Cambodia’s Overseas Cambodia Investment Corporation (OCIC) says it will construct a 55-storey skyscraper and 12 other high-rises in the northern part of the Olympic Stadium compound, at a cost of $250 million.
Touch Samnang, Diamond Island Development Project Manager, told Post Property that the project, which consists of 13 skyscrapers, including one 55- storey building, two 36-storey buildings, five 20-storey buildings and five 15-storey buildings, as well as a modern supermarket, is starting construction.
He said: “We will operate this project in three stages before constructing the tallest skyscraper which is the last stage”.
“I believe that this project will be successful because it is in good location,” Touch added.
Meng Chamroeun, the project engineer said: “Now we are digging out soil for the construction.”
The name of the project is also under consideration, with a change from the original Ten Dragon to Olympia City being considered.
The engineer stressed that “this project will be completed within five years, but everything also depends on the support from the people. But I believe that this project will be a success thanks to the trust of our customers, who believe in the company, and also thanks to Cambodia’s economic progress”.
The project, which sits on an 8-hectare site, has already completed its whole architectural design and needs only the fulfillment of documentary procedures at city hall.
However, OCIC refused to show the plans for the site to Post Property. Another important issue concerns the drainage and clean water system, as well as optic cabling, which the company is conducting a study on.
Meng admitted all of these issues, saying that “the study on the drainage system is a complex one for the company because we are not doing it for only the interest of the company but also for the interest of the people nearby as a whole”.
Sung Bonna, Director of Bonna Reality Group and President of the Cambodia Valuers and Estate Agents Association, previously said this project will help promote the image of the property sector in Cambodia, as it will reflect Cambodia’s economic growth and will also contribute to attracting overseas investors to invest more the country.
Sen Chan Reatrey, CEO of CEA Real Estate Company, said the development is a good sign for the growth of Cambodian property sector “and is an attraction to overseas investors who are eyeing the Cambodian market”.
He added that “in the past investors in Cambodia and overseas always watched each other before making investments in this sector, so the start of this enormous project will be able to further attract and build confidence for the investors in Cambodia”.
To contact the reporter on this story: Siv Meng at [email protected]