Hong Kong-based firm Goldfame Group on Wednesday officially announced the construction of Phase II of its Urban Village condominium project.
The 51-storey second phase of the project is part of a $200 million investment by the firm and is scheduled for completion by the end of 2022.
The phase consists of four large buildings covering a total of 70,000sqm of land on the Factory Phnom Penh compound sitting along National Road 2 in Meanchey district’s Chak Angre Leu commune.
The project will offer 1,700 residential units, parks and a large car park.
Goldfame Group executive director Ben Li said the announcement of the new project comes following completion of the 23-storey Urban Village Phase I, with its units completely selling out.
‘Attractive to consumers’
He said Urban Village Phase II’s residential units will be attractive to consumers, while still offering reasonable prices, as its design is primarily geared towards buyers looking for a luxurious living space.
“With the additional height and an international standard of quality [in design and construction], the project will be an integral part of Phnom Penh,” Li said.
Through its experience constructing high-rises in Hong Kong, the firm wants to give Cambodians a taste of similarly luxurious living, he said.
Prices for the residences start from $1,600 per square metre, or more than $70,000 per unit.
The southern part of Phnom Penh, along the 60m wide Hun Sen Boulevard, is steadily becoming a popular place for residents to live and do business in.
Kim Heang, Regional Operating Principal of KW Cambodia, lauded the project as one of the capital’s most highly attractive.
“I think the project will be very successful due to its design and price. On the other hand, it is also located near the centre of Phnom Penh,” he said.
As of the end of the first half of this year, the condominium supply in Phnom Penh sat at 16,657 units and is expected to reach 31,000 units by the end of the year, a recent research report by CBRE Cambodia showed.