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

  • Phnom Penh placed in two-week lockdown

    The government has decided to place Phnom Penh in lockdown for two weeks, effective April 14 midnight through April 28, as Cambodia continues to grapple with the ongoing community outbreak of Covid-19, which has seen no sign of subsiding. According to a directive signed by Prime Minister

  • Cambodia on the verge of national tragedy, WHO warns

    The World Health Organisation (WHO) in Cambodia warned that the country had reached another critical point amid a sudden, huge surge in community transmission cases and deaths. “We stand on the brink of a national tragedy because of Covid-19. Despite our best efforts, we are

  • Hun Sen: Stay where you are, or else

    Prime Minister Hun Sen warned that the two-week lockdown of Phnom Penh and adjacent Kandal provincial town Takmao could be extended if people are not cooperative by staying home. “Now let me make this clear: stay in your home, village, and district and remain where

  • Vaccination open to foreigners in Cambodia

    The Ministry of Health on April 8 issued an announcement on Covid-19 vaccination for foreigners residing and working in Cambodia, directing the Ministry of Labour and Vocational Training and local authorities to register them. Health minister Mam Bun Heng, who is also head of the inter-ministerial

  • Culture ministry: Take Tuol Sleng photos down, or else

    The Ministry of Culture and Fine Arts has told Irish photographer Matt Loughrey to take down the photos of Khmer Rouge victims at Tuol Sleng Genocidal Museum which he allegedly colourised and altered to show them smiling. The ministry said Loughrey's work is unacceptable, affecting

  • Cambodia gears up for muted New Year festival

    The recent curfew and restrictions imposed in the capital and other Covid-19 hotspots were intended to break the chain of transmission, Ministry of Health spokeswoman Or Vandine said as municipal and provincial authorities issued new directives banning certain activities during the upcoming Khmer New Year