Phnom Penh will be a changed city and more attractive when twin 45-storey condominium towers are completed in the coming three or four years, developers say.
Sung Bonna, director of Bonna Realty Group, said Singaporean outfitThe Bridge Company, would start constructing the twin skyscraper buildings at the end of this year or early 2014.
The company is proposing that the Ministry of Land Management, Urban Planning and Construction run its project. He added that the buildings would be used for condos, office space and a supermarket. However, he did not outline further details about the project or how much it would cost.
“This project is not mine, I do not have such substantial capital, ” Bonna said. “It is my client’s project”
The twin buildings will be built south of the Australian Embassy in Tonle Bassac commune, Chamkarmon district.
Noun Rithy, general manager of Bonna Reality Group, said the owner was studying and preparing the project for a future sales campaign, adding that the location of the commercial building was interesting, for it is comprised a variety of services and a good urban environment.
Noun said that factors including proximity to the city centre, good surrounding environment and fengshui and high-class residential spaces would ensure the project’s success.
Tall buildings are popping up throughout the Tonle Bassac area, including the Rose, Riviera, and CASA Meridian condominium developments, Tokyo Inn and Bali Scenery.
Kim Heang, president of Khmer Real Estate, said that the twin skyscraper development was a good project because the location was the highest priced area in Phnom Penh. The development’s diverse targeted markets will ensure its success, he added.
The one-and-a-half hectare site will serve as a welcoming point for tourists and investors coming to Cambodia after ASEAN integration is launched in 2015, he said.
Liv Ratana, personal assistant to Sear Rithy, chief executive officer of The Bridge Company, said Sear declined to comment on the project.