Logo of Phnom Penh Post newspaper Phnom Penh Post - Foundation of Olympia City’s ‘Financial Building’ complete

Foundation of Olympia City’s ‘Financial Building’ complete

Content image - Phnom Penh Post
The foundation of Olympia City’s ‘Financial Building’ is 100 per cent complete and work on the three-storey car park is scheduled to be completed by end-2021. SUPPLIED

Foundation of Olympia City’s ‘Financial Building’ complete

The foundation of the multi-purpose “Financial Building” in central Phnom Penh’s Olympia City development has been completed, but construction progress has been slightly bogged down by Covid-compliance measures as the pandemic situation escalates, according to the project manager.

Breaking ground early last month just north of the National Olympic Stadium, the $50 million building comprises a series of eight- and 10-storey segments – with three basement floors for car parking – that house shops, hospitals and restaurants, and 27 flats measuring 24m by 8.2m each.

Construction is planned to be completed in 36-42 months, or by February-August 2024, according to developer Overseas Cambodian Investment Corp Ltd (OCIC).

Olympia City project manager Meng Chamroeun told The Post on July 21 that work on the three-storey car park will be completed by year’s end.

However, the pace of construction activity has slowed down as OCIC downsizes its labour force as part of tightened restrictions on unvaccinated workers to prevent the spread of the novel coronavirus, he said.

“Our construction is now a bit slow because the company is tightening and monitoring the vaccinations and the health of workers on a regular basis. However, we expect that the pace of construction will resume once the Covid-19 situation is under control,” he said.

Construction of the ground floor may start at the end of this year or early in 2022, he said, adding that the building will be equipped with lifts, fire protection equipment and other security systems.

Breaking ground in 2012, Olympia City sits on more than 7ha in Prampi Makara district’s Veal Vong commune and consists of 12 buildings comprising condominiums, commercial and office space, shopping malls and hotels.

Four condominiums, two office buildings, a hotel, an international school and a shopping mall have been opened.

Cambodian Valuers and Estate Agents Association president Chrek Soknim said the sheer scale and strategic location of the project in the heart of the capital makes it a “very attractive” option to live, work, or do business in, as more buildings are completed and readied for occupancy.

“However, the success of a project depends not only on completion, but also on the rate of use and occupancy,” he said.

According to OCIC deputy director-general Touch Samnang, the developer has budgeted about $500 million for the entire Olympia City project.


  • WHO: Covid in Cambodia goes into new phase

    The World Health Organisation (WHO) in Cambodia said that Cambodia has reached a new phase of the pandemic with “decreasing case numbers, high vaccination coverage and a more transmissible circulating variant threatening a hidden surge”. In a press release on September 6, the WHO said that

  • Purging Sihanoukville’s past with a new masterplan

    Amid illicit activities, haphazard development and abandoned projects, the coastal city of Sihanouk province needs a reset to move forward. A new masterplan might be the answer to shake off its seemingly mucky image to become the Shenzhen of the south Gun toting, shootouts, police

  • 'Pursue your goals, reach out to me': Young diplomat tapped as envoy to South Korea

    Chring Botum Rangsay was a secretary of state at the Ministry of Foreign Affairs and International Cooperation before being designated as the new Cambodian ambassador to South Korea. According to her official CV published on the foreign ministry’s website, she started her first government

  • International air visitor arrivals dip 93%

    The number of foreign tourists entering Cambodia through the Kingdom’s three international airports witnessed a sharp 92.5 per cent year-on-year decline in the first seven months of this year, according to the Ministry of Tourism. The airports handled 51,729 international tourists in the January-July period versus

  • School reopening ‘offers model for other sectors’

    World Health Organisation (WHO) representative to Cambodia Li Ailan said school reopening process should be used as a role model for reopening other sectors currently mothballed by the Covid-19 pandemic. Li strongly supports the government’s decision to reopen schools, saying it is a decision

  • Tourism concerns laid bare

    To ensure the success of plans to reopen the tourism market for international visitors, Cambodia must pay utmost attention to two primary determinants – the ongoing paradigm shift in domestic tourism services towards the ‘new normal’, and the factors influencing choices of destinations among foreign holidaymakers.