Logo of Phnom Penh Post newspaper Phnom Penh Post - $11 million for new serviced apartments



$11 million for new serviced apartments

$11 million for new serviced apartments

121107_03b

A potential customer examines a model of Silvertown. Photograph: Hong Menea/Phnom Penh Post

Approximately $11 million will be invested in the 14-storey Silvertown Serviced Apartments in BKK1, according to the president of agents Knight Frank last week.

Sunny YL Soo, the managing director of Knight Frank in Cambodia, said that the demand for leased apartments in Cambodia is rising rapidly, particularly in Phnom Penh, where most clients are interested in this type of residence.

Currently four storeys of this apartment building have been completed, and he added, “Our construction is going quickly because we spent only three weeks building one storey.”

Silvertown Serviced Apartments are being built on 1,000 square meters and over 14 storeys, of which seven storeys are serviced apartments, with 10 units, together with supermarket, swimming pool and gym.

Silvertown Serviced Apartments is located on the corner of Street 400 and Street 63 in BKK1, and construction is scheduled to be completed in October 2013.

This investment started in August this year at a time of growth in the real estate sector in Cambodia, which is seeing foreign investors coming to invest in the construction sector.

Sokun Monika, the marketing manager of Knight Frank, said, “If Cambodia’s economy continues to improve and there is much demand for apartment like this, I hope that we will sell all even before the completion of the construction, because for about three months of construction, the company received deposits from more than 10 clients.”

She added that units are selling for $84,000 to $230,000 and the clients are mostly local and foreign investors.

She said that as a real estate company, “we always receive the purchase order every month from at least five clients, which is twice last year. Some clients want to buy land, and others want to buy existing houses, so we worked out that if we invest in condos or apartments, we can sell more, particularly to foreigners who are interested in this type of residence.”

Chreok Soknim, the vice director of V-Trust, said that currently the market for apartments in BKK1 is good in Phnom Penh, because this location has had a good reputation together with a good geographical location, with many foreigners enjoying the safe environment.

He added, “The first choice of investors is the residence in Beung Keng Kang. I think it is good when there are many apartments in that area, providing a lot of choices to customers.”

He added that foreign companies wish to invest in apartments because they think is is good preparation for the 2015 ASEAN Community, when the traffic of goods will be free. More importantly, “to extract oil in Cambodia, more investors will surely need apartments.”

He added that Silvertown Serviced Apartments is in a good location for the present and the future, and it is right at the center of Phnom Penh.

To contact the reporter on this story: Seun Son at [email protected]

MOST VIEWED

  • Massive stingrays may live in Mekong’s deep pools

    US scientists have suggested that unexplored deep pools in the Mekong River in an area of Stung Treng could potentially be home to significant populations of giant freshwater stingrays, one of the world’s largest freshwater fish species. This comes as a fisherman hooked a 180

  • CCC team off on US business trip

    The Kingdom’s leading economists and private sector representatives have called on the US to renew its tax preferential status for Cambodian exports, as a Cambodia Chamber of Commerce (CCC) delegation departed for a weeklong business visit to the US, where they will meet with

  • PM takes time to meet, greet Cambodians living in the US

    After landing in the US ahead of the ASEAN-US Special Summit, Prime Minister Hun Sen was received by over 1,000 Cambodian-Americans including political analysts who welcomed him with greetings, fist bumps and selfies. Hun Sen also met with analyst Mak Hoeun, who had allegedly spoken ill

  • Khmer cinema classics back on big screen for free at WB Arena’s outdoor movies series

    On a recent Saturday evening at WB Arena, Bunsong was enjoying a tasty BBQ meal with his family after work on the long tables that had been arranged out in front of the restaurant as they watched a Khmer action movie on a big outdoor

  • PM heads to Washington for ASEAN-US special summit

    Regional and international issues and how to bring the ASEAN-US partnership to another level will be discussed at length as Prime Minister Hun Sen and his ministers arrive in Washington, DC, for a special summit on May 12-13. During the trip, Hun Sen and ASEAN

  • National Assembly refutes EU resolution

    The National Assembly (NA) has hit back at a European Parliament resolution condemning the political and human rights situation in Cambodia, calling it another display of the Parliament’s “double standards”. Key points of the resolution include a warning that the Parliament could exclude the