The Olympia City project’s two largest buildings – a hotel and an office building – are currently 30 per cent complete, project manager Meng Chamroeun told The Post on Wednesday.
Olympia City is the Overseas Cambodia Investment Corporation’s (OCIC’s) flagship development project, which is located in the heart of Phnom Penh, in Prampi Makara district’s Veal Vong commune, north of the National Olympic Stadium.
The OCIC’s plans show that the 38-storey hotel and 55-storey office building are scheduled to be completed by the end of 2022.
Chamroeun said the construction of the two buildings is progressing every day, and is on schedule.
However, “the construction period may change if the market needs changes”, he said, adding that the office building will be designed under the small office/home office concept – offering both offices and accommodations to meet the market’s needs.
The entire Olympia City project comprises 12 buildings, including condos, shopping malls, commercial buildings, office buildings and hotels. Currently, four condos, two office buildings and a shopping mall have been completed and opened.
OCIC deputy director Touch Samnang previously told the media that the project began construction in 2012 on more than 6ha of land under a $500 million budget, which did not include the cost of the land.
Century 21 Advanced Property CEO Long Kimsuor said demand for office buildings and hotels is rising rapidly in Phnom Penh, driven by the arrival of new investors and the opening of diverse businesses.
The surge in the number of new companies coupled with rising landed-home rents to open offices, and a lack of proper parking, has led to a dramatic increase in demand for office spaces, he said.
Furthermore, he said, more hotels are needed to cater to the growing needs of investors and tourists. “The potential of Olympia City’s location will make the project attractive to customers.”
He said the growing population of Phnom Penh had increased demand in all sectors.
Cambodia Constructors Association general manager and secretary Chiv Sivpheng said political stability and economic growth have led to a surge in larger buildings and high-rises in all areas of Phnom Penh.
All construction sites are busy, with workers toiling day and night at some sites, he said. “Construction is active everywhere in Phnom Penh, which means the market is booming.”
As of October, 133 high-rises were at least 30-storeys high in the Kingdom, data from the Ministry of Land Management, Urban Planning and Construction shows.