Logo of Phnom Penh Post newspaper Phnom Penh Post - OCIC sets move-in date for Olympia City occupants



OCIC sets move-in date for Olympia City occupants

Content image - Phnom Penh Post
Olympia City, as captured by Post Property last month. Come next year, the first renters are expected to move in. Hong Menea

OCIC sets move-in date for Olympia City occupants

Overseas Cambodian Investment Corporation’s (OCIC) Olympia City condo development will allow residents to officially move in at the start of 2017.

Meng Chamroeun, chief engineer of Olympia City, said to Post Property earlier this week that management was currently allowing house owners to inspect their units ahead of settlement in the C1 and C2 buildings next year.

He added that there would be 700 houses ready for owners or tenants to move in. Meanwhile, owners of buildings C3 and C4 will be able to start settling in in mid-2017.

“C1 and C2 have 21 floors. From ground floor to the fourth floor, we have commercial units. From the fifth to the twentieth floor, we have residential units and a swimming pool. As for the twenty-first floor, there is a sky bar restaurant and a swimming pool,” Chamroeun said.

Sun Hourt, manager of Olympia City’s sales department, said there would be an influx of people moving in next year because 90 percent of the units had already sold out.

Hourt added, “Seventy percent of our clients for this project are Cambodian while the remaining thirty percent are foreigners, mostly Chinese as well as other nationalities.”

Money will start rolling in for OCIC in line with the phased completion. It’s understood that condos for the multi-million dollar Olympia City project have been sold for $2,000 to $3,000 per metre square, up to three times more expensive than their original cost of construction.

This is the first piece of good news to concern Olympia City in recent times, with construction issues often overshadowing the development.

In late 2014, a rod fell from one of the Olympia City’s buildings, causing the tragic death of a woman who was driving with her child on the road. More recently, a road collapse next to the development swallowed one vehicle and heavily damaged two others during a flash flood.

Content image - Phnom Penh Post
Artistic rendition of the completed Olympia City slated for 2019. Photo supplied

Olympia City, a mixed-use development consisting of condominiums, offices and retail space, is earmarked for overall completion in 2019. However, the project will come online amid a growing residential oversupply in the Kingdom.

According to a recent study by CBRE Cambodia, there will be 27 condominium projects coming onto the market in 2017, amounting to about 8,100 units.

Thida Ann, deputy director of CBRE Cambodia, said the current occupation rate for apartments was 86 percent, but noted the occupation rate for condos was lower.

She noted that if supply were to continue to increase, it would make it harder to increase prices for existing apartments unless the owner were to renovate as a way to lure in tenants.

Kim Heang, president of the Cambodian Valuers and Estate Agents Association, said while most people buy condos for investing, he acknowledged it was positive to hear that OCIC would soon allow their clients to settle into their new homes.

While condos are still a relatively new housing concept to locals, Heang predicts this type of dwelling would gain traction in the future.

“I think in three to five years’ time there will be more condo dwellers. The traffic jams make it hard for people to commute in and out of the city, so as a result, they will naturally stay in condos,” he said.

MOST VIEWED

  • 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

  • Chinese may be first in tourism revival: PM

    Cambodia's tourism industry is gearing up to roll out the red carpet for Chinese travellers after Prime Minister Hun Sen on September 17 indicated that the Kingdom could soon throw open its doors to international holidaymakers vaccinated against Covid-19 – starting with guests from China. Cambodia Chinese

  • Four-pillar approach in reopening of tourism: PM

    Cambodia is drawing up a four-strategy approach to promptly restore domestic and international tourism activity and put the industry on a transition pathway to a sustainable and inclusive model that is resistant to future crises, according to Prime Minister Hun Sen. The prime minister made

  • Airline says ready for green light to reopen international tourism

    Sky Angkor Airline Co Ltd on September 21 said it is ready to transport South Korean and Chinese tourists to the Kingdom once the Cambodian government makes good on plans to reopen its borders to vaccinated travellers. The Siem Reap-based airline made the remark during a

  • 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.

  • Cambodian bride ‘badly treated, held captive’ by Chinese man seeks help

    A Cambodian woman who travelled to China to marry a Chinese man there was “badly treated” by her husband’s family and then had to be rescued and will be returned to Cambodia to ensure her safety. The rescue operation came about after the 25-year-old