Logo of Phnom Penh Post newspaper Phnom Penh Post - Two condominium blocks break ground in Phnom Penh Harbour



Two condominium blocks break ground in Phnom Penh Harbour

Content image - Phnom Penh Post
Yuetai Group Co Ltd’s Phnom Penh Harbour development project has a total area of 92,538sqm and extends along the Tonle Sap river from the Chroy Changvar bridges to the Night Market. Hin Pisei

Two condominium blocks break ground in Phnom Penh Harbour

Two 46-storey condominium blocks in Yuetai Group Co Ltd’s Phnom Penh Harbour or “The City Gate” development project broke ground late last month and are scheduled to be completed by the end of 2022.

The project has a total area of 92,538sqm and was leased by Phnom Penh Autonomous Port last year for $16.5 million on a 50-year lease agreement. It extends along the Tonle Sap river from the Chroy Changvar bridges to the Night Market.

The mixed-use development concession is under development by Chean Chhoeng Thai Group Co Ltd, which is a subsidiary of Guangzhou-based real estate company Yuetai Group.

Since 2009, Yuetai Group has developed three major projects in Phnom Penh, including East One, East View and Yuetai The Garden.

Yuetai Group sales official Tiep Sokunthy told The Post on Wednesday that two condominium blocks – 2C and 2D – with a total of 2,788 units broke ground last month. The two buildings are part of the Phnom Penh Harbour’s second phase.

She said the company began selling 2C units about a month ago. The building is divided into two segments – 2C1 and 2C2 – each with 697 units.

“Because the beginning of construction and the [units being] put up for sale happened at about the same time, many customers have been buying them up,” Sokunthy said.

Properties range between 47sqm and 135sqm, with prices ranging from $2,500 to $3,500 per square metre.

“Around 15 per cent of 2C1’s units have been purchased. Some 70 per cent [of customers] are Cambodian and 30 per cent are foreigners [mostly Chinese],” she said.

The 2C building will have three underground car parks, a shopping mall on the first to fifth floors and condominium units between the sixth and 46th floors. The building will also contain various facilities such as a swimming pool, gym and recreational garden.

The Phnom Penh Harbour development project is divided into four phases, with the second phase comprising the two 46-storey condominium blocks and two commercial buildings.

CBRE Cambodia director Ann Sothida told The Post on Wednesday that the project sits in a strategic location – in the middle of the city but along the river, meaning fresh air.

“Prices could be high for local buyers who always want a permanent home. But a 50-year project like this poses no problems for foreigners,” she said.

According to the plans for Phnom Penh Harbour, the project will comprise 28 high-rises and include office buildings, an arts centre, a floating market, a five-star hotel, an exhibition hall and a public park.

MOST VIEWED

  • Companies listed on CSX receive 50% deduction on income tax

    Tax incentives are granted to companies that have listed their shares or issued debt securities on the Cambodia Securities Exchange (CSX), whether they are small to medium-sized enterprises or large companies. The nine stock listed companies on the CSX – with seven listed on the Main

  • Siem Reap drain canal now ‘mangrove’ promenade

    A more than half a kilometre long stretch of canal in Siem Reap has been covered and turned into a promenade to attract visitors, said Ly Rasmey, secretary of state at the Ministry of Land Management, Urban Planning and Construction, on September 16. The new pedestrianised

  • Cambodia mourns over UK’s Queen Elizabeth II

    Cambodia has joined other nations around the world to mourn the passing of Queen Elizabeth II, with King Norodom Sihanomi, Prime Minister Hun Sen and National Assembly president Heng Samrin extending their condolences in separate letters. In his letter to the late Queen’s son –

  • Final verdicts for Khmer Rouge leaders ‘vital’ for next generation

    Nearly a decade after the commencement of Case 002/02 against Khieu Samphan back in 2014, the Extraordinary Chambers in the Courts of Cambodia (ECCC) is now set to deliver its final verdict for the former Khmer Rouge head of state. The Supreme Court Chamber of the ECCC,

  • Angkor wildlife, aquarium park still to open October

    The Angkor Wildlife and Aquarium complex about 30km southeast of Siem Reap town with initial total investment of more than $70 million is reportedly still on track for an end-October opening. The park is located on a 100ha plot along National Road 6 in Kbon village, Khchas

  • Railway project studies proceed

    The transport ministry is exploring options to expedite preliminary studies on key public railway infrastructure projects, especially the conversion of the Northern Railway Line that links to Thailand into high-speed rail. Railway freight and passenger transportation has been pinpointed as a major potential engine of