Construction on Cambodia Plaza resumes after years-long delay

On hold since 2009, office space in Cambodia Plaza is now open to tenants, while a 72-room hotel and an vehicle showroom are slated to open by year-end, according to the developer
On hold since 2009, office space in Cambodia Plaza is now open to tenants, while a 72-room hotel and an vehicle showroom are slated to open by year-end, according to the developer. BLOOMBERG

Construction on Cambodia Plaza resumes after years-long delay

After postponing construction due to the 2008 economic crisis, work on the ambitious Cambodia Plaza is gradually being resumed.

The plaza is a mixed development project along Russian Boulevard close to the western end of the 7 January Overpass.

Cambodia Plaza project manager Adam Liv said the project is moving forward, and four floors of office space will be open next month, while a three-storey hotel with 72 rooms and an automobile showroom will open together at the end of the year.

Some parts of the project continue to be on hold, he added.

“The supermarket and the apartment units have been on hold since 2009, and I don’t know when the projects will restart,” Liv said, adding that the project owner is hiring an American architect to redesign and develop the blueprints of the mall and hotel, replacing the previous ones prepared by a Chinese designer.

According to Liv, Cambodia Plaza occupies 15 hectares, and half of the land would be used for gardens and a landscaped lake.

Liv was unable to confirm the total investment capital for the project, but said that $3 million has been spent on compacting the land.

He added that 20 houseshops have been completed, with an occupation rate of 50 per cent.

Cambodia Plaza is being developed by Lipo Politan Corporation in cooperation with Knight Frank, which will be managing the office space and property services.

Po Eavkong, managing director of Asia Real Estate, said that the project had not seen any remarkable developments since being put on hold in 2009. However, he also noted that, since the completion of the 7 Makara Flyover, access to the project had improved.

He also noted that the overpass, with its attendant traffic noise, might be a disincentive to potential homeowners.

In theory, Eavkong said, apartments in the area might sell for as much as $290,000, but since the completion of the nearby flyover demand had been weak, and apartments might actually sell for as little as $220,000.

General manager of VMC Real Estate Dith Channa said the fact that the project had been subject to such long delays made it more risky because there were now so many competing projects.

But he also pointed out that for Cambodia Plaza itself, the flyover was more of an advantage than a problem.

Because the project is located on the main road and at a distance from the flyover, it was unaffected by traffic noise, he said.

MOST VIEWED

  • US think tank warns of China's 'ulterior motives'

    A US think tank on Tuesday warned that spreading Chinese investment in the Indo-Pacific follows a pattern of leveraging geopolitical influence at the expense of the nations receiving investment, including Cambodia. The report looks at a sample of 15 Chinese port development projects, noting that the

  • Defence Ministry denies weapons in smuggling case came from Cambodia

    After a Thai national was arrested last week for allegedly smuggling guns from Cambodia to Thailand, Cambodia's Defence Ministry has claimed the weapons seized during the arrest are not used in Cambodia, despite the fact that both types of rifle seized are commonly found in

  • More than three tonnes of ivory reportedly bound for Cambodia seized in Mozambique

    A total of 3.5 tonnes of ivory reportedly bound for Cambodia was seized by authorities in Mozambique late last week, according to the NGO Convention on International Trade in Endangered Species of Wild Fauna and Flora (CITES). CITES' information was based on a report from the

  • Shipwreck found off coast of Koh Kong

    Royal Cambodian Navy researchers are working to identify a decades-old shipwreck found earlier this month off the coast of Koh Kong province. Divers found the 70-metre-long wreck on April 4 about a mile from Koh Chhlam island, according to Navy officials. Deputy Navy Commander Tea Sokha,