Plans for a six-storey mixed-use building, named The Point, were announced on Wednesday. The $7 million investment is set to be located along Mao Tse Toung Boulevard and is scheduled to be completed by the end of next year.
To be constructed on more than 1ha, it will be used as a community mall and office building with 2,200sqm allotted for a community mall and 9,200sqm for Grade B offices.
Designed by local firm Re-Edge Architecture + Design, The Point will be used as a shopping centre and have a food court on the ground floor while the remaining floors will be used as offices.
3DS Property Management Co Ltd shareholder Thong Sovann Raingsey, who has invested in The Point, said there are currently many office buildings in Phnom Penh but most of them lack recreational facilities, shopping malls and ample parking.
“We will make The Point a transition between accommodation and workplace. Before we go home from work, we can go shopping or sight-seeing and then continue our journey home,” she said.
She said the project will be environmentally-friendly and befitting of the living-standards of modern civilisation through high-tech equipment and security technologies.
Around the time of the announcement, Parkway, a nearby office building, announced that it is scheduled to close.
CBRE’s country director in Cambodia Ann Sothida said economic growth has made the Grade B office market very lucrative at present. The Point’s location will bring it a lot of success.
“I think The Point will be successful as it is difficult to find a mixed-use building with a community mall and office space,” she said.
A CBRE Cambodia research report found that by the end of the third quarter this year, office buildings in Phnom Penh totalled about 360,000sqm – up 4.7 per cent from the second quarter.
Office buildings in the capital are set to reach nearly 400,000sqm by the end of this year, according to the report.
Occupancy rates for Grade A office buildings are around 68 per cent, Grade B office buildings around 90 per cent and Grade C office buildings at 92 per cent, said the report.
Monthly rental prices are from $28-$38 per sqm for Grade A offices, $18-28 for Grade B and $10-18 for Grade C.