Sen was received by over 1,000 Cambodian-Americans including political analysts who welcomed him with greetings, fist bumps and selfies. Hun Sen also met with analyst Mak Hoeun, who had allegedly spoken ill

  • Khmer cinema classics back on big screen for free at WB Arena’s outdoor movies series

    On a recent Saturday evening at WB Arena, Bunsong was enjoying a tasty BBQ meal with his family after work on the long tables that had been arranged out in front of the restaurant as they watched a Khmer action movie on a big outdoor

  • PM heads to Washington for ASEAN-US special summit

    Regional and international issues and how to bring the ASEAN-US partnership to another level will be discussed at length as Prime Minister Hun Sen and his ministers arrive in Washington, DC, for a special summit on May 12-13. During the trip, Hun Sen and ASEAN

  • National Assembly refutes EU resolution

    The National Assembly (NA) has hit back at a European Parliament resolution condemning the political and human rights situation in Cambodia, calling it another display of the Parliament’s “double standards”. Key points of the resolution include a warning that the Parliament could exclude the