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.