Logo of Phnom Penh Post newspaper Phnom Penh Post - Olympia City on schedule despite pandemic

Olympia City on schedule despite pandemic

Content image - Phnom Penh Post
Olympia City is a large investment project by the Overseas Cambodia Investment Corporation (OCIC). Hong Menea

Olympia City on schedule despite pandemic

WHILE development projects have delayed construction due to the Covid-19 pandemic, construction of the two tallest buildings in Olympia City have not slowed, according to its project manager, Meng Chamroeun.

Olympia City is a large investment project by the Overseas Cambodia Investment Corporation (OCIC) located north of Olympic Stadium.

The project, which covers 6ha comprises of 12 buildings, including condominiums, malls, commercial buildings, office buildings and hotels.

Since the project launched in 2012, four condo buildings, an office building, and a mall have been completed and officially launched.

Chamroeun said there are two main buildings in the Olympia City project, a 55-storey building, 18 of which have been built, and a 38-storey building which has 17 floors completed.

“With about 1,000 workers in the entire Olympia City project, we expect work to be completed in 2022,” he said.

According to the original plan, the two buildings would be used as office and hotel buildings.

However, Chamroeun said: “Things will change depending on the market situation, but the construction process will remain the same.”

Touch Samnang, OCIC deputy director, previously said that Olympia City project was projected to cost $500 million to build.

Sam Soknoeun, Operation Principle of KW Sen Sok, said that Olympia City is a high-potential project, and therefore doesn’t suffer from the capital investment issues that plague similar projects.

In terms of the current real estate market in Cambodia, Soknoeun said that the Covid-19 virus has frozen most transactions.

“This process is not only happening in Cambodia, but all over the world,” he said.

A report by the Ministry of Land Management, Urban Planning and Construction in 2019 said the ministry approved a total of 4,446 construction projects on a total of 18.5 million square meters of land.

In 2018, the ministry approved 2,867 construction projects over 11.4 million square meters.

MOST VIEWED

  • Draft law on state of emergency pending finalisation

    Prime Minister Hun Sen will lead a top-level meeting on Tuesdays to review the draft law on imposing a state of emergency. Meantime, he has decided to close all casinos in Cambodia effective April 1. In the press conference after the National Assembly met today, Hun

  • State of emergency on table amid pandemic

    Prime Minister Hun Sen, his deputy prime ministers and legal team will meet on Tuesday to review the draft law on declaring a state of emergency, as Covid-19 cases rose to 107 in the Kingdom on Monday. Speaking at a press conference after a parliament meeting

  • Stranded passengers petition UK for help

    Some 10,521 people have signed an online petition calling on British Prime Minister Boris Johnson and relevant officials to fly nearly 200 passengers out of Cambodia. The petition is targeted at 15,000 people. Most of the passengers are British nationals, who are stranded in Cambodia after airlines cancelled

  • Many in limbo as tension heightens

    As the Kingdom restricts travel and prepares for a state of emergency, some foreigners in Cambodia are scrambling for a way home. Foreign embassies in Phnom Penh are making efforts to get their citizens out, but cancelled flights have become common due to the coronavirus

  • Covid-19 Pandemic: Force majeure and legal consequences

    Is the Covid-19 pandemic considered an event of force majeure? The World Health Organisation declared the novel coronavirus (Covid-19) outbreak a pandemic on March 11. Following this declaration, the Ministry of Health and other ministries have taken various legal and administrative measures to prevent the rapid

  • State of emergency draft law set for NA

    A draft law aiming to place the Kingdom in a state of emergency amid the Covid-19 pandemic is set for a debate at the National Assembly (NA) after going through the Council of Ministers’ Standing Committee meeting led by Prime Minister Hun Sen on Tuesday.